Eastman Kodak (KODK) Q3 2026 Earnings Call Transcript

Eastman Kodak (KODK) posted Q3 2026 consolidated revenue of $276 million, up 3% year over year, with operational EBITDA of $31 million. The standout: the Advanced Materials and Chemicals segment grew revenue 21% and now accounts for more than half of operational EBITDA.

That mix shift matters. The company's profit engine is moving away from print, which declined 7% in the quarter on raw material challenges and digital substitution. Interpretation: with the faster-growing segment now carrying the majority of operational EBITDA, the consolidated story increasingly depends on Advanced Materials and Chemicals execution rather than on stabilizing print.

The balance sheet gave the quarter its second leg. Kodak reduced debt by $400 million over the past 12 months and generated $27 million in quarterly cash flow. Interpretation: a $400 million debt reduction alongside positive cash generation lowers financial risk and gives the market a cleaner reason to focus on operating trends instead of leverage.

The headline 3% revenue growth masks a split picture. One segment is expanding at 21% while print shrinks 7%, so the blended number understates the strength of the growth business and the drag from the legacy one.