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Edge22 Aug 2025
The Dilemma That Brought Down Kodak
Kodak helped invent digital photography but failed to embrace it. How the innovator's dilemma turned an icon into its own most famous casualty.
Eastman Kodak Company
Eastman Kodak Company (KODK) investor relations material
Eastman Kodak Company Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary4 Aug, 2026
Executive summary
Achieved four consecutive quarters of year-over-year growth in revenue, gross profit, and operational EBITDA, reflecting stability and expansion driven by investments in product development, manufacturing infrastructure, and R&D.
Revenues for Q2 2026 were $311 million, up 18% year-over-year; six-month revenues were $576 million, up 13% year-over-year, driven by improved pricing and higher volumes in Print and Advanced Materials & Chemicals.
Net income for Q2 2026 was $17 million, reversing a net loss of $26 million in Q2 2025; six-month net earnings were $1 million, compared to a net loss of $33 million in the prior year period.
Focused on leveraging core strengths, executing long-term plans, and investing in innovation and R&D to support growth initiatives.
Financial highlights
Q2 2026 revenue was $311 million, up 18% year-over-year; gross profit was $82 million, up 61%; gross margin improved to 26% from 19%.
Operational EBITDA reached $36 million, a 300% increase from Q2 2025; Print segment Operational EBITDA improved by $12 million, Advanced Materials & Chemicals by $14 million.
GAAP net income was $17 million, compared to a net loss of $26 million in Q2 2025; basic and diluted EPS for Q2 2026 were $0.13, compared to $(0.36) in Q2 2025.
Cash, cash equivalents, and restricted cash totaled $388 million at June 30, 2026, down from $442 million at year-end 2025; cash balance at quarter-end was $290 million, mainly due to term loan repayments.
Long-term debt reduced to $108 million at June 30, 2026, from $208 million at year-end 2025; total debt to EBITDA improved to 1x from 23x year-over-year.
Outlook and guidance
Emphasized continued focus on growth, innovation, and leveraging industrial manufacturing strengths and core competencies.
Management expects continued focus on pricing actions, operational efficiencies, and innovation in Print and Advanced Materials & Chemicals to drive future growth.
Capital expenditures for 2026 are projected at $40–$45 million.
Liquidity is considered adequate to fund operations and obligations for at least the next twelve months.
Expect pension income to remain below prior year levels throughout 2026 due to KRIP plan termination.
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Latest events from Eastman Kodak Company
- Up to 4.4M shares registered for resale by shareholders; no proceeds to the company.KODK
Registration filing - Revenue and operational EBITDA rose, but net loss widened to $16 million in Q1 2026.KODKQ1 2026
- Board recommends approval of all proxy proposals, emphasizing pay-for-performance and governance.KODKProxy filing
- Shareholders will vote virtually in May 2026 on directors, compensation, and auditor ratification.KODKProxy filing
- Revenue and operational EBITDA rose in 2025, with a stronger balance sheet and cash position.KODKQ4 2025
- Q3 2024 revenue dropped 3% but net income rose to $18M, aided by AM&C growth and tariff wins.KODKQ3 2024
- Q2 2024 revenue dropped 9% but gross margin rose to 22% amid ongoing innovation investment.KODKQ2 2024
- Net loss of $7M on $247M revenue as AM&C growth offset Print declines and cash outflows.KODKQ1 2025
- Gross margin rose to 19% as AMC growth and pension asset reversion support future expansion.KODKQ4 2024
Next Eastman Kodak Company earnings date
Q3 20263 Nov, 2026
Eastman Kodak Company
Next Eastman Kodak Company earnings date
Q3 20263 Nov, 2026
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Frequently asked questions
Eastman Kodak Company is a technology company specializing in imaging and material sciences. The company operates in several segments, including print systems, advanced materials and chemicals, and brand licensing. Kodak offers products and services such as commercial printing equipment, printing plates, specialty chemicals, and motion picture film. It also develops solutions for industries like packaging, functional printing, and electronics manufacturing. The company is headquartered in Rochester, New York, and its shares are listed on the NYSE.