Filing Flows › MP Materials (MP) › Q4 2025
MP Materials (MP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
MP Materials (MP) reported revenue of $52.7M for the fourth quarter 2025 (Q4 2025), -14% from a year earlier and -2% from the quarter before. Operating margin was -7.0%, net earnings $9.4M (17.9% of revenue).
MP Materials, Q4 2025: revenue $52.7M (-14% year over year), operating margin -7.0%, net earnings $9.4M, operating cash flow −$46.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $52.7M | -2% | -14% |
| Operating profit | −$3.7M | — | — |
| Net earnings | $9.4M | — | — |
| Operating cash flow | −$46.9M | — | — |
What changed
Revenue was $52.7M in Q4 2025, down 14% year over year and down 2% from the previous quarter.
Operating costs exceeded revenue by $3.7M, an operating margin of -7.0%. Total costs fell 46% while revenue fell 14%. Net earnings were $9.4M. The effective tax rate was 10.7%. Non-operating items added $14.2M, 135% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$46.9M. Non-cash charges added back $24.6M of depreciation and amortization and $9.6M of share-based compensation. Working capital and other items used $90.5M. Capital expenditures of $62.4M exceeded it, leaving free cash flow of −$109.3M.
Questions
What was MP Materials' revenue in the fourth quarter 2025?
MP Materials (MP) reported revenue of $52.7M for the fourth quarter 2025 (Q4 2025), -14% from a year earlier and -2% from the quarter before.
Was MP Materials profitable in the fourth quarter 2025?
Operating loss was $3.7M (-7.0% of revenue) and net earnings $9.4M.
Source: MP Materials 10-K on SEC EDGAR.