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Chemicals · Basic Materials · Fiscal year ends Dec 31
Eastman Chemical reported revenue of $8.8B in the fiscal year ended Dec 2025, down 6.7% from the year before. Net income was $474M. Operating cash flow of $970M less capital expenditure of $546M left free cash flow of $424M. Net debt was $4.2B.
Ranks among the 18 chemicals companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 10,476 | 10,580 | 9,210 | 9,382 | 8,752 |
| Cost of revenue | 7,976 | 8,443 | 7,149 | 7,092 | 6,908 |
| Gross profit | 2,500 | 2,137 | 2,061 | 2,290 | 1,844 |
| Research & development | 254 | 264 | 239 | 250 | 255 |
| Selling, general & admin | 795 | 726 | 727 | 736 | 658 |
| Net interest incomeBanks | −198 | −182 | −215 | −200 | −208 |
| Pre-tax income | 1,082 | 977 | 1,087 | 1,078 | 568 |
| Income tax | 215 | 181 | 191 | 170 | 93.0 |
| Net income | 857 | 793 | 894 | 905 | 474 |
| Diluted EPS | 6.25 | 6.35 | 7.49 | 7.67 | 4.10 |
| Diluted shares | 137 | 125 | 119 | 118 | 116 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 459 | 493 | 548 | 837 | 566 |
| Receivables | 1,091 | 957 | 826 | 791 | 737 |
| Inventory | 1,504 | 1,894 | 1,683 | 1,988 | 1,980 |
| Current assets | 4,646 | 3,778 | 3,481 | 4,101 | 3,645 |
| Net PP&E | 4,996 | 5,160 | 5,548 | 5,615 | 5,731 |
| Goodwill | 3,641 | 3,664 | 3,646 | 3,632 | 3,665 |
| Total assets | 15,519 | 14,667 | 14,633 | 15,213 | 14,859 |
| Payables | 1,228 | 1,319 | 1,170 | 1,309 | 1,211 |
| Deferred revenue | 14.0 | 18.0 | 29.0 | 15.0 | 4.0 |
| Current liabilities | 2,971 | 3,251 | 2,576 | 2,708 | 2,652 |
| Short-term debt | 747 | 1,126 | 541 | 450 | 586 |
| Long-term debt | 4,412 | 4,025 | 4,305 | 4,567 | 4,201 |
| Total liabilities | 9,731 | 9,431 | 9,103 | 9,361 | 8,822 |
| Shareholders' equity | 5,704 | 5,153 | 5,458 | 5,779 | 5,961 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,619 | 975 | 1,374 | 1,287 | 970 |
| Capital expenditure | 555 | 611 | 828 | 599 | 546 |
| Free cash flow | 1,064 | 364 | 546 | 688 | 424 |
| Depreciation & amortisation | 538 | 477 | 498 | 509 | 513 |
| Stock-based compensation | 70.0 | 69.0 | 64.0 | 63.0 | 48.0 |
| Acquisitions | 114 | 1.0 | 77.0 | 0.0 | 0.0 |
| Share buybacks | 900 | – | – | – | – |
| Dividends paid | 375 | 381 | 376 | 379 | 381 |
| Dividend per share | 2.83 | 3.07 | 3.18 | 3.26 | 3.33 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.0% | −12.9% | 1.9% | −6.7% |
| EPS growth (YoY) | – | 1.6% | 18.0% | 2.4% | −46.5% |
| Gross margin | 23.9% | 20.2% | 22.4% | 24.4% | 21.1% |
| Net margin | 8.2% | 7.5% | 9.7% | 9.6% | 5.4% |
| Return on equityBlank when equity is negative | 15.0% | 15.4% | 16.4% | 15.7% | 8.0% |
| Free cash flow margin | 10.2% | 3.4% | 5.9% | 7.3% | 4.8% |
| Cash conversion (CFO ÷ net income) | 1.89x | 1.23x | 1.54x | 1.42x | 2.05x |
| Receivable days | 38 | 33 | 33 | 31 | 31 |
| Inventory days | 69 | 82 | 86 | 102 | 105 |
| Payable days | 56 | 57 | 60 | 67 | 64 |
| Debt ÷ equity | 0.90x | 1.00x | 0.89x | 0.87x | 0.80x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 4,700 | 4,658 | 4,298 | 4,180 | 4,221 |
| Current ratio | 1.56x | 1.16x | 1.35x | 1.51x | 1.37x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.