Revenue growth remains highly volatile, fluctuating between a 10.4% contraction in 2024Q1 and a 9.0% expansion in 2025Q4, while gross margins remain constrained within a narrow 17.2% to 25.3% range.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.09B | 1.07B | 1.04B | 1.12B | 1.21B | 1.15B | 1.03B | 1.24B | 1.32B | 1.39B | 1.64B | 1.8B | 2.05B | 2.35B | 2.72B | 3.58B | 5.99B | 7.61B | 9.42B | 10.3B | 10.57B | 11.39B | 13.52B | 12.91B | 12.55B | 13.23B | 13.99B | 14.09B | 13.41B | 14.54B | 15.97B |
| Revenue Growth % | 4.42% | 2.49% | -6.62% | -7.3% | 4.78% | 11.76% | -17.15% | -5.91% | -4.76% | -15.64% | -8.87% | -11.88% | -12.82% | -13.68% | -24.16% | -40.18% | -21.24% | -19.19% | -8.59% | -2.53% | -7.26% | -15.7% | 4.71% | 2.87% | -5.14% | -5.47% | -0.67% | 5.09% | -7.79% | -8.96% | 6.6% |
| Cost of Goods Sold | 844M | 837M | 840M | 904M | 1.03B | 986M | 894M | 1.06B | 1.14B | 1.18B | 1.24B | 1.42B | 1.59B | 1.86B | 2.43B | 3.1B | 4.17B | 5.85B | 7.25B | 7.79B | 8.16B | 8.86B | 9.6B | 8.73B | 8.02B | 8.66B | 8.02B | 7.07B | 6.44B | 7.15B | 7.42B |
| COGS % of Revenue | - | 78.3% | 80.54% | 80.93% | 85.64% | 85.74% | 86.88% | 85.35% | 86.36% | 84.78% | 75.47% | 78.87% | 77.52% | 79.29% | 89.22% | 86.33% | 69.58% | 76.88% | 76.96% | 75.58% | 77.2% | 77.79% | 71.03% | 67.66% | 63.93% | 65.47% | 57.3% | 50.17% | 48.04% | 49.17% | 46.49% |
| Gross Profit | 243M | 232M | 203M | 213M | 173M | 164M | 135M | 182M | 180M | 211M | 403M | 381M | 460M | 486M | 293M | 490M | 1.82B | 1.76B | 2.17B | 2.52B | 2.41B | 2.53B | 3.92B | 4.17B | 4.53B | 4.57B | 5.97B | 7.02B | 6.97B | 7.39B | 8.54B |
| Gross Margin % | 22.36% | 21.7% | 19.46% | 19.07% | 14.36% | 14.26% | 13.12% | 14.65% | 13.64% | 15.22% | 24.53% | 21.13% | 22.48% | 20.71% | 10.78% | 13.67% | 30.42% | 23.12% | 23.04% | 24.42% | 22.8% | 22.21% | 28.97% | 32.34% | 36.07% | 34.53% | 42.7% | 49.83% | 51.96% | 50.83% | 53.51% |
| Gross Profit Growth % | - | 14.29% | -4.69% | 23.12% | 5.49% | 21.48% | -25.82% | 1.11% | -14.69% | -47.64% | 5.77% | -17.17% | -5.35% | 65.87% | -40.2% | -73.12% | 3.64% | -18.9% | -13.79% | 4.44% | -4.82% | -35.37% | -6.2% | -7.78% | -0.9% | -23.55% | -14.89% | 0.78% | -5.74% | -13.51% | 7.69% |
| Operating Expenses | 210M | 207M | 210M | 209M | 199M | 210M | 209M | 284M | 281M | 229M | 290M | 327M | 413M | 510M | 935M | 1.11B | 2.02B | 1.79B | 2.99B | 2.82B | 2.94B | 3.64B | 4.02B | 3.87B | 3.36B | 4.22B | 3.76B | 5.03B | 5.04B | 5.78B | 6.34B |
| OpEx % of Revenue | - | 19.36% | 20.13% | 18.71% | 16.51% | 18.26% | 20.31% | 22.87% | 21.29% | 16.52% | 17.65% | 18.14% | 20.19% | 21.73% | 34.39% | 30.85% | 33.72% | 23.49% | 31.75% | 27.41% | 27.86% | 31.98% | 29.76% | 30% | 26.77% | 31.87% | 26.88% | 35.7% | 37.57% | 39.79% | 39.71% |
