Company profile
SEC EDGAR ↗- Industry
- Photographic Equipment & Supplies
- Listed
- NYSE: KODK
- Incorporated
- NJ
- Headquarters
- Rochester, NY
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $1.07B
- Net income
- −$128.0M
- Total assets
- $1.62B
Latest full fiscal year from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Adjacency Trap · Growth & Portfolio
Kodak Won on Its $5.1 Billion Pharma Bet and Burned Its Sharpest Decade on Arbitrage
Everyone says Kodak missed digital because it loved film. The deeper miss: it spent $5.1 billion buying a drug company in 1988, made money exiting it for over $7 billion in 1994 — and burned its sharpest decade on financial arbitrage instead of the threat that killed it.
8 min
The Counterfactual · Decision Forks
Kodak Disclosed Its 1975 Digital Camera to the World; the Failure Came 25 Years Later
The legend says Kodak invented the digital camera in 1975 and buried it. But a patent is the opposite of burying - it's public disclosure. Kodak's real failure came 25 years later, when digital was inescapable and it still couldn't kill the film business funding everything.
8 min
The Counterfactual · Decision Forks
Kodak Led U.S. Digital Camera Share in 2005 — Knowing and Winning Were Different Jobs
Kodak built the first portable digital camera in 1975, held the founding patent, and hit #1 in U.S. digital camera share in 2005 — then filed for bankruptcy in 2012 owing $6.8 billion. It knew the future. Knowing and winning turned out to be different jobs.
8 min
The Fork · Decision Forks
Kodak Saw Digital Coming. Then It Made the Most Rational Mistake in Business History.
Kodak held the foundational digital-camera patent and earned roughly $450M a year licensing it. Its revenue peaked at $16 billion in 1996 — twenty years after it invented the thing that would kill film. The fork wasn't whether to see the future. It was whether to eat its own lunch before someone else did.
8 min
The Loss Leader · Business Model
The $1 Brownie of 1900: Kodak Ran Razor-and-Blades Before Gillette
Everyone calls it Gillette's idea, copied. It was Kodak's first - a $1 Brownie in 1900 built to keep selling film. The trap wasn't a cheap razor. It was a recurring purchase digital erased entirely — gutting a film market Kodak had once commanded with a 90% share.
7 min
The Anchor · People & Control
Kodak Built a Chemical Empire to Protect Film. Then Film Couldn't Leave the Empire.
Kodak didn't miss digital out of ignorance — it built a digital camera in 1975 and patented it in 1978. The trap was a chemical supply chain so integrated that, by 1996's ~$16B revenue peak, the people paid to protect it could not afford to win.
8 min