Revenue stabilized near $2.4B to $2.5B and operating margin recovered to 12.1% in 2026Q3 from 6.1% in 2025Q4, yet gross margin of 22.3% still trails the roughly 25% levels of 2024 and trailing revenue remains about -6.7% year-over-year.
Eastman Chemical Company (EMN) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 9.05B | 8.75B | 9.38B | 9.2B | 10.54B | 10.48B | 8.46B | 9.25B | 10.12B | 9.51B | 8.95B | 9.56B | 9.51B | 9.36B | 8.06B | 7.18B | 5.8B | 5.02B | 6.73B | 6.83B | 7.45B | 7.06B | 6.58B | 5.8B | 5.32B | 5.39B | 5.29B | 4.59B | 4.48B | 4.68B | 4.78B |
| Revenue Growth % | 0.27% | -6.71% | 2% | -12.69% | 0.5% | 23.85% | -8.47% | -8.64% | 6.39% | 6.36% | -6.41% | 0.48% | 1.65% | 16.05% | 12.34% | 23.8% | 15.41% | -25.3% | -1.52% | -8.32% | 5.54% | 7.28% | 13.45% | 9.02% | -1.3% | 1.85% | 15.29% | 2.43% | -4.21% | -2.17% | -5.12% |
| Cost of Goods Sold | 7.19B | 6.91B | 7.09B | 7.14B | 8.48B | 7.96B | 6.46B | 7B | 7.69B | 7.03B | 6.49B | 6.85B | 7.3B | 6.59B | 6.32B | 5.54B | 4.37B | 3.99B | 5.59B | 5.59B | 6.17B | 5.66B | 5.6B | 4.99B | 4.54B | 4.5B | 4.23B | 3.77B | 3.55B | 3.58B | 3.6B |
| COGS % of Revenue | - | 78.93% | 75.59% | 77.58% | 80.48% | 75.98% | 76.31% | 75.69% | 76% | 73.9% | 72.55% | 71.68% | 76.73% | 70.4% | 78.35% | 77.15% | 75.35% | 79.38% | 83.13% | 81.83% | 82.86% | 80.11% | 85.14% | 86.03% | 85.36% | 83.43% | 79.86% | 82.09% | 79.13% | 76.57% | 75.34% |
| Gross Profit | 1.86B | 1.84B | 2.29B | 2.06B | 2.06B | 2.52B | 2B | 2.25B | 2.43B | 2.48B | 2.46B | 2.71B | 2.21B | 2.77B | 1.75B | 1.64B | 1.43B | 1.04B | 1.14B | 1.24B | 1.28B | 1.4B | 978M | 810M | 779M | 893M | 1.07B | 822M | 935M | 1.1B | 1.18B |
| Gross Margin % | 20.57% | 21.07% | 24.41% | 22.42% | 19.52% | 24.02% | 23.69% | 24.31% | 24% | 26.1% | 27.45% | 28.32% | 23.27% | 29.6% | 21.65% | 22.85% | 24.65% | 20.62% | 16.87% | 18.17% | 17.14% | 19.89% | 14.86% | 13.97% | 14.64% | 16.57% | 20.14% | 17.91% | 20.87% | 23.43% | 24.65% |
| Gross Profit Growth % | - | -19.48% | 11.06% | 0.29% | -18.35% | 25.59% | -10.81% | -7.45% | -2.17% | 1.14% | -9.31% | 22.32% | -20.11% | 58.65% | 6.46% | 14.77% | 37.93% | -8.72% | -8.54% | -2.82% | -9.05% | 43.56% | 20.74% | 3.98% | -12.77% | -16.23% | 29.68% | -12.09% | -14.69% | -7.04% | -34.93% |
| Operating Expenses | 949M | 913M | 914M | 966M | 972M | 1.05B | 880M | 925M | 956M | 956M | 913M | 985M | 936M | 802M | 798M | 623M | 583M | 536M | 577M | 576M | 604M | 616M | 604M | 1.08B | 571M | 1.02B | 504M | 620M | 501M | 590M | 516M |
| OpEx % of Revenue | - | 10.43% | 9.74% | 10.5% | 9.23% | 10.01% | 10.4% | 10% | 9.44% | 10.05% | 10.21% | 10.31% | 9.84% | 8.57% | 9.9% | 8.68% | 10.06% | 10.67% | 8.58% | 8.43% | 8.11% | 8.73% | 9.18% | 18.57% | 10.73% | 18.91% | 9.52% | 13.51% | 11.18% | 12.61% | 10.79% |
