What is Quantumscape Corp's earnings per share (EPS)?

Quantumscape Corp (QS) reported diluted earnings per share of $-0.76 for fiscal year 2025. This represents a 19.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Quantumscape Corp Financials

Source SEC Filings (10-K/10-Q) Updated Apr 24, 2026 Currency USD FYE December

This page shows Quantumscape Corp (QS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).

Rhea AI QS FY2025 2026-04-24

QuantumScape’s visible mechanic is R&D-funded development sustained by a large liquidity cushion, not by revenue-backed operating cash.

In the latest year, cash burn moderated as operating cash outflow improved to -$242.5M from -$274.6M. Yet financing inflow of $312.8M still exceeded free cash outflow of -$278.8M, which means liquidity was preserved by external capital rather than by a business model already paying for its own buildout.

Solvency pressure is low: liabilities were only $139.2M against $1.31B of assets, so this is not a debt-heavy balance sheet. Current assets of $981.6M versus current liabilities of $61.5M suggest near-term obligations are manageable; the real operating question is how long liquid resources can absorb ongoing losses without leaning on lenders.

Spending is still overwhelmingly technical, not commercial: R&D ran at $375.6M while SG&A was $97.0M. Because the operating loss improved from -$525.2M to -$472.6M even with R&D staying elevated, and capital spending also eased, the cleaner result appears to come from tighter overhead and a lighter buildout phase, not from scale economics.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Quantumscape Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Quantumscape Corp carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 15.95, Quantumscape Corp holds $15.95 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Quantumscape Corp generates a -37.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -41.3% the prior year.

Piotroski F-Score Weak

3/9

Quantumscape Corp passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.56x

For every $1 of reported earnings, Quantumscape Corp generates $0.56 in operating cash flow (-$242.5M OCF vs -$435.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-231.8x

Quantumscape Corp earns $-231.8 in operating income for every $1 of interest expense (-$472.6M vs $2.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$407.0M

YoY+12.9%

Quantumscape Corp's EBITDA was -$407.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.9% from the prior year.

Net Income

-$435.1M

YoY+9.0%

Quantumscape Corp reported -$435.1M in net income in fiscal year 2025. This represents an increase of 9.0% from the prior year.

EPS (Diluted)

$-0.76

YoY+19.1%

Quantumscape Corp earned $-0.76 per diluted share (EPS) in fiscal year 2025. This represents an increase of 19.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$278.8M

YoY+17.2%

Quantumscape Corp generated -$278.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 17.2% from the prior year.

Cash & Debt

$230.5M

YoY+63.6%

5Y CAGR+15.3%

Quantumscape Corp held $230.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-37.2%

YoY+4.1pp

5Y CAGR+440.9pp

Quantumscape Corp's ROE was -37.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.1 percentage points from the prior year.

Capital Allocation

R&D Spending

$375.6M

YoY-1.9%

5Y CAGR+42.0%

Quantumscape Corp invested $375.6M in research and development in fiscal year 2025. This represents a decrease of 1.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$36.3M

YoY-41.7%

5Y CAGR+8.5%

Quantumscape Corp invested $36.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 41.7% from the prior year.

QS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$375.6M-1.9%	$383.0M+10.1%	$347.9M+17.0%	$297.4M+96.3%	$151.5M+132.7%	$65.1M
SG&A Expenses	$97.0M-31.8%	$142.2M+8.5%	$131.1M+6.4%	$123.2M+93.2%	$63.8M+300.6%	$15.9M
Operating Income	-$472.6M+10.0%	-$525.2M-9.6%	-$479.0M-13.9%	-$420.6M-95.4%	-$215.3M-165.7%	-$81.0M
Interest Expense	$2.0M-8.3%	$2.2M-6.4%	$2.4M-0.9%	$2.4M+69.1%	$1.4M-93.2%	$20.8M
Income Tax	$1.5M+674.0%	-$269K-1445.0%	$20K	$0	$0	$0
Net Income	-$435.1M+9.0%	-$477.9M-7.3%	-$445.1M-8.1%	-$411.9M-796.1%	-$46.0M+97.3%	-$1.7B
EPS (Diluted)	$-0.76+19.1%	$-0.94+2.1%	$-0.96-1.1%	$-0.95-82.7%	$-0.52+92.2%	$-6.67

