Filing Flows › Intrepid Potash (IPI) › Q2 2026 › vs Q1 2026
Intrepid Potash (IPI) Q2 2026 vs Q1 2026 (quarter over quarter)
Intrepid Potash's revenue fell $32.0M (-32%) from $98.7M in Q1 2026 to $66.7M in Q2 2026. The biggest changes: Potash −$16.7M (-40%); Trio −$16.6M (-32%); Brine Water +$822K (+60%). Gross margin 25.0% against 17.9% (+7.1 pts).
Intrepid Potash, Q2 2026: revenue $66.7M (-1% year over year), operating margin 1.6%, net earnings $15.6M, operating cash flow $34.4M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 25.0% | 17.9% | +7.1 pts |
| Operating margin | 1.6% | 6.3% | -4.7 pts |
| Net margin | 23.4% | 7.5% | +15.8 pts |
| Free cash flow margin | 38.8% | 18.3% | +20.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Trio | $35.7M | $52.3M | −$16.6M | -32% |
| Potash | $25.2M | $41.9M | −$16.7M | -40% |
| Brine Water | $2.2M | $1.4M | $822K | +60% |
| Salt | $2.2M | $2.6M | −$376K | -15% |
| Magnesium Chloride | $1.0M | $519K | $509K | +98% |
| Water | $332K | $11K | $321K | 30× |
| Other | $28K | $17K | $11K | +65% |
| Revenue | $66.7M | $98.7M | −$32.0M | -32% |
| Gross profit | $16.6M | $17.7M | −$1.0M | -6% |
| Cost of revenue | $50.0M | $81.0M | −$31.0M | -38% |
| Other income, net | $14.6M | $1.3M | $13.3M | 12× |
| Operating profit | $1.1M | $6.2M | −$5.2M | -83% |
| Operating expenses | $15.6M | $11.4M | $4.1M | +36% |
| Pre-tax earnings | $15.6M | $7.5M | $8.2M | +109% |
| SG&A | $10.0M | $11.3M | −$1.3M | -11% |
| Other operating costs | $5.6M | $174K | $5.4M | 32× |
| Net earnings | $15.6M | $7.4M | $8.2M | +110% |
| Income tax | $57K | $59K | −$2K | -3% |
| Depreciation & amortization | $9.3M | $10.0M | −$651K | -7% |
| Share-based compensation | $1.5M | $516K | $989K | +192% |
| Working capital & other | $8.0M | $5.3M | $2.7M | +51% |
| Operating cash flow | $34.4M | $23.2M | $11.2M | +48% |
| Free cash flow (OCF − capex) | $25.9M | $18.0M | $7.9M | +44% |
| Capital expenditures | $8.5M | $5.1M | $3.3M | +65% |
Questions
How much did Intrepid Potash's revenue grow quarter over quarter in Q2 2026?
Intrepid Potash's revenue fell $32.0M (-32%) from $98.7M in Q1 2026 to $66.7M in Q2 2026.
What drove Intrepid Potash's revenue change in Q2 2026?
Potash −$16.7M (-40%); Trio −$16.6M (-32%); Brine Water +$822K (+60%).