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Eastman Chemical Co logo

Eastman Chemical Co

eastman.com

What Do They Do?

Produces polymers, films and additives for transportation, construction and consumer markets.

How Do They Make Money?

Customers buy Eastman's products under sales agreements or purchase orders; most sales are tied to shipment of the products.

revenue
SegmentShareRevenue
Advanced Materials
Sold outright

33%
FY2022: 30%
Additives And Functional Products
Sold outright

33%
FY2022: 33%
Chemical Intermediates
Sold outright

22%
FY2022: 26%
Fibers
Sold outright

12%
FY2022: 9.7%
Other Segments
Sold outright
0.2%
FY2022: 1.5%

Who Are Their Customers?

Eastman sells to customers and downstream users through its sales organization, dealers and contract representatives; sales outside the United States more often use indirect channels.

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.

Operating income, FY2025
11% of revenue
▼ −29% vs FY2024 ($1.3B, 14%)
Net income, FY2025
5% of revenue
▼ −48% vs FY2024 ($905M, 10%)
Free cash flow, FY2025
5% of revenue
▼ −38% vs FY2024 ($688M, 7%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +10%
vs $2.3B in Q2 FY2025
Net income
▲ +31%
vs $140M in Q2 FY2025
Advanced Materials share of revenue vs 34.0% in Q2 FY2025

Shrinking. Revenue fell 16% in 4 years, from $10.5B in FY2021 to $8.8B in FY2025, about 4% a year.

Revenue over time
Advanced Materials Additives And Functional Products Chemical Intermediates Fibers Other Segments
$20B$10B$0

Who Do They Compete With?

Competes with Sekisui Chemical, Kuraray, Kingboard (Fo Gang), Chang Chun, XPEL, 3M, Saint-Gobain, S.K. Chemical Industries, Sichuan Push Acetati, Daicel Chemical Industries, Covestro, Trinseo, Saudi Basic Industries, Huntsman, Argo-Kanesho, Adisseo, DSM-Firmenich, Elementis Global, Clariant Specialty Chemicals, and Arclin

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