Eastman Chemical Company

2025 operating cash flow was $970M; capex was $546M with $21M incentives; free cash flow about $445M. Net debt ended at $4.22B; the $1.5B revolver was extended to 2031 and no CP outstanding at year‑end.

Gross interest expense was $234M in 2025 with net interest expense $208M, implying interest coverage near 3.5x on GAAP EBIT or >4x on adjusted EBIT. Capex is guided down to ~$400M for 2026, supporting deleveraging potential if volumes stabilize. Pension/post‑employment obligations are manageable.

Investment‑grade status and a balanced maturity ladder provide cushion.