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Compass Minerals Reports Fiscal 2026 Second-Quarter ResultsMay 6, 2026 4:57 PM
Business Wire Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today reported fiscal 2026 second-quarter results. The company also announced that unionized employees at its Goderich mine have ratified a new three-year collective bargaining agreement. Unless otherwise noted, it should be assumed that time periods referenced below are on a fiscal-year basis and financial amounts are in U.S. dollars. MANAGEMENT COMMENTARY “Consistent with our Back-to-Basics framework, during the quarter we took a significant step in strengthening our balance sheet by retiring the remaining $150 million of senior unsecured notes due in 2027 and removing our nearest debt maturity,” said Edward C. Dowling Jr., president and CEO. “We had a strong winter across much of North America, and our Salt platform delivered on a high level of sales commitments while continuing to realize pricing gains. Our Plant Nutrition segment delivered another strong quarter at Ogden, with meaningful year-over-year improvement in cost performance and margins. Total company adjusted EBITDA for the quarter was $86.4 million, bringing us to $151.7 million for the first half of the year and on track to achieve our full-year outlook. We increased our Plant Nutrition guidance to reflect the strong results we continue to see in that operation, including higher expected sales volumes, better pricing and lower costs. We decreased our Salt guidance to reflect the differences in regional and product sales mix relative to forecast. Additionally, while we are seeing improvements in mine-level product costs, we have not yet achieved the level of production and efficiency gains in our mining operations that we had expected earlier in the year. “Goderich mine is important for Compass Minerals, and I am pleased that we reached a new three-year agreement with the represented workforce. We believe we have struck a mutually beneficial arrangement that allows us to continue building upon the safe and reliable operations while allowing us to take steps to improve the mine's efficiency and flexibility. “The hard work being done across the company is beginning to bear fruit. Some of this is manifesting itself currently in our financial results, while other initiatives will take a little more time. We know what we need to do and we are heading in the right direction, but there is more work to be done. We remain focused on reducing debt, improving our operations in all areas of the company, and building long-term value for shareholders.” QUARTERLY HIGHLIGHTS Net income of $12.7 million for the second quarter of 2026, compared to a net loss of $32.0 million in the prior year; Total company adjusted EBITDA for the second quarter of 2026 of $86.4 million, up 3% year over year; Operating earnings and adjusted EBITDA margins within the Salt business improved year over year; absolute operating earnings and adjusted EBITDA both declined 3% between comparative periods, driven principally by lower highway deicing sales volume; Continued improvements in pricing and cost structure increased Plant Nutrition segment operating earnings and adjusted EBITDA on both absolute and per-ton bases; Total debt declined 12% year over year to $713.0 million as March 31, 2026, while net debt decreased $119.2 million, or 16%, to $638.9 million over the same period; and Mid-point of full-year 2026 guidance for total company adjusted EBITDA maintained within modified range of $212 million to $236 million, reflecting stronger-than-expected results in the Plant Nutrition segment and adjustments related to changes in sales mix and operational matters in the Salt segment. QUARTERLY FINANCIAL RESULTS (in millions, except per share data) Three Months Ended Mar. 31, Six Months Ended Mar. 31, 2026 2025 2026 2025 GAAP Results: Revenue $ 453.2 $ 494.6 $ 849.3 $ 801.8 Operating income (loss) 56.0 (3.1 ) 92.6 (2.6 ) Net income (loss) 12.7 (32.0 ) 31.3 (55.6 ) Net income (loss) per diluted share 0.30 (0.77 ) 0.73 (1.34 ) Non-GAAP Results*: Adjusted operating income* 56.0 54.8 92.6 56.2 Adjusted EBITDA* 86.4 84.1 151.7 116.2 Adjusted net income (loss)* 27.3 25.7 45.9 2.8 Adjusted net income (loss)* per diluted share 0.63 0.63 1.06 0.07 *Non-GAAP financial measure. Reconciliations to the most directly comparable GAAP financial measure are provided in tables at the end of this press release. SALT BUSINESS RECAP Salt revenue for the second quarter decreased 12% year over year to $382.6 million, as a result of 22% lower sales volumes in highway deicing and flat consumer and industrial (C&I) volumes. Highway deicing sales tons made up 87% of total salt sales for the quarter, compared to 90% of prior year's sales volumes. Salt segment pricing increased 10% year over year, with highway deicing pricing up 10% and C&I sales prices down of 3%, respectively, year over year. Salt segment operating earnings for the quarter decreased by 3% to $65.2 million from the prior-year period. Adjusted EBITDA decreased to $83.2 million, down 3% from the prior-year period. These financial results reflect lower sales volumes between the periods and the pricing dynamics described above, offset by higher per-unit production costs and distribution costs year over year. For the first half of the year, Salt revenue increased 6% year over year to $714.1 million. Highway deicing revenue increased 6% from the comparable prior year period, driven by 8% higher pricing offset by a 2% decrease in sales volumes. C&I revenue for the same period also increased 6%, driven by a 7% increase in sales volumes offset by a 1% decrease in pricing. In the first half of 2026, Salt segment operating earnings for the quarter increased by 19% to $114.3 million compared to the first half of 2025. For the same period, adjusted EBITDA increased 13% to $150.4 million. These results reflect the stronger deicing season experienced in 2025/2026 in the company's served markets, which drove higher sales volumes between the periods, and improved pricing. Stronger sales were partially offset by higher per-unit production costs and distribution costs year over year. The regional mix of sales volumes impacted cost comparability between periods due to different cost structures across the company's production facilities and storage depots. PLANT NUTRITION BUSINESS RECAP Plant Nutrition revenue for the quarter totaled $67.0 million, up 15% year over year on 4% stronger sales volume over the same period. The average segment sales price for the quarter was up 10% year over year to approximately $690 per ton. Operating earnings in the Plant Nutrition segment were $7.6 million for the quarter, compared to an operating loss of $1.8 million in the prior-year quarter. Adjusted EBITDA improved to $16.9 million versus $5.6 million last year. These financial results reflect higher sales volumes and higher average sales prices. Both product costs and distribution costs were down on a per-unit basis year over year. The Company completed the sale of its sulfate of potash (SOP) business in Wynyard, Saskatchewan, Canada, on March 1, 2026, for total consideration of $30.8 million prior to customary closing adjustments, $3.9 million of which was placed in escrow. Compass Minerals recognized a non-cash loss on the sale of $14.6 million, including $13.1 million of cumulative foreign currency translation adjustments reclassified from accumulated other comprehensive loss. CASH FLOW AND FINANCIAL POSITION Net cash provided by operating activities amounted to $160.4 million for the six months ended March 31, 2026, compared to $182.8 million in the prior year. Changes in working capital reflect the settlement of the previously disclosed tax dispute in Ontario during the first quarter of 2026. Net cash used in investing activities was $18.6 million for the six months ended March 31, 2026, a decrease from $35.9 million used in the prior year. Total capital spending for the six months ended March 31, 2026, was $41.0 million compared to $35.8 million in 2025. The company received $23.2 million of cash proceeds, net of amounts held in escrow and customary closing adjustments related to the aforementioned sale of the Wynyard SOP business. Net cash used in financing activities was $127.3 million for the six months ended March 31, 2026, which included net payments of $120.8 million, inclusive of the redemption of the $150 million in 2027 Senior Unsecured Notes in March of 2026. In the prior year, net cash used in financing activities was $116.8 million and reflected net payments of $109.8 million in the period. The company ended the quarter with $378.9 million of liquidity, comprised of $74.1 million in cash and cash equivalents and $304.8 million of availability under its $325.0 million revolving credit facility. Total debt as of March 31, 2026, was $713.0 million compared to $807.6 million a year earlier. Net debt was $638.9 million at the end of the second quarter of 2026, down $119.2 million from $758.1 million at the end of the comparable prior year period. The net leverage ratio for the quarter ended March 31, 2026, was 2.7 times, down from 4.6 times for the comparable prior year period. UPDATED OPERATING AND FISCAL 2026 OUTLOOK Based on stronger-than-expected results in the Plant Nutrition segment and adjustments related to changes in sales mix and operational matters in the Salt segment, Compass Minerals is updating its previously issued full-year fiscal 2026 outlook as follows: Salt Segment 2026 Previous Guidance Current Guidance Highway deicing sales volumes (thousands of tons) 8,200 - 8,500 8,450 - 8,800 Consumer and industrial sales volumes (thousands of tons) 1,700 - 1,950 1,900 - 2,000 Total salt sales volumes (thousands of tons) 9,900 - 10,450 10,350 - 10,800 Revenue (in millions) $980 - $1,050 $1,025 - $1,080 Adjusted EBITDA (in millions) $230 - $252 $225 - $240 Plant Nutrition Segment1 2026 Previous Guidance Current Guidance Sales volumes (thousands of tons) 255 - 275 280 - 300 Revenue (in millions) $170 - $185 $190 - $210 Adjusted EBITDA (in millions) $34 - $ 39 $43 - $ 47 1) Reflects the impact of the sale of the Wynyard SOP business. Corporate & Other 2026 Previous Guidance Current Guidance Adj. EBITDA (in millions) ($56) - ($51) ($56) - ($51) Projected Corporate and Other results shown in the table above include corporate expenses in support of our core businesses and the results of DeepStore, the company's records management business in the U.K. Total Compass Minerals Current 2026 Adjusted EBITDA Guidance Salt Plant Nutrition Corporate Total Adjusted EBITDA (in millions) $225 - $240 $43 - $47 ($56) - ($51) $212 - $236 2026 Capital Expenditures Total Capital expenditures (in millions) $90 - $110 Other Financial Assumptions 2026 ($ in millions) Previous Guidance Current Guidance Depreciation, depletion and amortization $105 - $115 $105 - $115 Interest expense, net $65 - $70 $62 - $67 Effective income tax rate (excl. valuation allowance) 30% - 34% 30% - 34% Guidance for the 2026 effective income tax rate reflects the income mix by country with income recognized in foreign jurisdictions offset by losses recognized in the U.S. CONFERENCE CALL Compass Minerals will discuss its results on a conference call tomorrow morning, Thursday, May 7, at 9:30 a.m. ET (8:30 a.m. CT). To access the conference call, please visit the company’s website at investors.compassminerals.com or dial 800-715-9871. Callers must provide the conference ID number 7896827. Outside of the U.S. and Canada, callers may dial 646-307-1963. Replays of the call will be available on the company’s website. A supporting company presentation supporting 2026 second-quarter results is available at investors.compassminerals.com. About Compass Minerals Compass Minerals (NYSE: CMP) is a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities. The company’s salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial, chemical and agricultural applications. Its plant nutrition products help improve the quality and yield of crops while supporting sustainable agriculture. Compass Minerals operates 11 production and packaging facilities with more than 1,800 employees throughout the U.S., Canada and the U.K. Visit compassminerals.com for more information about the company and its products. Forward-Looking Statements and Other Disclaimers This press release may contain forward-looking statements, including, without limitation, statements about future costs, production, mutual benefits of our arrangement with the workforce at Goderich, debt reduction, shareholder value, and the company's outlook for 2026, including its expectations regarding sales volumes, revenue, Adjusted EBITDA, depreciation, depletion, and amortization, interest expense, tax rates, and capital expenditures. Forward-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters. The company uses words such as “may,” “would,” “could,” “should,” “will,” “likely,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “forecast,” “outlook,” “project,” “estimate” and similar expressions suggesting future outcomes or events to identify forward-looking statements or forward-looking information. These statements are based on the company’s current expectations and involve risks and uncertainties that could cause the company’s actual results to differ materially. The differences could be caused by a number of factors, including without limitation (i) weather conditions, (ii) inflation, the cost and availability of transportation for the distribution of the company’s products and foreign exchange rates, (iii) pressure on prices and impact from competitive products, and (iv) any inability by the company to successfully implement its strategic priorities or its cost-saving or enterprise optimization initiatives. For further information on these and other risks and uncertainties that may affect the company’s business, see the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s Annual Report on Form 10-K for the period ended Sept. 30, 2025, and its Quarterly Reports on Form 10-Q for the quarter ended Mar. 31, 2026, filed or to be filed with the SEC, as well as the company's other SEC filings. The company undertakes no obligation to update any forward-looking statements made in this press release to reflect future events or developments, except as required by law. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete set of all potential risks or uncertainties. Non-GAAP Measures In addition to using U.S. generally accepted accounting principles (“GAAP”) financial measures, management uses a variety of non-GAAP financial measures described below to evaluate the company’s and its operating segments’ performance. While the consolidated financial statements provide an understanding of the company’s overall results of operations, financial condition and cash flows, management analyzes components of the consolidated financial statements to identify certain trends and evaluate specific performance areas. Management uses EBITDA, EBITDA adjusted for items which management believes are not indicative of the company’s ongoing operating performance (“Adjusted EBITDA”) and EBITDA margin to evaluate the operating performance of the company’s core business operations because its resource allocation, financing methods and cost of capital, and income tax positions are managed at a corporate level, apart from the activities of the operating segments, and the operating facilities are located in different taxing jurisdictions, which can cause considerable variation in net earnings. Management also uses adjusted operating earnings, adjusted operating margin, adjusted net earnings, and adjusted net earnings per diluted share, which eliminate the impact of certain items that management does not consider indicative of underlying operating performance. The presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or non-recurring items. Management believes these non-GAAP financial measures provide management and investors with additional information that is helpful when evaluating underlying performance. EBITDA and Adjusted EBITDA exclude interest expense, income taxes and depreciation, depletion and amortization, each of which is an essential element of the company’s cost structure and cannot be eliminated. In addition, Adjusted EBITDA and Adjusted EBITDA margin exclude certain cash and non-cash items, including stock-based compensation, impairment charges and certain restructuring charges. Consequently, any measure that excludes these elements has material limitations. The non-GAAP financial measures used by management should not be considered in isolation or as a substitute for net earnings, operating earnings, cash flows or other financial data prepared in accordance with GAAP or as a measure of overall profitability or liquidity. These measures are not necessarily comparable to similarly titled measures of other companies due to potential inconsistencies in the method of calculation. The calculation of non-GAAP financial measures as used by management is set forth in the following tables. All margin numbers are defined as the relevant measure divided by sales. The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring, unusual