Filing Flows › Intrepid Potash (IPI) › Q2 2026
Intrepid Potash (IPI) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
Intrepid Potash (IPI) reported revenue of $66.7M for the second quarter 2026 (Q2 2026), -1% from a year earlier and -32% from the quarter before. Operating margin was 1.6%, net earnings $15.6M (23.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $66.7M | -32% | -1% |
| Gross profit | $16.6M | -6% | +35% |
| Operating profit | $1.1M | -83% | -25% |
| Net earnings | $15.6M | +110% | +377% |
| Operating cash flow | $34.4M | +48% | -14% |
| Free cash flow | $25.9M | +44% | -29% |
What changed
Revenue was $66.7M in Q2 2026, down 1% year over year and down 32% from the previous quarter. Trio was the largest line at 54% of revenue. Potash lost $2.5M year over year (down 9%), 296% of the total change.
Gross margin was 25.0%, up 6.7 points from Q2 2025. Operating profit was $1.1M, a 1.6% margin (down 0.5 points year over year). Operating expenses grew 42% against a revenue fall of 1%. The fastest-growing cost line was Other operating costs (+175%). Net earnings were $15.6M, up 377% year over year. The effective tax rate was 0.4%. Non-operating items added $14.6M, 93% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $34.4M (down 14% year over year), 221% of net earnings. Non-cash charges added back $9.3M of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items added $8.0M. Capital expenditures of $8.5M left free cash flow of $25.9M.
Questions
What was Intrepid Potash's revenue in the second quarter 2026?
Intrepid Potash (IPI) reported revenue of $66.7M for the second quarter 2026 (Q2 2026), -1% from a year earlier and -32% from the quarter before.
Was Intrepid Potash profitable in the second quarter 2026?
Operating profit was $1.1M (1.6% of revenue) and net earnings $15.6M.
Source: Intrepid Potash 10-Q on SEC EDGAR.