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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: March 31, 2026


☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number

1-00087

EASTMAN KODAK COMPANY

(Exact name of Registrant as specified in its charter)


New Jersey	16-0417150
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

343 STATE STREET, ROCHESTER, New York	14650
(Address of principal executive offices)	(Zip Code)

(800) 356-3259

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class Common	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	KODK	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth" company in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 1, 2026, the Registrant had 97.6 million shares of common stock, par value $0.01 per share, outstanding.

Table of Contents

EASTMAN KODAK COMPANY

Form 10-Q

March 31, 2026

Table of Contents


		Page
	Part I.—Financial Information

Item 1.	Financial Statements	2
	Consolidated Statement of Operations (Unaudited)	2
	Consolidated Statement of Comprehensive Loss (Unaudited)	3
	Consolidated Statement of Financial Position (Unaudited)	4
	Consolidated Statement of Cash Flows (Unaudited)	5
	Consolidated Statement of Equity (Deficit) (Unaudited)	6
	Notes to Financial Statements (Unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
	Liquidity and Capital Resources	32
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	36

	Part II. —Other Information


Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	37
Item 6.	Exhibits	38
	Index to Exhibits	38
	Signatures	40

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)


	Three Months Ended
	March 31,
(in millions, except per share data)	2026			2025
Revenues
Sales	$	229		$	210
Services		36			37
Total revenues		265			247
Cost of revenues
Sales		185			174
Services		23			27
Total cost of revenues		208			201
Gross profit		57			46
Selling, general and administrative expenses		48			45
Research and development costs		8			9
Restructuring costs and other		—			5
Other operating expense, net		2			—
Loss from operations before interest expense, pension income excluding service cost component, loss on early extinguishment of debt, other charges, net and income taxes		(1	)		(13	)
Interest expense		6			14
Pension income excluding service cost component		(4	)		(22	)
Loss on early extinguishment of debt		1			—
Other charges, net		9			—
Loss from operations before income taxes		(13	)		(5	)
Provision for income taxes		3			2
NET LOSS	$	(16	)	$	(7	)

Basic net loss per share attributable to Eastman Kodak Company common shareholders	$	(0.21	)	$	(0.12	)
Diluted net loss per share attributable to Eastman Kodak Company common shareholders	$	(0.21	)	$	(0.12	)

Number of common shares used in basic and diluted net loss per share
Basic		97.5			80.6
Diluted		97.5			80.6

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS (Unaudited)


	Three Months Ended
	March 31,
(in millions)	2026			2025
NET LOSS	$	(16	)	$	(7	)
Other comprehensive income (loss), net of tax:
Currency translation adjustments		1			6
Pension and other postretirement benefit plan obligation activity, net of tax		—			(75	)
Other comprehensive income (loss), net of tax		1			(69	)
COMPREHENSIVE LOSS, NET OF TAX	$	(15	)	$	(76	)

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited)


	March 31,			December 31,
(in millions, except per share data)	2026			2025
ASSETS
Cash and cash equivalents	$	299		$	337
Trade receivables, net of allowances of $7 at both periods		135			145
Inventories, net		255			218
Other current assets		104			141
Total current assets		793			841
Property, plant and equipment, net of accumulated depreciation of $502 and $499, respectively		195			191
Goodwill		12			12
Intangible assets, net		17			17
Operating lease right-of-use assets		35			37
Restricted cash		92			96
Pension and other postretirement assets		303			302
Other long-term assets		110			121
TOTAL ASSETS	$	1,557		$	1,617

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY
Accounts payable, trade	$	111		$	101
Short-term borrowings and current portion of long-term debt		52			1
Current portion of operating leases		11			11
Other current liabilities		140			155
Total current liabilities		314			268
Long-term debt, net of current portion		108			208
Pension and other postretirement liabilities		187			191
Operating leases, net of current portion		27			30
Other long-term liabilities		249			207
Total liabilities		885			904

Commitments and Contingencies (Note 9)

Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference		72			99

EQUITY
Common stock, $0.01 par value		1			1
Additional paid in capital		1,280			1,278
Treasury stock, at cost		(27	)		(26	)
Accumulated deficit		(537	)		(521	)
Accumulated other comprehensive loss		(117	)		(118	)
Total shareholders’ equity		600			614
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY	$	1,557		$	1,617

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)