items and/or distinct non-core initiatives without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company’s results. Adjusted operating earnings, adjusted operating margin, adjusted net earnings (loss), adjusted net earnings (loss) per diluted share, net debt and net leverage ratio are presented as supplemental measures of the company’s performance. Management believes these measures provide management and investors with additional information that is helpful when evaluating underlying performance and comparing results on a year-over-year normalized basis. These measures eliminate the impact of certain items that management does not consider indicative of underlying operating performance. These adjustments are itemized below. Adjusted net earnings (loss) per diluted share is adjusted net earnings (loss) divided by weighted average diluted shares outstanding. Net debt is calculated as current and long-term debt minus cash and cash equivalents used to evaluate our financial position. Management defines net leverage ratio as net debt divided by Adjusted EBITDA for the previous twelve-month period ("last twelve months," or "LTM"). You are encouraged to evaluate the adjustments itemized above and the reasons management considers them appropriate for supplemental analysis. In evaluating these measures you should be aware that in the future the company may incur expenses that are the same as or similar to some of the adjustments presented below. Special Items Impacting the Three Months Ended Mar. 31, 2025 (unaudited, in millions, except per share data) Item Description Segment Line Item Amount Tax Effect(1) After Tax EPS Impact Product recall costs(1) Salt Product cost and Other operating expense $ 0.9 $ (0.2 ) $ 0.7 $ 0.02 Restructuring charges(2) Salt Other operating income 0.3 — 0.3 0.01 Restructuring charges(2) Corporate and Other Other operating income 3.7 — 3.7 0.09 Impairments(3) Corporate and Other Loss on impairments 53.0 — 53.0 1.28 Total $ 57.9 $ (0.2 ) $ 57.7 $ 1.40 Special Items Impacting the Six Months Ended Mar. 31, 2025 (unaudited, in millions, except per share data) Item Description Segment Line Item Amount Tax Effect(1) After Tax EPS Impact Product recall costs(1) Salt Product cost and Other operating income $ 1.8 $ (0.4 ) $ 1.4 $ 0.03 Restructuring charges(2) Salt Other operating income 0.3 — 0.3 0.01 Restructuring charges(2) Corporate and Other Other operating income 3.7 — 3.7 0.09 Impairments(3) Corporate and Other Loss on impairments 53.0 — 53.0 1.28 Total $ 58.8 $ (0.4 ) $ 58.4 $ 1.41 (1) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively. (2) The Company incurred severance and related charges of $4.0 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the three and six months ended March 31, 2025. (3) For the three and six months ended March 31, 2025, the Company recorded a loss on impairments of $53.0 million, related to intangible assets due to the exit of the Fortress fire retardant business. Reconciliation for Adjusted Operating Income (unaudited, in millions) Three Months Ended Mar. 31, Six Months Ended Mar. 31, 2026 2025 2026 2025 Operating income (loss) $ 56.0 $ (3.1 ) $ 92.6 $ (2.6 ) Product recall costs(1) — 0.9 — 1.8 Restructuring charges(2) — 4.0 — 4.0 Loss on impairments(3) — 53.0 — 53.0 Adjusted operating income $ 56.0 $ 54.8 $ 92.6 $ 56.2 Sales 453.2 494.6 849.3 801.8 Operating margin 12.4 % (0.6 )% 10.9 % (0.3 )% Adjusted operating margin 12.4 % 11.1 % 10.9 % 7.0 % (1) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively. (2) The Company incurred severance and related charges of $4.0 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the three and six months ended March 31, 2025. (3) For the three and six months ended March 31, 2025, the Company recorded a loss on impairments of $53.0 million, related to intangible assets due to the exit of the Fortress fire retardant business. Reconciliation for Adjusted Net Income (unaudited, in millions) Three Months Ended Mar. 31, Six Months Ended Mar. 31, 2026 2025 2026 2025 Net income (loss) $ 12.7 $ (32.0 ) $ 31.3 $ (55.6 ) Loss on sale of business, net(1) 14.6 — 14.6 — Product recall costs(2) — 0.9 — 1.8 Restructuring charges(3) — 4.0 — 4.0 Loss on impairments(4) — 53.0 — 53.0 Income tax effect — (0.2 ) $ — (0.4 ) Adjusted net income $ 27.3 $ 25.7 $ 45.9 $ 2.8 Net income (loss) per diluted share $ 0.30 $ (0.77 ) $ 0.73 $ (1.34 ) Adjusted net income per diluted share $ 0.63 $ 0.63 $ 1.06 $ 0.07 Weighted-average common shares outstanding (in thousands): Diluted 42,357 41,521 42,297 41,480 (1) For the three and six months ended March 31, 2026, the Company recorded a loss on sale of the Wynyard business of $14.6 million, which included a $13.1 million recognition of cumulative foreign currency translation adjustments reclassified from Accumulated other comprehensive loss. (2) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively. (3) The Company incurred severance and related charges of $4.0 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the three and six months ended March 31, 2025. (4) For the three and six months ended March 31, 2025, the Company recorded a loss on impairments of $53.0 million, related to intangible assets due to the exit of the Fortress fire retardant business. Reconciliation for EBITDA and Adjusted EBITDA (unaudited, in millions) Three Months Ended Mar. 31, Six Months Ended Mar. 31, 2026 2025 2026 2025 Net income (loss) $ 12.7 $ (32.0 ) $ 31.3 $ (55.6 ) Interest expense 17.9 18.0 36.0 34.9 Income tax expense 16.0 9.8 13.8 19.5 Depreciation, depletion and amortization 28.2 26.5 54.6 53.3 EBITDA 74.8 22.3 135.7 52.1 Adjustments to EBITDA: Stock-based compensation - non-cash 2.2 2.8 4.5 6.7 Interest income (0.6 ) (0.2 ) (0.9 ) (0.6 ) Gain on foreign exchange, net (5.6 ) (0.1 ) (3.5 ) (5.3 ) Loss on sale of business, net(1) 14.6 — 14.6 — Loss on extinguishment of debt(2) 0.5 — 0.5 — Product recall costs(3) — 0.9 — 1.8 Restructuring charges(4) — 4.0 — 4.0 Loss on impairments(5) — 53.0 — 53.0 Other expense, net 0.5 1.4 0.8 4.5 Adjusted EBITDA $ 86.4 $ 84.1 $ 151.7 $ 116.2 (1) For the three and six months ended March 31, 2026, the Company recorded a loss on sale of the Wynyard business of $14.6 million, which included a $13.1 million recognition of cumulative foreign currency translation adjustments reclassified from Accumulated other comprehensive loss. (2) For the three and six months ended March 31, 2026, the Company recorded a $0.5 million loss on extinguishment of debt related to the write-off of deferred financing costs from the redemption of the 2027 Notes. (3) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively. (4) The Company incurred severance and related charges of $4.0 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the three and six months ended March 31, 2025. (5) For the three and six months ended March 31, 2025, the Company recorded a loss on impairments of $53.0 million, related to intangible assets due to the exit of the Fortress fire retardant business. Salt Segment Performance (unaudited, in millions, except for sales volumes and prices per short ton) Three Months Ended Mar. 31, Six Months Ended Mar. 31, 2026 2025 2026 2025 Sales $ 382.6 $ 432.7 $ 714.1 $ 674.9 Operating income $ 65.2 $ 66.9 $ 114.3 $ 96.3 Operating margin 17.0 % 15.5 % 16.0 % 14.3 % Adjusted operating income(1) $ 65.2 $ 68.1 $ 114.3 $ 98.4 Adjusted operating margin(1) 17.0 % 15.7 % 16.0 % 14.6 % EBITDA(1) $ 83.2 $ 84.3 $ 150.4 $ 131.2 EBITDA(1) margin 21.7 % 19.5 % 21.1 % 19.4 % Adjusted EBITDA(1) $ 83.2 $ 85.5 $ 150.4 $ 133.3 Adjusted EBITDA(1) margin 21.7 % 19.8 % 21.1 % 19.8 % Sales volumes (in thousands of tons): Highway deicing 3,593 4,583 6,444 6,570 Consumer and industrial 520 522 1,095 1,028 Total Salt 4,113 5,105 7,539 7,598 Average prices (per ton): Highway deicing $ 77.60 $ 70.86 $ 75.99 $ 70.45 Consumer and industrial $ 199.49 $ 206.71 $ 204.92 $ 206.25 Total Salt $ 93.01 $ 84.76 $ 94.72 $ 88.83 (1) Non-GAAP financial measure. Reconciliations follow in these tables. Reconciliation for Salt Segment Adjusted Operating Income (unaudited, in millions) Three Months Ended Mar. 31, Six Months Ended Mar. 31, 2026 2025 2026 2025 Reported GAAP segment operating income $ 65.2 $ 66.9 $ 114.3 $ 96.3 Restructuring charges(1) — 0.3 — 0.3 Product recall costs(2) — 0.9 — 1.8 Segment adjusted operating income $ 65.2 $ 68.1 $ 114.3 $ 98.4 Segment sales 382.6 432.7 714.1 674.9 Segment operating margin 17.0 % 15.5 % 16.0 % 14.3 % Segment adjusted operating margin 17.0 % 15.7 % 16.0 % 14.6 % (1) The Company incurred severance and related charges of $0.3 million, due to a reduction in workforce, during the three and