IONQ

MKT CAP:$16B

IonQ, Inc.

Market Cap

$16B

Technology·Computer Hardware·🇺🇸 United States·NYSE

Technology·Computer Hardware·🇺🇸·NYSE

Stock Price

$43.63-$3.14 (-6.71%)

Apr 23, 2026

Company Details

IonQ, Inc. engages in the development of general-purpose quantum computing systems. It sells access to quantum computers with 20 qubits. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services'...

CEO

Niccolo Mcleod de Masi

IPO Date

Jan 4, 2021

Website

www.ionq.com

Key Metrics TTM

Revenue

$39M

+76.6% YoY

Net Income

-$162M

EPS (Diluted)

-$0.75

Free Cash Flow

-$160M

Revenue / Share

$0.17

Gross Margin

21.1%

Operating Margin

-592.4%

Net Margin

-415.9%

FCF Margin

-410.6%

P/S

400.7x

P/E

—

Earnings Reports

Q2 2025

May 6, 2026

PENDING

Q1 2025

May 7, 2025

$8M-0.2%EPS -$0.14

FY 2024

Feb 26, 2025

$43MEPS -$1.56

Q3 2024

Nov 6, 2024

$12M+102.1%EPS -$0.24

Q2 2024

Aug 7, 2024

$11M+106.4%EPS -$0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$125.0K	-$501.0K	-$7M
Q2 21	$93.0K	-$736.0K	-$10M
Q3 21	$233.0K	-$597.0K	-$11M
Q4 21	$2M	$345.0K	-$11M
Q1 22	$2M	$119.0K	-$18M
Q2 22	$3M	$415.0K	-$19M
Q3 22	$3M	$499.0K	-$25M
Q4 22	$4M	$2M	-$24M
Q1 23	$4M	$1M	-$28M
Q2 23	$6M	$1M	-$33M
Q3 23	$6M	$4M	-$42M
Q4 23	$6M	-$563.0K	-$54M
Q1 24	$8M	$4M	-$53M
Q2 24	$11M	$1M	-$49M
Q3 24	$12M	$6M	-$53M
Q1 25	$8M	-$3M	-$76M

Valuation

Quarter	P/S	P/E
Q1 21	124804.5x	—
Q2 21	71562.2x	—
Q3 21	34591.1x	—
Q4 21	7432.4x	—
Q1 22	3972.6x	—
Q2 22	2421.7x	—
Q3 22	1738.8x	—
Q4 22	1401.5x	—
Q1 23	1158.8x	—
Q2 23	953.0x	—
Q3 23	790.2x	—
Q4 23	707.8x	—
Q1 24	615.7x	—
Q2 24	499.9x	—
Q3 24	416.4x	—
Q1 25	400.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$12M	-$15M
Q4 21	-$5M	-$8M
Q1 22	-$8M	-$12M
Q2 22	-$9M	-$14M
Q3 22	-$13M	-$15M
Q4 22	-$15M	-$17M
Q1 23	-$14M	-$16M
Q2 23	-$16M	-$19M
Q3 23	-$22M	-$28M
Q4 23	-$27M	-$35M
Q1 24	-$20M	-$25M
Q2 24	-$27M	-$35M
Q3 24	-$19M	-$24M
Q4 24	-$39M	-$44M
Q1 25	-$33M	-$36M
Q2 25	-$53M	-$55M

