EMN

MKT CAP:$8B

Eastman Chemical Company

Market Cap

$8B

Basic Materials·Chemicals - Specialty·🇺🇸 United States·NYSE

Materials·Chemicals·🇺🇸·NYSE

Stock Price

$72.53+$8.19 (+12.73%)

Apr 22, 2026

Company Details

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine deri...

CEO

Mark J. Costa

IPO Date

Dec 14, 1993

Website

www.eastman.com

Key Metrics TTM

Revenue

$8.7B

-5.4% YoY

Net Income

$622M

EPS (Diluted)

$5.35

Free Cash Flow

$1.1B

Revenue / Share

$75.78

Gross Margin

21.0%

Operating Margin

11.4%

Net Margin

7.1%

FCF Margin

12.7%

P/S

0.9x

P/E

13.2x

Earnings Reports

FY 2025

Feb 13, 2026

$8.8B-6.7%EPS $4.10

Q4 2025

Feb 13, 2026

$2.0B-12.1%EPS $0.92

Q3 2025

Nov 4, 2025

$2.2BEPS $0.41

Q2 2025

Aug 1, 2025

$2.3B-3.2%EPS $1.20

FY 2024

Feb 14, 2025

$9.4B+2.0%EPS $7.67

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 18	$2.5B	$646M	$411M
Q1 19	$2.4B	$571M	$326M
Q2 19	$2.4B	$590M	$368M
Q3 19	$2.3B	$581M	$359M
Q1 22	$2.7B	$542M	$281M
Q2 22	$2.8B	$626M	$376M
Q3 22	$2.7B	$522M	$285M
Q1 23	$2.4B	$548M	$295M
Q2 23	$2.3B	$584M	$339M
Q4 23	$2.2B	$449M	$201M
Q1 24	$2.3B	$532M	$282M
Q2 24	$2.4B	$599M	$363M
Q4 24	$2.2B	$554M	$378M
Q2 25	$2.3B	$506M	$284M
Q3 25	$2.2B	$433M	$210M
Q4 25	$2.0B	$338M	$121M

Valuation

Quarter	P/S	P/E
Q3 18	0.8x	6.3x
Q1 19	0.8x	6.7x
Q2 19	0.8x	7.0x
Q3 19	0.9x	7.2x
Q1 22	0.8x	8.5x
Q2 22	0.8x	8.1x
Q3 22	0.8x	7.8x
Q1 23	0.8x	8.9x
Q2 23	0.8x	8.5x
Q4 23	0.9x	8.1x
Q1 24	0.9x	9.3x
Q2 24	0.9x	8.4x
Q4 24	0.9x	7.9x
Q2 25	0.9x	9.5x
Q3 25	0.9x	11.0x
Q4 25	0.9x	13.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 18	$395M	$258M
Q1 19	-$5M	-$111M
Q2 19	$422M	$330M
Q3 19	$416M	$306M
Q1 22	$17M	-$98M
Q2 22	$245M	$106M
Q3 22	$256M	$92M
Q1 23	-$2M	-$178M
Q2 23	$410M	$169M
Q4 23	$452M	$272M
Q1 24	-$16M	-$201M
Q2 24	$367M	$249M
Q4 24	$540M	$365M
Q2 25	$233M	$83M
Q3 25	$402M	$265M
Q4 25	$502M	$390M

Capital Expenditures

Quarter	CapEx
Q3 18	$137M
Q1 19	$106M
Q2 19	$92M
Q3 19	$110M
Q1 22	$115M
Q2 22	$139M
Q3 22	$164M
Q1 23	$176M
Q2 23	$241M
Q4 23	$180M
Q1 24	$185M
Q2 24	$118M
Q4 24	$175M
Q2 25	$150M
Q3 25	$137M
Q4 25	$112M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	+11.8%	+14.8%
Q1 19	+3.6%	+7.8%
Q2 19	-4.2%	-1.5%
Q3 19	-11.0%	-10.3%
Q1 22	+6.7%	+14.0%
Q2 22	+16.8%	+17.1%
Q3 22	+14.2%	+21.0%
Q1 23	+3.8%	+7.8%
Q2 23	-14.3%	-18.3%
Q4 23	-20.5%	-16.4%
Q1 24	-14.2%	-15.7%
Q2 24	-1.8%	-5.3%
Q4 24	-3.3%	-5.8%
Q2 25	+3.7%	-0.0%
Q3 25	-4.7%	-1.8%
Q4 25	-16.5%	-7.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 18	$0	0.0%
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 18	$60M	—	—	$175M
Q1 19	$58M	—	—	$187M
Q2 19	$57M	—	—	$165M
Q3 19	$59M	—	—	$163M
Q1 22	$65M	—	—	$196M
Q2 22	$67M	—	—	$183M
Q3 22	$68M	—	—	$169M
Q1 23	$62M	—	—	$191M
Q2 23	$60M	—	—	$185M
Q4 23	$57M	—	—	$191M
Q1 24	$59M	$186M	$5M	—
Q2 24	$60M	$176M	—	—
Q4 24	$66M	—	—	$110M
Q2 25	$67M	$155M	—	—
Q3 25	$63M	—	—	$160M
Q4 25	$58M	—	—	$159M

