NYSE : EMN
Eastman Chemical Company — Financial statements
Materials · Specialty Chemicals · United States
Last price 67.93 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 7.77B
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Financial statements
Eastman Chemical Company (EMN) reported revenue of 9.05B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 9.05B | 8.75B | 9.38B | 9.21B | 10.58B | 10.48B |
| Cost of Revenue | 7.21B | 6.91B | 7.08B | 7.13B | 8.44B | 7.97B |
| Gross Profit | 1.84B | 1.85B | 2.30B | 2.08B | 2.14B | 2.50B |
| Selling, General & Admin | 622.00M | 633.00M | 664.00M | 768.00M | 625.00M | 383.00M |
| Research & Development | 246.00M | 255.00M | 250.00M | 239.00M | 264.00M | 254.00M |
| Operating Expenses | 868.00M | 888.00M | 914.00M | 1.01B | 889.00M | 637.00M |
| Operating Income | 972.00M | 958.00M | 1.38B | 1.07B | 1.25B | 1.87B |
| Interest Expense | -223.00M | -219.00M | -216.00M | -215.00M | -182.00M | -198.00M |
| Interest & Investment Income | 8.00M | 11.00M | 16.00M | |||
| Earnings From Equity Investments | -1.00M | -1.00M | 10.00M | -19.00M | 16.00M | |
| Currency Exchange Gain (Loss) | -7.00M | -9.00M | -11.00M | -11.00M | 16.00M | -10.00M |
| Other Non Operating Income (Expenses) | -53.00M | -74.00M | -36.00M | -37.00M | 3.00M | 11.00M |
| EBT Excluding Unusual Items | 696.00M | 666.00M | 1.14B | 816.00M | 1.07B | 1.69B |
| Merger & Restructuring Charges | -61.00M | -92.00M | -58.00M | -60.00M | -52.00M | -48.00M |
| Gain (Loss) on Sale of Assets | 323.00M | -43.00M | -552.00M | |||
| Asset Writedown | -6.00M | -6.00M | -3.00M | |||
| Other Unusual Items | 6.00M | -1.00M | ||||
| Pretax Income | 653.00M | 568.00M | 1.08B | 1.09B | 977.00M | 1.08B |
| Income Tax Expense | 26.00M | 93.00M | 170.00M | 191.00M | 181.00M | 215.00M |
| Earnings From Continuing Operations | 627.00M | 475.00M | 908.00M | 896.00M | 796.00M | 867.00M |
| Minority Interest in Earnings | -2.00M | -1.00M | -3.00M | -2.00M | -3.00M | -10.00M |
| Net Income | 625.00M | 474.00M | 905.00M | 894.00M | 793.00M | 857.00M |
| Net Income to Common | 625.00M | 474.00M | 905.00M | 894.00M | 793.00M | 857.00M |
| Shares Outstanding (Basic) | 114.25M | 114.70M | 116.70M | 118.60M | 123.50M | 134.90M |
| Shares Outstanding (Diluted) | 115.08M | 115.60M | 117.90M | 119.40M | 124.90M | 137.10M |
| EPS (Basic) | 5.47 | 4.13 | 7.75 | 7.54 | 6.42 | 6.35 |
| EPS (Diluted) | 5.43 | 4.10 | 7.67 | 7.49 | 6.35 | 6.25 |
| Free Cash Flow | 469.00M | 424.00M | 688.00M | 546.00M | 364.00M | 1.06B |
| Free Cash Flow Per Share | 4.08 | 3.67 | 5.83 | 4.57 | 2.91 | 7.76 |
| Dividend Per Share | 3.36 | 3.33 | 3.26 | 3.18 | 3.07 | 2.83 |
| Gross Margin | 20.34% | 21.09% | 24.48% | 22.54% | 20.20% | 23.90% |
| Operating Margin | 10.74% | 10.95% | 14.74% | 11.61% | 11.80% | 17.82% |
| Profit Margin | 6.91% | 5.42% | 9.65% | 9.71% | 7.50% | 8.18% |
| Free Cash Flow Margin | 5.18% | 4.84% | 7.33% | 5.93% | 3.44% | 10.16% |
| EBITDA | 1.50B | 1.47B | 1.89B | 1.54B | 1.73B | 2.40B |
| EBITDA Margin | 16.58% | 16.81% | 20.17% | 16.76% | 16.30% | 22.96% |
| D&A For EBITDA | 528.00M | 513.00M | 509.00M | 475.00M | 477.00M | 538.00M |
| EBIT | 972.00M | 958.00M | 1.38B | 1.07B | 1.25B | 1.87B |
| EBIT Margin | 10.74% | 10.95% | 14.74% | 11.61% | 11.80% | 17.82% |
| Effective Tax Rate | 3.98% | 16.37% | 15.77% | 17.57% | 18.53% | 19.87% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 768.00M | 566.00M | 837.00M | 548.00M | 493.00M | 459.00M |
| Trading Asset Securities | 4.00M | 19.00M | 9.00M | 1.00M | 26.00M | |
| Cash & Short-Term Investments | 772.00M | 566.00M | 856.00M | 557.00M | 494.00M | 485.00M |
| Accounts Receivable | 1.06B | 803.00M | 883.00M | 906.00M | 1.05B | 1.17B |
| Other Receivables | 262.00M | 196.00M | 289.00M | 248.00M | 227.00M | 407.00M |
| Receivables | 1.32B | 999.00M | 1.17B | 1.15B | 1.28B | 1.58B |
| Inventory | 2.19B | 1.98B | 1.99B | 1.68B | 1.89B | 1.50B |
| Other Current Assets | 83.00M | 100.00M | 85.00M | 87.00M | 113.00M | 1.08B |
| Total Current Assets | 4.37B | 3.65B | 4.10B | 3.48B | 3.78B | 4.65B |
| Property, Plant & Equipment | 5.65B | 5.92B | 5.78B | 5.73B | 5.37B | 5.21B |
| Long-Term Investments | 2.00M | 111.00M | 183.00M | 124.00M | 183.00M | 132.00M |
| Goodwill | 3.66B | 3.67B | 3.63B | 3.65B | 3.66B | 3.64B |
| Other Intangible Assets | 905.00M | 970.00M | 1.03B | 1.14B | 1.21B | 1.36B |
| Long-Term Deferred Tax Assets | 131.00M | 109.00M | 156.00M | 123.00M | 116.00M | |
| Other Long-Term Assets | 886.00M | 415.00M | 377.00M | 360.00M | 338.00M | 410.00M |
| Total Assets | 15.47B | 14.86B | 15.21B | 14.63B | 14.67B | 15.52B |
| Accounts Payable | 1.21B | 1.31B | 1.17B | 1.32B | 1.23B | |
| Accrued Expenses | 171.00M | 231.00M | 222.00M | 329.00M | 451.00M | |
| Short-Term Debt | 135.00M | 326.00M | ||||
| Current Portion of Long-Term Debt | 764.00M | 586.00M | 454.00M | 541.00M | 800.00M | 747.00M |
| Current Portion of Leases | 56.00M | 50.00M | ||||
| Current Income Taxes Payable | 232.00M | 290.00M | 192.00M | 95.00M | 68.00M | |
| Other Current Liabilities | 1.87B | 396.00M | 424.00M | 451.00M | 382.00M | 427.00M |
| Total Current Liabilities | 2.77B | 2.65B | 2.71B | 2.58B | 3.25B | 2.97B |
| Long-Term Debt | 4.55B | 4.34B | 4.62B | 4.37B | 4.03B | 4.42B |
| Long-Term Leases | 117.00M | 157.00M | ||||
| Pension & Post-Retirement Benefits | 383.00M | 409.00M | 630.00M | 667.00M | 628.00M | 811.00M |
| Long-Term Deferred Tax Liabilities | 740.00M | 669.00M | 533.00M | 601.00M | 671.00M | 810.00M |
| Other Long-Term Liabilities | 681.00M | 638.00M | 869.00M | 893.00M | 856.00M | 565.00M |
| Total Liabilities | 9.13B | 8.82B | 9.36B | 9.10B | 9.43B | 9.73B |
| Common Stock | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M |
| Additional Paid-In Capital | 2.56B | 2.50B | 2.46B | 2.37B | 2.31B | 2.19B |
| Retained Earnings | 10.36B | 10.11B | 10.01B | 9.49B | 8.97B | 8.56B |
| Treasury Stock | -6.49B | -6.49B | -6.38B | -6.08B | -5.93B | -4.86B |
| Comprehensive Income & Other | -152.00M | -160.00M | -314.00M | -319.00M | -205.00M | -182.00M |
| Total Common Equity | 6.28B | 5.96B | 5.78B | 5.46B | 5.15B | 5.70B |
| Minority Interest | 59.00M | 76.00M | 73.00M | 72.00M | 83.00M | 84.00M |
| Shareholders' Equity | 6.33B | 6.04B | 5.85B | 5.53B | 5.24B | 5.79B |
| Total Liabilities & Equity | 15.47B | 14.86B | 15.21B | 14.63B | 14.67B | 15.52B |
