Filing Flows › Intrepid Potash (IPI) › Q2 2026 › vs Q2 2025
Intrepid Potash (IPI) Q2 2026 vs Q2 2025 (year over year)
Intrepid Potash's revenue fell $851K (-1%) from $67.5M in Q2 2025 to $66.7M in Q2 2026. The biggest changes: Potash −$2.5M (-9%); Trio +$2.5M (+8%); Salt −$1.0M (-31%). Gross margin 25.0% against 18.3% (+6.7 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 25.0% | 18.3% | +6.7 pts |
| Operating margin | 1.6% | 2.1% | -0.5 pts |
| Net margin | 23.4% | 4.8% | +18.5 pts |
| Free cash flow margin | 38.8% | 54.1% | -15.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Trio | $35.7M | $33.2M | $2.5M | +8% |
| Potash | $25.2M | $27.7M | −$2.5M | -9% |
| Brine Water | $2.2M | $1.4M | $790K | +56% |
| Salt | $2.2M | $3.2M | −$1.0M | -31% |
| Magnesium Chloride | $1.0M | $1.6M | −$595K | -37% |
| Water | $332K | $266K | $66K | +25% |
| Other | $28K | $122K | −$94K | -77% |
| Revenue | $66.7M | $67.5M | −$851K | -1% |
| Gross profit | $16.6M | $12.4M | $4.3M | +35% |
| Cost of revenue | $50.0M | $55.2M | −$5.1M | -9% |
| Other income, net | $14.6M | $1.9M | $12.7M | +673% |
| Operating profit | $1.1M | $1.4M | −$349K | -25% |
| Operating expenses | $15.6M | $10.9M | $4.6M | +42% |
| Pre-tax earnings | $15.6M | $3.3M | $12.3M | +374% |
| SG&A | $10.0M | $8.9M | $1.1M | +12% |
| Other operating costs | $5.6M | $2.0M | $3.5M | +175% |
| Net earnings | $15.6M | $3.3M | $12.3M | +377% |
| Income tax | $57K | $35K | $22K | +63% |
| Depreciation & amortization | $9.3M | $8.9M | $354K | +4% |
| Share-based compensation | $1.5M | $1.3M | $210K | +16% |
| Working capital & other | $8.0M | $26.4M | −$18.5M | -70% |
| Operating cash flow | $34.4M | $39.9M | −$5.6M | -14% |
| Free cash flow (OCF − capex) | $25.9M | $36.5M | −$10.6M | -29% |
| Capital expenditures | $8.5M | $3.4M | $5.0M | +147% |
Questions
How much did Intrepid Potash's revenue grow year over year in Q2 2026?
Intrepid Potash's revenue fell $851K (-1%) from $67.5M in Q2 2025 to $66.7M in Q2 2026.
What drove Intrepid Potash's revenue change in Q2 2026?
Potash −$2.5M (-9%); Trio +$2.5M (+8%); Salt −$1.0M (-31%).