six months ended March 31, 2025. (2) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively. Reconciliation for Salt Segment EBITDA and Adjusted EBITDA (unaudited, in millions) Three Months Ended Mar. 31, Six Months Ended Mar. 31, 2026 2025 2026 2025 Reported GAAP segment operating income $ 65.2 $ 66.9 $ 114.3 $ 96.3 Depreciation, depletion and amortization 18.0 17.4 36.1 34.9 Segment EBITDA $ 83.2 $ 84.3 $ 150.4 $ 131.2 Restructuring charges(1) — 0.3 — 0.3 Product recall costs(2) — 0.9 — 1.8 Segment adjusted EBITDA $ 83.2 $ 85.5 $ 150.4 $ 133.3 Segment sales 382.6 432.7 714.1 674.9 Segment EBITDA margin 21.7 % 19.5 % 21.1 % 19.4 % Segment adjusted EBITDA margin 21.7 % 19.8 % 21.1 % 19.8 % (1) The Company incurred severance and related charges of $0.3 million, due to a reduction in workforce, during the three and six months ended March 31, 2025. (2) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively. Plant Nutrition Segment Performance (unaudited, dollars in millions, except for sales volumes and prices per short ton) Three Months Ended Mar. 31, Six Months Ended Mar. 31, 2026 2025 2026 2025 Sales $ 67.0 $ 58.3 $ 127.8 $ 119.7 Operating income (loss) $ 7.6 $ (1.8 ) $ 13.0 $ (4.9 ) Operating margin 11.3 % (3.1 )% 10.2 % (4.1 )% Adjusted operating income (loss)(1) $ 7.6 $ (1.8 ) $ 13.0 $ (4.9 ) Adjusted operating margin(1) 11.3 % (3.1 )% 10.2 % (4.1 )% EBITDA(1) $ 16.9 $ 5.6 $ 29.7 $ 10.0 EBITDA(1) margin 25.2 % 9.6 % 23.2 % 8.4 % Adjusted EBITDA(1) $ 16.9 $ 5.6 $ 29.7 $ 10.0 Adjusted EBITDA(1) margin 25.2 % 9.6 % 23.2 % 8.4 % Sales volumes (in thousands of tons) 97 93 186 195 Average price (per ton) $ 690.43 $ 626.02 $ 688.92 $ 613.61 (1) Non-GAAP financial measure. Reconciliations follow in these tables. Reconciliation for Plant Nutrition Segment Adjusted Operating Income (Loss) (unaudited, in millions) Three Months Ended Mar. 31, Six Months Ended Mar. 31, 2026 2025 2026 2025 Reported GAAP segment operating income (loss) $ 7.6 $ (1.8 ) $ 13.0 $ (4.9 ) Segment adjusted operating income (loss) 7.6 (1.8 ) $ 13.0 $ (4.9 ) Segment sales 67.0 58.3 127.8 119.7 Segment operating margin 11.3 % (3.1 )% 10.2 % (4.1 )% Segment adjusted operating margin 11.3 % (3.1 )% 10.2 % (4.1 )% Reconciliation for Plant Nutrition Segment EBITDA and Adjusted EBITDA (unaudited, in millions) Three Months Ended Mar. 31, Six Months Ended Mar. 31, 2026 2025 2026 2025 Reported GAAP segment operating income (loss) $ 7.6 $ (1.8 ) $ 13.0 $ (4.9 ) Depreciation, depletion and amortization 9.3 7.4 16.7 14.9 Segment EBITDA 16.9 5.6 $ 29.7 $ 10.0 Segment adjusted EBITDA 16.9 5.6 $ 29.7 $ 10.0 Segment sales 67.0 58.3 127.8 119.7 Segment EBITDA margin 25.2 % 9.6 % 23.2 % 8.4 % Segment adjusted EBITDA margin 25.2 % 9.6 % 23.2 % 8.4 % Reconciliation of Net Debt (unaudited, in millions) Mar. 31, 2026 2025 Current portion of long-term debt $ — $ 10.0 Long-term debt, net of current portion 713.0 797.6 Total Debt 713.0 807.6 Less: Cash and cash equivalents (74.1 ) (49.5 ) Net Debt $ 638.9 $ 758.1 Reconciliation of Net Leverage Ratio (unaudited, in millions) Twelve Months Ended Mar. 31, 2026 2025 Net Debt (as of period end) $ 638.9 $ 758.1 Divided by: LTM Adjusted EBITDA(1) 234.3 164.6 Net Leverage Ratio 2.7 4.6 (1) See Reconciliation for Mar. 31, 2026 LTM Adjusted EBITDA and Reconciliation for Mar. 31, 2025 LTM Adjusted EBITDA in the tables below. Reconciliation for Mar. 31, 2026 LTM Adjusted EBITDA (unaudited, in millions) Add: Current Year Less: Prior Year Add: Prior Fiscal Year LTM Adjusted EBITDA Six Months Ended Mar. 31, 2026 Six Months Ended Mar. 31, 2025 Twelve Months Ended Sept. 30, 2025 Twelve Months Ended Mar. 30, 2026 Net income (loss) $ 31.3 $ (55.6 ) $ (79.8 ) $ 7.1 Interest expense 36.0 34.9 68.5 69.6 Income tax expense 13.8 19.5 26.1 20.4 Depreciation, depletion and amortization 54.6 53.3 103.2 104.5 EBITDA 135.7 52.1 118.0 201.6 Adjustments to EBITDA: Stock-based compensation - non-cash 4.5 6.7 10.2 8.0 Interest income (0.9 ) (0.6 ) (1.3 ) (1.6 ) (Gain) loss on foreign exchange, net (3.5 ) (5.3 ) (0.1 ) 1.7 Loss on sale of business, net(1) 14.6 — — 14.6 Loss on extinguishment of debt(2) 0.5 — 7.6 8.1 Product recall costs(3) — 1.8 2.1 0.3 Restructuring charges(4) — 4.0 4.3 0.3 Loss on impairments(5) — 53.0 53.7 0.7 Other expense, net(6) 0.8 4.5 4.3 0.6 Adjusted EBITDA $ 151.7 $ 116.2 $ 198.8 $ 234.3 (1) For the six months ended March 31, 2026, the Company recorded a loss on the sale of the Wynyard business of $14.6 million, which included a $13.1 million recognition of cumulative foreign currency translation adjustments reclassified from Accumulated other comprehensive loss. (2) For the six months ended March 31, 2026, the Company recorded a $0.5 million loss on extinguishment of debt related to the write-off of deferred financing costs from the redemption of the 2027 Notes. For the twelve months ended September 30, 2025, the Company recorded a $7.6 million loss on extinguishment of debt, comprised of a $3.9 million prepayment premium related to the partial redemption of the 2027 Notes and a $3.7 million write-off of unamortized deferred financing costs related to the partial redemption of 2027 Notes and repayment of the term loans. (3) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the six months ended March 31, 2025 and the twelve months ended September 30, 2025 were $1.8 million and $2.1 million, respectively. (4) The Company incurred severance and related charges of $4.0 million and $4.3 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the six months ended March 31, 2025 and the twelve months ended September 30, 2025, respectively. (5) For the six months ended March 31, 2025 and the twelve months ended September 30, 2025, the Company recorded a loss on impairments of $53.0 million and $53.7 million, respectively, related to intangible assets due to the exit of the Fortress fire retardant business. (6) Other expense primarily consisted of fees paid and the write-off of previously capitalized deferred financing costs related to the modification of the Company's Credit Agreement for the six months ended March 31, 2025 and the twelve months ended September 30, 2025, respectively. Reconciliation for Mar. 31, 2025 LTM Adjusted EBITDA (unaudited, in millions) Add: Current Year Less: Prior Year Add: Prior Fiscal Year LTM Adjusted EBITDA Six Months Ended Mar. 31, 2025 Six Months Ended Mar. 31, 2024 Twelve Months Ended Sept. 30, 2024 Twelve Months Ended Mar. 30, 2025 Net income (loss) $ (55.6 ) $ (114.2 ) $ (206.1 ) $ (147.5 ) Interest expense 34.9 33.2 69.5 71.2 Income tax expense (benefit) 19.5 (12.3 ) 17.9 49.7 Depreciation, depletion and amortization 53.3 52.3 105.0 106.0 EBITDA 52.1 (41.0 ) (13.7 ) 79.4 Adjustments to EBITDA: Stock-based compensation - non-cash 6.7 7.0 8.1 7.8 Interest income (0.6 ) (0.6 ) (1.0 ) (1.0 ) (Gain) loss on foreign exchange, net (5.3 ) (0.6 ) 0.7 (4.0 ) Product recall costs(1) 1.8 — 0.8 2.6 Restructuring charges(2) 4.0 15.7 15.8 4.1 Loss on impairments(3) 53.0 175.8 193.4 70.6 Other expense, net(4) 4.5 1.6 2.2 5.1 Adjusted EBITDA $ 116.2 $ 157.9 $ 206.3 $ 164.6 (1) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the six months ended March 31, 2025 and the twelve months ended September 30, 2024 were $1.8 million and $0.8 million, respectively. (2) The Company incurred severance and related charges of $4.0 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the six months ended March 31, 2025. For the six months ended March 31, 2024 and the twelve months ended September 30, 2024, the Company incurred severance and related charges due to the reduction in workforce, changes to executive leadership and additional restructuring costs related to the termination of the Company's lithium development project of $15.7 million and $15.8 million, respectively. (3) For the six months ended March 31, 2025, the Company recorded loss on impairments of $53.0 million, related to intangible assets due to the exit of the Fortress fire retardant business. For the six months ended March 31, 2024 and the twelve months ended September 30, 2024, the Company recorded loss on impairments of $175.8 million and $193.4 million, respectively, related to the termination of the lithium development project, Fortress goodwill, intangible assets, and Plant Nutrition goodwill and water rights. (4) Other expense primarily consisted of the write-off of previously capitalized deferred financing costs related to the modification of the Company's Credit Agreement for the six months ended March 31, 2025. For the six months ended March 31, 2024 and the twelve months ended September 30, 2024, other expense primarily consisted of expense related to natural