	Three Months Ended
	March 31,
(in millions)	2026			2025
Cash flows from operating activities:
Net loss	$	(16	)	$	(7	)
Adjustments to reconcile to net cash used in operating activities:
Depreciation and amortization		7			7
Pension and postretirement income		—			(18	)
Change in fair value of preferred stock embedded derivative		12			—
Non-cash changes in workers' compensation and employee benefit reserves		—			1
Stock based compensation		5			2
Net gain from sale of assets		(1	)		—
Loss on early extinguishment of debt		1			—
Provision for deferred income taxes		1			1
Decrease (increase) in trade receivables		9			(8	)
(Increase) decrease in miscellaneous receivables		(4	)		3
Increase in inventories		(38	)		(15	)
Increase in trade payables		9			6
Decrease in liabilities excluding borrowings and trade payables		(20	)		(20	)
Other items, net		5			10
Total adjustments		(14	)		(31	)
Net cash used in operating activities		(30	)		(38	)
Cash flows from investing activities:
Additions to properties		(6	)		(12	)
Proceeds from sale of preferred equity investment		2			—
Proceeds from redemption of KRIP reversion investments		46			—
Net proceeds from the sale of assets		—			5
Net cash provided by (used in) investing activities		42			(7	)
Cash flows from financing activities:
Repayment of Amended and Restated Term Loan Agreement		(51	)		—
Preferred stock cash dividend payments		(3	)		(1	)
Treasury stock purchases		—			(1	)
Net cash used in financing activities		(54	)		(2	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(1	)		2
Net decrease in cash, cash equivalents and restricted cash		(43	)		(45	)
Cash, cash equivalents and restricted cash, beginning of period		442			301
Cash, cash equivalents and restricted cash, end of period	$	399		$	256

Non-cash Financing Item:
Series B preferred stock embedded derivative liability at issuance	$	30		$	—

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) (Unaudited)


	Three-Month Period Ending March 31, 2026
	Eastman Kodak Company Common Shareholders
(in millions)	Common Stock		Additional Paid in Capital			Accumulated Deficit			Accumulated Other Comprehensive Loss			Treasury Stock			Total			Redeemable Convertible Preferred Stock
Equity (deficit) as of December 31, 2025	$	1	$	1,278		$	(521	)	$	(118	)	$	(26	)	$	614		$	99
Net loss		—		—			(16	)		—			—			(16	)		—
Other comprehensive income (net of tax):
Currency translation adjustments		—		—			—			1			—			1			—
Pension and other postretirement liability adjustments		—		—			—			—			—			—			—
Extinguishment of 4.0% Series B preferred stock		—		100			—			—			—			100			(100	)
Issuance of 6.0% Series B preferred stock		—		(102	)		—			—			—			(102	)		72
Preferred stock cash dividends		—		(1	)		—			—			—			(1	)		—
Preferred stock deemed dividends		—		(1	)		—			—			—			(1	)		1
Treasury stock purchases		—		1			—			—			(1	)		—			—
Stock-based compensation		—		5			—			—			—			5			—
Equity (deficit) as of March 31, 2026	$	1	$	1,280		$	(537	)	$	(117	)	$	(27	)	$	600		$	72


	Three-Month Period Ending March 31, 2025
	Eastman Kodak Company Common Shareholders
(in millions)	Common Stock		Additional Paid in Capital			Accumulated Deficit			Accumulated Other Comprehensive Income			Treasury Stock			Total			Redeemable Convertible Preferred Stock
Equity (deficit) as of December 31, 2024	$	—	$	1,150		$	(393	)	$	(104	)	$	(12	)	$	641		$	218
Net loss		—		—			(7	)		—			—			(7	)		—
Other comprehensive income (loss) (net of tax):
Currency translation adjustments		—		—			—			6			—			6			—
Pension and other postretirement liability adjustments		—		—			—			(75	)		—			(75	)		—
Preferred stock cash dividends		—		(1	)		—			—			—			(1	)		—
Preferred stock in-kind dividends		—		(2	)		—			—			—			(2	)		2
Treasury stock purchases		—		—			—			—			(1	)		(1	)		—
Stock-based compensation		—		2			—			—			—			2			—
Equity (deficit) as of March 31, 2025	$	—	$	1,149		$	(400	)	$	(173	)	$	(13	)	$	563		$	220

The accompanying notes are an integral part of these consolidated financial statements.

