ICL (ICL) Q3 2026 earnings review
Quarter ended September 30, 2026
For information only, not investment advice. No rating or price target.
ICL (ICL) Q3 2026 earnings review
Sales rose 3%, as stated, to $1,910M, and the company reiterated FY adjusted EBITDA guidance.
ICL · Q3 2026 · Published Nov 11, 2026 · By DeepCell AI · Sources
1 · ICL (ICL) Q3 2026 earnings review
Sales rose 3%, as stated, to $1,910M, and the company reiterated FY adjusted EBITDA guidance
Note: The company rounded sales to $1.91 billion and $1.85 billion in the highlights. The $1,600 million guidance midpoint is a DeepCell calculation. No Q3 revenue consensus is shown because the Yahoo Finance current-quarter estimate had already rolled to December 2026.Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; CNBC, Nov 11, 2026 close
2 · Executive summary
Adjusted diluted EPS of $0.10 was in line with the Yahoo Finance earnings-history estimate
Q3 2026 adjusted diluted EPS vs. Yahoo Finance earnings history (Nov 11, 2026 8:50 AM EST, quarter ended Sep 30, 2026)
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Q3 adjusted diluted EPS | $0.10 | $0.10 | +$0.00 / +0.0% | In line |
Share price, Nov 10 regular close to Nov 11 regular-session close
| ICL (NYSE) | Nov 10 close | Nov 11 close, 4:10 PM EST | Change ($) | Change (%) |
|---|---|---|---|---|
| ICL | $4.67 | $4.57 | -$0.10 | -2.1% |
Both prices are from the CNBC quote page. The Nov 11 figure is the regular-session close. CNBC does not state a reason for the move.
Note: A Q3 2026 revenue consensus is not shown. On the Yahoo Finance analysis page at 8:50 AM EST on Nov 11, the current-quarter revenue estimate had already rolled to December 2026. The $0.10 figure is the earnings-history EPS estimate for the quarter ended Sep 30, 2026, and it matches official adjusted diluted EPS. Official GAAP diluted EPS was also $0.09, unchanged from a year earlier.Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; Yahoo Finance, Nov 11, 2026 8:50 AM EST; CNBC, Nov 11, 2026 close
3 · Q3 results vs. estimates
The company reiterated FY2026 adjusted EBITDA guidance of $1,500M–$1,700M
Note: The midpoint of $1,600 million is a DeepCell calculation. The company provides guidance only on a non-GAAP basis and does not provide a reconciliation of forward-looking adjusted EBITDA. Yahoo Finance FY 2026 revenue and EPS averages are listed on the sources page and are not a substitute for this EBITDA range.Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
4 · FY 2026 guidance
Sales were $1,910M, up 3%, as stated, and adjusted EBITDA rose 1.0% as stated
- Sales and gross profit increasedSales were $1,910M and gross profit was $628M. Official gross margin was 32.9%, up 30 basis points.
- Adjusted EBITDA rose slightlyAdjusted EBITDA was $402M, compared with $398M.
- Shareholders net income increasedNet income attributable to shareholders was $120M, or $0.09 a share, compared with $115M, or $0.09.