gas hedges. GAAP COMPASS MINERALS INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except share and per-share data) Three Months Ended Mar. 31, Six Months Ended Mar. 31, 2026 2025 2026 2025 Sales $ 453.2 $ 494.6 $ 849.3 $ 801.8 Shipping and handling cost 138.0 151.4 250.1 232.0 Product cost 232.2 266.4 453.0 458.7 Gross profit 83.0 76.8 146.2 111.1 Selling, general and administrative expenses 27.0 29.6 53.6 62.9 Loss on impairments — 53.0 — 53.0 Other operating income — (2.7 ) — (2.2 ) Operating income (loss) 56.0 (3.1 ) 92.6 (2.6 ) Other expense (income): Interest income (0.6 ) (0.2 ) (0.9 ) (0.6 ) Interest expense 17.9 18.0 36.0 34.9 Gain on foreign exchange, net (5.6 ) (0.1 ) (3.5 ) (5.3 ) Loss on sale of business, net 14.6 — 14.6 — Loss on extinguishment of debt 0.5 — 0.5 — Other expense, net 0.5 1.4 0.8 4.5 Net income (loss) before income taxes 28.7 (22.2 ) 45.1 (36.1 ) Income tax expense 16.0 9.8 13.8 19.5 Net income (loss) $ 12.7 $ (32.0 ) $ 31.3 $ (55.6 ) Basic net income (loss) per common share $ 0.30 $ (0.77 ) $ 0.73 $ (1.34 ) Diluted net income (loss) per common share $ 0.30 $ (0.77 ) $ 0.73 $ (1.34 ) Weighted-average common shares outstanding (in thousands): Basic 42,160 41,521 42,105 41,480 Diluted 42,357 41,521 42,297 41,480 COMPASS MINERALS INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (Unaudited) Mar. 31, Sept. 30, 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 74.1 $ 59.7 Receivables, net 223.3 179.6 Inventories, net 178.7 312.0 Other current assets 32.0 20.9 Total current assets 508.1 572.2 Property, plant and equipment, net 748.3 770.1 Intangible assets, net 4.3 23.8 Goodwill 6.0 6.0 Other noncurrent assets 98.6 147.3 Total assets $ 1,365.3 $ 1,519.4 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 100.8 $ 96.0 Accrued salaries and wages 18.2 26.4 Current portion of finance lease liabilities 6.4 7.9 Income taxes payable 0.4 5.6 Accrued interest 13.5 19.0 Accrued expenses and other current liabilities 107.3 110.7 Total current liabilities 246.6 265.6 Long-term debt, net of current portion 713.0 832.2 Finance lease liabilities, net of current portion 5.9 7.6 Deferred income taxes, net 52.1 53.9 Other noncurrent liabilities 73.5 126.0 Commitments and contingencies Stockholders' equity: Common stock 0.4 0.4 Additional paid-in capital 425.7 430.0 Treasury stock, at cost (3.8 ) (10.8 ) Accumulated deficit (46.3 ) (77.6 ) Accumulated other comprehensive loss (101.8 ) (107.9 ) Total stockholders' equity 274.2 234.1 Total liabilities and stockholders' equity $ 1,365.3 $ 1,519.4 COMPASS MINERALS INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions) Six Months Ended Mar. 31, 2026 2025 Cash flows from operating activities: Net income (loss) $ 31.3 $ (55.6 ) Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: Depreciation, depletion and amortization 54.6 53.3 Amortization of deferred financing costs 2.1 2.6 Non-cash portion of stock-based compensation 4.5 6.7 Deferred income taxes (1.8 ) 0.8 Unrealized foreign exchange gain, net (3.9 ) (6.4 ) Loss on impairments — 53.0 Net gain from remeasurement of contingent consideration — (7.9 ) Loss on extinguishment of debt 0.5 — Loss on sale of business, net 14.6 — Other, net 1.9 0.6 Changes in operating assets and liabilities: Receivables (46.2 ) (63.8 ) Inventories 121.3 183.3 Other assets 40.0 2.0 Accounts payable and accrued expenses and other current liabilities (8.6 ) 6.4 Other liabilities (49.9 ) 7.8 Net cash provided by operating activities 160.4 182.8 Cash flows from investing activities: Capital expenditures (41.0 ) (35.8 ) Proceeds from sale of business, net of cash and transaction costs 23.2 — Other, net (0.8 ) (0.1 ) Net cash used in investing activities (18.6 ) (35.9 ) Cash flows from financing activities: Borrowings under revolving credit facility 47.0 140.3 Repayments under revolving credit facility (47.0 ) (299.9 ) Proceeds from issuance of long-term debt 58.8 62.1 Principal payments on long-term debt (179.6 ) (12.3 ) Payments of deferred financing costs (0.3 ) (2.4 ) Shares withheld to satisfy employee tax obligations (1.7 ) (1.1 ) Other, net (4.5 ) (3.5 ) Net cash used in financing activities (127.3 ) (116.8 ) Effect of exchange rate changes on cash and cash equivalents (0.1 ) (0.8 ) Net change in cash and cash equivalents 14.4 29.3 Cash and cash equivalents, beginning of the year 59.7 20.2 Cash and cash equivalents, end of period $ 74.1 $ 49.5 COMPASS MINERALS INTERNATIONAL, INC. SEGMENT INFORMATION (unaudited, in millions) Three Months Ended Mar. 31, 2026 Salt Plant Nutrition Corporate & Other(1) Total Sales to external customers(2) $ 382.6 $ 67.0 $ 3.6 $ 453.2 Intersegment sales — 2.0 (2.0 ) — Shipping and handling cost 128.7 9.3 — 138.0 Product cost 181.1 48.7 2.4 232.2 Gross profit 72.8 9.0 1.2 83.0 Selling, general and administrative expenses 7.6 1.4 18.0 27.0 Operating income (loss) 65.2 7.6 (16.8 ) 56.0 Other Segment Disclosures: Depreciation, depletion and amortization 18.0 9.3 0.9 28.2 Loss on sale of business, net(3) — 14.6 — 14.6 Total assets (as of end of period) 825.3 338.2 201.8 1,365.3 Three Months Ended Mar. 31, 2025 Salt Plant Nutrition Corporate & Other(1) Total Sales to external customers(2) $ 432.7 $ 58.3 $ 3.6 $ 494.6 Intersegment sales — 2.3 (2.3 ) — Shipping and handling cost 141.9 9.5 — 151.4 Product cost 214.3 48.6 3.5 266.4 Gross profit 76.5 0.2 0.1 76.8 Selling, general and administrative expenses 9.1 2.0 18.5 29.6 Loss on impairments(4) — — 53.0 53.0 Other operating expense (income) 0.5 — (3.2 ) (2.7 ) Operating income (loss)(5)(6) 66.9 (1.8 ) (68.2 ) (3.1 ) Other Segment Disclosures: Depreciation, depletion and amortization 17.4 7.4 1.7 26.5 Total assets (as of end of period) 959.2 365.7 207.0 1,531.9 Six Months Ended Mar. 31, 2026 Salt Plant Nutrition Corporate & Other(1) Total Sales to external customers(2) $ 714.1 $ 127.8 $ 7.4 $ 849.3 Intersegment sales — 3.0 (3.0 ) — Shipping and handling cost 232.5 17.6 — 250.1 Product cost 353.1 95.0 4.9 453.0 Gross profit 128.5 15.2 2.5 146.2 Selling, general and administrative expenses 14.2 2.2 37.2 53.6 Operating income (loss) 114.3 13.0 (34.7 ) 92.6 Other Segment Disclosure: Depreciation, depletion and amortization 36.1 16.7 1.8 54.6 Loss on sale of business, net(3) — 14.6 — 14.6 Capital expenditures 31.0 9.2 0.8 41.0 Six Months Ended Mar. 31, 2025 Salt Plant Nutrition Corporate Other(1) Total Sales to external customers(2) $ 674.9 $ 119.7 $ 7.2 $ 801.8 Intersegment sales — 5.5 (5.5 ) — Shipping and handling cost 213.2 18.8 — 232.0 Product cost 348.4 103.0 7.3 458.7 Gross profit (loss) 113.3 (2.1 ) (0.1 ) 111.1 Selling, general and administrative expenses 16.5 2.8 43.6 62.9 Loss on impairments(4) — — 53.0 53.0 Other operating expense (income) 0.5 — (2.7 ) (2.2 ) Operating income (loss)(5)(6) 96.3 (4.9 ) (94.0 ) (2.6 ) Other Segment Disclosure: Depreciation, depletion and amortization 34.9 14.9 3.5 53.3 Capital expenditures 27.5 6.2 2.1 35.8 (1) Corporate and other includes corporate entities, records management operations, the Fortress fire retardant costs, prior-year lithium costs and other incidental operations and eliminations. Operating income (loss) for corporate and other includes indirect corporate overhead, including costs for general corporate governance and oversight, prior-year lithium-related expenses, as well as costs for the human resources, information technology, legal and finance functions. (2) Sales to external customers are net of intersegment sales. (3) For the three and six months ended March 31, 2026, the Company recorded loss on sale of the Wynyard business of $14.6 million, which included a $13.1 million recognition of cumulative foreign currency translation adjustments reclassified from Accumulated other comprehensive loss. (4) For the three and six months ended March 31, 2025, the Company recorded a loss on impairments of $53.0 million, related to intangible assets due to the exit of the Fortress fire retardant business. (5) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively. (6) The Company incurred severance and related charges of $4.0 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the three and six months ended March 31, 2025. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506851604/en/ Investor Contact
Brent Collins
Vice President, Treasurer & Investor Relations
+1.913.344.9111
InvestorRelations@compassminerals.com Original: Compass Minerals Reports Fiscal 2026 Second-Quarter Results
US Market News
4月前
Compass Minerals Reports Fiscal 2026 First-Quarter ResultsFebruary 4, 2026 4:42 PM
Business Wire
Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today reported fiscal 2026 first-quarter results.
