MP Materials Corp. (MP) Announced Q4 2025 Earnings on February 26, 2026, Reporting "revenue increased 10% year-over-year"

MP Materials Corp. reported Q4 2025 financial results, noting that consolidated revenue increased 10% year-over-year. The Magnetic segment generated $66.9 million of revenue and $26.4 million of adjusted EBITDA for the year. The Materials segment generated $40.3 million of adjusted segment EBITDA in the quarter, and the company reported $51 million in price protection agreement income for the quarter. The company noted it has more than $1.8 billion of cash on hand.
Management highlighted a record year of production, exceeding 50,000 metric tons of rare earth oxide produced in 2025 and exiting the year at an annualized run rate of nearly 4,000 metric tons of separated NdPr oxide. The company selected Northlake, Texas, as the site for its new 10x facility, securing more than $200 million in incentives and grants. Additionally, the technical team advanced grain boundary diffusion capabilities, resulting in a magnet formulation that uses approximately 60% less heavy rare earth content than originally anticipated.
Looking ahead, the company expects total capital expenditures to be in the range of $500 million to $600 million in 2026, primarily reflecting the accelerated 10x investment. Management announced a new long-term NdPr offtake agreement with a leading technology and industrial company. MP Materials also received an additional $32 million prepayment from Apple in the fourth quarter to support the expansion of recycling and magnet capacity. Commercial sales of magnets are expected to begin in the second half of the year.