Cash flow generation is inconsistent and heavily influenced by working capital, with a 2026Q2 FCF margin of 38.8% that contrasts sharply with a -22.1% margin in 2025Q3, indicating unpredictable liquidity.
Intrepid Potash, Inc. (IPI) cash flow statement — 20-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 61.82M | 55.78M | 72.5M | 43.23M | 88.82M | 79.07M | 31.14M | 49.38M | 64.24M | 17.21M | -18.27M | 22.69M | 127.49M | 64.9M | 187.83M | 173.87M | 123.29M | 81.06M | 131.97M | 41.77M | 14.79M |
| Operating CF Margin % | - | 18.7% | 28.46% | 15.49% | 26.31% | 29.25% | 15.81% | 22.44% | 30.84% | 10.92% | -8.66% | 7.9% | 31.06% | 19.3% | 41.62% | 39.25% | 34.31% | 26.86% | 43.14% | 19.57% | 9.69% |
| Operating CF Growth % | 100.24% | -23.06% | 67.7% | -51.33% | 12.34% | 153.87% | -36.93% | -23.13% | 273.15% | 194.23% | -180.52% | -82.2% | 96.44% | -65.45% | 8.03% | 41.02% | 52.09% | -38.57% | 215.91% | 182.44% | - |
| Net Income | 24.3M | 11.19M | -212.84M | -35.67M | 72.22M | 249.83M | -27.15M | 13.63M | 11.78M | -22.91M | -66.63M | -524.78M | 9.76M | 22.27M | 87.44M | 109.41M | 45.28M | 55.34M | 98.17M | 29.68M | 26.51M |
| Depreciation & Amortization | 40.6M | 40.24M | 37.36M | 41.54M | 36.99M | 37.81M | 36.11M | 34.34M | 32.22M | 33.21M | 40.91M | 443.92M | 88.75M | 64.95M | 46.55M | 35.79M | 27.71M | 17.33M | 7.19M | 9.47M | 0 |
| Stock-Based Compensation | 4.35M | 5.08M | 3.58M | 6.53M | 6.15M | 3.01M | 3.82M | 4.28M | 4.18M | 3.62M | 3.6M | 5.08M | 4.24M | 5.12M | 5.12M | 4.98M | 4.02M | 2.91M | 7.08M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.22M | 44.08M | 61.55M | 150.1M | 2.12M | 30.09M | 38.01M | 49.03M | 30.66M | 29.06M | 28.72M | 0 | 0 |
| Other Non-Cash Items | -13.12M | 12.11M | 22.26M | 52.45M | 8.8M | -10.23M | 2.38M | 4.29M | -29.1M | -26.64M | -36.21M | 1.85M | 326K | 4.39M | 3.83M | -11.27M | 390K | -927K | 5.49M | 481.38K | 10.74M |
| Working Capital Changes | -5.38M | -12.84M | 222.13M | -21.62M | -35.34M | -201.36M | 15.99M | -7.16M | 11.94M | -14.14M | -21.5M | -53.48M | 22.3M | -61.94M | 6.89M | -14.07M | 15.22M | -22.65M | -14.68M | 2.14M | -22.45M |
| Change in Receivables | -169K | -10.78M | 134K | 3.85M | 8.81M | -12.03M | 549K | 687K | -7.48M | -5.6M | -600K | 18.82M | -7.72M | 10.67M | -2.2M | -5.54M | -4.6M | -4.06M | -7.3M | 0 | 0 |
| Change in Inventory | -8.8M | -3.93M | -10.83M | -11.86M | -33.28M | 7.36M | -291K | -11.53M | -67K | -6.74M | -12.24M | -55.19M | 8.83M | -57.65M | 1.46M | -9.73M | 13.88M | -15.81M | -29.33M | 565.36K | -5.62M |
| Change in Payables | 1.56M | 4.72M | -3.52M | 1.28M | -3.6M | 13.46M | 2.33M | 2.28M | 1.74M | -3.81M | -12.39M | -5.55M | 1.98M | -2.75M | 7.32M | 5.22M | 6.66M | -6.15M | -137.5M | 0 | 0 |
| Cash from Investing | 17.67M | -13.27M | -29.53M | -59.55M | -79.18M | -14.82M | -15.16M | -80.64M | -16.78M | -7.85M | 32.51M | -79.58M | -59.62M | -246.44M | -170.18M | -174.8M | -136.28M | -106.52M | -67.96M | -20.5M | 1.32M |
| Capital Expenditures | -34.98M | -30.24M | -38.71M | -65.06M | -68.7M | -19.79M | -16.44M | -63.84M | -16.89M | -13.51M | -17.89M | -46.02M | -61.77M | -250.49M | -246.41M | -137.11M | -88.39M | -101.42M | -68.79M | -31.22M | -12.15M |
