Kaiser Aluminum (KALU) Cash Flow: Operating & Free Cash Flow

Kaiser Aluminum Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Kaiser Aluminum Corporation (KALU) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	112.50	65.70	47.20	-29.60	-18.50	28.80	62.00	91.70	45.40
Depreciation & Amortization	122.50	116.40	108.60	106.90	91.50	52.20	49.10	43.90	39.70
Deferred Income Tax	33.10	12.60	7.50	-12.00	-11.40	15.20	21.10	36.70	89.00
Stock Based Compensation	18.50	14.40	16.10	14.30	12.90	10.00	9.80	10.30	13.30
Change in Working Capital	-184.50	-52.80	30.70	-169.80	-42.00	98.20	30.10	-44.50	-32.80
Change in Accounts Receivable	-71.90	-19.40	33.20	15.00	-90.30	60.80	20.20	-22.30	-37.30
Change in Inventory	-125.30	-50.40	48.20	-120.80	-43.50	25.60	37.50	-45.00	-6.30
Change in Accounts Payable	15.10	14.10	-43.00	-61.20	112.50	-5.90	-24.50	29.20	13.00
Change in Other Working Capital	-2.40	1.20	-7.70	-2.80	-38.00	17.70	-3.10	-6.40	-2.20
Other Operating Activities	9.30	1.20	1.80	27.10	35.50	2.50	60.20	12.10	-13.10
Net Cash from Operating Activities	111.40	167.10	211.90	-63.10	79.40	206.90	232.30	150.20	141.50
Investing Activities
Capital Expenditures	-136.90	-180.80	-143.20	-142.50	-58.00	-51.90	-60.20	-74.10	-75.50
Acquisitions	53.10	0.00	0.00	17.00	-609.20	51.90	60.20	-43.20	75.50
Purchases of Investments	-0.40	-0.10	-0.30	-0.30	-0.40	-39.60	-132.90	-136.10	-247.50
Sales/Maturities of Investments	6.40	0.30	0.10	-17.00	0.00	118.10	91.10	283.90	296.90
Other Investing Activities	0.00	6.00	15.20	17.00	1.80	-51.60	-60.00	0.60	-74.90
Net Cash from Investing Activities	-77.80	-174.60	-128.20	-125.80	-665.80	26.90	-101.80	31.10	-25.50
Financing Activities
Debt Repayment	12.20	-2.50	-2.10	-2.10	-383.00	348.30	107.10	-0.70	-0.40
Common Stock Repurchased	0.00	0.00	-1.80	-2.80	-2.60	-12.50	-44.20	-60.70	-79.50
Dividends Paid	-51.30	-50.70	-50.40	-50.10	-46.70	-43.40	-39.40	-37.70	-35.00
Other Financing Activities	-5.50	-2.10	0.00	-1.80	-8.60	-10.50	-15.00	-6.90	-4.50
Net Cash from Financing Activities	-44.60	-55.30	-54.30	-56.80	109.10	281.90	8.50	-106.00	-119.40
Summary
Net Change in Cash	-11.00	-62.80	29.40	-245.70	-477.30	515.70	139.00	75.30	-3.40
Cash at Beginning of Period	37.90	100.70	71.30	317.00	794.30	278.60	139.60	64.30	67.70
Cash at End of Period	26.90	37.90	100.70	71.30	317.00	794.30	278.60	139.60	64.30
Free Cash Flow	-25.50	-13.70	68.70	-205.60	21.40	155.00	172.10	76.10	66.00
Supplemental Disclosures
Interest Paid	50.10	40.50	43.80	45.70	48.70	-	-	-	-
Income Taxes Paid	7.60	4.40	0.50	6.30	5.60	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Kaiser Aluminum Cash Flow

What is Kaiser Aluminum's free cash flow?

Kaiser Aluminum had negative free cash flow of $25.50M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $111.40M minus $136.90M of capital expenditures.

How much does Kaiser Aluminum spend on capital expenditures?

Kaiser Aluminum spent $136.90M on capital expenditures in fiscal 2025, compared with $180.80M a year earlier. That equals 122.9% of operating cash flow.

Does Kaiser Aluminum pay dividends or buy back shares?

Yes. In fiscal 2025 Kaiser Aluminum returned $51.30M in dividends to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition