SEC Form 11-K filed by Eastman Chemical Company

6/25/26 2:32:15 PM ET

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emn-20260625

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 11-K


(Mark One)
[X]			ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the fiscal year ended December 31, 2025
			OR
[ ]			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from _____________ to ______________


Commission file number 1-12626

A. Full Title of the plan and the address of the plan, if different from that of the issuer named below:

EASTMAN INVESTMENT AND EMPLOYEE STOCK OWNERSHIP PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

EASTMAN CHEMICAL COMPANY
200 S. Wilcox Drive
Kingsport, Tennessee 37662

Eastman Investment and Employee Stock Ownership Plan

Table of Contents


Report of Independent Registered Public Accounting Firm			1

Basic Financial Statements:

Statements of Net Assets Available for Benefits at December 31, 2025 and 2024			2

Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2025			3

Notes to Financial Statements			4

Additional Information (Note A):

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2025			16

Signatures			25

Exhibits			26


Note A:			Other supplemental schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Participants, Investment Plan Committee, and Plan Administrator of the

Eastman Investment and Employee Stock Ownership Plan

Kingsport, Tennessee

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Eastman Investment and Employee Stock Ownership Plan (the "Plan") as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Eastman Investment and Employee Stock Ownership Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information presented in the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Crowe LLP

We have served as the Plan's auditor since 2025

New York, New York

June 25, 2026

Eastman Investment and Employee Stock Ownership Plan

Statements of Net Assets Available for Benefits

December 31, 2025 and 2024

(in thousands)


			2025						2024
			Non-						Non-
	Participant		participant				Participant		participant
	Directed		Directed		Total		Directed		Directed		Total

Assets
Investments at fair value	$	3,042,794	$	116,774	$	3,159,568	$	2,783,486	$	171,827	$	2,955,313
Investments at contract value	365,774		—		365,774		479,647		—		479,647
Total investments	3,408,568		116,774		3,525,342		3,263,133		171,827		3,434,960
Receivables
Plan sponsor contributions	40,616		16,413		57,029		40,331		15,463		55,794
Notes receivable from participants	50,066		—		50,066		49,845		—		49,845
Other receivables	3,204		1,534		4,738		2,229		1,557		3,786
Total assets	3,502,454		134,721		3,637,175		3,355,538		188,847		3,544,385

Liabilities


Other liabilities	781		1,571		2,352		812		1,570		2,382
Total liabilities	781		1,571		2,352		812		1,570		2,382
Net assets available for benefits	$	3,501,673	$	133,150	$	3,634,823	$	3,354,726	$	187,277	$	3,542,003

The accompanying notes are an integral part of these financial statements.

Eastman Investment and Employee Stock Ownership Plan

Statement of Changes in Net Assets Available for Benefits

For the Year Ended December 31, 2025

(in thousands)


			2025
			Non-
	Participant		participant
	Directed		Directed		Total

Additions to net assets

Investment income
Interest	$	10,155	$	—	$	10,155
Dividends	5,180		6,327		11,507
Net appreciation (depreciation) in fair value of investments	419,020		(54,236)		364,784
Net investment gain (loss)	434,355		(47,909)		386,446
Interest income from notes receivable	4,150		—		4,150
Participant contributions	126,655		—		126,655
Plan sponsor contributions	66,046		16,407		82,453
Total additions	631,206		(31,502)		599,704

Deductions from net assets

Distributions to and withdrawals by participants	491,532		14,572		506,104
Administrative expenses	780		—		780
Total deductions	492,312		14,572		506,884
Net increase (decrease) in net assets	138,894		(46,074)		92,820
Transfers from non-participant directed	8,053		(8,053)		—

Net assets available for benefits at beginning of year	3,354,726		187,277		3,542,003
Net assets available for benefits at end of year	$	3,501,673	$	133,150	$	3,634,823

The accompanying notes are an integral part of these financial statements.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

1.DESCRIPTION OF PLAN

The Eastman Investment and Employee Stock Ownership Plan (the "Plan") is a defined contribution plan of a controlled group of corporations consisting of Eastman Chemical Company and certain of its wholly-owned subsidiaries operating in the United States ("Eastman", the "Company" or the "Plan Sponsor"). The Plan is organized pursuant to Sections 401(a), 401(k), and 4975(e)(7) of the Internal Revenue Code ("IRC"). All United States employees of Eastman, with the exception of certain limited-service and special program employees, and employees covered by a collective bargaining agreement with the Company, unless the collective bargaining agreement or the Plan specifically provides for participation, are eligible to participate in the Plan on their first day of employment with Eastman. The Plan was adopted by Eastman, the Plan Sponsor, on January 1, 1994, and is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). The Plan is administered by the Investment Plan Committee ("IPCO"), which is the Plan Administrator and is comprised of Eastman employees. The Plan has trusts that are administered by the Fidelity Management Trust Company (the "Trustee"). The trusts include the Eastman Chemical Trust and the Eastman Stock Ownership Plan ("ESOP") Trust.

Funds in the Plan's forfeiture account can be applied to reduce future contributions by the Company as well as cover the Plan's administrative expenses. The balance of the forfeiture account was $8 thousand and $275 thousand as of December 31, 2025, and 2024, respectively. During 2025, forfeitures of approximately $291 thousand were applied to reduce Company contributions, including amounts applied toward the 2024 Retirement Savings Contribution and other employer payroll contributions.

On or after January 1, 2007, each eligible employee hired by the Company will be automatically enrolled as a participant in the Eastman Investment Plan ("EIP") portion of the Plan. The Company makes an annual Retirement Savings Contribution ("RSC") equal to 5% of a participant's eligible Company Compensation. Participants will be deemed to have elected to defer 7% of their qualifying compensation each pay period to the EIP portion of the Plan unless they affirmatively decline, or they elect to contribute a percentage other than 7%. Each participant will also be eligible to receive a matching contribution from the Company equal to 50% of the first 7% of their pay that they contribute to the Plan each pay period. Plan participants with a collective bargaining agreement will be eligible to receive a matching contribution from the Company equal to 100% of the first 7% of their pay that they contribute to the Plan each pay period. Effective January 1, 2025, participants may elect to enroll in an automatic annual increase program with an increase to their deferral rates each year until the participant's deferral reaches 15%. Prior to January 1, 2025, the automatic annual increase program increased eligible participants' deferral rates annually until the participant's deferral reached 10%. Their contributions will be invested in a Vanguard Target Date Fund that has a target retirement date closest to the year in which the participant reaches age 65 until changed by the participant.

For additional information regarding the Plan, see the complete Plan documents.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

Contributions and Vesting

Contributions to the Plan are made through two separate provisions: (1) deferral of qualifying compensation and (2) contributions by the Plan Sponsor of cash or its common stock to the participants' accounts as determined by the Compensation and Management Development Committee of the Board of Directors of Eastman.

Participant contributions represent qualifying compensation and other qualifying employee bonuses withheld from participating employees by Eastman and contributed to the Plan. Contributions are invested in the Plan's funds as directed by the participants, with the exception of the ESOP Fund, subject to ERISA funding limitations. The Plan has accrued Company contributions for participant-directed funds of $40.6 million and for the non-participant-directed ESOP Fund of $16.4 million at December 31, 2025.

The Plan includes a salary deferral provision allowing eligible employees to defer up to 40% of their qualifying compensation, as defined in the Plan, up to the statutory limit of $23,500 for 2025 and $23,000 for 2024, as permitted by the IRC. For the catch-up salary deferral, an eligible employee who attained the age of 50 before the close of the calendar year was allowed to defer up to an additional $7,500 in 2025 and 2024 of their qualifying compensation, as defined in the Plan, subject to certain IRC limitations. Plan Sponsor contributions are also subject to certain other limitations. Participants' salary deferrals are contributed to the Plan by Eastman on behalf of the participants. The Plan's Trustee invests amounts contributed to the Plan, as designated by the participant, in one or more of the following: common stock of Eastman, various mutual funds, or interest in a guaranteed investment contract fund (see Note 4, "Investments", and Note 5, "Synthetic Investment Contracts"). Participants may transfer amounts among the funds on any business day. Additionally, participants may diversify amounts from their ESOP Fund account within the Plan (see Note 8, "Diversification from ESOP Fund"). Each participant is at all times 100% vested in their account, with the exception of amounts transferred from other plans, which may continue to be subject to the former plans' vesting requirements, as applicable.

The Plan requires that the RSC be contributed either to the employee's ESOP Fund accounts for the employee's first five RSC contributions or into other Plan funds, as directed by the participant, for participants with more than five RSC contributions. For participants with more than five RSC contributions, the RSC is allocated to participant-directed funds in accordance with each participant's investment elections at such time as the RSC is made.

Plan Sponsor contributions may be paid at any time during the plan year and subsequent to such plan year through the due date for filing the Company's federal income tax return, including any extensions. Contributions may be paid to the ESOP Trust. No contributions in the 2025 plan year were made in shares of Eastman common stock. Allocations to the participants' accounts from the Company contribution account will be made each plan year to participants who are eligible employees on the date designated by the Company. Participants are not permitted to make contributions to the ESOP Trust.

Employees may elect to transfer, into any of the Plan’s fund options, balances received from (1) lump sum payouts from defined benefit plans maintained by Eastman Chemical Company, including the Eastman Retirement Assistance Plan, (2) a former employer’s 401(a) and 401(k) plan, or (3) an employee’s individual retirement account containing amounts received from a qualified defined contribution plan under Section 401(a) and 401(k) of the IRC. All rollover contributions into the Plan must meet the applicable IRC requirements. Employees' rollover contributions, including Roth rollover contributions, were approximately $11.0 million in 2025.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

Notes Receivable from Participants

The Plan Trustee makes loans to participants in accordance with Plan provisions. The loans are reflected as notes receivable from participants. Notes receivable from participants are accounted for as a transfer from the fund directed by the participant to the Notes Receivable from Participants Fund. The principal portion of participant repayments reduces the Notes Receivable from Participants Fund receivable. The principal and interest repaid are directed to funds to which the participant's current contributions are directed; the principal is accounted for as a transfer and the interest accounted for as income in the fund to which the participant's current contributions are directed. The Notes Receivable from Participants Fund's net assets and other changes in net assets are included in the participant-directed funds in the Statements of Net Assets Available for Benefits and Statements of Changes in Net Assets Available for Benefits, respectively.

The IPCO may grant a note receivable (loan) of at least $1,000 to a participant provided that the aggregate of the participant's notes receivable does not exceed the lesser of (1) $50,000 reduced by the excess, if any, of (a) the participant's highest notes receivable balance from the preceding 12 months over (b) the outstanding total notes receivable balance from the Plan on the date on which the notes receivable was made, or (2) 50% of the non-forfeitable portion of the participant's account. Additional limitations on the availability of loans may apply to individuals who are categorized as "insiders" for purposes of federal securities laws. In accordance with the Plan provisions, the rate of interest on new participant notes receivable approximates current market rates. The term of any notes receivable from participants is determined by IPCO and will not exceed five years. Notes receivable from participants transferred to the Plan from acquisitions carry terms applicable under that plan and may have terms that exceed five years. Notes receivable from participants are valued at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Interest income earned on notes receivable from participants is credited directly to the participants' accounts and was approximately $4.2 million in 2025. Related fees are recorded as administrative expenses and are expensed when they are incurred. If a participant ceases to make loan repayments and the Plan Administrator deems the participant loan to be in default, the participant loan is reduced, and a benefit payment is recorded. At December 31, 2025, $50.1 million in notes receivable from participants were outstanding with interest rates ranging from 4.25% to 9.50% and various maturity dates through January 2031. At December 31, 2024, $49.8 million in notes receivable from participants were outstanding with interest rates ranging from 4.25% to 9.50% and various maturity dates through January 2030.

Distributions

Distributions from the Plan require the approval of IPCO or its designee and are made under the following circumstances:

•Upon attaining age 59½, a participant may elect to receive a lump sum cash distribution of their total or partial account value while still actively employed.

•Upon separation of service from Eastman for any reason other than death, the full value of a participant's account is distributed in a lump sum payment for participants whose account value is less than or equal to $1,000. Separated participants with accounts in excess of $1,000 may elect either (1) to defer distribution until a later date, but in no event later than April 1 of the calendar year following the year a participant attains age 73 or (2) to receive an immediate lump-sum distribution of the participant's account or, at the election of the participant, distributions in monthly or annual installments. Participants with balances in the Eastman Stock Fund or the ESOP Fund may elect a lump sum distribution in Eastman common stock.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

•In the event of death, the value of a participant's account is paid in a lump sum if the account value is less than or equal to $1,000. If the beneficiary is a surviving spouse and the participant account value exceeds $1,000, payment will be made in either a lump-sum amount or, at the election of the surviving spouse, in monthly or annual installments.

•Required minimum distributions must commence no later than April 1 of the calendar year following the year a participant attains age 73, unless the participant is still actively employed with the Company. This is in accordance with the required minimum distribution rules under Section 401(a)(9) of the IRC. The Plan requires participants to receive minimum distributions as prescribed by these rules to comply with federal tax regulations.

•Approval of hardship withdrawals will only be granted in order to meet obligations relating to the payment of substantial out-of-pocket medical expenses, the purchase of a primary residence, the payment of tuition or other post-secondary educational expenses, or payments to prevent eviction or foreclosure. They are also granted for payment of funeral or burial expenses for a deceased parent, spouse, beneficiary or dependent of the participant, or payment of expenses for repair of damage to the participant's principal residence that would qualify as casualty losses under the IRC. Hardship withdrawals must be at least $500 and are limited to the amount necessary to satisfy the participant’s hardship need, including any applicable taxes or penalties arising from the distribution, but may not exceed the portion of the participant’s EIP Account attributable to pre-tax contributions.

•The Trustee is authorized to honor qualified domestic relations orders issued and served in accordance with Section 414(p) of the IRC.

Effective January 1, 2025, the Plan permits certain additional distributions in accordance with applicable provisions of the Internal Revenue Code and Plan terms, including distributions for qualified birth or adoption expenses, domestic abuse victim distributions, and certain qualified disaster recovery distributions. Such distributions are subject to the specific eligibility, timing, certification, repayment, and administrative requirements applicable under the Plan and governing law.

Investment of ESOP Fund

ESOP Fund assets are invested primarily in Eastman common stock. Additionally, at the discretion of IPCO, assets may also be invested in various other securities or maintain positions in cash.

Investment assets can be acquired by the ESOP Fund in three ways:

•The Company may make a direct contribution of cash to the ESOP Fund, which would then be used to purchase Eastman common stock or other securities.

•The Company may contribute shares of Eastman common stock directly to the ESOP Fund.

•The Company may direct the Trustee to obtain a loan to purchase securities (i.e., leveraged ESOP). Until the loan is repaid, securities acquired with the respective loan proceeds are not available to be allocated to participants' accounts and are maintained in a "Loan Suspense Account". On the last day of each plan year, a proportionate share of securities relating to loan amounts that have been repaid will be transferred out of the Loan Suspense Account and allocated to the accounts of ESOP Fund participants. The ESOP Fund currently is not a leveraged ESOP.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

Dividends Attributable to the ESOP Fund

IPCO may direct that Eastman common stock dividends attributable to the non-participant directed ESOP Fund be (a) allocated to the accounts of participants, (b) paid in cash to the participants on a non-discriminatory basis, or (c) paid by the Company directly to participants. Alternatively, dividends received from Eastman common stock maintained in the Loan Suspense Account may be applied to reduce the related loan balance.

Dividends paid in cash from the ESOP Fund are generally taxable to participants in the year received. To be eligible to request a hardship withdrawal from the Plan, participants must elect to receive ESOP dividends in cash. This election must comply with Plan terms and applicable IRS regulations.

Allocations to Participants' ESOP Fund Accounts

Separate participant accounts are established to reflect each participant's interest in the ESOP Fund and are maintained under the unit value method of accounting. The ESOP Fund account maintained for each participant consists of:

•Plan Sponsor contributions made or invested in shares of Eastman common stock.

•Shares of Eastman common stock in the ESOP Fund include those purchased with assets from the spin-off from Eastman Kodak Company as well as those acquired through the release of funds from a loan in the Loan Suspense Account.

