KALU — what changed in the latest 10-Q
A section-by-section comparison of KALU's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-23 vs the prior 10-Q · 2026-04-23
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +20 | −11 | ~24 | 21 |
| Market risk (Item 3) | Text added/removed | +1 | −1 | ~4 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +1 | −2 | ~1 | 7 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-23
Within the global market for flat-rolled aluminum mill products, our focus is on two primary product categories: (i) heat treat plate, sheet and coil products and (ii) packaging coil products. Heat treat plate, sheet and coil products, which are produced at Trentwood, serve the global Aero/HS and pr…
methods and techniques, including multi-axis computer numerical control machining, additive manufacturing, welding and fabrication for demanding aerospace and defense, high technology, general industrial, and automotive applications. We employed approximately 3,800 people at June 30, 2026.
A fundamental aspect of our business model is to maintain relative neutrality to fluctuations in the market prices of aluminum and certain alloying elements ("metal price neutrality"). We generally achieve this objective by structuring customer pricing to pass through changes in the underlying index…
The following table sets forth, for the six months ended June 30, 2026 and June 30, 2025, shipments (in millions of pounds) and Net sales by end market applications and the respective fluctuations.
The increase in Net sales primarily reflects $1.10 per pound (39%) increase in the average realized sales price and 36.2 million pound (6%) increase in shipment volume.
Text removed vs the prior filing · source: 10-Q · 2026-04-23
Within the global market for flat-rolled aluminum mill products, our focus is on heat treat plate and sheet for applications that require higher strength and other desired product attributes that cannot be achieved by common alloy rolled products. The primary end market applications of flat-rolled h…
for demanding aerospace and defense, high technology, general industrial, and automotive applications. We employed approximately 3,800 people at March 31, 2026.
A fundamental part of our business model is to remain neutral to the impact from fluctuations in the market price for aluminum and certain alloys, thereby earning profit predominantly from the conversion of aluminum into semi-fabricated mill products. We refer to this as “metal price neutrality.” We…
COGS. COGS for the quarter ended March 31, 2026 totaled $943.2 million, or 85% of Net sales, compared to $673.4 million, or 87% of Net sales, for the quarter ended March 31, 2025. The total increase reflected the following (in millions of dollars):
Of the $288.2 million increase in Hedged Cost of Alloyed Metal, $259.9 million was due to an increase in hedged metal prices and $28.3 million was due to an increase in shipment volume (see above in our “Net Sales” discussion for further details). The $19.7 million decrease in manufacturing costs wa…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-07-23
As of June 30, 2026, we maintained limited foreign currency hedge positions related to certain Euro-denominated operating and capital expenditures using forward swap contracts with settlement dates through July 2027. Due to the limited amount of outstanding foreign currency derivative positions, a h…
Text removed vs the prior filing · source: 10-Q · 2026-04-23
As of March 31, 2026, we hedged the foreign currency exchange rate risk related to certain lease transactions and equipment purchases denominated in Euros using forward swap contracts with settlement dates through July 2027. We estimate that a 10% decrease in the exchange rate of our hedged foreign …
Other information
Text added vs the prior filing · source: 10-Q · 2026-07-23
Kaiser Aluminum Corporation 2021 Equity and Incentive Compensation Plan (Amended and Restated Effective June 4, 2026).
Text removed vs the prior filing · source: 10-Q · 2026-04-23
2026 Form of Executive Officer Restricted Stock Unit Award Agreement
2026 Form of Executive Officer Performance Shares Award Agreement
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice