EASTMAN KODAK CO (KODK): Results of Operations and Financial Condition
EASTMAN KODAK CO (KODK) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Media Contact : Kurt Jaeckel, Kodak, +1 585-490-8646, kurt.jaeckel@kodak.com Investor Contact : Denisse Goldbarg, Kodak, +1 585-724-4053, shareholderservices@kodak.com Kodak Reports Second-Quarter 2026 Financial Results Company Delivered Year-Over-Year Growth in Reve
How this was made
The 30-second read
Why it matters
The disclosure updates the market on Kodak’s turnaround progress, highlighting year-over-year growth in revenue, gross profit, GAAP net income, and Operational EBITDA, alongside cash movements tied to debt repayment and commodity-linked inventory.
Market read
Traders can reassess Kodak’s earnings trajectory and cash conversion using the specific Q2 figures and stated drivers (term loans, inventory, KRIP redemptions).
What to watch
Cash fell to $290M despite profitability gains, driven by $101M term-loan repayments and inventory build; traders may focus on free-cash-flow quality rather than earnings alone.
Kodak Reports Second-Quarter 2026 Financial Results
Consolidated revenues, gross profit, GAAP net income and Operational EBITDA all improved year over year, with both Print and Advanced Materials & Chemicals reporting higher revenue and Operational EBITDA.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Consolidated revenuesGAAP | $311 million | – | $48 million or 18 percent |
| Reportable segment total revenueother | $307 million | – | $48 million |
| Gross profitGAAP | $82 million | – | $31 million or 61 percent |
| Gross profit percentageGAAP | 26 percent | – | 7 percentage points |
| Net incomeGAAP | $17 million | – | $43 million |
| Operational EBITDAnon-GAAP | $36 million | – | $27 million |
| Print Operational EBITDAnon-GAAP | $8 million | – | $12 million |
| Advanced Materials & Chemicals Operational EBITDAnon-GAAP | $22 million | – | $14 million |
| Brand Operational EBITDAnon-GAAP | $6 million | – | $1 million |
| Cash balanceother | $290 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| PrintNot separately stated. | $195 million | – | $17 million |
| Advanced Materials & ChemicalsNot separately stated. | $105 million | – | $30 million |
| BrandNot separately stated. | $7 million | – | $1 million |
What drove it
- Revenue growth reflected increases in Print and Advanced Materials & Chemicals revenue.
- Operational EBITDA improvement was driven by improved pricing and higher volume.
- GAAP net income improvement was primarily due to improvements in gross profit, reduction in interest expense and lower asset impairments compared to the prior period, partially offset by lower pension income.
- Foreign currency had no impact on revenues or Operational EBITDA for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Concerns
- Higher silver and aluminum prices partially offset Operational EBITDA growth.
- Selling, general and administrative costs increased, primarily related to the net change in employee benefit reserves and costs associated with corporate infrastructure.
- Cash declined primarily because of the required repayment of the Term Loans and higher inventory.
- Lower pension income partially offset the improvement in GAAP net income.
What to watch
- Whether improved pricing and higher volume continue to offset higher silver and aluminum prices.
- The impact of inventory growth primarily driven by silver and aluminum commodities on cash.
- Progress in expanding core businesses, increasing efficiency and accelerating investments in R&D.
- Future cash use for Term Loan repayments, investments, capital needs and collateral requirements.
Balance sheet and cash flow
- Cash balance of $290 million, compared with $337 million on December 31, 2025, a decrease of $47 million.
- Required repayment of the Term Loans of $101 million.
- Increase in inventory of $37 million primarily driven by silver and aluminum commodities.
- Cash proceeds from redemptions of Kodak Retirement Income Plan reversion investments of $87 million.
- Cash flow from operations improved $5 million from the prior year period.
Analysis
Kodak reported broad year-over-year improvement in the second quarter 2026. Consolidated revenues were $311 million versus $263 million, gross profit was $82 million versus $51 million, and gross profit percentage was 26 percent versus 19 percent. GAAP net income was $17 million, compared with a GAAP net loss of $26 million, while non-GAAP Operational EBITDA increased to $36 million from $9 million.