•An allocable share of short-term interest and money market funds held in the ESOP Fund for the purpose of paying expenses and for similar purposes.

•After-tax contributions transferred to the ESOP Fund pursuant to the spin-off from Eastman Kodak Company (such after-tax contributions are no longer permitted under the ESOP provisions).

The number of units allocated to a participant's account in any year is based on the ratio of the participant's compensation to the total compensation of all eligible employees entitled to share in the allocation for that plan year. In any year in which a Company contribution is made, a participant's allocation will not be less than one share of stock.

Federal law limits the total annual contributions that may be made on a participant's behalf to all defined contribution and defined benefit plans offered by the Company. Participants will be notified if their total annual contribution is limited by this legal maximum.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

2.SUMMARY OF ACCOUNTING POLICIES

The following accounting policies, which conform to accounting principles generally accepted in the United States of America ("U.S. GAAP"), have been used consistently in the preparation of the Plan's financial statements.

Basis of Accounting

The Plan's financial statements are prepared on the accrual basis of accounting.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

Investment Policy and Valuation

The Plan's investments are stated at fair value except for its fully benefit-responsive investment contract, which is valued at contract value (see Note 5, "Synthetic Investment Contracts"). If available, quoted market prices are used to value investments. IPCO determines the Plan's valuation policies utilizing information provided by Fidelity Investments and the Director of Global Treasury Operations and Investments (see Note 6, "Fair Value Measurement", for discussion of fair value measurements).

For investments in the ESOP Fund and the Eastman Stock Fund, the Trustee may keep any portion of participant and Plan Sponsor contributions temporarily in cash or liquid investments as it may deem advisable. All dividends, interest or gains derived from investment in each fund are reinvested in the respective fund by the Trustee.

Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is recorded at the ex-dividend date.

The Plan presents in the Statements of Changes in Net Assets Available for Benefits the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments.

Payments to Participants

Benefit payments to participants are recorded when paid.

3.RISKS AND UNCERTAINTIES

The Plan includes investments in common stock, mutual funds, collective investment trusts, and bonds, which are generally exposed to various risks, such as significant global events, interest rate fluctuations, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the financial statements. Included in investments at December 31, 2025, and 2024 are shares of the Plan Sponsor's common stock amounting to approximately $217 million and $266 million, respectively. This investment represents 6.1% and 7.7% of total investments at December 31, 2025 and 2024, respectively. A significant decline in the market value of the Plan Sponsor's stock would significantly affect the net assets available for benefits.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

4.INVESTMENTS

At December 31, 2025 and 2024, the Plan's assets were invested in common stock, mutual funds, collective investment trusts, and a Managed Income Fund, which includes synthetic investment contracts (see Note 5, "Synthetic Investment Contracts"), as well as bonds. Subject to certain limitations, participants are provided the option of directing their contributions among the investment options. The Plan also holds an interest in the non-participant directed Eastman ESOP Fund, which invests in Eastman Chemical Company common stock and short-term interest funds. The following table presents the Plan's investments by type at December 31, 2025 and 2024.


(in thousands)	2025		2024

Cash and Cash Equivalents	$	4,563	$	5,617
Common stock - Eastman Chemical Company	216,548		265,688
Common stock - other	124,441		121,904
Mutual funds	178,543		169,871
Collective investment trusts	2,445,950		2,213,427
Managed Income Fund	365,774		479,647
Self-directed brokerage account	189,523		178,806
Total	$	3,525,342	$	3,434,960

The following investment options, which invest primarily in common stock of the Plan Sponsor, were available to participants in 2025:

Eastman Stock Fund

This participant-directed fund is primarily comprised of Eastman common stock. Purchases and sales of Eastman common stock are generally conducted on the open market, as selected by Plan participants. During 2025, the Trustee purchased 987,100 shares of Eastman common stock for the fund at an average price of $70.41 per share and sold 452,534 shares of Eastman common stock for the fund at an average price of $75.50 per share. Dividends paid from the Eastman Stock Fund totaled $4.7 million in 2025.

Eastman ESOP Fund

This non-participant directed fund primarily consists of Eastman common stock. Purchases and sales of Eastman common stock are generally conducted on the open market, on behalf of its participants and as directed by the Plan's guidelines. During 2025, the Trustee purchased 218,100 shares of Eastman common stock for the fund at an average price of $92.51 per share and sold 269,513 shares of Eastman common stock for the fund at an average price of $76.38 per share. Participants can elect to have the dividends paid in cash or reinvested back into the Eastman ESOP Fund. Dividends paid from the Eastman ESOP Fund totaled $6.3 million in 2025.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

5.SYNTHETIC INVESTMENT CONTRACTS

The Plan invests in the Managed Income Fund (the "Fund"), which invests in synthetic investment contracts, totaling $366 million and $480 million at December 31, 2025 and 2024, respectively. These contracts, also referred to as wrap contracts, are entered into with independent financial institutions and are designed to allow the Fund to maintain a stable net asset value ("NAV") and to pay participant-initiated transactions at contract value. Because the contracts are fully benefit-responsive, they are reported at contract value. Contract value is based on the fair value of the underlying assets and adjusted through a crediting rate formula that amortizes market value gains and losses over time. Crediting rates are reset quarterly and may not be less than zero percent.

The wrap contracts limit the Fund’s ability to transact at contract value upon the occurrence of certain events, including the Plan’s failure to maintain qualification under Section 401(a) or 401(k) of the Internal Revenue Code, the establishment of a competing defined contribution plan, substantive plan amendments or administrative changes not consented to by the wrap issuer, complete or partial termination of the Plan, changes in law or regulation that could materially adversely affect Fund cash flows, mergers, consolidations, transfers of assets, or other corporate transactions involving the Plan or Plan Sponsor, communications intended to induce participants to withdraw from the Fund, exclusion of previously eligible employees, early retirement or other significant workforce reduction programs, or transfers to a competing investment option. The Plan believes the occurrence of each of these events is not probable.

The wrap contracts may be terminated by the issuers and settled at an amount different from contract value upon certain contract-specified events, including misrepresentation, material breach, prohibited transactions, tax qualification failure, unauthorized asset transfers or investment guideline violations, plan termination or merger, changes in law, and other events that could materially adversely affect the issuer’s interests. The Plan believes the occurrence of each of these events is not probable.

6.FAIR VALUE MEASUREMENT

Following is a description of the valuation methodologies used for assets measured at fair value:

•Common stock: Valued at the closing price reported on the active market on which the individual securities are publicly traded.

•Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

•Collective investment trusts: The Plan's collective trust investments are held in separate investment accounts, which are valued using the readily determinable fair value ("RDFV"). The RDFV is based on the value of the underlying assets owned by the fund, which include a mix of U.S. and international equities, fixed income investments, target date funds, and short-term investments. The collective trust investments held by the Plan publish their RDFV daily and transact at that price.

•Self-directed brokerage account: Unit valuation based on the published underlying NAV of the mutual funds. These mutual funds are deemed to be actively traded.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

U.S. GAAP provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under U.S. GAAP are described below:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 - Unobservable inputs based on the Plan's assumptions used to measure assets and liabilities at fair value.

A financial instrument's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table set forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2025 and 2024.


(in thousands)	December 31, 2025		December 31, 2024
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Quoted Prices in Active Markets for Identical Assets (Level 1)
Cash and Cash Equivalents	$	4,563	$	5,617
Common stock - Eastman Chemical Company	216,548		265,688
Common stock - other	124,441		121,904
Mutual funds	178,543		169,871
Collective investment trusts	2,445,950		2,213,427
Self-directed brokerage account	189,523		178,806
Total	$	3,159,568	$	2,955,313

There are no redemption restrictions on the mutual fund investments or collective investment trusts. They are fully liquid and can be redeemed on a daily basis. There are no Level 2 or Level 3 investments at December 31, 2025 and 2024.

7.OTHER RECEIVABLES AND OTHER LIABILITIES

Other receivables in the amount of $4.7 million and $3.8 million at December 31, 2025 and 2024, respectively, represent interest and dividends receivable, as well as receivables from the sale of investments. Other liabilities in the amount of $2.4 million at both December 31, 2025 and 2024 represent liabilities from the purchase of investments.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

8.DIVERSIFICATION FROM ESOP FUND

A participant may direct that all or any portion of their ESOP Fund account be transferred to other funds in the Plan without restrictions. In 2025, $8.1 million was transferred from the ESOP Fund within the Plan in connection with this program.

