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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Kaiser Aluminum
Kaiser Aluminum (KALU) investor relations material
Kaiser Aluminum Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 net sales were $1,214.5M and Conversion Revenue was $439.1M, up 25% YoY; shipments rose 11% to 300.2M lbs on higher realized prices and volume.
Adjusted EBITDA increased to $84.0M from $81.3M despite metal price lag, planned outages and execution challenges.
Customer visibility improved, with discussions increasingly focused on long-term supply and capacity needs for 2027 and beyond.
Financial highlights
Q3 operating income was $55.2M versus $48.8M; net income was $31.0M versus $39.5M, and diluted EPS was $1.84 versus $2.38.
Adjusted operating income was $56M versus $49M; adjusted net income was $31.9M versus $31.0M, and adjusted diluted EPS was $1.89 versus $1.86.
Adjusted EBITDA was $84.0M versus $81.3M, with a 19.1% margin; a $29M unfavorable YoY metal price lag swing offset operational improvement.
Nine-month net sales were $3,577.9M; operating income was $286.7M, net income $190.3M and Adjusted EBITDA $378.8M.
Outlook and guidance
FY26 Adjusted EBITDA growth guidance remains 45%–55% YoY, with results expected toward the low end due to outages, execution, inventory timing and metal headwinds.
FY26 Conversion Revenue growth is expected near the high end of the 10%–15% range.
FY26 free cash flow is expected to exceed $200M; capital expenditures are forecast at ~$130M.
Packaging shipment growth outlook was revised to 5%–10% from 10%–15%; automotive shipment outlook changed to a 5%–10% decline from a 0%–5% decline.
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Latest events from Kaiser Aluminum
- Aerospace-led recovery lifted FY2023 adjusted EBITDA 48%; revenue and margins are expected to improve in 2024.KALU
Q4 2023 - Strong growth, margin recovery, and disciplined capital allocation drive long-term value.KALUCorporate presentation
- Record Q2 sales and profit, with raised full-year outlook and improved leverage.KALUQ2 2026
- Diversified aluminum leader drives growth with strategic investments and strong financials.KALUCorporate presentation
- Record profitability, board refreshment, and expanded equity plan highlight 2026 proxy.KALUProxy filing
- Record Q1 sales and EBITDA margin driven by strong packaging and aerospace demand.KALUQ1 2026
- Strong market positions, disciplined investments, and robust liquidity drive long-term growth.KALUInvestor presentation
- Record 2025 EBITDA and margin gains set up for further growth and strong 2026 outlook.KALUQ4 2025
- Q2 2024 net sales declined 5%, but margin improvement is expected for the full year.KALUQ2 2024
Next Kaiser Aluminum earnings date
Q4 202617 Feb, 2027
Kaiser Aluminum
Next Kaiser Aluminum earnings date
Q4 202617 Feb, 2027
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Frequently asked questions
American Aluminum Experts
Kaiser Aluminum is an American manufacturer of aluminum products. It serves a variety of sectors including aerospace, automotive, and general engineering. The company's product line encompasses a wide range of aluminum mill products from sheet and plate to extrusions and rod, bar, and tube products. The company is headquartered in Franklin, Tennessee, and its shares are listed on the Nasdaq.
Foundation, Bankruptcy, and Refocusing the Business
The company was born out of the burgeoning industrial demands of World War II, initially focusing on aluminum sheet and plate products. Post-war, Kaiser Aluminum expanded its operations, diversifying into the fabrication of aluminum products and evolving into a significant player in the aluminum industry. The 1950s and 1960s marked a period of growth and technological advancements for the company, enhancing its production capabilities. However, the late 20th century brought challenges, including financial struggles that led to a bankruptcy filing in 2002. The company emerged from bankruptcy in 2006, refocusing its business on serving the aerospace, automotive, and general engineering sectors. Some companies operating in the same industry are Norsk Hydro and Alcoa.
Aluminum, Aluminum, and More Aluminum
The company's portfolio is focused on aluminum products, primarily for aerospace, automotive, and general engineering applications. In the aerospace sector, Kaiser Aluminum provides critical components like wing and fuselage structural parts. For the automotive industry, the company manufactures products used in body panels, frame components, and other structural elements. Additionally, it caters to general engineering markets with a range of aluminum products used in various applications, from machinery to electrical equipment. The company's focus on high-quality, specialized aluminum products positions it as a key supplier in these technologically demanding sectors.
Target Markets
Kaiser Aluminum strategically targets markets with high barriers to entry, focusing on sectors like aerospace and automotive where specialized products are required. These industries demand stringent quality standards, technical expertise, and consistent innovation, creating a competitive environment challenging for new entrants. By concentrating on these areas, Kaiser leverages its advanced manufacturing capabilities and deep industry knowledge to maintain a strong position.