10-K · March 5, 2026
Intrepid Potash's 2025 10-K emphasizes a strategic shift toward Trio®, which accounted for 48% of product sales in 2025 (up from 41% in 2024 and 35% in 2023), while potash fell to 39% of sales in 2025. The company…
Earnings analysis · 10-Q
IPI earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Intrepid Potash reported Q1 2026 results with revenue of $98.7 million and EPS of $0.62, significantly exceeding estimates of $88.1 million and $0.48 per share, respectively. The company benefitted from improved pricing…
Read full summary
Intrepid Potash reported Q1 2026 results with revenue of $98.7 million and EPS of $0.62, significantly exceeding estimates of $88.1 million and $0.48 per share, respectively. The company benefitted from improved pricing in potash and Trio® segments, though byproduct sales impacted performance. Going forward, management anticipates favorable market conditions for potash pricing amidst ongoing production improvements following the sale of Intrepid South.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.62
- Gross margin
- 17.9%
- Segment
- Potash
- Segment
- Trio
What stood out
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Revenue Beat Expectations
Actual revenue for Q1 2026 was $98.7 million, exceeding the estimate of $88.1 million by 12%.
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Strong EPS Performance
Diluted EPS was reported at $0.62, outperforming the expectation of $0.48 by approximately 29%.
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Growth in Potash and Trio Sales
Potash sales increased by $4.7 million and Trio® sales increased by $2.6 million compared to the previous year.
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Improved Gross Margin
Gross margin rose to $17.7 million, up from $13.3 million year-over-year.
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Increased Cash Position
Cash and cash equivalents increased to $99.3 million from $83.5 million at the end of 2025.
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Positive Cash Flow from Operations
Net cash provided by operating activities was $21.3 million, an increase of $12.3 million year-over-year.
What to watch
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Decline in Byproduct Sales
Byproduct sales fell to $4.5 million versus $6.4 million year-over-year, impacted by lower demand due to mild winter weather.
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Legal Proceedings and Regulatory Changes
Ongoing challenges regarding water rights and potential changes in regulations could adversely affect operations.
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Operational Changes from Sale of Intrepid South
The sale led to decreased revenue expectations from oilfield solutions, which is now classified as discontinued operations.
Management's outlook
Management expects to continue realizing favorable market pricing for potash and Trio®, with ongoing operational improvements.
Earlier filings 4
10-Q · November 6, 2025
Intrepid Potash reported Q3 sales of $53.219 million and GAAP diluted EPS of $0.28, reversing a year-ago loss and producing operating income of $3.331 million. The company generated strong operating cash flow of $46.873…
10-Q · May 6, 2025
Intrepid Potash reported a strong quarter with sales of $97,760 (thousands) and material margin expansion: gross margin rose to $14,602 from $6,434 year-over-year and operating income turned to $4,998 from a $(4,306)…
10-Q · November 5, 2024
Intrepid Potash reported higher Q3 sales of $57,549 (vs. $54,465 in Q3 2023) with gross margin improving to $7,732 (from $491), narrowing the operating loss to $(2,223) (from $(9,166)). Diluted loss per share improved…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.