Kodak has announced its full-year figures, including the fourth quarter, for the year ended 31 December 2025, showing consolidated revenues up 2%year on year to US$1.069 billion, with gross profit up 14% to US$232 million, which translated to a gross profit percentage of 22%, compared with 19% in the previous year.
The all-important operational Earnings Before Interest, Tax, Depreciation and Amortisation measure rose by US$36 million or 138% to US$62 million. This was mainly driven by better pricing and operational efficiencies, though Kodak also benefited from foreign currency fluctuations. However, Kodak also noted that this figure was partially offset by higher manufacturing and aluminium costs.
The company reported a net loss of US$128 million for the full year 2025, a drop of US$230 million from the net income of US$102 million in 2024, according to Generally Accepted Accounting Principles. Kodak has attributed this to its strategy of ending the Kodak Retirement Income Plan and the one-off excise tax paid that incurred. That netted Kodak an additional $153 million, meaning that the company ended the year with a cash balance of US$337 million, an increase of US$136 million from December 31, 2024.
Jim Continenza, Kodak’s executive chairman and CEO, commented on these results, “We continue to execute the long-term plan we began in 2019, which focuses on de-levering the company while continuing to invest in our infrastructure and new product innovation. Those investments are now paying dividends. Today Kodak has a stronger balance sheet than we’ve had in years, and we have reduced our annual interest expense by approximately US$40 million.”
Overall, these are positive results that show Kodak starting to benefit from several years of restructuring. However, as always, the devil is in the details. Kodak is split across three divisions, with Print being the main business. This includes Prepress solutions – mainly plates – as well as Prosper – or everything to do with inkjet – plus Software and Electrophotographic – mainly parts and consumables for the Nexfinity, the last of Kodak’s dry toner presses and which was discontinued in 2022. The Print division raised revenues of US$715 million for 2025, down from the US$737 million of 2024. However, the Operational EBITDA rose from a loss of US$8 million in 2024 to a profit of US$3 million.
Then there is the Advanced Materials and Chemicals division, which is made up of five parts—industrial film and chemicals, motion picture, pharmaceuticals, advanced materials and functional printing, and the IP licensing and analytical services business. This division grew its revenues from US$271 million in 2024 to US$316 million in 2025, with the operational EBITDA rising from US$17 million to US$39 million.
The Brand division represents Kodak’s efforts at licensing its name to various other ventures, including miniature digital cameras, where Kodak has no input beyond renting out its name. This saw revenues and operational EBITDA rise slightly from US$20 million and US$17 million, respectively, in 2024 to US$23 million and US$20 million in 2025. Kodak also rents out parts of its Eastman Business Park real estate, but this does not fall into the scope of its financial reports.
Interestingly, the report includes a regional breakdown for each of these divisions going back to 2023. This shows that the biggest market for the Print division is Europe, Middle East and Africa, but that the revenue from this region has been steadily declining over the last three years. This is also true for Asia-Pacific and Latin America. Kodak saw a slight dip in the Canadian Print revenues in 2024, which recovered in 2025. But the US Print revenues fell drastically in 2024, recovering slightly in 2025.
At the same time, the AMC division saw steady growth in the European and US markets from 2023 onwards, and an improvement in the Asia-Pacific in 2025, with the Canadian and Latin American revenues staying static. In other words, Print remains the biggest division, but Kodak is replacing falling revenues in Print by growing the AMC division. This ultimately should make Kodak more resilient by diversifying the portfolio.
Through the AMC division, Kodak is involved in various ventures, including the coating of substrates for the production of EV batteries. It is also still attempting to develop a light-blocking fabric technology, as well as a separate contract manufacturing offering to print transparent antennas for automotive use. It has moved into pharmaceuticals, having completed construction of its cGMP lab and manufacturing facility in 2025, so that it is now certified to manufacture reagents for certain healthcare applications. Kodak plans to expand the pharmaceutical product offering over time and is in the process of applying for ISO 13485 certification for medical device quality management systems.
We can also see the shifting balance between divisions in the biggest units within each division. Thus, the sales from the Prepress Solutions, which is the main element of the Print division, accounted for 52% of Kodak’s overall net revenues in 2025. However, this is declining from 54% in 2024 and 56% in 2023. At the same time, the net sales for the industrial film and chemicals business, the biggest part of the AMC division, accounted for 23% of Kodak’s total net revenue in 2025, up from 21% in 2024 and 18% in 2023.
The report also notes that the US government imposed new tariffs on various goods, including aluminium, steel, and certain raw materials and component parts used in Kodak’s manufacturing and supply chain, which has pushed up its manufacturing costs. This particularly affects Kodak’s plate manufacturing. Kodak has mostly dealt with this through a combination of pricing actions, supplier negotiations, obtaining certain exemptions and other cost savings measures so that there was no real impact by the end of the year.
However, Kodak says that global economic conditions have led to a drop in customer demand for its plates, which Kodak has mostly compensated for by raising prices. The same is also true for both the Industrial Films and Chemicals and the Motion Picture sectors.
The report also details Kodak’s efforts in countering lower-priced plates being imported to the US market from China and Japan. Kodak filed a petition with both the department of commerce and the US International Trade Commission (ITC) in 2023, with the ITC subsequently ruling in 2024 that those plates were subsidised by the Chinese government. Consequently, the US levied additional duties on these plates, including plates manufactured by Fujifilm in China. Not surprisingly, Fujifilm appealed against this, and in February 2026, the ITC announced that it would investigate this further. If Fujifilm prevails and the duty is cut, then this would affect demand for Kodak’s plates.
As for the various trouble spots in the world, Kodak largely views the conflict in Iran in terms of how it might affect its subsidiary in Israel. It is also in the process of winding down its operation in Russia. Kodak has experienced worldwide supply constraints for aluminium and increased energy and transportation costs due in part to the war in Ukraine.
It’s also worth noting that since August 2025, the private equity firm Grand Oaks Eastman Kodak Ventures IV holds 15.5% of Kodak’s common stock, much of which was converted from series C preferred stock, giving it the right to nominate one board member. It was founded by Blase Thomas Golisano, who previously sat on the Kodak board of directors and is now Kodak’s largest shareholder.
Continenza was characteristically bullish about Kodak’s prospects, noting, “Our print business has launched 14 new products in the past few years, and our AM&C unit has introduced a range of still films and developed several growth initiatives in promising new businesses. We have updated our internal IT and reporting systems, which allow us to streamline processes, reduce operating expenses and better serve our customers. I am optimistic about taking the next step by operating and selling our way to sustainable growth.”
You can find further details from kodak.com.
