Eastman Kodak Q2 2026 Earnings Report

Eastman Kodak EPS Results

• Actual EPS: $0.13
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Eastman Kodak Revenue Results

• Actual Revenue: $311.00 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Eastman Kodak Announcement Details

• Quarter: Q2 2026
• Date: 8/4/2026
• Time: After Market Closes
• Conference Call Date: Tuesday, August 4, 2026
• Conference Call Time: 5:00PM ET

Eastman Kodak (NYSE:KODK) (NYSE: KODK) is a global technology firm specializing in imaging, printing and advanced materials. The company offers a wide array of products and services that enable customers to create, manage and share visual content across traditional and digital platforms. Its core offerings include graphic communications solutions, enterprise inkjet systems, packaging technologies, functional printing and micro 3D printing systems.

Kodak’s graphic communications segment serves commercial printers, packaging converters and publishing houses with offset plates, digital presses, workflow software and services designed to streamline production. The enterprise inkjet solutions deliver high-speed, customized printing for transactional mail, direct mail and book publishing. In packaging, the company provides flexible and carton packaging solutions, while its functional printing business develops electronics, sensors and specialty printing applications.

Founded in 1888 by George Eastman and headquartered in Rochester, New York, Kodak has grown from a pioneering photographic film maker into a diversified technology provider. Over more than a century of innovation, the company has introduced landmark products such as the first consumer camera, the first digital camera prototypes and advanced inkjet printheads. Today, Kodak maintains manufacturing, research and development facilities across North America, Europe and Asia Pacfic to support a global customer base.

Under the leadership of President and Chief Executive Officer James V. Continenza, Kodak continues to focus on R&D investments and strategic partnerships to expand its offerings in digital printing and materials science. The company’s global reach and long-standing expertise in imaging technology position it to serve a variety of industries, including commercial print, packaging, publishing, government and electronics.

Eastman Kodak Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Strong second-quarter improvement: Revenue rose 18% year over year to $311 million, gross profit increased 61% to $82 million, and Operational EBITDA reached $36 million versus $9 million a year earlier. GAAP net income improved to $17 million from a $26 million loss.
• Positive Sentiment: Both major operating segments grew: Advanced Materials & Chemicals revenue increased 40% to $105 million, while Commercial Print revenue rose 10% to $195 million, supported by higher volumes and favorable pricing.
• Positive Sentiment: Balance-sheet leverage continued to improve: Kodak made $100 million in term-loan repayments during the first half, reduced interest expense, and increased net cash to $180 million from $128 million at year-end 2025.
• Neutral Sentiment: Management is shifting from stabilization toward growth, investing in pharmaceutical products, battery-coating capabilities, motion-picture film, and R&D. However, higher aluminum and silver costs, increased SG&A, a $37 million inventory increase, and lower pension income remain financial headwinds.

Presentation

[Operator]

Good day, and thank you for standing by. Welcome to the Eastman Kodak Q2 2026 earnings conference call. At this time, all participants are in a listen only mode. Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Denisse Goldbarg. Please go ahead.

[Denisse Goldbarg, Chief Marketing Officer at Eastman Kodak]

Thank you, and good afternoon, everyone. I am Denisse Goldbarg, Eastman Kodak's Chief Marketing Officer. Welcome to Eastman Kodak's Q2 2026 earnings call. At 4:15 P.M. this afternoon, Kodak filed its Form 10-Q and issued its release on financial results for the Q2 of 2026. You may access the presentation and webcast for today's call on our investor center at investor.kodak.com. During today's conference call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Investors are cautioned not to unduly rely on forward-looking statements, and such statements should not be read or understood as a guarantee of future performance or results.

[Denisse Goldbarg, Chief Marketing Officer at Eastman Kodak]

All forward-looking statements are based on Kodak's expectations and various assumptions. Future events or results may differ from those anticipated or expressed in the forward-looking statements. Important factors that could cause actual events or results to differ materially from these forward-looking statements include, among others, the risks, uncertainties, and other factors described in more detail in Kodak's filings with the U.S. Securities and Exchange Commission from time to time. All forward-looking statements attributable to Kodak or persons acting on its behalf only apply as of the date of this presentation, are expressly qualified in their entirety by the cautionary statements included or referenced in this presentation. Kodak undertakes no obligation to update or revise forward-looking statements or reflect events or circumstances that may arise after the date made or to reflect the occurrence of unanticipated events.

[Denisse Goldbarg, Chief Marketing Officer at Eastman Kodak]

In addition, the release just issued and the presentation provided contains certain measures that are deemed non-GAAP measures. Reconciliations to the most directly comparable GAAP measures have been provided with the release and within the presentation and other documents on our website in our investor center at investor.kodak.com. Speakers on today's call are Jim Continenza, Kodak's Executive Chairman and Chief Executive Officer, and David Bullwinkle, Kodak's Chief Financial Officer and Senior Vice President. We will not be holding a formal Q&A during today's call. As always, the investor relations team is available for follow-up. I will now turn the call over to Jim. Thank you and have a great day.

[Jim Continenza, Executive Chairman and CEO at Eastman Kodak]

Welcome, everyone, thank you for joining the Q2 2026 investor call for Eastman Kodak. If I had to summarize our performance in the Q2, it would be stability and growth. Kodak has delivered year-over-year improvement in key metrics for four consecutive quarters. We've done it by consistent focus on leveraging our core strengths and focusing on execution. Highlights for the Q2, consolidated revenues of $311 million compared with $263 million for Q2 2025, an increase of $48 million or 18%. Gross profit of $82 million compared with $51 million for Q2 2025, an increase of $31 million or 61%. Operational EBITDA of $36 million compared with $9 million for Q2 2025, an increase of $27 million or 300%. Total debt to EBITDA of 1x in Q2 2026 versus total debt to EBITDA of 23 x in Q2 2025.

[Jim Continenza, Executive Chairman and CEO at Eastman Kodak]

I don't want to just breeze through these metrics. Again, the growth in revenue, growth in gross profit, growth in Operational EBITDA, the continuing deleveraging of the business and strengthening the balance sheet have all been part of our long-term plan over the last seven years. We've continued to focus and execute on our plan, we're going to continue to focus and execute and innovate new products in the future. Moving on to segments of the business. Several years ago, part of our business we were vacating was AM&C. As you recall, we've invested heavily back in it. This is our core competencies. This is what we do. This is our know-how. This is where our people shine. We are the best in the world at layering and coating. It's just what we do.

[Jim Continenza, Executive Chairman and CEO at Eastman Kodak]

When we get into AM&C, I'm proud to see the results, we'll walk through some of them now. Advanced Materials & Chemicals, revenues were $105 million, compared with $75 million for Q2 2025, an increase of $30 million or 40%. Still film, we now offer a range of Kodak films sold directly to distributors to stabilize the market and meet customer demand. Motion picture film, this is a big one for me. When we look at where we are today and the resurgence we've seen and the demand, I'm so proud of the decision from my board all the way down to the leadership to really reinvest in this. I want to thank some key directors, Christopher Nolan, Steven Spielberg, and others for helping us understand the importance and pushing and supporting it. Currently out are two blockbuster movies that were shot on Kodak film.

[Jim Continenza, Executive Chairman and CEO at Eastman Kodak]

The Odyssey," which was shot on 65mm and played on 70mm at IMAX theaters. You have to see it. That's all I'm going to tell you. Steven Spielberg, "Disclosure Day," again, phenomenal movie, shot on Kodak film. It utilized our new VISION3 AHU film structure. We're glad to see the resurgence coming back into the industry and the appreciation we're seeing even of movie buffs and movie fans. Continue on AM&C. Let me give you an update on pharma. Kodak launched its first pharmaceutical web store, an important part of our strategic growth, adding saline products to the portfolio, continuing to work towards Class two certification to manufacture more complex, higher-margin products. We continue to invest in our battery coating.