9.PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of termination, participant accounts will be distributed, and all participants will become 100% vested in their account balances in accordance with ERISA requirements.

10.FEDERAL INCOME TAX STATUS

The Internal Revenue Service ("IRS") has determined and informed the Plan Sponsor by a letter dated May 11, 2015, that the Plan and related trust are designed in accordance with applicable sections of the IRC. Although the Plan has been amended since receiving the determination letter, the Plan administrator believes that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the IRC and, therefore, believes the Plan is qualified, and the related trust is tax-exempt. No provision for income taxes has been included in the Plan's financial statements.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2025 and 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan is subject to IRS audit for the current year and the preceding three plan years.

11.PLAN EXPENSES

Reasonable expenses of administering the Plan, unless paid by the Company, are paid by the Plan. For both 2025 and 2024, trustee fees associated with the Eastman Stock Fund and the Eastman ESOP Fund were paid with assets of those individual funds. Brokerage fees, transfer taxes, investment fees and other expenses incidental to the purchase and sale of securities and investments are included in the cost of such securities or investments or deducted from the sales proceeds. Administration fees for notes receivable from participants are deducted quarterly from the accounts of participants with outstanding notes receivable balances. Origination fees are deducted from the participant's account at the inception of the note receivable. Investment-related fees are charged directly to the participant account via the investment NAV.

12.PARTIES-IN-INTEREST TRANSACTIONS

Under U.S. Department of Labor regulations, parties-in-interest are defined as fiduciaries of the Plan, any party rendering services to the Plan, the employer, and certain other related parties. Transactions between the Plan and parties-in-interest are subject to prohibited transaction rules but may qualify for exemptions under ERISA. The Plan does not reimburse administrative functions performed by Plan management or certain expenses paid directly by the Company.

Eastman Investment and Employee Stock Ownership Plan

Notes to Financial Statements

Certain Plan investments include shares of mutual funds and collective investment trusts managed by the Trustee as defined by the Plan. These transactions qualify as parties-in-interest transactions, which are exempt from prohibited transaction rules. The Plan also invests in the common stock of the Plan Sponsor as well as notes receivable from Plan participants, both of which qualify as parties-in-interest to the Plan and are exempt from prohibited transaction rules (see Note 3, "Risks and Uncertainties", and Note 4, "Investments").

13.SUBSEQUENT EVENTS

The Plan Administrator has evaluated events subsequent to December 31, 2025, through the date the financial statements were issued and determined that no additional disclosures are required.

Supplemental Schedule

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Cost

(e)
Current Value

Fidelity Management Trust Company

Interest Bearing Cash, Participant directed

988

Fidelity Management Trust Company

Interest Bearing Cash, Non-Participant directed

1,998

SSBK Govt Stif Fund

Interest Bearing Cash Equivalents

1,577

Subtotal – Cash and Cash Equivalents

4,563

Eastman Chemical Company

Common Stock, Participant directed

115,785

Eastman Chemical Company

Common Stock, Non-Participant directed

122,913

100,763

Subtotal – Common Stock – Eastman Chemical Co

216,548

3M Co

Common Stock

1,613

Abbott Laboratories

Common Stock

1,226

Abbvie Inc

Common Stock

1,640

Accenture Plc Cl A

Common Stock

262

Air Products & Chemicals Inc

Common Stock

2,130

Alphabet Inc Cl C

Common Stock

3,447

American Express Co

Common Stock

2,281

American Tower Corp

Common Stock

623

Analog Devices Inc

Common Stock

2,048

Ares Management Corp Cl A

Common Stock

1,076

Arthur J Gallaghar And Co

Common Stock

1,314

Avalonbay Communities Inc Reit

Common Stock

492

Bank Of America Corporation

Common Stock

3,563

Bank Of New York Mellon Corp

Common Stock

2,170

Becton Dickinson & Co

Common Stock

671

Blackrock Inc

Common Stock

870

Blackstone Inc

Common Stock

1,180

Bristol-Myers Squibb Co

Common Stock

931

Capital One Financial Corp

Common Stock

2,395

Carrier Global Corp

Common Stock

930

Cencora Inc

Common Stock

805

Chevron Corp

Common Stock

2,338

Chubb Ltd

Common Stock

731

Cigna Group (The)

Common Stock

1,275

Citigroup Inc

Common Stock

1,843

Cme Group Inc Cl A

Common Stock

1,235

Cms Energy Corp

Common Stock

860

Coca Cola Co

Common Stock

1,303

Comcast Corp Cl A

Common Stock

1,019

Conocophillips

Common Stock

2,557

Corning Inc

Common Stock

1,460

Cvs Health Corp

Common Stock

1,510

Danaher Corp

Common Stock

1,304

Deere & Co

Common Stock

2,089

Digital Realty Trust Inc

Common Stock

591

Disney (Walt) Co

Common Stock

742

Dominion Energy Inc

Common Stock

1,641

Dover Corp

Common Stock

1,917

Eaton Corp Plc

Common Stock

2,372

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Cost

(e)
Current Value

Eli Lilly & Co

Common Stock

602

Eog Resources Inc

Common Stock

1,555

Fidelity Natl Inform Svcs Inc

Common Stock

1,221

General Dynamics Corporation

Common Stock

2,351

Goldman Sachs Group Inc

Common Stock

1,843

Hewlett Packard Enterprise Co

Common Stock

1,745

Home Depot Inc

Common Stock

1,670

Intl Bus Mach Corp

Common Stock

614

Johnson & Johnson

Common Stock

2,617

Lam Research Corp

Common Stock

628

Lowes Cos Inc

Common Stock

2,196

Mcdonalds Corp

Common Stock

2,079

Medtronic Plc

Common Stock

1,057

Merck & Co Inc New

Common Stock

1,550

Microsoft Corp

Common Stock

2,473

Mondelez Intl Inc

Common Stock

1,031

Morgan Stanley

Common Stock

2,153

Nextera Energy

Common Stock

1,451

Nike Inc Cl B

Common Stock

909

Norfolk Southern Corp

Common Stock

830

Nxp Semiconductors Nv

Common Stock

1,297

Packaging Corp Of America

Common Stock

721

Pepsico Inc

Common Stock

851

Philip Morris Intl Inc

Common Stock

2,899

Procter & Gamble Co

Common Stock

1,509

Progressive Corp Ohio

Common Stock

1,280

Prologis Inc Reit

Common Stock

1,019

Public Svc Enterprise Grp Inc

Common Stock

380

Quest Diagnostics Inc

Common Stock

624

Republic Services Inc

Common Stock

637

Rtx Corp

Common Stock

2,186

Schwab Charles Corp

Common Stock

2,383

Seagate Technology Holdings Plc

Common Stock

1,165

Texas Instruments Inc

Common Stock

1,665

Tjx Companies Inc New

Common Stock

1,595

Travelers Companies Inc

Common Stock

919

Union Pacific Corp

Common Stock

2,432

Unitedhealth Group Inc

Common Stock

1,346

Ventas Inc Reit

Common Stock

1,176

Verizon Communications Inc

Common Stock

859

Walmart Inc

Common Stock

1,768

Wells Fargo & Co

Common Stock

4,547

Xcel Energy Inc

Common Stock

1,367

Yum Brands Inc

Common Stock

787

Subtotal – Common Stock – Other

124,441

Dodge & Cox Stock Fund

Registered Investment Company

127,171

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)

(a)

