Note 9 - Revenue

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

NOTE 9: REVENUE

Disaggregation of Revenue

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

Major Product:

Three Months Ended
June 30, 2025
			Advanced
			Materials
			and
(in millions)	Print		Chemicals		Brand		All Other		Total
Core products (1)
Plates, inks and other consumables	$	129	$	6	$	—	$	—	$	135
Ongoing service arrangements		35		—		—		—		35
Total annuities		164		6		—		—		170
Equipment & software		14		—		—		—		14
Film and chemicals		—		68		—		—		68
Total Core		178		74		—		—		252
Growth products (2)		—		1		—		—		1
Other (3)		—		—		6		4		10
Total	$	178	$	75	$	6	$	4	$	263

Six Months Ended
June 30, 2025
			Advanced
			Materials
			and
(in millions)	Print		Chemicals		Brand		All Other		Total
Core products (1)
Plates, inks and other consumables	$	243	$	13	$	—	$	—	$	256
Ongoing service arrangements		71		—		—		—		71
Total annuities		314		13		—		—		327
Equipment & software		29		—		—		—		29
Film and chemicals		—		134		—		—		134
Total Core		343		147		—		—		490
Growth products (2)		—		2		—		—		2
Other (3)		—		—		10		8		18
Total	$	343	$	149	$	10	$	8	$	510

Three Months Ended
June 30, 2024
			Advanced
			Materials
			and
(in millions)	Print		Chemicals		Brand		All Other		Total
Core products (1)
Plates, inks and other consumables	$	134	$	6	$	—	$	—	$	140
Ongoing service arrangements		39		—		—		—		39
Total annuities		173		6		—		—		179
Equipment & software		13		1		—		—		14
Film and chemicals		—		65		—		—		65
Total Core		186		72		—		—		258
Growth products (2)		—		1		—		—		1
Other (3)		—		—		4		4		8
Total	$	186	$	73	$	4	$	4	$	267

Six Months Ended
June 30, 2024
			Advanced
			Materials
			and
(in millions)	Print		Chemicals		Brand		All Other		Total
Core products (1)
Plates, inks and other consumables	$	262	$	13	$	—	$	—	$	275
Ongoing service arrangements		80		—		—		—		80
Total annuities		342		13		—		—		355
Equipment & software		26		1		—		—		27
Film and chemicals		—		116		—		—		116
Total Core		368		130		—		—		498
Growth products (2)		—		2		—		—		2
Other (3)		—		—		8		8		16
Total	$	368	$	132	$	8	$	8	$	516

(1)Core 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 consists 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.

Geography (1):

Three Months Ended
June 30, 2025
			Advanced
			Materials
			and
(in millions)	Print		Chemicals		Brand		All Other		Total
United States	$	59	$	54	$	6	$	4	$	123
Canada		4		1		—		—		5
North America		63		55		6		4		128
Europe, Middle East and Africa		73		8		—		—		81
Asia Pacific		39		12		—		—		51
Latin America		3		—		—		—		3
Total	$	178	$	75	$	6	$	4	$	263

Six Months Ended
June 30, 2025
			Advanced
			Materials
			and
(in millions)	Print		Chemicals		Brand		All Other		Total
United States	$	111	$	113	$	10	$	8	$	242
Canada		7		1		—		—		8
North America		118		114		10		8		250
Europe, Middle East and Africa		141		15		—		—		156
Asia Pacific		77		20		—		—		97
Latin America		7		—		—		—		7
Total	$	343	$	149	$	10	$	8	$	510

Three Months Ended
June 30, 2024
			Advanced
			Materials
			and
(in millions)	Print		Chemicals		Brand		All Other		Total
United States	$	60	$	58	$	4	$	4	$	126
Canada		4		1		—		—		5
North America		64		59		4		4		131
Europe, Middle East and Africa		80		6		—		—		86
Asia Pacific		37		8		—		—		45
Latin America		5		—		—		—		5
Total	$	186	$	73	$	4	$	4	$	267

Six Months Ended
June 30, 2024
			Advanced
			Materials
			and
(in millions)	Print		Chemicals		Brand		All Other		Total
United States	$	117	$	105	$	8	$	8	$	238
Canada		7		1		—		—		8
North America		124		106		8		8		246
Europe, Middle East and Africa		160		11		—		—		171
Asia Pacific		75		15		—		—		90
Latin America		9		—		—		—		9
Total	$	368	$	132	$	8	$	8	$	516

(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 amount recorded for contract assets at June 30, 2025 and December 31, 2024 was $1 million and $5 million, respectively, and was 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 amount recorded for contract liabilities in the Consolidated Statement of Financial Position at June 30, 2025 and December 31, 2024 was $98 million and $92 million, respectively, of which $44 million and $35 million, respectively, was reported in Other current liabilities and $54 million and $57 million, respectively, was reported in Other long-term liabilities.

Revenue recognized for the three and six months ended June 30, 2025 and 2024 that was included in the contract liability balance at the beginning of the period was $8 million and $23 million, respectively, in 2025 and $5 million and $25 million, respectively, in 2024 and primarily represented revenue from prepaid service contracts and equipment sales. Contract liabilities as of June 30, 2025 included $25 million and $29 million of cash payments received during the three and six months ended June 30, 2025, respectively. Contract liabilities as of June 30, 2024 included $20 million and $25 million of cash payments received during the three and six months ended June 30, 2024, 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.

Performance obligations with an original expected length of greater than one year generally consist of deferred service contracts, operating leases and licensing arrangements. As of June 30, 2025, there was approximately $89 million of unrecognized revenue from unsatisfied performance obligations. Approximately 10% of the revenue from unsatisfied performance obligations is expected to be recognized in the remainder of 2025, 15% in each of 2026 and 2027, 10% in 2028 and 50% thereafter.