Eastman Kodak (NYSE:KODK) reported higher second-quarter revenue, profit and operational EBITDA, marking its fourth consecutive quarter of year-over-year gains in those measures, as growth in its Advanced Materials & Chemicals and Print businesses helped offset higher commodity costs.
For the quarter ended June 30, Kodak posted revenue of $311 million, up 18% from $263 million in the prior-year quarter. Gross profit increased 61% to $82 million, while gross margin rose to 26% from 19% a year earlier. The company reported GAAP net income of $17 million, compared with a net loss of $26 million in the second quarter of 2025.
Operational EBITDA and First-Half Results
Operational EBITDA, a non-GAAP measure, rose to $36 million in the second quarter from $9 million a year earlier. Chief Financial Officer and Senior Vice President David Bullwinkle said improved pricing and higher volumes more than offset higher aluminum and silver costs, as well as increased selling, general and administrative expenses.
Bullwinkle also cited a $20 million increase in earnings from operations, a $9 million reduction in interest expense and a $28 million improvement in other income and charges, net, as contributors to the company’s year-over-year improvement in GAAP net income. The other-income comparison primarily reflected the absence of asset impairment charges in the current-year quarter, compared with a $17 million charge in the prior-year period.
Those improvements were partly offset by an $11 million decline in non-cash pension income following the termination of the KRIP pension plan in the fourth quarter of 2025. Kodak expects pension income to remain below prior-year levels throughout 2026 because of the plan termination and asset reversion, Bullwinkle said.
For the first six months of 2026, Kodak reported revenue of $576 million, an increase of $66 million, or 13%, from the year-earlier period. Currency fluctuations contributed a favorable $7 million to first-half revenue. Gross profit rose 43% to $139 million, and gross margin reached 24%, compared with 19% in the first half of 2025.
First-half GAAP net income was $1 million, compared with a $33 million net loss in the prior-year period. Operational EBITDA increased to $51 million from $11 million.
Segment Growth
Kodak’s Advanced Materials & Chemicals, or AM&C, segment generated second-quarter revenue of $105 million, up 40% from $75 million in the previous year’s quarter. Continenza said the company has reinvested in the business, which he described as tied closely to Kodak’s expertise in layering and coating.
Within AM&C, Kodak said it offers a range of still films directly to distributors to support market stability and customer demand. Continenza also pointed to continued demand for motion-picture film and cited films that used Kodak products, including “The Odyssey,” which he said was shot on 65mm film and exhibited in 70mm at IMAX theaters, and Steven Spielberg’s “Disclosure Day,” which he said used Kodak’s VISION3 AHU film structure.
The company also launched its first pharmaceutical web store and added saline products to its portfolio. Kodak said it continues to work toward Class II certification that would allow it to manufacture more complex and higher-margin pharmaceutical products.
In battery coating, Kodak is investing capital in equipment intended to expand its ability to coat electrodes at large scale. The company said its pilot facility is also being used to help customers scale emerging technologies.
Print, Kodak’s largest division, recorded revenue of $195 million, up 10% from $178 million a year ago. Continenza said the business continued to grow despite supply constraints, inflation and competitive conditions. He said Kodak continues to supply customers globally across the three markets where it manufactures products.
Cash, Debt and Inventory
Kodak ended the quarter with $290 million of unrestricted cash, down $47 million from Dec. 31, 2025. Bullwinkle said the decline primarily reflected required term-loan repayments, partly offset by proceeds from the redemption of KRIP investment assets.
During the quarter, Kodak received $41 million in cash proceeds from hedge fund investment redemptions related to the KRIP pension reversion. Cumulative proceeds through June 30 totaled $87 million.
The company made an additional $50 million principal payment on higher-rate term loans in June, bringing year-to-date principal repayments to $100 million. Kodak said the repayments were largely funded by KRIP asset redemptions and would reduce future interest expense. Its net cash position rose to $180 million at June 30 from $128 million at the end of 2025.
Working capital was affected by a $37 million inventory increase. The bulk of that increase occurred in AM&C during the first quarter, driven by silver prices that Kodak said were more than double year-end levels and by higher silver volumes held under supply terms. The company also built inventory ahead of a planned second-quarter maintenance shutdown.
Looking ahead, Continenza said Kodak intends to focus on growth, execution and innovation. He said the company acquired an R&D division to support innovation, efficiency and quality control, while continuing to prioritize industrial manufacturing opportunities with high barriers to entry and potential returns on investment.
About Eastman Kodak (NYSE:KODK)
Eastman Kodak Company (NYSE: KODK) is a global technology firm specializing in imaging, printing and advanced materials. The company offers a wide array of products and services that enable customers to create, manage and share visual content across traditional and digital platforms. Its core offerings include graphic communications solutions, enterprise inkjet systems, packaging technologies, functional printing and micro 3D printing systems.
Kodak’s graphic communications segment serves commercial printers, packaging converters and publishing houses with offset plates, digital presses, workflow software and services designed to streamline production.