(b)
Identity of issue, borrower, lessor, or similar party

(d)
Cost

(e)
Current Value

Fid Govt Mmkt

Registered Investment Company

Fid Us Bond Idx

Registered Investment Company

32,230

Fid 500 Index

Registered Investment Company

16,276

Fidelity Ext Mkt Idx

Registered Investment Company

2,843

Subtotal – Mutual Funds

178,543

Arrowst Acwi Ex-Us A

Collective Investment Trust

98,365

Btc Str Comp Nl M

Collective Investment Trust

1,689

Fid Blue Chip GR Pool

Collective Investment Trust

167,378

Hotchkis & Wiley Small Cap Diversified V Class F

Collective Investment Trust

40,884

Loomis Sayles & Co SMC Gwth C

Collective Investment Trust

59,422

Pru Core Pl Bd Cl 5

Collective Investment Trust

59,952

SP 500 Index Pl Cl D

Collective Investment Trust

468,361

SP Glb Exus Idx Cl D

Collective Investment Trust

37,873

SP Ext Mkt Idx Cl D

Collective Investment Trust

74,485

Vanguard Target Inc

Collective Investment Trust

40,429

Vanguard Target 2020

Collective Investment Trust

37,707

Vanguard Target 2025

Collective Investment Trust

98,827

Vanguard Target 2030

Collective Investment Trust

254,309

Vanguard Target 2035

Collective Investment Trust

215,640

Vanguard Target 2040

Collective Investment Trust

184,429

Vanguard Target 2045

Collective Investment Trust

156,011

Vanguard Target 2050

Collective Investment Trust

196,819

Vanguard Target 2055

Collective Investment Trust

127,880

Vanguard Target 2060

Collective Investment Trust

92,277

Vanguard Target 2065

Collective Investment Trust

26,623

Vanguard Target 2070

Collective Investment Trust

6,590

Subtotal – Collective Investment Trusts

2,445,950

Cash

1,381

Aercap Ireland Capital Dac / Aercap Global Aviatio

Corporate Bond

6.45

4/15/2027

1,540

Air Lease Corp

Corporate Bond

2.20

1/15/2027

717

Alimentation Couche-Tard Inc

Corporate Bond

4.15

9/29/2028

775

Ally Auto Receivables Trust 2024-1

Mortgage Backed Security

5.08

12/15/2028

183

American Express Co

Corporate Bond

5.08

1/30/2031

321

American Express Cr Acc Mst Tr

Mortgage Backed Security

5.23

4/15/2029

1,328

American General Life

Synthetic GIC

2.54

1,224

Amgen Inc

Corporate Bond

5.15

3/2/2028

378

Ares Strategic Income Fund

Corporate Bond

4.85

1/15/2029

763

AT&T Inc

Corporate Bond

1.65

2/1/2028

1,653

AT&T Inc

Corporate Bond

4.70

8/15/2030

557

Athene Global Funding

Corporate Bond

4.72

10/8/2029

1,011

Athene Global Funding

Corporate Bond

5.38

1/7/2030

1,426

Avolon Holdings Funding Ltd

Corporate Bond

5.38

5/30/2030

186

Ba Cr Card Tr

Mortgage Backed Security

4.31

5/15/2030

1,623

Bae Systems Plc

Corporate Bond

5.13

3/26/2029

438

Banco Santander Sa

Corporate Bond

1.72

9/14/2027

988

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)


(a)	(b) Identity of issue, borrower, lessor, or similar party	(c) Description of investment, including maturity date, rate of interest, collateral, par, or maturity value				(d) Cost	(e) Current Value
	Bank Of America Corporation	Corporate Bond	2.55	%	2/4/2028	**	1,889
	Bank Of America Corporation	Corporate Bond	4.95	%	7/22/2028	**	2,487
	Bank Of New York Mellon	Corporate Bond	4.73	%	4/20/2029	**	429
	Banque Fed Cred Mutuel Paris	Corporate Bond	5.19	%	2/16/2028	**	1,042
	Barclays Plc	Corporate Bond	2.28	%	11/24/2027	**	1,904
	Barclays Plc	Corporate Bond	5.37	%	2/25/2031	**	1,286
	Benchmark Mortgage Trust 2018-B7	Mortgage Backed Security	4.38	%	5/15/2053	**	713
	Benchmark Mtg Tr 2018-B8 A2	Mortgage Backed Security	4.15	%	1/15/2052	**	109
	Bmw Vehicle Lease Trust 2025-1	Mortgage Backed Security	4.43	%	6/26/2028	**	868
	Boeing Co	Corporate Bond	6.26	%	5/1/2027	**	117
	Bofa Auto Tr 2024-1A A3	Mortgage Backed Security	5.35	%	11/15/2028	**	76
	Bpce Sa	Corporate Bond	2.04	%	10/19/2027	**	1,312
	Broadcom Inc	Corporate Bond	4.15	%	2/15/2028	**	1,105
	Broadcom Inc	Corporate Bond	5.05	%	7/12/2029	**	983
	Bx 2021-Bxmf Tsfr1M	Mortgage Backed Security	4.50	%	10/15/2026	**	571
	Bx Coml Mtg Tr 2024-Gpa3 A Tsfr1M	Mortgage Backed Security	5.04	%	12/15/2039	**	104
	Bx Commercial Mortgage Trust 2021-Pac Tsfr1M	Mortgage Backed Security	4.55	%	10/15/2036	**	874
	Bx Commercial Mortgage Trust 22-Lp2 A Tsfr1M	Mortgage Backed Security	4.76	%	2/15/2039	**	172
	Bx Tr 2021-Acnt Tsfr1M	Mortgage Backed Security	4.71	%	11/15/2038	**	273
	Canadian Imperial Bk Of Comm	Corporate Bond	5.24	%	6/28/2027	**	1,019
	Canadian Natl Resources Ltd	Corporate Bond	5.00	%	12/15/2029	**	382
	Capital One Prime Auto Receivables Trust 2023-2	Mortgage Backed Security	5.82	%	6/15/2028	**	915
	Carmax Auto Owner Tr 2023-4	Mortgage Backed Security	6.00	%	7/17/2028	**	192
	Carmax Auto Owner Tr 2024-2	Mortgage Backed Security	5.50	%	1/16/2029	**	179
	Carvana Auto Receivables Tr 2025-P3 A3	Mortgage Backed Security	4.04	%	11/11/2030	**	900
	Carvana Auto Receivables Trust 2025-P2	Mortgage Backed Security	4.55	%	8/12/2030	**	617
	Cent Trust 2025-City A Var 07/10/2040 144A	Mortgage Backed Security	4.92	%	7/10/2040	**	240
	Chase Auto Owner Trust 2024-1	Mortgage Backed Security	5.13	%	5/25/2029	**	194
	Chase Auto Owner Trust	Mortgage Backed Security	5.22	%	7/25/2029	**	900
	Chase Issuance Tr	Mortgage Backed Security	4.16	%	7/15/2030	**	1,017
	Chase Issuance Tr	Mortgage Backed Security	5.08	%	9/15/2030	**	1,800
	Chevron Phil Chem Llc /Chev Lp	Corporate Bond	4.75	%	5/15/2030	**	189
	Citibank	Synthetic GIC	2.55	%		**	595
	Citibank Cr Card Issuance Tr	Mortgage Backed Security	4.30	%	6/21/2030	**	1,965
	Citizens Auto Receivables Trust 2024-1	Mortgage Backed Security	5.11	%	4/17/2028	**	448
	Citizens Auto Receivables Trust 2024-2	Mortgage Backed Security	5.33	%	8/15/2028	**	240
	Cooperatieve Rabobank Ua	Corporate Bond	1.98	%	12/15/2027	**	1,874
	Corebridge Financial Inc	Corporate Bond	3.65	%	4/5/2027	**	294
	Corebridge Gbl Funding	Corporate Bond	4.65	%	8/20/2027	**	446
	Corebridge Gbl Funding	Corporate Bond	4.85	%	6/6/2030	**	1,250
	Daimler Trucks Finance North America Llc	Corporate Bond	4.95	%	1/13/2028	**	429
	Daimler Trucks Finance North America Llc	Corporate Bond	5.13	%	9/25/2027	**	416
	Daimler Trucks Retail Trust 2024-1	Mortgage Backed Security	5.49	%	12/15/2027	**	612
	Dell Equip Fin Tr 2023-2	Mortgage Backed Security	5.65	%	1/22/2029	**	108

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)