[Jim Continenza, Executive Chairman and CEO at Eastman Kodak]

We're putting CapEx into the machine to add additional capabilities, such as coating electrodes at a large scale, and using our pilot facility to help other customers scale new technologies. Moving on to now our largest division, commercial print. We continue to see growth in our commercial print business. Print revenues were $195 million, compared with $178 million Q2 2025, an increase of $17 million or 10%. Growth is remarkable in a competitive marketplace that's also dealing with shortage in supply, high cost, inflation. We continue to deliver all over the globe in all three markets that we manufacture. The performance you're seeing in commercial print reflects the superiority of our products and service, particularly when we have a level playing field. In these markets today with wars, supply, inflation, we continue to deliver and support and take care of our customers. Our next steps. Focus.

[Jim Continenza, Executive Chairman and CEO at Eastman Kodak]

We have to focus on growth. We've been saying that for the last few quarters. We have built a stable growing business. We are solidly in control of our destiny. We continue to work for shareholders, employees, and customers. We are building momentum. We will continue to capitalize on our strengths as an industrial manufacturer. To accelerate our investment in R&D, we acquired an R&D division to help us focus on innovation, efficiency, and quality control. Now, I'm going to turn it over to Dave Bullwinkle to discuss our financial results.

[David Bullwinkle, CFO and Senior VP at Eastman Kodak]

Thanks, Jim, and welcome to the call, everybody. Thank you for joining us today. This afternoon, the company filed its Form 10-Q for the quarter ended June 30, 2026. As I have done consistently, I encourage you to review the filing in its entirety along with today's earnings release, which provides additional detail on the results and metrics discussed during this call. Let's begin with the financial highlights for the Q2 of 2026. Once again, Kodak delivered a strong quarter with significant year-over-year growth in revenue, gross profit, and Operational EBITDA, despite continued volatility in commodity costs and ongoing inflationary pressures. This performance reflects our ability to navigate a challenging business environment by focusing on operational excellence and improving efficiency. Notably, this marks our fourth consecutive quarter of year-over-year growth across all three metrics.

[David Bullwinkle, CFO and Senior VP at Eastman Kodak]

Highlights of our Q2 performance include revenue of $311 million, up $48 million or 18% from the prior year quarter, primarily driven by robust growth in print, Advanced Materials & Chemicals. Our gross profit was $82 million, compared with $51 million in the prior year quarter, an increase of $31 million or 61%. This strong growth was driven by favorable pricing and higher volumes in print and Advanced Materials & Chemicals, despite higher commodity costs for aluminum and silver. Our gross profit percentage was 26%, compared with 19% in the prior year quarter, reflecting strong operational execution. Our GAAP net income was $17 million, compared with a GAAP net loss of $26 million in the prior year quarter, representing a $43 million improvement.

[David Bullwinkle, CFO and Senior VP at Eastman Kodak]

Key drivers of the year-over-year improvement in GAAP net income include a $20 million increase in earnings from operations, reflecting strong growth in revenue and gross profit. A $9 million reduction in interest expense, which is driven by the significant reduction in our term loan debt, and a $28 million improvement in other income and charges net, driven primarily by the absence of asset impairment charges in the current year quarter versus a $17 million charge in the prior year quarter. These benefits were partially offset by an $11 million decline in non-cash pension income following the termination of the KRIP pension plan in the Q4 of 2025. As we have previously communicated, we expect pension income to remain below prior year levels throughout 2026 as a result of the KRIP plan termination and asset reversion.

[David Bullwinkle, CFO and Senior VP at Eastman Kodak]

Our Operational EBITDA was $36 million compared with $9 million in the prior year quarter, an improvement of $27 million. This increase was primarily driven by improved pricing and higher volumes, which more than offset increases in aluminum and silver costs, as well as higher SG&A expenses, primarily related to the net change in employee benefit reserves and corporate infrastructure costs. These results reflect the benefits of the actions we have taken to strengthen our balance sheet and create long-term shareholder value. Let's turn to our financial highlights for the first half of 2026. We reported revenue of $576 million, an increase of $66 million, or 13%, year-over-year. Currency fluctuations had a $7 million favorable impact on revenue. Our gross profit was $139 million, compared with $97 million in the prior year period, an increase of $42 million, or 43%.