| CapEx % of Revenue | 11.97% | 10.14% | 15.2% | 23.31% | 20.35% | 7.32% | 8.35% | 29.01% | 8.11% | 8.57% | 8.48% | 16.02% | 15.05% | 74.48% | 54.6% | 30.95% | 24.6% | 33.6% | 22.49% | 14.63% | 7.96% |
| Acquisitions | 9K | 0 | 4.84M | 0 | 0 | 0 | 0 | 0 | 110K | 5.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.65M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 67.17M | 15.97M | 1.34M | 921K | 58K | 6.04M | 4.79M | -16.8M | 110K | 5.65M | 50.4M | -33.56M | 17K | 6.09M | 2K | 806K | 1.59M | 10.14M | 823K | 10.73M | -5.18M |
| Cash from Financing | -4.4M | -276K | -5.72M | 1.89M | -27.7M | -47.28M | -17.04M | 18.8M | -15.3M | -15.76M | -19.08M | -1.4M | -667K | 148.32M | -57.4M | -1.83M | -669K | -1.32M | 52.56M | -19.6M | -15.99M |
| Debt Issued (Net) | -1.82M | -1.04M | -4.94M | 3.4M | 0 | -46.08M | -15.07M | 19.82M | -14.3M | -74.1M | -15M | 0 | 0 | 150M | 0 | 0 | 0 | 0 | -975.21M | -30.69M | 33.16K |
| Equity Issued (Net) | -808K | 1.84M | -775K | 0 | -21.9M | 0 | 0 | 0 | -903K | 59.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.03B | 38.78M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -56.47M | 0 | 0 | 0 | 0 | -26.08M | 0 |
| Share Repurchases | -822K | 0 | -775K | 0 | -22.01M | 0 | 0 | 0 | -903K | 0 | -173K | -1.04M | -667K | -652K | -878K | 0 | 0 | -1.32M | 0 | 0 | 0 |
| Other Financing | -1.77M | -1.07M | 0 | -1.51M | -5.8M | -1.21M | -1.97M | -1.02M | -96K | -789K | -4.08M | -1.4M | -667K | -1.68M | -930K | -1.83M | -669K | -1.32M | -4.49M | -1.62M | -5.43M |
| Net Change in Cash | 75.04M | 42.24M | 37.25M | -14.43M | -18.06M | 16.96M | -1.05M | -12.46M | 32.16M | -3.4M | -4.84M | -58.28M | 67.19M | -33.23M | -39.75M | -2.76M | -13.66M | -26.78M | 116.29M | 1.67M | 128.57K |
| Free Cash Flow | 26.84M | 25.54M | 33.59M | -21.83M | 20.13M | 59.28M | 14.7M | -31.33M | 47.35M | 3.71M | -36.16M | -23.33M | 65.72M | -185.59M | -58.57M | 36.76M | 34.9M | -20.35M | 63.18M | 10.55M | 2.64M |
| FCF Margin % | 9.18% | 8.56% | 13.19% | -7.82% | 5.96% | 21.93% | 7.46% | -14.24% | 22.73% | 2.35% | -17.14% | -8.12% | 16.01% | -55.18% | -12.98% | 8.3% | 9.71% | -6.74% | 20.65% | 4.94% | 1.73% |
| FCF Growth % | -3.97% | -23.96% | 253.86% | -208.48% | -66.05% | 303.2% | 146.93% | -166.17% | 1176.17% | 110.26% | -55.03% | -135.5% | 135.41% | -216.85% | -259.36% | 5.31% | 271.49% | -132.21% | 498.83% | 299.55% | - |
| FCF per Share | 2.02 | 1.94 | 2.61 | -1.71 | 1.50 | 4.43 | 1.13 | -2.39 | 3.61 | 0.32 | -4.77 | -3.08 | 8.69 | -24.61 | -7.77 | 4.88 | 4.64 | -2.71 | 8.42 | 1.41 | 26.40 |
| FCF Conversion (FCF/Net Income) | 1.10x | 4.99x | -0.34x | -1.21x | 1.23x | 0.32x | -1.15x | 3.62x | 5.45x | -0.75x | 0.27x | -0.04x | 13.06x | 2.91x | 2.15x | 1.59x | 2.72x | 1.46x | 1.34x | 1.41x | 0.41x |
| Interest Paid | 102K | 0 | 503K | 411K | 113K | 875K | 2.47M | 2.73M | 0 | 11.64M | 8.97M | 6.08M | 5.81M | 772K | 1.84M | 1.35M | 2.13M | 1.94M | 3.35M | 0 | 0 |
| Taxes Paid | 92K | 0 | 9K | 179K | 1.01M | 193K | 97K | 942K | 0 | 1.5M | 100K | 13K | 16.51M | 25K | 8.38M | 13.88M | 3.67M | 7.24M | 40.84M | 0 | 0 |
Quick answers to the most common questions about buying IPI stock.
