Revenue growth accelerated to 16.5% YoY in 2026Q2, with gross margin holding at 31.1% and operating income up 41.3% YoY, though net margin remains thin at 6.4%.
ICL Group Ltd (ICL) annual income statement — 25-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 7.71B | 7.15B | 6.84B | 7.54B | 10.02B | 6.96B | 5.04B | 5.27B | 5.56B | 5.42B | 5.36B | 5.41B | 6.11B | 6.27B | 6.67B | 7.07B | 5.69B | 4.55B | 6.9B | 4.1B | 3.26B | 2.99B | 2.71B | 2.27B | 1.98B | 1.86B |
| Revenue Growth % | 10.92% | 4.56% | -9.22% | -24.75% | 44% | 37.91% | -4.33% | -5.13% | 2.55% | 1.03% | -0.78% | -11.55% | -2.56% | -6.01% | -5.6% | 24.18% | 24.97% | -34.03% | 68.38% | 25.85% | 9.11% | 9.98% | 19.55% | 14.64% | 6.57% | - |
| Cost of Goods Sold | 5.35B | 4.97B | 4.58B | 4.87B | 4.98B | 4.34B | 3.55B | 3.45B | 3.7B | 3.75B | 3.7B | 3.6B | 3.91B | 3.86B | 3.92B | 3.91B | 3.26B | 2.72B | 3.45B | 2.59B | 2.09B | 1.85B | 1.78B | 1.57B | 1.35B | 1.27B |
| COGS % of Revenue | - | 69.44% | 67.02% | 64.56% | 49.76% | 62.46% | 70.45% | 65.53% | 66.63% | 69.14% | 69.05% | 66.64% | 64.06% | 61.57% | 58.68% | 55.35% | 57.27% | 59.67% | 49.95% | 63.05% | 64.04% | 61.8% | 65.49% | 68.95% | 68.28% | 68.42% |
| Gross Profit | 2.36B | 2.19B | 2.26B | 2.67B | 5.03B | 2.61B | 1.49B | 1.82B | 1.85B | 1.67B | 1.66B | 1.8B | 2.2B | 2.41B | 2.76B | 3.16B | 2.43B | 1.84B | 3.46B | 1.52B | 1.17B | 1.14B | 937.05M | 705.09M | 628.4M | 587.1M |
| Gross Margin % | 30.63% | 30.56% | 32.98% | 35.44% | 50.24% | 37.54% | 29.55% | 34.47% | 33.37% | 30.86% | 30.95% | 33.36% | 35.94% | 38.43% | 41.32% | 44.65% | 42.73% | 40.33% | 50.05% | 36.95% | 35.96% | 38.2% | 34.51% | 31.05% | 31.72% | 31.58% |
| Gross Profit Growth % | - | -3.1% | -15.54% | -46.92% | 92.72% | 75.23% | -18% | -2% | 10.89% | 0.72% | -7.93% | -17.9% | -8.87% | -12.59% | -12.63% | 29.75% | 32.43% | -46.85% | 128.07% | 29.31% | 2.72% | 21.73% | 32.9% | 12.2% | 7.03% | - |
| Operating Expenses | 1.53B | 1.48B | 1.48B | 1.53B | 1.52B | 1.4B | 1.29B | 1.06B | 335M | 1.04B | 1.66B | 1.04B | 1.44B | 1.3B | 1.18B | 1.22B | 1.09B | 901.98M | 1.08B | 800.38M | 635.21M | 579.32M | 582.68M | 502.07M | 429.8M | 626.7M |
| OpEx % of Revenue | - | 20.73% | 21.65% | 20.3% | 15.14% | 20.14% | 25.54% | 20.13% | 6.03% | 19.25% | 31.01% | 19.2% | 23.54% | 20.77% | 17.7% | 17.32% | 19.15% | 19.8% | 15.66% | 19.52% | 19.5% | 19.4% | 21.46% | 22.11% | 21.7% | 33.72% |
| Selling, General & Admin | 1.48B | 1.41B | 1.37B | 1.35B | 1.47B | 1.34B | 1.06B | 1.02B | 1.05B | 1.01B | 1.04B | 1B | 1.14B | 1.17B | 1.11B | 1.14B | 1.01B | 754.01M | 988.01M | 761.19M | 600.12M | 549.05M | 550.57M | 472.92M | 401.3M | 394.3M |