Key figures
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Sales | $1,853M | $1,910M | 3%, as stated |
| Gross profit | $604M | $628M | 4.0% |
| Operating income | $230M | $225M | (2.2%) |
| Adjusted EBITDA | $398M | $402M | 1.0% as stated |
| Net income to shareholders | $115M | $120M | 4.3% |
| Diluted EPS ($) | $0.09 | $0.09 | Unchanged |
| Adjusted diluted EPS ($) | $0.10 | $0.10 | Unchanged |
Note: Gross-profit, operating-income and shareholders-net-income year-on-year percentages are DeepCell calculations. Sales and adjusted EBITDA percentages in the table use the official 3% and 1% figures. Official adjusted net income to shareholders was up 2%.Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
5 · Q3 key financials
Industrial Products sales rose to $347M, while Phosphate Solutions and Growing Solutions declined
Q3 segment sales, operating income and EBITDA
$M
| Segment | Sales Q3 2025 | Sales Q3 2026 | Operating income Q3 2026 | EBITDA Q3 2026 |
|---|---|---|---|---|
| Industrial Products | $295M | $347M | $84M | $100M |
| Potash | $453M | $469M | $94M | $157M |
| Phosphate Solutions | $605M | $589M | $58M | $118M |
| Growing Solutions | $561M | $538M | $25M | $44M |
The potash CIF price was $370 a tonne, up 4.8% as stated. Industrial Products operating income rose to $84M from $52M. Phosphate Solutions operating income declined to $58M from $85M.“ICL delivered another quarter of growth in sales, net income and adjusted EBITDA, as we successfully navigated record high raw material prices, elevated freight and logistics costs, and the impact of exchange rate fluctuations.” Elad Aharonson, president and CEO
Note: CIF is cost, insurance and freight. Segment year-on-year percentages, where shown elsewhere, are DeepCell calculations unless an official figure is quoted, as with the 4.8% potash CIF increase. Segment sales include internal sales.Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
6 · Segment results
Sales were $1,910M, up 3%, as stated, versus $1,853M
Sales
$M, Q3 2025 vs Q3 2026
The company said the quarter reflected growth in sales, and that it maximized its sales mix to drive profitability while meeting customer needs.
Note: The 3% increase is the official comparison of $1.91 billion with $1.85 billion. The statement totals are $1,910 million and $1,853 million.Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
7 · Sales
Industrial Products was the main source of the sales increase, rising to $347M from $295M
Note: Segment year-on-year percentages are DeepCell calculations. The company described Industrial Products product lines as higher or stable year-over-year, without stating a segment sales percentage.Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
8 · Sales by segment
Adjusted EBITDA was $402M, up 1.0% as stated
Note: The official 1% adjusted EBITDA increase compares $402 million with $398 million. Operating-income year-on-year change is a DeepCell calculation.Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
9 · Adjusted EBITDA
Official gross margin was 32.9%, up 30 basis points, the highest rate since Q4 2024
Gross margin
Q3 2025 vs Q3 2026
The company attributed the margin to sales-mix management and lower operating costs, against record high raw material prices.
Note: The 32.9% gross margin and the 30 basis-point increase are official. The chart plots DeepCell-calculated gross margin from the income statement, which rounds to the same official rate.Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
10 · Margin analysis
Cash and short-term investments were $637M at Sep 30, 2026, and operating cash flow was $256M
- Liquidity increased from year-endThe company stated that cash, cash equivalents, short-term investments and deposits amounted to $637M, compared with $496M at Dec 31, 2025. Unused credit facilities were about $1,500M.
- Operating cash flow declinedCash from operating activities was $256M, compared with $308M.
- Capital expenditure increasedPurchases of property, plant and equipment and intangible assets were $190M, compared with $180M.
Cash flow and liquidity
| $M | Q3 2025 / Dec 31, 2025 | Q3 2026 / Sep 30, 2026 |
|---|---|---|
| Operating cash flow | $308M | $256M |
| Purchases of property, plant and intangibles | $180M | $190M |
| Free cash flow | $128M | $66M |
| Cash and short-term investments | $496M | $637M |
Note: The company stated that free cash flow was $66 million in Q3 2026. That figure equals operating cash flow less purchases of property, plant and equipment and intangible assets. The year-earlier free-cash-flow figure is a DeepCell calculation on the same basis. Cash and short-term investments match the official $637 million and $496 million totals.Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
11 · Cash flow and liquidity
Net financial liabilities were $2,626M at Sep 30, 2026, up $366M from year-end
- Net debt increasedThe company stated that net financial liabilities amounted to $2,626M, an increase of $366M compared with Dec 31, 2025.
- The debt mix shifted to long-termShort-term debt declined to $337M from $876M, while long-term debt and debentures rose to $2,926M from $1,880M.
- Undrawn facilities remain sizableThe company maintained about $1,500M of unused credit facilities.
Debt and facilities
| $M | Dec 31, 2025 | Sep 30, 2026 |
|---|---|---|
| Short-term debt | $876M | $337M |
| Long-term debt and debentures | $1,880M | $2,926M |
| Net financial liabilities (official, Sep 30) | — | $2,626M |
| Unused credit facilities, about | — | $1,500M |
Note: The $2,626 million net financial liabilities figure and the $366 million increase are official. The company also said currency and interest-rate swaps economically reduced finance liabilities by approximately $89 million. A year-end net-debt figure is not restated here.Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
12 · Net financial liabilities
Total assets were $13,276M at Sep 30, 2026, and shareholders equity was $6,216M
- Cash increased from year-endCash and cash equivalents were $494M, compared with $291M at Dec 31, 2025.
- Inventories and receivables roseInventories were $2,069M, compared with $1,934M, and trade receivables were $1,519M, compared with $1,365M.
- Equity increasedTotal shareholders equity was $6,216M, compared with $5,983M.
Balance sheet
| $M | Dec 31, 2025 | Sep 30, 2026 |
|---|---|---|
| Cash and cash equivalents | $291M | $494M |
| Total assets | $12,413M | $13,276M |
| Total liabilities | $6,170M | $6,750M |
| Total shareholders equity | $5,983M | $6,216M |
| Total equity | $6,243M | $6,526M |
Note: Balance-sheet comparisons are Sep 30, 2026 versus Dec 31, 2025, as presented in the 6-K.Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
13 · Balance sheet
Raw-material costs, phosphate margins and the rise in net debt are the main watch items against a reiterated guide
Indicator
What to watch
Implication
Latest reading
Raw-material and energy costs
Management said it navigated record high raw material prices and cited higher electricity prices and water fees in potash
A repeat of cost pressure could offset price gains in potash and specialties
Gross margin 32.9%
Phosphate and Growing Solutions
Phosphate Solutions sales and operating income declined, and Growing Solutions operating income also fell
The reiterated $1.5–$1.7 billion adjusted EBITDA range still depends on these businesses stabilizing
Phosphate operating income $58M
Net financial liabilities
Net financial liabilities rose $366 million from year-end, to $2,626 million
Higher long-term debt increases financing and refinancing risk, even with about $1.5 billion of unused facilities
Shipping and geopolitics
The 6-K discusses shipping-route disruption and higher shipping costs
Logistics costs and delivery timing can move both price realization and working capital
Operating cash flow $256M
Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
14 · Key risks to the outlook
Appendix: income detail
| Claim | Evidence | Calculation |
|---|---|---|
| Sales | $1,853M to $1,910M | Up 3%, as stated |
| Gross profit | $604M to $628M | Official gross margin 32.9% |
| Operating income | $230M to $225M | DeepCell calculation for the percentage |
| Net income to shareholders | $115M to $120M | $0.09 a share |
Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
15 · Appendix: Income detail
Appendix: segment detail
| Claim | Evidence | Calculation |
|---|---|---|
| Industrial Products sales | $295M to $347M | Operating income $84M |
| Potash sales | $453M to $469M | CIF $370, up 4.8% as stated |
| Phosphate Solutions sales | $605M to $589M | Operating income $58M |
| Growing Solutions sales | $561M to $538M | Operating income $25M |
CIF is cost, insurance and freight. Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
16 · Appendix: Segment detail
Appendix: FY 2026 guidance
| Claim | Evidence | Calculation |
|---|---|---|
| FY2026 adjusted EBITDA, low | $1,500M | Reiterated |
| FY2026 adjusted EBITDA, high | $1,700M | Reiterated |
| Midpoint (DeepCell calculation) | $1,600M | Not an official midpoint |
| Q3 adjusted EBITDA | $402M | Up 1%, as stated |
Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
17 · Appendix: Guidance detail
Appendix: cash and debt
| Claim | Evidence | Calculation |
|---|---|---|
