Eastman Chemical Company

Priorities: sustain dividend, invest with discipline in circular platform, repurchase opportunistically. 2025 returns to shareholders were ~ $500M (dividends and buybacks); dividend per quarter lifted to $0.84 in February 2026. Management exceeded 2025 cost‑reduction targets (~$100M) and is targeting $125–$150M in 2026. Decision to pause/phase the second methanolysis plant following DOE grant loss indicates prudence in uncertain macro and policy landscapes; debottlenecking Kingsport first is capital efficient.

SBC expense is modest relative to cash flow.