Filing Flows › Intrepid Potash (IPI) › Q1 2026
Intrepid Potash (IPI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Intrepid Potash (IPI) reported revenue of $98.7M for the first quarter 2026 (Q1 2026), +4% from a year earlier. Operating margin was 6.3%, net earnings $7.4M (7.5% of revenue).
Intrepid Potash, Q1 2026: revenue $98.7M (+4% year over year), operating margin 6.3%, net earnings $7.4M, operating cash flow $23.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $98.7M | — | +4% |
| Gross profit | $17.7M | — | +33% |
| Operating profit | $6.2M | — | +68% |
| Net earnings | $7.4M | — | +61% |
| Operating cash flow | $23.2M | — | +112% |
| Free cash flow | $18.0M | — | +454% |
What changed
Revenue was $98.7M in Q1 2026, up 4% year over year. Trio was the largest line at 53% of revenue. Potash added $4.7M year over year (up 13%), 112% of the total change. Water declined 99%.
Gross margin was 17.9%, up 3.8 points from Q1 2025. Operating profit was $6.2M, a 6.3% margin (up 2.4 points year over year). Of the extra revenue versus Q1 2025, 61% reached operating profit, above the 4% margin then. Operating expenses grew 19% against revenue growth of 4%. The fastest-growing cost line was SG&A (+23%). Net earnings were $7.4M, up 61% year over year. The effective tax rate was 0.8%.
Operating cash flow was $23.2M (up 112% year over year), 312% of net earnings. Non-cash charges added back $10.0M of depreciation and amortization and $516K of share-based compensation. Working capital and other items added $5.3M. Capital expenditures of $5.1M left free cash flow of $18.0M.
Questions
What was Intrepid Potash's revenue in the first quarter 2026?
Intrepid Potash (IPI) reported revenue of $98.7M for the first quarter 2026 (Q1 2026), +4% from a year earlier.
Was Intrepid Potash profitable in the first quarter 2026?
Operating profit was $6.2M (6.3% of revenue) and net earnings $7.4M.
Source: Intrepid Potash 10-Q on SEC EDGAR.