Honestly, if you thought Kodak was just a ghost of the nineties living off nostalgia, you’ve missed the biggest plot twist in corporate history.
People love to talk about the "Kodak moment" as a cautionary tale of a company that failed to innovate, but 2026 is telling a completely different story. Right now, Kodak in the news isn't about bankruptcy or fading memories. It’s about a massive $1 billion pension win, a resurgence in film that’s actually making money, and a pivot into pharmaceuticals that is finally—after years of rumors—actually happening.
It’s been a wild ride. In late 2025, Kodak finished a pension reversion process that essentially injected a billion dollars back into the company. That’s not pocket change. It allowed them to wipe out huge chunks of debt and fully fund a new benefit plan for employees. For a company that once looked like it was circling the drain, being "net cash positive" is a phrase many experts never thought they'd hear again.
The Film Resurgence is Real (and Spendy)
You might have noticed that film photography is no longer just for hipsters with too much time on their hands. It’s a full-blown market. But here’s the kicker: for years, Eastman Kodak (the guys who make the film in Rochester) didn't actually control how their film was sold to you. Because of some messy bankruptcy leftovers from 2012, a separate company called Kodak Alaris handled the distribution.
Basically, Kodak made the stuff, but someone else made the rules.
✨ Don't miss: Is US Stock Market Open Tomorrow? What to Know for the MLK Holiday Weekend
That just changed. Kodak is now selling Kodak Gold 200 and Ultramax 400 directly to retailers again. They’ve even launched new stocks like Kodacolor 100. This matters because it gives them control over pricing and supply. If you've tried to buy a three-pack of film lately and winced at the price, you know how volatile the market has been. Kodak is betting that by taking the reins back, they can stabilize things.
Kodak in the News: From Darkrooms to Drug Labs
This is where it gets kinda weird, but also very smart. Kodak has always been a chemistry company at its core. Coating film is basically just high-precision chemistry. They are now taking that 130-year-old expertise and pointing it at the pharmaceutical industry.
- The cGMP Facility: They just finished an FDA-registered manufacturing facility.
- Regulated Products: They aren't just making "starting materials" anymore; they are moving into regulated products like Phosphate Buffered Saline and diagnostic reagents.
- Battery Tech: They’re even using their coating machines to help manufacture electrodes for batteries.
It’s a bizarre mix. On one hand, you have the Oscars—where movies like Anora and The Brutalist are still being shot on Kodak 35mm film. On the other hand, you have a factory in Rochester churning out chemicals for medical tests. It's a "straddle the fence" strategy that seems to be working. Their Advanced Materials and Chemicals (AM&C) division saw a 15% revenue jump recently.
Why the Stock is Moving
Investors have been watching KODK like hawks. The stock has been volatile—hitting highs near $10 before dipping back to the $7 range in early 2026. But the underlying numbers are what’s interesting. In Q3 2025, they pulled in $269 million in revenue. More importantly, their gross profit margin jumped from 17% to 25%.
🔗 Read more: Big Lots in Potsdam NY: What Really Happened to Our Store
They are becoming more efficient. They are spending less on lawsuits and more on making things.
Of course, it isn't all sunshine. The printing industry, which is still their biggest moneymaker, is facing a massive shift. Digital is eating analog's lunch. Kodak is trying to pivot here too, pushing their SONORA Process Free Plates—which are basically eco-friendly printing plates that don't need water or chemicals to develop. Demand for these just spiked so hard in the U.S. that they had to open a second production line in Columbus, Georgia.
What Most People Get Wrong
The biggest misconception is that Kodak is a "tech" company that failed. They weren't a tech company; they were a chemistry and manufacturing company. When the world went digital, they didn't just lose a product; they lost the need for their entire chemical infrastructure.
What we're seeing now is the repurposing of that infrastructure. They aren't trying to be Apple. They’re trying to be the world's most high-tech chemical plant.
💡 You might also like: Why 425 Market Street San Francisco California 94105 Stays Relevant in a Remote World
If you’re looking for a takeaway, it’s this: Kodak is no longer a legacy brand waiting to die. They are a lean, cash-heavy manufacturer with a foot in the past (film) and a foot in the future (biotech). It's a weird, messy, and fascinating turnaround that is finally paying off.
Actionable Insights for Following Kodak:
- Watch the AM&C Division: This is the "new" Kodak. If this segment keeps growing at 15%+, the company’s valuation will likely shift from "dying print shop" to "growth chemical firm."
- Film Supply Chains: If you're a photographer, watch for the "Direct from Kodak" labeling on film boxes. It usually means better availability and potentially more stable (though likely higher) pricing.
- Debt Levels: With the pension reversion complete, keep an eye on their interest payments. If they continue to pay down the remaining $200 million in debt, they become a much safer bet for long-term holds.
Keep an eye on the upcoming earnings reports in early 2026 to see if the pharmaceutical facility starts contributing to the bottom line—that will be the real test of this pivot.