Buy on strength: ICL delivered broad-based growth across all segments with 17% sales growth and 28% EBITDA growth while reiterating full-year guidance. Monitor raw material cost trends (sulfur) and geopolitical risks in Israel, but the Elevate cost program provides a clear catalyst for margin expansion through 2028. The 4.14% dividend yield offers downside cushion.
Price Chart
Executive Summary
ICL Group reported strong Q2 2026 results with sales up 17% YoY to $2.1B, adjusted EBITDA up 28% to $448M, and adjusted diluted EPS up 33% to $0.12. The company reiterated FY 2026 adjusted EBITDA guidance of $1.5B-$1.7B and announced a cost transformation program (Elevate) targeting >$350M additional annual EBITDA by 2028. Operational improvements across segments were partially offset by higher raw material costs and FX headwinds.
Key Facts
- Total sales of $2.1B in Q2 2026, up 17% YoY from $1.832B in Q2 2025
- Adjusted EBITDA of $448M, up 28% YoY from $351M
- Adjusted net income of $149M, up 35% YoY from $110M
- Adjusted diluted EPS of $0.12, up 33% YoY from $0.09
- Operating cash flow of $290M and free cash flow of $94M
- FY 2026 guidance reiterated: adjusted EBITDA $1.5B-$1.7B, potash volumes 4.5-4.7 Mmt, annual adjusted tax rate ~30%
- Launched Elevate cost transformation program targeting >$350M additional EBITDA by end of 2028
- Completed $800M senior notes offering; net debt to adjusted EBITDA at 1.5x
- Q2 2026 dividend of $75M; annual yield 4.14%
- New division structure beginning 2027 aligns with end-market focus (agriculture, food, industrial)
Financial Impact
Sales +$303M YoY; adjusted EBITDA +$97M YoY; adjusted EPS +$0.03 YoY
Risk Factors
- Ongoing security situation in Israel and regional instability
- Higher raw material costs (sulfur, energy) pressuring margins
- FX headwinds (USD vs. NIS) and soft market conditions in Brazil
- Farmer affordability constraints limiting volume growth in Growing Solutions
- Execution risk on Elevate cost transformation and new division structure
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-003810 |
| Document: 0001178913-26-003810-index-headers.html | 0001178913-26-003810 |
| Document: 0001178913-26-003810-index.html | 0001178913-26-003810 |
| Document: 0001178913-26-003810.txt | 0001178913-26-003810 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 8w ago | 6-K | $5.84 $5.02 | ▼ −14.04% | ▼ −13.71% | $4.79 (−17.98%) |
Aug 5, 2026 11w ago | 6-K | $5.23 $5.84 | ▲ +11.66% | ▲ +12.26% | $4.79 (−8.41%) |
Aug 5, 2026 11w ago | 6-K | $5.23 $5.84 | ▲ +11.66% | ▲ +12.26% | $4.79 (−8.41%) |
Aug 5, 2026 11w ago | 6-K | $5.23 $5.84 | ▲ +11.66% | ▲ +12.26% | $4.79 (−8.41%) |
Aug 5, 2026 11w ago | 6-K | $5.23 $5.84 | ▲ +11.66% | ▲ +12.26% | $4.79 (−8.41%) |
Jun 30, 2026 17w ago | 6-K | $5.03 $5.10 | ▲ +1.39% | ▲ +3.58% | $4.79 (−4.77%) |
Jun 23, 2026 18w ago | 6-K | $5.07 $5.32 | ▲ +4.93% | ▲ +3.00% | $4.79 (−5.52%) |
Jun 16, 2026 19w ago | 6-K | $5.41 $5.01 | ▼ −7.39% | ▼ −7.59% | $4.79 (−11.46%) |
Jun 1, 2026 21w ago | 6-K | $6.43 $4.98 | ▼ −22.51% | ▼ −21.22% | $4.79 (−25.47%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers