Intrepid Potash (IPI) FY2025 results: revenue $298 million, up 17.1% on the year
Intrepid Potash, Inc. (IPI) reported revenue of $298 million for fiscal 2025, the year ended 31 December 2025, up 17.1% on the year before. Net income was $11 million, and diluted earnings per share $0.85. The figures are the company's own, from the 10-K it filed with the SEC on 5 March 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 6 new.
- Full-year net income and earnings: FY 2025 net income was $11.2 million, or $0.85 per diluted share, against a net loss of $212.8 million in 2024. Adjusted net income was $19.1 million for FY 2025.
- Potash output below prior year: Potash production was 280 thousand tons in FY 2025, against 295 thousand a year earlier. Fourth-quarter output was 102 thousand tons against 117 thousand, with lower Moab mill feed grades also cited.
- Trio sales up 37% for year: Trio segment sales rose $39.0 million, or 37%, to $144.5 million for FY 2025, on higher volumes and a higher realized price.
- Oilfield sales down 42% for year: Oilfield solutions sales fell $10.2 million, or 42%, to $14.4 million for FY 2025, mainly on a $10.4 million drop in water sales.
- No debt and $83.5 million cash: Cash and equivalents ended 2025 at $83.5 million, including the $8 million deposit, with no debt and no borrowings on the credit facility.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 298 | 255 | 279 | +17.1% | |
| Gross profit | 54.8 | 29.1 | 36.8 | +88.5% | |
| Gross margin | 18.4% | 11.4% | 13.2% | ||
| Selling, general and administrative | 36.7 | 33.0 | 32.4 | +11.3% | |
| Operating income | 10.7 | -19.9 | -44.0 | ||
| Operating margin | 3.6% | -7.8% | -15.8% | ||
| Interest expense | 0.2 | 0.1 | 0.0 | +107.1% | |
| Pre-tax income | 11.7 | -18.5 | -44.1 | ||
| Income tax | 0.5 | 194 | -8.4 | -99.7% | |
| Effective tax rate | 4.6% | n/a | n/a | ||
| Net income | 11.2 | -213 | -35.7 | ||
| Net margin | 3.7% | -83.6% | -12.8% | ||
| Diluted EPS | $0.85 | -$16.53 | -$2.80 |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 55.8 | 72.5 | 43.2 | -23.1% | |
| Capital expenditure | 30.2 | 38.7 | 65.1 | -21.9% | |
| Free cash flow | 25.5 | 33.8 | -21.8 | -24.4% | |
| Free cash flow margin | 8.6% | 13.3% | -7.8% | ||
| Cash from investing | -13.3 | -29.5 | -59.6 | ||
| Cash from financing | -0.3 | -5.7 | 1.9 | ||
| Depreciation and amortisation | 40.6 | 37.7 | 39.4 | +7.6% | |
| Share-based compensation | 5.1 | 3.6 | 6.5 | +41.9% | |
| Buybacks | n/a | 0.0 | 0.0 | ||
| Diluted shares, weighted | 13m | 13m | 13m | +2.3% | |
| Shares outstanding at period end | 13m | 13m | 13m | +1.7% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 491 | 474 | 684 | +3.6% | |
| Debt | 0.0 | 0.0 | 4.0 | ||
| Operating lease liabilities | 1.6 | 0.8 | 0.7 | +98.7% | |
| Finance lease liabilities | 1.7 | 1.8 | 1.5 | -5.3% | |
| Other liabilities | 137 | 118 | 77.9 | +17.0% | |
| Total liabilities and equity | 632 | 595 | 768 | +6.3% | |
| Fixed assets | 335 | 344 | 358 | -2.8% | |
| Intangible assets | n/a | 4.8 | 4.9 | ||
| Investments | 0.2 | 3.6 | 6.6 | -95.0% | |
| Cash and equivalents | 83.5 | 41.3 | 4.1 | +102.2% | |
| Receivables | 33.8 | 22.5 | 22.1 | +50.3% | |
| Inventory | 112 | 113 | 114 | -0.6% | |
| Other assets | 67.6 | 65.1 | 258 | +3.9% | |
| Total assets | 632 | 595 | 768 | +6.3% |
10-K for the year ended 31 December 2025, filed 5 March 2026: the filing.