Eastman Chemical Company: Trajectories

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Eastman Chemical Company: Trajectories

J P M O R G A N North America Equity Research

02 August 2026

Eastman Chemical Company Overweight

EMN, EMN US

Trajectories Price (31 Jul 26):$69.95

Price Target (Dec-27):$82.00

Eastman is likely to have a much better 2026 than 2025. Our EPS estimate is Chemicals: Specialty, Commodity,

unchanged at $6.50 versus $5.42 in 2025. The volatility of petrochemical values Agricultural, and Paper & Packaging

in the current environment, however, makes precise quarterly earnings estimates Jeffrey J. Zekauskas AC

for Eastman dart throws; though the elevated oil-based raw material environment (1-212) 622-6644

is clearly a plus. Eastman’s petrochemical commodity operations are performing jeffrey.zekauskas@jpmorgan.com

much better this year. The Chemical Intermediates segment earned $101m in 2024, Lydia Huang

lost ($38m) in 2025, and is likely to earn about $130m in 2026. We think that the (1-212) 622-0086

elevated petrochemical values are also lifting returns in the Additives and lydia.huang@jpmorgan.com

Functional Products (AFP) division. Propylene and ethylene prices have Silke Kueck

(1-212) 622-6503

strengthened, and propane values (a key feedstock for Eastman) have weakened. silke.x.kueck@jpmorgan.com

Eastman’s Fibers business, unfortunately, has been an offset and may give back

Katie Zhang

about ($100m) versus last year in EBIT. There is certainly room for the AFP (1-212) 622-3262

division to recover in the out years and for improvement in Advanced Materials to katie.zhang@jpmchase.com

continue. J.P. Morgan Securities LLC

• Eastman’s earnings strength is not translating into robust cash flows. Quarterly Forecasts (FYE Dec)

Eastman’s cash flow from operations is likely to be in the neighborhood of Adj. EPS ($)