Eastman Chemical Co. (EMN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.82	$1.97	+8.2%	—	—	—
Q1 26	$0.72	$0.75	+4.2%	—	—	—
Q4 25	$1.17	$1.14	-2.6%	—	—	—
Q3 25	$1.75	$1.6	-8.6%	—	—	—
Q2 25	$1.89	$1.91	+1.1%	—	—	—
Q1 25	$1.57	$1.87	+19.1%	—	—	—
Q4 24	$2.14	$2.26	+5.6%	—	—	—
Q3 24	$2.01	$2.15	+7.0%	—	—	—
Q2 24	$1.43	$1.61	+12.6%	—	—	—
Q1 24	$1.3	$1.31	+0.8%	—	—	—
Q4 23	$1.44	$1.47	+2.1%	—	—	—
Q3 23	$1.93	$1.99	+3.1%	—	—	—
Q2 23	$1.25	$1.63	+30.4%	—	—	—
Q1 23	$1.26	$0.89	-29.4%	—	—	—
Q4 22	$2	$2.05	+2.5%	—	—	—
Q3 22	$2.7	$2.83	+4.8%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.14	—	—	$8.8B	—
FY24	—	$7.75	—	—	$9.4B	—
FY23	—	$7.54	—	—	$9.2B	—
FY22	—	$6.42	—	—	$10.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$9B	$9.5B	$10.2B	$9.3B	$8.5B	$10.5B	$10.6B	$9.2B	$9.4B	$8.8B
YoY change	-6.63%	+6.01%	+6.3%	-8.65%	-8.63%	+23.6%	+0.99%	-12.9%	+1.87%	-6.71%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	9B	9.5B	10.2B	9.3B	8.5B	10.5B	10.6B	9.2B	9.4B	8.8B
Cost of revenue	6.7B	7.2B	7.7B	7B	6.5B	8B	8.4B	7.1B	7.1B	6.9B
Gross profit	2.4B	2.4B	2.5B	2.2B	2B	2.5B	2.1B	2.1B	2.3B	1.8B
Gross margin	26.2%	24.7%	24.4%	24.1%	23.3%	23.9%	20.2%	22.4%	24.4%	21.1%
Research & development	223M	227M	235M	234M	226M	254M	264M	239M	250M	255M
Selling, general & administrative	707M	729M	721M	691M	654M	383M	625M	768M	664M	633M
Operating expenses	930M	956M	956M	925M	880M	637M	889M	1B	914M	888M
Operating income	1.4B	1.4B	1.5B	1.3B	1.1B	1.9B	1.2B	1.1B	1.4B	956M
Operating margin	15.8%	14.7%	15%	14.1%	12.9%	17.8%	11.8%	11.4%	14.7%	10.9%
Non-operating income, net	-123M	123M	22M	-189M	-355M	-583M	-89M	248M	-98M	-180M
Pretax income	1B	1.3B	1.3B	902M	530M	1.1B	977M	1.1B	1.1B	568M
Income tax	190M	-99M	226M	140M	41M	215M	181M	191M	170M	93M
Net income	859M	1.4B	1.1B	762M	489M	867M	796M	896M	908M	475M
Net margin	9.54%	14.5%	10.7%	8.22%	5.77%	8.28%	7.52%	9.73%	9.68%	5.43%
EBITDA	2B	2.1B	2.2B	1.9B	1.5B	2.4B	1.7B	1.5B	1.9B	1.4B
EPS	5.88	10.2	7.65	5.52	3.53	6.35	6.42	7.54	7.75	4.14
Diluted EPS	5.84	10.1	7.56	5.48	3.5	6.25	6.35	7.49	7.67	4.1

