Eastman Chemical (EMN) financial statements
Eastman Chemical reported revenue of $8.8B in fiscal 2025, down 0.3% a year over 9 years.
Net income was $474M.
Free cash flow was $424M, and the company returned $381M in dividends.
The diluted share count fell 22% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Eastman Chemical's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.0B | $9.5B | $10.2B | $9.3B | $8.5B | $10.5B | $10.6B | $9.2B | $9.4B | $8.8B |
| Cost of revenue | $6.7B | $7.2B | $7.7B | $7.0B | $6.5B | $8.0B | $8.4B | $7.1B | $7.1B | $6.9B |
| Gross profit | $2.4B | $2.4B | $2.5B | $2.2B | $2.0B | $2.5B | $2.1B | $2.1B | $2.3B | $1.8B |
| Research and development | $223M | $227M | $235M | $234M | $226M | $254M | $264M | $239M | $250M | $255M |
| Selling, general and admin | $707M | $729M | $721M | $691M | $654M | $795M | $726M | $727M | $736M | $658M |
| Operating income | $1.4B | $1.5B | — | — | — | — | — | — | — | — |
| Pre-tax income | $1.0B | $1.3B | $1.3B | $902M | $530M | $1.1B | $977M | $1.1B | $1.1B | $568M |
| Income tax | $190M | -$99M | $226M | $140M | $41M | $215M | $181M | $191M | $170M | $93M |
| Net income | $854M | $1.4B | $1.1B | $759M | $478M | $857M | $793M | $894M | $905M | $474M |
| EPS (diluted) | $5.75 | $9.47 | $7.56 | $5.48 | $3.50 | $6.25 | $6.35 | $7.49 | $7.67 | $4.10 |
| Diluted shares | 148M | 146M | 143M | 138M | 136M | 137M | 125M | 119M | 118M | 116M |
| Gross margin | 26.2% | 24.7% | 24.4% | 24.1% | 23.3% | 23.9% | 20.2% | 22.4% | 24.4% | 21.1% |
| Operating margin | 15.4% | 16.0% | — | — | — | — | — | — | — | — |
| Net margin | 9.5% | 14.5% | 10.6% | 8.2% | 5.6% | 8.2% | 7.5% | 9.7% | 9.6% | 5.4% |
Balance sheet
Fiscal years, from Eastman Chemical's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $181M | $191M | $226M | $204M | $564M | $459M | $493M | $548M | $837M | $566M |
| Receivables | $812M | $1.0B | $1.2B | $980M | $1.0B | $1.1B | $957M | $826M | $791M | $737M |
| Inventory | $1.4B | $1.5B | $1.6B | $1.7B | $1.4B | $1.5B | $1.9B | $1.7B | $2.0B | $2.0B |
| Total current assets | $2.9B | $3.1B | $3.4B | $3.3B | $3.5B | $4.6B | $3.8B | $3.5B | $4.1B | $3.6B |
| Property, plant and equipment | $5.3B | $5.6B | $5.6B | $5.6B | $5.5B | $5.0B | $5.2B | $5.5B | $5.6B | $5.7B |
| Goodwill | $4.5B | $4.5B | $4.5B | $4.4B | $4.5B | $3.6B | $3.7B | $3.6B | $3.6B | $3.7B |
| Total assets | $15.5B | $16.0B | $16.0B | $16.0B | $16.1B | $15.5B | $14.7B | $14.6B | $15.2B | $14.9B |
| Total current liabilities | $1.8B | $2.0B | $1.9B | $1.8B | $2.0B | $3.0B | $3.3B | $2.6B | $2.7B | $2.7B |
| Long-term debt | $6.3B | $6.1B | $5.9B | $5.6B | $5.3B | $4.4B | $4.0B | $4.3B | $4.6B | $4.2B |
| Total liabilities | $10.8B | $10.5B | $10.1B | $10.0B | $10.0B | $9.7B | $9.4B | $9.1B | $9.4B | $8.8B |
| Shareholders' equity | $4.5B | $5.4B | $5.8B | $6.0B | $6.0B | $5.7B | $5.2B | $5.5B | $5.8B | $6.0B |
| Net debt | $6.1B | $6.0B | $5.7B | $5.4B | $4.7B | $4.0B | $3.5B | $3.8B | $3.7B | $3.6B |
Cash flow
Fiscal years, from Eastman Chemical's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.7B | $1.5B | $1.5B | $1.5B | $1.6B | $975M | $1.4B | $1.3B | $970M |
| Capital spending | $626M | $649M | $528M | $431M | $396M | $578M | $624M | $833M | $599M | $546M |
| Free cash flow | $759M | $1.0B | $1.0B | $1.1B | $1.1B | $1.0B | $351M | $541M | $688M | $424M |
| Stock-based compensation | $36M | $52M | $64M | $59M | $44M | $70M | $69M | $64M | $63M | $48M |
| Dividends paid | $272M | $296M | $318M | $343M | $358M | $375M | $381M | $376M | $379M | $381M |
| Share buybacks (net) | — | — | — | — | — | -$900M | — | — | — | — |
| Net borrowing | -$428M | -$369M | -$316M | -$370M | -$307M | -$350M | $76M | -$338M | $198M | -$304M |
| Free cash flow margin | 8.4% | 10.6% | 10.0% | 11.6% | 12.5% | 9.9% | 3.3% | 5.9% | 7.3% | 4.8% |
| Dividends per share | $1.83 | $2.03 | $2.23 | $2.48 | $2.62 | $2.74 | $3.05 | $3.15 | $3.21 | $3.30 |
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Open EMN in InvestinglyQuestions
What was Eastman Chemical's revenue in 2025?
$8.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Eastman Chemical generate?
$424M in fiscal 2025 (operating cash flow minus capital spending).
From Eastman Chemical's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.