KAISER ALUMINUM CORP
For the period ended Sep 30, 2026. Filed Oct 22, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 22, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For thequarterly period ended September 30,2026
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from __________ to __________
Commission File Number:1-09447
KAISER ALUMINUM CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 94-3030279 |
|---|---|
| (State of incorporation) | (I.R.S. Employer Identification No.) |
| Franklin, Tennessee | 37067 |
|---|---|
| (Address of principal executive offices) | (Zip Code) |
(629)252-7040
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered |
|---|---|---|
| Common stock, par value $0.01 per share | KALU | Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒
As of October 19, 2026, there were 16,349,886 shares ofcommon stock of the registrant outstanding.
COMMONLY USED OR DEFINED TERMS
| Term | Definition |
|---|---|
| Adjusted EBITDA | Earnings before interest, taxes, depreciation and amortization adjusted for non-run-rate items |
| Aero/HS Products | 2000, 7000 and certain 6000 series alloy products used in the Aerospace, Defense, Space and other end markets requiring high strength applications |
| Alloy(s) | Certain metals such as copper, zinc, magnesium, manganese and silicon added to primary aluminum to obtain certain attributes |
| AOCI | Accumulated other comprehensive income (loss) |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| Automotive Extrusions | 6000 series extruded aluminum products used in automotive applications |
| COGS | Cost of products sold, excluding depreciation and amortization |
| Form 10-Q | This Quarterly Report on Form 10-Q |
| GAAP | United States Generally Accepted Accounting Principles |
| GE Products | 6000 series alloy products used in the General Engineering end markets |
| LME | London Metal Exchange |
| Metal Price Lag | Management’s estimate of the financial impact resulting from the timing difference between aluminum prices included within Hedged Cost of Alloyed Metal and the weighted average market price for aluminum during the period, based on MWTP (defined below), multiplied by our shipment volume during the periods. Metal Price Lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices. |
| MWP | Midwest Premium, representing the premium over the LME price for primary aluminum in the U.S. Midwest market |
| MWTP | Midwest Transaction Price, equal to the LME aluminum price plus the MWP (as defined above) |
| Newark | Kaiser Aluminum manufacturing facility located in Heath, Ohio, a suburb of Newark, Ohio |
| OPEB | Other Post Employment Benefits |
| Packaging | 3000 and 5000 series alloy products used in the beverage and food packaging end markets |
| Revolving Credit Facility | Revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, and the other financial institutions party thereto |
| Salaried VEBA | Salaried Voluntary Employees' Beneficiary Association |
| SEC | U.S. Securities and Exchange Commission |
| Senior Notes | Collectively, the fixed-rate unsecured notes we issued during the years ended December 31, 2021 and 2025 at the following interest rates and aggregate principal amounts, respectively:(i) 4.50% and $550.0 million (issued in 2021 and maturing in 2031); and(ii) 5.875% and $500.0 million (issued in 2025 and maturing in 2034) |
| SOFR | Secured Overnight Financing Rate |
| Trentwood | Kaiser Aluminum manufacturing facility located in Spokane Valley, Washington |
| Warrick | Kaiser Aluminum manufacturing facility located in Newburgh, Indiana, in the county of Warrick |
TABLE OF CONTENTS
| PART I | |
|---|---|
| Item 1. Financial Statements | 1 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 22 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 31 |
| Item 4. Controls and Procedures | 32 |
| PART II | |
| Item 1. Legal Proceedings | 33 |
| Item 1A. Risk Factors | 33 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 33 |
| Item 3. Defaults Upon Senior Securities | 33 |
| Item 4. Mine Safety Disclosures | 33 |
| Item 5. Other Information | 33 |
| Item 6. Exhibits | 34 |
| SIGNATURES | 35 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.