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EASTMAN KODAK COMPANY

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1: BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS

BASIS OF PRESENTATION

The consolidated interim financial statements are unaudited, and certain information and footnote disclosures related thereto normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the accompanying unaudited consolidated interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results of operations, financial position and cash flows of Eastman Kodak Company and all companies directly or indirectly controlled, either through majority ownership or otherwise (“Kodak” or the “Company”). The results of operations for the interim periods are not necessarily indicative of the results for the entire fiscal year. These consolidated interim statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

No accounting pronouncements were recently adopted by Kodak.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires public business entities to disclose specified information about certain costs and expenses, including but not limited to purchases of inventory, employee compensation, depreciation, and intangible asset amortization, in a tabular format within the notes to their financial statements, as well as provide additional disclosures related to certain other specified expenses. The ASU may be applied on either a prospective or retrospective basis and is effective for annual reporting periods beginning after December 15, 2026 (January 1, 2027 for Kodak) and interim reporting periods beginning after December 15, 2027 (January 1, 2028 for Kodak). Kodak is currently evaluating the impact of this ASU.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes the accounting for internal-use software to reflect the evolution of software development to using an incremental and iterative development method. Accordingly, the ASU removes all references in Subtopic 350-40 to prescriptive and sequential software development phases (or “project stages”), and requires an entity to start capitalizing software costs when both (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The ASU may be applied using either a prospective, retrospective, or modified transition approach, and is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within such annual reporting periods (January 1, 2028 for Kodak). Kodak is currently evaluating the impact of this ASU.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832). ASU 2025-10 establishes authoritative guidance on the accounting for government grants received by business entities, as GAAP previously did not provide specific authoritative guidance about the recognition, measurement and presentation of government grants. This ASU may be applied using either a retrospective, modified retrospective, or modified prospective approach, and is effective for annual reporting periods beginning after December 15, 2028 and interim reporting periods within such annual reporting periods (January 1, 2029 for Kodak). Kodak is currently evaluating the impact of this ASU.

In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock. ASU 2026-01 requires that such dividends be initially measured on the basis of the dividend rate stated in the preferred stock agreement. The ASU may be applied on either a prospective or modified retrospective basis, and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods (January 1, 2027 for Kodak). Kodak is currently evaluating the impact of this ASU.

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NOTE 2: CASH, CASH EQUIVALENTS AND RESTRICTED CASH

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statement of Financial Position that sums to the total of such amounts shown in the Consolidated Statement of Cash Flows:


	March 31,		December 31,
(in millions)	2026		2025
Cash and cash equivalents	$	299	$	337
Restricted cash reported in Other current assets		8		9
Restricted cash		92		96
Total cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows	$	399	$	442

Restricted cash reported in Other current assets on the Consolidated Statement of Financial Position primarily represented amounts that support hedging activities as of March 31, 2026 and December 31, 2025.

Restricted cash included $26 million and $25 million as of March 31, 2026 and December 31, 2025, respectively, representing the cash collateral required to be posted by the Company under the Amended and Restated L/C Facility Agreement. In addition, restricted cash as of March 31, 2026 and December 31, 2025 included $57 million and $62 million, respectively, representing cash collateral supporting the Company’s undiscounted actuarial workers’ compensation obligations with the New York State Workers’ Compensation Board ("NYS WCB"). Restricted cash also included $7 million of security posted related to Brazilian legal contingencies as of both March 31, 2026 and December 31, 2025.

NOTE 3: INVENTORIES, NET


	March 31,		December 31,
(in millions)	2026		2025
Finished goods	$	91	$	84
Work in process		87		72
Raw materials		77		62
Total	$	255	$	218

NOTE 4: OTHER CURRENT ASSETS


	March 31,		December 31,
(in millions)	2026		2025
Short-term investments (1)	$	59	$	99
Restricted cash		8		9
Contract assets		5		5
Estimated workers' compensation recoveries		2		2
Other		30		26
Total	$	104	$	141

(1)

Short-term investments relate to investment assets received by the Company as part of the settlement of the Kodak Retirement Income Plan ("KRIP") in November 2025. The investment assets are primarily hedge fund investments which are expected to be redeemed within one year and are valued using the net asset value ("NAV") per share expedient.

The Other component above consists of other miscellaneous current assets that, individually, were less than 5% of the total current assets component in the accompanying Consolidated Statement of Financial Position, and therefore have been aggregated in accordance with Regulation S-X.

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NOTE 5: OTHER LONG-TERM LIABILITIES


	March 31,		December 31,
(in millions)	2026		2025
Workers' compensation	$	50	$	51
Asset retirement obligations		44		44
Deferred taxes		29		28
Deferred brand licensing revenue		50		52
Environmental liabilities		9		9
Embedded preferred stock derivative liability (1)		42		—
Other		25		23
Total	$	249	$	207

(1)

Refer to Note 7, "Redeemable Convertible Preferred Stock" for additional details and Note 19, "Financial Instruments" for valuation of this derivative.

