Short answer: Kodak did not announce that it would shut down. Its August 2025 filing did contain a serious “substantial doubt” warning about its ability to continue as a going concern because major debt and preferred-stock obligations were due before it had committed financing to meet them. Kodak said it planned to keep operating and refinance, extend or repay those obligations. Later filings described pension proceeds, amended financing and improved liquidity, although the company still faces significant business and cash-flow risks.
What Kodak’s 2025 filing actually warned
In its second-quarter 2025 Form 10-Q, Kodak said obligations coming due within 12 months could not be met under their existing terms with the committed financing and liquidity then available. Management’s proposed remedies depended on actions outside Kodak’s sole control. Those conditions raised “substantial doubt” about the company’s ability to continue as a going concern. Read the SEC filing.
That is an accounting disclosure about material uncertainty over liquidity and continued operations. It is not, by itself, an announcement of a plant closure, liquidation, bankruptcy filing or decision to cease selling products. Media headlines that translated the warning into “Kodak might shut down” captured the seriousness of the risk but overstated what Kodak had formally said.
Why the warning appeared
Debt and preferred-stock deadlines
The pressure centered on Kodak’s financing structure. Its term-loan maturity and other debt obligations required refinancing or amendment, while Series B preferred stock had a mandatory redemption date of May 28, 2026. Kodak needed to refinance, extend, redeem or otherwise restructure those claims.
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- 📷 This bundle included one roll of Kodak Ultramax400 24exp film, battery not included.
- 📷 The included roll of Ultramax film will be either the Kodak Alaris packaging (pictured) or the Eastman Kodak packaging depends on availability.
- 📷 Film-saving: You can have twice as many images per roll. For example, a film roll with 24 exposures can yield around 48 half-frame photos - doubled!
- 📷 Lightweight and Easy-to-use: The pocket-size camera is light and tiny, and hence convenient for you to bring along daily. Since its instructions are simple, it is suitable for all analog hobbyists.
- 📷 Built-in Flash: Turning on the flash by adjusting the silver ring around the lens so that you can use KODAK EKTAR H35 during days and nights, outdoor and indoor.
The pension-asset plan
Kodak’s proposed solution also relied on cash and investments becoming available from the Kodak Retirement Income Plan (KRIP). Because those transactions were not entirely within Kodak’s control, the 2025 filing could not treat them as a guaranteed source of funds under the applicable accounting analysis.
The issue was therefore principally a refinancing and liquidity problem. The filing did not say that Kodak’s products had suddenly become unavailable or that every operating division was losing money.
Rank #2
- 📷 Film-saving: You can have twice as many images per roll. For example, a film roll with 36 exposures can yield around 72 half-frame photos - doubled!
- 📷 Lightweight and Easy-to-use: The pocket-size camera is light and tiny, and hence convenient for you to bring along daily. Since its instructions are simple, it is suitable for all analog hobbyists.
- 📷 Built-in Flash: Turning on the flash by adjusting the silver ring around the lens so that you can use KODAK EKTAR H35 during days and nights, outdoor and indoor.
- 📷 Four colours: Black, brown, sage and sand. Neat and natural.
- 📷 Perfect for Beginners: The point-and-shoot camera is easy to use for new analogue hobbyists.
What Kodak said in response
In an August 13, 2025 statement, Kodak said it had no plans to cease operations, go out of business or file for bankruptcy protection. It said it expected to repay, extend or refinance its debt and preferred stock, and that planned transactions were expected to leave it virtually net-debt-free. Kodak described the going-concern wording as a technical disclosure required by accounting rules. Read Kodak’s statement.
That response addressed Kodak’s intentions; it did not make the underlying liquidity risk imaginary. The SEC filing still documented that, at the time, Kodak could not satisfy the obligations under their then-current terms without successful financing or other transactions.
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Rank #3
- Bundle Includes: 2 x Kodak Fun Saver Single Use Camera
- Ideal For: If you're looking for a fun, easy way to take great pictures, indoors or out, the Kodak Fun Saver Single-Use Camera is a great choice
- Brighter, Vibrant Colors: Loaded with Kodak 800 speed, 27 exposure film for pictures with bright, vibrant colors
- 23% Better Pictures: Compared to any 400-speed film camera
- Simple Manual Flash: With a 4 to 11.5-feet flash range. Must charge before every picture
What changed after the warning
Subsequent filings described developments that reduced the immediate refinancing pressure:
- Kodak settled approximately $2.1 billion of KRIP pension obligations and received cash and investment assets.
- It reported $46 million of investment redemptions during the first quarter of 2026 and another $39 million in April 2026, with further proceeds expected from remaining investments during 2026 and other assets expected to convert mainly in 2027 and 2028.
- The Series B preferred-stock mandatory redemption date was extended from May 28, 2026, to June 11, 2029.
