MP Materials (MP) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and MP Materials published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. MP Materials reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted Diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Revenue excludes $8.1 million of price protection agreement income from the U.S. Department of War, which MP Materials reports as a separate line below revenue. Its headline of $155.8 million of revenue and PPA Income combines the two.
• Q3 2026 revenue includes a one-time $31.6 million bill-and-hold sale of SEG+, a mixed heavy rare earth product, to a U.S. aerospace and defense customer.

Source: MP Materials Q3 2026 results release, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How MP Materials splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• MP Materials's Materials Segment revenue was $134 million in Q3 2026, up 322% from $31.6 million in Q3 2025, 90% of total revenue.
• MP Materials's Magnetics Segment revenue was $18.6 million in Q3 2026, down 15% from $21.9 million in Q3 2025, 13% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue (excluding PPA Income) and diluted EPS, each as first reported in that quarter's release or 10-Q.

We do not hold a confirmed date for MP Materials's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

MP Materials reported Q3 2026 revenue of $147.7 million, up 176% from $53.6 million. The Materials Segment, which runs the Mountain Pass mine and processing facility in California, had revenue of $133.5 million, of which NdPr oxide and metal was $101.0 million, up 227%. The Magnetics Segment had $18.6 million of magnetic precursor product revenue, down 15%, and $4.5 million of intercompany NdPr sales were eliminated. (MP Materials Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026; MP Materials Form 10-Q, Q3 2026, Nov 6, 2026)

MP Materials sold 1,020 metric tons of NdPr in the quarter, up 94%, and produced 1,018 metric tons, up 41%. It said revenue rose on those higher NdPr oxide and metal sales and stronger market pricing. Rare earth concentrate production was 12,887 metric tons, down 3%. (MP Materials Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026)

MP Materials' other revenue of $32.6 million was mostly a one-time $31.6 million bill-and-hold sale of SEG+, a mixed heavy rare earth product containing samarium, europium and gadolinium, to a U.S. aerospace and defense customer. NdPr oxide and metal was sold mainly through a distribution agreement with Sumitomo Corporation of Americas and an offtake agreement with a U.S. technology and industrial company signed in the first quarter of 2026. (MP Materials Form 10-Q, Q3 2026, Nov 6, 2026)

MP Materials' revenue is concentrated: three customers accounted for 33%, 23% and 12% of total revenue in the quarter. Its sales of rare earth concentrate to customers in China ceased in July 2025 under the terms of its agreements with the U.S. Department of War (DoW). Magnetics revenue so far comes from precursor products sold to General Motors, and MP said it completed GM magnet qualification, with saleable magnet deliveries and revenue beginning in Q4 2026. (MP Materials Form 10-Q, Q3 2026, Nov 6, 2026; MP Materials Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026)

Separately from revenue, MP Materials recognized $8.1 million of price protection agreement income. Under the PPA with the DoW, which began on October 1, 2025, it has the right to receive the difference between $110 per kilogram of NdPr and a benchmark market price on NdPr products produced at Mountain Pass and stockpiled or sold. (MP Materials Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026; MP Materials Form 10-Q, Q3 2026, Nov 6, 2026)

MP Materials lost $0.12 per diluted share in Q3 2026, against $0.24 a year earlier, on a net loss of $20.7 million. Start-up costs for initial magnet production at the Independence facility rose to $14.2 million from $1.4 million, and depreciation, depletion and amortization rose to $36.1 million from $22.5 million. (MP Materials Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026)

MP Materials' Adjusted Diluted EPS of $0.04 adds back stock-based compensation ($0.06 per share), initial start-up costs ($0.06), transaction-related costs ($0.01), loss on asset disposals ($0.01) and the change in fair value of the 2030 Notes derivative ($0.05), less $0.03 of tax effect. It is calculated on 197,779,276 adjusted diluted shares, which assume conversion of the Series A preferred stock, a warrant and stock units, against 178,501,272 GAAP shares. (MP Materials Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026)

MP Materials' adjusted EBITDA was $41.1 million against a loss of $12.6 million a year earlier. The Materials Segment's adjusted EBITDA of $47.8 million was reduced by a $6.4 million reserve on certain non-core product inventories. (MP Materials Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

MP Materials does not publish a revenue or earnings outlook in its release. The forward-looking item it gives is operational: GM magnet qualification is complete, and saleable magnet deliveries and revenue begin in the fourth quarter of 2026. (MP Materials Q3 2026 release (8-K Exhibit 99.1), Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover MP Materials, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones MP Materials's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning MP is on is MP a buy or a sell?, what analysts expect next is on the MP forecast, and what the company does is on the MP Materials (MP) stock page.

Every number on this page can be traced to a document MP Materials published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.