Q1 26 EPS
$0.03
Q1 26 Revenue
$90.6M
BEAT +20.13%
Est. $75.5M
vs S&P Since Q1 26
-18.0%
TRAILING MARKET
MP -18.0% vs S&P 0.0%
Market Reaction
Did MP Beat Earnings? Q1 2026 Results
MP Materials delivered a standout first quarter for 2026, posting adjusted diluted EPS of $0.03 against a consensus estimate of negative $0.04, a beat of 182.19% that extended the company's winning streak to four consecutive quarters of topping EPS e… Read more MP Materials delivered a standout first quarter for 2026, posting adjusted diluted EPS of $0.03 against a consensus estimate of negative $0.04, a beat of 182.19% that extended the company's winning streak to four consecutive quarters of topping EPS expectations. Revenue climbed 49.1% year over year to $90.65 million, clearing the $75.46 million consensus by 20.13%, as the continued ramp of separated NdPr oxide and metal production proved to be the central driver of the quarter's strength, with NdPr oxide and metal sales surging 192% within the Materials Segment alone. The Magnetics Segment added further momentum, generating $21.08 million in revenue, up 306% year over year, reflecting growing output at the Independence facility in Fort Worth. Consolidated Adjusted EBITDA swung to $36.61 million from negative $2.70 million a year ago, underscoring how rapidly the company's vertically integrated model is gaining operating leverage. With heavy rare earth separation commissioning at Mountain Pass set to begin imminently and groundbreaking already underway on a scaled magnetics facility, the production ramp shows little sign of slowing.
Key Takeaways
- • Record NdPr production of 917 metric tons, up 63% year over year
- • Record NdPr sales of 1,006 metric tons, up 117% year over year
- • Stronger NdPr market pricing compared to Q1 2025
- • Price protection agreement income of $42.3 million with no comparable amount in prior year
- • Magnetics Segment revenue growth of 306% driven by increased magnetic precursor product output
- • Cessation of concentrate sales partially offset Materials Segment revenue gains
MP Forward Guidance & Outlook
The company noted that scaled heavy rare earth separation commissioning activities are set to begin imminently at Mountain Pass. MP Materials has broken ground on the 10X magnetics facility to scale magnet production. The company continues to ramp production of separated NdPr products and magnetic precursor products, advancing its vertically integrated strategy.
MP YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
MP Revenue by Segment
With YoY comparisons, source: SEC Filings
“MP Materials delivered record NdPr production and sales with solid Adjusted EBITDA generation in the first quarter. We advanced key growth initiatives, expanding operations at Independence and breaking ground on 10X, with scaled heavy rare earth separation commissioning activities set to begin imminently at Mountain Pass. These achievements reflect our disciplined execution, the exceptional capabilities of our growing team, and the accelerating momentum behind our vertically integrated strategy.”
— James Litinsky, Q1 2026 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $0.03 | — | $90.6M | +20.13% |
| 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% |