| Selling, General & Admin | 693M | 658M | 664M | 727M | 708M | 795M | 654M | 691M | 721M | 729M | 694M | 743M | 709M | 609M | 600M | 465M | 431M | 399M | 419M | 420M | 437M | 454M | 450M | 414M | 407M | 407M | 346M | 355M | 316M | 337M | 332M |
| SG&A % of Revenue | - | 7.52% | 7.08% | 7.9% | 6.72% | 7.58% | 7.73% | 7.47% | 7.12% | 7.66% | 7.76% | 7.77% | 7.45% | 6.51% | 7.44% | 6.48% | 7.43% | 7.94% | 6.23% | 6.15% | 5.87% | 6.43% | 6.84% | 7.14% | 7.65% | 7.55% | 6.54% | 7.73% | 7.05% | 7.2% | 6.94% |
| Research & Development | 246M | 255M | 250M | 239M | 264M | 254M | 226M | 234M | 235M | 214M | 217M | 251M | 227M | 193M | 198M | 158M | 152M | 137M | 158M | 156M | 167M | 162M | 154M | 173M | 159M | 160M | 149M | 187M | 185M | 191M | 184M |
| R&D % of Revenue | - | 2.91% | 2.66% | 2.6% | 2.51% | 2.42% | 2.67% | 2.53% | 2.32% | 2.25% | 2.43% | 2.63% | 2.39% | 2.06% | 2.46% | 2.2% | 2.62% | 2.73% | 2.35% | 2.28% | 2.24% | 2.29% | 2.34% | 2.98% | 2.99% | 2.97% | 2.82% | 4.07% | 4.13% | 4.08% | 3.85% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 490M | 5M | 452M | 9M | 78M | 0 | 62M | 0 |
| Operating Income | 912M | 931M | 1.38B | 1.1B | 1.08B | 1.47B | 1.13B | 1.32B | 1.47B | 1.53B | 1.54B | 1.72B | 1.28B | 1.97B | 948M | 1.02B | 846M | 500M | 558M | 665M | 673M | 788M | 374M | -267M | 208M | -126M | 562M | 202M | 434M | 506M | 663M |
| Operating Margin % | 10.08% | 10.64% | 14.67% | 11.92% | 10.29% | 14.01% | 13.29% | 14.31% | 14.55% | 16.05% | 17.24% | 18.02% | 13.43% | 21.03% | 11.76% | 14.17% | 14.59% | 9.95% | 8.3% | 9.74% | 9.03% | 11.16% | 5.68% | -4.6% | 3.91% | -2.34% | 10.62% | 4.4% | 9.69% | 10.82% | 13.86% |
| Operating Income Growth % | - | -32.34% | 25.55% | 1.11% | -26.21% | 30.58% | -14.97% | -10.18% | -3.54% | -0.97% | -10.45% | 34.85% | -35.11% | 107.59% | -6.78% | 20.21% | 69.2% | -10.39% | -16.09% | -1.19% | -14.59% | 110.7% | 240.07% | -228.37% | 265.08% | -122.42% | 178.22% | -53.46% | -14.23% | -23.68% | -31.22% |
| EBITDA | 1.44B | 1.44B | 1.89B | 1.59B | 1.56B | 2.01B | 1.7B | 1.93B | 2.08B | 2.11B | 2.12B | 2.29B | 1.73B | 2.4B | 1.31B | 1.29B | 1.13B | 774M | 825M | 992M | 981M | 1.09B | 696M | 100M | 605M | 309M | 980M | 585M | 785M | 833M | 977M |
| EBITDA Margin % | 15.92% | 16.5% | 20.09% | 17.33% | 14.82% | 19.15% | 20.07% | 20.91% | 20.52% | 22.22% | 23.72% | 23.99% | 18.16% | 25.66% | 16.22% | 17.97% | 19.42% | 15.41% | 12.27% | 14.52% | 13.17% | 15.47% | 10.58% | 1.72% | 11.37% | 5.73% | 18.52% | 12.75% | 17.52% | 17.81% | 20.43% |
| EBITDA Growth % | -15.34% | -23.4% | 18.26% | 2.11% | -22.22% | 18.13% | -12.15% | -6.88% | -1.75% | -0.38% | -7.46% | 32.77% | -28.07% | 83.56% | 1.4% | 14.56% | 45.48% | -6.18% | -16.83% | 1.12% | -10.16% | 56.9% | 596% | -83.47% | 95.79% | -68.47% | 67.52% | -25.48% | -5.76% | -14.74% | -23.19% |
