Ionq Inc Financials
This page shows Ionq Inc (IONQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Ionq Inc has an operating margin of -487.4%, meaning the company retains $-487 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -539.7% the prior year.
Ionq Inc's revenue surged 201.9% year-over-year to $130.0M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Ionq Inc carries a low D/E ratio of 0.73, meaning only $0.73 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 15.50, Ionq Inc holds $15.50 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Ionq Inc generated -$283.2M in operating cash flow, capex of $16.4M consumed most of it, leaving -$299.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Ionq Inc generates a -13.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -86.4% the prior year.
Ionq Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Ionq Inc generates $0.55 in operating cash flow (-$283.2M OCF vs -$510.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Ionq Inc earns $-11.3 in operating income for every $1 of interest expense (-$633.7M vs $56.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Ionq Inc generated $130.0M in revenue in fiscal year 2025. This represents an increase of 201.9% from the prior year.
Ionq Inc's EBITDA was -$551.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 158.0% from the prior year.
Ionq Inc reported -$510.4M in net income in fiscal year 2025. This represents a decrease of 53.9% from the prior year.
Ionq Inc earned $-1.82 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 16.7% from the prior year.
Cash & Balance Sheet
Ionq Inc generated -$299.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 142.3% from the prior year.
Ionq Inc held $1.0B in cash against $0 in long-term debt as of fiscal year 2025.
Ionq Inc had 363M shares outstanding in fiscal year 2025. This represents an increase of 63.4% from the prior year.
Margins & Returns
Ionq Inc's gross margin was 40.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 11.8 percentage points from the prior year.
Ionq Inc's operating margin was -487.4% in fiscal year 2025, reflecting core business profitability. This is up 52.3 percentage points from the prior year.
Ionq Inc's net profit margin was -392.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 377.4 percentage points from the prior year.
Ionq Inc's ROE was -13.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 73.0 percentage points from the prior year.
Capital Allocation
Ionq Inc invested $305.7M in research and development in fiscal year 2025. This represents an increase of 123.4% from the prior year.
Ionq Inc invested $16.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 8.8% from the prior year.
IONQ Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $61.9M+55.2% | $39.9M+92.6% | $20.7M+173.5% | $7.6M-35.4% | $11.7M-5.6% | $12.4M+9.0% | $11.4M+50.1% | $7.6M |
| Cost of Revenue | $43.6M+105.1% | $21.3M+155.2% | $8.3M+93.0% | $4.3M-14.5% | $5.0M-22.6% | $6.5M+15.9% | $5.6M+64.7% | $3.4M |
| Gross Profit | $18.3M-1.7% | $18.6M+50.5% | $12.4M+280.4% | $3.3M-51.2% | $6.7M+13.3% | $5.9M+2.2% | $5.8M+38.1% | $4.2M |
| R&D Expenses | $96.1M+44.9% | $66.3M-35.9% | $103.4M+158.7% | $40.0M-0.3% | $40.1M+20.8% | $33.2M+6.3% | $31.2M-3.6% | $32.4M |
| SG&A Expenses | $90.7M+9.9% | $82.5M+71.5% | $48.1M+102.1% | $23.8M-19.7% | $29.7M+107.1% | $14.3M+9.7% | $13.1M-6.9% | $14.0M |
| Operating Income | -$228.6M-35.4% | -$168.8M-5.1% | -$160.6M-112.2% | -$75.7M+2.4% | -$77.5M-45.9% | -$53.1M-8.6% | -$48.9M+7.4% | -$52.9M |
| Interest Expense | $29.5M+104.5% | $14.4M+102.3% | $7.1M+45.9% | $4.9M+18.2% | $4.1M-8.1% | $4.5M-6.1% | $4.8M0.0% | $4.8M |
| Income Tax | -$24.9M-460.5% | -$4.4M+70.9% | -$15.3M-127341.7% | $12K-40.0% | $20K+25.0% | $16K+6.7% | $15K+87.5% | $8K |
| Net Income | $753.7M+171.4% | -$1.1B-496.6% | -$176.8M-448.3% | -$32.3M+84.0% | -$202.0M-284.8% | -$52.5M-39.8% | -$37.6M+5.1% | -$39.6M |
| EPS (Diluted) | N/A | $-3.58-411.4% | $-0.70-400.0% | $-0.14 | N/A | $-0.24-33.3% | $-0.18+5.3% | $-0.19 |
IONQ Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.6B+52.1% | $4.3B+220.8% | $1.3B+58.4% | $850.1M+67.2% | $508.4M+2.1% | $497.9M-3.8% | $517.4M-4.9% | $543.9M |
| Current Assets | $2.6B+112.8% | $1.2B+94.2% | $625.9M-1.7% | $637.0M+68.2% | $378.8M-4.2% | $395.4M-2.3% | $404.9M-1.2% | $409.9M |
| Cash & Equivalents | $1.0B+197.9% | $346.0M+147.0% | $140.1M-12.3% | $159.7M+193.6% | $54.4M+80.3% | $30.2M-27.7% | $41.8M-30.5% | $60.1M |
| Inventory | $10.3M+19.0% | $8.7M-0.6% | $8.7M | N/A | $0 | N/A | N/A | N/A |
| Accounts Receivable | $66.5M+80.2% | $36.9M+93.1% | $19.1M+101.8% | $9.5M-7.0% | $10.2M+146.3% | $4.1M-47.6% | $7.9M-17.4% | $9.6M |
| Goodwill | $2.0B+5.2% | $1.9B+403.3% | $370.7M+3374.7% | $10.7M+7.7% | $9.9M+1262.3% | $727K+1.1% | $719K-1.0% | $726K |
| Total Liabilities | $2.8B+35.7% | $2.0B+1108.1% | $168.2M+97.8% | $85.0M-31.7% | $124.5M+100.1% | $62.2M+14.9% | $54.2M-15.5% | $64.1M |
| Current Liabilities | $166.8M+19.8% | $139.3M+72.7% | $80.6M+66.7% | $48.4M+34.1% | $36.1M+11.6% | $32.3M+5.0% | $30.8M-11.3% | $34.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $3.8B+67.1% | $2.3B+95.7% | $1.2B+51.8% | $765.0M+99.3% | $383.9M-11.9% | $435.7M-6.0% | $463.3M-3.4% | $479.8M |
| Retained Earnings | -$1.2B+38.7% | -$1.9B-118.2% | -$892.8M-24.7% | -$716.0M-4.7% | -$683.7M-41.9% | -$481.7M-12.2% | -$429.2M-9.6% | -$391.7M |
IONQ Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$74.5M+39.5% | -$123.1M-134.1% | -$52.6M-59.2% | -$33.0M+16.2% | -$39.4M-105.2% | -$19.2M+27.7% | -$26.6M-29.9% | -$20.5M |
| Capital Expenditures | $8.8M+113.0% | $4.1M+245.9% | $1.2M-48.3% | $2.3M-35.8% | $3.6M-4.7% | $3.8M-49.7% | $7.5M+138.5% | $3.1M |
| Free Cash Flow | -$83.3M+34.5% | -$127.2M-136.6% | -$53.8M-52.2% | -$35.3M+17.9% | -$43.0M-87.2% | -$23.0M+32.5% | -$34.1M-44.3% | -$23.6M |
| Investing Cash Flow | -$1.2B-81.6% | -$672.7M-2403.7% | $29.2M+112.7% | -$230.2M-1044.7% | $24.4M+272.4% | $6.5M-21.1% | $8.3M-80.9% | $43.5M |
| Financing Cash Flow | $2.0B+97.2% | $1.0B+24264.8% | $4.1M-98.9% | $368.7M+838.9% | $39.3M+3509.7% | $1.1M+3397.0% | -$33K-102.4% | $1.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
IONQ Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.6%-17.1pp | 46.7%-13.1pp | 59.8%+16.8pp | 43.0%-14.0pp | 56.9%+9.5pp | 47.5%-3.1pp | 50.6%-4.4pp | 55.0% |
| Operating Margin | -369.4%+54.0pp | -423.4%+352.6pp | -776.0%+224.2pp | -1000.3%-338.4pp | -661.9%-233.3pp | -428.5%+1.5pp | -430.0%+267.4pp | -697.4% |
| Net Margin | 1217.8%+3864.0pp | -2646.3%-1791.7pp | -854.5%-428.3pp | -426.3%+1298.7pp | -1725.0%-1301.7pp | -423.4%-93.3pp | -330.0%+192.2pp | -522.2% |
| Return on Equity | 19.8%+66.3pp | -46.4%-31.2pp | -15.2%-11.0pp | -4.2%+48.4pp | -52.6%-40.6pp | -12.0%-3.9pp | -8.1%+0.1pp | -8.3% |
| Return on Assets | 11.5%+35.9pp | -24.4%-11.3pp | -13.1%-9.3pp | -3.8%+35.9pp | -39.7%-29.2pp | -10.5%-3.3pp | -7.3%+0.0pp | -7.3% |
| Current Ratio | 15.50+6.8 | 8.73+1.0 | 7.76-5.4 | 13.17+2.7 | 10.50-1.7 | 12.23-0.9 | 13.15+1.3 | 11.81 |
| Debt-to-Equity | 0.73-0.2 | 0.89+0.7 | 0.14+0.0 | 0.11-0.2 | 0.32+0.2 | 0.14+0.0 | 0.12-0.0 | 0.13 |
| FCF Margin | -134.6%+184.5pp | -319.1%-59.3pp | -259.8%+207.2pp | -467.0%-99.6pp | -367.4%-182.1pp | -185.3%+114.0pp | -299.3%+12.0pp | -311.3% |
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Frequently Asked Questions
What is Ionq Inc's annual revenue?
Ionq Inc (IONQ) reported $130.0M in total revenue for fiscal year 2025. This represents a 201.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ionq Inc's revenue growing?
Ionq Inc (IONQ) revenue grew by 201.9% year-over-year, from $43.1M to $130.0M in fiscal year 2025.
Is Ionq Inc profitable?
No, Ionq Inc (IONQ) reported a net income of -$510.4M in fiscal year 2025, with a net profit margin of -392.6%.
What is Ionq Inc's EBITDA?
Ionq Inc (IONQ) had EBITDA of -$551.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ionq Inc's gross margin?
Ionq Inc (IONQ) had a gross margin of 40.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ionq Inc's operating margin?
Ionq Inc (IONQ) had an operating margin of -487.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ionq Inc's net profit margin?
Ionq Inc (IONQ) had a net profit margin of -392.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ionq Inc's return on equity (ROE)?
Ionq Inc (IONQ) has a return on equity of -13.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ionq Inc's free cash flow?
Ionq Inc (IONQ) generated -$299.6M in free cash flow during fiscal year 2025. This represents a -142.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ionq Inc's operating cash flow?
Ionq Inc (IONQ) generated -$283.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ionq Inc's total assets?
Ionq Inc (IONQ) had $6.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ionq Inc's capital expenditures?
Ionq Inc (IONQ) invested $16.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ionq Inc spend on research and development?
Ionq Inc (IONQ) invested $305.7M in research and development during fiscal year 2025.
What is Ionq Inc's current ratio?
Ionq Inc (IONQ) had a current ratio of 15.50 as of fiscal year 2025, which is generally considered healthy.
What is Ionq Inc's debt-to-equity ratio?
Ionq Inc (IONQ) had a debt-to-equity ratio of 0.73 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ionq Inc's return on assets (ROA)?
Ionq Inc (IONQ) had a return on assets of -7.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ionq Inc's cash runway?
Based on fiscal year 2025 data, Ionq Inc (IONQ) had $1.0B in cash against an annual operating cash burn of $283.2M. This gives an estimated cash runway of approximately 44 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Ionq Inc's Piotroski F-Score?
Ionq Inc (IONQ) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ionq Inc's earnings high quality?
Ionq Inc (IONQ) has an earnings quality ratio of 0.55x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ionq Inc cover its interest payments?
Ionq Inc (IONQ) has an interest coverage ratio of -11.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ionq Inc?
Ionq Inc (IONQ) scores 48 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.