| Selling, General & Admin | 136M | 174M | 179M | 13M | 55M | 75M | 73M | 107M | 224M | 239M | 198M | 226M | 284M | 411M | 637M | 859M | 1.08B | 1.3B | 1.61B | 1.76B | 1.95B | 2.24B | 2.49B | 2.62B | 2.5B | 2.63B | 2.98B | 3.29B | 3.3B | 3.91B | 4.41B |
| SG&A % of Revenue | - | 16.28% | 17.16% | 1.16% | 4.56% | 6.52% | 7.09% | 8.62% | 16.97% | 17.24% | 12.05% | 12.53% | 13.88% | 17.51% | 23.43% | 23.96% | 18.09% | 17.06% | 17.06% | 17.12% | 18.45% | 19.66% | 18.43% | 20.28% | 19.95% | 19.84% | 21.27% | 23.39% | 24.64% | 26.91% | 27.62% |
| Research & Development | 32M | 33M | 33M | 34M | 34M | 33M | 34M | 42M | 48M | 64M | 60M | 44M | 94M | 99M | 207M | 274M | 321M | 356M | 501M | 535M | 710M | 840M | 836M | 781M | 762M | 779M | 784M | 817M | 880M | 1.04B | 1.03B |
| R&D % of Revenue | - | 3.09% | 3.16% | 3.04% | 2.82% | 2.87% | 3.3% | 3.38% | 3.64% | 4.62% | 3.65% | 2.44% | 4.59% | 4.22% | 7.61% | 7.64% | 5.36% | 4.68% | 5.32% | 5.19% | 6.72% | 7.37% | 6.18% | 6.05% | 6.07% | 5.89% | 5.6% | 5.8% | 6.56% | 7.18% | 6.44% |
| Other Operating Expenses | 1000K | 0 | -2M | 162M | 110M | 102M | 102M | 135M | 9M | -74M | 32M | 40M | 65M | 0 | 130M | 52M | 688M | 138M | 906M | 524M | 416M | 665M | 695M | 479M | 98M | 812M | 0 | 918M | 853M | 828M | 903M |
| Operating Income | 33M | 25M | -7M | 4M | -26M | -46M | -74M | -102M | -101M | -18M | 113M | 54M | 47M | -24M | -642M | -616M | -198M | -28M | -821M | -307M | -535M | -1.11B | -106M | 302M | 1.17B | 352M | 2.21B | 1.99B | 1.93B | 1.61B | 2.2B |
| Operating Margin % | 3.04% | 2.34% | -0.67% | 0.36% | -2.16% | -4% | -7.19% | -8.21% | -7.65% | -1.3% | 6.88% | 3% | 2.3% | -1.02% | -23.61% | -17.18% | -3.3% | -0.37% | -8.72% | -2.98% | -5.06% | -9.77% | -0.78% | 2.34% | 9.31% | 2.66% | 15.82% | 14.12% | 14.4% | 11.05% | 13.8% |
| Operating Income Growth % | - | 457.14% | -275% | 115.38% | 43.48% | 37.84% | 27.45% | -0.99% | -461.11% | -115.93% | 109.26% | 14.89% | 295.83% | 96.26% | -4.22% | -211.11% | -607.14% | 96.59% | -167.43% | 42.62% | 51.93% | -950% | -135.1% | -74.14% | 231.82% | -84.1% | 11.26% | 3.11% | 20.17% | -27.1% | 14.44% |
| EBITDA | 62M | 54M | 21M | 34M | 3M | -15M | -37M | -47M | -28M | 62M | 218M | 199M | 246M | 169M | -397M | -322M | 147M | 399M | -321M | 478M | 796M | 289M | 924M | 1.17B | 2B | 1.27B | 3.1B | 2.91B | 2.78B | 2.43B | 3.11B |
| EBITDA Margin % | 5.7% | 5.05% | 2.01% | 3.04% | 0.25% | -1.3% | -3.6% | -3.78% | -2.12% | 4.47% | 13.27% | 11.04% | 12.02% | 7.2% | -14.6% | -8.98% | 2.45% | 5.24% | -3.41% | 4.64% | 7.53% | 2.54% | 6.84% | 9.03% | 15.95% | 9.59% | 22.17% | 20.64% | 20.76% | 16.74% | 19.45% |
| EBITDA Growth % | 933.33% | 157.14% | -38.24% | 1033.33% | 120% | 59.46% | 21.28% | -67.86% | -145.16% | -71.56% | 9.55% | -19.11% | 45.56% | 142.57% | -23.29% | -319.05% | -63.16% | 224.3% | -167.15% | -39.95% | 175.43% | -68.72% | -20.75% | -41.76% | 57.76% | -59.1% | 6.71% | 4.49% | 14.34% | -21.64% | 9.33% |
