USA Rare Earth, Inc. cash flow statement

In fiscal 2025, USA Rare Earth, Inc.'s operations generated −$49.0m of cash; it spent $37.4m on capital projects, leaving free cash flow of −$86.3m.

Cash flow statement

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

USA Rare Earth, Inc.: cash flow statement, annual
Fiscal year	2024Dec 2024	2025Dec 2025
Cash from operations	−13	−49
Depreciation and amortisation	0	1
Stock-based pay	2	9
Capital spending	3	37
Free cash flow	−16	−86
Free cash flow after stock pay	−18	−95
Share buybacks	247	—

US$ millions unless shown otherwise. Fiscal quarters.

USA Rare Earth, Inc.: cash flow statement, quarterly
Quarter	2025 Q1Mar 2025	2025 Q2Jun 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	−10	−8	−18	−57
Depreciation and amortisation	0	0	1	1
Stock-based pay	1	0	5	6
Capital spending	2	4	39	70
Free cash flow	−12	−12	−57	−127
Free cash flow after stock pay	−14	−12	−62	−133

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 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.