IonQ, Inc. (IONQ) Revenue, Margins & Financial Statements
IonQ, Inc. (IONQ) reported $130.02M in revenue over the most recent fiscal year on record, up 201.9% year over year. Growth has been stable. Sales are growing but profit is not, worth checking why costs are outrunning revenue. Operating margin is the highest of the last 5 years on record. Free cash flow ran 59% of net income in the latest year, meaningfully below reported profit, worth a closer look at working capital. The balance sheet holds $2.39B more in cash & investments than debt. Share count grew 63.4% over the past year, some dilution.
IonQ, Inc.'s revenue for the fiscal year ended Dec 2025 was $130.02M, an increase of +201.9% compared to the prior year. Is growth accelerating, stable, slowing, or contracting? See the quarterly beat/miss history →
| Fiscal Year Ended | Revenue Growth |
|---|---|
| Dec 2025 | +201.9% |
| Dec 2024 | +95.4% |
| Dec 2023 | +98.0% |
| Dec 2022 | +430.3% |
| Dec 2021 | — |
"Accelerating" / "Slowing" means each of the last 3 years' growth rates moved consistently in that direction, not a subjective call.
Year-over-year growth by quarter, each quarter compared to the same quarter one year earlier, which avoids the seasonal noise of comparing sequential quarters. IonQ, Inc.'s most recent quarter grew +286.8% year-over-year, slower than the quarter before it.
| Quarter Ended | Revenue | YoY Growth |
|---|---|---|
| Jun 2026 | $80.05M | +286.8% |
| Mar 2026 | $64.67M | +754.7% |
| Dec 2025 (derived) | $61.89M | +428.5% |
| Sep 2025 | $39.87M | +221.5% |
| Jun 2025 | $20.69M | +81.8% |
| Mar 2025 | $7.57M | -0.2% |
| Dec 2024 (derived) | $11.71M | +91.8% |
| Sep 2024 | $12.40M | +102.1% |
Net income grew -956.2% year-over-year in the same quarter.
Sales are growing but profit is not, worth checking why costs are outrunning revenue.
Compared against 15 other Technology stocks tracked on this site, not the whole market, and small enough that this is directional context, not a definitive benchmark.
EPS -16.7% year over year. A rough breakdown of what drove it (approximate, since EPS is roughly net income divided by share count):
Accounting profit is not the same as cash in the bank. Here's how IONQ converts revenue into real cash.
IONQ used more cash in operations than it generated in the most recent year. At that burn rate:
How IONQ deployed cash in the most recent year, across its actual cash-flow-statement uses.
Objective, rule-based checks against the figures above, not a subjective rating.
| Fiscal Year Ended | Revenue Growth | Margin Change | FCF Growth |
|---|---|---|---|
| Dec 2025 | +201.9% | +52.3pp | -142.3% |
| Dec 2024 | +95.4% | +176.0pp | -33.7% |
| Dec 2023 | +98.0% | +54.6pp | -71.2% |
| Dec 2022 | +430.3% | +1072.8pp | -57.4% |
| Dec 2021 | — | — | -55.7% |
Is IONQ's revenue growing?
IonQ, Inc.'s revenue growth has been stable, at +201.9% in the most recent year on record.
Is IONQ's profit growing faster than its revenue?
Sales are growing but profit is not, worth checking why costs are outrunning revenue.
Are IONQ's profit margins improving or declining?
Operating margin has expanded for 4 straight years on record. It is currently the highest of the last 5 years.
Is IONQ's reported profit backed by real cash?
Operating cash flow ran +55% of net income, and free cash flow ran +59% of net income, in the most recent year. Cash generation is running noticeably behind reported profit.
Does IONQ have more cash than debt?
Yes, IONQ holds $2.39B more in cash & short-term investments than its total debt.
Is IONQ diluting shareholders or buying back stock?
IONQ's share count grew +63.4% over the past year, existing shareholders were diluted.
What are the biggest financial red flags for IONQ right now?
Free cash flow was negative in the most recent year. Operating cash flow covers only 55% of net income, profit isn't fully backed by cash. Share count grew 63.4% year over year, meaningful dilution. Accounts receivable grew 553.0%, notably faster than revenue's 201.9%.
Every line item as reported, with the annual/quarterly toggle and ratio table.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $130.02M | $43.07M | $22.04M | $11.13M | $2.10M |
| Research & Development | $305.70M | $136.83M | $92.32M | $43.98M | $20.23M |
| General & Administrative | $245.09M | $71.06M | $50.72M | $35.97M | $13.74M |
| Selling & Marketing | $53.45M | $28.39M | $18.27M | $8.38M | $3.23M |
| Operating Income | -$633.72M | -$232.46M | -$157.75M | -$85.75M | -$38.69M |
| Nonoperating Income (Expense) | $29.0K | -$275.0K | -$85.0K | $6.0K | $28.0K |
| Pretax Income | -$556.69M | -$331.59M | -$157.72M | -$48.51M | -$106.19M |
| Income Tax Expense | -$44.57M | $59.0K | $48.0K | $0.00 | $0.00 |
| Net Income | -$510.38M | -$331.65M | -$157.77M | -$48.51M | -$106.19M |
| EPS (Basic) | $-1.82 | $-1.56 | $-0.78 | $-0.25 | $-0.77 |
| EPS (Diluted) | $-1.82 | $-1.56 | $-0.78 | $-0.25 | $-0.77 |
| Weighted Avg Shares (Basic) | 280.35M | 213.03M | 202.58M | 197.73M | 137.61M |
| Weighted Avg Shares (Diluted) | 280.35M | 213.03M | 202.58M | 197.73M | 137.61M |
Sourced from SEC filings (10-K / 10-Q). Figures not separately reported by the company are shown as —, not estimated. Quarterly "derived Q4" values are calculated as the full fiscal year total minus the three reported quarters.
Computed from the annual figures above, most recent first.
| Ratio | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — |
| Operating Margin | -487.4% | -539.7% | -715.7% | -770.3% | -1843.1% | — |
| Net Margin | -392.6% | -770.0% | -715.8% | -435.8% | -5058.9% | — |
| Return on Equity | -13.4% | -86.4% | -32.5% | -8.5% | -18.0% | -308.5% |
| Current Ratio | 15.50 | 10.50 | 10.49 | 18.43 | 54.65 | 1.61 |
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Free Cash Flow | -$299.60M | -$123.67M | -$92.51M | -$54.03M | -$34.32M | -$22.04M |