Revenue remains volatile, contracting 6.7% in 2026Q2, while gross margin expansion to 25.0% appears cyclical and has failed to generate significant operating leverage, with operating income margin at only 1.6%.
Intrepid Potash, Inc. (IPI) annual income statement — 20-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 |
|---|
| Sales/Revenue | 292.28M | 298.33M | 254.69M | 279.08M | 337.57M | 270.33M | 196.95M | 220.07M | 208.27M | 157.61M | 210.95M | 287.18M | 410.39M | 336.31M | 451.32M | 442.95M | 359.3M | 301.8M | 305.91M | 213.46M | 152.71M |
| Revenue Growth % | 6.28% | 17.13% | -8.74% | -17.33% | 24.87% | 37.26% | -10.51% | 5.67% | 32.15% | -25.29% | -26.55% | -30.02% | 22.03% | -25.48% | 1.89% | 23.28% | 19.05% | -1.34% | 43.31% | 39.78% | - |
| Cost of Goods Sold | 233.97M | 246.12M | 225.61M | 242.24M | 196.16M | 214.57M | 186.42M | 176.6M | 170M | 151.83M | 240.19M | 302.66M | 368.38M | 258.4M | 281.18M | 256.73M | 253.23M | 179.69M | 120.36M | 160.96M | 110.99M |
| COGS % of Revenue | - | 82.5% | 88.58% | 86.8% | 58.11% | 79.37% | 94.65% | 80.24% | 81.62% | 96.33% | 113.86% | 105.39% | 89.76% | 76.83% | 62.3% | 57.96% | 70.48% | 59.54% | 39.34% | 75.41% | 72.68% |
| Gross Profit | 58.31M | 52.21M | 29.08M | 36.85M | 141.41M | 55.76M | 10.53M | 43.48M | 38.27M | 5.78M | -29.25M | -15.48M | 42M | 77.92M | 170.14M | 186.22M | 106.07M | 122.11M | 185.56M | 52.5M | 41.71M |
| Gross Margin % | 19.95% | 17.5% | 11.42% | 13.2% | 41.89% | 20.63% | 5.35% | 19.76% | 18.38% | 3.67% | -13.86% | -5.39% | 10.24% | 23.17% | 37.7% | 42.04% | 29.52% | 40.46% | 60.66% | 24.59% | 27.32% |
| Gross Profit Growth % | - | 79.54% | -21.07% | -73.94% | 153.58% | 429.57% | -75.78% | 13.61% | 562.24% | 119.76% | -88.97% | -136.85% | -46.09% | -54.2% | -8.64% | 75.56% | -13.14% | -34.19% | 253.45% | 25.85% | - |
| Operating Expenses | 46.27M | 36.7M | 48.94M | 80.81M | 45.97M | 23.49M | 33.77M | 27.12M | 22.78M | 19.92M | 22.74M | 30.52M | 24.4M | 37.07M | 34.74M | 11.59M | 30.03M | 29.02M | 23.97M | 19.2M | 21.73M |
| OpEx % of Revenue | - | 12.3% | 19.22% | 28.96% | 13.62% | 8.69% | 17.15% | 12.32% | 10.94% | 12.64% | 10.78% | 10.63% | 5.94% | 11.02% | 7.7% | 2.62% | 8.36% | 9.61% | 7.84% | 8.99% | 14.23% |
| Selling, General & Admin | 19.25M | 0 | 32.97M | 32.42M | 31.8M | 24M | 25.48M | 23.56M | 20.44M | 19.46M | 20.03M | 27.49M | 27.22M | 33.77M | 33.75M | 31.81M | 29.12M | 28.38M | 22.83M | 16M | 10.05M |
