Filing Flows › Materials › MP Materials (MP)
MP Materials (MP) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · MP Materials (MP) Q3 2026 earnings results →
Q3 2026 Revenue up 176% year over year to $148M · 14¢ of every $1 of revenue lost · operating margin -14.9%
MP Materials made $148M in Q3 2026 (+176% Y/Y). Operating margin -14.9%, net loss $20.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $147.7M in Q3 2026, up 176% year over year and up 36% from the previous quarter.
Operating costs exceeded revenue by $22.1M, an operating margin of -14.9%. Total costs grew 41% against revenue growth of 176%. The fastest-growing cost line was Cost of revenue (+77%). The quarter ended with a net loss of $20.7M, wider than the previous quarter's $20.3M loss.
Operating cash flow was −$12.7M. Non-cash charges added back $36.1M of depreciation and amortization and $11.4M of share-based compensation. Working capital and other items used $39.6M. Capital expenditures of $112.5M exceeded it, leaving free cash flow of −$125.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $148M | +176% | -14.9% | −$20.7M | −$12.7M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $108M | +89% | -29.5% | −$20.3M | $6.8M |
| Q1 2026 | 10-Q | May 8, 2026 | $90.6M | +49% | -26.6% | −$8.0M | −$1.9M |
| Q4 2025 | 10-K | Feb 26, 2026 | $52.7M | -14% | -7.0% | $9.4M | −$46.9M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $53.6M | -15% | -125.2% | −$41.8M | −$42.0M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $57.4M | +84% | -76.5% | −$30.9M | −$3.7M |
| Q1 2025 | 10-Q | May 9, 2025 | $60.8M | +25% | -57.2% | −$22.6M | −$63.2M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About MP Materials
MP Materials Corp., including its subsidiaries (the “Company,” “MP Materials,” “we,” “our,” and “us”), is the largest producer of rare earth materials in the Western Hemisphere. Headquartered in Las Vegas, Nevada, the Company owns and operates the Mountain Pass Rare Earth Mine and Processing Facility (“Mountain Pass”) located near Mountain Pass, San Bernardino County, California, the only rare earth mining and processing site of scale in North America. Additionally, the Company owns and operates a rare earth metal, alloy and magnet manufacturing facility in Fort Worth, Texas (“Independence” or the “Independence Facility”), where the Company produces and sells magnetic precursor products and commenced the manufacturing of neodymium-iron-boron (“NdFeB”) permanent magnets in December 2025. The Company’s operations are organized into two reportable segments: Materials and Magnetics.
In its own words, from its 10-K, filed Feb 26, 2026.
MP Materials against its Metal Mining peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +176% against the peers' median +30%. Operating margin: -14.9% against the peers' median -14.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MP MP Materials | Q3 2026 | $148M | +176% | -14.9% |
| FCX Freeport-McMoRan | Q3 2026 | $7.5B | +8% | 31.2% |
| CLF Cleveland-Cliffs | Q3 2026 | $5.6B | +18% | 5.5% |
| SCCO Southern Copper | Q3 2026 | $4.7B | +39% | 59.9% |
| DYNR Dynaresource | Q2 2026 | $11.4M | -28% | -10.1% |
| USAR USA Rare Earth | Q2 2026 | $5.8M | — | -795.6% |
| ALOY Realloys | Q2 2026 | $804K | +55% | n/m |
| IE Ivanhoe Electric | Q3 2026 | $708K | +30% | n/m |
| MINR Minerva Gold | Q1 FY27 | $9K | -25% | -24.7% |
Source: MP Materials 10-Q on SEC EDGAR · CIK 1801368 · Metal Mining
Guidance and outlook
13F: who owns MP and who is buying
More on MP
- How MP Materials makes money: revenue by segment
- MP Materials next earnings date and what analysts expect
- MP Materials stock forecast, price target and fair value
- Who owns MP Materials stock: holders, funds and Congress trades
- MP Materials guidance and outlook
- Is MP Materials a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results