| D&A (Non-Cash Add-back) | 528M | 513M | 509M | 498M | 477M | 538M | 574M | 611M | 604M | 587M | 580M | 571M | 450M | 433M | 360M | 273M | 280M | 274M | 267M | 327M | 308M | 304M | 322M | 367M | 397M | 435M | 418M | 383M | 351M | 327M | 314M |
| EBIT | 864M | 776M | 1.29B | 1.31B | 1.16B | 1.27B | 735M | 1.12B | 1.54B | 1.53B | 1.33B | 1.41B | 1.19B | 1.86B | 815M | 1.05B | 742M | 311M | 523M | 573M | 681M | 896M | 185M | 222M | 213M | 281M | 571M | 227M | 434M | 506M | 663M |
| Net Interest Income | -209M | -208M | -200M | -215M | -182M | -189M | -201M | -218M | -235M | -241M | -255M | -263M | -187M | -180M | -143M | -76M | -99M | -78M | -70M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4M | 0 | 16M | 10M | 6M | 3M | 4M | 3M | 3M | 3M | 3M | 3M | 16M | 6M | 5M | 7M | 6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 213M | 208M | 216M | 225M | 188M | 192M | 205M | 221M | 238M | 244M | 258M | 266M | 203M | 186M | 148M | 83M | 105M | 78M | 70M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -259M | -363M | -298M | -9M | -107M | -387M | -595M | -421M | -163M | -238M | -493M | -593M | -287M | -289M | -299M | -53M | -210M | -274M | -129M | -195M | -97M | -5M | -310M | -114M | -124M | -171M | -110M | -130M | -74M | -60M | -56M |
| Pretax Income | 653M | 568M | 1.08B | 1.09B | 977M | 1.08B | 530M | 902M | 1.31B | 1.3B | 1.07B | 1.13B | 990M | 1.68B | 649M | 964M | 636M | 226M | 429M | 470M | 576M | 783M | 64M | -381M | 84M | -297M | 452M | 72M | 360M | 446M | 607M |
| Pretax Margin % | 7.22% | 6.49% | 11.49% | 11.82% | 9.27% | 10.32% | 6.26% | 9.75% | 12.94% | 13.69% | 11.96% | 11.81% | 10.41% | 17.94% | 8.05% | 13.43% | 10.97% | 4.5% | 6.38% | 6.88% | 7.73% | 11.09% | 0.97% | -6.57% | 1.58% | -5.51% | 8.54% | 1.57% | 8.03% | 9.53% | 12.69% |
| Income Tax | 4M | 93M | 170M | 191M | 181M | 215M | 41M | 140M | 226M | -177M | 199M | 275M | 235M | 507M | 206M | 307M | 211M | 90M | 101M | 149M | 167M | 226M | -106M | -108M | 5M | -118M | 149M | 24M | 111M | 160M | 227M |
| Effective Tax Rate % | 0.61% | 16.37% | 15.77% | 17.57% | 18.53% | 19.87% | 7.74% | 15.52% | 17.25% | -13.59% | 18.6% | 24.36% | 23.74% | 30.2% | 31.74% | 31.85% | 33.18% | 39.82% | 23.54% | 31.7% | 28.99% | 28.86% | -165.63% | 28.35% | 5.95% | 39.73% | 32.96% | 33.33% | 30.83% | 35.87% | 37.4% |
| Net Income | 647M | 474M | 905M | 894M | 793M | 857M | 478M | 759M | 1.08B | 1.47B | 866M | 848M | 751M | 1.17B | 437M | 696M | 438M | 136M | 346M | 300M | 409M | 557M | 170M | -270M | 61M | -179M | 303M | 48M | 249M | 286M | 380M |
