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Eastman Kodak Financials

KODK
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Eastman Kodak (KODK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 53 / 100
Financial Profile 53/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
22

Eastman Kodak has an operating margin of 0.0%, meaning the company retains $0 of operating profit per $100 of revenue. This below-average margin results in a low score of 22/100, suggesting thin profitability after operating expenses. This is up from -0.7% the prior year.

Growth
37

Eastman Kodak's revenue grew a modest 2.5% year-over-year to $1.1B. This slow but positive growth earns a score of 37/100.

Leverage
95

Eastman Kodak carries a low D/E ratio of 0.34, meaning only $0.34 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
60

Eastman Kodak's current ratio of 3.14 indicates adequate short-term liquidity, earning a score of 60/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
100

Eastman Kodak converts 41.7% of revenue into free cash flow ($446.0M). This strong cash generation earns a score of 100/100.

Returns
0

Eastman Kodak generates a -20.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 15.9% the prior year.

Altman Z-Score Distress
1.36

Eastman Kodak scores 1.36, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.1B) relative to total liabilities ($904.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral
6/9

Eastman Kodak passes 6 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
-3.75x

For every $1 of reported earnings, Eastman Kodak generates $-3.75 in operating cash flow ($480.0M OCF vs -$128.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
0.0x

Eastman Kodak earns $0.0 in operating income for every $1 of interest expense ($0 vs $62.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.1B
YoY+2.5%
5Y CAGR+0.8%
10Y CAGR-5.1%

Eastman Kodak generated $1.1B in revenue in fiscal year 2025. This represents an increase of 2.5% from the prior year.

EBITDA
$29.0M
YoY+38.1%
10Y CAGR-17.5%

Eastman Kodak's EBITDA was $29.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 38.1% from the prior year.

Net Income
-$128.0M
YoY-225.5%

Eastman Kodak reported -$128.0M in net income in fiscal year 2025. This represents a decrease of 225.5% from the prior year.

EPS (Diluted)
$-1.78
YoY-297.8%

Eastman Kodak earned $-1.78 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 297.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$446.0M
YoY+807.9%

Eastman Kodak generated $446.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 807.9% from the prior year.

Cash & Debt
$337.0M
YoY+67.7%
5Y CAGR+11.4%
10Y CAGR-4.7%

Eastman Kodak held $337.0M in cash against $208.0M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
97M
YoY+21.0%
5Y CAGR+4.8%
10Y CAGR+8.8%

Eastman Kodak had 97M shares outstanding in fiscal year 2025. This represents an increase of 21.0% from the prior year.

Margins & Returns

Gross Margin
21.7%
YoY+2.2pp
5Y CAGR+8.6pp
10Y CAGR+0.6pp

Eastman Kodak's gross margin was 21.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.2 percentage points from the prior year.

Operating Margin
0.0%
YoY+0.7pp
5Y CAGR+7.2pp
10Y CAGR-3.0pp

Eastman Kodak's operating margin was 0.0% in fiscal year 2025, reflecting core business profitability. This is up 0.7 percentage points from the prior year.

Net Margin
-12.0%
YoY-21.8pp
5Y CAGR+40.6pp
10Y CAGR-7.5pp

Eastman Kodak's net profit margin was -12.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 21.8 percentage points from the prior year.

Return on Equity
-20.8%
YoY-36.8pp
5Y CAGR+681.8pp
10Y CAGR+81.7pp

Eastman Kodak's ROE was -20.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 36.8 percentage points from the prior year.

Capital Allocation

R&D Spending
$33.0M
YoY+0.0%
5Y CAGR-0.6%
10Y CAGR-6.0%

Eastman Kodak invested $33.0M in research and development in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Share Buybacks
$7.0M
YoY+600.0%
10Y CAGR+21.5%

Eastman Kodak spent $7.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 600.0% from the prior year.

Capital Expenditures
$34.0M
YoY-39.3%
5Y CAGR+14.9%
10Y CAGR-2.3%

Eastman Kodak invested $34.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 39.3% from the prior year.

