Ndpr Oxide & Metal was MP Materials’s largest segment in fiscal 2025, bringing in $230.26M of $454.46M (51%).
| Segment | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Rare Earth Concentrate | $1.03B | $504.94M | $288.73M | $83.98M | ||
| Rare Earth Concentrate (Including Related Party) | — | — | — | — | ||
| Product Sales (Including Related Party) | — | — | — | — | ||
| Magnetic Precursor Products | — | — | — | $133.72M | ||
| Ndpr Oxide & Metal | — | $1.39M | $115.52M | $230.26M | ||
| Other Revenue | $39.97M | $564.00K | $3.46M | $6.49M | ||
| Other Rare Earth Products (Including Related Party) | — | — | — | — | ||
| Other Sales (Including Related Party) | — | — | — | — | ||
| Total | $1.07B | $506.89M | $407.71M | $454.46M |
MP Materials brought in $454.46M from its four segments in fiscal 2025, the year ended December 31, 2025. MP Materials regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $407.71M. Ndpr Oxide & Metal was the largest at $230.26M (50.7%), ahead of Magnetic Precursor Products at $133.72M (29.4%) and Rare Earth Concentrate at $83.98M (18.5%). The remaining segment, Other Revenue, brought in $6.49M.
Compared with fiscal 2024, Ndpr Oxide & Metal grew 99.3% to $230.26M, while Rare Earth Concentrate fell 70.9% to $83.98M.
MP Materials began breaking out Magnetic Precursor Products in fiscal 2025 and Ndpr Oxide & Metal in fiscal 2023.
Materials was MP Materials’s largest segment in fiscal 2025, bringing in $230.26M of $363.98M (63%).
| Statement Business Segments | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Materials | $1.03B | $504.94M | $288.73M | $230.26M |
| Magnetics | — | — | — | $133.72M |
| Total | $1.03B | $504.94M | $288.73M | $363.98M |
MP Materials brought in $363.98M from its two segments in fiscal 2025, the year ended December 31, 2025. That is less than the $454.46M it reports by segment, so these segments do not cover all of its revenue. Materials was the largest at $230.26M (63.3%), ahead of Magnetics at $133.72M (36.7%).
MP Materials began breaking out Magnetics in fiscal 2025, when it brought in $133.72M.
External Customers was MP Materials’s largest revenue line in fiscal 2025, bringing in $315.16M of $320.74M (98%).
| Major Customers | FY 2025 |
|---|---|
| External Customers | $315.16M |
| Intersegment Customers | $5.58M |
| Total | $320.74M |
MP Materials brought in $320.74M from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That is less than the $454.46M it reports by segment, so these revenue lines do not cover all of its revenue. External Customers was the largest at $315.16M (98.3%), ahead of Intersegment Customers at $5.58M (1.7%).
MP Materials (MP) reports its revenue by segment, by statement business segments and by major customers. In fiscal 2025, Ndpr Oxide & Metal was its largest segment, bringing in $230.26M (50.7% of the total), followed by Magnetic Precursor Products at $133.72M (29.4%).
Ndpr Oxide & Metal was MP Materials' largest segment in fiscal 2025, bringing in $230.26M, or 50.7% of the $454.46M total across its four segments.
External Customers was MP Materials' largest revenue line in fiscal 2025, bringing in $315.16M, or 98.3% of the $320.74M total across its two revenue lines.
Every figure comes from MP Materials' annual financial filings, as reported. Each line keeps the name MP Materials gives it, and years follow its fiscal calendar.
MP Materials' revenue by segment goes back to fiscal 2020, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.