| SG&A % of Revenue | - | 19.75% | 20.04% | 17.95% | 14.7% | 19.31% | 21.12% | 19.37% | 18.99% | 18.59% | 19.45% | 18.56% | 18.73% | 18.6% | 16.58% | 16.07% | 17.81% | 16.56% | 14.31% | 18.56% | 18.42% | 18.39% | 20.28% | 20.83% | 20.26% | 21.21% |
| Research & Development | 62M | 70M | 69M | 71M | 68M | 64M | 54M | 50M | 55M | 55M | 73M | 74M | 86.94M | 82.87M | 77.2M | 72.19M | 64.06M | 53.82M | 57.32M | 39.19M | 35.09M | 30.28M | 32.12M | 29.15M | 28.5M | 32.5M |
| R&D % of Revenue | - | 0.98% | 1.01% | 0.94% | 0.68% | 0.92% | 1.07% | 0.95% | 0.99% | 1.02% | 1.36% | 1.37% | 1.42% | 1.32% | 1.16% | 1.02% | 1.13% | 1.18% | 0.83% | 0.96% | 1.08% | 1.01% | 1.18% | 1.28% | 1.44% | 1.75% |
| Other Operating Expenses | -3M | 0 | 41M | 106M | -24M | -6M | 169M | -10M | 47M | 13M | 63M | 66M | 47.07M | 52.97M | -2.5M | 16.15M | 12.07M | 94.14M | 35.74M | 0 | 0 | 0 | 0 | 0 | 0 | 199.9M |
| Operating Income | 831M | 703M | 775M | 1.14B | 3.52B | 1.21B | 202M | 756M | 1.52B | 629M | -3M | 765M | 757.67M | 1.1B | 1.58B | 1.93B | 1.34B | 934.55M | 2.37B | 714.66M | 536.45M | 561.33M | 354.37M | 203.02M | 198.6M | -39.6M |
| Operating Margin % | 10.78% | 9.83% | 11.33% | 15.14% | 35.11% | 17.4% | 4.01% | 14.34% | 27.34% | 11.61% | -0.06% | 14.15% | 12.4% | 17.56% | 23.63% | 27.33% | 23.58% | 20.52% | 34.39% | 17.43% | 16.46% | 18.8% | 13.05% | 8.94% | 10.03% | -2.13% |
| Operating Income Growth % | - | -9.29% | -32.08% | -67.55% | 190.58% | 499.01% | -73.28% | -50.23% | 141.49% | 21066.67% | -100.39% | 0.97% | -31.21% | -30.14% | -18.39% | 43.94% | 43.61% | -60.64% | 232.22% | 33.22% | -4.43% | 58.4% | 74.55% | 2.23% | 601.52% | - |
| EBITDA | 1.47B | 1.32B | 1.37B | 1.68B | 4.01B | 1.7B | 691M | 1.2B | 1.92B | 1.02B | 398M | 1.2B | 1.19B | 1.45B | 1.86B | 2.2B | 1.56B | 1.14B | 2.56B | 910.1M | 705.67M | 727.34M | 520.63M | 369.44M | 359.2M | 133.6M |
| EBITDA Margin % | 19.09% | 18.43% | 20.04% | 22.25% | 40.08% | 24.44% | 13.7% | 22.75% | 34.59% | 18.81% | 7.42% | 22.11% | 19.39% | 23.11% | 27.93% | 31.12% | 27.4% | 25.01% | 37.03% | 22.2% | 21.66% | 24.36% | 19.18% | 16.27% | 18.13% | 7.19% |
| EBITDA Growth % | 10.43% | -3.87% | -18.25% | -58.22% | 136.12% | 146.02% | -42.37% | -37.62% | 88.62% | 156.03% | -66.69% | 0.83% | -18.22% | -22.24% | -15.26% | 41.03% | 36.9% | -55.44% | 180.89% | 28.97% | -2.98% | 39.7% | 40.92% | 2.85% | 168.86% | - |
