Cash flow generation is highly erratic, evidenced by an OCF/NI ratio that reached an extreme 5.43x in 2025Q1, reflecting a disconnect between reported earnings and actual liquidity.
| 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 |
|---|
| Cash from Operations | 488M | 480M | -7M | 38M | -116M | -47M | -35M | 12M | -62M | -67M | -13M | -95M | -128M | -667M | -262M | -998M | -219M | -136M | 153M | 314M | 956M | 1.21B | 1.17B | 1.65B | 2.2B | 2.06B | 982M | 1.93B | 1.48B | 2.08B | 2.48B |
| Operating CF Margin % | - | 44.9% | -0.67% | 3.4% | -9.63% | -4.09% | -3.4% | 0.97% | -4.7% | -4.83% | -0.79% | -5.27% | -6.26% | -28.42% | -9.64% | -27.84% | -3.65% | -1.79% | 1.62% | 3.05% | 9.05% | 10.6% | 8.64% | 12.74% | 17.56% | 15.61% | 7.02% | 13.72% | 11.06% | 14.31% | 15.56% |
| Operating CF Growth % | 12560.34% | 6957.14% | -118.42% | 132.76% | -146.81% | -34.29% | -391.67% | 119.35% | 7.46% | -415.38% | 86.32% | 25.78% | 80.81% | -154.58% | 73.75% | -355.71% | -61.03% | -188.89% | -51.27% | -67.15% | -20.86% | 3.42% | -29% | -25.36% | 6.73% | 110.29% | -49.2% | 30.34% | -28.7% | -16.26% | -5.55% |
| Net Income | -137M | -128M | 102M | 75M | 26M | 24M | -541M | 116M | -16M | 94M | 16M | -75M | -118M | 1.99B | -1.3B | -767M | -58M | -232M | -442M | 676M | -601M | -1.36B | 556M | 265M | 770M | 76M | 1.41B | 1.39B | 1.39B | 5M | 1.29B |
| Depreciation & Amortization | 29M | 29M | 28M | 30M | 29M | 31M | 37M | 55M | 73M | 80M | 105M | 145M | 199M | 189M | 242M | 294M | 378M | 427M | 500M | 785M | 1.33B | 1.4B | 1.03B | 830M | 818M | 919M | 889M | 918M | 853M | 828M | 903M |
| Stock-Based Compensation | 8M | 5M | 6M | 7M | 5M | 7M | 15M | 7M | 6M | 9M | 8M | 18M | 8M | 4M | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 3M | 3M | -1M | -1M | -3M | -1M | 160M | 21M | 18M | -129M | 15M | 6M | 5M | 446M | -20M | 12M | -90M | -89M | 16M | -107M | -104M | 476M | -37M | -14M | -224M | -44M | 235M | 247M | 202M | -502M | -17M |
| Other Non-Cash Items | 608M | 572M | -138M | -89M | -81M | -90M | 311M | -234M | -84M | -77M | -149M | -107M | -62M | -2.02B | 705M | 55M | 9M | 28M | 801M | 336M | 141M | 94M | -340M | 221M | 175M | 830M | -117M | 291M | -124M | 1.63B | 533M |
| Working Capital Changes | -23M | -1M | -4M | 16M | -92M | -18M | -17M | 47M | -59M | -44M | -8M | -82M | -160M | -829M | 86M | -502M | -552M | -170M | -719M | -194M | 253M | 598M | -41M | 343M | 665M | 284M | -1.43B | -915M | -838M | 123M | -223M |
| Change in Receivables | 11M | 1M | 51M | -10M | -13M | -8M | 33M | 21M | 12M | 11M | 54M | 15M | 143M | 33M | 213M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -17M | 6M | -7M | 19M | -31M | -19M | 12M | 11M | -9M | -4M | 16M | 12M | 4M | 120M | 27M | 131M | -28M | 276M | -20M | 108M | 271M | 274M | 83M | 128M | 88M | 461M | -282M | -201M | -43M | 77M | -130M |
| Change in Payables | -13M | -16M | -3M | -14M | -12M | 38M | -36M | 25M | -31M | -14M | 13M | 3M | 0 | -549M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 20M | -29M | -39M | -32M | -56M | -20M | -13M | 311M | -22M | -24M | -21M | -51M | 41M | 760M | 25M | -25M | -112M | -22M | -188M | 2.41B | -225M | -1.3B | -120M | -1.27B | -758M | -1.05B | -783M | -685M | -1.84B | -1.9B | -636M |
| Capital Expenditures | -28M | -34M | 0 | -32M | -31M | -21M | -17M | -15M | -33M | -38M | -41M | -43M | -43M | -39M | -69M | -128M | -149M | -152M | -254M | -259M | -379M | -472M | -460M | -506M | -577M | -743M | -945M | -1.13B | -1.11B | -1.49B | -1.34B |
| CapEx % of Revenue | 2.58% | 3.18% | 5.37% | 2.86% | 2.57% | 1.83% | 1.65% | 1.21% | 2.5% | 2.74% | 2.5% | 2.38% | 2.1% | 1.66% | 2.54% | 3.57% | 2.49% | 2% | 2.7% | 2.51% | 3.59% | 4.14% | 3.4% | 3.92% | 4.6% | 5.62% | 6.75% | 8% | 8.27% | 10.21% | 8.4% |
| Acquisitions | 0 | 5M | 0 | 0 | 0 | 1M | 4M | 326M | 11M | 13M | 10M | 2M | 18M | -4M | 63M | 126M | 32M | 139M | 54M | 225M | -3M | -984M | -369M | -697M | -72M | -306M | -130M | -3M | -949M | -341M | -128M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 46M | 0 | -39M | 0 | -25M | 0 | 4M | 0 | 11M | -25M | 8M | -10M | 68M | 799M | 27M | -22M | 1M | -12M | 2.42B | 2.45B | 159M | 164M | 701M | -63M | -96M | 0 | 277M | 422M | 238M | -194M | 805M |
| Cash from Financing | -366M | -314M | -23M | 85M | 43M | 238M | 10M | -298M | -11M | -29M | -72M | -1M | -7M | -366M | 508M | 246M | -74M | 33M | -731M | -1.28B | -947M | 533M | -1.07B | 270M | -1.33B | -808M | -314M | -1.33B | 77M | -1.2B | -1.83B |
| Debt Issued (Net) | -357M | -306M | -18M | 90M | 48M | 239M | -1M | -285M | -3M | -11M | -282M | 1M | -3M | -811M | 549M | 252M | -62M | 63M | -306M | -1.19B | -803M | 722M | -928M | 588M | -597M | -143M | 1.31B | 89M | 776M | 123M | -97M |
| Equity Issued (Net) | -5M | -6M | -1M | 0 | -1M | 8M | 0 | 0 | 0 | -1M | 195M | -1M | -1M | 406M | 0 | 0 | 0 | 0 | -301M | 6M | 0 | 12M | 5M | 12M | -209M | -22M | -1.08B | -853M | -130M | -754M | -1.2B |
| Dividends Paid | -4M | -2M | -4M | -4M | -4M | -7M | -22M | -3M | -8M | -10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -139M | -144M | -144M | -144M | -143M | -330M | -525M | -643M | -545M | -563M | -569M | -567M | -539M |
| Share Repurchases | -6M | -7M | -1M | 0 | -1M | -1M | -33M | 0 | 0 | -1M | -3M | -1M | -1M | 0 | 0 | 0 | 0 | 0 | -301M | 0 | 0 | 0 | 0 | 0 | -260M | -44M | -1.13B | -897M | -258M | -850M | -1.32B |
| Other Financing | 0 | 0 | 0 | -1M | 0 | -2M | 33M | -10M | 0 | -7M | 15M | -1M | -3M | 913M | -41M | -6M | -12M | -30M | 15M | 44M | 0 | -57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 143M | 141M | -76M | 91M | -137M | 167M | -34M | 23M | -102M | -109M | -113M | -165M | -132M | 607M | 274M | -763M | -400M | -121M | -802M | 1.48B | -196M | 410M | 5M | 681M | 121M | 202M | -127M | -84M | -271M | -1.05B | 13M |
| Free Cash Flow | 460M | 446M | -63M | 6M | -147M | -68M | -52M | -3M | -95M | -105M | -54M | -138M | -171M | -706M | -331M | -1.13B | -368M | -288M | -101M | 55M | 577M | 736M | 708M | 1.14B | 1.63B | 1.32B | 37M | 806M | 375M | 595M | 1.14B |
| FCF Margin % | 42.32% | 41.72% | -6.04% | 0.54% | -12.2% | -5.91% | -5.05% | -0.24% | -7.2% | -7.58% | -3.29% | -7.65% | -8.36% | -30.08% | -12.17% | -31.41% | -6.14% | -3.79% | -1.07% | 0.53% | 5.46% | 6.46% | 5.24% | 8.82% | 12.97% | 9.99% | 0.26% | 5.72% | 2.8% | 4.09% | 7.16% |
| FCF Growth % | 483.33% | 807.94% | -1150% | 104.08% | -116.18% | -30.77% | -1633.33% | 96.84% | 9.52% | -94.44% | 60.87% | 19.3% | 75.78% | -113.29% | 70.6% | -205.98% | -27.78% | -185.15% | -283.64% | -90.47% | -21.6% | 3.95% | -37.84% | -29.99% | 23.07% | 3472.97% | -95.41% | 114.93% | -36.97% | -47.94% | -28.38% |
| FCF per Share | 5.12 | 4.97 | -0.68 | 0.07 | -1.82 | -0.84 | -0.91 | -0.07 | -2.22 | -2.46 | -1.27 | -3.28 | -4.10 | -2.60 | -1.22 | -4.18 | -1.37 | -1.07 | -0.38 | 0.19 | 2.01 | 2.06 | 2.47 | 3.56 | 5.32 | 4.52 | 0.12 | 2.51 | 1.14 | 1.79 | 3.34 |
| FCF Conversion (FCF/Net Income) | -3.36x | -3.75x | -0.07x | 0.51x | -4.46x | -1.96x | 0.06x | 0.10x | 3.88x | -0.71x | -0.87x | 1.19x | 1.04x | -0.34x | 0.19x | 1.31x | 0.32x | 0.65x | -0.35x | 0.46x | -1.19x | -0.77x | 2.15x | 6.50x | 2.86x | 27.17x | 0.70x | 1.39x | 1.07x | 416.00x | 1.93x |