(a)	(b) Identity of issue, borrower, lessor, or similar party	(c) Description of investment, including maturity date, rate of interest, collateral, par, or maturity value				(d) Cost	(e) Current Value
	Dell Equipment Finance Trust 2023-3 A3	Mortgage Backed Security	5.93	%	4/23/2029	**	289
	Dell Intl/Emc Corp	Corporate Bond	5.00	%	4/1/2030	**	500
	Deutsche Bank Ag New York Bnch	Corporate Bond	2.31	%	11/16/2027	**	1,372
	Deutsche Bank Ag New York Bnch	Corporate Bond	4.95	%	8/4/2031	**	1,030
	Dllaa 2023-1A	Mortgage Backed Security	5.64	%	2/22/2028	**	94
	Dllad 2024-1 Llc	Mortgage Backed Security	5.30	%	7/20/2029	**	77
	Dllmt 2024-1 Llc	Mortgage Backed Security	4.84	%	8/21/2028	**	451
	Dnb Bank Asa	Corporate Bond	1.60	%	3/30/2028	**	1,796
	Dnb Bank Asa	Corporate Bond	4.38	%	11/4/2031	**	1,123
	Dte Energy Co	Corporate Bond	4.95	%	7/1/2027	**	411
	Dte Energy Co	Corporate Bond	5.20	%	4/1/2030	**	766
	Duke Energy Corp New	Corporate Bond	4.30	%	3/15/2028	**	1,083
	Elp Coml Mtg Tr 2025-Elp	Mortgage Backed Security	4.76	%	11/13/2042	**	163
	Enbridge Inc	Corporate Bond	4.60	%	6/20/2028	**	151
	Enbridge Inc	Corporate Bond	5.25	%	4/5/2027	**	667
	Enbridge Inc	Corporate Bond	5.30	%	4/5/2029	**	567
	Enel Finance Intl Nv	Corporate Bond	4.13	%	9/30/2028	**	304
	Equinor Asa	Corporate Bond	1.75	%	1/22/2026	**	282
	Equitable America Global Funding	Corporate Bond	4.65	%	6/9/2028	**	482
	Equitable America Global Funding	Corporate Bond	4.95	%	6/9/2030	**	657
	Equitable Financial Life Global Funding	Corporate Bond	4.60	%	4/1/2027	**	829
	Equitable Financial Life Global Funding	Corporate Bond	5.00	%	3/27/2030	**	617
	Exelon Corp	Corporate Bond	2.75	%	3/15/2027	**	146
	Exelon Corp	Corporate Bond	5.15	%	3/15/2029	**	309
	Federal Home Ln Mtg Mlt Ctf Gt	Mortgage Backed Security	4.00	%	7/15/2047	**	289
	Federal Home Ln Mtg Mlt Ctf Gt 4847 Ca	Mortgage Backed Security	3.50	%	11/15/2045	**	118
	Federal Home Ln Mtg Mlt Ctf Gt K545 A2	Mortgage Backed Security	4.29	%	7/25/2030	**	892
	Federal Home Ln Mtg Mlt Ctf Gt Var	Mortgage Backed Security	4.27	%	7/25/2030	**	1,184
	Federal Home Ln Mtge Corp 4765 Qa	Mortgage Backed Security	3.00	%	2/15/2046	**	560
	Federal Nat Mtg Asn Gtd Rem 2011-26 Pa	Mortgage Backed Security	4.50	%	4/25/2041	**	155
	Federal Nat Mtg Asn Gtd Rem 2017-97 P	Mortgage Backed Security	3.00	%	1/25/2047	**	531
	Federal Nat Mtg Asn Gtd Rem Pa	Mortgage Backed Security	1.85	%	5/25/2033	**	285
	Federal Nat Mtg Asn Gtd Rem Pa 2017-11 Ha	Mortgage Backed Security	3.50	%	12/25/2045	**	460
	Federal Nat Mtg Asn Gtd Rem Pa 2018-3 Lp	Mortgage Backed Security	3.00	%	2/25/2047	**	817
	Federal Nat Mtg Asn Gtd Rem Pa	Mortgage Backed Security	3.00	%	3/25/2048	**	1,021
	Federal Nat Mtg Asn Gtd Rem Pa	Mortgage Backed Security	3.00	%	4/25/2044	**	111
	Federal Nat Mtg Asn Gtd Rem Pa	Mortgage Backed Security	3.50	%	2/25/2046	**	131
	Federal Natl Mtg As Gtd Re Ptt 2016-105 Pa	Mortgage Backed Security	3.50	%	4/25/2045	**	207
	Federal Natl Mtg As Gtd Re Ptt 2018-11 La	Mortgage Backed Security	3.50	%	7/25/2045	**	281
	FHLG 15YR	Mortgage Backed Security	2.50	%	1/1/2028	**	45
	FHLG 15YR	Mortgage Backed Security	2.50	%	12/1/2031	**	518
	FHLG 15YR	Mortgage Backed Security	3.00	%	3/1/2033	**	1,012
	FHLG 15YR	Mortgage Backed Security	3.00	%	5/1/2033	**	345
	FHLG 20YR	Mortgage Backed Security	3.00	%	11/1/2033	**	379
	FHLG 20YR	Mortgage Backed Security	3.50	%	6/1/2032	**	236
	FHLG 20YR	Mortgage Backed Security	3.50	%	7/1/2032	**	158

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)


(a)	(b) Identity of issue, borrower, lessor, or similar party	(c) Description of investment, including maturity date, rate of interest, collateral, par, or maturity value				(d) Cost	(e) Current Value
	FHLG 25YR	Mortgage Backed Security	5.50	%	7/1/2035	**	14
	FHLG	Mortgage Backed Security	5.50	%	3/1/2034	**	23
	FHLG	Mortgage Backed Security	5.50	%	5/1/2034	**	161
	FHLG	Mortgage Backed Security	5.00	%	12/15/2037	**	21
*	Fidelity Short Term Cash Fund	Cash	3.75	%		**	4,724
	FNMA	Mortgage Backed Security	6.50	%	7/1/2032	**	2
	FNMA	Mortgage Backed Security	6.50	%	7/1/2035	**	3
	FNMA	Mortgage Backed Security	6.50	%	12/1/2032	**	2
	FNMA 15YR	Mortgage Backed Security	2.00	%	2/1/2028	**	70
	FNMA 15YR	Mortgage Backed Security	2.50	%	1/1/2028	**	62
	FNMA 15YR	Mortgage Backed Security	2.50	%	1/1/2029	**	155
	FNMA 15YR	Mortgage Backed Security	2.50	%	10/1/2031	**	218
	FNMA 15YR	Mortgage Backed Security	3.00	%	2/1/2033	**	1,276
	FNMA 15YR	Mortgage Backed Security	3.00	%	12/1/2032	**	1,185
	FNMA 15YR	Mortgage Backed Security	3.50	%	2/1/2033	**	158
	FNMA 15YR	Mortgage Backed Security	3.50	%	9/1/2029	**	81
	FNMA 15YR	Mortgage Backed Security	3.50	%	11/1/2030	**	78
	FNMA 15YR	Mortgage Backed Security	3.50	%	12/1/2028	**	2
	FNMA 15YR	Mortgage Backed Security	4.00	%	2/1/2034	**	550
	FNMA 15YR	Mortgage Backed Security	4.00	%	3/1/2034	**	1,241
	FNMA 20YR	Mortgage Backed Security	2.50	%	1/1/2033	**	92
	FNMA 20YR	Mortgage Backed Security	2.50	%	1/1/2033	**	125
	FNMA 20YR	Mortgage Backed Security	2.50	%	1/1/2033	**	71
	FNMA 20YR	Mortgage Backed Security	2.50	%	1/1/2033	**	76
	FNMA 20YR	Mortgage Backed Security	3.00	%	11/1/2032	**	872
	FNMA 20YR	Mortgage Backed Security	4.50	%	3/1/2039	**	75
	FNMA 20YR	Mortgage Backed Security	4.50	%	6/1/2039	**	38
	FNMA 20YR	Mortgage Backed Security	4.50	%	8/1/2039	**	102
	FNMA	Mortgage Backed Security	5.50	%	11/1/2034	**	117
	FNMA	Mortgage Backed Security	6.50	%	12/1/2035	**	21
	FNMA	Mortgage Backed Security	6.50	%	7/1/2032	**	6
	FNMA	Mortgage Backed Security	6.50	%	8/1/2036	**	4
	FNMA	Mortgage Backed Security	6.50	%	8/1/2036	**	19
	FNMA	Mortgage Backed Security	6.50	%	8/1/2036	**	15
	FNMA	Mortgage Backed Security	3.50	%	10/25/2044	**	273
	Fnr 2013-16 Gp	Mortgage Backed Security	3.00	%	3/25/2033	**	29
	Fnr 2015-42 Le	Mortgage Backed Security	3.00	%	6/25/2045	**	268
	Fnr 2016-19 Ah	Mortgage Backed Security	3.00	%	4/25/2046	**	217
	Fnr 2017-20 Ap	Mortgage Backed Security	3.50	%	3/25/2045	**	552
	Ford Cr Floorpln Mast Own Tr A	Mortgage Backed Security	5.29	%	4/15/2029	**	1,188
	Fordf 2025-1 A1	Mortgage Backed Security	4.63	%	4/15/2030	**	678
	Freddie Mac Remics 2018-4766 Ma	Mortgage Backed Security	3.50	%	2/15/2046	**	496
	Freddie Mac Remics	Mortgage Backed Security	3.00	%	10/25/2048	**	508
	Ga Global Funding Trust	Corporate Bond	5.40	%	1/13/2030	**	840
	Gallagher (Arthur J.) & Co	Corporate Bond	4.60	%	12/15/2027	**	779
	General Mtrs Finl Co Inc	Corporate Bond	2.35	%	2/26/2027	**	790