| Total Debt | 5.45B | 5.10B | 5.08B | 4.91B | 5.15B | 5.37B |
| Net Cash (Debt) | -4.68B | -4.53B | -4.22B | -4.35B | -4.66B | -4.89B |
| Net Cash Per Share | -40.69 | -39.19 | -35.78 | -36.43 | -37.29 | -35.64 |
| Filing Date Shares Outstanding | 114.33M | 114.05M | 115.12M | 117.29M | 118.75M | 128.92M |
| Total Common Shares Outstanding | 114.33M | 114.05M | 115.12M | 117.29M | 118.75M | 128.92M |
| Working Capital | 1.59B | 993.00M | 1.39B | 905.00M | 527.00M | 1.68B |
| Book Value Per Share | 54.89 | 52.27 | 50.20 | 46.53 | 43.40 | 44.25 |
| Tangible Book Value | 1.71B | 1.33B | 1.11B | 674.00M | 279.00M | 701.00M |
| Tangible Book Value Per Share | 14.95 | 11.63 | 9.69 | 5.75 | 2.35 | 5.44 |
| Land | 111.00M | 111.00M | 114.00M | 140.00M | 150.00M | |
| Buildings | 1.57B | 1.53B | 1.48B | 1.39B | 1.46B | |
| Machinery | 12.02B | 11.57B | 10.75B | 10.54B | 10.45B | |
| Construction In Progress | 801.00M | 777.00M | 1.23B | 865.00M | 623.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 625.00M | 474.00M | 905.00M | 894.00M | 793.00M | 857.00M |
| Depreciation & Amortization | 528.00M | 513.00M | 509.00M | 475.00M | 477.00M | 538.00M |
| Loss (Gain) From Sale of Assets | -338.00M | 58.00M | 552.00M | |||
| Asset Writedown & Restructuring Costs | 33.00M | 33.00M | 5.00M | 23.00M | 16.00M | |
| Other Operating Activities | 163.00M | 136.00M | -103.00M | -47.00M | -114.00M | -294.00M |
| Change in Accounts Receivable | -140.00M | 61.00M | 28.00M | 126.00M | 93.00M | -281.00M |
| Change in Inventory | -278.00M | 24.00M | -344.00M | 201.00M | -430.00M | -389.00M |
| Change in Accounts Payable | 199.00M | -76.00M | 188.00M | -190.00M | 60.00M | 554.00M |
| Change in Other Net Operating Assets | -251.00M | -195.00M | 99.00M | 230.00M | 38.00M | 66.00M |
| Operating Cash Flow | 879.00M | 970.00M | 1.29B | 1.37B | 975.00M | 1.62B |
| Capital Expenditures | -410.00M | -546.00M | -599.00M | -828.00M | -611.00M | -555.00M |
| Cash Acquisitions | -77.00M | -1.00M | -114.00M | |||
| Divestitures | 38.00M | 38.00M | 38.00M | 456.00M | 998.00M | 667.00M |
| Sale (Purchase) of Intangibles | -23.00M | |||||
| Other Investing Activities | 26.00M | 46.00M | 27.00M | 17.00M | 6.00M | -4.00M |
| Investing Cash Flow | -346.00M | -462.00M | -534.00M | -432.00M | 392.00M | -29.00M |
| Short-Term Debt Issued | 326.00M | |||||
| Long-Term Debt Issued | 246.00M | 1.24B | 796.00M | 500.00M | ||
| Total Debt Issued | 304.00M | 246.00M | 1.24B | 796.00M | 826.00M | |
| Short-Term Debt Repaid | -326.00M | -50.00M | ||||
| Long-Term Debt Repaid | -550.00M | -1.04B | -808.00M | -750.00M | -300.00M | |
| Total Debt Repaid | -150.00M | -550.00M | -1.04B | -1.13B | -750.00M | -350.00M |
| Net Debt Issued (Repaid) | 154.00M | -304.00M | 198.00M | -338.00M | 76.00M | -350.00M |
| Repurchase of Common Stock | -100.00M | -300.00M | -150.00M | -1.00B | -1.00B | |
| Common Dividends Paid | -382.00M | -381.00M | -379.00M | -376.00M | -381.00M | -375.00M |
| Other Financing Activities | -30.00M | -12.00M | 27.00M | -24.00M | -14.00M | 35.00M |
| Financing Cash Flow | -258.00M | -797.00M | -454.00M | -888.00M | -1.32B | -1.69B |
