MP Materials earnings date
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MP Materials (MP) Q3 2026 Earnings Report
MP Q3 2026 EPS Results
- Actual EPS
- $0.04
- Consensus EPS
- -$0.02
- Beat/Miss
- Beat by +$0.06
- One Year Ago EPS
- -$0.10
MP Q3 2026 Revenue Results
- Actual Revenue
- $155.76M
- Expected Revenue
- $117.37M
- Beat/Miss
- Beat by +$38.39M
- YoY Revenue Growth
- +190.86%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- After Close
- Conference Call
- Thursday, November 5, 2026
MP Materials's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, with record or sharply improved NdPr production and sales, higher consolidated revenue and EBITDA, successful magnet qualification, progress on heavy rare earth separation, strong liquidity, and multiple future growth initiatives. The company also acknowledged near-term execution challenges, including reliability work, planned downtime, startup costs, a gradual magnet ramp, lumpy margins, and a difficult broader financial environment. The positive operating and strategic developments significantly outweighed the stated challenges.
For the fourth quarter, NdPr oxide volumes and realized prices are expected to remain broadly consistent with Q3, at approximately 1,000 metric tons and $100 per kilogram, respectively, with approximately $8 per kilogram of PPA income on sold NdPr and no PPA income associated with NdPr contained in stockpiled concentrate; the approximately 10 to 14 days required for the scheduled maintenance outage will impact sequential comparisons, but MP expects improvements in sustained production rates and relatively stable year-over-year growth in total NdPr oxide production during Q4. For 2027, MP expects leverage in its cost structure, may see some lumpiness during the startup of Chlor-Alkali early in the year, expects strong progress in reducing cost per NdPr kilogram produced, particularly in the back half of the year, and expects to operate at sort of over 5,000 ton per annum production rate for the year; magnet volumes are expected to build gradually, starting quite modestly over the next couple of quarters before increasing in the back half of 2027, when production for Apple is also expected to begin contributing, while the overall adjusted EBITDA contribution from magnetics is expected to continue to be modest in 2027, particularly in the first half, and the full earnings power of the segment is expected to become visible in 2028. Full-year capital expenditures are expected to be $500 million-$600 million, MP expects to earn an additional $120 million in prepayments over the next one to two years, 10X remains on schedule for commissioning in late 2028, and samarium and gadolinium projects remain on track for first production in the first half of 2028.
- Strong NdPr Production and Sales GrowthThird-quarter NdPr production increased 41% year-over-year to 1,018 metric tons, in line with the company’s August outlook. NdPr sales volumes reached 1,020 metric tons, up 94% year-over-year, reflecting continued strong demand.
- Materials Segment Financial PerformanceThe materials segment generated $141.6 million of revenue and PPA income and $47.8 million of adjusted EBITDA in the quarter.
- Consolidated Revenue and EBITDA ImprovementConsolidated revenue plus PPA income totaled $155.8 million, an increase of 23.6% sequentially. The year-over-year improvement was driven by nearly doubled NdPr sales volumes, higher realized market prices, a one-time SEG+ sale, and PPA income. Adjusted EBITDA improved by $53.7 million year-over-year, with meaningful improvement in adjusted diluted EPS comparisons.
- Heavy Rare Earth Separation ProgressThe company began operating its first heavy rare earth separation circuits during the quarter and remains on track to begin commercial-scale, on-spec production of dysprosium and terbium in Q4. The circuits are intended primarily to support the downstream magnetics business and strategic customers.
- SEG+ Inventory MonetizationMP sold a modest portion of its SEG+ inventory to an existing strategic customer amid geopolitically driven heavy rare earth supply constraints. The sale generated attractive economics, while several hundred tons of feedstock were retained for the company’s future production.
- Magnetics Qualification and Customer ShipmentsMP completed qualification and will begin shipping saleable magnets to GM in Q4. The magnetics segment generated $18.6 million of revenue and $5.3 million of adjusted EBITDA during the quarter.
- 10X and Apple Expansion MilestonesThe 10X project remains on schedule for commissioning in late 2028. The company is expanding Independence to support magnet deliveries to Apple beginning in 2027, and stated that 10X is 100% contracted.
- Strong Fourth-Quarter Materials OutlookFor Q4, NdPr oxide volumes and realized prices are expected to remain broadly consistent with Q3, at approximately 1,000 metric tons and $100 per kilogram, respectively. MP expects to earn approximately $8 per kilogram of PPA income on sold NdPr, with no PPA income expected from NdPr contained in stockpiled concentrate.
