Eastman Kodak Company

What they do

Kodak sells digital offset plates, computer-to-plate imaging, production press systems, ink and other consumables, inkjet components, software and services to commercial print, packaging, publishing and mailing customers, and sells advanced materials and chemicals including industrial films, motion picture and consumer film products. It also licenses its brand. The company was founded in 1880, incorporated in New Jersey in 1901, and states it has 79,000 patents earned over 130 years of R&D.

Revenue drivers

• Print — Print includes Prepress Solutions, Prosper, Software and Electrophotographic Printing Solutions; it is the largest segment, at 67% of 2025 total revenue, and sells plates, ink, presses, components and services directly and through dealers and channel partners.
• Advanced Materials and Chemicals — This segment grew 17% in 2025 and 40% year over year in Q2 2026 to $105 million; it covers industrial films and chemicals, motion picture film and consumer film, where Kodak has cited backorders tied to demand and capacity constraints.
• Brand — The Brand segment generated $7 million of Q2 2026 revenue and $6 million of Operational EBITDA, monetizing the Kodak name through licensing.
• All Other (Eastman Business Park) — EBP operations do not meet reportable segment criteria and are reported in All Other.

Recent performance

Q2 2026 consolidated revenue was $311 million, up $48 million or 18% from $263 million in Q2 2025, with Print up 10% to $195 million and AM&C up 40% to $105 million. Gross profit was $82 million (26% margin) versus $51 million (19%), GAAP net income was $17 million versus a $26 million loss, and Operational EBITDA was $36 million versus $9 million. Cash ended the quarter at $290 million, down $47 million from December 31, 2025, mainly due to a required $101 million Term Loan repayment and a $37 million inventory increase, partly offset by $87 million of KRIP reversion investment redemptions. Management stated this was the fourth consecutive quarter of year-over-year growth in revenue, gross profit and Operational EBITDA. Full-year 2025 revenue was $1.069 billion, up 2%, but net income was a loss of $128 million.

Strategy

Management describes entering a new phase of the transformation with the operational and financial leverage to focus on growth. Stated priorities are expanding core businesses, increasing efficiency, and accelerating R&D investment to support growth initiatives. In 2025 Kodak mitigated tariffs through pricing actions, supplier negotiations, exemptions and cost savings, and it says it continues to monitor tariff developments and may take further pricing, cost reduction, supplier and manufacturing-footprint actions. The company has also invested in equipment upgrades and hiring in AM&C to reduce film backorders, while the Print segment pursues contract-based recurring revenue in plates and CTP.

Risks

• Print volume and pricing pressure — Print, 67% of 2025 revenue, declined 3% in 2025, and Kodak cites lower plate demand, competitive pricing and competition from low-priced plates imported from China and Japan after competitors exited U.S. plate manufacturing.
• Tariffs and input costs — U.S. tariffs on aluminum, steel and certain raw materials and components raise manufacturing costs, and Kodak notes substantial uncertainty about tariff duration, levels and retaliation that could materially affect results.
• AM&C capacity and labor constraints — Labor shortages in certain manufacturing areas and equipment limitations have contributed to film backorders, and Kodak says increased film demand may continue to stress equipment and labor without further investment or hiring.
• Geopolitical and macroeconomic volatility — Kodak states that wars, geopolitical tensions, inflation, commodity and interest rate swings, trade policy changes and volatile customer demand have created and may continue to create significant operational challenges, with more than half of sales generated outside the U.S.

Outlook

Management says it is entering a new phase with the operational and financial leverage to focus on growth, and will continue expanding core businesses, increasing efficiency and accelerating R&D investment. The company cites four consecutive quarters of year-over-year improvement in revenue, gross profit and Operational EBITDA. Kodak also states it continues to monitor tariffs and assess further pricing, cost reduction, alternative sourcing and potential manufacturing footprint changes. No specific financial guidance figures are provided in the excerpts.