Eastman Kodak (KODK) financial statements
Eastman Kodak reported revenue of $1.1B in fiscal 2025, down 4.7% a year over 9 years.
Net income was -$128M and the operating margin 0.0%, against 6.9% in 2016.
Free cash flow was $446M, and the company returned $2M in dividends and $7M in net buybacks.
The diluted share count rose 105% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Eastman Kodak's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B | $1.4B | $1.3B | $1.2B | $1.0B | $1.1B | $1.2B | $1.1B | $1.0B | $1.1B |
| Cost of revenue | $1.2B | $1.2B | $1.1B | $1.1B | $894M | $986M | $1.0B | $907M | $840M | $837M |
| Gross profit | $403M | $211M | $180M | $182M | $135M | $164M | $170M | $210M | $203M | $232M |
| Research and development | $60M | $64M | $48M | $42M | $34M | $33M | $34M | $34M | $33M | $33M |
| Selling, general and admin | $198M | $239M | $224M | $211M | $172M | $177M | $153M | $159M | $179M | $174M |
| Operating income | $113M | -$207M | -$118M | -$102M | -$74M | -$46M | -$26M | $4M | -$7M | $0 |
| Interest expense | $60M | $8M | $9M | $16M | $12M | $33M | $40M | $52M | $59M | $62M |
| Pre-tax income | $51M | -$26M | -$13M | -$60M | -$376M | $28M | $31M | $87M | $110M | -$112M |
| Income tax | $33M | -$120M | -$4M | $31M | $168M | $4M | $5M | $12M | $8M | $16M |
| Net income | $15M | $94M | -$16M | $116M | -$541M | $24M | $26M | $75M | $102M | -$128M |
| EPS (diluted) | $0.28 | $1.76 | -$0.84 | $2.23 | -$9.77 | $0.27 | $0.16 | $0.67 | $0.90 | -$1.78 |
| Diluted shares | 42M | 43M | 43M | 43M | 57M | 80M | 81M | 90M | 92M | 87M |
| Gross margin | 24.5% | 15.2% | 13.6% | 14.7% | 13.1% | 14.3% | 14.1% | 18.8% | 19.5% | 21.7% |
| Operating margin | 6.9% | -14.9% | -8.9% | -8.2% | -7.2% | -4.0% | -2.2% | 0.4% | -0.7% | 0.0% |
| Net margin | 0.9% | 6.8% | -1.2% | 9.3% | -52.6% | 2.1% | 2.2% | 6.7% | 9.8% | -12.0% |
Balance sheet
Fiscal years, from Eastman Kodak's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $434M | $343M | $233M | $233M | $196M | $362M | $217M | $255M | $201M | $436M |
| Receivables | $277M | $253M | $232M | $208M | $177M | $175M | $177M | $195M | $138M | $145M |
| Inventory | $271M | $246M | $231M | $215M | $206M | $219M | $237M | $217M | $219M | $218M |
| Total current assets | $1.0B | $958M | $910M | $706M | $627M | $807M | $681M | $712M | $595M | $841M |
| Property, plant and equipment | $342M | $294M | $216M | $181M | $152M | $140M | $154M | $169M | $189M | $191M |
| Goodwill | $68M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M |
| Total assets | $1.8B | $1.7B | $1.5B | $1.4B | $1.2B | $2.2B | $2.3B | $2.4B | $2.0B | $1.6B |
| Total current liabilities | $417M | $419M | $778M | $368M | $296M | $309M | $293M | $283M | $261M | $268M |
| Long-term debt | $405M | $399M | $5M | $109M | $17M | $253M | $316M | $457M | $466M | $208M |
| Total liabilities | $1.7B | $1.5B | $1.3B | $1.1B | $980M | $1.2B | $1.0B | $1.2B | $1.1B | $904M |
| Shareholders' equity | -$73M | $57M | -$3M | $99M | $77M | $781M | $1.0B | $931M | $641M | $614M |
| Net debt | -$23M | $60M | $168M | -$122M | -$177M | -$108M | $100M | $203M | $266M | -$128M |
Cash flow
Fiscal years, from Eastman Kodak's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15M | -$67M | -$62M | $12M | -$35M | -$47M | -$116M | $38M | -$7M | $480M |
| Capital spending | $41M | $38M | $33M | $15M | $17M | $21M | $31M | $32M | $56M | $34M |
| Free cash flow | -$56M | -$105M | -$95M | -$3M | -$52M | -$68M | -$147M | $6M | -$63M | $446M |
| Stock-based compensation | $8M | $9M | $6M | $7M | $15M | $7M | $5M | $7M | $6M | $5M |
| Dividends paid | — | $10M | $8M | $3M | $22M | $7M | $4M | $4M | $4M | $2M |
| Share buybacks (net) | -$3M | -$1M | — | — | $0 | -$1M | -$1M | $0 | -$1M | -$7M |
| Net borrowing | -$282M | -$7M | — | -$395M | $0 | $215M | $49M | — | — | — |
| Free cash flow margin | -3.4% | -7.6% | -7.2% | -0.2% | -5.1% | -5.9% | -12.2% | 0.5% | -6.0% | 41.7% |
| Dividends per share | — | $0.23 | $0.19 | $0.07 | $0.38 | $0.09 | $0.05 | $0.04 | $0.04 | $0.02 |
Questions
What was Eastman Kodak's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Eastman Kodak generate?
$446M in fiscal 2025 (operating cash flow minus capital spending).
From Eastman Kodak's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.