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.3B	2.2B	2.3B	2.4B	2.5B	2.2B	2.3B	2.3B	2.2B	2B	2.2B	—
Cost of revenue	1.8B	1.7B	1.8B	1.8B	1.9B	1.7B	1.7B	1.8B	1.8B	1.6B	1.7B	—
Gross profit	484M	464M	532M	599M	605M	554M	567M	506M	433M	338M	431M	—
Gross margin	21.3%	21%	23%	25.3%	24.6%	24.7%	24.8%	22.1%	19.7%	17.1%	19.8%	—
Research & development	60M	57M	59M	60M	65M	66M	67M	67M	63M	58M	60M	—
Selling, general & administrative	160M	232M	186M	176M	183M	110M	182M	155M	160M	134M	178M	—
Operating expenses	220M	289M	245M	236M	248M	176M	249M	222M	223M	192M	238M	—
Operating income	264M	175M	287M	363M	357M	378M	318M	284M	210M	146M	193M	—
Operating margin	11.6%	7.93%	12.4%	15.4%	14.5%	16.8%	13.9%	12.4%	9.54%	7.4%	8.87%	—
Non-operating income, net	-8M	302M	-24M	-26M	-28M	-29M	-16M	-62M	-22M	-82M	-5M	—
Pretax income	199M	425M	214M	287M	280M	297M	253M	169M	134M	12M	136M	—
Income tax	20M	114M	49M	56M	99M	-34M	70M	29M	87M	-93M	29M	—
Net income	179M	311M	165M	231M	181M	331M	183M	140M	47M	105M	107M	—
Net margin	7.9%	14.1%	7.14%	9.78%	7.35%	14.7%	7.99%	6.12%	2.13%	5.32%	4.92%	—
EBITDA	381M	277M	410M	470M	490M	495M	442M	370M	341M	253M	331M	—
EPS	1.5	2.63	1.4	1.96	1.55	2.85	1.58	1.22	0.41	0.93	0.93	1.6
Diluted EPS	1.49	2.61	1.39	1.94	1.53	2.82	1.57	1.2	0.4	0.92	0.93	1.59

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	11.1B	13.4B	10.3B	10.9B	13.6B	16.3B	10.1B	10.7B	10.7B	7.3B	8.4B
Enterprise value	17.5B	19.8B	16.3B	16.5B	18.6B	21B	14.7B	15B	14.8B	11.5B	13.2B
Shares outstanding	147.3M	144.8M	141.2M	137.4M	135.5M	134.9M	123.5M	118.6M	116.7M	114.7M	114.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	12.9	9.66	9.52	14.3	27.8	18.8	12.6	11.9	11.7	15.4	19.1
P/S	1.23	1.4	1.02	1.17	1.6	1.56	0.95	1.16	1.14	0.84	0.95
P/B	2.4	2.45	1.76	1.81	2.22	2.82	1.92	1.93	1.82	1.21	1.38
EV/EBITDA	8.61	9.24	7.52	8.86	12.1	8.71	8.49	9.8	7.96	8.21	9.5
EV/Sales	1.94	2.07	1.6	1.78	2.2	2.01	1.39	1.62	1.58	1.32	1.49
Earnings yield	7.75%	10.3%	10.5%	7%	3.6%	5.32%	7.91%	8.41%	8.52%	6.49%	5.24%
FCF yield	6.85%	7.51%	9.83%	9.85%	7.79%	6.38%	3.49%	5.08%	6.46%	5.79%	6.48%
PEG	—	—	—	—	—	—	—	—	—	—	0.61

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	26.2%	24.7%	24.4%	24.1%	23.3%	23.9%	20.2%	22.4%	24.4%	21.1%	19.8%
Operating margin	15.8%	14.7%	15%	14.1%	12.9%	17.8%	11.8%	11.4%	14.7%	10.9%	12.9%
Net margin	9.54%	14.5%	10.7%	8.22%	5.77%	8.28%	7.52%	9.73%	9.68%	5.43%	4.99%
ROE	18.6%	25.3%	18.4%	12.6%	8.01%	15%	15.2%	16.2%	15.5%	7.87%	7.33%
ROA	5.56%	8.68%	6.78%	4.76%	3.04%	5.59%	5.43%	6.12%	5.97%	3.2%	3.55%
ROIC	10.6%	11.9%	10.7%	9.52%	9.05%	14.2%	10.3%	8.84%	11.6%	7.79%	6.93%
Return on tangible assets	54.5%	63.1%	40.3%	24.4%	13.7%	15.7%	16.2%	17.7%	15.4%	8.5%	6.64%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.6	1.59	1.82	1.86	1.74	1.56	1.16	1.35	1.51	1.37	1.5
Quick ratio	0.81	0.82	0.96	0.93	1.06	1.06	0.58	0.7	0.78	0.63	0.71
Debt / equity	1.43	1.19	1.05	0.96	0.92	0.89	0.98	0.88	0.86	0.79	0.89
Debt / assets	0.43	0.41	0.39	0.36	0.35	0.33	0.35	0.33	0.33	0.32	0.34
Net debt / EBITDA	3.16	2.97	2.75	3	3.28	1.95	2.69	2.82	2.24	3	3.52
Interest coverage	5.07	6.28	6.5	5.08	3.52	6.46	6.2	5.83	5.99	3.59	3.05
Effective tax rate	18.1%	0%	17.3%	15.5%	7.74%	19.9%	18.5%	17.6%	15.8%	16.4%	11.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	61.2	65.9	71.9	67.5	62.5	77.7	85.7	77.7	80.4	76.3	77.6
EPS (basic)	5.88	10.2	7.65	5.52	3.53	6.35	6.42	7.54	7.75	4.14	4.14
EPS (diluted)	5.84	10.1	7.56	5.48	3.5	6.25	6.35	7.49	7.67	4.1	3.84
Book value per share	31.3	37.8	41.6	43.9	45.1	42.9	42.4	46.6	50.1	52.6	53.3
FCF per share	5.15	6.96	7.19	7.81	7.82	7.72	2.84	4.56	5.9	3.7	4.33
Cash per share	1.23	1.32	1.6	1.48	4.16	3.4	3.99	4.62	7.17	4.93	6.06
Capex per share	4.25	4.48	3.74	3.09	2.83	4.11	4.95	6.98	5.13	—	4.37