Both principal reportable operating businesses grew revenue. Print revenue was $195 million, up $17 million, and Advanced Materials & Chemicals revenue was $105 million, up $30 million. Brand revenue was $7 million, up $1 million. The reportable-segment table reported total revenue of $307 million versus $259 million, while the release reported consolidated revenues of $311 million versus $263 million; Eastman Business Park is excluded from the reportable-segment table.
Profitability improved across the reportable segments. Print Operational EBITDA was $8 million compared with $(4) million, Advanced Materials & Chemicals Operational EBITDA was $22 million compared with $8 million, and Brand Operational EBITDA was $6 million compared with $5 million. Management attributed the consolidated Operational EBITDA increase to improved pricing and higher volume, partly offset by higher silver and aluminum prices and higher selling, general and administrative costs. The GAAP earnings improvement also reflected lower interest expense and lower asset impairments, partly offset by lower pension income.
Liquidity declined from the year-end level despite improved operating cash flow. Cash was $290 million compared with $337 million on December 31, 2025. The release cited required repayment of the Term Loans of $101 million and an inventory increase of $37 million, partly offset by $87 million of cash proceeds from redemptions of Kodak Retirement Income Plan reversion investments. Cash flow from operations improved $5 million from the prior-year period, although the release did not provide absolute operating cash flow.
Kodak did not provide quantitative forward guidance in the supplied release. Management's stated priorities are to expand core businesses, increase efficiency and accelerate investments in R&D. The principal reported operating variables to monitor are pricing and volume, silver and aluminum costs, selling, general and administrative costs, inventory, and cash effects from required debt repayment.
Management, verbatim
The words that sum up our performance in the second quarter are stability and growth.
Jim Continenza, Kodak’s Executive Chairman and CEO
We continued to deliver strong results for the fourth consecutive quarter, achieving significant year-over-year improvement in revenue, gross profit and Operational EBITDA.
Jim Continenza, Kodak’s Executive Chairman and CEO
Looking forward, we are entering a new phase in Kodak’s transformation where we have the operational and financial leverage to focus on growth.
Jim Continenza, Kodak’s Executive Chairman and CEO
Not in the filing
stated, not guessed- GAAP operating income and comparison
- GAAP diluted earnings per share and comparison
- Non-GAAP earnings per share and comparison
- Free cash flow and comparison
- Absolute cash flow from operations for the second quarter 2026 and prior-year period
- Debt balance at June 30, 2026
- Capital expenditures
- Share repurchases
- Dividends
- Quantitative forward guidance for revenue, gross margin, operating expenses, tax rate or other metrics
- Prior-quarter comparisons for revenue, gross profit, net income, Operational EBITDA, segment revenue and cash
- Percentage year-over-year changes for individual segment revenue and individual segment Operational EBITDA
- Segment-specific revenue drivers
- Reconciliation details for Operational EBITDA, which were referenced as being in Appendix A but were not included in the supplied filing text
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Kodak filed an 8-K with Exhibit 99.1 reporting second-quarter 2026 financial results, including segment revenue and Operational EBITDA by business line.
Ticker impact
Kodak reported Q2 2026 results with revenues up to $311M, gross profit up to $82M, and Operational EBITDA up to $36M.
Near-term bias positive as traders price in improving earnings power, while cash decline and commodity/inventory effects may cap upside.
The filing provides multiple directionally positive P&L metrics (revenue, gross profit, GAAP net income, Operational EBITDA) plus specific cash drivers (term-loan repayments, inventory increase, KRIP redemptions).
Market effects
Improving profitability at a legacy print and advanced materials player may support sentiment toward niche industrial/chemicals turnaround stories.
Limited, primarily company-specific given the filing is not a macro or regional dataset.
Moderate, as advanced materials and print demand are global but the disclosure is company-level.
Counterpoint
Operational EBITDA improvement may be partially offset by commodity-driven silver and aluminum price effects and higher SG&A/corporate infrastructure costs.
Key entities
- issuerEastman Kodak Company
Reported Q2 2026 consolidated and segment financial results in an SEC 8-K (Item 2.02) with detailed P&L and cash drivers.
- executiveJim Continenza
CEO/Executive Chairman quoted Kodak’s performance and described a new phase of transformation focused on growth and R&D investment.
