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MP Materials Corp. / DE cash flow statement

In fiscal 2025, MP Materials Corp. / DE's operations generated −$156m of cash; it spent $172m on capital projects, leaving free cash flow of −$328m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations−031023446313−156−84
Depreciation and amortisation572418567889115
Stock-based pay05233225233041
Capital spending222124327262186172421
Free cash flow−3−19−2217−199−173−328−505
Free cash flow after stock pay−3−24−45−15−224−196−358−546
Share buybacks———002250—
Shares issued————00748—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from MP Materials Corp. / DE's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to MP Materials Corp. / DE.