IonQ (IONQ) Financials

$52.67 +4.67 (+9.73%)

Closing price 03:59 PM Eastern

Extended Trading

$48.81 -3.86 (-7.33%)

As of 06:53 PM Eastern

Annual Income Statements for IonQ

This table shows IonQ's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-15	-106	-49	-158	-332	-510
Consolidated Net Income / (Loss)	-15	-106	-49	-158	-332	-512
Net Income / (Loss) Continuing Operations	-15	-106	-49	-158	-332	-512
Total Pre-Tax Income	-15	-106	-49	-158	-332	-557
Total Operating Income	-16	-39	-86	-158	-232	-634
Total Gross Profit	0.00	2.10	11	14	22	130
Total Revenue	0.00	2.10	11	22	43	130
Operating Revenue	0.00	2.10	11	22	43	130
Total Cost of Revenue	0.00	0.00	0.00	8.11	21	0.00
Total Operating Expenses	16	41	97	172	255	764
Selling, General & Admin Expense	3.55	14	36	51	71	245
Marketing Expense	0.49	3.23	8.39	18	28	53
Research & Development Expense	10	20	44	92	137	306
Depreciation Expense	1.40	2.55	5.60	10	19	82
Other Operating Expenses / (Income)	0.14	1.04	2.94	-	-	77
Total Other Income / (Expense), net	0.31	-67	37	0.03	-99	77
Interest Expense	-	-0.06	-	-19	-18	-56
Other Income / (Expense), net	0.31	-68	30	-19	-117	21
Income Tax Expense	0.00	0.00	0.00	0.05	0.06	-45
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	0.00	0.00	-1.74
Basic Earnings per Share	($0.13)	($0.77)	($0.25)	($0.78)	($1.56)	($1.82)
Weighted Average Basic Shares Outstanding	115.05M	137.61M	197.73M	202.58M	213.03M	280.35M
Diluted Earnings per Share	($0.13)	($0.77)	($0.25)	($0.78)	($1.56)	($1.82)
Weighted Average Diluted Shares Outstanding	115.05M	137.61M	197.73M	202.58M	213.03M	280.35M
Weighted Average Basic & Diluted Shares Outstanding	115.05M	137.61M	201.55M	208.23M	222.84M	366.64M

This table shows IonQ's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-44	-45	-42	-40	-38	-52	-202	-32	-177	-1,055	754
Consolidated Net Income / (Loss)	-44	-45	-42	-40	-38	-52	-202	-32	-178	-1,056	753
Net Income / (Loss) Continuing Operations	-44	-45	-42	-40	-38	-52	-202	-32	-178	-1,056	753
Total Pre-Tax Income	-44	-45	-42	-40	-38	-52	-202	-32	-193	-1,060	728
Total Operating Income	-33	-42	-54	-53	-49	-53	-78	-76	-161	-169	-229
Total Gross Profit	5.52	6.14	6.11	7.58	11	5.89	12	7.57	21	19	83
Total Revenue	5.52	6.14	6.11	7.58	11	12	12	7.57	21	40	62
Operating Revenue	5.52	6.14	6.11	7.58	11	12	12	7.57	21	40	62
Total Cost of Revenue	0.00	0.00	-	0.00	0.00	6.52	-	0.00	0.00	21	-21
Total Operating Expenses	39	48	61	60	60	59	89	83	181	187	312
Selling, General & Admin Expense	11	14	15	14	13	14	30	24	48	83	91
Marketing Expense	3.58	5.05	6.98	6.70	6.14	6.63	8.93	8.61	11	14	20
Research & Development Expense	20	25	32	32	31	33	40	40	103	66	96
Depreciation Expense	2.33	2.75	3.51	3.96	4.31	4.89	5.50	6.56	11	24	41
Total Other Income / (Expense), net	-11	-2.58	13	13	11	0.66	-124	43	-32	-891	957
Other Income / (Expense), net	-16	-7.59	7.35	8.49	6.59	-3.85	-129	39	-39	-906	927
Income Tax Expense	0.00	0.04	0.01	0.01	0.02	0.02	0.02	0.01	-15	-4.44	-25
Basic Earnings per Share	($0.22)	($0.22)	($0.20)	($0.19)	($0.18)	($0.24)	($0.95)	($0.14)	($0.70)	($3.58)	$2.60
Weighted Average Basic Shares Outstanding	201.43M	203.39M	202.58M	208.16M	211.64M	214.31M	213.03M	228.76M	250.97M	294.52M	280.35M
Diluted Earnings per Share	($0.22)	($0.22)	($0.20)	($0.19)	($0.18)	($0.24)	($0.95)	($0.14)	($0.70)	($3.58)	$2.60
Weighted Average Diluted Shares Outstanding	201.43M	203.39M	202.58M	208.16M	211.64M	214.31M	213.03M	228.76M	250.97M	294.52M	280.35M
Weighted Average Basic & Diluted Shares Outstanding	202.60M	204.70M	208.23M	211.45M	214.08M	216.39M	222.84M	247.78M	296.84M	354.28M	366.64M

This table details how cash moves in and out of IonQ's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-23	363	-353	-8.29	19	981
Net Cash From Operating Activities	-12	-27	-45	-79	-106	-283
Net Cash From Continuing Operating Activities	-12	-27	-45	-79	-106	-283
Net Income / (Loss) Continuing Operations	-15	-106	-49	-158	-332	-512
Consolidated Net Income / (Loss)	-15	-106	-49	-158	-332	-512
Depreciation Expense	1.40	2.55	5.60	10	19	82
Amortization Expense	0.04	0.53	-1.58	-9.75	-8.80	-8.32
Non-Cash Adjustments To Reconcile Net Income	1.30	77	2.28	91	229	309
Changes in Operating Assets and Liabilities, net	0.68	-0.20	-2.50	-13	-13	-154
Net Cash From Investing Activities	-12	-214	-309	69	83	-2,095
Net Cash From Continuing Investing Activities	-12	-214	-309	69	83	-2,095
Purchase of Property, Plant & Equipment	-11	-9.40	-12	-14	-18	-16
Acquisitions	-0.51	-0.62	-1.90	0.00	-15	0.52
Purchase of Investments	0.00	-204	-606	-298	-296	-2,758
Sale and/or Maturity of Investments	-	0.00	310	387	418	683
Other Investing Activities, net	-	-	-	-5.85	-5.58	-4.22
Net Cash From Financing Activities	0.28	603	1.10	1.76	42	3,359
Net Cash From Continuing Financing Activities	0.28	603	1.10	1.76	42	3,359
Repayment of Debt	-	-	0.02	-0.23	0.24	7.88
Repurchase of Preferred Equity	0.00	-0.97	0.00	0.00	0.00	0.00
Issuance of Common Equity	-	-	-	0.00	0.00	3,313
Other Financing Activities, net	0.28	604	1.08	1.99	41	38
Effect of Exchange Rate Changes	-	-	0.00	-0.00	0.03	0.58