The Other component above consists of other miscellaneous long-term liabilities that, individually, were less than 5% of the total liabilities component in the accompanying Consolidated Statement of Financial Position, and therefore have been aggregated in accordance with Regulation S-X.

NOTE 6: DEBT AND CREDIT FACILITIES

Term Loan Credit Agreement

On March 11, 2026, in connection with the Series B Preferred Stock Amendment (refer to Note 7, “Redeemable, Convertible Preferred Stock” for additional details on the Series B Preferred Stock Amendment), the Company and certain of its subsidiaries entered into the Fourth Amendment to the term loan credit agreement (the “Term Loan Amendment”), which amends the Company’s Amended and Restated Credit Agreement, dated as of June 30, 2023 (as amended, the “Term Loan Credit Agreement”) between the Company, certain of its subsidiaries, the lenders party thereto, and Alter Domus (US) LLC, as administrative agent. Under the Term Loan Credit Agreement, the term loan lenders provided the Company with a commitment to provide term loans in an aggregate principal amount of $450 million (the “Term Loans”). Certain holders of Series B Preferred Stock as well as funds under common management with holders of the Series B Preferred Stock are lenders under the Term Loan Credit Agreement.

The Term Loan Amendment required the Company to prepay an aggregate $50 million principal amount of Term Loans on or prior to March 18, 2026 and requires an additional $50 million principal amount of Term Loans on or prior to June 1, 2026, in each case, plus a prepayment premium equal to one percent.

On March 13, 2026, the Company paid $50 million of the outstanding principal amount of the Term Loans, $1 million in accrued uncapitalized interest and a prepayment premium equal to one percent of the principal amount paid. The Company recorded a loss on early extinguishment of debt of approximately $1 million during the first quarter of 2026. The $50 million principal amount due on or prior to June 1, 2026 is included in Short-term borrowings and current portion of long-term debt in the Consolidated Statement of Financial Position.

NOTE 7: REDEEMABLE, CONVERTIBLE PREFERRED STOCK

Redeemable convertible preferred stock was as follows:


	March 31,		December 31,
(in millions)	2026		2025
6.0% Series B Preferred Stock	$	72	$	-
4.0% Series B Preferred Stock	$	-	$	99

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4.0% Series B Preferred Stock

On February 25, 2021, the Company filed with the Department of Treasury of the State of New Jersey a Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of the Company (the “Series B Certificate of Designations”) which established the designation, number of shares, rights, preferences and limitations of the Company’s 4.0% Series B Convertible Preferred Stock, no par value (the “4.0% Series B Preferred Stock”), which became effective upon filing.

On February 26, 2021, the Company agreed to exchange one million shares of Series A Preferred Stock held by Southeastern Asset Management, Inc. (“Southeastern”) and Longleaf Partners Small-Cap Fund, C2W Partners Master Fund Limited and Deseret Mutual Pension Trust, which were investment funds managed by Southeastern at the time (such investment funds, collectively, the “Purchasers”), for shares of the Company’s 4.0% Series B Preferred Stock, on a one-for-one basis plus accrued and unpaid dividends. The fair value of the 4.0% Series B Preferred Stock at the time of issuance approximated $95 million. The Company classified the 4.0% Series B Preferred Stock as temporary equity in the Consolidated Statement of Financial Position.

Embedded Conversion Features

Kodak allocated $1 million of the fair value from the issuance of the 4.0% Series B Preferred Stock to a derivative liability based on the aggregate fair value of an embedded conversion feature on the date of issuance. The carrying value of the 4.0% Series B Preferred Stock at the time of issuance, $93 million ($95 million fair value of 4.0% Series B Preferred Stock on February 26, 2021 less $1 million allocated to the derivative liability and $1 million of transaction costs) was being accreted to the mandatory redemption amount using the effective interest method to Additional paid in capital in the Consolidated Statement of Financial Position as a deemed dividend from the date of issuance through the mandatory redemption date, May 28, 2026.

Dividend and Other Rights

Holders of 4.0% Series B Preferred Stock were entitled to cumulative dividends payable quarterly in cash at a rate of 4.0% per annum. If any shares of the 4.0% Series B Preferred Stock had not been converted prior to May 28, 2026, the Company was required to redeem such shares at $100 per share plus the amount of accrued and unpaid dividends.

