Kodak Reports Fourth-Quarter and Full-Year 2025 Financial Results

Eastman Kodak Company reported financial results for the fourth quarter and full year 2025.   

Fourth quarter 2025 highlights include: 

• Consolidated revenues of $290 million, compared with $266 million for Q4 2024, an increase of $24 million or 9 percent
  • Advanced Materials & Chemicals (AM&C) revenues were $85 million, compared with $68 million for Q4 2024, an increase of $17 million or 25 percent
  • Print revenues were $195 million, compared with $187 million for Q4 2024, an increase of $8 million or 4 percent
• Gross profit of $67 million, compared with $51 million for Q4 2024, an increase of $16 million or 31 percent
• Gross profit percentage of 23 percent, compared with 19 percent for Q4 2024, an increase of 4 percentage points
• GAAP net loss of $108 million, compared with net income of $26 million for Q4 2024, a decrease of $134 million
• Operational EBITDA of $22 million, compared with $9 million for Q4 2024, an increase of $13 million or 144 percent

Full year 2025 highlights include: 

• Consolidated revenues of $1.069 billion, compared with $1.043 billion for the full year 2024, an increase of $26 million or 2 percent
  • AM&C revenues were $316 million, compared with $271 million for the full year 2024, an increase of $45 million or 17 percent
  • Print revenues were $715 million, compared with $737 million for the full year 2024, a decrease of $22 million or 3 percent
• Gross profit of $232 million, compared with $203 million for the full year 2024, an increase of $29 million or 14 percent
• Gross profit percentage of 22 percent, compared with 19 percent for the prior year, an increase of 3 percentage points
• GAAP net loss of $128 million, compared with GAAP net income of $102 million for the full year 2024, a decrease of $230 million
• Operational EBITDA of $62 million, compared with $26 million for the full year 2024, an increase of $36 million or 138 percent
• A year-end cash balance of $337 million, compared with $201 million on December 31, 2024, an increase of $136 million
• Cash flow from operations increased $487 million for the full year 2025 compared to the full year 2024

“Kodak ended 2025 with a strong fourth quarter, which has created a foundation for growth in 2026,” said Mr. Jim Continenza, Kodak’s Executive Chairman and CEO. “We continue to execute the long-term plan we began in 2019, which focuses on de-levering the company while continuing to invest in our infrastructure and new product innovation. Those investments are now paying dividends. Today Kodak has a stronger balance sheet than we’ve had in years, and we have reduced our annual interest expense by approximately $40 million. Our print business has launched 14 new products in the past few years, and our AM&C unit has introduced a range of still films and developed a number of growth initiatives in promising new businesses. We have updated our internal IT and reporting systems which allow us to streamline processes, reduce operating expenses and better serve our customers. I am optimistic about taking the next step by operating and selling our way to sustainable growth.”

For the full year ended December 31, 2025, revenues were $1.069 billion, an increase of $26 million or 2 percent compared to the same period in 2024. Adjusting for the favorable impact of foreign exchange of $11 million, revenues increased by $15 million, or 1 percent compared to the prior year.

GAAP net loss was $128 million for the full year 2025, compared to GAAP net income of $102 million in 2024, a decrease of $230 million. The decline in net income was primarily due to the non-recurring impact of the Kodak Retirement Income Plan (“KRIP”) termination and excise tax paid on the reversion of assets to the Company. Operational EBITDA for the year ended December 31, 2025, was $62 million, compared to $26 million in 2024, an increase of $36 million or 138 percent. The increase in Operational EBITDA was primarily driven by improved pricing, operational efficiencies and lower spend on investments in organizational structure, lower inventory reserve adjustments in Electrophotographic Printing Solutions (“EPS”) compared to the prior year and favorable foreign currency fluctuations. These favorable impacts were partially offset by higher manufacturing and aluminum costs.

Kodak ended the year with a cash balance of $337 million, an increase of $136 million from December 31, 2024. The increase was primarily due to the net impact of the KRIP termination and reversion of assets to the Company of $153 million.

Find the Q4/Full Year 2025 Shareholder Letter and infographic here. 

Revenue and Operational EBITDA by Reportable Segment Q4 2025 vs. Q4 2024

(in millions)

Revenue and Operational EBITDA by Reportable Segment FY 2025 vs. FY 2024

(in millions)

* Total Operational EBITDA is a non-GAAP financial measure. The reconciliation between GAAP and non-GAAP measures is provided in Appendix A of this press release. 

** The impact of foreign exchange represents the foreign exchange impact using average foreign exchange rates for the three or twelve months ended December 31, 2024, rather than the actual average exchange rates in effect for the three or twelve months ended December 31, 2025. Foreign exchange did not impact Operational EBITDA in the fourth quarter for 2025.

Eastman Business Park segment is not a reportable segment and is excluded from the tables above.

Covered By: Imaging Solution / Kodak

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