| Cash and short-term investments | $637M | Official $637 million at Sep 30 |
| Operating cash flow, Q3 | $256M | Compared with $308 million a year earlier |
| Free cash flow, as stated | $66M | Equals $256 million less $190 million of capex |
| Net financial liabilities | $2,626M | Up $366 million from year-end, as stated |
Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
18 · Appendix: Cash and debt
Appendix: income statement detail
Sales and costs
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Sales | $1,853M | $1,910M | 3%, as stated |
| Gross profit | $604M | $628M | 4.0% |
| Operating income | $230M | $225M | (2.2%) |
| Adjusted EBITDA | $398M | $402M | 1.0% as stated |
Earnings
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Net income to shareholders | $115M | $120M | 4.3% |
| Diluted EPS ($) | $0.09 | $0.09 | Unchanged |
| Adjusted diluted EPS ($) | $0.10 | $0.10 | Unchanged |
Note: Where a year-on-year percentage is not marked “as stated”, it is a DeepCell calculation from the income statement.Source: ICL Q3 2026 Results, Form 6-K exhibit, Nov 10, 2026; analysis of company data
19 · Appendix: Income statement
Appendix: sources
- Results: ICL Group Limited Form 6-K, filed Nov 10, 2026 (accession 0001178913-26-005126), exhibit zk2636351.htm — https://www.sec.gov/Archives/edgar/data/941221/000117891326005126/zk2636351.htm
- Form 6-K index — https://www.sec.gov/Archives/edgar/data/941221/000117891326005126/0001178913-26-005126-index.html
- Investor relations — https://www.icl-group.com/investors/
- Consensus and earnings history: Yahoo Finance, Nov 11, 2026 8:50 AM EST — https://finance.yahoo.com/quote/ICL/analysis/. The current-quarter revenue estimate had rolled to December 2026 and is omitted. Earnings-history EPS estimate for the quarter ended Sep 30, 2026 was $0.10. FY 2026 revenue average $7.99 billion (4 analysts) and EPS average $0.41 (4 analysts).
- Share price: CNBC ICL quote, Nov 10, 2026 regular close $4.67 and Nov 11, 2026 regular-session close $4.57 at 4:10 PM EST — https://www.cnbc.com/quotes/ICL
- Company figures are in U.S. dollars. Official year-on-year percentages (sales up 3%, adjusted EBITDA up 1%, adjusted net income to shareholders up 2%, gross margin 32.9% up 30 basis points, potash CIF up 4.8%) are used where the company stated them. Other percentages, the guidance midpoint and free cash flow are DeepCell calculations and are labelled as such.
- Chart and table values link to the model in the spreadsheet tabs of this file.
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20 · Sources
Important disclosures and disclaimer
For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.
No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.
Sources and accuracy. Company figures come from ICL Group Limited’s Form 6-K filed on November 10, 2026. Consensus estimates and earnings history (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.
Basis of presentation. Figures are in U.S. dollars. Income-statement comparisons are for the quarters ended September 30, 2026 and September 30, 2025. Balance-sheet comparisons are September 30, 2026 versus December 31, 2025. Adjusted operating income, adjusted net income, adjusted EPS and adjusted EBITDA are non-GAAP measures as defined by the company.
Forward-looking statements. Company commentary, guidance and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original 6-K.
Date of analysis. Share prices are the CNBC regular-session closes on November 10, 2026 and November 11, 2026.
Built with DeepCell / deepcell.net
21 · Disclosures
Sources
- ICL Group Form 6-K, Nov 10, 2026 — https://www.sec.gov/Archives/edgar/data/941221/000117891326005126/zk2636351.htm Filing
- Yahoo Finance ICL analysis and earnings history, Nov 11, 2026 8:50 AM EST — https://finance.yahoo.com/quote/ICL/analysis/ Filing
- CNBC ICL quote: Nov 10, 2026 regular close $4.67; Nov 11, 2026 regular-session close $4.57 at 4:10 PM EST — https://www.cnbc.com/quotes/ICL Filing
Not investment advice; no rating or price target.
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