This table details how cash moves in and out of IonQ's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-38	23	-1.47	24	-18	-12	24	106	-19	209	685
Net Cash From Operating Activities	-16	-22	-27	-20	-27	-19	-39	-33	-53	-123	-75
Net Cash From Continuing Operating Activities	-16	-22	-27	-20	-27	-19	-39	-33	-53	-123	-75
Net Income / (Loss) Continuing Operations	-44	-45	-42	-40	-38	-52	-202	-32	-178	-1,056	753
Consolidated Net Income / (Loss)	-44	-45	-42	-40	-38	-52	-202	-32	-178	-1,056	753
Depreciation Expense	2.33	2.75	3.51	3.96	4.31	4.89	5.50	6.56	11	24	41
Amortization Expense	-2.68	-2.69	-2.46	-2.30	-2.49	-2.30	-1.72	-1.41	-2.13	-2.63	-2.16
Non-Cash Adjustments To Reconcile Net Income	27	25	24	14	16	31	169	-4.42	139	959	-785
Changes in Operating Assets and Liabilities, net	0.62	-2.57	-9.95	3.10	-6.40	0.12	-10	-1.51	-23	-48	-82
Net Cash From Investing Activities	-22	46	24	44	8.30	6.54	24	-230	29	-673	-1,221
Net Cash From Continuing Investing Activities	-22	46	24	44	8.30	6.54	24	-230	29	-673	-1,221
Purchase of Property, Plant & Equipment	-2.33	-5.32	-8.58	-4.54	-8.22	-4.71	-4.43	-3.34	-2.05	-5.20	-5.83
Acquisitions	-0.31	-0.43	-0.23	-0.36	-0.54	-0.31	-16	-0.22	29	-41	14
Purchase of Investments	-121	-45	-68	-67	-79	-95	-55	-321	-115	-817	-1,505
Sale and/or Maturity of Investments	101	96	101	115	97	107	100	94	117	197	275
Other Investing Activities, net	-	-	-	-	-	-	-	-	-	-	1.08
Net Cash From Financing Activities	0.51	0.24	0.98	1.36	-0.03	1.09	39	369	4.12	1,005	1,981
Net Cash From Continuing Financing Activities	0.49	0.24	0.98	1.36	-0.03	1.09	39	369	4.12	1,005	1,981
Repayment of Debt	-	0.01	-0.24	0.00	-	0.00	0.09	0.00	-	0.99	6.90
Issuance of Common Equity	-	-	-	-	-	-	-	362	-4.05	1,000	1,954
Other Financing Activities, net	0.49	0.23	1.22	1.36	-0.17	1.09	39	6.43	8.17	3.57	20
Effect of Exchange Rate Changes	-	0.00	-0.01	0.00	-	-	0.02	-	-	-0.02	0.21

This table presents IonQ's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	60	642	598	554	508	6,570
Total Current Assets	39	530	372	390	379	2,586
Cash & Equivalents	36	399	44	36	54	1,031
Short-Term Investments	-	123	311	320	286	1,361
Accounts Receivable	0.39	0.71	3.29	11	10	67
Prepaid Expenses	2.07	6.44	13	23	28	128
Plant, Property, & Equipment, net	12	19	26	38	53	120
Total Noncurrent Assets	9.91	94	200	126	77	3,864
Long-Term Investments	-	80	182	100	24	945
Goodwill	-	0.00	0.74	0.74	9.90	1,964
Intangible Assets	2.69	5.84	8.94	15	29	767
Other Noncurrent Operating Assets	7.22	7.59	8.66	9.77	14	188
Total Liabilities & Shareholders' Equity	60	642	598	554	508	6,570
Total Liabilities	6.78	51	30	69	125	2,757
Total Current Liabilities	1.88	9.69	20	37	36	167
Accounts Payable	0.54	1.88	3.06	5.60	5.23	26
Accrued Expenses	0.61	2.65	6.66	18	17	90
Current Deferred Revenue	0.24	3.43	8.73	12	11	42
Other Current Liabilities	0.50	1.73	1.72	1.10	3.37	8.85
Total Noncurrent Liabilities	4.89	41	9.62	31	88	2,590
Noncurrent Deferred Revenue	1.12	1.53	1.20	0.45	0.00	1.92
Other Noncurrent Operating Liabilities	3.78	40	8.42	31	88	2,588
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	54	591	568	485	384	3,814
Total Preferred & Common Equity	54	591	568	485	384	3,800
Total Common Equity	54	591	568	485	384	3,800
Common Stock	93	737	770	839	1,067	5,006
Retained Earnings	-40	-146	-194	-352	-684	-1,194
Accumulated Other Comprehensive Income / (Loss)	-	-0.15	-7.36	-1.97	0.16	-13
Noncontrolling Interest	-	-	-	-	0.00	14

