IonQ, Inc. (IONQ) financials
NYSE · Technology · Computer Hardware · 1,132 employees · CEO Niccolo Mcleod De Masi
- Price
- $30.04 -5.30%
- Market cap
- $12.9B
- Enterprise value
- $11.7B
- Last report
- Q2 '26 filed 2026-08-10
- Next report
- 2026-11-05 EPS est. -$0.34
Revenue (TTM)$246M+370.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-414.0%+259.7 pp vs a year agoOperating income -$1.02B
Net income (TTM)-$1.41B-205.0% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$484M-202.7% vs a year agoCapex $31.5M
Diluted EPS (TTM)-$4.66-131.8% vs a year agoSum of the last 4 quarters
Net cash$2.06B+293.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $12.9B EV $11.7B
- Revenue
- $246M Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- -573.6% Net income / revenue, TTM
- P/E
- -7.0×
- P/S
- 52.3× Price / sales, TTM
- EV / EBITDA
- 6.4× TTM
- Free cash flow
- -$484M Trailing 12 months
- Net income
- -$1.41B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2026-11-05 Revenue est. $141M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-05): revenue beat by 20.5%, EPS missed by 13.8%Revenue $80.1M vs $66.4M expected (+20.5%); EPS -$0.33 vs -$0.29 (-13.8%).
- Revenue growth slowing: 286.8% year on yearQ2 '26 revenue $80.1M, against an average of 371.6% over the four quarters before.
- Operating margin -414.0% (TTM), +259.7 pp on a year agoOperating income grew -189.2% while revenue grew 370.6%.
- Capex 12.8% of revenue (a year ago 29.8%)$31.5M invested in the last 4 quarters (+101.7% on a year earlier). Free cash flow -$484M.
- Diluted share count up 46.5% in a year368M diluted shares in Q2 '26, 251M a year earlier.
- Net cash $2.06BCash + short-term investments $2.12B, debt incl. leases $54.5M; a year ago net cash $524M.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $80.1M | $20.7M | +286.8% |
| Gross margin | 24.9% | 8.5% | +16.4 pp |
| Operating income | -$337M | -$146M | -130.2% |
| Operating margin | -421.3% | -707.9% | +286.6 pp |
| Net income | -$1.87B | -$177M | -956.2% |
| Diluted EPS | -$5.08 | -$0.70 | -625.7% |
| Operating cash flow | -$104M | -$52.6M | -97.4% |
| Capex | $10.2M | $2.28M | +347.2% |
| Free cash flow | -$114M | -$54.9M | -107.8% |
| R&D | $161M | $103M | +55.4% |
| Stock-based compensation | $142M | $99.2M | +43.0% |
Reported vs consensus
2026-08-05| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $80.1M | $66.4M | +20.5% |
| EPS (as estimated) | -$0.33 | -$0.29 | -13.8% |
From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $38.2M | +139.1% | 47.8% | – | – | |
| Non-US | $15.2M | +223.2% | 19.0% | – | – | |
| Korea, Republic Of | $17.8M | – | 22.2% | – | – | |
| SWITZERLAND | $8.84M | – | 11.0% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$452M
- Capex
- -$31.5M
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- -$31.8M
- Net debt issued
- $0
- Stock-based compensation
- $417M
- Free cash flow
- -$484M
- Returned to shareholders / FCF
- 0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -7.0× | – | – |
| EV / EBITDA | 6.4× | – | – |
| EV / Sales | 47.5× | 361.4× | 57.7× – 1,341.7× |
| Price / FCF | -26.7× | – | – |
| Price / Book | 3.3× | 7.7× | 1.2× – 23.2× |
| FCF yield | -3.8% | -3.5% | -8.4% – -1.1% |
| Return on invested capital | -15.5% | -21.9% | -48.9% – -6.1% |
| Return on equity | -39.3% | -31.8% | -86.4% – -8.5% |
Analysts
Consensus target $64.00 (+113.0%)
range $43.00 – $80.00 · rating Buy
Strong buy0
Buy8
Hold4
Sell0
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 256 figures IonQ, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $44.6M | $8.94M | +398.7% | $26.1M2025-12-31 | $5.23M | +399.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $106M | $19.1M | +454.1% | $66.5M2025-12-31 | $10.2M | +553.0% |
| Accounts Receivable, Allowance for Credit Loss | $0 | $0 | – | $02025-12-31 | $0 | – |
| Accretion (Amortization) of Discounts and Premiums, Investments | $2.16M2025-12-31 | $1.72M | +25.5% | $8.32M2025-12-31 | $8.8M | -5.5% |
| Accrued Liabilities, Current | $97M | $49.2M | +97.2% | $89.7M2025-12-31 | $16.8M | +433.7% |
| Accrued Professional Fees, Current | $10.3M | $19.2M | -46.2% | $18.6M2025-12-31 | $936K | +1,885.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $72.1M | $37.3M | +93.2% | $54.4M2025-12-31 | $27.6M | +96.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$54.3M | $4.07M | -1,432.6% | -$12.7M2025-12-31 | $157K | -8,170.7% |
| Additional Paid in Capital | $5.64B | $2.05B | +175.0% | $5.01B2025-12-31 | $1.07B | +369.0% |
| Amortization of Intangible Assets | $32.7M | $5.4M | +505.6% | $52.8M2025-12-31 | $5.6M | +842.9% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 114M | 33.4M | +240.8% | 61.8M2025-12-31 | 50.2M | +23.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $132M | $97.4M | +35.0% | $292M2025-12-31 | $106M | +176.2% |
| Assets | $6.78B | $1.35B | +403.4% | $6.57B2025-12-31 | $508M | +1,192.4% |
| Assets, Current | $2.41B | $626M | +285.0% | $2.59B2025-12-31 | $379M | +582.8% |
| Business Acquisition, Pro Forma Revenue | $81.9M | $39.4M | +108.0% | $189M2025-12-31 | $145M | +30.8% |
| Business Combination, Acquisition Related Costs | $10.5M | – | – | $36.5M2025-12-31 | – | – |
| Business Combination, Consideration Transferred | – | – | – | $2.66B2025-12-31 | – | – |
| Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | – | – | – | $2.54B2025-12-31 | – | – |
| Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | – | – | – | $59.8M2025-12-31 | – | – |
| Business Combination, Consideration Transferred, Liabilities Incurred | – | – | – | $4.4M2025-12-31 | – | – |
| Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $02025-09-30 | – | – | – | – | – |
| Capital Expenditures Incurred but Not yet Paid | $1.78M | $313K | +468.1% | $1.28M2025-12-31 | $1.06M | +20.6% |
| Cash and Cash Equivalents, at Carrying Value | $1.24B | $140M | +782.2% | $1.03B2025-12-31 | $54.4M | +1,795.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.24B | $144M | +766.3% | $1.04B2025-12-31 | $56.8M | +1,725.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $742M | -$18.8M | +4,036.4% | $981M2025-12-31 | $18.8M | +5,129.0% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.38 | $1.38 | 0.0% | $1.382025-12-31 | $1.38 | 0.0% |
| Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 8.3M2025-12-31 | 8.3M | 0.0% | 8.3M2025-12-31 | 8.3M | 0.0% |
| Common Stock, Capital Shares Reserved for Future Issuance | 144M2025-12-31 | 73.9M | +95.1% | 144M2025-12-31 | 73.9M | +95.1% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.002025-12-31 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 1B | 1B | 0.0% | 1B2025-12-31 | 1B | 0.0% |
| Common Stock, Shares, Issued | 381M | 270M | +41.3% | 222M2024-12-31 | 207M | +7.4% |
| Common Stock, Shares, Outstanding | 381M | 270M | +41.3% | 363M2025-12-31 | 222M | +63.4% |
| Common Stock, Value, Issued | $38K | $27K | +40.7% | $36K2025-12-31 | $22K | +63.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -$1.36M | -$105K | -1,197.1% | -$1.14M2025-12-31 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$1.87B | -$173M | -980.7% | -$523M2025-12-31 | -$330M | -58.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -$1.87B | -$173M | -980.8% | -$524M2025-12-31 | -$330M | -59.1% |
| Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | $60.1M | $8.33M | +621.9% | $77.5M2025-12-31 | $20.6M | +276.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $02025-12-31 | $0 | – |
| Current Foreign Tax Expense (Benefit) | – | – | – | $296K2025-12-31 | $59K | +401.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $296K2025-12-31 | $59K | +401.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $02025-12-31 | $0 | – |
| Debt Securities, Available-for-sale | $2.97B | $660M | +349.4% | $3.34B2025-12-31 | $366M | +812.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $42M | $3.98M | +953.3% | $02025-12-31 | $28.4M | -100.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $54K | $2K | +2,600.0% | $02025-12-31 | $60K | -100.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $1.5B | $362M | +314.5% | $915M2025-12-31 | $67.6M | +1,253.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $9.46M | $236K | +3,910.2% | $435K2025-12-31 | $111K | +291.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $847M | $113M | +651.0% | $951M2025-12-31 | $26M | +3,564.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $2.12B | $547M | +287.2% | $2.39B2025-12-31 | $340M | +603.1% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $1.54B | $366M | +321.4% | $915M2025-12-31 | $96M | +852.9% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $9.52M | $238K | +3,899.2% | $435K2025-12-31 | $171K | +154.4% |
| DebtSecuritiesAvailableForSaleAmortizedCostAfterAllowanceForCreditLoss | $2.98B | $660M | +350.8% | $3.34B2025-12-31 | $366M | +812.8% |
| DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedGain | $31K | $161K | -80.7% | $2.33M2025-12-31 | $341K | +584.5% |
| DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedLoss | $9.52M | $238K | +3,899.2% | $435K2025-12-31 | $171K | +154.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$33.6M2025-12-31 | $0 | – |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$6.26M2025-12-31 | $0 | – |
| Deferred Income Tax Expense (Benefit) | -$6.37M | -$15.3M | +58.4% | -$44.9M2025-12-31 | $0 | – |
| Deferred Income Tax Liabilities, Net | $76.5M | $3.55M | +2,053.3% | – | – | – |
| Deferred Revenue | $25.2M2025-09-30 | $8.39M | +200.8% | $10.7M2024-12-31 | $12.5M | -14.8% |
| Deferred Revenue, Additions | $7.44M2025-09-30 | -$5.08M | +246.5% | $10.1M2024-12-31 | $11.3M | -10.7% |
| Deferred Revenue, Current | $72.8M | $16.7M | +335.4% | $42.1M2025-12-31 | $10.7M | +294.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02