EASTMAN KODAK CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EASTMAN KODAK CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,643	1,531	1,320	1,242	1,029	1,150	1,205	1,117	1,043	1,069
Cost of revenue	1,240	1,175	1,140	1,060	894	986	1,035	907	840	837
Gross profit	403	211	180	182	135	164	170	210	203	232
Research and development	60	64	48	42	34	33	34	34	33	33
Selling, general and administrative	198	239	224	211	172	177	153	159	179	174
Operating income	113	-207	-118	-102	-74	-46	-26	4	-7	0
Interest expense	60	8	9	16	12	33	40	52	59	62
Interest income	3	4				1	1	15	12	10
Other non-operating income	-4	37	-17	-46	-386	5	-1	1	3	-171
Pre-tax income	51	-26	-13	-60	-376	28	31	87	110	-112
Income tax	33	-120	-4	31	168	4	5	12	8	16
Income from continuing operations	17	93	-9	-91	-544	24	26	75	102	-128
Net income to minority interests	1
Net income	15	94	-16	116	-541	24	26	75	102	-128
EBITDA	218	-127	-45	-47	-37	-15	3	34	21	29
EPS, basic	0.28	1.76	-0.84	2.23	-9.77	0.28	0.16	0.71	0.97	-1.78
EPS, diluted	0.28	1.76	-0.84	2.23	-9.77	0.27	0.16	0.67	0.90	-1.78
Shares, basic (weighted)	42.2	42.5	42.7	43	57.4	78.4	78.9	79.4	80.1	87
Shares, diluted (weighted)	42.5	42.7	42.7	43	57.4	80.5	80.6	90.5	92.3	87

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	434	343	233	233	196	362	217	255	201	337
Short-term investments										99
Receivables	277	253	232	208	177	175	177	195	138	145
Inventory	271	246	231	215	206	219	237	217	219	218
Other current assets	57	54	39	36	46	49	48	45	37	141
Total current assets	1,039	958	910	706	627	807	681	712	595	841
Property, plant and equipment	342	294	216	181	152	140	154	169	189	191
Lease right-of-use assets				49	48	47	39	30	27	37
Goodwill	68	12	12	12	12	12	12	12	12	12
Intangible assets	121	84	58	47	39	34	28	24	20	17
Long-term investments						0	25
Other non-current assets	115	113	143	228	55	55	76	82	77	121
Total assets	1,776	1,707	1,510	1,415	1,248	2,171	2,285	2,355	2,001	1,617
Accounts payable	200	183	130	153	118	153	134	125	120	101
Accrued liabilities	49	45	41	38	35	34	35	36	32	33
Deferred revenue	32	29	42	43	46	43	40	37	35	42
Short-term debt	6	4	396	2	2	1	1	1	1	1
Total current liabilities	417	419	778	368	296	309	293	283	261	268
Long-term debt	405	399	5	109	17	253	316	457	466	208
Lease liabilities				48	49	45	31	24	21	30
Other non-current liabilities	268	202	178	231	212	205	171	213	197	207
Total liabilities	1,693	1,486	1,340	1,134	980	1,194	1,041	1,214	1,142	904
Total debt	405	399	401	111	19	254	317	458	467	209
Paid-in capital	641	631	617	604	1,152	1,166	1,160	1,156	1,150	1,278
Retained earnings	-268	-174	-200	-79	-620	-596	-570	-495	-393	-521
Treasury stock	-8	-9	-9	-9	-9	-10	-11	-11	-12	-26
Other comprehensive income	-438	-391	-411	-417	-446	221	462	281	-104	-118
Shareholders' equity	-73	57	-3	99	77	781	1,041	931	641	614
Total equity	-73	57	-3	99	77	781	1,041	931	641	614
Total liabilities and equity	1,776	1,707	1,510	1,415	1,248	2,171	2,285	2,355	2,001	1,617
Shares outstanding	42.4	42.6	42.8	43.2	77.2	78.7	79.1	79.6	80.5	97.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	16	94	-16	116	-541	24	26	75	102	-128
Depreciation and amortization	105	80	73	55	37	31	29	30	28	29
Stock-based compensation	8	9	6	7	15	7	5	7	6	5
Deferred income tax	15	-129	18	21	160	-1	-3	-1	-1	3
Change in receivables	25	11	12	21	33	-5	-12	-16	51	0
Change in inventory	16	-4	-9	11	12	-19	-31	19	-7	6
Cash from operations	-15	-67	-62	12	-35	-47	-116	38	-7	480
Capital expenditures	-41	-38	-33	-15	-17	-21	-31	-32	-56	-34
Purchases of investments					0	0	-25	0	0
Sales and maturities of investments	2	1
Cash from investing	-29	-24	-22	311	-13	-20	-56	-32	-39	-29
Debt issued					0	215	49
Debt repaid	-282	-7		-395
Stock issued					0	10	0	0
Share buybacks	-3	-1			0	-1	-1	0	-1	-7
Dividends paid		-10	-8	-3	-22	-7	-4	-4	-4	-2
Cash from financing	-72	-29	-11	-298	10	238	43	85	-23	-314
Exchange rate effect	-7
Net change in cash	-122	-109	-102	23	-34	167	-137	91	-76	141
Free cash flow	-56	-105	-95	-3	-52	-68	-147	6	-63	446
Interest paid	58	31	28	21	8	14	23	26	31	20
Income taxes paid	24	18	-9	17	8	2	6	9	13	11