| D&A (Non-Cash Add-back) | 641M | 615M | 596M | 536M | 498M | 490M | 489M | 443M | 403M | 390M | 401M | 430M | 427.48M | 347.74M | 287.06M | 267.44M | 217.4M | 204.62M | 182.19M | 195.44M | 169.23M | 166.01M | 166.26M | 166.42M | 160.6M | 173.2M |
| EBIT | 818M | 739M | 782M | 1.13B | 3.54B | 1.2B | 145M | 734M | 1.58B | 602M | 12M | 748M | 690.79M | 1.13B | 1.57B | 1.91B | 1.34B | 988.78M | 2.31B | 691.87M | 530.38M | 556.51M | 341.01M | 161.12M | 86.5M | -216.7M |
| Net Interest Income | -173M | -139M | -111M | -126M | -107M | -91M | -93M | -101M | -158M | -96M | -91M | -84M | -87.09M | -42.54M | -61.31M | -48.27M | -53.18M | 6.12M | -122.08M | -54.08M | -53.84M | -10.24M | -38.22M | -32.31M | 0 | 0 |
| Interest Income | 158M | 159M | 40M | 34M | 31M | 17M | 7M | 8M | 56M | 0 | 0 | 1M | 1.97M | 8.61M | 30.73M | 22.61M | 10.41M | 89.54M | 27.51M | -3.41M | -18.36M | 23.99M | 5.94M | 1.83M | 0 | 0 |
| Interest Expense | 331M | 298M | 151M | 160M | 138M | 108M | 100M | 109M | 95M | 96M | 91M | 85M | 89.07M | 51.15M | 54.19M | 48.03M | 43.59M | 83.42M | 84.58M | 50.67M | 35.48M | 42.24M | 31.55M | 34.15M | -44.8M | -78.5M |
| Other Income/Expense | -289M | -262M | -139M | -167M | -112M | -122M | -153M | -128M | -155M | -124M | -114M | -97M | -126M | -26.49M | -40.85M | -14.37M | -46.67M | -18.79M | -147M | -73.46M | -41.54M | -47.06M | -44.91M | -76.05M | -67.3M | -98.6M |
| Pretax Income | 542M | 441M | 636M | 974M | 3.4B | 1.09B | 49M | 628M | 1.36B | 505M | -117M | 668M | 632.25M | 1.1B | 1.53B | 1.87B | 1.3B | 942.81M | 2.23B | 641.2M | 494.9M | 514.27M | 309.45M | 126.97M | 131.3M | -138.2M |
| Pretax Margin % | 7.03% | 6.17% | 9.3% | 12.92% | 33.99% | 15.64% | 0.97% | 11.91% | 24.55% | 9.32% | -2.18% | 12.36% | 10.35% | 17.54% | 22.87% | 26.48% | 22.76% | 20.7% | 32.26% | 15.64% | 15.19% | 17.22% | 11.4% | 5.59% | 6.63% | -7.43% |
| Income Tax | 184M | 161M | 172M | 287M | 1.19B | 260M | 25M | 147M | 129M | 158M | 55M | 162M | 166.15M | 280.02M | 221.03M | 348.69M | 266.81M | 168.49M | 233.24M | 113.06M | 136.69M | 101.84M | 59.22M | 26.49M | 41.7M | -33M |
| Effective Tax Rate % | 33.95% | 36.51% | 27.04% | 29.47% | 34.81% | 23.9% | 51.02% | 23.41% | 9.46% | 31.29% | -47.01% | 24.25% | 26.28% | 25.45% | 14.48% | 18.63% | 20.6% | 17.87% | 10.47% | 17.63% | 27.62% | 19.8% | 19.14% | 20.86% | 31.76% | 23.88% |
| Net Income | 305M | 226M | 407M | 647M | 2.16B | 783M | 11M | 475M | 1.24B | 364M | -122M | 509M | 463.56M | 818.57M | 1.3B | 1.51B | 1.02B | 770.42M | 2B | 535.64M | 373.9M | 422.17M | 250.5M | 103.08M | 92.3M | -42.4M |