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)


(a)	(b) Identity of issue, borrower, lessor, or similar party	(c) Description of investment, including maturity date, rate of interest, collateral, par, or maturity value				(d) Cost	(e) Current Value
	General Mtrs Finl Co Inc	Corporate Bond	4.20	%	10/27/2028	**	420
	Georgia Power Co	Corporate Bond	4.65	%	5/16/2028	**	858
	Glencore Fdg Llc	Corporate Bond	4.91	%	4/1/2028	**	311
	Gmf Floorplan Owner Revolving Tr	Mortgage Backed Security	5.13	%	3/15/2029	**	244
	Goldman Sachs Group Inc (The)	Corporate Bond	2.64	%	2/24/2028	**	1,551
	Goldman Sachs Group Inc (The)	Corporate Bond	4.48	%	8/23/2028	**	1,432
	Goldman Sachs Group Inc (The)	Corporate Bond	4.94	%	4/23/2028	**	1,327
	Guardian Life Global Funding	Corporate Bond	1.40	%	7/6/2027	**	1,845
	Healthcare Realty Holdings Lp	Corporate Bond	3.50	%	8/1/2026	**	168
	Hewlett Packard Enterprise Co	Corporate Bond	4.40	%	9/25/2027	**	599
	Hps Corporate Lending Fund	Corporate Bond	4.90	%	9/11/2028	**	351
	Hps Corporate Lending Fund	Corporate Bond	5.30	%	6/5/2027	**	524
	Hsbc Holdings Plc	Corporate Bond	4.90	%	3/3/2029	**	1,001
	Hsbc Holdings Plc	Corporate Bond	5.21	%	8/11/2028	**	1,066
	Hsbc Holdings Plc	Corporate Bond	5.60	%	5/17/2028	**	1,538
	Huntington Auto Tr 2024-1	Mortgage Backed Security	5.23	%	1/16/2029	**	1,337
	Huntington Bancshares Inc/Oh	Corporate Bond	4.44	%	8/4/2028	**	845
	Hyundai Auto Receivables Trust 2023-B	Mortgage Backed Security	5.48	%	4/17/2028	**	132
	Hyundai Auto Receivables Trust 25-B	Mortgage Backed Security	4.36	%	12/17/2029	**	1,173
	Hyundai Cap Amer	Corporate Bond	4.30	%	9/24/2027	**	1,319
	Imperial Brands Finance Plc	Corporate Bond	4.50	%	6/30/2028	**	388
	Ing Groep Nv	Corporate Bond	5.34	%	3/19/2030	**	828
	Ingersoll Rand Inc	Corporate Bond	5.18	%	6/15/2029	**	1,554
	Ingersoll Rand Inc	Corporate Bond	5.20	%	6/15/2027	**	1,527
	Int Commercial Mortgage Trust 2025-Plaza Var	Mortgage Backed Security	5.04	%	11/5/2037	**	144
	Intercontinental Exchange Inc	Corporate Bond	4.00	%	9/15/2027	**	1,632
	Jackson Natl Life Global Fdg	Corporate Bond	4.60	%	10/1/2029	**	1,375
	Jackson Natl Life Global Fdg	Corporate Bond	4.70	%	6/5/2028	**	1,093
	Jackson Natl Life Global Fdg	Corporate Bond	5.35	%	1/13/2030	**	721
	Jackson Natl Life Global Fdg	Corporate Bond	5.55	%	7/2/2027	**	426
	Japan Tobacco Inc	Corporate Bond	4.85	%	5/15/2028	**	623
	Jersey Central Powr & Light Co	Corporate Bond	4.40	%	1/15/2031	**	469
	JP Morgan Chase	Synthetic GIC	2.54	%		**	1,690
	JP Morgan Chase & Co	Corporate Bond	2.95	%	2/24/2028	**	1,696
	JP Morgan Chase & Co	Corporate Bond	4.25	%	10/22/2031	**	744
	JP Morgan Chase & Co	Corporate Bond	4.85	%	7/25/2028	**	1,448
	JP Morgan Chase & Co	Corporate Bond	5.57	%	4/22/2028	**	910
	Life Financial Services Trust 2022 Tsfr1M	Mortgage Backed Security	5.05	%	5/15/2039	**	1,215
	Lloyds Banking Group Plc	Corporate Bond	4.38	%	3/22/2028	**	1,018
	Lloyds Banking Group Plc	Corporate Bond	4.82	%	6/13/2029	**	1,453
	Mars Inc	Corporate Bond	4.60	%	3/1/2028	**	994
	Mars Inc	Corporate Bond	4.80	%	3/1/2030	**	329
	Massachusetts Mutual	Synthetic GIC	2.54	%		**	930
	Mass Mutual Global Fdg Ii	Corporate Bond	4.85	%	1/17/2029	**	1,668
	Mercedes-Benz Auto Lease Trust 2025-A	Mortgage Backed Security	4.61	%	4/16/2029	**	817
	Mercedes-Benz Finance North America Llc	Corporate Bond	4.80	%	8/1/2029	**	1,245

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)


