Kodak's Third-Quarter Revenue Growth Slows After a Sharp Second-Quarter Rise

The Tip Desk · November 10, 2026 · 2 min read

The company posted $276 million of sales, 3% above a year earlier, and GAAP net income of $21 million, or $0.18 a share.

Eastman Kodak (KODK) reported third-quarter 2026 revenues of $276 million, up 3% from $269 million a year earlier, after an 18% year-over-year increase in the second quarter. The commercial print and advanced materials manufacturer said the modest gain was driven primarily by Advanced Materials & Chemicals.

GAAP net income was $21 million, or $0.18 a share, compared with $13 million, or a loss of $0.08 a share, in the year-ago quarter. The company attributed the $8 million increase primarily to higher gross profit and a $15 million drop in interest expense, which fell to $3 million from $18 million, partially offset by higher selling, general and administrative expenses tied to equity compensation and employee-benefit accruals.

Gross profit rose to $73 million from $68 million, and the gross profit percentage was 26%, up one point from 25%. Operational EBITDA was $31 million, up $2 million from $29 million. Kodak said that increase reflected improved pricing and higher volume, partly offset by higher aluminum and silver prices and SG&A costs related to employee-benefit accruals.

Advanced Materials & Chemicals revenues were $99 million, up 21% from $82 million, after a 40% year-over-year increase in the second quarter. AM&C Operational EBITDA was $21 million, up from $16 million. Executive Chairman and CEO Jim Continenza said AM&C is now the company’s fastest-growing, most profitable unit.

Print revenues were $165 million, down 7% from $177 million, reversing a 10% year-over-year increase in the second quarter. Print Operational EBITDA fell to $1 million from $8 million. Brand revenues were $9 million and Brand Operational EBITDA was $9 million. Continenza said the print business had performed well for the year to date despite challenging economic conditions.

SG&A expenses were $50 million, up from $41 million. Research and development costs were $8 million. Other operating income, net, was $2 million.

Cash and cash equivalents were $317 million at September 30, 2026, up $27 million from $290 million at June 30. Cash flow from operations was $25 million for the three months ended September 30. For the nine months ended September 30, 2026, cash flow from operations was break-even, versus $9 million used in the year-ago nine months. Inventories were $261 million. Long-term debt, net of current portion, was $108 million.

Continenza said Kodak generated $27 million in cash in the third quarter and that the company is focused on continuing to invest in its core businesses and finishing the year with profitable growth.