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SEC filingEastman Kodak Company reported total revenues of $1.07 billion for FY 2025, a 2% increase from $1.043 billion in FY 2024. The company recorded a net loss of $128 million, a significant decline from net earnings of $102 million in the prior year. Gross profit improved to $232 million (21.7% margin) from $203 million (19.5% margin) driven by pricing actions and favorable currency impacts. Operating cash flow was strong at $480 million, primarily due to $618 million in cash proceeds from the Kodak Retirement Income Plan (KRIP) reversion. The Advanced Materials and Chemicals segment showed robust growth with revenues increasing 17% to $316 million, while Print segment revenues declined 3% to $715 million. Kodak ended the year with $337 million in cash and cash equivalents and total debt of $209 million.
Eastman Kodak Company reported mixed financial results for FY 2025. Total revenues increased 2% year-over-year to $1.069 billion from $1.043 billion in FY 2024. However, the company swung to a net loss of $128 million compared to net earnings of $102 million in the prior year. Gross profit improved significantly to $232 million (21.7% margin) from $203 million (19.5% margin), driven by pricing actions across segments. The net loss was primarily driven by $171 million in other charges (income), net, which included $22 million in impairment charges related to the Wildcat investment. Operating cash flow was exceptionally strong at $480 million, largely due to $618 million in cash proceeds from the KRIP reversion. Basic and diluted loss per share were both $2.00.
Revenue growth was driven by the Advanced Materials and Chemicals segment, which increased 17% year-over-year to $316 million, representing 30% of total revenues. This growth was fueled by improved pricing ($26 million) and higher volumes ($19 million) in Industrial Films and Chemicals and Motion Picture businesses. The Print segment, which accounted for 67% of total revenues, declined 3% to $715 million due to lower volumes ($62 million) partially offset by improved pricing ($29 million). The Brand segment grew 15% to $23 million. Geographically, more than half of sales were generated outside the U.S. Currency fluctuations favorably impacted revenue by $11 million compared to 2024.
Gross margin improved to 21.7% from 19.5% in the prior year, representing a 220 basis point expansion. This improvement was primarily driven by pricing actions in Print ($27 million) and Advanced Materials and Chemicals ($24 million), partially offset by higher manufacturing costs ($18 million combined) and aluminum costs ($9 million). Selling, general and administrative expenses decreased to $174 million (16.3% of revenue) from $179 million (17.2% of revenue). Research and development costs remained flat at $33 million. The company recorded $21 million in restructuring costs as part of cost reduction initiatives expected to generate $23 million in annual cash savings. Operational EBITDA, the company's segment profit measure, was $64 million across all segments.
Operating cash flow was $480 million, a significant improvement from negative $7 million in FY 2024, primarily due to $618 million in cash proceeds from the KRIP reversion. Investing activities used $29 million for capital expenditures, while financing activities used $314 million primarily for debt repayment. Free cash flow (operating cash flow minus capital expenditures) was $451 million. The company ended the year with $337 million in cash and cash equivalents, up from $201 million at the end of FY 2024. Total assets were $1.62 billion with current assets of $841 million. Total liabilities were $904 million, including $209 million in total debt (current and long-term). Total equity was $614 million with an accumulated deficit of $521 million.
Kodak's management highlighted several strategic priorities including focusing on advanced materials and print core competencies, expanding film applications, and investing in automation for cost reductions. The company plans to invest $45-55 million in capital expenditures for FY 2026. Key risk factors include global economic volatility, inflationary pressures, supply chain disruptions, competitive pressures in the Print segment, and geopolitical uncertainties including conflicts in Ukraine and Iran/Israel. The company believes its liquidity position is adequate to fund operations for the next twelve months, supported by the KRIP reversion proceeds. Kodak continues to monitor developments related to tariffs, with anti-dumping duties now imposed on imported plates from China and Japan. The company is evaluating opportunities in EV battery materials, pharmaceuticals manufacturing, and transparent antennas.