Eastman Kodak Company reports financial results for the third quarter 2025. Third quarter 2025 highlights include consolidated revenues of $269 million, compared with $261 million for Q3 2024, an increase of $8 million or 3 percent.

Advanced Materials & Chemicals (AM&C) revenues were $82 million, compared with $71 million for Q3 2024, an increase of $11 million or 15 percent. Print revenues were $177 million, compared with $182 million for Q3 2024, a decrease of $5 million or 3 percent.

Gross profit was $68 million, compared with $45 million for Q3 2024, an increase of $23 million or 51 percent. Gross profit percentage was 25 percent, compared with 17 percent for Q3 2024, an increase of 8 percentage points.

GAAP net income was $13 million, compared with net income of $18 million for Q3 2024, a decrease of $5 million or 28 percent. Operational EBITDA was $29 million, compared with $1 million for Q3 2024, an increase of $28 million.

AM&C operational EBITDA was $16 million, compared with $6 million for Q3 2024, an increase of $10 million. Print operational EBITDA was $8 million, compared with negative $9 million for Q3 2024, an increase of $17 million.

Kodak reports a quarter-end cash balance of $168 million, compared with $155 million on June 30, 2025, an increase of $13 million, and compared with $201 million on Dec. 31, 2024, a decrease of $33 million. Cash flow from operations increased $2 million for the nine months ended Sept. 30, 2025 compared to the prior-year period.

“Kodak delivered strong performance in the third quarter, delivering significant year-over-year increases in gross profit and Operational EBITDA while continuing to focus on driving operational excellence,” says Jim Continenza, Kodak’s executive chairman and CEO.

“Our AM&C business continued to grow both revenue and profitability and that group’s cGMP pharmaceutical manufacturing facility is now certified to manufacture and sell regulated products, with the goal of expanding our product offering over time,” Continenza reports. “More recently, our AM&C unit’s film business launched still films, which will be sold directly to distributors, giving Kodak greater control over our participation in the consumer film market and providing distributors, retailers and consumers with more stable pricing and a broader, more reliable supply.

“We also recently met our obligations to our U.S. pension plan participants as part of our pension reversion plan and established a new pension plan for employees that is identical to active employee benefit features of the prior plan,” he adds. “By managing the process patiently and carefully, we have obtained favorable annuity pricing and investment returns, which resulted in the expected reversion amount to increase from $500 million to $600 million. The next step will be to use the surplus assets from the reversion to pay down debt and strengthen our balance sheet. The reversion frees us up to continue accelerating our plan to create a strong, growing Kodak for our employees and shareholders.”

“In Q3 we continued to improve our use of cash compared to Q2, increasing our cash balance to $168 million from $155 million at the end of the second quarter,” notes David Bullwinkle, Kodak’s CFO. “We have taken decisive steps to strengthen and reduce debt levels on Kodak’s balance sheet. The cash from the pension reversion will reduce our term debt to $200 million, lowering interest expense and improving liquidity, resulting in our healthiest balance sheet in years. We have confidence that the continued execution of our plan will provide the liquidity to fulfill our obligations.”