| Foreign Exchange Rate Adjustments | 4.00M | 18.00M | -10.00M | 1.00M | -12.00M | -5.00M |
| Net Cash Flow | 279.00M | -271.00M | 289.00M | 55.00M | 34.00M | -105.00M |
| Free Cash Flow | 469.00M | 424.00M | 688.00M | 546.00M | 364.00M | 1.06B |
| Free Cash Flow Margin | 5.18% | 4.84% | 7.33% | 5.93% | 3.44% | 10.16% |
| Free Cash Flow Per Share | 4.08 | 3.67 | 5.83 | 4.57 | 2.91 | 7.76 |
| Levered Free Cash Flow | 416.12M | 398.88M | 600.38M | 515.75M | 1.43B | 429.12M |
| Unlevered Free Cash Flow | 555.50M | 535.75M | 735.38M | 650.12M | 1.54B | 552.88M |
| Cash Interest Paid | 215.00M | 215.00M | 203.00M | 214.00M | 179.00M | 170.00M |
| Cash Income Tax Paid | 159.00M | 159.00M | 111.00M | 158.00M | 78.00M | 122.00M |
| Change in Working Capital | -470.00M | -186.00M | -29.00M | 367.00M | -239.00M | -50.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.68B | 7.28B | 10.58B | 10.64B | 9.77B | 16.26B |
| Enterprise Value | 12.36B | 12.12B | 15.17B | 15.51B | 14.65B | 21.31B |
| Last Close Price | 66.53 | 61.58 | 84.21 | 80.12 | 69.88 | 100.36 |
| PE Ratio | 12.37 | 15.35 | 11.69 | 11.91 | 12.32 | 18.97 |
| Forward PE | 10.52 | 11.69 | 11.07 | 12.47 | 10.72 | 12.96 |
| PS Ratio | 0.84 | 0.83 | 1.13 | 1.16 | 0.92 | 1.55 |
| PB Ratio | 1.21 | 1.21 | 1.81 | 1.93 | 1.87 | 2.81 |
| P/TBV Ratio | 4.45 | 5.49 | 9.49 | 15.79 | 35.01 | 23.19 |
| P/FCF Ratio | 16.22 | 17.16 | 15.38 | 19.50 | 26.84 | 15.28 |
| P/OCF Ratio | 8.65 | 7.50 | 8.22 | 7.75 | 10.02 | 10.04 |
| PEG Ratio | 0.88 | 16.06 | 1.94 | 2.35 | 1.63 | 0.77 |
| EV/Sales Ratio | 1.36 | 1.39 | 1.62 | 1.68 | 1.39 | 2.03 |
| EV/EBITDA Ratio | 8.19 | 8.24 | 8.02 | 10.04 | 8.49 | 8.86 |
| EV/EBIT Ratio | 12.64 | 12.65 | 10.97 | 14.51 | 11.74 | 11.41 |
| EV/FCF Ratio | 26.20 | 28.59 | 22.04 | 28.40 | 40.25 | 20.02 |
| Debt / Equity Ratio | 0.86 | 0.84 | 0.87 | 0.89 | 0.98 | 0.93 |
| Debt / EBITDA Ratio | 3.37 | 3.21 | 2.68 | 3.18 | 2.99 | 2.14 |
| Debt / FCF Ratio | 11.63 | 12.02 | 7.38 | 8.99 | 14.15 | 5.05 |
| Net Debt / Equity Ratio | 0.74 | 0.75 | 0.72 | 0.79 | 0.89 | 0.84 |
| Net Debt / EBITDA Ratio | 3.12 | 3.08 | 2.23 | 2.82 | 2.70 | 2.03 |
| Net Debt / FCF Ratio | 9.98 | 10.68 | 6.13 | 7.97 | 12.79 | 4.59 |
| Asset Turnover | 0.59 | 0.58 | 0.63 | 0.63 | 0.70 | 0.66 |
| Inventory Turnover | 3.50 | 3.48 | 3.86 | 3.99 | 4.97 | 5.53 |
| Quick Ratio | 0.76 | 0.59 | 0.75 | 0.66 | 0.55 | 0.69 |
| Current Ratio | 1.57 | 1.37 | 1.51 | 1.35 | 1.16 | 1.56 |
| Return on Equity (ROE) | 10.30% | 7.99% | 15.96% | 16.64% | 14.44% | 14.58% |
| Return on Assets (ROA) | 3.99% | 3.98% | 5.79% | 4.56% | 5.17% | 7.38% |
| Return on Invested Capital (ROIC) | 8.50% | 7.76% | 11.68% | 8.91% | 9.89% | 13.56% |
| Return on Capital Employed (ROCE) | 7.70% | 7.80% | 11.10% | 8.90% | 10.90% | 14.90% |
| Earnings Yield | 8.08% | 6.51% | 8.55% | 8.40% | 8.12% | 5.27% |
| FCF Yield | 6.17% | 5.83% | 6.50% | 5.13% | 3.73% | 6.55% |
| Dividend Yield | 5.00% | 5.22% | 3.55% | 3.50% | 3.73% | 2.24% |
| Payout Ratio | 61.88% | 80.38% | 41.88% | 42.06% | 48.05% | 43.76% |
| Buyback Yield / Dilution | 0.95% | 1.95% | 1.26% | 4.40% | 8.90% | -0.44% |
| Total Shareholder Return | 6.00% | 7.17% | 4.80% | 7.91% | 12.63% | 1.80% |