KODK Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $290.0M+7.8% $269.0M+2.3% $263.0M+6.5% $247.0M-7.1% $266.0M+1.9% $261.0M-2.2% $267.0M+7.2% $249.0M
Cost of Revenue $223.0M+10.9% $201.0M-5.2% $212.0M+5.5% $201.0M-6.5% $215.0M-0.5% $216.0M+3.3% $209.0M+4.5% $200.0M
Gross Profit $67.0M-1.5% $68.0M+33.3% $51.0M+10.9% $46.0M-9.8% $51.0M+13.3% $45.0M-22.4% $58.0M+18.4% $49.0M
R&D Expenses $8.0M+14.3% $7.0M-22.2% $9.0M0.0% $9.0M+12.5% $8.0M0.0% $8.0M0.0% $8.0M-11.1% $9.0M
SG&A Expenses $47.0M+14.6% $41.0M0.0% $41.0M-8.9% $45.0M+4.7% $43.0M-2.3% $44.0M-6.4% $47.0M+4.4% $45.0M
Operating Income -$1.0M-105.3% $19.0M+480.0% -$5.0M+61.5% -$13.0M-62.5% -$8.0M0.0% -$8.0M-500.0% $2.0M-71.4% $7.0M
Interest Expense $15.0M-16.7% $18.0M+20.0% $15.0M+7.1% $14.0M-6.7% $15.0M+7.1% $14.0M-6.7% $15.0M0.0% $15.0M
Income Tax $9.0M+200.0% $3.0M+50.0% $2.0M0.0% $2.0M+100.0% $1.0M-66.7% $3.0M+200.0% $1.0M-66.7% $3.0M
Net Income -$108.0M-930.8% $13.0M+150.0% -$26.0M-271.4% -$7.0M-126.9% $26.0M+44.4% $18.0M-30.8% $26.0M-18.8% $32.0M
EPS (Diluted) N/A $-0.08+77.8% $-0.36-200.0% $-0.12 N/A $0.15-34.8% $0.23-23.3% $0.30

KODK Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $1.6B-22.1% $2.1B+7.3% $1.9B-0.2% $1.9B-3.2% $2.0B-16.2% $2.4B+1.2% $2.4B+0.5% $2.3B
Current Assets $841.0M+42.1% $592.0M+3.1% $574.0M-0.5% $577.0M-3.0% $595.0M-7.3% $642.0M-2.7% $660.0M-2.5% $677.0M
Cash & Equivalents $337.0M+100.6% $168.0M+8.4% $155.0M-1.9% $158.0M-21.4% $201.0M-6.1% $214.0M-14.7% $251.0M-4.2% $262.0M
Inventory $218.0M-7.6% $236.0M-0.8% $238.0M+0.8% $236.0M+7.8% $219.0M-9.1% $241.0M+3.9% $232.0M+0.9% $230.0M
Accounts Receivable $145.0M-0.7% $146.0M-2.0% $149.0M0.0% $149.0M+8.0% $138.0M-3.5% $143.0M+2.9% $139.0M0.0% $139.0M
Goodwill $12.0M0.0% $12.0M0.0% $12.0M0.0% $12.0M0.0% $12.0M0.0% $12.0M0.0% $12.0M0.0% $12.0M
Total Liabilities $904.0M-25.5% $1.2B+2.6% $1.2B+2.5% $1.2B+1.1% $1.1B-4.0% $1.2B+0.5% $1.2B0.0% $1.2B
Current Liabilities $268.0M-64.2% $749.0M+2.7% $729.0M+179.3% $261.0M0.0% $261.0M-1.9% $266.0M-4.3% $278.0M+1.5% $274.0M
Long-Term Debt $208.0M+1980.0% $10.0M-9.1% $11.0M-97.7% $473.0M+1.5% $466.0M+1.3% $460.0M+1.5% $453.0M+1.3% $447.0M
Total Equity $614.0M-19.4% $762.0M+44.3% $528.0M-6.2% $563.0M-12.2% $641.0M-34.7% $982.0M+2.2% $961.0M+1.1% $951.0M
Retained Earnings -$521.0M-26.2% -$413.0M+3.1% -$426.0M-6.5% -$400.0M-1.8% -$393.0M+6.2% -$419.0M+4.1% -$437.0M+5.6% -$463.0M