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.95%	6.8%	5.2%	4.58%	4.52%	5.3%	5.78%	8.99%	6.38%	—	5.81%
Capex / operating cash flow	40.6%	36.2%	37.7%	33%	35.9%	42.1%	68%	49.9%	44.8%	—	42.4%
Payout ratio	31.7%	21.3%	29.3%	45%	73.2%	43.3%	47.9%	42%	41.7%	80.2%	87.2%
Dividend yield	2.46%	2.21%	3.08%	3.15%	2.63%	2.3%	3.79%	3.53%	3.56%	5.2%	4.57%

Yield

4.57%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.84

ex-dividend Sep 15, 2026

Payout ratio

87%

of earnings

Dividend growth

16 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.84
Jun 15, 2026	$0.84
Mar 13, 2026	$0.84

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.3B	$2.2B	$2.3B	$2.4B	$2.5B	$2.2B	$2.3B	$2.3B	$2.2B	$2B	$2.2B	—
YoY change	-16.3%	-7%	-4.23%	+1.68%	+8.69%	+1.72%	-0.87%	-3.22%	-10.6%	-12.1%	-4.93%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	181M	191M	226M	204M	564M	459M	493M	548M	837M	566M
Receivables	812M	1B	1.2B	980M	1B	1.1B	957M	826M	791M	737M
Inventory	1.4B	1.5B	1.6B	1.7B	1.4B	1.5B	1.9B	1.7B	2B	2B
Total current assets	2.9B	3.1B	3.4B	3.3B	3.5B	4.6B	3.8B	3.5B	4.1B	3.6B
Property, plant & equipment	4B	4.3B	4.2B	4.1B	3.7B	3.5B	3.8B	4.1B	4.1B	4.2B
Goodwill & intangibles	13.9B	13.8B	13.3B	12.9B	12.5B	10B	9.7B	9.6B	9.3B	9.3B
Total assets	15.5B	16B	16B	16B	16.1B	15.5B	14.7B	14.6B	15.2B	14.9B
Accounts payable	704M	842M	914M	890M	799M	1.2B	1.3B	1.2B	1.3B	1.2B
Short-term debt	283M	393M	243M	171M	349M	747M	1.1B	541M	450M	586M
Total current liabilities	1.8B	2B	1.9B	1.8B	2B	3B	3.3B	2.6B	2.7B	2.7B
Long-term debt	6.3B	6.1B	5.9B	5.6B	5.3B	4.4B	4B	4.3B	4.6B	4.2B
Total liabilities	10.8B	10.5B	10.1B	10B	10B	9.7B	9.4B	9.1B	9.4B	8.8B
Shareholders' equity	4.6B	5.5B	5.9B	6B	6.1B	5.8B	5.2B	5.5B	5.9B	6B
Total debt	6.6B	6.5B	6.2B	5.8B	5.6B	5.2B	5.2B	4.8B	5B	4.8B
Net debt	6.4B	6.3B	5.9B	5.6B	5.1B	4.7B	4.7B	4.3B	4.2B	4.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Cash & short-term investments	410M	439M	548M	499M	514M	622M	837M	418M	423M	489M	566M	665M
Receivables	923M	880M	826M	926M	957M	980M	791M	894M	988M	933M	737M	949M
Inventory	2B	1.7B	1.7B	1.8B	1.9B	1.9B	2B	2.1B	2.2B	1.9B	2B	2.1B
Total current assets	3.7B	3.6B	3.5B	3.6B	3.8B	3.9B	4.1B	3.9B	4B	3.8B	3.6B	4.1B
Property, plant & equipment	5.4B	5.4B	4.1B	5.5B	5.5B	5.6B	4.1B	5.6B	5.7B	5.7B	4.2B	5.7B
Goodwill & intangibles	9.8B	9.6B	9.6B	9.5B	9.5B	9.5B	9.3B	9.3B	9.4B	9.3B	9.3B	9.2B
Total assets	14.8B	14.6B	14.6B	14.7B	14.9B	15.1B	15.2B	15B	15.2B	15B	14.9B	15.2B