Series B Preferred Stock Purchase

On December 5, 2025, certain funds affiliated with Kennedy Lewis (such funds, collectively, the “KL Funds”) purchased all outstanding shares of the 4.0% Series B Preferred Stock from the Purchasers or their successors in privately negotiated transactions.

Extinguishment of 4.0% Series B Preferred Stock

On March 11, 2026 (the “Amendment Date”), the Company filed with the Department of Treasury of the State of New Jersey a Certificate of Amendment to the Series B Certificate of Designations which amended certain terms of the Company’s 4.0% Series B Preferred Stock (the “Series B Preferred Stock Amendment”) and set forth the terms of the Company’s 6.0% Series B Convertible Preferred Stock, no par value (the “6.0% Series B Preferred Stock”).

The Company evaluated the amendment to the Series B Preferred Stock and determined that the 6.0% Series B Preferred Stock is substantially different from the 4.0% Series B Preferred Stock, primarily as a result of the embedded conversion option which is being accounted for separately as a derivative following the amendment. Accordingly, the Company accounted for the transaction as an extinguishment of the 4.0% Series B Preferred Stock and the issuance of a new 6.0% Series B Preferred Stock. The Company recognized a $2 million deemed dividend, recorded to Additional paid in capital in the Consolidated Statement of Financial Position, representing the excess of the fair value of the 6.0% Series B Preferred Stock over the carrying value of the 4.0% Series B Preferred Stock as of the Amendment Date.

6.0% Series B Preferred Stock

The total fair value of the 6.0% Series B Preferred Stock on the Amendment Date was approximately $102 million, of which $30 million was allocated to the embedded conversion options and recorded separately as a derivative liability (See “Embedded Conversion Features” section below for additional details). The remaining $72 million is being accreted to the mandatory redemption amount using the effective interest method to Additional paid in capital in the Consolidated Statement of Financial Position as a deemed dividend from the Amendment Date through the mandatory redemption date, June 11, 2029. The Company has classified the 6.0% Series B Preferred Stock as temporary equity in the Consolidated Statement of Financial Position.

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Dividend and Other Rights

The 6.0% Series B Preferred Stock ranks senior to the Company's common stock, par value $.01 per share ("Common Stock") with respect to dividend rights and rights on liquidation, winding-up and dissolution. The 6.0% Series B Preferred Stock has a liquidation preference of $100 per share, and the holders of 6.0% Series B Preferred Stock are entitled to cumulative dividends payable quarterly in cash at a rate of 6.0% per annum. Holders of 6.0% Series B Preferred Stock will have certain limited special approval rights, including with respect to the issuance of pari passu or senior equity securities of the Company. The Series B Preferred Stock Amendment also includes certain limitations on the Company’s ability to incur certain debt for borrowed money without the consent of the holders of 66 2/3% of the outstanding 6.0% Series B Preferred Stock, provided that the Company would have the right to redeem the 6.0% Series B Preferred Stock in full for cash if such consent is not provided (subject to the terms set forth in the Series B Preferred Stock Amendment).

Redemption Features

If any shares of 6.0% Series B Preferred Stock have not been converted prior to June 11, 2029 (the “Mandatory Redemption Date”), the Company is required to redeem such shares at $100 per share plus the amount of accrued and unpaid dividends. As the Company concluded the 6.0% Series B Preferred Stock is considered more akin to a debt-type instrument, the redemption feature is considered to be clearly and closely related to the host contract and therefore was not required to be separated from the 6.0% Series B Preferred Stock.

Conversion Features

Each share of 6.0% Series B Preferred Stock is convertible, at the option of each holder at any time, into shares of Common Stock at the initial conversion rate of 10.00 shares of Common Stock for each share of 6.0% Series B Preferred Stock (equivalent to an initial conversion price of $10.00 per share of Common Stock). The initial conversion rate and the corresponding conversion price are subject to certain customary anti-dilution adjustments. If a holder elects to convert any shares of 6.0% Series B Preferred Stock during a specified period in connection with a fundamental change (as defined in the Series B Preferred Stock Amendment), such holder can elect to receive a make-whole premium, payable in additional shares of Common Stock, following the conversion of Series B Preferred Stock into shares of Common Stock if a fundamental change has occurred. In each case, the holder will also be entitled to receive shares with respect to accumulated dividends. In addition, the Company will have the right to require holders to convert any shares of 6.0% Series B Preferred Stock in connection with certain reorganization events in which case the conversion rate will be adjusted, subject to certain limitations.