KODK Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $489.0M+2228.6% $21.0M+162.5% $8.0M+121.1% -$38.0M-1050.0% $4.0M+119.0% -$21.0M-200.0% -$7.0M-141.2% $17.0M
Capital Expenditures $6.0M+50.0% $4.0M-66.7% $12.0M0.0% $12.0M-29.4% $17.0M-15.0% $20.0M+122.2% $9.0M-10.0% $10.0M
Free Cash Flow $483.0M+2741.2% $17.0M+525.0% -$4.0M+92.0% -$50.0M-284.6% -$13.0M+68.3% -$41.0M-156.3% -$16.0M-328.6% $7.0M
Investing Cash Flow -$6.0M-50.0% -$4.0M+66.7% -$12.0M-71.4% -$7.0M+58.8% -$17.0M+15.0% -$20.0M-122.2% -$9.0M-228.6% $7.0M
Financing Cash Flow -$311.0M-31200.0% $1.0M+150.0% -$2.0M0.0% -$2.0M0.0% -$2.0M-100.0% -$1.0M+50.0% -$2.0M+88.9% -$18.0M
Dividends Paid $0 $0-100.0% $1.0M0.0% $1.0M0.0% $1.0M0.0% $1.0M0.0% $1.0M0.0% $1.0M
Share Buybacks $5.0M $0-100.0% $1.0M0.0% $1.0M $0 $0 N/A N/A

KODK Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 23.1%-2.2pp 25.3%+5.9pp 19.4%+0.8pp 18.6%-0.6pp 19.2%+1.9pp 17.2%-4.5pp 21.7%+2.0pp 19.7%
Operating Margin -0.3%-7.4pp 7.1%+9.0pp -1.9%+3.4pp -5.3%-2.3pp -3.0%+0.1pp -3.1%-3.8pp 0.8%-2.1pp 2.8%
Net Margin -37.2%-42.1pp 4.8%+14.7pp -9.9%-7.1pp -2.8%-12.6pp 9.8%+2.9pp 6.9%-2.8pp 9.7%-3.1pp 12.8%
Return on Equity -17.6%-19.3pp 1.7%+6.6pp -4.9%-3.7pp -1.2%-5.3pp 4.1%+2.2pp 1.8%-0.9pp 2.7%-0.6pp 3.4%
Return on Assets -6.7%-7.3pp 0.6%+2.0pp -1.4%-1.0pp -0.4%-1.7pp 1.3%+0.5pp 0.8%-0.3pp 1.1%-0.3pp 1.4%
Current Ratio 3.14+2.3 0.790.0 0.79-1.4 2.21-0.1 2.28-0.1 2.41+0.0 2.37-0.1 2.47
Debt-to-Equity 0.34+0.3 0.010.0 0.02-0.8 0.84+0.1 0.73+0.3 0.470.0 0.470.0 0.47
FCF Margin 166.6%+160.2pp 6.3%+7.8pp -1.5%+18.7pp -20.2%-15.3pp -4.9%+10.8pp -15.7%-9.7pp -6.0%-8.8pp 2.8%

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Frequently Asked Questions

Eastman Kodak (KODK) reported $1.1B in total revenue for fiscal year 2025. This represents a 2.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Eastman Kodak (KODK) revenue grew by 2.5% year-over-year, from $1.0B to $1.1B in fiscal year 2025.

No, Eastman Kodak (KODK) reported a net income of -$128.0M in fiscal year 2025, with a net profit margin of -12.0%.

Eastman Kodak (KODK) reported diluted earnings per share of $-1.78 for fiscal year 2025. This represents a -297.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Eastman Kodak (KODK) had EBITDA of $29.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Eastman Kodak (KODK) had $337.0M in cash and equivalents against $208.0M in long-term debt.

Eastman Kodak (KODK) had a gross margin of 21.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Eastman Kodak (KODK) had an operating margin of 0.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Eastman Kodak (KODK) had a net profit margin of -12.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Eastman Kodak (KODK) has a return on equity of -20.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Eastman Kodak (KODK) generated $446.0M in free cash flow during fiscal year 2025. This represents a 807.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Eastman Kodak (KODK) generated $480.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Eastman Kodak (KODK) had $1.6B in total assets as of fiscal year 2025, including both current and long-term assets.

Eastman Kodak (KODK) invested $34.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Eastman Kodak (KODK) invested $33.0M in research and development during fiscal year 2025.

Yes, Eastman Kodak (KODK) spent $7.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Eastman Kodak (KODK) had 97M shares outstanding as of fiscal year 2025.

Eastman Kodak (KODK) had a current ratio of 3.14 as of fiscal year 2025, which is generally considered healthy.

Eastman Kodak (KODK) had a debt-to-equity ratio of 0.34 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Eastman Kodak (KODK) had a return on assets of -7.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Eastman Kodak (KODK) has an Altman Z-Score of 1.36, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Eastman Kodak (KODK) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Eastman Kodak (KODK) has an earnings quality ratio of -3.75x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Eastman Kodak (KODK) has an interest coverage ratio of 0.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Eastman Kodak (KODK) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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