Q2 2026 Eastman Kodak Co Earnings Call Transcript
Key Points
- Eastman Kodak Co (KODK) delivered its fourth consecutive quarter of year-over-year growth in revenue, gross profit, and operational EBITDA, with Q2 2026 revenue up 18% to $311 million.
- Gross profit surged 61% year-over-year to $82 million, with the gross profit margin expanding to 26% from 19%, driven by favorable pricing and higher volumes.
- Operational EBITDA improved dramatically by 300% to $36 million in Q2 2026, up from $9 million in the prior year quarter.
- The company significantly strengthened its balance sheet, reducing total debt to EBITDA to 1x from 23x year-over-year and making $100 million in principal repayments on its term loans in the first half of 2026.
- Advanced Materials and Chemicals segment saw robust growth, with revenues up 40% to $105 million, fueled by strong demand for motion picture film and strategic investments in pharmaceutical and battery coating capabilities.
- Commercial Print, the largest division, grew revenues by 10% to $195 million despite a competitive market and inflationary pressures, reflecting product superiority and strong customer support.
- The company faces continued volatility and inflationary pressures from higher commodity costs, particularly for aluminum and silver, which are more than double year-end levels.
- Pension income declined by $11 million in Q2 2026 following the termination of the UK pension plan, and the company expects pension income to remain below prior levels throughout 2026.
- Cash position decreased by $47 million from December 31, 2025, to $290 million, primarily due to required term loan repayments.
- Working capital was negatively impacted by a $37 million increase in inventory, driven by significantly higher silver prices and increased silver volumes carried on the balance sheet.
- SG&A expenses increased due to changes in employee benefit reserves and corporate infrastructure costs, partially offsetting the gains from improved pricing and volumes.
Good day and thank you for standing by. Welcome to the Eastman Kodak second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. Please be advised that these conferences are being recorded.
I would like to attend the conference over your speaker today, Denisecobar, please go ahead.
Thank you and good afternoon, everyone. I am Denisse Goldbarg, Eastman Kodak's Chief Marketing Officer, and welcome to Eastman Kodak's second quarter 2026 earnings call. At 4:15 this afternoon, Quebec filed its Form 10-Q. And issued its release on financial results for the second quarter of 2026. You may access the presentation and webcast for today's call on our investor center at investor.kodak.com.
During today's conference call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1,995. We intend for these forward-looking statements to be covered by the safe harbor provisions for forward-looking
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