The Company has the right, subject to certain conditions, to cause the mandatory conversion of the 6.0% Series B Preferred Stock into shares of Common Stock in three tranches, each representing one-third of the 6.0% Series B Preferred Stock if the closing price of the Common Stock has for 45 trading days within a period of 60 consecutive trading days a) equaled or exceeded $14.50 after eighteen months from the Amendment Date, b) equaled or exceeded $15.50 after twenty four months from the Amendment Date and c) equaled or exceeded $16.50 after thirty months from the Amendment Date (in each case, the amount per share is subject to adjustment in the same manner as the conversion price).

Upon a voluntary or mandatory conversion of the 6.0% Series B Preferred Stock, to the extent the Company would otherwise be required to issue shares of Common Stock in excess of the number permitted without obtaining shareholder or regulatory approval, the Company is required to pay cash in lieu of issuing such excess shares. The cash payment is determined based on the market value of the Common Stock as of the applicable conversion date.

Embedded Conversion Features

The Company concluded the economic characteristics and risks of the embedded conversion features are not considered clearly and closely related to the 6.0% Series B Preferred Stock. Accordingly, these embedded conversion features were bifurcated from the 6.0% Series B Preferred Stock and separately accounted for on a combined basis as a single derivative liability. The Company allocated $30 million of the total fair value of the 6.0% Series B Preferred Stock to the derivative liability based on the aggregate fair value of the embedded conversion features as of the Amendment Date. The derivative is being accounted for at fair value with subsequent changes in the fair value being reported as part of Other charges, net in the Consolidated Statement of Operations.

The fair value of the embedded derivative as of March 31, 2026 was a liability of $42 million and is included in Other long-term liabilities in the accompanying Consolidated Statement of Financial Position. Refer to Note 19, “Financial Instruments” for information on the valuation of the derivative.

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Beneficial Ownership Side Letter

On March 11, 2026, in connection with the Series B Preferred Stock Amendment, the Company entered into an amendment to an existing agreement (the “Side Letter”) with Kennedy Lewis Management LP and Kennedy Lewis Capital Partners Master Fund III LP, KLIM Delta HQC3 LP, Kennedy Lewis (EU) SPV LP and KLCP Co-Investment Opportunities III LP, (each, a “Fund”) which provides that no Fund shall have the right to convert any shares of 6.0% Series B Preferred Stock to the extent that after giving effect to such conversion, the Fund, together with the Fund’s Attribution Parties (as defined in the Side Letter), would collectively beneficially own a number of shares of Common Stock of the Company in excess of 4.99% of the number of shares of Common Stock outstanding (the “Beneficial Ownership Limitation”). The Funds may increase or decrease the Beneficial Ownership Limitation at any time upon not less than sixty-one (61) days’ prior written notice to the Company.

Investor Rights Agreement

On March 11, 2026, in connection with the Series B Preferred Stock Amendment, the Company entered into an Investor Rights Agreement (the “Series B Investor Rights Agreement”) with Kennedy Lewis Investment Management LLC (together with its affiliates and certain funds, accounts or clients managed, advised or sub-advised by Kennedy Lewis Investment Management LLC or its affiliates, “Kennedy Lewis”). Under the terms of the Series B Investor Rights Agreement, Kennedy Lewis is entitled to certain preemptive rights in connection with future issuances of the Company’s equity securities and the Company is entitled to rights of first refusal in connection with any proposed transfer by Kennedy Lewis of the Series B Preferred Stock, in each case, subject to customary terms and conditions. In addition, the Company has agreed to provide Kennedy Lewis with a reasonable opportunity to participate in future debt financings.

Registration Rights Agreement:

On March 11, 2026, in connection with the Series B Preferred Stock Amendment, the Company entered into a Registration Rights Agreement (the “Series B Registration Rights Agreement”) with Kennedy Lewis. Under the terms of the Series B Registration Rights Agreement, Kennedy Lewis (i) is entitled to require the Company to register for resale the shares of Common Stock issuable upon conversion of the Series B Preferred Stock, along with other shares of Common Stock held by Kennedy Lewis, on a shelf registration statement and (ii) has certain demand rights with respect to takedowns from such shelf registration statement. The Series B Registration Rights Agreement includes customary terms and conditions, including certain customary indemnification obligations.

NOTE 8: LEASES

Income recognized on operating lease arrangements for the three months ended March 31, 2026 and 2025 is presented below. Income recognized for sales-type lease arrangements for the three months ended March 31, 2026 and 2025 was $1 million and less than $1 million, respectively.


