Kaiser Aluminum forecasts 2026 free cash flow exceeding $200 million

Kaiser Aluminum has projected that its free cash flow for 2026 will exceed $200 million. During a recent earnings call, CFO Neal West provided this forecast alongside an adjusted EBITDA growth outlook of 45%–55%, though the company expects results to land near the lower end of that range.

For the third quarter of 2026, the company reported net sales of $1.2 billion and conversion revenue of $439 million. Net income for the quarter totaled $31 million, or $1.84 per diluted share. Adjusted EBITDA rose 3% year-over-year to $84 million, representing a margin of 19.1%.

Financial highlights include a year-to-date operating cash flow of $248 million and free cash flow of $176 million. The company also noted a strengthened balance sheet, reducing net debt leverage to 2.0x from 3.4x at the end of 2025, and received a credit rating upgrade to Ba3 from Moody’s with a stable outlook.