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$84.6M	N/A	$92.1M-9.0%	$101.2M+5.8%	$95.6M	N/A	$97.0M-0.8%	$97.7M
SG&A Expenses	$24.6M	N/A	$22.9M+2.3%	$22.4M-19.9%	$28.0M	N/A	$33.2M-9.7%	$36.7M
Operating Income	-$109.2M	N/A	-$115.0M+7.0%	-$123.6M0.0%	-$123.6M	N/A	-$130.2M+3.2%	-$134.5M
Interest Expense	$478K	N/A	$503K-2.5%	$516K-2.3%	$528K	N/A	$550K-2.1%	$562K
Income Tax	$7K	N/A	$0	$0	$0	N/A	$0	$0
Net Income	-$100.8M	N/A	-$105.8M+7.7%	-$114.7M-0.2%	-$114.4M	N/A	-$119.6M+2.8%	-$123.0M
EPS (Diluted)	$-0.16	N/A	$-0.18+10.0%	$-0.20+4.8%	$-0.21	N/A	$-0.23+8.0%	$-0.25

QS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.3B-1.1%	$1.3B-12.0%	$1.5B+1.8%	$1.5B-14.0%	$1.7B+60.8%	$1.1B
Current Assets	$981.6M+6.4%	$922.3M-14.9%	$1.1B+1.0%	$1.1B-26.7%	$1.5B+45.0%	$1.0B
Cash & Equivalents	$230.5M+63.6%	$140.9M-1.2%	$142.5M-39.5%	$235.4M-26.6%	$320.7M+183.3%	$113.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$139.2M-15.4%	$164.5M+1.7%	$161.8M+3.8%	$155.9M+45.6%	$107.1M-85.0%	$713.3M
Current Liabilities	$61.5M-5.1%	$64.9M+13.6%	$57.1M+22.0%	$46.8M+52.9%	$30.6M+147.8%	$12.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B+1.0%	$1.2B-13.5%	$1.3B+1.6%	$1.3B-18.0%	$1.6B+356.8%	$351.8M
Retained Earnings	-$3.8B-13.0%	-$3.4B-16.6%	-$2.9B-18.3%	-$2.4B-20.4%	-$2.0B-2.3%	-$2.0B

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$1.2B-6.0%	$1.3B-2.6%	$1.3B+15.0%	$1.2B-7.2%	$1.3B-4.8%	$1.3B+4.0%	$1.3B-8.9%	$1.4B
Current Assets	$915.9M-6.7%	$981.6M-3.3%	$1.0B+26.0%	$806.2M-7.5%	$871.5M-5.5%	$922.3M+8.0%	$853.7M-12.3%	$973.5M
Cash & Equivalents	$145.1M-37.1%	$230.5M+2.1%	$225.8M+31.0%	$172.5M+12.3%	$153.6M+9.0%	$140.9M-19.4%	$174.7M-11.0%	$196.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$119.4M-14.2%	$139.2M+9.2%	$127.5M-11.2%	$143.6M-4.5%	$150.3M-8.7%	$164.5M+2.0%	$161.4M-24.8%	$214.7M
Current Liabilities	$43.8M-28.9%	$61.5M+28.1%	$48.0M-2.3%	$49.2M-6.0%	$52.3M-19.4%	$64.9M+6.9%	$60.7M-46.0%	$112.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.1B-5.1%	$1.2B-3.8%	$1.2B+18.6%	$1.0B-7.6%	$1.1B-4.3%	$1.2B+4.3%	$1.1B-5.9%	$1.2B
Retained Earnings	-$3.9B-2.7%	-$3.8B-2.7%	-$3.7B-2.9%	-$3.6B-3.3%	-$3.5B-3.4%	-$3.4B-3.5%	-$3.2B-3.8%	-$3.1B

QS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$242.5M+11.7%	-$274.6M-14.4%	-$240.0M-10.1%	-$218.0M-70.5%	-$127.9M-108.8%	-$61.3M
Capital Expenditures	$36.3M-41.7%	$62.2M-26.4%	$84.6M-46.7%	$158.8M+24.9%	$127.2M+427.9%	$24.1M
Free Cash Flow	-$278.8M+17.2%	-$336.8M-3.7%	-$324.6M+13.9%	-$376.9M-47.7%	-$255.1M-198.9%	-$85.4M
Investing Cash Flow	$14.9M-88.4%	$128.9M+184.5%	-$152.5M-222.9%	$124.1M+132.2%	-$385.8M+51.9%	-$802.6M
Financing Cash Flow	$312.8M+117.2%	$144.0M-52.0%	$300.2M+3391.7%	$8.6M-98.8%	$736.6M-22.8%	$953.7M
Dividends Paid	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