| Net Margin % | 3.95% | 3.16% | 5.95% | 8.59% | 21.56% | 11.26% | 0.22% | 9.01% | 22.32% | 6.72% | -2.27% | 9.42% | 7.59% | 13.05% | 19.49% | 21.39% | 18% | 16.92% | 29.03% | 13.06% | 11.48% | 14.14% | 9.23% | 4.54% | 4.66% | -2.28% |
| Net Income Growth % | -16.89% | -44.47% | -37.09% | -70.03% | 175.73% | 7018.18% | -97.68% | -61.69% | 240.66% | 398.36% | -123.97% | 9.8% | -43.37% | -37.06% | -13.98% | 47.53% | 33.01% | -61.56% | 274.18% | 43.26% | -11.43% | 68.53% | 143.03% | 11.68% | 317.69% | - |
| Net Income (Continuing) | 358M | 280M | 464M | 687M | 2.22B | 828M | 24M | 481M | 1.23B | 347M | -172M | 495M | 435.57M | 794.49M | 1.3B | 1.52B | 1.03B | 774.31M | 1.99B | 532.08M | 362.06M | 413.04M | 250.58M | 99.93M | 92.3M | -42.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 445K | 427K | -447K | -21.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 297M | 260M | 263M | 269M | 249M | 209M | 158M | 136M | 134M | 71M | 85M | 160M | 26.51M | 24.75M | 24.55M | 28.09M | 21.12M | 21.09M | 0 | 66.15M | 9.48M | 7.75M | 47.39M | 0 | 0 | 0 |
| EPS (Diluted) | 0.24 | 0.18 | 0.32 | 0.50 | 1.60 | 0.63 | 0.02 | 0.38 | 0.97 | 0.29 | -0.10 | 0.40 | 0.37 | 0.64 | 1.02 | 1.18 | 0.81 | 0.61 | 1.56 | 0.42 | 0.29 | 0.33 | 0.20 | 0.08 | 0.08 | -0.04 |
| EPS Growth % | -17.77% | -43.75% | -36% | -68.75% | 153.97% | 3268.98% | -95.08% | -60.82% | 234.48% | 402.71% | -123.95% | 8.11% | -42.19% | -37.25% | -13.56% | 45.68% | 32.79% | -60.9% | 271.43% | 44.83% | -12.12% | 65% | 138.1% | 9.23% | 317.85% | - |
| EPS (Basic) | - | 0.18 | 0.32 | 0.50 | 1.60 | 0.63 | 0.02 | 0.38 | 0.97 | 0.29 | -0.10 | 0.40 | 0.37 | 0.64 | 1.02 | 1.18 | 0.81 | 0.61 | 1.57 | 0.42 | 0.29 | 0.34 | 0.21 | 0.08 | 0.08 | -0.04 |
| Diluted Shares Outstanding | 1.29B | 1.29B | 1.29B | 1.29B | 1.29B | 1.29B | 1.28B | 1.28B | 1.28B | 1.28B | 1.27B | 1.27B | 1.27B | 1.27B | 1.27B | 1.27B | 1.27B | 1.27B | 1.29B | 1.29B | 1.28B | 1.28B | 1.24B | 1.26B | 1.2B | 1.2B |
| Basic Shares Outstanding | 1.29B | 1.29B | 1.29B | 1.29B | 1.29B | 1.28B | 1.28B | 1.28B | 1.28B | 1.28B | 1.27B | 1.27B | 1.27B | 1.27B | 1.27B | 1.27B | 1.26B | 1.26B | 1.28B | 1.29B | 1.28B | 1.26B | 1.21B | 1.26B | 1.2B | 1.2B |
| Dividend Payout Ratio | - | 99.11% | 61.67% | 73.26% | 54.01% | 35.25% | 1072.73% | 57.47% | 19.44% | 65.11% | - | 68.17% | 182.29% | 77.5% | 78.37% | 74.81% | 97.42% | 71.26% | 48.22% | 101.77% | 48.26% | 22.6% | 35.5% | 60.41% | - | - |
Quick answers to the most common questions about buying ICL stock.
