$EMN

EASTMAN CHEMICAL CO

CIK:0000915389|SEC Filings

UNAUDITED CONSOLIDATED STATEMENTS OF EARNINGS, COMPREHENSIVE INCOME AND RETAINED EARNINGS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Sales	$ 2,513	$ 2,287	$ 4,690	$ 4,577
Cost of sales	1,953	1,781	3,699	3,504
Gross profit	560	506	991	1,073
Selling, general and administrative expenses	185	157	363	339
Research and development expenses	65	67	125	134
Asset impairments, restructuring, and other charges, net	1	13	10	22
Other components of post-employment (benefit) cost, net	(16)	(2)	(33)	(3)
Other (income) charges, net	14	49	27	57
Earnings before interest and taxes	311	222	499	524
Net interest expense	55	53	107	102
Earnings before income taxes	256	169	392	422
Provision for income taxes	72	29	101	99
Net earnings	184	140	291	323
Less: Net earnings attributable to noncontrolling interest	1	0	1	1
Net earnings attributable to Eastman	$ 183	$ 140	$ 290	$ 322
Earnings Per Share, Basic [Abstract]
Basic earnings per share attributable to Eastman	$ 1.60	$ 1.22	$ 2.54	$ 2.80
Diluted earnings per share attributable to Eastman
Diluted earnings per share attributable to Eastman	$ 1.59	$ 1.20	$ 2.51	$ 2.77
Comprehensive Income
Net earnings including noncontrolling interest	$ 184	$ 140	$ 291	$ 323
Other comprehensive income (loss), net of tax:
Change in cumulative translation adjustment	(13)	(6)	(4)	2
Defined benefit pension and other postretirement benefit plans:
Amortization of unrecognized prior service credits included in net periodic costs	(8)	0	(15)	0
Derivatives and hedging:
Unrealized gain (loss) during period	2	(32)	18	(45)
Reclassification adjustment for (gains) losses included in net income, net	0	6	1	4
Total other comprehensive income (loss), net of tax	(19)	(32)	0	(39)
Comprehensive income including noncontrolling interest	165	108	291	284
Less: Net earnings attributable to noncontrolling interest	1	0	1	1
Comprehensive income attributable to Eastman	164	108	290	283
Retained Earnings
Retained earnings at beginning of period			10,105
Net earnings attributable to Eastman	183	140	290	322
Cash dividends declared	(96)	$ (96)	(194)	$ (192)
Retained earnings at end of period	$ 10,201		$ 10,201

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net earnings	$ 291	$ 323
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	263	253
Provision (benefit) from deferred income taxes	10	(48)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
(Increase) decrease in trade receivables	(369)	(183)
(Increase) decrease in inventories	(146)	(131)
Increase (decrease) in trade payables	85	(155)
Pension and other postretirement contributions (in excess of) less than expenses	(48)	(17)
Variable compensation payments (in excess of) less than expenses	22	(86)
Other items, net	(21)	110
Net cash provided by operating activities	87	66
Investing activities
Additions to properties and equipment	(203)	(297)
Sales	3	14
Other items, net	(3)	5
Net cash used in investing activities	(203)	(278)
Financing activities
Net increase in commercial paper and other borrowings	0	344
Proceeds from borrowings	594	246
Repayment of borrowings	(150)	(550)
Dividends paid to stockholders	(192)	(191)
Treasury stock purchases	0	(50)
Other items, net	(11)	(13)
Net cash provided by (used in) financing activities	241	(214)
Effect of exchange rate changes on cash and cash equivalents	0	12
Net change in cash and cash equivalents	125	(414)
Cash and cash equivalents at beginning of period	566	837
Cash and cash equivalents at end of period	$ 691	$ 423

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 691	$ 566
Trade receivables, net of allowance for credit losses	1,097	737
Miscellaneous receivables	268	262
Inventories	2,101	1,980
Other current assets	98	100
Total current assets	4,255	3,645
Properties
Properties and equipment at cost	14,642	14,507
Less: Accumulated depreciation	8,956	8,776
Net properties	5,686	5,731
Goodwill	3,661	3,665
Intangible assets, net of accumulated amortization	924	970
Other noncurrent assets	898	848
Total assets	15,424	14,859
Current liabilities
Payables and other current liabilities	2,075	2,066
Borrowings due within one year	765	586
Total current liabilities	2,840	2,652
Long-term borrowings	4,452	4,201
Deferred income tax liabilities	685	669
Post-employment obligations	393	409
Other long-term liabilities	879	891
Total liabilities	9,249	8,822
Stockholders' equity
Common stock ($0.01 par value – 350,000,000 shares authorized; shares issued – 224,218,154 and 223,938,047 as of June 30, 2026 and December 31, 2025)	2	2
Additional paid-in capital	2,539	2,500
Retained earnings	10,201	10,105
Accumulated other comprehensive income (loss)	(160)	(160)
Stockholder's Equity before Treasury Stock	12,582	12,447
Less: Treasury stock at cost (109,891,531 and 109,891,531 shares as of June 30, 2026 and December 31, 2025)	6,486	6,486
Total Eastman stockholders' equity	6,096	5,961
Noncontrolling interest	79	76
Total equity	6,175	6,037
Total liabilities and stockholders' equity	$ 15,424	$ 14,859