- Improved Mountain Pass Operating PerformanceMidstream performance continued to improve, with the highest quarterly NdPr oxide production to date. For portions of Q3, Mountain Pass operated at a production rate of over 450 tons per month, while equipment upgrades and process enhancements continued to improve throughput, reliability, and operating consistency.
- Additional Heavy Rare Earth OpportunitiesThe heavy rare earth separation process is producing high-purity intermediate streams containing SEG and a mixture of yttrium and holmium to lutetium. Both products are attracting significant customer interest. Samarium and gadolinium projects remain on track for first production in the first half of 2028.
- Magnetics Technology and Process DevelopmentIndependence made progress in strip-cast alloy production, powder processing, machining, bonding, finishing, throughput, automation, and magnetic performance. The company is expanding its magnet-grade and specification portfolio and continues to reduce heavy rare earth intensity through grain boundary diffusion, process control, and materials innovation.
- Strong Automotive Demand BackdropManagement reported continued very strong demand from its foundational customer and across the automotive market, including demand from OEMs, tier-one suppliers, and tier-two suppliers. The company described automotive as a significant upside opportunity as more OEMs begin localizing supply chains.
- 10X Demand Exceeds Planned CapacityManagement said recent customer RFQs and specific customer sizings well exceed the capacity of the 10X facility. The company intends to be thoughtful about ramping and contracting 10X and is prioritizing what it believes will be materially higher-margin opportunities.
- Recycling Program ProgressEngineering and construction for recycling are progressing at Mountain Pass, all long-lead equipment has been procured, and equipment for producing magnets from recycled materials is being delivered and installed. Teams are working with a customer on magnet grades, prototypes, and specifications for deliveries next year.
- Project Swarm and Defense Supply Chain InterestManagement described reception to Project Swarm as overwhelming. The initiative is intended to help standardize domestic defense magnet specifications and support downstream producers with available domestic supply-chain capacity.
- Robotics Customer EngagementManagement said it is in discussions with major technology companies and other leading organizations pursuing robotics and physical-intelligence applications. The company believes its platform and contracted 10X capacity could support economically attractive opportunities in this market.
- Strong Liquidity and Customer PrepaymentsYear-to-date capital expenditures totaled $413.8 million, with approximately 60% related to magnetics, primarily 10X construction and land acquisition. Full-year capital expenditures remain expected at $500 million-$600 million. MP earned another $8 million of Apple prepayments during the quarter and expects an additional $120 million over the next one to two years. The company ended the quarter with $1.34 billion in cash equivalents and short-term investments.
- Domestic Supply and Government SupportManagement stated that Independence is fully covered for its current needs by production from MP’s own ore body, while the heavy rare earth facility is also designed to process third-party feedstocks. The company said its Department of War partnership for 10X has made excellent progress and that it continues to receive strong bipartisan support.
- Chlor-Alkali and Cost Structure InitiativesManagement expects Chlor-Alkali, heavy rare earth separation, higher throughput, and other optimization initiatives to improve resilience, reduce reliance on third-party reagents, improve the environmental footprint, and lower NdPr production costs, particularly in the back half of 2027.
MP Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | -0.04- | 0.09 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | -0.020.04 | -0.1 | 140.00% (+0.14) | |
| Aug 06, 2026 | 2026 (Q2) | -0.01-0.01 | -0.13 | 92.31% (+0.12) | |
| May 07, 2026 | 2026 (Q1) | -0.030.03 | -0.12 | 125.00% (+0.15) | |
| Feb 26, 2026 | 2025 (Q4) | 0.000.09 | -0.12 | 175.00% (+0.21) | |
| Nov 06, 2025 | 2025 (Q3) | -0.17-0.10 | -0.12 | 16.67% (+0.02) | |
| Aug 07, 2025 | 2025 (Q2) | -0.20-0.13 | -0.17 | 23.53% (+0.04) | |
| May 08, 2025 | 2025 (Q1) | -0.13-0.12 | -0.04 | -200.00% (-0.08) | |
| Feb 20, 2025 | 2024 (Q4) | -0.13-0.12 | -0.02 | -500.00% (-0.10) | |
| Nov 07, 2024 | 2024 (Q3) | -0.13-0.12 | 0.04 | -400.00% (-0.16) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