Unless otherwise noted, it should be assumed that time periods referenced below are on a fiscal-year basis and financial amounts are in U.S. dollars.
MANAGEMENT COMMENTARY
"Compass Minerals delivered a strong opening quarter to fiscal 2026. Robust winter weather supported performance in our Salt segment, while higher pricing and cost-structure improvements drove meaningful margin expansion in our Plant Nutrition segment,” said Edward C. Dowling Jr., president and CEO. “Based on solid performance in Salt and positive momentum in Plant Nutrition, partially offset by the strategic decision to sell our Wynyard sulfate of potash facility, we are increasing our full-year total company adjusted EBITDA guidance by 2% at the midpoint of the range. We reduced total net debt by 10% year over year — more than $90 million. We remain focused on strengthening operational, commercial, and financial execution to enhance cash-flow generation and further reduce net debt. Looking ahead, we see meaningful opportunities to build on this momentum and enhance long-term value for our shareholders."
QUARTERLY HIGHLIGHTS
Net income of $18.6 million for the first quarter of 2026, compared to a net loss of $23.6 million in the prior year;
Total company adjusted EBITDA for the first quarter of 2026 of $65.3 million, up 103% year over year;
Strong sales volume growth year over year of 37% led to increases in Salt business operating earnings and adjusted EBITDA of 67% and 41%, respectively, from the prior-year period;
Improvements in pricing and cost structure increased Plant Nutrition segment operating earnings and adjusted EBITDA on both absolute and per-ton bases;
Net debt decreased to $836.9 million as of Dec. 31, 2025, a $92 million, or 10%, decrease from Dec. 31, 2024; and
Full-year guidance for total company adjusted EBITDA increased 2% at the mid-point of guidance range to $208 million to $240 million, inclusive of the impact of the Wynyard sulfate of potash (SOP) operation sale.
QUARTERLY FINANCIAL RESULTS
(in millions, except per share data)
Three Months Ended
Dec. 31,
2025
2024
GAAP Results:
Revenue
$
396.1
$
307.2
Operating income
36.6
0.5
Net income (loss)
18.6
(23.6
)
Net income (loss) per diluted share
0.43
(0.57
)
Non-GAAP Results*:
Adjusted operating income*
36.6
1.4
Adjusted EBITDA*
65.3
32.1
Adjusted net income (loss)*
18.6
(22.9
)
Adjusted net income (loss)* per diluted share
0.43
(0.55
)
*Non-GAAP financial measure. Reconciliations to the most directly comparable GAAP financial measure are provided in tables at the end of this press release.
SALT BUSINESS RECAP
Salt revenue increased 37% year over year to $331.5 million, as a result of increased sales volumes in highway deicing and consumer and industrial (C&I) businesses of 43% and 14%, respectively. The higher proportion of highway deicing sales volume in the current period resulted in overall Salt segment pricing being relatively flat year over year, despite realizing higher highway deicing and C&I sales prices of 6% and 2%, respectively, year over year.
Segment-level operating earnings for the quarter increased by 67% to $49.1 million from the prior-year period. Adjusted EBITDA increased to $67.2 million, up 41% from the prior-year period. These financial results reflect the sales volume growth and flat pricing results described above, as well as lower per-unit production costs offset by higher-per unit distribution costs year over year.
PLANT NUTRITION BUSINESS RECAP
Plant Nutrition revenue for the quarter totaled $60.8 million, down 1% year over year on 13% weaker sales volume over the same period. The average segment sales price for the quarter was up 14% year over year to approximately $687 per ton.
Operating earnings in the Plant Nutrition business were $5.4 million for the quarter, compared to an operating loss of $3.1 million in the prior-year quarter. Adjusted EBITDA improved to $12.8 million versus $4.4 million last year. These financial results reflect higher average sales prices and lower per-unit product costs, offset by lower sales volumes attributable to the company not pursuing lower margin export opportunities and higher per-unit distribution costs year over year.
CASH FLOW AND FINANCIAL POSITION
Net cash used in operating activities amounted to $37.0 million for the three months ended Dec. 31, 2025, compared to $4.1 million in the prior year. Changes in working capital reflect the settlement of the previously disclosed tax dispute in Ontario during the current quarter.
Net cash used in investing activities was $23.3 million for the three months ended Dec. 31, 2025, an increase from $22.2 million in the prior year. Total capital spending for the three months ended Dec. 31, 2025 was $22.8 million.
Net cash provided by financing activities was $47.1 million for the three months ended Dec. 31, 2025, which included net borrowings of $50.7 million. In the prior year, net cash provided by financing activities was $53.1 million and reflected net borrowings of $57.5 million in the period.
The company ended the quarter with $341.7 million of liquidity, comprised of $46.7 million in cash and cash equivalents and $295.0 million of availability under its $325 million revolving credit facility.
The ratio of total net debt to trailing 12-month adjusted EBITDA at the end of the quarter ended Dec. 31, 2025 was 3.6 times, down from 5.3 times for the comparable prior year period.
DIVESTITURE OF WYNYARD SOP OPERATIONS
Subsequent to quarter-end, the company entered into a share purchase agreement to sell its SOP operation in Wynyard, Saskatchewan, Canada for total cash consideration of $30.8 million, subject to customary closing conditions and prior to any transaction costs. The cash proceeds at closing will be adjusted pursuant to the terms of the agreement, including working capital and other specified adjustments. This asset was considered surplus to Compass Minerals' needs given the ability to service its leading North American SOP business from its core Ogden, Utah SOP operation and the continued improvement at that site. The sale aligns with the company's debt reduction goals and proceeds will further reduce net debt.
UPDATED FISCAL 2026 OUTLOOK
Salt Segment
2026 Range
Highway deicing sales volumes (thousands of tons)
8,200 - 8,500
Consumer and Industrial sales volumes (thousands of tons)
1,700 - 1,950
Total salt sales volumes (thousands of tons)
9,900 - 10,450
Revenue (in millions)
$980 - $1,050
Adj. EBITDA (in millions)
$230 - $252
Plant Nutrition Segment
2026 Range1
Sales volumes (thousands of tons)
255 - 275
Revenue (in millions)
$170 - $185
Adj. EBITDA (in millions)
$34 - $ 39
1)
Reflects the impact of the sale of the Wynyard SOP operation.
Corporate
2026 Range1
Adj. EBITDA (in millions)
($56) - ($51)
1)
Includes financial contribution from DeepStore.
Projected Corporate results shown in the table above include corporate expenses in support of our core businesses and the results of DeepStore, the company's records management business in the U.K.
Total Compass Minerals
2026 Adjusted EBITDA
Salt
Plant Nutrition
Corporate1
Total
Adj. EBITDA (in millions)
$230 - $252
$34 - $39
($56) - ($51)
$208 - $240
2026 Capital Expenditures
Total
Capital expenditures (in millions)
$90 - $110
(1)
Includes financial contribution from DeepStore.
Total planned capital expenditures are unchanged from the company's previously provided guidance.
Other Assumptions
($ in millions)
2026 Range
Depreciation, depletion and amortization
$105 - $115
Interest expense, net
$65 - $70
Effective income tax rate (excl. valuation allowance)
30% - 34%
Guidance for the 2026 effective income tax rate reflects the income mix by country with income recognized in foreign jurisdictions offset by losses recognized in the U.S.
CONFERENCE CALL
Compass Minerals will discuss its results on a conference call tomorrow morning, Thursday, Feb. 5, at 9:30 a.m. ET (8:30 a.m. CT). To access the conference call, please visit the company’s website at investors.compassminerals.com or dial 800-715-9871. Callers must provide the conference ID number 7896827. Outside of the U.S. and Canada, callers may dial 646-307-1963. Replays of the call will be available on the company’s website.
A supporting company presentation with 2026 first-quarter results is available at investors.compassminerals.com.
About Compass Minerals
Compass Minerals (NYSE: CMP) is a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities. The company’s salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial, chemical and agricultural applications. Its plant nutrition products help improve the quality and yield of crops while supporting sustainable agriculture. Compass Minerals operates 12 production and packaging facilities with more than 1,800 employees throughout the U.S., Canada and the U.K. Visit compassminerals.com for more information about the company and its products.
