Eastman Kodak

KODK · NYSE · Information Technology · Financials, fiscal 2016 to 2025

KODK · Last close · November 6, 2026

$8.01

Eastman Kodak's revenue rose 2.5% to $1.1 billion in fiscal 2025. Its operating margin was 0.0%, up from −0.7% a year earlier. Free cash flow was $446 million. It paid out $9 million in dividends and buybacks, 2% of free cash flow. The diluted share count fell 5.7%.

EASTMAN KODAK COMPANY Latest fiscal year ended December 31, 2025 10-K filed March 12, 2026 · 0001193125-26-104214 Updated November 7, 2026

Revenue

$1.1B

2.5%

Operating margin

0.0%

0.7 pts

Net income

−$128M

$102M a year earlier

Free cash flow

$446M

Return on capital

0.0%

0.6 pts

Market cap

$823M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Eastman Kodak does

Kodak makes products for commercial printing and advanced materials and chemicals. It was founded by George Eastman in 1880 and is based in Rochester, New York. Its customers are mainly commercial printers, and also film, industrial, pharmaceutical and other businesses.

It reports three segments. Print sells aluminum printing plates and the equipment that images them, Prosper inkjet presses and parts, printing software, and toner-based digital printers, along with ink and service. Plates and ink are used up in printing, so they bring repeat sales. Advanced Materials and Chemicals covers industrial film and chemicals, motion picture film, pharmaceuticals, functional printing materials and licensing of patents. Brand licenses the Kodak name to other companies for products such as cameras, eyewear, batteries and apparel. Kodak Alaris, which buys still photographic film and chemicals, made up about 33% of the Advanced Materials and Chemicals segment's revenue in 2025.

Kodak names Fuji, HP, Canon, Ricoh and Screen among its competitors in print. It says the Print segment faces higher raw material and supply chain costs, including from tariffs, price pressure and falling volume.

Its biggest risks, as it describes them

Print volumes and sales falling while raw material, supply chain and tariff costs rise.
Competition from larger rivals in printing, and new products that may not earn the expected returns.
Large debt and other obligations that take a share of its cash flow, and capital that may not be available when needed.
Dependence on Kodak Alaris for about a third of its Advanced Materials and Chemicals revenue.
Difficulty managing strategic deals and changes to its information systems.

From Eastman Kodak's annual report on Form 10-K, filed March 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2024, earnings per share grew 15.7% a year and net income 27.1% a year, as new shares raised the share count by 117% and diluted each share's earnings. Eastman Kodak then lost money in fiscal 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	362	217	255	201	436
Debt incl. finance leases	255	317	458	468	210
Net debt (negative means net cash)	−107	100	203	267	−226
Net debt to EBITDA	—	33.3x	6.0x	12.7x	−7.8x
Debt to equity	0.3x	0.3x	0.5x	0.7x	0.3x
Interest coverage	−1.4x	−0.7x	0.1x	−0.1x	0.0x
Current ratio	2.6x	2.3x	2.5x	2.3x	3.1x
Quick ratio	1.9x	1.5x	1.8x	1.4x	2.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Eastman Kodak's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Eastman Kodak's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $57,350 of Eastman Kodak shares on the open market, and 1 insider sold $157,952, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
May 13, 2026	Philippe D KatzDirector, 10% owner	Bought	2,000	$10.30	$20,600	Form 4
Nov 17, 2025	Philippe D KatzDirector, 10% owner	Bought	5,000	$7.35	$36,750	Form 4
Nov 10, 2025	Roger W. ByrdGeneral Counsel, Sec., SVP	Sold plan	19,744	$8.00	$157,952	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	3 of 9	7 of 9
Rule of 40	−6.8%	−12.7%	44.2%
Altman Z''	1.33	1.02	1.99
Accruals ratio	1.6%	5.0%	−33.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Fail	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Fail	Fail	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 9	3 of 9	7 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Eastman Kodak side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Eastman Kodak	FY25	2.5%	0.0%	41.7%	0.0%	−7.8x	7
Cognex	FY25	8.7%	16.4%	23.8%	8.4%	−1.7x	7	Compare
Novanta	FY25	3.3%	9.6%	4.9%	6.5%	−0.8x	5	Compare
Mirion Technologies	FY25	7.5%	5.6%	11.6%	2.3%	0.2x	8	Compare
Badger Meter	FY25	10.9%	20.0%	18.5%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,643	1,386	1,320	1,242	1,029	1,150	1,205	1,117	1,043	1,069
Revenue growth	−8.9%	−15.6%	−4.8%	−5.9%	−17.1%	11.8%	4.8%	−7.3%	−6.6%	2.5%
Gross profit	403	211	180	182	135	164	170	210	203	232
Research and development	60	64	48	42	34	33	34	34	33	33
Operating income	113	−207	−118	−102	−74	−46	−26	4	−7	0
Net income	15	94	−16	116	−541	24	26	75	102	−128
Diluted EPS (US$)	0.28	1.76	−0.84	2.23	−9.77	0.27	0.16	0.67	0.90	−1.78
Diluted shares (millions)	42	43	43	43	57	80	81	90	92	87
Cash flow
Cash from operations	−15	−67	−62	12	−35	−47	−116	38	−7	480
Capital expenditure	41	38	33	15	17	21	31	32	56	34
Free cash flow	−56	−105	−95	−3	−52	−68	−147	6	−63	446
Dividends paid	0	10	8	3	22	7	4	4	4	2
Share buybacks	3	1	0	0	0	1	1	0	1	7
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	8	9	6	7	15	7	5	7	6	5
Balance sheet at fiscal year end
Cash and short-term investments	434	343	233	233	196	362	217	255	201	436
Debt incl. finance leases	407	403	402	116	23	255	317	458	468	210
Total assets	1,776	1,707	1,510	1,415	1,248	2,171	2,285	2,355	2,001	1,617
Total liabilities	1,693	1,486	1,340	1,134	980	1,194	1,041	1,214	1,142	904
Shareholders' equity	−73	57	−3	99	77	781	1,041	931	641	614
Margins and ratios
Gross margin	24.5%	15.2%	13.6%	14.7%	13.1%	14.3%	14.1%	18.8%	19.5%	21.7%
Operating margin	6.9%	−14.9%	−8.9%	−8.2%	−7.2%	−4.0%	−2.2%	0.4%	−0.7%	0.0%
Net margin	0.9%	6.8%	−1.2%	9.3%	−52.6%	2.1%	2.2%	6.7%	9.8%	−12.0%
Free cash flow margin	−3.4%	−7.6%	−7.2%	−0.2%	−5.0%	−5.9%	−12.2%	0.5%	−6.0%	41.7%
Rule of 40 (growth + FCF margin)	−12.3%	−23.2%	−12.0%	−6.2%	−22.2%	5.8%	−7.4%	−6.8%	−12.7%	44.2%
Return on capital	—	—	—	—	—	−13.6%	−2.4%	0.3%	−0.6%	0.0%
Return on equity	—	—	—	—	−614.8%	5.6%	2.9%	7.6%	13.0%	−20.4%
Return on assets	0.8%	5.4%	−1.0%	7.9%	−40.6%	1.4%	1.2%	3.2%	4.7%	−7.1%
Net debt to EBITDA	−0.1x	—	—	—	—	—	33.3x	6.0x	12.7x	−7.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Eastman Kodak's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Eastman Kodak.