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…
Earnings analysis · 10-Q
KODK earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
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…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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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.
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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.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.