	Three Months Ended
	March 31,
(in millions)	2026		2025
Lease income - operating leases:
Lease income	$	2	$	2
Variable lease income		2		2
Total lease income	$	4	$	4

NOTE 9: COMMITMENTS AND CONTINGENCIES

As of March 31, 2026, the Company had outstanding letters of credit of $24 million issued under the Amended and Restated L/C Facility Agreement, as well as bank guarantees and letters of credit of $2 million, surety bonds in the amount of $54 million, and restricted cash of $100 million, primarily related to cash collateral supporting the Company’s undiscounted actuarial workers’ compensation obligations with the NYS WCB, cash collateral to ensure payment of possible casualty and workers’ compensation claims, cash collateral supporting the outstanding letters of credit under the Amended and Restated L/C Facility Agreement, to ensure payment of possible legal contingencies, hedging activities, environmental liabilities, rental payments and to support various customs, tax and trade activities. The restricted cash is recorded in Other current assets and Restricted cash in the Consolidated Statement of Financial Position.

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Kodak’s Brazilian operations are involved in various litigation matters in Brazil and have received or been the subject of numerous governmental assessments related to indirect and other taxes in various stages of litigation, as well as civil litigation and disputes associated with former employees and contract labor. The tax matters, which comprise the majority of the litigation matters, are primarily related to federal and state value-added taxes and income taxes. Kodak’s Brazilian operations are disputing these matters and intend to vigorously defend its position. Kodak routinely assesses all these matters as to the probability of ultimately incurring a liability in its Brazilian operations and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable. As of March 31, 2026, Kodak’s Brazilian operations maintained accruals of approximately $7 million for claims aggregating approximately $51 million inclusive of interest and penalties where appropriate. The unreserved portion of the indirect taxes, civil litigation and disputes involving former employees and contract labor claims, inclusive of any related interest and penalties, for which there was at least a reasonable possibility that a loss may be incurred, amounted to approximately $5 million.

In connection with assessments in Brazil, local regulations may require Kodak’s Brazilian operations to post security for a portion of the amounts in dispute. As of March 31, 2026, Kodak’s Brazilian operations have posted security composed of $7 million of pledged cash reported within Restricted cash in the Consolidated Statement of Financial Position and liens on certain Brazilian assets with a net book value of approximately $41 million. Generally, any encumbrances on the Brazilian assets would be removed to the extent the matter is resolved in favor of Kodak’s Brazilian operations. The matter securing the lien on the non-cash assets was resolved in favor of Kodak’s Brazilian operations on March 12, 2024. On September 29, 2025, the Notary Register Office confirmed the cancellation of the lien on Brazilian non-cash assets. Recognition of the enrollment by the Internal Revenue Service is in process and Kodak expects the process to be completed within the next several months.

In addition, Kodak is involved in various lawsuits, claims, investigations, remediations and proceedings, including, from time to time, commercial, customs, employment, environmental, tort and health and safety matters, which are being handled and defended in the ordinary course of business. Kodak is also subject, from time to time, to various assertions, claims, proceedings and requests for indemnification concerning intellectual property, including patent infringement suits involving technologies that are incorporated in a broad spectrum of Kodak’s products such as the on-going patent infringement claims brought by FUJIFILM Corporation against Eastman Kodak Company (in the US) and its German subsidiaries (in Germany) alleging that certain of Kodak’s SONORA process free plates infringe four of its patents in each jurisdiction. These matters are in various stages of investigation and litigation and are being vigorously defended. Based on information currently available, Kodak does not believe that it is probable that the outcomes in these various matters, individually or collectively, will have a material adverse effect on its financial condition or results of operations. Litigation is inherently unpredictable, and judgments could be rendered or settlements entered that could adversely affect Kodak’s operating results or cash flows in a particular period. Kodak routinely assesses all of its litigation and threatened litigation as to the probability of ultimately incurring a liability and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable.

NOTE 10: GUARANTEES

In accordance with the terms of a settlement agreement concerning certain of the Company’s historical environmental liabilities at Eastman Business Park, a more than 1,200-acre technology center and industrial complex in Rochester, New York, in the event the historical liabilities exceed $99 million, the Company will become liable for 50% of the portion above $99 million with no limitation to the maximum potential future payments. There is no liability recorded for this guarantee.

