Revenue growth accelerated to 89% year-over-year in 2026Q2, but gross margin swung to 33.4% from -32.2% in the prior quarter, while operating margin remained deeply negative at -13.5%, indicating that cost growth (COGS up to $72.3M) is still outpacing the benefits of scale.
MP Materials Corp. (MP) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 305.38M | 275.46M | 203.85M | 253.44M | 527.51M | 331.95M | 134.31M | 73.41M | 67.42M |
| Revenue Growth % | 26.13% | 35.12% | -19.57% | -51.95% | 58.91% | 147.15% | 82.96% | 8.89% | - |
| Cost of Goods Sold | 296.81M | 282.06M | 270.64M | 148.42M | 110.57M | 100.64M | 70.73M | 67.83M | 57.28M |
| COGS % of Revenue | - | 102.4% | 132.76% | 58.56% | 20.96% | 30.32% | 52.66% | 92.4% | 84.97% |
| Gross Profit | 8.57M | -6.6M | -66.79M | 105.02M | 416.94M | 231.32M | 63.58M | 5.58M | 10.13M |
| Gross Margin % | 2.81% | -2.4% | -32.76% | 41.44% | 79.04% | 69.68% | 47.34% | 7.6% | 15.03% |
| Gross Profit Growth % | - | 90.12% | -163.59% | -74.81% | 80.24% | 263.81% | 1039.85% | -44.96% | - |
| Operating Expenses | 111.05M | 116.17M | 102.64M | 122.74M | 89.53M | 65.97M | 98.28M | 13.2M | 19.02M |
| OpEx % of Revenue | - | 42.18% | 50.35% | 48.43% | 16.97% | 19.87% | 73.18% | 17.98% | 28.21% |
| Selling, General & Admin | 129.28M | 112.07M | 83.3M | 79.25M | 75.86M | 56.65M | 26.77M | 11.1M | 14.56M |
| SG&A % of Revenue | - | 40.68% | 40.86% | 31.27% | 14.38% | 17.06% | 19.93% | 15.13% | 21.6% |
| Research & Development | 5.4M | 0 | 9.31M | 14.93M | 4.25M | 4.2M | 140K | 0 | 0 |
| R&D % of Revenue | - | - | 4.57% | 5.89% | 0.81% | 1.26% | 0.1% | - | - |
| Other Operating Expenses | 0 | 4.11M | 10.03M | 28.56M | 9.42M | 5.13M | 71.38M | 2.09M | 4.45M |
| Operating Income | -102.49M | -122.77M | -169.43M | -17.72M | 327.41M | 165.34M | -34.7M | -7.62M | -8.88M |
| Operating Margin % | -33.56% | -44.57% | -83.11% | -6.99% | 62.07% | 49.81% | -25.84% | -10.38% | -13.18% |
| Operating Income Growth % | - | 27.54% | -856.18% | -105.41% | 98.02% | 576.46% | -355.42% | 14.23% | - |
| EBITDA | 12.13M | -32.02M | -91.37M | 37.99M | 345.77M | 189.73M | -27.77M | -2.93M | -4.43M |
| EBITDA Margin % | 3.97% | -11.62% | -44.82% | 14.99% | 65.55% | 57.16% | -20.68% | -4% | -6.57% |
| EBITDA Growth % | 115.45% | 64.96% | -340.51% | -89.01% | 82.24% | 783.16% | -846.88% | 33.81% | - |
| D&A (Non-Cash Add-back) | 114.62M | 90.76M | 78.06M | 55.71M | 18.36M | 24.38M | 6.93M | 4.69M | 4.45M |
| EBIT | -52.85M | -86.29M | -70.34M | 38.33M | 346.94M | 169.1M | -34.45M | -3.34M | -8.88M |
| Net Interest Income | 15.39M | 20.53M | 24.1M | 50.38M | 14.04M | -8.55M | -4.85M | -2.95M | -5.02M |
| Interest Income | 50.91M | 52.02M | 47.11M | 55.64M | 19.83M | 353K | 163K | 461K | 0 |
| Interest Expense | 35.51M | 31.48M | 23.01M | 5.25M | 5.79M | 8.9M | 5.01M | 3.41M | 5.02M |
| Other Income/Expense | 11.64M | 5M | 76.08M | 50.79M | 13.74M | -5.15M | -4.76M | 866K | -4.58M |
| Pretax Income | -90.85M | -117.77M | -93.35M | 33.08M | 341.15M | 160.19M | -39.46M | -6.75M | -13.46M |
| Pretax Margin % | -29.75% | -42.76% | -45.79% | 13.05% | 64.67% | 48.26% | -29.38% | -9.2% | -19.97% |
| Income Tax | -30.23M | -31.9M | -27.92M | 8.77M | 52.15M | 25.16M | -17.64M | 1K | 1K |
| Effective Tax Rate % | 33.28% | 27.09% | 29.91% | 26.51% | 15.29% | 15.7% | 44.69% | -0.01% | -0.01% |
| Net Income | -60.62M | -85.87M | -65.42M | 24.31M | 289M | 135.04M | -21.82M | -6.75M | -13.47M |
| Net Margin % | -19.85% | -31.18% | -32.09% | 9.59% | 54.79% | 40.68% | -16.25% | -9.2% | -19.97% |
| Net Income Growth % | 40.21% | -31.26% | -369.16% | -91.59% | 114.02% | 718.73% | -223.09% | 49.84% | - |
| Net Income (Continuing) | -60.62M | -85.87M | -65.42M | 24.31M | 289M | 135.04M | -21.82M | -6.75M | -13.47M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.34 | -0.50 | -0.57 | 0.14 | 1.52 | 0.73 | -0.27 | -0.10 | -0.20 |
| EPS Growth % | 45.6% | 12.28% | -507.14% | -90.79% | 108.22% | 370.37% | -175.23% | 50.95% | - |
| EPS (Basic) | - | -0.50 | -0.57 | 0.14 | 1.64 | 0.78 | -0.27 | -0.10 | -0.20 |
| Diluted Shares Outstanding | 178.22M | 170.13M | 169.88M | 178.15M | 193.45M | 189.84M | 79.69M | 68.88M | 68.88M |
| Basic Shares Outstanding | 178.22M | 170.13M | 166.84M | 177.18M | 176.52M | 173.47M | 79.69M | 66.56M | 66.56M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MP stock.