Forward-Looking Statements and Other Disclaimers
This press release may contain forward-looking statements, including, without limitation, statements about the outcome of the North American bid season, including pricing and commitment sizes, the execution of back-to-basics strategy, competitive advantages, tariffs, tax rates, and the company's outlook for 2026, including its expectations regarding sales volumes, revenue, Adjusted EBITDA, depreciation, depletion, and amortization, interest expense, tax rates, and capital expenditures. Forward-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters. The company uses words such as “may,” “would,” “could,” “should,” “will,” “likely,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “forecast,” “outlook,” “project,” “estimate” and similar expressions suggesting future outcomes or events to identify forward-looking statements or forward-looking information. These statements are based on the company’s current expectations and involve risks and uncertainties that could cause the company’s actual results to differ materially. The differences could be caused by a number of factors, including without limitation (i) weather conditions, (ii) inflation, the cost and availability of transportation for the distribution of the company’s products and foreign exchange rates, (iii) pressure on prices and impact from competitive products, and (iv) any inability by the company to successfully implement its strategic priorities or its cost-saving or enterprise optimization initiatives. For further information on these and other risks and uncertainties that may affect the company’s business, see the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s Annual Report on Form 10-K for the period ended Sept. 30, 2025, and its Quarterly Reports on Form 10-Q for the quarter ended Dec. 31, 2025, filed or to be filed with the SEC, as well as the company's other SEC filings. The company undertakes no obligation to update any forward-looking statements made in this press release to reflect future events or developments, except as required by law. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete set of all potential risks or uncertainties.
Non-GAAP Measures
In addition to using U.S. generally accepted accounting principles (“GAAP”) financial measures, management uses a variety of non-GAAP financial measures described below to evaluate the company’s and its operating segments’ performance. While the consolidated financial statements provide an understanding of the company’s overall results of operations, financial condition and cash flows, management analyzes components of the consolidated financial statements to identify certain trends and evaluate specific performance areas.
Management uses EBITDA, EBITDA adjusted for items which management believes are not indicative of the company’s ongoing operating performance (“Adjusted EBITDA”) and EBITDA margin to evaluate the operating performance of the company’s core business operations because its resource allocation, financing methods and cost of capital, and income tax positions are managed at a corporate level, apart from the activities of the operating segments, and the operating facilities are located in different taxing jurisdictions, which can cause considerable variation in net earnings. Management also uses adjusted operating earnings, adjusted operating margin, adjusted net earnings, and adjusted net earnings per diluted share, which eliminate the impact of certain items that management does not consider indicative of underlying operating performance. The presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or non-recurring items. Management believes these non-GAAP financial measures provide management and investors with additional information that is helpful when evaluating underlying performance. EBITDA and Adjusted EBITDA exclude interest expense, income taxes and depreciation, depletion and amortization, each of which are an essential element of the company’s cost structure and cannot be eliminated. In addition, Adjusted EBITDA and Adjusted EBITDA margin exclude certain cash and non-cash items, including stock-based compensation, impairment charges and certain restructuring charges. Consequently, any measure that excludes these elements has material limitations. The non-GAAP financial measures used by management should not be considered in isolation or as a substitute for net earnings, operating earnings, cash flows or other financial data prepared in accordance with GAAP or as a measure of overall profitability or liquidity. These measures are not necessarily comparable to similarly titled measures of other companies due to potential inconsistencies in the method of calculation. The calculation of non-GAAP financial measures as used by management is set forth in the following tables. All margin numbers are defined as the relevant measure divided by sales. The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring, unusual items and/or distinct non-core initiatives without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company’s results.
Adjusted operating earnings, adjusted operating margin, adjusted net earnings (loss), and adjusted net earnings (loss) per diluted share are presented as supplemental measures of the company’s performance. Management believes these measures provide management and investors with additional information that is helpful when evaluating underlying performance and comparing results on a year-over-year normalized basis. These measures eliminate the impact of certain items that management does not consider indicative of underlying operating performance. These adjustments are itemized below. Adjusted net earnings (loss) per diluted share is adjusted net earnings (loss) divided by weighted average diluted shares outstanding. You are encouraged to evaluate the adjustments itemized above and the reasons management considers them appropriate for supplemental analysis. In evaluating these measures you should be aware that in the future the company may incur expenses that are the same as or similar to some of the adjustments presented below.
Special Items Impacting the Three Months Ended Dec. 31, 2024
(unaudited, in millions, except per share data)
Item Description
Segment
Line Item
Amount
Tax Effect(1)
After Tax
EPS Impact
Product recall costs
Salt
Product cost and Other operating expense
$
0.9
$
(0.2
)
$
0.7
$
0.02
Total
$
0.9
$
(0.2
)
$
0.7
$
0.02
(1)
The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three months ended Dec. 31, 2024 were $0.9 million.
Reconciliation for Adjusted Operating Income
(unaudited, in millions)
Three Months Ended
Dec. 31,
2025
2024
Operating income
$
36.6
$
0.5
Product recall costs(1)
—
0.9
Adjusted operating income
$
36.6
$
1.4
Sales
396.1
307.2
Operating margin
9.2
%
0.2
%
Adjusted operating margin
9.2
%
0.5
%
(1)
The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three months ended Dec. 31, 2024 were $0.9 million.
Reconciliation for Adjusted Net Income
(unaudited, in millions)
Three Months Ended
Dec. 31,
2025
2024
Net income (loss)
$
18.6
$
(23.6
)
Product recall costs(1)
—
0.9
Income tax effect
—
(0.2
)
Adjusted net income
$
18.6
$
(22.9
)
Net loss per diluted share
$
0.43
$
(0.57
)
Adjusted net income (loss) per diluted share
$
0.43
$
(0.55
)
Weighted-average common shares outstanding (in thousands):
Diluted
42,267
41,441
(1)
The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three months ended Dec. 31, 2024 were $0.9 million.
Reconciliation for EBITDA and Adjusted EBITDA
(unaudited, in millions)
Three Months Ended
Dec. 31,
2025
2024
Net income (loss)
$
18.6
$
(23.6
)
Interest expense
18.1
16.9
Income tax (benefit) expense
(2.2
)
9.7
Depreciation, depletion and amortization
26.4
26.8
EBITDA
60.9
29.8
Adjustments to EBITDA:
Stock-based compensation - non-cash
2.3
3.9
Interest income
(0.3
)
(0.4
)
Loss (gain) on foreign exchange
2.1
(5.2
)
Product recall costs(1)
—
0.9
Other expense, net
0.3
3.1
Adjusted EBITDA
$
65.3
$
32.1
(1)
The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three months ended Dec. 31, 2024 were $0.9 million.
Salt Segment Performance
(unaudited, in millions, except for sales volumes and prices per short ton)
Three Months Ended
Dec. 31,
2025
2024
Sales
$
331.5
$
242.2
Operating income
$
49.1
$
29.4
Operating margin
14.8
%
12.1
%
Adjusted operating income(1)
$
49.1
$
30.3
Adjusted operating margin(1)
14.8
%
12.5
%
EBITDA(1)
$
67.2
$
46.9
EBITDA(1) margin
20.3
%
19.4
%
Adjusted EBITDA(1)
$
67.2
$
47.8
Adjusted EBITDA(1) margin
20.3
%
19.7
%
Sales volumes (in thousands of tons):
Highway deicing
2,851
1,987
Consumer and industrial
575
506
Total Salt
3,426
2,493
Average prices (per ton):
Highway deicing
$
73.96
$
69.50
Consumer and industrial
$
209.83
$
205.74
Total Salt
$
96.77
$
97.16
(1)
Non-GAAP financial measure. Reconciliations follow in these tables.
Reconciliation for Salt Segment Adjusted Operating Income
(unaudited, in millions)
Three Months Ended
Dec. 31,
2025
2024
Reported GAAP segment operating income
$
49.1
$
29.4
Product recall costs(1)
—
0.9
Segment adjusted operating income
$
49.1
$
30.3
Segment sales
331.5
242.2
Segment operating margin
14.8
%
12.1
%
Segment adjusted operating margin
14.8
%
12.5
%
(1)
The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three months ended Dec. 31, 2024 were $0.9 million.
Reconciliation for Salt Segment EBITDA and Adjusted EBITDA
(unaudited, in millions)
Three Months Ended
Dec. 31,
2025
2024
Reported GAAP segment operating income
$
49.1
$
29.4
Depreciation, depletion and amortization
18.1
17.5
Segment EBITDA
$
67.2
$
46.9
Product recall costs(1)
—
0.9
Segment adjusted EBITDA
$
67.2
$
47.8
Segment sales
331.5
242.2
Segment EBITDA margin
20.3
%
19.4
%
Segment adjusted EBITDA margin
20.3
%
19.7
%
(1)
The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three months ended Dec. 31, 2024 were $0.9 million.