| D&A (Non-Cash Add-back) | 29M | 29M | 28M | 30M | 29M | 31M | 37M | 55M | 73M | 80M | 105M | 145M | 199M | 193M | 245M | 294M | 345M | 427M | 500M | 785M | 1.33B | 1.4B | 1.03B | 864M | 834M | 917M | 889M | 918M | 853M | 828M | 903M |
| EBIT | 48M | 25M | 169M | 165M | 85M | 56M | 34M | 38M | -4M | -18M | 111M | 28M | 13M | 2.41B | -1.47B | -619M | -277M | 2M | -766M | 217M | -119M | -448M | 589M | 781M | 1.27B | 1.01B | 2.21B | 1.99B | 1.93B | 1.61B | 2.2B |
| Net Interest Income | -43M | -52M | -47M | -37M | -40M | -33M | -12M | -16M | -9M | -4M | -57M | -62M | -56M | -122M | -147M | -146M | -138M | -107M | -37M | -18M | -199M | -182M | -146M | -148M | -167M | -219M | -178M | 0 | -110M | 0 | -83M |
| Interest Income | 11M | 10M | 12M | 15M | 0 | 0 | 0 | 0 | 0 | 4M | 3M | 1M | 6M | 6M | 11M | 10M | 11M | 12M | 71M | 95M | 63M | 29M | 22M | 0 | 6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 54M | 62M | 59M | 52M | 40M | 33M | 12M | 16M | 9M | 8M | 60M | 63M | 62M | 128M | 158M | 156M | 149M | 119M | 108M | 113M | 262M | 211M | 168M | 148M | 173M | 219M | 178M | 0 | 110M | 0 | 83M |
| Other Income/Expense | -153M | -137M | 117M | 83M | 57M | 74M | -302M | 42M | 88M | -8M | -62M | -89M | -96M | 2.31B | -968M | -141M | -227M | -89M | -53M | 51M | -48M | -95M | -7M | -198M | -274M | -237M | -82M | 119M | 176M | -1.55B | -647M |
| Pretax Income | -120M | -112M | 110M | 87M | 31M | 28M | -376M | -60M | -13M | -26M | 51M | -35M | -49M | 2.28B | -1.61B | -757M | -425M | -117M | -874M | -256M | -583M | -1.21B | -113M | 104M | 894M | 115M | 2.13B | 2.11B | 2.11B | 53M | 1.56B |
| Pretax Margin % | -11.04% | -10.48% | 10.55% | 7.79% | 2.57% | 2.43% | -36.54% | -4.83% | -0.98% | -1.88% | 3.1% | -1.94% | -2.39% | 97.23% | -59.21% | -21.12% | -7.09% | -1.54% | -9.28% | -2.49% | -5.52% | -10.6% | -0.84% | 0.81% | 7.12% | 0.87% | 15.24% | 14.97% | 15.71% | 0.36% | 9.74% |
| Income Tax | 17M | 16M | 8M | 12M | 5M | 4M | 168M | 31M | -4M | -120M | 33M | 32M | 10M | 163M | -273M | -18M | 110M | 115M | -147M | -51M | 221M | 449M | -182M | -85M | 133M | 34M | 725M | 717M | 716M | 48M | 545M |
| Effective Tax Rate % | -14.17% | -14.29% | 7.27% | 13.79% | 16.13% | 14.29% | -44.68% | -51.67% | 30.77% | 461.54% | 64.71% | -91.43% | -20.41% | 7.14% | 16.96% | 2.38% | -25.88% | -98.29% | 16.82% | 19.92% | -37.91% | -37.17% | 161.06% | -81.73% | 14.88% | 29.57% | 34.01% | 34% | 34% | 90.57% | 35.03% |
| Net Income | -137M | -128M | 102M | 75M | 26M | 24M | -541M | 116M | -16M | 94M | 15M | -80M | -123M | 1.99B | -1.38B | -764M | -687M | -210M | -442M | 676M | -805M | -1.56B | 544M | 253M | 770M | 76M | 1.41B | 1.39B | 1.39B | 5M | 1.29B |
| Net Margin % | -12.6% | -11.97% | 9.78% | 6.71% | 2.16% | 2.09% | -52.58% | 9.34% | -1.21% | 6.78% | 0.91% | -4.44% | -6.01% | 84.58% | -50.72% | -21.31% | -11.46% | -2.76% | -4.69% | 6.56% | -7.62% | -13.73% | 4.02% | 1.96% | 6.14% | 0.57% | 10.05% | 9.88% | 10.37% | 0.03% | 8.07% |
