ICL Reports Q4 and FY 2025 Results, Notes Strategy-Related Charges and Sets 2026 Outlook

Key Takeaways:

• ICL Q4 2025 sales rose 6% year-over-year to $1.701 billion, while operating income swung to a loss of $16 million.
• ICL reported $239 million in Q4 adjustments that it described as unusual, including strategy execution actions and a water-extraction fee provision.
• Full-year 2025 sales increased 5% to $7.153 billion; adjusted operating income was $873 million (flat year-over-year).
• The company distributed about $224 million in dividends during 2025 and declared a Q4 dividend of roughly $60 million payable March 25, 2026.
• ICL provided 2026 adjusted EBITDA guidance of $1.4–$1.6 billion and potash sales volume guidance of 4.5–4.7 million metric tons.

ICL's Q4 2025 Financial Performance

ICL reported fourth-quarter 2025 consolidated sales of $1.701 billion, up from $1.601 billion in Q4 2024. Operating income was ($16) million, compared with $147 million a year earlier. On an adjusted basis, operating income was $223 million, up 17% year-over-year, and adjusted EBITDA was $380 million, up 10%.

Diluted EPS was ($0.06) in Q4 2025, compared with $0.06 in Q4 2024. Adjusted diluted EPS was $0.09, up from $0.08.

ICL said it recorded $239 million of adjustments in the quarter, which it characterized as unusual. These included approximately $122 million tied to executing its strategy, including discontinuing lithium iron phosphate (LFP) battery materials projects in St. Louis and Spain, efficiency actions at certain R&D sites in Israel, and an impairment in the UK. The adjustments also included an $80 million provision related to prior years following a Supreme Court ruling on water extraction fees in the Dead Sea concession area.

ICL's Full-Year 2025 Results and Cash Flow

For 2025, ICL reported consolidated sales of $7.153 billion, up from $6.841 billion in 2024. Operating income was $580 million versus $775 million in 2024, while adjusted operating income was $873 million (unchanged year-over-year). Adjusted EBITDA was $1.488 billion, slightly higher than $1.469 billion in 2024.

Diluted EPS for 2025 was $0.18 versus $0.32 in 2024, and adjusted diluted EPS was $0.36 versus $0.38. Operating cash flow was $1.056 billion in 2025. The company said it distributed approximately $224 million in dividends during the year.

“ICL delivered a solid finish to 2025, with fourth quarter sales increasing 6% to $1.7 billion and adjusted EBITDA improving 10% to $380 million,” said Elad Aharonson, president and CEO of ICL.

Portfolio Actions and Strategic Focus

ICL said it is prioritizing two growth engines: specialty crop nutrition (within Growing Solutions) and specialty food solutions (within Phosphate Solutions). Aharonson said the company expects improvement through M&A and geographic expansion, pointing to the company’s recent acquisition of Bartek Ingredients as an example.

“This focus has resulted in a review of our capital allocation priorities and an evaluation of non-synergistic and low-potential activities,” Aharonson said, adding that ICL discontinued its downstream expansion into cathode active materials for LFP batteries and is reviewing its Boulby operations in the UK, including exploring divestment opportunities.

2026 Outlook and Dividend Update

ICL guided for 2026 consolidated adjusted EBITDA of $1.4 billion to $1.6 billion. The company also guided potash sales volumes of 4.5 million to 4.7 million metric tons for 2026.

In connection with Q4 results, ICL’s board declared a dividend of 4.65 cents per share (approximately $60 million), payable March 25, 2026, with a record date of March 10, 2026.

Read the complete financial results.