Plant Nutrition Segment Performance
(unaudited, dollars in millions, except for sales volumes and prices per short ton)
Three Months Ended
Dec. 31,
2025
2024
Sales
$
60.8
$
61.4
Operating income (loss)
$
5.4
$
(3.1
)
Operating margin
8.9
%
(5.0
)%
Adjusted operating income (loss)(1)
$
5.4
$
(3.1
)
Adjusted operating margin(1)
8.9
%
(5.0
)%
EBITDA(1)
$
12.8
$
4.4
EBITDA(1) margin
21.1
%
7.2
%
Adjusted EBITDA(1)
$
12.8
$
4.4
Adjusted EBITDA(1) margin
21.1
%
7.2
%
Sales volumes (in thousands of tons)
89
102
Average price (per ton)
$
687.26
$
602.86
(1)
Non-GAAP financial measure. Reconciliations follow in these tables.
Reconciliation for Plant Nutrition Segment Adjusted Operating Income (Loss)
(unaudited, in millions)
Three Months Ended
Dec. 31,
2025
2024
Reported GAAP segment operating income (loss)
$
5.4
$
(3.1
)
Segment adjusted operating income (loss)
5.4
(3.1
)
Segment sales
60.8
61.4
Segment operating margin
8.9
%
(5.0
)%
Segment adjusted operating margin
8.9
%
(5.0
)%
Reconciliation for Plant Nutrition Segment EBITDA and Adjusted EBITDA
(unaudited, in millions)
Three Months Ended
Dec. 31,
2025
2024
Reported GAAP segment operating income (loss)
$
5.4
$
(3.1
)
Depreciation, depletion and amortization
7.4
7.5
Segment EBITDA
12.8
4.4
Segment adjusted EBITDA
12.8
4.4
Segment sales
60.8
61.4
Segment EBITDA margin
21.1
%
7.2
%
Segment adjusted EBITDA margin
21.1
%
7.2
%
GAAP
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except share and per-share data)
Three Months Ended
Dec. 31,
2025
2024
Sales
$
396.1
$
307.2
Shipping and handling cost
112.1
80.6
Product cost
220.8
192.3
Gross profit
63.2
34.3
Selling, general and administrative expenses
26.6
33.3
Other operating expense
—
0.5
Operating income
36.6
0.5
Other expense (income):
Interest income
(0.3
)
(0.4
)
Interest expense
18.1
16.9
Loss (gain) on foreign exchange
2.1
(5.2
)
Other expense, net
0.3
3.1
Net income (loss) before income taxes
16.4
(13.9
)
Income tax (benefit) expense
(2.2
)
9.7
Net income (loss)
$
18.6
$
(23.6
)
Basic net income (loss) per common share
$
0.43
$
(0.57
)
Diluted net income (loss) per common share
$
0.43
$
(0.57
)
Weighted-average common shares outstanding (in thousands):
Basic
42,083
41,441
Diluted
42,267
41,441
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
Dec. 31,
Sept. 30,
2025
2025
ASSETS
Current assets:
Cash and cash equivalents
$
46.7
$
59.7
Receivables, net
278.6
179.6
Inventories, net
258.4
312.0
Other current assets
48.5
20.9
Total current assets
632.2
572.2
Property, plant and equipment, net
766.2
770.1
Intangible assets, net
23.7
23.8
Goodwill
6.0
6.0
Other noncurrent assets
98.6
147.3
Total assets
$
1,526.7
$
1,519.4
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
100.6
$
96.0
Accrued salaries and wages
16.6
26.4
Current portion of finance lease liabilities
6.9
7.9
Income taxes payable
—
5.6
Accrued interest
1.6
19.0
Accrued expenses and other current liabilities
118.0
110.7
Total current liabilities
243.7
265.6
Long-term debt, net of current portion
883.6
832.2
Finance lease liabilities, net of current portion
6.4
7.6
Deferred income taxes, net
59.1
53.9
Other noncurrent liabilities
73.4
126.0
Commitments and contingencies
Stockholders' equity:
Common stock
0.4
0.4
Additional paid-in capital
431.9
430.0
Treasury stock, at cost
(11.6
)
(10.8
)
Accumulated deficit
(59.0
)
(77.6
)
Accumulated other comprehensive loss
(101.2
)
(107.9
)
Total stockholders' equity
260.5
234.1
Total liabilities and stockholders' equity
$
1,526.7
$
1,519.4
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Three Months Ended
Dec. 31,
2025
2024
Cash flows from operating activities:
Net income (loss)
$
18.6
$
(23.6
)
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:
Depreciation, depletion and amortization
26.4
26.8
Amortization of deferred financing costs
1.0
0.8
Non-cash portion of stock-based compensation
2.3
3.9
Deferred income taxes
4.5
2.7
Unrealized foreign exchange loss (gain)
2.1
(5.7
)
Other, net
1.7
(0.9
)
Changes in operating assets and liabilities:
Receivables
(98.8
)
(61.3
)
Inventories
51.7
39.1
Other assets
21.6
(2.0
)
Accounts payable and accrued expenses and other current liabilities
(13.6
)
9.1
Other liabilities
(54.5
)
7.0
Net cash used in operating activities
(37.0
)
(4.1
)
Cash flows from investing activities:
Capital expenditures
(22.8
)
(21.8
)
Other, net
(0.5
)
(0.4
)
Net cash used in investing activities
(23.3
)
(22.2
)
Cash flows from financing activities:
Borrowings under revolving credit facility
47.0
140.3
Repayments under revolving credit facility
(37.0
)
(100.8
)
Proceeds from issuance of long-term debt
42.8
19.6
Principal payments on long-term debt
(2.1
)
(1.6
)
Payment of deferred financing costs
—
(2.4
)
Shares withheld to satisfy employee tax obligations
(1.2
)
(0.4
)
Other, net
(2.4
)
(1.6
)
Net cash provided by financing activities
47.1
53.1
Effect of exchange rate changes on cash and cash equivalents
0.2
(1.2
)
Net change in cash and cash equivalents
(13.0
)
25.6
Cash and cash equivalents, beginning of the year
59.7
20.2
Cash and cash equivalents, end of period
$
46.7
$
45.8
COMPASS MINERALS INTERNATIONAL, INC.
SEGMENT INFORMATION
(unaudited, in millions)
Three Months Ended Dec. 31, 2025
Salt
Plant
Nutrition
Corporate
& Other(1)
Total
Sales to external customers(2)
$
331.5
$
60.8
$
3.8
$
396.1
Intersegment sales
—
1.0
(1.0
)
—
Shipping and handling cost
103.8
8.3
—
112.1
Product cost
172.0
46.3
2.5
220.8
Gross profit
55.7
6.2
1.3
63.2
Selling, general and administrative expenses
6.6
0.8
19.2
26.6
Operating income (loss)(3)
49.1
5.4
(17.9
)
36.6
Depreciation, depletion and amortization
18.1
7.4
0.9
26.4
Total assets (as of end of period)
1,020.1
360.1
146.5
1,526.7
Capital expenditures
17.0
5.2
0.6
22.8
Three Months Ended Dec. 31, 2024
Salt
Plant
Nutrition
Corporate
& Other(1)
Total
Sales to external customers(2)
$
242.2
$
61.4
$
3.6
$
307.2
Intersegment sales
—
3.2
(3.2
)
—
Shipping and handling cost
71.3
9.3
—
80.6
Product cost
134.1
54.4
3.8
192.3
Gross profit (loss)
36.8
(2.3
)
(0.2
)
34.3
Selling, general and administrative expenses
7.4
0.8
25.1
33.3
Other operating expense
—
—
0.5
0.5
Operating income (loss)(3)
29.4
(3.1
)
(25.8
)
0.5
Depreciation, depletion and amortization
17.5
7.5
1.8
26.8
Total assets (as of end of period)
1,092.4
388.1
240.4
1,720.9
Capital expenditures
16.2
4.6
1.0
21.8
(1)
Corporate and other includes corporate entities, records management operations, the Fortress fire retardant costs, prior-year lithium costs and other incidental operations and eliminations. Operating income (loss) for corporate and other includes indirect corporate overhead, including costs for general corporate governance and oversight, prior-year lithium-related expenses, as well as costs for the human resources, information technology, legal and finance functions.
(2)
Sales to external customers are net of intersegment sales.
(3)
The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three months ended Dec. 31, 2024 were $0.9 million.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260204455686/en/
Investor Contact
Brent Collins
Vice President, Treasurer & Investor Relations
+1.913.344.9111
InvestorRelations@compassminerals.com
Original: Compass Minerals Reports Fiscal 2026 First-Quarter Results
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