Eastman Kodak Co (KODK) · Nov 3, 2026 · Earnings
Miss — GAAP EPS $0.18 vs ~$0.16 consensus; revenue $276M vs ~$294M consensus
Kodak’s Q3 earnings beat EPS expectations, but revenue missed as fast-growing Advanced Materials & Chemicals could not offset weaker print sales.
Kodak is in a transition toward advanced materials and specialty chemicals while still relying heavily on its legacy commercial-print business; its 2026 strategy has emphasized investment in both core areas, and Q2 had already shown several quarters of year-over-year improvement.
The earnings beat does not make this a clean positive quarter. GAAP EPS was $0.18 versus a published consensus of roughly $0.16, but revenue was $276 million versus roughly $294 million expected. The miss matters because it shows Kodak is generating more profit from a smaller-than-expected sales base, rather than accelerating broadly.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Revenue (Financial Highlights) | $276M (+2.6%) | $269M | $294M |
| GAAP EPS (Income Statement) | $0.18 | $(0.08) | $0.16 |
| Gross profit (Financial Highlights) | $73M (+7.4%) | $68M | |
| Operational EBITDA (Financial Highlights) | $31M (+6.9%) | $29M | |
| AM&C revenue (Segment results) | $99M (+20.7%) | $82M | |
| Print revenue (Segment results) | $165M (-6.8%) | $177M |
AM&C is genuinely becoming the growth engine, but print is deteriorating faster than the headline growth suggests. AM&C revenue rose 21% and Operational EBITDA increased by $5 million, while Print revenue fell 7% and its Operational EBITDA dropped by $7 million. That leaves the company’s strategic pivot working in one segment but not yet large enough to overcome weakness in its core print business.
The net-income improvement is partly a financing benefit, not just operating acceleration. Net income rose to $21 million, but interest expense fell to $3 million from $18 million a year earlier; meanwhile, SG&A increased to $50 million from $41 million, including higher equity compensation and employee-benefit costs. Operational EBITDA improved only $2 million, a more modest gain than the 62% increase in GAAP net income suggests.
Liquidity improved during the quarter but remains a watchpoint for the broader turnaround. Kodak generated $25 million of operating cash in Q3 and ended with $317 million of cash, but year-to-date operating cash flow was only break-even and cash was still $20 million below year-end 2025 after a $101 million term-loan repayment. The balance sheet is less debt-heavy, but the business still needs sustained operating cash generation to fund investment and obligations.
Bottom line: Kodak’s AM&C pivot is producing real growth and the quarter beat on EPS, but the revenue miss and sharp print decline show the transition is not yet broad enough to deliver clean operating momentum. The filing modestly weakens the near-term business read rather than overturning the turnaround story.
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