Revenue Segments

Quarter	Additives And Functional Products	Advanced Materials	Chemical Intermediates	Fibers
Q3 18	$915M	$709M	$703M	$226M
Q1 19	$855M	$657M	$655M	$213M
Q2 19	$823M	$696M	$631M	$213M
Q3 19	$832M	$697M	$579M	$217M
Q2 22	$835M	$846M	$861M	$242M
Q3 22	$820M	$888M	$751M	$250M
Q1 23	$777M	$742M	$589M	$303M
Q2 23	$747M	$739M	$514M	$323M
Q4 23	$640M	$705M	$513M	$346M
Q1 24	$704M	$748M	$523M	$331M
Q2 24	$718M	$795M	$515M	$330M
Q4 24	$696M	$720M	$503M	$321M
Q2 25	$769M	$777M	$463M	$274M
Q3 25	$716M	$728M	$499M	$254M
Q4 25	$662M	$656M	$418M	$234M

Revenue by Geography

Quarter	Asia Pacific	Emea	Latin America	North America
Q3 18	$665M	$649M	$150M	$1.1B
Q1 19	$553M	$689M	$138M	$1.0B
Q2 19	$574M	$649M	$145M	$995M
Q3 19	$602M	$611M	$146M	$966M
Q1 22	$612M	$745M	$159M	$1.2B
Q2 22	$638M	$681M	$161M	$1.3B
Q3 22	$662M	$680M	$165M	$1.2B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$487M	$0	$487M
Q2 22	$456M	$0	$456M
Q3 22	$461M	$0	$461M
Q4 22	$493M	$0	$493M
Q1 23	$599M	$0	$599M
Q2 23	$410M	$0	$410M
Q3 23	$439M	$0	$439M
Q4 23	$548M	$0	$548M
Q1 24	$499M	$0	$499M
Q2 24	$514M	$0	$514M
Q3 24	$622M	$0	$622M
Q4 24	$837M	$0	$837M
Q1 25	$418M	$0	$418M
Q2 25	$423M	$0	$423M
Q3 25	$489M	$0	$489M
Q4 25	$566M	$0	$566M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 18	142M	-1.7%	-3.9%
Q1 19	140M	-1.6%	-4.8%
Q2 19	139M	-0.7%	-4.4%
Q3 19	138M	-0.9%	-4.8%
Q1 22	131M	-5.2%	-8.2%
Q2 22	126M	-3.3%	-9.8%
Q3 22	122M	-3.2%	-12.1%
Q1 23	120M	-2.1%	-13.1%
Q2 23	120M	-0.1%	-8.5%
Q4 23	119M	-0.8%	-6.1%
Q1 24	118M	-0.4%	-3.4%
Q2 24	119M	+0.3%	-0.9%
Q4 24	118M	-0.6%	-1.4%
Q2 25	116M	-1.4%	-2.1%
Q3 25	115M	-0.7%	-2.4%
Q4 25	115M	-0.4%	-3.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 18	$181.4K	14K
Q1 19	$163.7K	15K
Q2 19	$162.5K	15K
Q3 19	$159.9K	15K
Q1 22	$193.5K	14K
Q2 22	$198.1K	14K
Q3 22	$192.2K	14K
Q1 23	$166.0K	15K
Q2 23	$160.1K	15K
Q4 23	$157.5K	14K
Q1 24	$165.0K	14K
Q2 24	$168.8K	14K
Q4 24	$160.4K	14K
Q2 25	$163.4K	14K
Q3 25	$157.3K	14K
Q4 25	$151.8K	13K

Revenue / Employee