A maker of commercial printing plates, presses, software, and consumables for print shops, Kodak also produces industrial and motion-picture film, pharmaceuticals, and functional materials, and earns royalties by licensing its famous name to makers of cameras, eyewear, and batteries. The company grew from George Eastman's 1888 Kodak camera, which came pre-loaded with film and made photography "as convenient as the pencil." Eastman invented the name "Kodak" itself—chosen for its strong "K" sound, meaning nothing in any language, short and impossible to misspell.
Kodak's gross margin hit 26.4% in Q2 2026, its highest in over five years, as pricing and volume gains lifted both segments.
Kodak's core business delivered its strongest quarter in years. rose 18% to $311 million and widened 7.0 points to 26.4% as pricing actions and higher volumes in both Print and Advanced Materials and Chemicals overcame rising input costs, driving to $15 million. The company is now generating consistent profits from operations, but the cash balance remains under $300 million after debt prepayments.
Key takeaways
reached 26.4%, the highest level in over five years, as $31 million in higher from improved pricing and volumes more than offset $12 million in higher aluminum and silver costs.
The Print 's swung to an $8 million profit from a $4 million loss a year ago, driven by pricing gains in Prepress Solutions and higher PROSPER volumes, partially offset by $8 million in higher aluminum costs.
Advanced Materials and Chemicals grew $14 million to $22 million, fueled by pricing and volume increases in Industrial Film and Chemicals, net of $4 million in higher silver costs.
Section summaries
Management's Discussion and Analysis
Kodak Q2 2026 revenue rose 18% to $311M driven by pricing and volume gains in Advanced Materials and Chemicals and Print.
⌄
Consolidated Q2 increased $48M (18%) to $311M, with Advanced Materials and Chemicals up $30M (40%) and Print up $17M (10%).
Consolidated rose 18% to $311 million, with Advanced Materials and Chemicals up 40% and Print up 10%, reflecting broad-based strength across the portfolio.
SG&A expenses increased $12 million, primarily due to an $8 million rise in equity compensation costs and higher employee benefit reserves.
was a $5 million inflow, a modest improvement from the $8 million inflow a year ago, as the company continues to generate cash from its restructured operations.
What changed
The Q2 2026 Print of $8 million confirms the turnaround flagged in Q1 2026, improving on the $3 million profit last quarter and settling the question of whether the segment's recovery is sustainable as pricing and cost benefits annualize.
The Q2 2026 of $5 million, while positive, shows the restructured business is not yet generating the level of cash needed to rebuild the balance sheet, a concern raised after the $30 million Q1 outflow.
The of 26.4% extends the improvement seen in the second half of 2025, surpassing the 25.3% peak in Q3 2025 and indicating that pricing power and moderating input costs are continuing to benefit profitability.
What to watch
The Q3 2026 Print , to see whether the $8 million profit can be sustained or grown as aluminum cost pressures persist and the company laps the prior year's $8 million profit.
The Q3 2026 , to determine if the company can build on the Q2 inflow and generate meaningful cash from operations to offset the $100 million in debt prepayments made during the quarter.
The trajectory of the cash balance, which fell to $290 million after the $100 million term loan prepayment, to assess whether liquidity tightens further before any additional KRIP-related inflows or improved cash generation materializes.
Any resolution of the anti-dumping petitions against imported printing plates from China and Japan, and whether resulting duties alter the competitive landscape for the Print .
rose $31M to $82M (26% margin) on improved pricing and higher volumes, partially offset by $12M in higher aluminum and silver costs.
Print swung from -$4M to +$8M, driven by Prepress Solutions pricing and PROSPER volume, partially offset by $8M in higher aluminum costs.
Advanced Materials and Chemicals grew $14M to $22M, fueled by Industrial Film and Chemicals pricing and volume, net of $4M in higher silver costs.
increased $12M primarily due to an $8M rise in equity compensation costs and higher employee benefit reserves.
Liquidity remains adequate with $290M in cash; the Company prepaid $100M of Term Loans using KRIP proceeds and expects $40M-$45M in 2026 .
Quantitative and Qualitative Disclosures About Market Risk
As noted in the 2025 Form 10-K, Kodak operates and conducts business in many foreign countries and as a result is exposed to fluctuations between the U.S. dollar and other currencies. Volatility in the global financial markets could increase the volatility of foreign currency ex…
⌄
As noted in the 2025 Form 10-K, Kodak operates and conducts business in many foreign countries and as a result is exposed to fluctuations between the U.S. dollar and other currencies. Volatility in the global financial markets could increase the volatility of foreign currency exchange rates which would, in turn, impact sales and net income. For a discussion of the Company's exposure to market risk and how market risk is mitigated, refer to Part I, Item 1A "Risk Factors" and Part II, Item 7A, "Quantitative and Qualitative Disclosures About Market Risk", contained in the 2025 Form 10-K.
See Note 9, “Commitments and Contingencies” in the Notes to the Financial Statements included in Part I, Item 1, “Financial Statements” for information regarding certain legal proceedings in which Kodak is involved.
⌄
See Note 9, “Commitments and Contingencies” in the Notes to the Financial Statements included in Part I, Item 1, “Financial Statements” for information regarding certain legal proceedings in which Kodak is involved.
See the Risk Factors set forth in Part I, Item 1A, "Risk Factors" of the 2025 Form 10-K for a detailed discussion of risk factors that could materially affect Kodak’s business, financial condition and results of operations.
⌄
See the Risk Factors set forth in Part I, Item 1A, "Risk Factors" of the 2025 Form 10-K for a detailed discussion of risk factors that could materially affect Kodak’s business, financial condition and results of operations.