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Intrepid Potash (IPI) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Intrepid Potash (IPI) Q3 2026 earnings results →

Q3 2026 Revenue up 0% year over year to $51.0M · 3¢ of every $1 of revenue kept as net profit · operating margin 0.4%

Intrepid Potash made $51.0M in Q3 2026 (+0.4% Y/Y): Potash $25.8M, Trio $18.8M, Salt $2.3M. Operating margin 0.4%, net earnings $1.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$51.0M
Year over year+0.4%
Operating margin0.4%
Net earnings$1.7M
Operating cash flow−$4.6M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $51.0M in Q3 2026, roughly flat year over year and down 23% from the previous quarter. Potash was the largest line at 50% of revenue. Trio added $895K year over year (up 5%), 394% of the total change. Salt declined 15%.

Gross margin was 19.7%, up 0.1 points from a year earlier. Operating profit was $209K, a 0.4% margin (down 0.5 points year over year). Operating profit fell $275K even though revenue rose $227K versus a year earlier, so costs grew faster than sales. Operating expenses grew 4% against flat revenue. Net earnings were $1.7M, down 54% year over year. The effective tax rate was -0.4%. Non-operating items added $1.5M, 88% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was −$4.6M. Non-cash charges added back $9.1M of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items used $17.0M. Capital expenditures of $11.3M exceeded it, leaving free cash flow of −$15.9M.

Quarterly history

Intrepid Potash revenue by quarterIntrepid Potash revenue by quarter$94.5MQ1 2025$67.5MQ2 2025$98.7MQ1 2026$66.7MQ2 2026$51.0MQ3 2026
Intrepid Potash net earnings by quarterIntrepid Potash net earnings by quarter$4.6MQ1 2025$3.3MQ2 2025$7.4MQ1 2026$15.6MQ2 2026$1.7MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$51.0M+0.4%0.4%$1.7M−$4.6M
Q2 202610-QAug 5, 2026$66.7M-1%1.6%$15.6M$34.4M
Q1 202610-QMay 7, 2026$98.7M+4%6.3%$7.4M$23.2M
Q2 202510-QAug 7, 2025$67.5M—4.9%$3.3M$39.9M
Q1 202510-QMay 6, 2025$94.5M—5.3%$4.6M$10.9M

Charts

Intrepid Potash: revenue growth, year over year and quarter over quarterIntrepid Potash: revenue growth, year over year and quarter over quarterY/YQ/Q-29%Q2 2025+4%+46%Q1 2026-1%-32%Q2 2026+0%-23%Q3 2026
Latest (Q3 2026): Y/Y +0%, Q/Q -23%.
Intrepid Potash: where the cash came from (+) and went (−), TTM to Q3 2026Intrepid Potash: where the cash came from (+) and went (−), TTM to Q3 2026Cash drawn (+) / kept (−)−$75.1MOperating cash flow$61.8MOther investing$54.0MCapital spending−$36.3MOther financing−$1.6MTaxes on employees’ shares−$1.5MNet borrowing (+) / repaid (−)−$1.3MShares issued$14K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Intrepid Potash: profit against cash, quarter by quarterIntrepid Potash: profit against cash, quarter by quarterNet incomeOperating cash flow−$207M$7.6MQ4 2024$4.6M$10.9MQ1 2025$3.3M$39.9MQ2 2025$3.7M−$4.0MQ3 2025−$429K$8.9MQ4 2025$7.4M$23.2MQ1 2026$15.6M$34.4MQ2 2026$1.7M−$4.6MQ3 2026
Latest (Q3 2026): Net income $1.7M, Operating cash flow −$4.6M.
Intrepid Potash: diluted shares by fiscal yearIntrepid Potash: diluted shares by fiscal year13MFY202013MFY202113MFY202213MFY202313MFY202413MFY2025
+1.4% since FY2020: more shares outstanding (issuance, stock pay).
Intrepid Potash in its industry: growth against margin (14 companies, SIC 1400)Intrepid Potash in its industry: growth against margin (14 companies, SIC 1400)revenue growth, year over year →↑ operating marginmedian +25%median 5%MLMVMCKNFHLCMPSNDUSLMLEULOGCUUUUABATIBATFATLXIPI (+0%, 0%)
Mining & Quarrying of Nonmetallic Minerals (No Fuels); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Intrepid Potash

We are a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed and the oil and gas industry. We are the only U.S. producer of muriate of potash (sometimes referred to as potassium chloride or potash), which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, we produce a specialty fertilizer, Trio ® , which delivers three key nutrients, potassium, magnesium, and sulfur, in a single particle. We also provide water, magnesium chloride, brine, and various oilfield products and services.

In its own words, from its 10-K, filed Mar 5, 2026.

Intrepid Potash against its Mining & Quarrying of Nonmetallic Minerals (No Fuels) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.4% against the peers' median +4%. Operating margin: 0.4% against the peers' median 16.8%.

CompanyQuarterRevenueY/YOp. margin
IPI Intrepid PotashQ3 2026$51.0M+0.4%0.4%
MLM Martin Marietta MaterialsQ3 2026$2.4B+28%18.5%
VMC Vulcan MaterialsQ3 2026$2.2B-5%24.0%
KNF Knife RiverQ3 2026$1.3B+6%16.8%
HL Hecla MiningQ3 2026$395M+25%39.8%
CMP Compass Minerals InternationalQ3 FY26$215M+0.3%5.1%
SND Smart SandQ2 2026$115M+34%8.7%
USLM United States Lime & MineralsQ3 2026$106M+4%42.1%
LEU Centrus EnergyQ3 2026$55.5M-26%-53.5%

Source: Intrepid Potash 10-Q on SEC EDGAR · CIK 1421461 · Mining & Quarrying of Nonmetallic Minerals (No Fuels)

Guidance and outlook

Intrepid Potash: what its forward-looking statements are about (10-Q filed 2026-11-04)Intrepid Potash: what its forward-looking statements are about (10-Q filed 2026-11-04)Other9Demand6Costs4Supply chain3Financing2Buybacks & dividends1
25 statements; tone +0.16 (−1 all cautious, +1 all confident); 4 hedged.
Intrepid Potash: outlook statements against the filing beforeIntrepid Potash: outlook statements against the filing beforeConfident5Cautious1

13F: who owns IPI and who is buying

Largest holders of IPI (13F)Largest holders of IPI (13F)BlackRock$37.9MDimensional Fund Advisors LP$25.3MFirst Eagle Investment Management…$21.2MVanguard Group$20.1MAmerican Century Companies$17.2MVanguard Capital Management LLC$16.8MGoehring & Rozencwajg Associates,…$9.8MGeode Capital Management, LLC$9.1MGate City Capital Management, LLC$8.0MState Street$7.9M
Funds' net buying of IPI by quarter (13F)Funds' net buying of IPI by quarter (13F)−$27.1M2024-09$1.3M2024-12−$511K2025-03$9.3M2025-06$6.1M2025-09$8.6M2025-12−$4.0M2026-03$25.1M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on IPI

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q2 2025 results · Q1 2025 results

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