| Interest Paid | 0 | 0 | 31M | 26M | 23M | 14M | 8M | 21M | 0 | 31M | 58M | 60M | 65M | 0 | 63M | 126M | 115M | 70M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 13M | 9M | 6M | 2M | 8M | 17M | 0 | 18M | 24M | 12M | 14M | 0 | 55M | 78M | 197M | 225M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Volatile working capital cycles
Based on the provided cash flow data, Kodak exhibits a persistent disconnect between net income and operating cash flow, evidenced by an OCF/NI ratio that frequently swings into extreme territory, such as the 5.43x multiple observed during the first quarter of 2025.
The erratic relationship between accounting earnings and cash generation suggests that non-cash charges and significant accrual adjustments are masking the underlying operational reality. Investors should monitor this divergence closely, as it indicates that reported net income is an unreliable proxy for the company's actual ability to generate liquidity from its core business activities.
As reported in financial statements, Kodak's free cash flow trajectory remains deeply inconsistent, oscillating between a significant $483 million inflow in 2025Q4 and a $50 million outflow in 2025Q1, highlighting the company's inability to maintain a stable cash-generative profile over the last ten quarters.
This extreme variability in free cash flow suggests that the company's operational performance is highly sensitive to lumpy working capital movements rather than consistent margin expansion. The lack of a sustained positive FCF trend implies that the business may struggle to self-fund its ongoing strategic pivot without relying on external financing or asset monetization.
According to the quarterly cash flow data, working capital changes have become the primary driver of liquidity fluctuations, with a notable $38 million cash outflow in 2026Q1 contrasting sharply with the $33 million inflow recorded during the final quarter of 2023.
These dramatic shifts in working capital suggest that the company is experiencing significant friction in managing its inventory and receivables cycles. Such volatility may indicate that the business is struggling to align its production schedules with actual customer demand, leading to periodic cash crunches that complicate short-term financial planning.
Based on the provided figures, Kodak's capital expenditure as a percentage of revenue has fluctuated between 1.5% and 7.7% over the last ten quarters, reflecting a persistent need to reinvest in legacy manufacturing infrastructure despite the company's ongoing strategic shift toward advanced materials.
The continued allocation of capital toward maintenance and legacy assets appears to constrain the company's ability to pivot toward higher-margin growth opportunities. This capital intensity, when combined with thin operating margins, suggests that the company may be trapped in a cycle of funding aging equipment rather than investing in future-proof technologies.
Quick answers to the most common questions about buying KODK stock.
Eastman Kodak Company (KODK) generated $480.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Eastman Kodak Company (KODK) generated $446.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Eastman Kodak Company (KODK) spent $34.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Eastman Kodak Company (KODK) returned $2.0M to shareholders via cash dividends and spent $7.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.