Eastman Kodak Company (KODK) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $269 million, up 3% year-over-year, with gross profit margin rising to 25% from 17% in Q3 2024 and operational EBITDA surging to $29 million from $1 million a year ago.

• Net income for Q3 2025 was $13 million, down from $18 million in Q3 2024; adjusted net income was $16 million.

• Year-to-date 2025 revenue was $779 million, nearly flat year-over-year, with gross profit up 9% to $165 million.

• Pension plan reversion transaction completed, unlocking $600 million in proceeds, strengthening the balance sheet and resolving prior going concern disclosures.

• Major capital structure actions included the exchange of all Series C Preferred Stock for common shares and extension of key debt maturities.

Financial highlights

• Q3 2025 gross profit increased by $23 million year-over-year to $68 million, with gross margin at 25%.

• Operational EBITDA for Q3 2025 was $29 million, up $28 million year-over-year.

• Q3 2025 net income: $13 million; adjusted net income: $16 million.

• Ended Q3 with $168 million in unrestricted cash, up $13 million from June 30, 2025, but down $33 million from year-end 2024.

• Cash flow from operations for nine months: $(9) million, improved by $2 million year-over-year.

Outlook and guidance

• Management expects to be net cash positive after pension reversion and debt repayment, with continued investment in Advanced Materials & Chemicals and film manufacturing.

• Focus remains on operational excellence, customer satisfaction, and long-term shareholder value.

• Restructuring actions in 2025 are expected to generate $17 million in annual savings.