MP Materials (MP) Operating Expenses (2020 - 2026)
MP Materials' (MP) quarterly Operating Expenses came in at $157.0 million in Q1 2026, up 64.29% YoY from $95.6 million in Q1 2025, and up 46.23% on a QoQ basis from $107.4 million in Q4 2025.
MP Materials (MP) Operating Expenses (2020 - 2026) Analysis & Trends
MP Materials (MP) has 7 years of Operating Expenses data on file, last reported at $157.0 million in Q1 2026.
- Quarterly Operating Expenses rose 64.29% year-over-year to $157.0 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $486.3 million (up 25.41% YoY) and the FY2025 annual result came in at $424.8 million, up 13.81% from the prior year.
- Operating Expenses rose to $157.0 million in Q1 2026, from $107.4 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $157.0 million in Q1 2026 to a low of $45.3 million in Q3 2022.
- A 5-year average of $83.9 million and a median of $81.1 million in 2024 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2022 — Operating Expenses slipped 0.84% — and 2026, when it soared 64.29%.
- Tracing MP's Operating Expenses over 5 years: stood at $55.8 million in 2022, then soared by 34.16% to $74.8 million in 2023, then jumped by 40.24% to $104.9 million in 2024, then grew by 2.33% to $107.4 million in 2025, then soared by 46.23% to $157.0 million in 2026.
- The last three Operating Expenses figures came in at $157.0 million (Q1 2026), $107.4 million (Q4 2025), and $120.6 million (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Bhp | 238.03 Bn | 208.58 Bn | - | - |
| 2 | Rio Tinto | 201.39 Bn | 191.89 Bn | - | - |
| 3 | Teck Resources | 32.48 Bn | 27.27 Bn | 1.21 Bn | -63.62 Mn |
| 4 | MP Materials | 9.79 Bn | 7.32 Bn | 36.20 Mn | 158.10 Mn |
| 5 | Almonty Industries | 5.05 Bn | 4.16 Bn | 18.87 Mn | 15.85 Mn |
| 6 | Materion | 4.85 Bn | 4.83 Bn | 104.34 Mn | 49.21 Mn |
| 7 | Skeena Resources | 4.31 Bn | 3.89 Bn | - | 12.41 Mn |
| 8 | USA Rare Earth | 3.94 Bn | 3.94 Bn | -1.58 Mn | 44.73 Mn |
| 9 | Evolution Metals & Technologies | 2.06 Bn | 2.06 Bn | -115,000.00 | 12.07 Mn |
| 10 | Nexa Resources | 1.86 Bn | 1.47 Bn | 257.20 Mn | -60.76 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 158.10 Mn |
| Mar 31, 2026 | 157.04 Mn |
| Dec 31, 2025 | 107.39 Mn |
| Sep 30, 2025 | 120.58 Mn |
| Jun 30, 2025 | 101.28 Mn |
| Mar 31, 2025 | 95.59 Mn |
| Dec 31, 2024 | 104.95 Mn |
| Sep 30, 2024 | 102.47 Mn |
| Jun 30, 2024 | 84.75 Mn |
| Mar 31, 2024 | 81.12 Mn |
| Dec 31, 2023 | 74.83 Mn |
| Sep 30, 2023 | 70.05 Mn |
| Jun 30, 2023 | 63.54 Mn |
| Mar 31, 2023 | 62.74 Mn |
| Dec 31, 2022 | 55.78 Mn |
| Sep 30, 2022 | 45.28 Mn |
| Jun 30, 2022 | 47.81 Mn |
| Mar 31, 2022 | 51.23 Mn |
| Dec 31, 2021 | 42.03 Mn |
| Sep 30, 2021 | 45.66 Mn |