For fiscal year 2025, ICL Group Ltd (ICL) reported total revenue of $7.15B. This represents a 284.8% increase compared to $1.86B in 2001.
ICL Group Ltd (ICL) is profitable, generating $226.0M in net income for the fiscal year ending 2025 with a net profit margin of 3.2%.
ICL Group Ltd (ICL) reported an operating income of $703.0M, resulting in an operating profit margin of 9.8%. This margin reflects the operational efficiency of the business before interest and taxes.
ICL Group Ltd (ICL) generated $2.19B in gross profit for the year, representing a gross profit margin of 30.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Geopolitical and shipping disruptions
Top-Line Momentum Rebuilds
ICL's revenue grew 16.5% YoY in 2026Q2, accelerating from 4.6% in 2025Q2, per the latest quarterly report, signaling a cyclical recovery in fertilizer and specialty chemical demand.
The sequential acceleration from 1.8% growth in 2025Q1 to 16.5% in 2026Q2 suggests a broad-based upswing, likely driven by higher potash and bromine prices. However, the sustainability of this growth depends on global agricultural commodity prices and electronics demand, which remain volatile. Investors should monitor whether this momentum persists beyond the current quarter.
Gross Margin Resilience Amid Cost Pressures
Gross margin held at 31.1% in 2026Q2, down from 33.4% in 2024Q4, as reported in financial statements, reflecting stable pricing power but rising input costs.
The slight erosion from the 34.0% peak in 2024Q3 suggests that while ICL's Dead Sea cost advantage remains intact, energy and logistics costs are exerting pressure. The gross margin remains above Mosaic's 15.1% and comparable to Nutrien's 31.0%, indicating a strong cost position. However, the thin net margin of 6.4% highlights that royalty and tax burdens, such as the Sheshinski levy, are compressing profitability.
Operating Leverage Emerging
Operating income grew 41.3% YoY in 2026Q2 to $267M, outpacing revenue growth of 16.5%, per the latest income statement, indicating positive operating leverage.
SG&A expenses rose only 10.7% YoY while revenue grew 16.5%, allowing operating margin to expand to 12.5% from 10.3% a year earlier. This suggests that ICL is scaling efficiently, with fixed costs spread over a larger revenue base. The trend is encouraging, but investors should watch whether SG&A discipline persists as revenue growth normalizes.
Earnings Quality Tempered by One-Offs
Net income swung from a -$73M loss in 2025Q4 to $137M in 2026Q2, per reported figures, but the 3.2% net margin and 3.7% ROE suggest underlying profitability remains thin.
The 2025Q4 loss likely included non-recurring charges, possibly related to impairments or tax adjustments, which inflated the apparent recovery. Excluding that quarter, net margins have hovered around 5-6%, indicating that the business generates modest returns on equity. The absence of stock-based compensation in the data suggests no dilution, but the low ROE warrants scrutiny of capital allocation efficiency.
Cost Structure Heavily Weighted to COGS
COGS consumed 68.9% of revenue in 2026Q2, per the income statement, while SG&A accounted for 18.2%, underscoring the dominance of raw material and logistics costs.
The high COGS ratio reflects the energy-intensive nature of mineral processing and shipping, which are subject to global price fluctuations. SG&A has remained relatively stable at around $340-383M per quarter, suggesting disciplined overhead management. However, any spike in sulfur or natural gas prices could disproportionately impact the Phosphate Solutions and IAS segments, pressuring margins further.
Margin Compression Risks Persist
Despite revenue growth, net margin remains at 6.4% in 2026Q2, down from 6.6% in 2024Q2, as per financial statements, suggesting that top-line gains are not fully translating to bottom line.
Short-sellers might argue that ICL's profitability is structurally capped by the Israeli tax regime and high fixed costs, making it vulnerable to any demand downturn. The 2025Q4 loss and the modest ROE of 3.7% indicate that the company's earnings power is weaker than peers like CF Industries, which boasts a 20.5% net margin. Additionally, geopolitical risks and shipping disruptions could erode the cost advantage, warranting close monitoring.