For fiscal year 2025, MP Materials Corp. (MP) reported total revenue of $275.5M. This represents a 308.6% increase compared to $67.4M in 2018.
MP Materials Corp. (MP) reported a net loss of $85.9M for the fiscal year ending 2025.
MP Materials Corp. (MP) reported an operating income of $-122.8M, resulting in an operating profit margin of -44.6%. This margin reflects the operational efficiency of the business before interest and taxes.
MP Materials Corp. (MP) generated $-6.6M in gross profit for the year, representing a gross profit margin of -2.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
NdPr price volatility and technical execution
Metrics are mathematically derived from official filings.
Volume Surge Amid Price Headwinds
Revenue jumped 89% year-over-year to $108.5M in 2026Q2, per the latest quarterly report, but this growth appears volume-driven as NdPr prices remain weak, suggesting durability hinges on continued ramp-up.
The 89% revenue growth in 2026Q2 marks a sharp acceleration from the prior quarter's 49% and contrasts with the negative growth seen in 2025Q3 and Q4. This suggests that Stage II separation volumes are scaling rapidly, likely driven by increased concentrate processing and refined product sales. However, the concurrent negative gross margin in 2026Q1 and the thin 33.4% gross margin in 2026Q2 indicate that pricing power is not yet translating into profitability, implying that growth is being bought with volume rather than margin expansion.
Gross Margin Volatility Masks Structural Costs
Gross margin swung from -32.2% in 2025Q4 to 33.4% in 2026Q2, per reported financials, yet the average remains negative, indicating that fixed processing costs and commissioning expenses are not yet covered by current NdPr prices.
The dramatic swing in gross margin—from deeply negative to positive—reflects both volume leverage and likely inventory valuation adjustments, such as LCNRV write-downs in prior quarters. The persistence of negative gross margins in five of the last ten quarters suggests that the cost structure is not yet optimized for the current price environment. Investors should monitor whether the positive margin in 2026Q2 is sustainable or a one-off benefit from lower-cost inventory, as the company's ability to achieve consistent positive gross margins is critical for the transition to profitability.
Operating Leverage Still Elusive
Despite revenue growth of 89% in 2026Q2, operating income remained negative at -$14.7M, per the income statement, indicating that SG&A and other costs are scaling nearly in line with revenue, preventing operating leverage from materializing.
Operating margin improved from -125.2% in 2025Q3 to -13.5% in 2026Q2, but the absolute operating loss persists. SG&A expenses have grown from $19.1M in 2024Q4 to $35.2M in 2026Q2, a near-doubling that suggests investment in commercial and administrative infrastructure. While some of this is likely tied to the ramp-up of the magnetics business, the lack of operating leverage despite a doubling of revenue implies that fixed costs are still high relative to scale. Achieving positive operating income will require either further volume growth or a reduction in SG&A intensity.
SBC and Non-Operating Items Cloud EPS
Net income swung to -$20.3M in 2026Q2 despite a positive gross profit, per the latest filing, with stock-based compensation of $11.3M and other non-operating charges likely driving the divergence from adjusted EBITDA.
The gap between gross profit of $36.2M and net loss of -$20.3M in 2026Q2 highlights significant below-the-line costs, including SBC, depreciation, and possibly interest or other expenses. SBC alone represents over 10% of revenue, which is substantial and dilutes shareholders. The positive net income in 2025Q4 and 2024Q1 appears to be driven by non-operating gains, as operating income was negative in those periods. This suggests that reported EPS is not yet a reliable indicator of underlying operational performance, and investors should focus on cash flow and adjusted metrics.
COGS and SG&A Outpace Revenue Growth
COGS rose to $72.3M in 2026Q2, up from $48.5M a year earlier, per the income statement, while SG&A grew to $35.2M, indicating that cost growth is matching or exceeding revenue growth, pressuring margins.
The cost structure reveals that COGS is the largest expense, and its volatility—ranging from $48.5M to $106.4M—suggests sensitivity to input prices and production levels. SG&A has grown steadily, from $19.1M in 2024Q4 to $35.2M in 2026Q2, reflecting investments in commercial and administrative capabilities. R&D remains modest, but the company's focus on downstream magnetics may require increased R&D spending. The lack of cost discipline is evident in the negative operating margins, and management's ability to control SG&A while scaling production will be key to achieving profitability.
Growth Without Profitability Is Unsustainable
Despite 89% revenue growth in 2026Q2, the company has posted negative operating income in nine of the last ten quarters, per reported data, suggesting that the current growth trajectory is not translating into shareholder value.
Short-sellers would argue that the market is overpaying for a company that has yet to demonstrate a clear path to profitability. The negative gross margins in several quarters indicate that the cost of production exceeds the market price for rare earths, and the reliance on Chinese processors for revenue creates a dependency that could be exploited. The company's high cash balance of $1.16B provides a buffer, but if NdPr prices remain weak or the separation process continues to face technical challenges, the company may need to raise additional capital, diluting existing shareholders. The valuation premium relative to peers like Energy Fuels appears unjustified given the lack of consistent positive earnings.