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USA Rare Earth (USAR) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · USA Rare Earth (USAR) Q2 2026 earnings results →
Q2 2026 206¢ of every $1 of revenue lost · operating margin -795.6%
USA Rare Earth made $5.8M in Q2 2026. Operating margin -795.6%, net loss $12.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $5.8M in Q2 2026, up 2% from the previous quarter.
Operating costs exceeded revenue by $46.3M, an operating margin of -795.6%. The quarter ended with a net loss of $12.0M, narrower than the previous quarter's $68.1M loss. Minority interests bore $1.6M of it: to shareholders the quarter was a loss of $10.3M. Non-operating items added $33.8M, -271% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$56.9M. Non-cash charges added back $1.0M of depreciation and amortization and $6.1M of share-based compensation. Working capital and other items used $52.0M. Capital expenditures of $69.7M exceeded it, leaving free cash flow of −$126.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $5.8M | — | -795.6% | −$12.0M | −$56.9M |
| Q1 2026 | 10-Q | May 14, 2026 | $5.7M | — | -643.6% | −$68.1M | −$18.5M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About USA Rare Earth
USA Rare Earth, Inc.’s mission is to be a global leader in the supply of critical minerals and advanced materials and the partner of choice in producing rare earth elements, oxides, metals and magnets. Rare earth elements and critical minerals are vital inputs to end markets including national security, technological innovation, and the increasing number of advanced manufacturers who seek a reliable source of rare earth materials and magnets. We intend to deploy capital in effective and efficient ways to develop our assets and to deliver innovative, high-quality products to our partners and customers. We are building an integrated rare earth mine to magnet value chain that we project will be resilient through economic cycles, and well-positioned to meet today’s market dynamics and national security priorities.
In its own words, from its 10-K, filed Mar 30, 2026.
USA Rare Earth against its Metal Mining peers
The largest companies of the same SEC industry, each at its latest quarter. Operating margin: -795.6% against the peers' median -14.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| USAR USA Rare Earth | Q2 2026 | $5.8M | — | -795.6% |
| 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% |
| MP MP Materials | Q3 2026 | $148M | +176% | -14.9% |
| DYNR Dynaresource | Q2 2026 | $11.4M | -28% | -10.1% |
| 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: USA Rare Earth 10-Q on SEC EDGAR · CIK 1970622 · Metal Mining
13F: who owns USAR and who is buying
More on USAR
History
Every quarter: Q2 2026 results · Q1 2026 results