KAISER ALUMINUM CORP

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

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FY2025 · Filed Feb 19, 2026

KALU$111.57+4.4%Stored close · as of Nov 9, 2026

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Change in Accounting Principle

Change in Accounting Principle

Effective January 1, 2025, we changed our inventory valuation methodology for finished products, work-in-process, and raw material inventories from LIFO to WAC. All prior periods presented have been adjusted to apply the new method retrospectively.

Certain financial statement line items in our Statements of Consolidated Income and our Statements of Consolidated Cash Flows for the years ended December 31, 2024 and December 31, 2023, and our Consolidated Balance Sheets and Consolidated Stockholders’ Equity as of December 31, 2024 and December 31, 2023, were retrospectively adjusted as follows (in millions of dollars, except per share amounts):

	As Previously Reported	Effect of WAC Change	As Adjusted
Cost of products sold, excluding depreciation and amortization	$2,691.1	$(24.5)	$2,666.6
Operating income	87.7	24.5	112.2
Income tax provision	(16.7)	(5.6)	(22.3)
Net income	46.8	18.9	65.7
Net income per common share:
Basic	$2.91	$1.17	$4.08
Diluted	$2.87	$1.15	$4.02
Cost of products sold, excluding depreciation and amortization	$2,754.9	$(26.7)	$2,728.2
Operating income	95.8	26.7	122.5
Income tax provision	(9.1)	(6.1)	(15.2)
Net income	47.2	20.6	67.8
Net income per common share:
Basic	$2.95	$1.30	$4.25
Diluted	$2.92	$1.29	$4.21
Net income	$46.8	$18.9	$65.7
Deferred income taxes	6.8	5.8	12.6
LIFO valuation inventory expense	3.5	(3.5)	—
Trade and other receivables	(4.4)	(0.1)	(4.5)
Inventories	(29.4)	(21.0)	(50.4)
Accrued liabilities	10.0	(0.1)	9.9
Net cash provided by operating activities	167.1	—	167.1
Net income	$47.2	$20.6	$67.8
Deferred income taxes	7.5	6.1	13.6
LIFO valuation inventory expense	1.0	(1.0)	—
Inventories	47.2	(25.7)	21.5
Net cash provided by operating activities	211.9	—	211.9
Receivables, other	$22.0	$0.2	$22.2
Inventories	503.9	98.0	601.9
Deferred tax assets, net	7.2	(3.2)	4.0
Other accrued liabilities	79.4	(0.1)	79.3
Deferred tax liabilities	24.1	20.0	44.1
Retained earnings	6.2	75.1	81.3
Receivables, other	$12.4	$0.1	$12.5
Inventories	477.2	73.5	550.7
Deferred tax assets, net	6.0	(2.6)	3.4
Deferred tax liabilities	13.9	14.8	28.7
Retained earnings	10.1	56.2	66.3

The following table compares the amounts that would have been reported under LIFO with amounts reported under WAC in the Consolidated Financial Statements for the year ended December 31, 2025 (in millions of dollars, except per share amounts):

	As Computed (using LIFO)	Effect of Change	As Reported(using WAC)
Cost of products sold, excluding depreciation and amortization	$3,114.6	$(184.0)	$2,930.6
Operating income	4.8	184.0	188.8
Income tax benefit (provision)	4.9	(42.4)	(37.5)
Net (loss) income	(29.1)	141.6	112.5
Net (loss) income per common share:
Basic	$(1.80)	$8.76	$6.96
Diluted	$(1.80)	$8.57	$6.77
Net (loss) income	$(29.1)	$141.6	$112.5
Deferred income taxes	(7.0)	40.1	33.1
Trade and other receivables	(84.2)	2.3	(81.9)
Inventories	58.7	(184.0)	(125.3)
Net cash provided by operating activities	111.4	—	111.4
Receivables, other	$30.2	$(2.1)	$28.1
Inventories	443.2	282.0	725.2
Deferred tax assets, net	5.3	(5.1)	0.2
Other accrued liabilities	91.4	(0.1)	91.3
Deferred tax liabilities	17.2	58.2	75.4
Retained (deficit) earnings	(74.2)	216.7	142.5

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