| SG&A % of Revenue | - | - | 12.94% | 11.62% | 9.42% | 8.88% | 12.93% | 10.7% | 9.81% | 12.35% | 9.5% | 9.57% | 6.63% | 10.04% | 7.48% | 7.18% | 8.11% | 9.4% | 7.46% | 7.49% | 6.58% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.15M | 36.7M | 15.97M | 48.39M | 14.17M | -506K | 8.3M | 3.56M | 142K | 397K | 1.12M | 575K | 1.08M | -1.74M | 588K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 12.04M | 15.51M | -19.86M | -43.97M | 95.44M | 32.27M | -23.24M | 16.36M | 15.49M | -14.4M | -57.78M | -369.79M | 15.78M | 40.84M | 135.4M | 173.88M | 75.33M | 92.42M | 161.08M | 36.31M | 19.99M |
| Operating Margin % | 4.12% | 5.2% | -7.8% | -15.75% | 28.27% | 11.94% | -11.8% | 7.43% | 7.44% | -9.14% | -27.39% | -128.76% | 3.85% | 12.14% | 30% | 39.25% | 20.97% | 30.62% | 52.65% | 17.01% | 13.09% |
| Operating Income Growth % | - | 178.09% | 54.84% | -146.07% | 195.74% | 238.84% | -242.08% | 5.59% | 207.57% | 75.07% | 84.37% | -2443.41% | -61.36% | -69.84% | -22.13% | 130.81% | -18.48% | -42.63% | 343.61% | 81.65% | - |
| EBITDA | 53.42M | 55.75M | 17.5M | -2.43M | 132.43M | 70.09M | 12.87M | 50.7M | 47.71M | 18.8M | -16.87M | -282.11M | 96.34M | 102.14M | 183M | 209.66M | 103.05M | 109.74M | 168.27M | 45.78M | 28.02M |
| EBITDA Margin % | 18.28% | 18.69% | 6.87% | -0.87% | 39.23% | 25.93% | 6.53% | 23.04% | 22.91% | 11.93% | -8% | -98.23% | 23.48% | 30.37% | 40.55% | 47.33% | 28.68% | 36.36% | 55.01% | 21.45% | 18.35% |
| EBITDA Growth % | 35.29% | 218.51% | 820.58% | -101.83% | 88.96% | 444.75% | -74.62% | 6.26% | 153.7% | 211.48% | 94.02% | -392.83% | -5.68% | -44.18% | -12.72% | 103.46% | -6.1% | -34.78% | 267.57% | 63.4% | - |
| D&A (Non-Cash Add-back) | 41.38M | 40.24M | 37.36M | 41.54M | 36.99M | 37.81M | 36.11M | 34.34M | 32.22M | 33.21M | 40.91M | 87.68M | 80.56M | 61.3M | 47.6M | 35.79M | 27.71M | 17.33M | 7.19M | 9.47M | 8.03M |
| EBIT | 7.99M | 11.73M | -18.93M | -44.59M | 96.61M | 41.54M | -25.23M | 16.71M | 14.61M | -18.44M | -56.37M | -368.45M | 16.65M | 40.84M | 137.83M | 176.13M | 76.56M | 93.05M | 207.87M | 33.3M | 19.99M |
| Net Interest Income | 2.69M | 2.2M | 1.6M | 298K | 75K | -1.47M | -4.29M | -3.03M | -3.75M | -11.69M | -11.34M | -5.59M | -6.05M | -1.01M | 938K | 861K | -694K | -645K | -4.59M | -9.35M | -2.91M |
| Interest Income | 2.72M | 2.2M | 1.71M | 298K | 176K | 0 | 0 | 0 | 110K | 0 | 286K | 763K | 186K | 524K | 1.84M | 1.73M | 819K | 161K | 1M | 0 | 0 |
| Interest Expense | 25K | 0 | 112K | 0 | 101K | 1.47M | 4.29M | 3.03M | 3.85M | 11.69M | 11.62M | 6.35M | 6.23M | 1.53M | 905K | 869K | 1.51M | 806K | 3.16M | 9.35M | 2.91M |
| Other Income/Expense | -1.3M | -3.78M | 1.35M | -93K | 1.07M | 8.69M | -3.9M | -2.68M | -3.6M | -11.29M | -10.21M | -5.01M | -4.97M | -2.75M | 1.53M | 1.38M | -291K | -170K | 1.24M | -5.62M | 9.04M |
| Pretax Income | 10.74M | 11.73M | -18.51M | -44.06M | 96.51M | 40.97M | -27.15M | 13.68M | 11.89M | -25.69M | -68M | -374.8M | 10.81M | 38.09M | 136.93M | 175.26M | 75.04M | 92.25M | 157.76M | 41.86M | 27M |