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$59.5M-6.0%	-$56.1M+11.9%	-$63.7M-3.1%	-$61.8M-1.8%	-$60.7M-3.6%	-$58.7M+36.8%	-$92.8M-42.4%	-$65.2M
Capital Expenditures	$10.0M-18.7%	$12.3M+24.5%	$9.9M+18.7%	$8.3M+42.4%	$5.8M-47.7%	$11.2M-38.1%	$18.0M-4.7%	$18.9M
Free Cash Flow	-$69.5M-1.6%	-$68.4M+7.0%	-$73.6M-4.9%	-$70.1M-5.4%	-$66.6M+4.6%	-$69.8M+37.0%	-$110.8M-31.8%	-$84.1M
Investing Cash Flow	-$25.7M-180.2%	$32.0M+120.5%	-$156.4M-302.4%	$77.3M+24.5%	$62.0M+156.9%	-$109.1M-264.9%	$66.1M+1.3%	$65.3M
Financing Cash Flow	-$256K-100.9%	$27.3M-89.9%	$270.6M+7677.0%	$3.5M-69.5%	$11.4M-91.5%	$133.9M+2584.8%	$5.0M+27.6%	$3.9M
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

QS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-37.2%+4.1pp	-41.3%-8.0pp	-33.3%-2.0pp	-31.3%-28.4pp	-2.9%+475.2pp	-478.1%
Return on Assets	-33.3%+2.9pp	-36.1%-6.5pp	-29.6%-1.7pp	-27.9%-25.2pp	-2.7%+155.0pp	-157.7%
Current Ratio	15.95+1.7	14.21-4.8	18.98-3.9	22.91-24.9	47.81-33.9	81.71
Debt-to-Equity	0.12-0.0	0.14+0.0	0.120.0	0.12+0.1	0.07-2.0	2.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-9.1%	N/A	-8.7%+2.5pp	-11.2%-0.9pp	-10.3%	N/A	-10.8%-0.4pp	-10.4%
Return on Assets	-8.2%	N/A	-7.9%+1.9pp	-9.8%-0.7pp	-9.1%	N/A	-9.4%-0.6pp	-8.8%
Current Ratio	20.93+5.0	15.95-5.2	21.14+4.7	16.40-0.3	16.66+2.4	14.21+0.1	14.07+5.4	8.66
Debt-to-Equity	0.11-0.0	0.12+0.0	0.10-0.0	0.140.0	0.140.0	0.140.0	0.15-0.0	0.18
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Quantumscape Corp profitable?

No, Quantumscape Corp (QS) reported a net income of -$435.1M in fiscal year 2025.

What is Quantumscape Corp's EBITDA?

Quantumscape Corp (QS) had EBITDA of -$407.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Quantumscape Corp's return on equity (ROE)?

Quantumscape Corp (QS) has a return on equity of -37.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Quantumscape Corp's free cash flow?

Quantumscape Corp (QS) generated -$278.8M in free cash flow during fiscal year 2025. This represents a 17.2% 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 Quantumscape Corp's operating cash flow?

Quantumscape Corp (QS) generated -$242.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Quantumscape Corp's total assets?

Quantumscape Corp (QS) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Quantumscape Corp's capital expenditures?

Quantumscape Corp (QS) invested $36.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Quantumscape Corp spend on research and development?

Quantumscape Corp (QS) invested $375.6M in research and development during fiscal year 2025.

What is Quantumscape Corp's current ratio?

Quantumscape Corp (QS) had a current ratio of 15.95 as of fiscal year 2025, which is generally considered healthy.

What is Quantumscape Corp's debt-to-equity ratio?

Quantumscape Corp (QS) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Quantumscape Corp's return on assets (ROA)?

Quantumscape Corp (QS) had a return on assets of -33.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Quantumscape Corp's cash runway?

Based on fiscal year 2025 data, Quantumscape Corp (QS) had $230.5M in cash against an annual operating cash burn of $242.5M. This gives an estimated cash runway of approximately 11 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 Quantumscape Corp's Piotroski F-Score?

Quantumscape Corp (QS) 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Quantumscape Corp's earnings high quality?

Quantumscape Corp (QS) has an earnings quality ratio of 0.56x, 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 Quantumscape Corp cover its interest payments?

Quantumscape Corp (QS) has an interest coverage ratio of -231.8x, 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 Quantumscape Corp?

Quantumscape Corp (QS) scores 33 out of 100 on our Financial Profile, indicating weak 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.