Extended Warranty Arrangements

Kodak offers its customers extended warranty arrangements that are generally one year but may range from three months to six years after the original warranty period. The change in Kodak’s deferred revenue balance in relation to these extended warranty and maintenance arrangements from December 31, 2025 to March 31, 2026, which is reflected in Other current liabilities in the accompanying Consolidated Statement of Financial Position, was as follows:


(in millions)
Deferred revenue on extended warranties as of December 31, 2025	$	14
New extended warranty and maintenance arrangements deferred		15
Recognition of extended warranty and maintenance arrangement revenue		(14	)
Deferred revenue on extended warranties as of March 31, 2026	$	15

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NOTE 11: REVENUE

Disaggregation of Revenue

The following tables present revenue disaggregated by major product and geography:

Major Product:


Three Months Ended
March 31, 2026

			Advanced
			Materials
			and
(in millions)	Print		Chemicals		Brand		All Other		Total
Core products and services (1)
Plates, inks and other consumables	$	125	$	6	$	—	$	—	$	131
Ongoing service arrangements		34		—		—		—		34
Total annuities		159		6		—		—		165
Equipment & software		21		—		—		—		21
Film and chemicals		—		69		—		—		69
Total core products and services		180		75		—		—		255
Growth products (2)		—		1		—		—		1
Other (3)		—		—		6		3		9
Total	$	180	$	76	$	6	$	3	$	265


Three Months Ended
March 31, 2025

			Advanced
			Materials
			and
(in millions)	Print		Chemicals		Brand		All Other		Total
Core products and services (1)
Plates, inks and other consumables	$	114	$	7	$	—	$	—	$	121
Ongoing service arrangements		36		—		—		—		36
Total annuities		150		7		—		—		157
Equipment & software		15		—		—		—		15
Film and chemicals		—		66		—		—		66
Total core products and services		165		73		—		—		238
Growth products (2)		—		1		—		—		1
Other (3)		—		—		4		4		8
Total	$	165	$	74	$	4	$	4	$	247

(1)

Core products and services includes the Print segment and the Motion Picture and Industrial Film and Chemicals businesses within the Advanced Materials and Chemicals segment, excluding coating and product commercialization services (“Coating Services”).

(2)

Growth products consist of Coating Services, Analytical Services and Advanced Materials and Functional Printing within the Advanced Materials and Chemicals segment.

(3)

Other consists of Intellectual Property Licensing ("IP Licensing") within the Advanced Materials and Chemicals segment, Brand Licensing and Eastman Business Park.

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Geography (1):


Three Months Ended
March 31, 2026

			Advanced
			Materials
			and
(in millions)	Print		Chemicals		Brand		All Other		Total
United States	$	67	$	58	$	6	$	3	$	134
Canada		3		1		—		—		4
North America		70		59		6		3		138
Europe, Middle East and Africa		67		8		—		—		75
Asia Pacific		40		9		—		—		49
Latin America		3		—		—		—		3
Total	$	180	$	76	$	6	$	3	$	265


Three Months Ended
March 31, 2025

			Advanced
			Materials
			and
(in millions)	Print		Chemicals		Brand		All Other		Total
United States	$	52	$	59	$	4	$	4	$	119
Canada		3		—		—		—		3
North America		55		59		4		4		122
Europe, Middle East and Africa		68		7		—		—		75
Asia Pacific		38		8		—		—		46
Latin America		4		—		—		—		4
Total	$	165	$	74	$	4	$	4	$	247

(1)

Sales are reported in the geographic area in which they originate.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed trade receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) in the Consolidated Statement of Financial Position. The contract assets are transferred to trade receivables when the rights to consideration become unconditional. The amounts recorded for contract assets at both March 31, 2026 and December 31, 2025 was $5 million and is reported in Other current assets in the Consolidated Statement of Financial Position. The contract liabilities primarily relate to brand licensing agreements, prepaid service contracts or upfront payments for certain equipment purchases. The amounts recorded for contract liabilities in the Consolidated Statement of Financial Position at March 31, 2026 and December 31, 2025 was $91 million and $94 million, respectively, of which $41 million and $42 million, respectively, was reported in Other current liabilities and $50 million and $52 million, respectively, was reported in Other long-term liabilities.

Revenue recognized for the three months ended March 31, 2026 and 2025 that was included in the contract liability balance at the beginning of the respective fiscal years was $27 million and $19 million, respectively, and primarily represented revenue from prepaid service contracts and equipment sales. Contract liabilities included $23 million and $18 million of cash payments received during the three months ended March 31, 2026 and 2025, respectively.

Kodak does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or for which revenue is recognized at the amount to which Kodak has the right to invoice for services performed.

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Performance obligations with an original expected length of greater than

EASTMAN KODAK CO 10-Q