USA Rare Earth, Inc. balance sheet

At the end of fiscal 2025, USA Rare Earth, Inc. had total assets of $695m, total liabilities of $192m and shareholders' equity of $494m. It held $360m in cash against $1.8m of debt: net cash of $358m.

Balance sheet

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

USA Rare Earth, Inc.: balance sheet, annual
Fiscal year	2024Dec 2024	2025Dec 2025
Cash and equivalents	17	360
Inventory	0	19
Total current assets	22	385
Goodwill	0	135
Total assets	69	695
Accounts payable	2	11
Deferred revenue (current)	0	11
Total current liabilities	7	38
Total debt	2	2
Total liabilities	15	192
Shareholders' equity	−17	494
Non-controlling interests and other (assets − liabilities − equity)	71	—
Net debt (negative = net cash)	−15	−358
Shares outstanding	60m	—

US$ millions unless shown otherwise. Fiscal quarters.

USA Rare Earth, Inc.: balance sheet, quarterly
Quarter	2025 Q1Mar 2025	2025 Q2Jun 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Inventory	—	—	28	50
Total current assets	26	124	1,790	1,673
Goodwill	—	—	135	135
Total assets	77	180	2,135	2,999
Accounts payable	3	2	17	17
Deferred revenue (current)	—	—	10	1
Total current liabilities	7	8	49	51
Total liabilities	97	286	246	452
Shareholders' equity	−53	−132	1,879	2,537
Non-controlling interests and other (assets − liabilities − equity)	32	25	—	—
Shares outstanding	82m	96m	218m	245m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

More: Diversified Metals & Mining stocks compared, Materials sector, rankings of US companies

Figures from USA Rare Earth, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to USA Rare Earth, Inc.