| Net Margin % | 7.15% | 5.42% | 9.65% | 9.72% | 7.53% | 8.18% | 5.65% | 8.21% | 10.67% | 15.49% | 9.68% | 8.87% | 7.9% | 12.45% | 5.42% | 9.7% | 7.55% | 2.71% | 5.14% | 4.39% | 5.49% | 7.89% | 2.58% | -4.66% | 1.15% | -3.32% | 5.73% | 1.05% | 5.56% | 6.11% | 7.95% |
| Net Income Growth % | -7.44% | -47.62% | 1.23% | 12.74% | -7.47% | 79.29% | -37.02% | -29.72% | -26.73% | 70.21% | 2.12% | 12.92% | -35.54% | 166.59% | -37.21% | 58.9% | 222.06% | -60.69% | 15.33% | -26.65% | -26.57% | 227.65% | 162.96% | -542.62% | 134.08% | -159.08% | 531.25% | -80.72% | -12.94% | -24.74% | -32.02% |
| Net Income (Continuing) | 649M | 475M | 908M | 896M | 796M | 867M | 489M | 762M | 1.08B | 1.39B | 859M | 854M | 755M | 1.17B | 443M | 657M | 425M | 136M | 328M | 321M | 427M | 557M | 170M | -273M | 79M | -175M | 303M | 48M | 249M | 286M | 380M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 0 | 0 | 0 | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 59M | 76M | 73M | 72M | 83M | 84M | 85M | 74M | 75M | 77M | 76M | 80M | 80M | 79M | 85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.61 | 4.10 | 7.67 | 7.49 | 6.35 | 6.25 | 3.50 | 5.48 | 7.56 | 10.09 | 5.84 | 5.66 | 4.97 | 7.44 | 2.93 | 4.86 | 2.96 | 0.93 | 2.28 | 1.79 | 2.46 | 3.41 | 1.09 | -1.75 | 0.40 | -1.17 | 1.97 | 0.31 | 1.57 | 1.82 | 2.40 |
| EPS Growth % | -6.17% | -46.54% | 2.4% | 17.95% | 1.6% | 78.57% | -36.13% | -27.51% | -25.07% | 72.77% | 3.18% | 13.88% | -33.2% | 153.92% | -39.71% | 64.19% | 218.28% | -59.21% | 27.37% | -27.24% | -27.86% | 212.84% | 162.29% | -537.5% | 134.19% | -159.39% | 535.48% | -80.25% | -13.74% | -24.17% | -29.2% |
| EPS (Basic) | - | 4.13 | 7.75 | 7.54 | 6.42 | 6.35 | 3.53 | 5.52 | 7.65 | 10.18 | 5.88 | 5.71 | 5.03 | 7.57 | 3.00 | 4.98 | 3.04 | 0.94 | 2.30 | 1.82 | 2.49 | 3.45 | 1.10 | -1.75 | 0.40 | -1.17 | 1.98 | 0.31 | 1.58 | 1.83 | 2.42 |
| Diluted Shares Outstanding | 115.3M | 115.6M | 117.9M | 119.4M | 124.9M | 137.1M | 136.5M | 138.5M | 142.9M | 146.1M | 148.4M | 149.8M | 151.1M | 156.5M | 149.1M | 143.1M | 147.8M | 147.03M | 152M | 167.6M | 166.6M | 163.6M | 156.6M | 154.29M | 154.43M | 153.51M | 153.81M | 157.38M | 159.11M | 157.6M | 158.6M |
| Basic Shares Outstanding | 114.3M | 114.7M | 116.7M | 118.6M | 123.5M | 134.9M | 135.5M | 137.4M | 141.2M | 144.8M | 147.3M | 148.6M | 149.5M | 154M | 145.5M | 139.7M | 144.2M | 144.68M | 150.4M | 165.29M | 164.26M | 161.4M | 155.2M | 154.29M | 154.43M | 153.51M | 153.42M | 157.38M | 158.1M | 156.2M | 157M |
| Dividend Payout Ratio | - | 80.38% | 41.88% | 42.06% | 48.05% | 43.76% | 74.9% | 45.19% | 29.44% | 20.08% | 31.41% | 28.07% | 27.96% | 12.02% | 43.94% | 19.54% | 29% | 94.12% | 39.02% | 49% | 35.21% | 25.49% | 80.59% | - | 221.31% | - | 44.55% | 287.5% | 55.42% | 48.25% | 35.26% |
Quick answers to the most common questions about buying EMN stock.