- In its filing for the quarter ended March 31, 2026, Kodak said its liquidity was adequate to fund operations and obligations for the following 12 months. See the Q1 2026 Form 10-Q.
Kodak’s investor filing page lists an August 4, 2026 Form 10-Q and 8-K. Those filings should be read for any developments after March 31 before making a newer claim about the company’s finances. Kodak’s SEC filing index.
Rank #4
- 📷 Film-saving: You can have twice as many images per roll. For example, a film roll with 36 exposures can yield around 72 half-frame photos - doubled!
- 📷 Lightweight and Easy-to-use: The pocket-size camera is light and tiny, and hence convenient for you to bring along daily. Since its instructions are simple, it is suitable for all analog hobbyists.
- 📷 Built-in Flash: Turning on the flash by adjusting the silver ring around the lens so that you can use KODAK EKTAR H35 during days and nights, outdoor and indoor.
- 📷 Perfect for Beginners: The point-and-shoot camera is easy to use for new analogue hobbyists.
- 📷 Five colors: Off-white, black, brown, sage and sand. Neat and natural.
How Kodak’s operations were performing
| Period | Revenue | Print revenue or share | Source and qualification |
|---|---|---|---|
| Full year 2025 | $1.069 billion, up $26 million (2%) from 2024 | Print was 67% of total revenue; print revenue fell $22 million (3%) | 2025 Form 10-K |
| Quarter ended March 31, 2026 | $265 million, up 7% year over year | Print was $180 million, up 9%, and 68% of quarterly revenue | Q1 2026 Form 10-Q |
| Quarter ended March 31, 2026 | Advanced Materials and Chemicals revenue was $76 million, up 3% | Not applicable | Q1 2026 Form 10-Q |
Revenue growth does not establish that Kodak is financially secure. Its annual report says the company has not consistently generated positive operating cash flow without financing or asset-monetization transactions. It also identifies exposure to digital substitution, changing demand, competition, higher labor and materials costs, supply-chain disruption, equipment limitations and labor shortages affecting film production.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What Kodak actually does today
Eastman Kodak Company is not primarily a consumer-camera manufacturer. Its continuing businesses include:
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- 3-Element Glass Lens - Create photo images with sharpness and details
- 2-Zone Focus - Eff ortlessly switch between two focuses for optimal shots in any environment
- Built-in Auto Flash - Users can select auto flash function with red-eye reduction
- Multiple Exposure - Capture layered images, blending two di erent scenes on a single photo
- Commercial printing and print-prepress systems, including plates, workflow software, consumables and services.
- Motion-picture film, industrial film, chemicals and advanced materials.
- Pharmaceutical and functional-printing activities.
- Intellectual-property licensing and analytical services.
- Brand licensing for consumer products such as cameras, film, printers and scanners, eyewear, batteries and apparel.
Kodak stopped manufacturing NEXFINITY electrophotographic printers in December 2022 but continues to supply ink and other consumables and service the installed base. Products carrying the Kodak name are not necessarily made or sold directly by Eastman Kodak; some are produced by licensees, and Kodak Alaris is a separate company.
How the 2012 bankruptcy differs
Kodak did file for Chapter 11 bankruptcy protection in 2012 after years of pressure from the shift from film photography to digital imaging, and it emerged in 2013. Background from Axios.
| Event | What it was |
|---|---|
| 2012 | An actual Chapter 11 bankruptcy case. |
| 2025 | A going-concern warning tied to debt, preferred-stock maturities and refinancing uncertainty; not a bankruptcy filing. |
| 2026 filings | Reported pension-related proceeds, amended obligations and improved near-term liquidity. |
What could still go wrong
- Operating cash flow may remain insufficient for debt, preferred stock, working capital and investment needs.
- Commercial-print or film demand could weaken, while digital substitution and lower-priced imports increase competition.
- Film production could be constrained by equipment, labor or supply-chain problems.
- Inflation in labor, materials and distribution could reduce margins.
- Asset sales or investment redemptions could produce less cash, or arrive later, than expected.
- Future refinancing could again become difficult even after the 2029 preferred-stock extension.
Current answer: was Kodak about to shut down?
As of August 18, 2026, the evidence supports “financially pressured but operating,” not “announced shutdown.” The 2025 warning was real and material: Kodak faced obligations it could not meet under existing terms without successful refinancing or other measures. Kodak’s denial concerned its plans, and later filings described transactions that improved its near-term liquidity and pushed the preferred-stock deadline to June 11, 2029.
That is not a guarantee of long-term solvency. Kodak remains dependent on sustainable operating cash flow, financing and asset monetization, and its markets remain exposed to structural and cost pressures. The original shutdown headline should therefore be treated as an outdated and exaggerated description of a genuine 2025 liquidity warning.
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