IonQ
IONQ · NYSEServices-Computer Integrated Systems Design · Fiscal year ends Dec 31
IonQ reported revenue of $130M in the fiscal year ended Dec 2025, up 201.9% from the year before. Operating income was −$634M, an operating margin of −487.4%, and net income was −$510M. Operating cash flow of −$283M less capital expenditure of $16M left free cash flow of −$300M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2M | $11M | $22M | $43M | $130M |
| Research & development | $20M | $44M | $92M | $137M | $306M |
| Operating income | −$39M | −$86M | −$158M | −$232M | −$634M |
| Net interest incomeBanks | $64,000 | $7M | $19M | $18M | $56M |
| Pre-tax income | −$106M | −$49M | −$158M | −$332M | −$557M |
| Income tax | $0 | $0 | $48,000 | $59,000 | −$45M |
| Net income | −$106M | −$49M | −$158M | −$332M | −$510M |
| Diluted EPS | −0.77 | −0.25 | −0.78 | −1.56 | −1.82 |
| Diluted shares | 138M | 198M | 203M | 213M | 280M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $399M | $44M | $36M | $54M | $1B |
| Receivables | $707,000 | $3M | $11M | $10M | $67M |
| Inventory | – | – | – | $0 | $10M |
| Current assets | $530M | $372M | $390M | $379M | $2.6B |
| Net PP&E | $19M | $26M | $38M | $53M | $120M |
| Goodwill | $0 | $742,000 | $742,000 | $10M | $2B |
| Total assets | $642M | $598M | $554M | $508M | $6.6B |
| Payables | $2M | $3M | $6M | $5M | $26M |
| Deferred revenue | $3M | $9M | $12M | $11M | $42M |
| Current liabilities | $10M | $20M | $37M | $36M | $167M |
| Total liabilities | $51M | $30M | $69M | $125M | $2.8B |
| Shareholders' equity | $591M | $568M | $485M | $384M | $3.8B |
| Backlog (remaining obligations) | $1M | – | – | $77M | $370M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$27M | −$45M | −$79M | −$106M | −$283M |
| Capital expenditure | $8M | $9M | $14M | $18M | $16M |
| Free cash flow | −$34M | −$54M | −$93M | −$124M | −$300M |
| Depreciation & amortisation | $3M | $6M | $10M | $19M | $82M |
| Stock-based compensation | $8M | $31M | $70M | $107M | $312M |
| Acquisitions | – | – | $0 | $15M | −$523,000 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 430.3% | 98.0% | 95.4% | 201.9% |
| Operating margin | −1843.1% | −770.3% | −715.7% | −539.7% | −487.4% |
| Net margin | −5058.9% | −435.8% | −715.8% | −770.0% | −392.6% |
| Return on equityBlank when equity is negative | −18.0% | −8.5% | −32.5% | −86.4% | −13.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −6.1% | −14.8% | −30.5% | −49.2% | −9.9% |
| Free cash flow margin | −1635.1% | −485.4% | −419.7% | −287.1% | −230.4% |
| Cash conversion (CFO ÷ net income) | 0.25x | 0.92x | 0.50x | 0.32x | 0.55x |
| Receivable days | 123 | 108 | 190 | 86 | 187 |
| Current ratio | 54.7x | 18.4x | 10.5x | 10.5x | 15.5x |
Recent filings
More in Services-Computer Integrated Systems Design
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.