KODK earnings analysis
What we found in KODK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Kodak delivered strong top-line momentum in Q2, with revenue up 18% to $311 million, led by 40% Advanced Materials and Chemicals growth and 10% Print growth. Gross profit rose $31 million, but higher aluminum and silver costs totaled $12 million and working-capital needs kept six-month operating cash flow negative at $25 million. Liquidity remains adequate according to management, although cash fell to $290 million and the company faces a $63 million intercompany-loan maturity in November 2026.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue increased 18% to $311 million
- Q2 revenue rose $48 million, or 18%, year over year to $311 million. Growth was driven by pricing gains of $16 million in Advanced Materials and Chemicals and $14 million in Print, plus $14 million of higher Advanced Materials and Chemicals volume.
- Gross profit expanded by $31 million
- Gross profit increased $31 million year over year, supported by $12 million of Print pricing, $11 million of Advanced Materials and Chemicals pricing, and $11 million of higher Advanced Materials and Chemicals volume.
- Advanced Materials leads segment growth
- Advanced Materials and Chemicals revenue grew $30 million, or 40%, to $105 million. Industrial Film and Chemicals contributed $14 million each from pricing and volume, while Motion Picture contributed $1 million each.
- Print grew despite volume pressure
- Print revenue increased $17 million, or 10%, to $195 million. Prepress Solutions pricing added $14 million and PROSPER volume added $9 million, partly offset by $3 million lower Prepress volume and $2 million lower EPS volume.
- Operating cash burn improved by $5 million
- Six-month operating cash use improved to $25 million from $30 million in the prior-year period, aided by a $34 million improvement in earnings and a $12 million increase in trade payables.
- Debt paydown and preferred maturity extension
- Kodak repaid $100 million of Term Loans during the first half, including $50 million paid on June 26. The Series B preferred mandatory redemption date was extended from May 28, 2026 to June 11, 2029.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Inventory and receivables consumed cash
- Working-capital investment remained a cash headwind: inventory increased $24 million, trade receivables increased $3 million, and miscellaneous receivables increased $9 million during the first six months of 2026.
- Cash declined and China loan creates liquidity risk
- Cash declined $47 million from December 31, 2025 to $290 million. A $63 million intercompany loan tied to a Chinese subsidiary matures November 16, 2026; repayment could reduce U.S. liquidity if funds cannot be moved back to the U.S.
- Commodity and tariff exposure persists
- Input-cost and trade-policy exposure remains material: Q2 gross profit absorbed $8 million of higher aluminum costs and $4 million of higher silver costs. The company also cited duties of 115.84% on certain Fujifilm China-made plates and 91.83% on practically all Japan-made plates, whose effectiveness may be challenged or reduced.
- Financing costs and cash obligations remain high
- The preferred-stock amendment increased the annual cash dividend rate to 6.0% from 4.0%, while Term Loans carry quarterly interest at 12.5%, payable fully in cash or with a 5.0% PIK component at Kodak's option.
- No formal risk-factor update; collateral remains
- No new or revised Item 1A risk factors were disclosed in this 10-Q; Kodak referred investors to the 2025 Form 10-K risk factors. Management nevertheless reported $50 million of surety bonds and $25 million deposited with the NYS WCB, with up to $18 million of potential additional collateral.
What they reported.
What the company itself reported, taken out of the document.
- Segment
- Print revenue: $195 million, up $17 million (10%) year over year.
- Segment
- Advanced Materials and Chemicals revenue: $105 million, up $30 million (40%) year over year.
What they said about what is next.
Kodak provided no revenue or EPS guidance in the 10-Q. It expects total 2026 capital expenditures of approximately $40 million to $45 million, including continued investment in the EV/energy-storage production coating facility.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 7, 2026
- Kodak reported a 7% year-over-year increase in revenue in Q1 2026, totaling $265 million, driven by improved pricing and favorable currency impacts, despite some volume declines. Operating losses narrowed as gross…
- 10-K · March 12, 2026
- Kodak ended 2025 with modest revenue growth and a large one-time cash uplift that materially improved liquidity but left underlying operating performance mixed. Full-year revenue totaled $1,069.0M (sum of quarters) with…
- 10-Q · August 11, 2025
- Kodak reported Q2 2025 revenue of $263.0 million (down $4.0 million vs. Q2 2024) and a GAAP diluted loss per share of $(0.36). Gross profit declined to $51 million (19.4% margin) and operating resulted in a loss of $5…
- 10-K · March 17, 2025
- Kodak positions itself as a technology-driven manufacturer focused on commercial print and advanced materials/chemicals, leveraging a large IP portfolio (79,000 patents) and recurring revenue from Prepress contracts…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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