EASTMAN KODAK CO

Listed Company

KODKCIK 0000031235NYSEAcceleratedPhotographic Equipment & SuppliesNew JerseyFY ends Dec 31

Period

FY 2025

Revenue

$1.07B

Net Income

$-128.00M

Total Assets

$1.62B

Equity

$614.00M

Shares Out

97.50M

Op. Cash Flow

$480.00M

Business

EASTMAN KODAK CO is a global manufacturer focused on commercial print and advanced materials and chemicals. It offers digital offset plates and CTP imaging equipment, inkjet and electrophotographic presses and components, inks and consumables, print production software and workflow solutions, motion picture and industrial films, specialty chemicals, functional and advanced materials, IP licensing and analytical services, and brand licensing. Operations are organized into three reportable segments: Print; Advanced Materials and Chemicals; and Brand. Kodak distributes products worldwide through direct sales, dealers and channel partners, OEM partnerships, and licensed brand channels.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	1,069	1,043	1,117	1,205	1,150
Total cost of revenues	837	840	907	1,035	986
Gross profit	232	203	210	170	−164
Selling, general and administrative expenses	174	179	159	153	177
Research and development costs	33	33	34	34	33
Restructuring costs and other	21	8	7	10	6
Other operating expense (income), net	4	−10	6	−1	−6
(Loss) earnings from continuing operations before interest expense, pension income excluding service cost component, loss on early extinguishment of debt, other charges (income), net and income taxes	0	−7	4	−26	−46
Interest expense	62	59	52	40	33
Pension income excluding service cost component	−128	−173	−161	−98	−102
Loss on early extinguishment of debt	7	0	27	0	0
Other charges (income), net	171	−3	−1	1	−5
(Loss) earnings from continuing operations before income taxes	−112	110	87	31	28
Provision for income taxes	16	8	12	5	4
NET (LOSS) EARNINGS	−128	102	75	26	24
Basic (loss) earnings per share attributable to Eastman Kodak Company common shareholders	−1.78	0.97	0.71	0.16	0.28
Diluted (loss) earnings per share attributable to Eastman Kodak Company common shareholders	−1.78	0.9	0.67	0.16	0.27
Basic (in shares)	87	80	79	79	78
Diluted (in shares)	87	92	91	81	81

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	337	201	255	217	362
Trade receivables, net of allowances of $7 in both periods	145	138	195	177	175
Inventories, net	218	219	217	237	219
Other current assets	141	37	45	48	49
Total current assets	841	595	712	681	807
Property, plant and equipment, net	191	189	169	154	140
Goodwill	12	12	12	12	12
Intangible assets, net	17	20	24	28	34
Operating lease right-of-use assets	37	27	30	39	47
Restricted cash	96	92	110	62	54
Pension and other postretirement assets	302	989	1,216	1,233	1,022
Other long-term assets	121	77	82	76	55
TOTAL ASSETS	1,617	2,001	2,355	2,285	2,171
Accounts payable, trade	101	120	125	134	153
Short-term borrowings and current portion of long-term debt	1	1	1	1	1
Current portion of operating leases	11	11	13	15	13
Other current liabilities	155	129	144	143	142
Total current liabilities	268	261	283	293	309
Long-term debt, net of current portion	208	466	457	316	253
Pension and other postretirement liabilities	191	197	237	230	382
Operating leases, net of current portion	30	21	24	31	45
Other long-term liabilities	207	197	213	171	205
Total liabilities	904	1,142	1,214	1,041	1,194
Commitments and contingencies (Note 12)	—	—	—	—	—
Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference	99	218	210	203	196
Common stock, $0.01 par value	1	0	0	0	0
Additional paid in capital	1,278	1,150	1,156	1,160	1,166
Treasury stock, at cost	−26	−12	−11	−11	−10
Accumulated deficit	−521	−393	−495	−570	−596
Accumulated other comprehensive loss	−118	−104	281	462	221
Total equity	614	641	931	1,041	781
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY	1,617	2,001	2,355	2,285	2,171

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net (loss) earnings	−128	102	75	26	24
Depreciation and amortization	29	28	30	29	31
Pension and other postretirement income	−43	−155	−145	—	—
Gain on settlement of Kodak Retirement Income Plan	−66	0	0	—	—
Change in fair value of the Preferred Stock and Convertible Notes embedded derivatives	0	0	2	−3	−7
Asset impairments	24	4	5	1	0
Paid-in-kind interest expense	36	23	17	—	—
Stock based compensation	5	6	7	5	7
Non-cash changes in workers' compensation and other employee benefit reserves	−1	−2	−1	−15	−4
Net gain on sales of assets	0	−17	0	0	1
Cash proceeds received from reversion of assets from Kodak Retirement Income Plan	618	0	0	—	—
Provision (benefit) from deferred income taxes	3	−1	−1	−3	−1
Decrease (increase) in trade receivables	0	51	−16	−12	−5
Decrease in miscellaneous receivables	1	1	6	−1	−3
Decrease (increase) in inventories	6	−7	19	−31	−19
Decrease in trade accounts payable	−16	−3	−14	−12	38
(Decrease) increase in liabilities excluding borrowings and trade payables	−11	−46	21	−36	−29
Other items, net	16	9	6	13	3
Total adjustments	608	−109	−37	−142	−71
Net cash provided by (used in) operating activities	480	−7	38	−116	−47
Additions to properties	−34	−56	−32	−31	−21
Net proceeds from sales of assets	5	17	0	0	1
Net cash used in investing activities	−29	−39	−32	−56	−20
Net proceeds from ATM equity offering program	1	0	0	—	—
Net proceeds from Amended and Restated Term Loan Agreement	0	0	435	0	—
Repayment of Convertible Notes	0	0	−28	0	—
Other debt acquisition costs	0	0	−1	0	−2
Preferred stock cash dividend payments	−2	−4	−4	−4	−7
Treasury stock purchases	−7	−1	0	−1	−1
Finance lease payments	0	−1	−1	−1	−1
Net cash (used in) provided by financing activities	−314	−23	85	43	238
Effect of exchange rate changes on cash, cash equivalents and restricted cash	4	−7	0	−8	−4
Net increase (decrease) in cash, cash equivalents and restricted cash	141	−76	91	−137	167
Reversion of KRIP non-cash investment assets to Kodak	148	0	0	—	—
Series C preferred stock exchange to common stock	124	0	0	—	—
Interest (net of portion capitalized of $5 in 2025, $6 in 2024 and $3 in 2023)	20	31	26	23	14
Income taxes paid (net of refunds) (1)	11	13	9	6	2

Filings

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