Revenue growth reached 14.5% in 2026Q1, though operating margins remain sensitive to cost fluctuations, ranging between 5.8% and 12.4% over the last ten quarters.
| 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 | 7.41B | 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 % | 7.8% | 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 | 5.16B | 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 | 2.25B | 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 % | 30.4% | 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 | 1.5B | 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 | 1.45B | 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 | 67M | 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 | -2M | 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 | 752M | 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 % | 10.15% | 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 | 1.38B | 1.32B | 1.37B | 1.68B | 4B | 1.73B | 691M | 1.22B | 1.91B | 1.03B | 401.96M | 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 % | 18.57% | 18.43% | 20.04% | 22.25% | 39.91% | 24.93% | 13.7% | 23.15% | 34.32% | 19.07% | 7.5% | 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 % | 9.73% | -3.87% | -18.25% | -58.05% | 130.53% | 150.93% | -43.37% | -36.01% | 84.57% | 157.01% | -66.36% | 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) | 624M | 615M | 596M | 536M | 481.22M | 523.92M | 489M | 464.2M | 387.74M | 404.08M | 404.96M | 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 | 727M | 703M | 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 | -144M | -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 | 153M | 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 | 297M | 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 | -266M | -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 | 486M | 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 % | 6.56% | 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 | 172M | 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 % | 35.39% | 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 | 261M | 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 % | 3.52% | 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 % | -32.9% | -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) | 314M | 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 | 279M | 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) | 0.20 | 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 % | -34.62% | -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% | - | - |
Geopolitical and Logistical Disruption
According to the most recent quarterly data, ICL achieved a 14.5% year-over-year revenue growth in 2026Q1, marking a significant recovery from the negative growth trends observed throughout 2024, though the sustainability of this top-line expansion remains contingent on volatile global potash and bromine pricing benchmarks.
The recent acceleration in revenue suggests a potential cyclical bottoming, yet investors should monitor whether this is driven by volume recovery or temporary price spikes. Given the company's reliance on global commodity indices, this growth trajectory may be susceptible to sudden reversals if agricultural demand softens or if logistics bottlenecks in the Red Sea persist.
As reported in financial statements, ICL's gross margin fluctuated between 27.5% and 34.0% over the last ten quarters, reflecting the inherent sensitivity of its mining-heavy cost structure to energy prices and the logistical complexities of exporting minerals from the Dead Sea region to global markets.
The gross margin compression observed in 2025Q4 highlights the company's vulnerability to fixed-cost absorption during periods of lower capacity utilization. While the unique Dead Sea extraction process provides a structural cost advantage, the volatility in realized margins suggests that management's ability to pass through input cost inflation remains limited by competitive pricing pressures.
Based on the provided income statement data, operating income has shown significant volatility, with margins ranging from 5.8% to 12.4%, indicating that ICL struggles to achieve consistent operating leverage as SG&A expenses remain relatively sticky despite fluctuations in the company's top-line revenue performance over the observed period.
The lack of clear operating leverage suggests that the company's cost base is heavily weighted toward fixed administrative and operational overheads that do not scale efficiently with revenue growth. This implies that profitability is highly sensitive to volume, and any sustained downturn in demand could lead to disproportionate pressure on operating income.
While ICL maintains a competitive cost position, the 2030 expiration of the Dead Sea concession, combined with ongoing regional instability, presents a material risk that could lead to significant valuation impairment if the regulatory framework or operational access is fundamentally altered by the Israeli government.
Short-sellers may focus on the potential for a 'terminal value' cliff as the concession expiration approaches, which could necessitate higher capital expenditure or royalty payments. Furthermore, the reliance on Israeli infrastructure for exports introduces a geopolitical risk premium that may not be fully captured in current earnings multiples compared to North American peers.
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.