Capital Expenditures

Quarter	CapEx
Q3 21	$3M
Q4 21	$3M
Q1 22	$3M
Q2 22	$5M
Q3 22	$2M
Q4 22	$2M
Q1 23	$2M
Q2 23	$3M
Q3 23	$6M
Q4 23	$9M
Q1 24	$5M
Q2 24	$9M
Q3 24	$5M
Q4 24	$5M
Q1 25	$3M
Q2 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	—	+114.7%
Q2 21	—	+169.1%
Q3 21	—	+200.8%
Q4 21	—	+153.0%
Q1 22	+1462.4%	+171.2%
Q2 22	+2704.3%	+113.6%
Q3 22	+1085.8%	+157.3%
Q4 22	+131.0%	+119.7%
Q1 23	+119.4%	+59.6%
Q2 23	+111.5%	+79.3%
Q3 23	+122.1%	+74.6%
Q4 23	+60.4%	+120.7%
Q1 24	+76.9%	+87.1%
Q2 24	+106.4%	+56.3%
Q3 24	+102.1%	+35.6%
Q1 25	+23.9%	+37.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$2M	882.0%
Q4 21	$2M	110.4%
Q1 22	$7M	341.6%
Q2 22	$6M	225.6%
Q3 22	$10M	362.1%
Q4 22	$9M	233.6%
Q1 23	$10M	239.6%
Q2 23	$11M	205.0%
Q3 23	$17M	276.7%
Q4 23	$31M	510.9%
Q1 24	$22M	291.0%
Q2 24	$21M	184.3%
Q3 24	$25M	198.1%
Q4 24	$39M	—
Q1 25	$33M	439.5%
Q2 25	$99M	—

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 21	$4M	$3M	$227.0K
Q2 21	$5M	$3M	$871.0K
Q3 21	$6M	$2M	$1M
Q4 21	$5M	$5M	$849.0K
Q1 22	$7M	$9M	$2M
Q2 22	$10M	$8M	$2M
Q3 22	$13M	$10M	$2M
Q4 22	$14M	$9M	$2M
Q1 23	$16M	$11M	$3M
Q2 23	$20M	$11M	$4M
Q3 23	$25M	$14M	$5M
Q4 23	$32M	$15M	$7M
Q1 24	$32M	$14M	$7M
Q2 24	$31M	$13M	$6M
Q3 24	$33M	$14M	$7M
Q1 25	$40M	$24M	$9M

Revenue by Geography

Quarter	Non-US	United States
Q2 24	$428.0K	$11M
Q3 24	$505.0K	$12M
Q1 25	$2M	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$87M	$329M	$416M
Q2 22	$44M	$379M	$423M
Q3 22	$57M	$348M	$406M
Q4 22	$44M	$311M	$356M
Q1 23	$52M	$336M	$388M
Q2 23	$14M	$362M	$376M
Q3 23	$37M	$347M	$384M
Q4 23	$36M	$320M	$355M
Q1 24	$60M	$315M	$375M
Q2 24	$42M	$328M	$370M
Q3 24	$30M	$272M	$302M
Q4 24	$54M	$286M	$340M
Q1 25	$160M	$429M	$588M
Q2 25	$140M	$403M	$543M
Q3 25	$346M	$736M	$1.1B
Q4 25	$1.0B	$1.4B	$2.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	192M	0.0%	+3611.0%
Q2 21	192M	0.0%	+3471.6%
Q3 21	192M	0.0%	0.0%
Q4 21	196M	+1.6%	+1.6%
Q1 22	196M	+0.3%	+1.9%
Q2 22	197M	+0.5%	+2.5%
Q3 22	198M	+0.6%	+3.0%
Q4 22	199M	+0.4%	+1.8%
Q1 23	200M	+0.5%	+2.0%
Q2 23	201M	+0.7%	+2.1%
Q3 23	203M	+1.0%	+2.6%
Q4 23	205M	+0.9%	+3.1%
Q1 24	208M	+1.4%	+4.0%
Q2 24	212M	+1.7%	+5.1%
Q3 24	214M	+1.3%	+5.4%
Q1 25	229M	+6.7%	+11.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$62.5K	2
Q2 21	$46.5K	2
Q3 21	$116.5K	2
Q4 21	$824.0K	2
Q1 22	$976.5K	2
Q2 22	$1M	2
Q3 22	$1M	2
Q4 22	$2M	2
Q1 23	$2M	2
Q2 23	$3M	2
Q3 23	$3M	2
Q4 23	$3M	2
Q1 24	$4M	2
Q2 24	$6M	2
Q3 24	$6M	2
Q1 25	$4M	2

Revenue / Employee