| Net Income Growth % | -317.46% | -225.49% | 36% | 188.46% | 8.33% | 104.44% | -566.38% | 825% | -117.02% | 526.67% | 118.75% | 34.96% | -106.2% | 243.94% | -80.5% | -11.21% | -227.14% | 52.49% | -165.38% | 183.98% | 48.53% | -387.5% | 115.02% | -67.14% | 913.16% | -94.6% | 1.08% | 0.14% | 27700% | -99.61% | 2.88% |
| Net Income (Continuing) | -137M | -128M | 102M | 75M | 26M | 24M | -544M | -91M | -9M | 93M | 18M | -67M | -59M | 2.12B | -1.34B | -739M | -535M | -232M | -727M | -205M | -804M | -1.66B | 69M | 189M | 761M | 81M | 1.41B | 1.39B | 1.39B | 5M | 1.01B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 3M | 207M | -7M | 1M | -2M | -8M | -59M | -131M | -42M | -25M | -152M | 17M | 285M | 881M | -1M | 150M | 475M | 64M | 9M | -5M | 0 | 0 | 0 | 0 | 277M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25M | 22M | 20M | 2M | 2M | 2M | 2M | 0 | 0 | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.53 | -1.78 | 0.90 | 0.67 | 0.16 | 0.27 | -9.77 | -2.74 | -0.84 | 1.76 | 0.28 | -1.90 | -2.95 | 10.81 | -5.07 | -2.84 | -2.56 | -0.78 | -1.65 | 2.35 | -2.09 | -4.38 | 1.90 | 0.79 | 2.52 | 0.26 | 4.59 | 4.33 | 4.24 | 0.01 | 3.76 |
| EPS Growth % | -466.27% | -297.78% | 34.33% | 318.75% | -40.74% | 102.76% | -256.57% | -226.19% | -147.73% | 528.57% | 114.74% | 35.59% | -127.29% | 313.22% | -78.52% | -10.94% | -228.21% | 52.73% | -170.21% | 212.44% | 52.28% | -330.53% | 140.51% | -68.65% | 869.23% | -94.34% | 6% | 2.12% | 42300% | -99.73% | 2.45% |
| EPS (Basic) | - | -1.78 | 0.97 | 0.77 | 0.16 | 0.28 | -9.77 | -2.74 | -0.84 | 1.76 | 0.28 | -1.91 | -2.96 | 10.81 | -5.07 | -2.84 | -2.56 | -0.78 | -1.65 | 2.35 | -2.09 | -4.38 | 1.90 | 0.79 | 2.52 | 0.26 | 4.62 | 4.38 | 4.30 | 0.01 | 3.82 |
| Diluted Shares Outstanding | 89.8M | 89.8M | 92.3M | 90.5M | 80.6M | 80.5M | 57.4M | 43M | 42.7M | 42.7M | 42.4M | 42.08M | 41.7M | 271.8M | 271.8M | 269.1M | 268.5M | 268M | 268.17M | 287.66M | 287.2M | 357.08M | 286.7M | 320.25M | 305.56M | 292.31M | 306.54M | 321.5M | 327.8M | 333.3M | 342.55M |
| Basic Shares Outstanding | 89.8M | 89.8M | 80.1M | 79.4M | 78.9M | 78.4M | 57.4M | 43M | 42.7M | 42.5M | 42.2M | 41.9M | 41.56M | 271.8M | 271.8M | 269.1M | 268.5M | 268M | 268.17M | 287.66M | 287.2M | 357.08M | 286.32M | 320.25M | 305.56M | 292.31M | 304.55M | 318M | 323.3M | 328.3M | 337.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 21.3% | - | - | 26.29% | 130.43% | 68.18% | 846.05% | 38.73% | 40.45% | 40.94% | 11340% | 41.85% |
Legacy market structural decline
According to the provided income statement data, Kodak's quarterly revenue growth has fluctuated significantly, ranging from a 10.4% contraction in 2024Q1 to a 9.0% expansion by 2025Q4, suggesting that the company's top-line performance remains highly sensitive to cyclical demand and inconsistent segment-level execution across its diverse portfolio.
