KAISER ALUMINUM CORP
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
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Statements of Consolidated Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024As Adjusted1 | 2023As Adjusted1 | |
| (In millions of dollars) | |||
| Cash flows from operating activities2: | |||
| Net income | $112.5 | $65.7 | $67.8 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation of property, plant and equipment | 118.0 | 111.9 | 103.3 |
| Amortization of definite-lived intangible assets | 4.5 | 4.5 | 5.3 |
| Amortization and write-off of debt issuance costs | 4.5 | 2.3 | 2.2 |
| Deferred income taxes | 33.1 | 12.6 | 13.6 |
| Non-cash equity compensation | 18.5 | 14.4 | 16.1 |
| Non-cash asset impairment charges3 | 2.0 | 3.6 | — |
| Gain on disposition of property, plant and equipment and asset write-offs, net | (7.1) | (3.3) | (13.8) |
| Bad debt expense | 0.4 | 0.3 | — |
| Non-cash postretirement and postemployment defined benefit plan cost | 9.5 | 9.0 | 13.4 |
| Changes in operating assets and liabilities: | |||
| Trade and other receivables | (81.9) | (4.5) | 33.1 |
| Contract assets | 10.0 | (14.9) | 0.1 |
| Inventories | (125.3) | (50.4) | 21.5 |
| Prepaid expenses and other current assets | 1.0 | (9.6) | (2.8) |
| Accounts payable | 15.1 | 14.1 | (43.0) |
| Accrued liabilities | 13.4 | 9.9 | 6.6 |
| Annual variable cash contributions to Salaried VEBA | (0.7) | (1.1) | — |
| Long-term assets and liabilities, net | (16.1) | 2.6 | (11.5) |
| Net cash provided by operating activities | 111.4 | 167.1 | 211.9 |
| Cash flows from investing activities2: | |||
| Capital expenditures | (136.9) | (180.8) | (143.2) |
| Purchase of equity securities | (0.4) | (0.1) | (0.3) |
| Proceeds from sale of equity securities | 6.4 | 0.3 | 0.1 |
| Proceeds from disposition of property, plant and equipment | 53.1 | 6.0 | 15.2 |
| Net cash used in investing activities | (77.8) | (174.6) | (128.2) |
| Cash flows from financing activities2: | |||
| Borrowings under the Revolving Credit Facility | 653.3 | — | 215.1 |
| Repayment of borrowings under the Revolving Credit Facility | (631.0) | — | (215.1) |
| Issuance of 5.875% Senior Notes | 500.0 | — | — |
| Repayment of principal of 4.625% Senior Notes | (500.0) | — | — |
| Cash paid for debt issuance costs | (10.1) | — | — |
| Repayment of finance lease | (2.5) | (2.5) | (2.1) |
| Cancellation of shares to cover tax withholdings upon common shares issued | (3.0) | (2.1) | (1.8) |
| Cash dividends and dividend equivalents paid | (51.3) | (50.7) | (50.4) |
| Net cash used in financing activities | (44.6) | (55.3) | (54.3) |
| Net (decrease) increase in cash, cash equivalents and restricted cash during the period | (11.0) | (62.8) | 29.4 |
| Cash, cash equivalents and restricted cash at beginning of period | 37.9 | 100.7 | 71.3 |
| Cash, cash equivalents and restricted cash at end of period | $26.9 | $37.9 | $100.7 |
See Note 16 for supplemental disclosure of cash flow information.
Non-cash asset impairment charges for the year ended December 31, 2025 are comprised of a $2.0 million write-down of certain replacement parts. Non-cash asset impairment charges for the year ended December 31, 2024 are comprised of: (i) a $3.2 million inventory write-down related to certain alloying metals and (ii) a $0.4 million impairment charge on land held for sale.
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