For fiscal year 2025, Eastman Chemical Company (EMN) reported total revenue of $8.75B. This represents a 83.0% increase compared to $4.78B in 1996.
Eastman Chemical Company (EMN) is profitable, generating $474.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.4%.
Eastman Chemical Company (EMN) reported an operating income of $931.0M, resulting in an operating profit margin of 10.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Eastman Chemical Company (EMN) generated $1.84B in gross profit for the year, representing a gross profit margin of 21.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent year-over-year revenue contraction
Metrics are mathematically derived from official filings.
Sequential Recovery Masks Annual Decline
Based on EMN's reported quarterly figures, revenue rebounded to roughly $2.5B in 2026Q2 and $2.4B in 2026Q3, yet the trailing year-over-year trend remains negative at about -6.7%, leaving the durability of the recovery unconfirmed.
The sequential rise from $2.2B in 2026Q1 to $2.5B in 2026Q2 suggests volume is re-accelerating from a cyclical trough, but the stronger reading is that the quarterly base remains below the 2024 run-rate of $2.4B to $2.5B. Two sequential quarters of improvement may reflect restocking rather than end-demand recovery, which investors should monitor against sell-through in durables and automotive. Until year-over-year growth turns positive, the trajectory appears more consistent with stabilization than expansion.
Gross Margin Recovery Still Below Prior Peak
EMN's gross margin rebuilt from 17.1% in 2025Q4 to 22.3% in both 2026Q2 and 2026Q3, but remains well below the roughly 24.6% to 25.3% levels reported across 2024 quarters.
The margin recovery suggests improved price-cost spreads and better utilization of the integrated acetyl and polyester assets, which is a constructive signal. However, the gap to 2024 levels implies that either pricing power in specialty products has eroded or mix has shifted toward lower-margin intermediates, and the filings alone do not isolate which. Sustained gross margins above 23% would be needed to argue the structural premium from circular-materials products is re-emerging.
Fixed-Cost Base Drives Operating Deleverage
Operating margin compressed from 16.8% in 2024Q4 to 6.1% in 2025Q4 before recovering to 12.1% in 2026Q3, indicating that fixed manufacturing and overhead costs amplify revenue swings for EMN.
Reported SG&A and R&D figures are comparatively stable quarter to quarter, so the operating margin swings appear driven mainly by gross profit movement against a largely fixed overhead base. The 2025Q4 trough, with gross profit falling to $338M, illustrates how sensitive EMN's earnings are to utilization. Investors should treat the current 12.1% operating margin as a partial recovery rather than a new normal until volumes restore full absorption of fixed costs.
EPS Rebound Outpaces Operating Recovery
Diluted EPS rose from $0.41 in 2025Q3 to $2.19 in 2026Q3, a move larger in percentage terms than the operating income recovery, which warrants scrutiny of below-the-line contributions.
Net income in 2026Q3 of $252M against operating income of $288M implies a relatively high conversion, and the reported net margin of 10.6% is close to the operating margin, suggesting limited drag from interest or taxes in that quarter. The 2025Q3 EPS of $0.41 on $47M of net income was depressed by items not visible in the summary data, so the swing may overstate underlying recovery. Stock-based compensation appears negligible in the reported figures, which removes one common quality adjustment, though the source of 2025Q3 weakness remains unexplained by the data provided.
Recovery Narrative Rests on Two Quarters
The bull case leans on two consecutive quarters of improving margins and EPS, a short window that could reverse if the restocking-driven volume gains fade, as the trailing revenue trend still shows about -6.7% year-over-year contraction.
A bear reading would argue that the 2026Q2 and 2026Q3 improvements reflect inventory rebuilding after a destocking cycle rather than sustained end-market demand, and that such gains typically unwind within a few quarters. The persistent negative year-over-year growth and the 2024 margin benchmarks suggest the earnings base may be cyclically elevated relative to trend only if the recovery stalls. Investors should weigh whether the maintained rather than raised guidance signals management's own caution about second-half visibility.