MP Q4 2025 Earnings
Reported Feb 26, 2026 at 4:04 PM ET · SEC Source
Q4 25 EPS
$0.09
BEAT +350.00%
Est. $0.02
Q4 25 Revenue
$52.7M
MISS 10.59%
Est. $58.9M
vs S&P Since Q4 25
+9.3%
BEATING MARKET
MP +14.3% vs S&P +5.1%
Full Year 2025 Results
FY 25 EPS
$-0.24
BEAT +26.06%
Est. $-0.32
FY 25 Revenue
$224.4M
MISS 2.71%
Est. $230.7M
Market Reaction
Did MP Beat Earnings? Q4 2025 Results
MP Materials delivered a sharply split Q4 2025, posting earnings that far exceeded expectations even as revenue fell short, with the U.S. Government's price support agreement emerging as the defining factor in the company's turnaround. The rare earth… Read more MP Materials delivered a sharply split Q4 2025, posting earnings that far exceeded expectations even as revenue fell short, with the U.S. Government's price support agreement emerging as the defining factor in the company's turnaround. The rare earth miner earned $0.09 per share, well above the $0.02 consensus estimate, a 350.00% beat, while revenue of $52.69 million trailed the $58.93 million forecast by 10.59% and declined 13.6% year over year, largely because the company ceased all concentrate sales to China in mid-2025. The pivot was deliberate, a condition of MP's landmark partnership with the U.S. Department of War, whose price protection agreement guaranteed $110 per kilogram for NdPr products and contributed $51.02 million in PPA income during the quarter, driving a $49.90 million year-over-year improvement in Adjusted EBITDA. The company also returned to profitability with net income of $9.43 million versus a $22.34 million loss in Q4 2024, while its nascent Magnetics segment generated $19.90 million in revenue. With a 10X magnetics facility planned for Northlake, Texas and government-backed industrial spending accelerating domestic rare earth ambitions, MP is positioning itself as the cornerstone of American rare earth supply chain independence.
Key Takeaways
- • NdPr price protection agreement with U.S. Department of War providing $110/kg floor price, generating $51 million in PPA income in Q4
- • Record NdPr oxide production of 2,599 metric tons in 2025, a 101% increase year-over-year
- • Commencement of magnetic precursor product sales with $19.9 million in Q4 revenue
- • Cessation of all sales to China starting July 2025, eliminating rare earth concentrate revenue
- • Record REO production of 50,692 metric tons in 2025, a 12% increase year-over-year
MP Forward Guidance & Outlook
In 2026, MP Materials expects to break ground on its 10X magnetics facility in Northlake, Texas, ramp magnet production for General Motors, and deliver continued growth in NdPr output. The company continues to scale its vertically integrated platform to establish American leadership in rare earth magnetics.
MP YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
MP Revenue by Segment
With YoY comparisons, source: SEC Filings
“2025 was a transformational year for MP Materials. Our landmark partnership with the U.S. Department of War, together with our agreement with Apple to deliver scaled recycling and magnetics capabilities, anchors a durable platform to accelerate growth and extend our vertically integrated advantage.”
— James Litinsky, Q4 2025 Earnings Press Release
MP Earnings Trends
MP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MP EPS Trend
Earnings per share: estimate vs actual
MP Revenue Trend
Quarterly revenue: estimate vs actual
MP Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $0.02 | $0.09 | +350.00% | $52.7M | -10.59% |
| FY Full Year | $-0.32 | $-0.24 | +26.06% | $224.4M | -2.71% |
| Q3 25 BEAT | $-0.16 | $-0.10 | +38.35% | $53.6M | +1.04% |
| Q2 25 BEAT | $-0.20 | $-0.19 | +4.52% | $57.4M | +25.79% |
| Q1 25 BEAT | $-0.13 | $-0.12 | +4.15% | $60.8M | -1.60% |