Accounts payable	1.9B	1.9B	1.2B	1.9B	2B	2.1B	1.3B	2B	2B	1.9B	1.2B	2B
Short-term debt	844M	640M	541M	740M	697M	448M	450M	285M	344M	290M	586M	770M
Total current liabilities	2.8B	2.6B	2.6B	2.6B	2.7B	2.6B	2.7B	2.3B	2.4B	2.2B	2.7B	2.8B
Long-term debt	4.6B	4.6B	4.3B	4.3B	4.3B	4.6B	4.6B	4.7B	4.8B	4.8B	4.2B	4.5B
Total liabilities	9.4B	9.2B	9.1B	9.1B	9.2B	9.3B	9.4B	9B	9.3B	9.1B	8.8B	9.1B
Shareholders' equity	5.4B	5.4B	5.5B	5.6B	5.7B	5.7B	5.9B	5.9B	5.9B	5.8B	6B	6.1B
Total debt	5.4B	5.2B	4.8B	5.1B	5B	5.1B	5B	5B	5.1B	5.1B	4.8B	5.2B
Net debt	5B	4.8B	4.3B	4.6B	4.5B	4.4B	4.2B	4.6B	4.7B	4.6B	4.2B	4.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	859M	1.4B	1.1B	762M	489M	867M	796M	896M	908M	475M
Depreciation & amortization	580M	587M	604M	611M	574M	538M	477M	498M	509M	513M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-93M	143M	-73M	-26M	165M	-27M	13M	291M	-77M	-104M
Operating cash flow	1.5B	1.8B	1.4B	1.3B	1.1B	1.3B	898M	1.7B	1.3B	970M
Capital expenditure	-626M	-649M	-528M	-425M	-383M	-555M	-611M	-828M	-599M	—
Investing cash flow	-655M	-643M	-463M	-474M	-381M	-6M	405M	-427M	-534M	84M
Dividends paid	-272M	-296M	-318M	-343M	-358M	-375M	-381M	-376M	-379M	-381M
Share repurchases	-145M	-350M	-400M	-325M	-60M	-1B	-1B	-150M	-300M	-100M
Financing cash flow	-838M	-1B	-1B	-1B	-704M	-1.7B	-1.3B	-888M	-454M	-797M
Net change in cash	47M	146M	-101M	-228M	-17M	-379M	-18M	344M	348M	257M
Free cash flow	759M	1B	1B	1.1B	1.1B	1B	351M	541M	688M	424M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Net income	272M	179M	311M	165M	231M	181M	331M	183M	140M	47M	105M	107M
Depreciation & amortization	119M	120M	118M	127M	126M	127M	129M	126M	127M	129M	131M	131M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	50M	264M	212M	-194M	-18M	68M	67M	-350M	-9M	124M	342M	-295M
Operating cash flow	410M	514M	737M	-16M	367M	391M	594M	-167M	233M	402M	502M	-137M
Capital expenditure	-239M	-236M	-179M	-185M	-115M	-120M	-179M	-147M	—	—	—	—
Investing cash flow	-244M	-182M	249M	-178M	-118M	-101M	-136M	-131M	3M	0	27M	-1M
Dividends paid	-94M	-94M	-94M	-95M	-95M	-95M	-94M	-96M	-95M	-96M	-94M	-96M
Share repurchases	—	0	-100M	—	—	-100M	-100M	—	—	-50M	0	—
Financing cash flow	27M	-299M	-593M	149M	-138M	-194M	-181M	-115M	-40M	-201M	-382M	341M
Net change in cash	193M	33M	393M	-45M	111M	96M	277M	-413M	196M	201M	147M	203M
Free cash flow	169M	278M	272M	-202M	249M	272M	365M	-314M	83M	265M	390M	-240M

Eastman Chemical Co. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history