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MP Materials cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$125M in Q3 2026 · −$537M over twelve months

Operating cash flow−$12.7M
Capital spending−$113M
Free cash flow−$125M
Cash conversion cycle153 days

Analysis

In Q3 2026, MP Materials generated −$12.7M of operating cash flow and spent $113M on capital projects, leaving free cash flow of −$125M. That is $32.7M less than in Q3 2025 (−$92.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$54.6M; the largest uses were capital spending ($483M), other investing ($252M), net borrowing (+) / repaid (−) ($67.5M); the cash balance fell by $888M.

Operating cash flow was −$12.7M against net income of −$20.7M. The largest differences: depreciation & amortization +$36.1M, receivables −$23.6M, inventory −$18.5M.

Its cash conversion cycle was 153 days (receivables 33 + inventory 188 − payables 68).

Free cash flow

MP Materials: free cash flow by quarterMP Materials: free cash flow by quarter−$11.2MQ4 2024−$93.7MQ1 2025−$32.7MQ2 2025−$92.5MQ3 2025−$109MQ4 2025−$79.3MQ1 2026−$223MQ2 2026−$125MQ3 2026
Operating cash flow less capital spending.
MP Materials: operating cash flow against capital spendingMP Materials: operating cash flow against capital spendingOperating cash flowCapital spending$30.5M$41.6MQ4 2024−$63.2M$30.5MQ1 2025−$3.7M$29.0MQ2 2025−$42.0M$50.5MQ3 2025−$46.9M$62.4MQ4 2025−$1.9M$77.4MQ1 2026$6.8M$230MQ2 2026−$12.7M$113MQ3 2026
Latest (Q3 2026): Operating cash flow −$12.7M, Capital spending $113M.

Capital allocation, year by year

MP Materials: where the cash came from (up) and went (down), by fiscal yearMP Materials: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $102MFY2021: Net borrowing −$2.7MFY2021: Asset sales $125KFY2021: Capital spending −$124M$102MFY2021FY2022: Operating cash flow $344MFY2022: Net borrowing −$5.8MFY2022: Capital spending −$327M$344MFY2022FY2023: Operating cash flow $62.7MFY2023: Net borrowing −$2.7MFY2023: Asset sales $18KFY2023: Capital spending −$262M$62.7MFY2023FY2024: Operating cash flow $13.3MFY2024: Net borrowing $319MFY2024: Capital spending −$186MFY2024: Buybacks −$225M$332MFY2024FY2025: Operating cash flow −$156MFY2025: Net borrowing $61.5MFY2025: Shares issued $1.0BFY2025: Asset sales $4.1MFY2025: Capital spending −$172M$1.1BFY2025
Over these 5 years operating cash flow totalled $366M; the largest uses were capital spending ($1.1B) and buybacks ($225M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debt$936M
Net cash$402M
Cash runway2.5 years

MP Materials is burning cash: its operations consume cash, a free cash flow of −$537M a year at the current rate against $1.3B of cash and investments: a runway of about 2.5 years before any new financing.

Where the cash came from and went

MP Materials: sources (+) and uses (−) of cash, Q3 2026MP Materials: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$169MCapital spending−$113MOther investing−$40.3MOperating cash flow−$12.7MTaxes on employees’ shares−$1.8MOther financing−$1.4M
MP Materials: sources (+) and uses (−) of cash, TTM to Q3 2026MP Materials: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$888MCapital spending−$483MOther investing−$252MNet borrowing (+) / repaid (−)−$67.5MOperating cash flow−$54.6MTaxes on employees’ shares−$25.5MOther financing−$5.5M

From profit to cash

MP Materials: net income to operating cash flow, Q3 2026MP Materials: net income to operating cash flow, Q3 2026Net income−$20.7MDepreciation & amortization$36.1MStock-based pay$11.4MGains on disposals$1.6MOther non-cash$12.1MReceivables−$23.6MInventory−$18.5MPayables$14.0MDeferred revenue−$7.2MPrepaid and other assets$1.8MOther liabilities−$7.3MOperating cash flow−$12.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20263318868153
Q2 20263721650203
Q1 20263120742195
Q4 20252632363285
Q3 20253125845245
Q2 20257323638270
Q1 20256522241247
Q4 20242517736167

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$12.7M−$113M—$169M−$125M
Q2 2026$6.8M−$230M—$457M−$223M
Q1 2026−$1.9M−$77.4M—$280M−$79.3M
Q4 2025−$46.9M−$62.4M—−$18.9M−$109M
Q3 2025−$42.0M−$50.5M$61.5M−$885M−$92.5M
Q2 2025−$3.7M−$29.0M—−$63.3M−$32.7M
Q1 2025−$63.2M−$30.5M—$83.9M−$93.7M
Q4 2024$30.5M−$41.6M—$2.0M−$11.2M

MP Materials: income statement and cash flow

MP Materials, Q3 2026: revenue $148M (+176% year over year), operating margin -14.9%. The chart follows the revenue to costs, profit and cash.

MP Materials: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.