| Pretax Margin % | 3.68% | 3.93% | -7.27% | -15.79% | 28.59% | 15.15% | -13.78% | 6.22% | 5.71% | -16.3% | -32.23% | -130.51% | 2.63% | 11.33% | 30.34% | 39.57% | 20.89% | 30.57% | 51.57% | 19.61% | 17.68% |
| Income Tax | 164K | 544K | 194.33M | -8.39M | 24.29M | -208.87M | 5K | 53K | 108K | -2.78M | -1.36M | 149.97M | 1.05M | 15.82M | 49.48M | 65.85M | 29.76M | 36.91M | 59.59M | 3.61M | -16.03M |
| Effective Tax Rate % | 1.53% | 4.64% | -1049.77% | 19.04% | 25.17% | -509.87% | -0.02% | 0.39% | 0.91% | 10.83% | 2% | -40.01% | 9.71% | 41.52% | 36.14% | 37.57% | 39.65% | 40.01% | 37.77% | 8.64% | -59.37% |
| 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 | 36.02M |
| Net Margin % | 8.31% | 3.75% | -83.57% | -12.78% | 21.39% | 92.42% | -13.79% | 6.19% | 5.66% | -14.54% | -31.59% | -182.73% | 2.38% | 6.62% | 19.38% | 24.7% | 12.6% | 18.34% | 32.09% | 13.91% | 23.59% |
| Net Income Growth % | 112.43% | 105.26% | -496.66% | -149.39% | -71.09% | 1020.06% | -299.21% | 15.68% | 151.43% | 65.62% | 87.3% | -5476.25% | -56.18% | -74.53% | -20.08% | 141.61% | -18.17% | -43.63% | 230.73% | -17.6% | - |
| Net Income (Continuing) | 10.58M | 11.19M | -212.84M | -35.67M | 72.22M | 249.83M | -27.15M | 13.63M | 11.78M | -22.57M | -66.63M | -524.78M | 9.76M | 22.27M | 87.44M | 109.41M | 45.28M | 55.34M | 142.67M | 29.68M | 24.1M |
| Discontinued Operations | 1.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.83 | 0.85 | -16.53 | -2.80 | 5.37 | 18.66 | -2.09 | 1.04 | 0.90 | -1.98 | -8.79 | -69.35 | 1.30 | 3.00 | 11.60 | 14.50 | 6.00 | 7.40 | 13.10 | 3.90 | 360.22 |
| EPS Growth % | 112.05% | 105.14% | -490.36% | -152.14% | -71.22% | 992.82% | -300.96% | 15.56% | 145.45% | 77.47% | 87.33% | -5434.62% | -56.67% | -74.14% | -20% | 141.67% | -18.92% | -43.51% | 235.9% | -98.92% | - |
| EPS (Basic) | - | 0.86 | -16.53 | -2.80 | 5.49 | 19.07 | -2.09 | 1.06 | 0.92 | -2.03 | -8.82 | -69.35 | 1.30 | 3.00 | 11.60 | 14.60 | 6.00 | 7.40 | 13.10 | 3.90 | 360.22 |
| Diluted Shares Outstanding | 13.28M | 13.17M | 12.88M | 12.76M | 13.45M | 13.39M | 12.99M | 13.11M | 13.1M | 11.57M | 7.58M | 7.57M | 7.56M | 7.54M | 7.53M | 7.53M | 7.52M | 7.5M | 7.5M | 7.48M | 100K |
| Basic Shares Outstanding | 13.2M | 13.01M | 12.88M | 12.76M | 13.15M | 13.1M | 12.99M | 12.9M | 12.81M | 11.28M | 7.55M | 7.57M | 7.55M | 7.54M | 7.53M | 7.52M | 7.51M | 7.5M | 7.48M | 7.48M | 100K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 64.58% | - | - | - | - | 87.86% | 29.39% |
Quick answers to the most common questions about buying IPI stock.
For fiscal year 2025, Intrepid Potash, Inc. (IPI) reported total revenue of $298.3M. This represents a 95.4% increase compared to $152.7M in 2006.