Intrepid Potash, Inc. (IPI) generated $55.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Intrepid Potash, Inc. (IPI) generated $25.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Intrepid Potash, Inc. (IPI) spent $30.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Volatile cash flow from working capital
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital Swings
The relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from -33.31 in 2024Q2 to 12.24 in 2025Q2, indicating that reported earnings are a poor proxy for actual cash generation.
The massive divergence between net income and operating cash flow, particularly in quarters like 2024Q2 and 2025Q2, suggests that accrual-based accounting is obscuring the underlying cash reality. This volatility implies that investors should not rely on net income as a measure of operational performance, as the cash flow statement reveals a business whose liquidity is driven more by balance sheet movements than by core profitability.
FCF Volatility Undermines Profitability
Free cash flow has been highly inconsistent, ranging from a 50.1% margin in 2025Q2 to a -24.2% margin in 2024Q3, demonstrating that the company's ability to generate surplus cash is unpredictable and not aligned with its reported net income trends.
The FCF trajectory shows no discernible pattern, with positive quarters often followed by negative ones, which complicates any assessment of sustainable cash generation. This inconsistency, especially when compared to the more stable FCF margins of peers like CF Industries (24.7%), suggests that Intrepid Potash's cash flow is highly sensitive to operational and working capital cycles, making it a less reliable source of capital for reinvestment or returns.
Working Capital Swings Drive Cash Flow
Working capital changes have been the primary driver of operating cash flow volatility, with a $190.4M positive swing in 2024Q4 and a $22.0M swing in 2025Q2, indicating that cash flow is heavily influenced by the timing of collections and inventory management.
The magnitude of these working capital swings, which often dwarf net income, suggests that the company's cash flow is not a direct reflection of its operational efficiency but rather of its balance sheet management. This pattern implies that investors should monitor the cash conversion cycle closely, as a reversal in these trends could quickly erode the company's liquidity position.
Capital Intensity Relative to Cash Generation
Capital expenditures have consistently consumed a significant portion of operating cash flow, with CapEx/Rev ratios ranging from 5.2% to 18.2%, indicating that the company must reinvest heavily just to maintain its asset base.
The high capital intensity, particularly in quarters like 2024Q2 (18.2%) and 2024Q3 (16.7%), suggests that a substantial portion of operating cash flow is required for maintenance and growth, leaving limited free cash flow for other uses. This dynamic, when combined with volatile operating cash flow, implies that the company's ability to fund dividends, buybacks, or debt reduction is constrained by its capital expenditure needs.
Cumulative Earnings vs. Cash Reality
Over the past ten quarters, cumulative net income is approximately -$183.5M, while cumulative operating cash flow is approximately $165.8M, revealing a significant positive gap that suggests non-cash charges and working capital have supported cash flow despite accounting losses.
This cumulative divergence indicates that the company's cash flow has been more resilient than its reported earnings, likely due to large non-cash impairments (e.g., the $207.0M net loss in 2024Q4) and favorable working capital movements. However, this gap also implies that the quality of earnings is low, as the cash flow is not being generated from sustainable profitability but from balance sheet adjustments and one-time items.
Cash Flow Statement Obscures True Liquidity
The cash flow statement may overstate sustainable liquidity, as it includes significant non-cash items like depreciation ($9.3M in 2026Q2) and working capital swings that are not indicative of ongoing operational cash generation.
The heavy reliance on depreciation add-backs and volatile working capital changes suggests that the operating cash flow figure is not a clean measure of the cash generated from core business activities. Investors should be cautious in interpreting strong operating cash flow quarters, as they may be driven by temporary balance sheet movements rather than improved operational efficiency or pricing power.