☒

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

☐

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

New Jersey

16-0417150

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)

343 STATE STREET, ROCHESTER, New York

14650

(Address of principal executive offices)

(Zip Code)

Title of each class Common

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

KODK

New York Stock Exchange

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

Page

Part I.—Financial Information

Item 1.

Financial Statements

2

Consolidated Statement of Operations (Unaudited)

2

Consolidated Statement of Comprehensive Income (Loss) (Unaudited)

3

Consolidated Statement of Financial Position (Unaudited)

4

Consolidated Statement of Cash Flows (Unaudited)

5

Consolidated Statement of Equity (Deficit) (Unaudited)

6

Notes to Financial Statements (Unaudited)

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Liquidity and Capital Resources

38

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

42

Item 4.

Controls and Procedures

42

Part II. —Other Information

Item 1.

Legal Proceedings

43

Item 1A.

Risk Factors

43

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 3.

Defaults Upon Senior Securities

43

Item 4.

Mine Safety Disclosures

43

Item 5.

Other Information

43

Item 6.

Exhibits

44

Index to Exhibits

44

Signatures

46

Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions, except per share data)

2026

2025

2026

2025

Revenues

   Sales

$

276

$

226

$

505

$

436

   Services

35

37

71

74

Total revenues

311

263

576

510

Cost of revenues

    Sales

206

184

391

358

    Services

23

28

46

55

Total cost of revenues

229

212

437

413

  Gross profit

82

51

139

97

Selling, general and administrative expenses

53

41

101

86

Research and development costs

9

9

17

18

Restructuring costs and other

1

6

1

11

Other operating expense, net

4

—

6

—

Earnings (loss) from operations before interest expense,
    pension income excluding service cost component,
    loss on early extinguishment of debt, other (income)
    charges, net and income taxes

15

(5

)

14

(18

)

Interest expense

6

15

12

29

Pension income excluding service cost component

(5

)

(16

)

(9

)

(38

)

Loss on early extinguishment of debt

1

—

2

—

Other (income) charges, net

(8

)

20

1

20

Earnings (loss) from operations before income taxes

21

(24

)

8

(29

)

Provision for income taxes

4

2

7

4

NET EARNINGS (LOSS)

$

17

$

(26

)

$

1

$

(33

)

Basic net earnings (loss) per share attributable to Eastman
    Kodak Company common shareholders

$

0.13

$

(0.36

)

$

(0.07

)

$

(0.48

)

Diluted net earnings (loss) per share attributable to Eastman
    Kodak Company common shareholders

$

0.13

$

(0.36

)

$

(0.07

)

$

(0.48

)

Number of common shares used in basic and diluted net
   earnings (loss) per share

Basic

97.8

80.9

97.6

80.7

Diluted

102.8

80.9

97.6

80.7

Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions)

2026

2025

2026

2025

NET EARNINGS (LOSS)

$

17

$

(26

)

$

1

$

(33

)

Other comprehensive income (loss), net of tax:

Currency translation adjustments

3

7

4

13

Pension and other postretirement benefit plan obligation
    activity, net of tax

(1

)

(13

)

(1

)

(88

)

Other comprehensive income (loss), net of tax

2

(6

)

3

(75

)

COMPREHENSIVE INCOME (LOSS), NET OF TAX

$

19

$

(32

)

$

4

$

(108

)

June 30,

December 31,

(in millions, except per share data)

2026

2025

ASSETS

Cash and cash equivalents

$

290

$

337

Trade receivables, net of allowances of $7 at both periods

149

145

Inventories, net

253

218

Other current assets

74

141

Total current assets

766

841

Property, plant and equipment, net of accumulated depreciation of $507 and $499,
   respectively

196

191

Goodwill

12

12

Intangible assets, net

17

17

Operating lease right-of-use assets

34

37

Restricted cash

90

96

Pension and other postretirement assets

304

302

Other long-term assets

108

121

TOTAL ASSETS

$

1,527

$

1,617

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY

Accounts payable, trade

$

108

$

101

Short-term borrowings and current portion of long-term debt

2

1

Current portion of operating leases

11

11

Other current liabilities

142