Ndpr Oxide & Metal was MP Materials’s largest product and service line in fiscal 2025, bringing in $115.13M of $224.44M (51%).
| Product and Service | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Rare Earth Concentrate | $517.27M | $252.47M | $144.36M | $41.99M | ||
| Rare Earth Concentrate (Including Related Party) | — | — | — | — | ||
| Product Sales (Including Related Party) | — | — | — | — | ||
| Magnetic Precursor Products | — | — | — | $66.86M | ||
| Ndpr Oxide & Metal | — | $695.00K | $57.76M | $115.13M | ||
| Other Revenue | $10.24M | $282.00K | $1.73M | $3.25M | ||
| Other Rare Earth Products (Including Related Party) | — | — | — | — | ||
| Other Sales (Including Related Party) | — | — | — | — | ||
| Intersegment Eliminations | — | — | — | -$2.79M | ||
| Total | $527.51M | $253.45M | $203.86M | $224.44M |
MP Materials brought in $224.44M from its five product and service lines in fiscal 2025, the year ended December 31, 2025. MP Materials regrouped these lines after fiscal 2024, so the total does not compare directly with that year's $203.86M. Ndpr Oxide & Metal was the largest at $115.13M (51.3%), ahead of Magnetic Precursor Products at $66.86M (29.8%) and Rare Earth Concentrate at $41.99M (18.7%). The remaining line, Other Revenue, brought in $3.25M.
Compared with fiscal 2024, Ndpr Oxide & Metal grew 99.3% to $115.13M, while Rare Earth Concentrate fell 70.9% to $41.99M.
MP Materials began breaking out Magnetic Precursor Products in fiscal 2025, Ndpr Oxide & Metal in fiscal 2023 and Intersegment Eliminations in fiscal 2025. The total is net of Intersegment Eliminations, which took $2.79M off revenue in fiscal 2025.
Materials was MP Materials’s largest segment in fiscal 2025, bringing in $160.37M of $224.44M (71%).
| Segment | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Materials | $527.51M | $253.45M | $203.86M | $160.37M |
| Magnetics | — | — | — | $66.86M |
| Intersegment Eliminations | — | — | — | -$2.79M |
| Total | $527.51M | $253.45M | $203.86M | $224.44M |
MP Materials brought in $224.44M from its three 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 $203.86M. Materials was the largest at $160.37M (71.5%), ahead of Magnetics at $66.86M (29.8%).
MP Materials began breaking out Magnetics in fiscal 2025 and Intersegment Eliminations in fiscal 2025. The total is net of Intersegment Eliminations, which took $2.79M off revenue in fiscal 2025.
External Customers was MP Materials’s largest revenue line in fiscal 2025, bringing in $224.44M of $224.44M (100%).
| Customer | FY 2025 |
|---|---|
| External Customers | $224.44M |
| Intersegment Customers | $2.79M |
| Intersegment Eliminations | -$2.79M |
| Total | $224.44M |
MP Materials brought in $224.44M from its three revenue lines in fiscal 2025, the year ended December 31, 2025. External Customers was the largest at $224.44M (100.0%), ahead of Intersegment Customers at $2.79M (1.2%).
The total is net of Intersegment Eliminations, which took $2.79M off revenue in fiscal 2025.
MP Materials (MP) reports its revenue by product and service, by segment and by customer. In fiscal 2025, Ndpr Oxide & Metal was its largest product and service line, bringing in $115.13M (51.3% of the total), followed by Magnetic Precursor Products at $66.86M (29.8%).
Ndpr Oxide & Metal was MP Materials' largest product and service line in fiscal 2025, bringing in $115.13M, or 51.3% of the $224.44M total across its five product and service lines.
Materials was MP Materials' largest segment in fiscal 2025, bringing in $160.37M, or 71.5% of the $224.44M total across its three segments.
External Customers was MP Materials' largest revenue line in fiscal 2025, bringing in $224.44M, or 100.0% of the $224.44M total across its three 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 product and service 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.