[David Bullwinkle, CFO and Senior VP at Eastman Kodak]

Our gross profit percentage was 24%, compared to 19% in the prior year period. The company's GAAP net income for the year-to-date period was $1 million, compared with a GAAP net loss of $33 million in the prior year period, representing a $34 million increase, primarily driven by significant improvements in operating earnings, lower interest expense, and the absence of asset impairment charges compared to the prior year period, partially offset by lower pension income. The company's Operational EBITDA was $51 million, compared with $11 million in the prior year period, an increase of $40 million, primarily driven by improved pricing and higher volumes, which again more than offset higher commodity costs as well as increased SG&A expenses, as explained earlier. Overall, our Q2 and first half results demonstrate continued momentum across the business, reflecting improved profitability and the ongoing benefits of our initiatives to strengthen the balance sheet.

[David Bullwinkle, CFO and Senior VP at Eastman Kodak]

Turning to cash and our liquidity, we ended the Q2 with $290 million of unrestricted cash, down $47 million from December 31st, 2025. However, you should note this decline primarily reflects required term loan repayments, partially offset by cash proceeds received from the redemption of KRIP investment assets. Let me briefly highlight the key drivers of our quarter-end cash position. First, we received $41 million in cash proceeds during the quarter from the redemption of hedge fund investments related to the KRIP pension reversion. Year to date, through June 30th, 2026, cumulative proceeds totaled $87 million. Second, consistent with the term loan amendment, we made an additional $50 million principal payment on our higher rate term loans in June, bringing total principal repayments to $100 million for the year-to-date period.

[David Bullwinkle, CFO and Senior VP at Eastman Kodak]

These repayments were primarily funded through the KRIP asset redemptions and further strengthen our balance sheet while reducing future interest expense. As a result, our net cash position increased to $180 million at June 30, 2026, from $128 million at December 31, 2025. This is an improvement of $52 million that reflects the continued strengthening of our financial position. Finally, working capital was impacted by a $37 million increase in inventory. The majority of this increase occurred within our AM&C segment during the Q1, as we previously reported, and was driven primarily by significantly higher silver prices, which were more than double year-end levels, as well as an increase in the volume of silver we carry on the balance sheet due to supply terms. Inventory levels also increased as we built product ahead of a planned Q2 maintenance shutdown.

[David Bullwinkle, CFO and Senior VP at Eastman Kodak]

As I conclude my remarks, I would like to personally reflect on my experiences over the years as Kodak progressed through this remarkable transformation. I've seen the transformation of Kodak over many years, and I'm proud of the progress we have made. Our strong performance over recent quarters has been the result of our commitment to executing our long-term plan. I'm excited about the next phase of our turnaround as we shift our focus to growth. Thank you for your time and attention. I'll now turn the call back over to Jim.

[Jim Continenza, Executive Chairman and CEO at Eastman Kodak]

Thank you, Dave. In summary, Kodak has built a stable growth business and delivered four consecutive quarters of strong year-over-year improvements, such as year-over-year growth in revenue, year-over-year growth in gross profit, year-over-year growth in Operational EBITDA. Reminding everyone, our growth principles are strategically leveraging our core competencies, IP and infrastructure, emphasizing excellence in execution, focused on industrial manufacturing businesses in growth segments with a high barrier to entry, and prioritizing opportunities, focusing on ROI and potential growth. With that, I want to thank everyone. I want to thank our shareholders for their patience. I want to thank our board for their participation, always supportive. I want to thank my leadership team for executing on this plan and all the employees at Kodak for giving it everything they have to bring in the company where it is today. Thank you and goodbye.

[Operator]

Thank you, ladies and gentlemen. This does conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.

Participants

Executives

• Denisse Goldbarg, Chief Marketing Officer
• Jim Continenza, Executive Chairman and CEO
• David Bullwinkle, CFO and Senior VP