Intrepid Potash, Inc. (IPI) is profitable, generating $11.2M in net income for the fiscal year ending 2025 with a net profit margin of 3.7%.
Intrepid Potash, Inc. (IPI) reported an operating income of $15.5M, resulting in an operating profit margin of 5.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Intrepid Potash, Inc. (IPI) generated $52.2M in gross profit for the year, representing a gross profit margin of 17.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile profitability and earnings quality
Metrics are mathematically derived from official filings.
Erratic Revenue Path with Recent Contraction
Intrepid Potash's revenue trajectory is highly volatile, swinging from 36.0% growth in 2025Q4 to a 6.7% decline in 2026Q2, suggesting a lack of sustainable organic growth drivers and significant exposure to commodity price swings.
The company's top line exhibits pronounced cyclicality, with sequential quarterly revenue ranging from $53.2M to $98.7M over the past ten quarters. This volatility, coupled with the recent deceleration to negative growth, indicates that revenue is likely driven by external market pricing for potash rather than consistent volume gains or market share expansion. The pattern suggests limited visibility into future demand and pricing, making forecasting inherently challenging.
Gross Margin Expansion Masks Structural Weakness
While gross margins have expanded significantly from 8.1% in 2024Q1 to 25.0% in 2026Q2, this improvement appears driven by favorable commodity pricing rather than structural cost advantages, as the company remains a high-cost producer relative to peers.
The dramatic margin expansion is a positive development, but it is highly sensitive to potash spot prices. The company's operating margin remains thin at 1.6% in the latest quarter, indicating that the gross margin gains are largely absorbed by operating costs. Compared to peers like Nutrien (31.0% gross margin) and CF Industries (38.5%), Intrepid's profitability profile suggests it lacks the scale or cost structure to sustainably generate superior returns.
Operating Leverage Remains Untapped
Despite a 169% increase in gross profit from 2024Q1 to 2026Q2, operating income has only turned marginally positive, indicating that overhead costs and the company's cost structure are preventing meaningful operating leverage.
The disconnect between gross profit growth and operating income improvement is stark. SG&A expenses have fluctuated but remain a significant burden, consuming a large portion of gross profit. This suggests the company's fixed cost base is high relative to its revenue scale, and management has not yet demonstrated an ability to drive incremental profit from revenue growth. The lack of operating leverage amplifies the risk during revenue downturns.
Net Income Distorted by Non-Operating Items
The quality of reported net income is questionable, as evidenced by the massive $207.0M net loss in 2024Q4 and the subsequent swing to a $15.6M profit in 2026Q2, which appears heavily influenced by non-operating factors rather than core operational performance.
The extreme volatility in net income, which does not correlate with the more stable operating income trend, points to significant non-operating items such as asset impairments, tax adjustments, or other one-time charges. The 2026Q2 net margin of 23.4% is dramatically higher than the 1.6% operating margin, a discrepancy that warrants investigation into the specific non-operating gains. This makes EPS a less reliable metric for assessing underlying business health.
Cost of Goods Sold Dominates the P&L
COGS represents the overwhelming majority of revenue, consistently consuming 75-92% of sales, which underscores the company's commodity-exposed, capital-intensive nature and leaves minimal room for error in cost management.
The cost structure is heavily weighted towards direct production costs, with SG&A and R&D being relatively minor line items. This profile means profitability is almost entirely dictated by the spread between potash selling prices and production costs. The recent improvement in gross margin suggests better cost control or more favorable input costs, but the fundamental structure remains vulnerable to any increase in energy, labor, or raw material expenses.
Margin Expansion May Be Unsustainable
The strongest challenge to the recent positive trend is that the sharp gross margin expansion from 8.1% to 25.0% appears to be a cyclical peak, and a reversion to historical averages could quickly return the company to operating losses.
Short-sellers would focus on the fact that Intrepid's current margins are at the high end of its recent history and are likely driven by a favorable potash price environment. The company's historical operating losses during periods of lower prices (e.g., 2024Q1-Q4) demonstrate its vulnerability. Furthermore, the peer comparison shows that even at its current peak, Intrepid's margins are below the industry average, suggesting it may not be the lowest-cost producer and could be the first to suffer in a downturn.