The erratic revenue trajectory indicates that Kodak struggles to maintain a consistent growth engine, likely due to the secular decline in traditional printing offset by unpredictable licensing and specialty chemical demand. Investors should monitor whether the recent shift toward Advanced Materials and Chemicals can provide a more durable, non-cyclical revenue base to replace legacy print volumes.
As reported in financial statements, Kodak's gross margins have hovered between 17.2% and 25.3% over the last ten quarters, reflecting a business model heavily burdened by high fixed-cost manufacturing assets and significant exposure to volatile commodity inputs like aluminum and silver that limit consistent profitability.
The inability to sustain gross margins above the mid-20% range suggests limited pricing power in the competitive commercial print market. This structural limitation forces the company to rely on operational efficiency, which remains elusive given the high overhead associated with maintaining legacy industrial infrastructure in Rochester.
Based on the company's reported figures, operating income has failed to scale meaningfully with revenue, frequently dipping into negative territory despite periods of top-line growth, which implies that the company's cost structure is not sufficiently flexible to capture incremental margin gains during periods of higher demand.
The lack of operating leverage is particularly concerning, as SG&A expenses appear to fluctuate without a clear correlation to revenue performance. This suggests that management may be struggling to optimize the cost base, leaving the company vulnerable to even minor revenue contractions that quickly erode thin operating margins.
Analysis of the provided data reveals that Kodak's net income is frequently disconnected from operating performance, with significant quarterly swings—such as the $108 million loss in 2025Q4—suggesting that non-operating items, restructuring charges, or tax valuation allowances are heavily influencing the bottom line and obscuring core operational health.
The frequent divergence between operating income and net income warrants further investigation into the nature of these non-recurring items. Investors should be cautious of relying on headline EPS, as the underlying earnings quality appears compromised by legacy liabilities and accounting adjustments that do not reflect the company's ongoing industrial productivity.
While some market participants point to the latent value of Kodak's chemical IP, the income statement data suggests a company in a persistent state of restructuring, where the core printing business continues to face secular headwinds that may ultimately overwhelm any gains from the Advanced Materials segment.
Short-term improvements in margins or revenue may be driven by temporary licensing windfalls rather than a fundamental turnaround in the core manufacturing business. The persistent negative net income in several periods suggests that the company's pivot remains a high-risk endeavor that has yet to demonstrate a sustainable path to profitability.
Quick answers to the most common questions about buying KODK stock.
For fiscal year 2025, Eastman Kodak Company (KODK) reported total revenue of $1.07B. This represents a 93.3% decline compared to $15.97B in 1996.
Eastman Kodak Company (KODK) reported a net loss of $128.0M for the fiscal year ending 2025.
Eastman Kodak Company (KODK) reported an operating income of $25.0M, resulting in an operating profit margin of 2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Eastman Kodak Company (KODK) generated $232.0M in gross profit for the year, representing a gross profit margin of 21.7%. This demonstrates the company's core pricing power and production efficiency.