Kaiser Aluminum (KALU) financial statements
Kaiser Aluminum reported revenue of $3.4B in fiscal 2025, up 10.9% a year over 9 years.
Net income was $112M and the operating margin 5.6%, against 13.6% in 2016.
Free cash flow was -$26M, and the company returned $51M in dividends.
The diluted share count fell 8% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Kaiser Aluminum's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.4B | $1.6B | $1.5B | $1.2B | $2.6B | $3.4B | $3.1B | $3.0B | $3.4B |
| Cost of revenue | $1.0B | $1.1B | $1.3B | $1.2B | $941M | $2.3B | $3.2B | $2.7B | $2.7B | $2.9B |
| Gross profit | $330M | $312M | $285M | $299M | $231M | $274M | $248M | $359M | $357M | $442M |
| Research and development | $10M | $10M | $10M | $10M | $9M | $9M | $9M | $11M | $12M | $11M |
| Operating income | $181M | $155M | $144M | $126M | $81M | $64M | $4M | $122M | $112M | $189M |
| Interest expense | $20M | $22M | $23M | $25M | $41M | $50M | $48M | $47M | $44M | $50M |
| Pre-tax income | $147M | $133M | $120M | $80M | $39M | -$24M | -$38M | $83M | $88M | $150M |
| Income tax | $56M | $88M | $28M | $18M | $10M | -$6M | -$8M | $15M | $22M | $38M |
| Net income | $92M | $45M | $92M | $62M | $29M | -$18M | -$30M | $68M | $66M | $112M |
| EPS (diluted) | $5.09 | $2.63 | $5.43 | $3.83 | $1.81 | -$1.17 | -$1.86 | $4.21 | $4.02 | $6.77 |
| Diluted shares | 18M | 17M | 17M | 16M | 16M | 16M | 16M | 16M | 16M | 17M |
| Gross margin | 24.8% | 22.3% | 18.0% | 19.7% | 19.7% | 10.4% | 7.2% | 11.6% | 11.8% | 13.1% |
| Operating margin | 13.6% | 11.1% | 9.1% | 8.3% | 6.9% | 2.5% | 0.1% | 4.0% | 3.7% | 5.6% |
| Net margin | 6.9% | 3.2% | 5.8% | 4.1% | 2.5% | -0.7% | -0.9% | 2.2% | 2.2% | 3.3% |
Balance sheet
Fiscal years, from Kaiser Aluminum's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $55M | $51M | $126M | $264M | $780M | $303M | $57M | $82M | $18M | $7M |
| Receivables | $138M | $165M | $180M | $167M | $113M | $333M | $297M | $325M | $320M | $423M |
| Inventory | $202M | $208M | $215M | $178M | $152M | $405M | $525M | $551M | $602M | $725M |
| Total current assets | $656M | $657M | $657M | $780M | $1.1B | $1.2B | $1.0B | $990M | $1.1B | $1.3B |
| Property, plant and equipment | $531M | $571M | $612M | $622M | $627M | $955M | $1.0B | $1.1B | $1.2B | $1.1B |
| Goodwill | $37M | $19M | $44M | $19M | $19M | $39M | $19M | $19M | $19M | $19M |
| Total assets | $1.4B | $1.4B | $1.4B | $1.5B | $1.9B | $2.4B | $2.3B | $2.3B | $2.4B | $2.6B |
| Total current liabilities | $165M | $173M | $206M | $170M | $158M | $457M | $419M | $370M | $400M | $427M |
| Long-term debt | $369M | $370M | $370M | $493M | $838M | $1.0B | $1.0B | $1.0B | $1.0B | $1.1B |
| Total liabilities | $639M | $639M | $679M | $792M | $1.1B | $1.7B | $1.7B | $1.6B | $1.7B | $1.7B |
| Shareholders' equity | $805M | $746M | $740M | $734M | $732M | $692M | $631M | $708M | $743M | $826M |
| Net debt | $314M | $318M | $245M | $228M | $58M | $733M | $981M | $957M | $1.0B | $1.1B |
Cash flow
Fiscal years, from Kaiser Aluminum's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $166M | $142M | $150M | $232M | $207M | $79M | -$63M | $212M | $167M | $111M |
| Capital spending | $76M | $76M | $74M | $60M | $52M | $58M | $142M | $143M | $181M | $137M |
| Free cash flow | $90M | $66M | $76M | $172M | $155M | $21M | -$206M | $69M | -$14M | -$26M |
| Stock-based compensation | $12M | $13M | $10M | $10M | $10M | $13M | $14M | $16M | $14M | $18M |
| Dividends paid | $32M | $35M | $38M | $39M | $43M | $47M | $50M | $50M | $51M | $51M |
| Share buybacks (net) | -$33M | -$80M | -$61M | -$44M | -$12M | — | — | — | — | — |
| Net borrowing | — | — | — | — | — | — | — | — | — | -$631M |
| Free cash flow margin | 6.7% | 4.7% | 4.8% | 11.4% | 13.2% | 0.8% | -6.0% | 2.2% | -0.5% | -0.8% |
| Dividends per share | $1.80 | $2.03 | $2.23 | $2.43 | $2.73 | $2.95 | $3.15 | $3.12 | $3.11 | $3.09 |
Questions
What was Kaiser Aluminum's revenue in 2025?
$3.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Kaiser Aluminum generate?
-$26M in fiscal 2025 (operating cash flow minus capital spending).
From Kaiser Aluminum's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.