(a)	(b) Identity of issue, borrower, lessor, or similar party	(c) Description of investment, including maturity date, rate of interest, collateral, par, or maturity value				(d) Cost	(e) Current Value
	Met Tower Global Funding	Corporate Bond	4.00	%	10/1/2027	**	445
	Meta Platforms Inc	Corporate Bond	4.20	%	11/15/2030	**	520
	Metropolitan Life Inc Co	Synthetic GIC	2.54	%		**	911
	Morgan Stanley	Corporate Bond	4.99	%	4/12/2029	**	800
	Morgan Stanley	Corporate Bond	5.04	%	7/19/2030	**	1,362
	Morgan Stanley	Corporate Bond	5.23	%	1/15/2031	**	945
	Morgan Stanley Bk Na Salt Lake	Corporate Bond	5.02	%	1/12/2029	**	725
	Morgan Stanley Private Bank Na	Corporate Bond	4.46	%	11/19/2031	**	1,109
	National Bank Of Canada	Corporate Bond	4.50	%	10/10/2029	**	921
	Nationwide Life Ins Co	Synthetic GIC	2.55	%		**	1,277
	Nissan Auto Receivables 2023-B Owner Tr	Mortgage Backed Security	5.93	%	3/15/2028	**	426
	Nissan Master Owner Tr Receivable	Mortgage Backed Security	5.05	%	2/15/2029	**	459
	Ntt Finance Corp	Corporate Bond	4.57	%	7/16/2027	**	206
	Ntt Finance Corp	Corporate Bond	4.62	%	7/16/2028	**	207
	Nxp B V/Nxp Fdg Llc/Nxp Usa Inc	Corporate Bond	4.30	%	8/19/2028	**	263
	Oneok Inc	Corporate Bond	4.25	%	9/24/2027	**	126
	Oneok Inc	Corporate Bond	4.40	%	10/15/2029	**	131
	Pacific Life Ins Co	Synthetic GIC	2.54	%		**	749
	Parker-Hannifin Corp	Corporate Bond	4.25	%	9/15/2027	**	724
	Paychex Inc	Corporate Bond	5.10	%	4/15/2030	**	42
	Pinnacle West Capital Corp	Corporate Bond	4.90	%	5/15/2028	**	201
	Pinnacle West Capital Corp	Corporate Bond	5.15	%	5/15/2030	**	217
	Pnc Financial Services Grp Inc	Corporate Bond	5.35	%	12/2/2028	**	968
	Porsche Finl Auto Securitization Tr 2023	Mortgage Backed Security	5.79	%	1/22/2029	**	245
	Prudential Ins Co America	Synthetic GIC	2.54	%		**	1,483
	Public Svc Enterprise Grp Inc	Corporate Bond	4.90	%	3/15/2030	**	352
	Rga Global Funding	Corporate Bond	4.35	%	8/25/2028	**	1,162
	Rga Global Funding	Corporate Bond	5.45	%	5/24/2029	**	776
	Rogers Communications Inc	Corporate Bond	3.20	%	3/15/2027	**	477
	Roper Technologies Inc	Corporate Bond	4.50	%	10/15/2029	**	435
	Sammons Financial Group Global Funding	Corporate Bond	5.05	%	1/10/2028	**	946
	Sammons Financial Group Global Funding	Corporate Bond	5.10	%	12/10/2029	**	876
	Santander Hldgs Usa Inc	Corporate Bond	2.49	%	1/6/2028	**	558
	Santander Hldgs Usa Inc	Corporate Bond	6.12	%	5/31/2027	**	421
	Sfs Auto Receivables Securitization Tr 2024-1	Mortgage Backed Security	4.95	%	5/21/2029	**	343
	Sfs Auto Receivables Securitization Tr 2024-2	Mortgage Backed Security	5.33	%	11/20/2029	**	126
	Simon Property Group Lp	Corporate Bond	4.38	%	10/1/2030	**	1,177
	Societe Generale France	Corporate Bond	2.80	%	1/19/2028	**	1,895
	Societe Generale France	Corporate Bond	5.25	%	5/22/2029	**	1,026
	Southern Power Co	Corporate Bond	4.25	%	10/1/2030	**	353
	Sreit Tr 2021-Mfp Tsfr1M	Mortgage Backed Security	4.60	%	11/15/2038	**	675
	State St Bk & Tr Co Boston	Synthetic GIC	2.54	%		**	426
	State Street Corp	Corporate Bond	4.53	%	2/20/2029	**	739
	Targa Res Corp	Corporate Bond	4.35	%	1/15/2029	**	93
	Taubman Centers Commercial Mortgage Trust 24-Dpm A	Mortgage Backed Security	4.99	%	12/15/2039	**	399
	Tesla 2024-A A3	Mortgage Backed Security	5.30	%	6/21/2027	**	303

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)


(a)	(b) Identity of issue, borrower, lessor, or similar party	(c) Description of investment, including maturity date, rate of interest, collateral, par, or maturity value				(d) Cost	(e) Current Value
	Tesla Elec Veh Tr 2023-1	Mortgage Backed Security	5.38	%	6/20/2028	**	580
	T-Mobile Us Trust 2025-2	Mortgage Backed Security	4.34	%	4/22/2030	**	930
	Toronto Dominion Bank	Corporate Bond	4.78	%	12/17/2029	**	1,080
	Transamerica Premier Life	Synthetic GIC	2.54	%		**	1,346
	Truist Financial Corp	Corporate Bond	5.07	%	5/20/2031	**	1,023
	Uber Technologies Inc	Corporate Bond	4.15	%	1/15/2031	**	181
	Usaa Auto Owner Trust 2023-A	Mortgage Backed Security	5.58	%	5/15/2028	**	257
	Usb Auto Owner Trust 2025-1	Mortgage Backed Security	4.49	%	6/17/2030	**	298
	UST Notes	Government Bond	3.63	%	8/31/2027	**	4,461
	UST Notes	Government Bond	3.63	%	8/31/2029	**	7,666
	UST Notes	Government Bond	3.63	%	8/31/2030	**	10,970
	UST Notes	Government Bond	3.63	%	10/31/2030	**	10,126
	UST Notes	Government Bond	3.63	%	12/31/2030	**	4,962
	UST Notes	Government Bond	3.75	%	12/31/2028	**	59,018
	UST Notes	Government Bond	4.00	%	1/31/2029	**	25,364
	UST Notes	Government Bond	4.00	%	5/31/2030	**	14,116
	UST Notes	Government Bond	4.13	%	7/31/2028	**	11,770
	UST Notes	Government Bond	4.13	%	10/31/2029	**	11,408
	UST Notes	Government Bond	4.25	%	1/31/2030	**	22,691
	Volkswagen Auto Loan Enhanced Trust 2023-2	Mortgage Backed Security	5.48	%	12/20/2028	**	844
	Volkswagen Group Amer Fin Llc	Corporate Bond	4.35	%	6/8/2027	**	703
	Volvo Financial Equipment Llc Series 2024-1	Mortgage Backed Security	4.29	%	10/16/2028	**	98
	Wells Fargo & Co New	Corporate Bond	3.53	%	3/24/2028	**	954
	Wells Fargo & Co New	Corporate Bond	4.81	%	7/25/2028	**	1,445
	Wells Fargo & Co New	Corporate Bond	4.97	%	4/23/2029	**	1,080
	Wells Fargo & Co New	Corporate Bond	5.24	%	1/24/2031	**	677
	Wells Fargo Card Issuance Trust	Mortgage Backed Security	4.34	%	5/15/2030	**	1,147
	Western-Southern Global Funding	Corporate Bond	4.90	%	5/1/2030	**	132
	Wheels Fleet Lease Funding 1 Llc 25-3A A1	Mortgage Backed Security	4.08	%	9/18/2040	**	673
	Williams Cos Inc	Corporate Bond	4.63	%	6/30/2030	**	234
	Williams Cos Inc	Corporate Bond	4.80	%	11/15/2029	**	658
	World Omni Auto Receivables Tr 2023-D	Mortgage Backed Security	5.79	%	2/15/2029	**	675
	World Omni Auto Receivables Tr 2024-A	Mortgage Backed Security	4.86	%	3/15/2029	**	1,325
	World Omni Auto Receivables Tr 2024-B	Mortgage Backed Security	5.27	%	9/17/2029	**	591
	World Omni Auto Receivables Trust 2023-C	Mortgage Backed Security	5.15	%	11/15/2028	**	88
	Subtotal – Managed Income Funds						365,774
	Self-Directed Brokerage Account					**	189,523
	Total Investment Assets						3,525,342
*	Participant Loans	Interest rates ranging 4.25% to 9.50% with the maturity dates through January 2031	4.25	%	1/1/2031		50,066
			9.50	%

* Represents a party-in-interest to the Plan.

** Historical cost is omitted because the investment is participant-directed.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Eastman Investment and Employee

Stock Ownership Plan


Date: June 25, 2026			By: /s/Michelle R. Stewart
			Michelle R. Stewart
			Vice President, Chief Accounting Officer and Corporate Controller, Eastman Chemical Company; Member of Eastman Investment Plan Committee and Named Fiduciary for Eastman Investment and Employee Stock Ownership Plan

Eastman Investment and Employee Stock Ownership Plan

Exhibit Index


Exhibit Number	Description	Sequential Page Number
23.1	Consent of CroweLLP Independent Registered Public Accounting Firm

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Date	Price Target	Rating	Analyst
4/14/2026	$80.00	Neutral → Overweight	Analyst
1/16/2026	$70.00	Outperform → Sector Perform	RBC Capital Mkts
12/19/2025	$70.00	Overweight → Equal Weight	Wells Fargo
4/28/2025	$76.00	Overweight → Neutral	Analyst
4/9/2025	$91.00	Sector Perform → Outperform	RBC Capital Mkts
4/4/2025	$101.00	Neutral → Buy	Citigroup
4/3/2025	$105.00	Neutral → Outperform	Mizuho
1/14/2025	$115.00 → $109.00	Neutral → Buy	BofA Securities

SEC Form 11-K filed by Eastman Chemical Company

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