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.51 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.1%	Gross profit / revenue.
Operating margin	2.8%	Operating income / revenue.
EBITDA margin	5.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6.6%	Pre-tax income / revenue.
Net margin	-8.3%	Net income / revenue.
FCF margin	40.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	42.7%	Cash from operations / revenue.
Return on equity (ROE)	-15.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-6.2%	Net income / average total assets.
Return on invested capital (ROIC)	5.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.8%	Research and development expense / revenue.
SG&A / revenue	16.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	38.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	113.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-225.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-297.8%	EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-4.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-16.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	51.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-19.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.91x	Current assets / current liabilities.
Quick ratio	1.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.21x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.18x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.2%	Total debt / total assets.
Liabilities / assets	54.4%	Total liabilities / total assets.
Net debt	-$207.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.45x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.71x	Operating income / interest expense.
Working capital	$503.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$594.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.74x	Revenue / average total assets.
Fixed asset turnover	5.79x	Revenue / average property, plant and equipment.
Inventory turnover	3.40x	Cost of revenue / average inventory.
Days inventory	107 days	365 x average inventory / cost of revenue.
Receivables turnover	7.62x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	46 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	109 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	4.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.91	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.04	Revenue / diluted weighted shares.
FCF per share	$4.51	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.72	Cash from operations / diluted weighted shares.
Book value per share	$6.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.07	Tangible book value / shares outstanding.
Cash per share	$3.24	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	0.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	1.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$931.0M	Share price x shares outstanding.
Enterprise value	$724.0M	Market cap + total debt - cash - short-term investments.
P/S	0.82x	Market cap / revenue.
P/B	1.49x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.57x	Market cap / tangible book value, when positive.
P/FCF	2.01x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.92x	Market cap / cash from operations, when positive.
EV/Sales	0.64x	Enterprise value / revenue.
EV/EBIT	22.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	1.56x	Enterprise value / free cash flow, when both are positive.
FCF yield	49.8%	Free cash flow / market cap.
Earnings yield	-10.1%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	1.2%	(Dividends paid + share buybacks) / market cap.

What was EASTMAN KODAK CO's revenue in fiscal 2025?

EASTMAN KODAK CO reported revenue of $1.07B for fiscal 2025, 2.5% higher than the year before.

Was EASTMAN KODAK CO profitable in fiscal 2025?

No. It reported a net loss of $128.0M.

How much free cash flow did EASTMAN KODAK CO generate in fiscal 2025?

Cash from operations of $480.0M minus capital expenditures of $34.0M left free cash flow of $446.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to EASTMAN KODAK CO