This table presents IonQ's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	607	588	577	565	544	517	498	850	1,347	4,319
Total Current Assets	417	402	391	404	410	405	395	637	626	1,215
Cash & Equivalents	57	52	14	37	60	42	30	160	140	346
Short-Term Investments	348	336	362	347	315	328	336	429	407	736
Accounts Receivable	2.88	1.84	2.43	3.03	9.56	7.89	4.14	9.47	19	37
Prepaid Expenses	8.13	13	13	17	25	27	26	39	60	96
Plant, Property, & Equipment, net	25	26	29	35	42	48	49	52	59	120
Total Noncurrent Assets	165	159	156	126	92	65	53	161	662	2,984
Long-Term Investments	150	138	134	101	59	32	17	109	110	403
Goodwill	-	0.74	0.74	0.74	0.73	0.72	0.73	11	371	1,866
Intangible Assets	7.60	10	12	13	17	17	17	28	143	656
Other Noncurrent Operating Assets	7.14	11	11	11	15	15	18	14	38	60
Total Liabilities & Shareholders' Equity	607	588	577	565	544	517	498	850	1,347	4,319
Total Liabilities	31	36	54	67	64	54	62	85	168	2,032
Total Current Liabilities	20	21	24	29	35	31	32	48	81	139
Accounts Payable	5.04	3.60	4.56	6.41	5.85	6.32	4.85	8.75	8.94	17
Accrued Expenses	8.18	9.41	9.25	16	11	8.93	16	24	49	92
Current Deferred Revenue	4.70	6.29	8.43	5.22	17	14	8.33	12	17	22
Other Current Liabilities	1.71	1.56	1.39	1.27	1.57	1.87	3.48	3.97	5.53	8.60
Total Noncurrent Liabilities	11	15	30	38	29	23	30	37	88	1,892
Noncurrent Deferred Revenue	0.74	0.95	0.71	0.46	0.18	0.12	0.06	0.00	2.77	3.38
Other Noncurrent Operating Liabilities	11	14	29	38	29	23	30	37	85	1,889
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	576	552	523	498	480	463	436	765	1,178	2,288
Total Preferred & Common Equity	576	552	523	498	480	463	436	765	1,162	2,273
Total Common Equity	576	552	523	498	480	463	436	765	1,162	2,273
Common Stock	760	779	795	813	873	894	917	1,481	2,050	4,238
Retained Earnings	-176	-222	-265	-310	-392	-429	-482	-716	-893	-1,948
Accumulated Other Comprehensive Income / (Loss)	-9.12	-5.43	-6.09	-4.79	-1.72	-1.32	0.34	-0.01	4.07	-17
Noncontrolling Interest	-	-	-	-	-	-	-	-	17	14

This table displays calculated financial ratios and metrics derived from IonQ's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	430.30%	98.02%	95.41%	201.85%
EBITDA Growth	0.00%	-637.69%	50.01%	-242.04%	-92.72%	-58.54%
EBIT Growth	0.00%	-588.86%	47.67%	-218.40%	-97.60%	-75.14%
NOPAT Growth	0.00%	-145.90%	-121.64%	-83.98%	-47.35%	-172.62%
Net Income Growth	0.00%	-588.45%	54.32%	-225.23%	-110.21%	-54.42%
EPS Growth	0.00%	-492.31%	67.53%	-212.00%	-100.00%	-16.67%
Operating Cash Flow Growth	0.00%	-121.01%	-68.44%	-76.32%	-34.10%	-167.96%
Free Cash Flow Firm Growth	0.00%	0.00%	-5,601.50%	-7.17%	-40.89%	-485.93%
Invested Capital Growth	0.00%	-164.54%	368.00%	-4.44%	-31.09%	2,281.13%
Revenue Q/Q Growth	0.00%	0.00%	24.06%	11.64%	14.96%	62.85%
EBITDA Q/Q Growth	0.00%	0.00%	49.81%	-16.05%	-85.07%	63.55%
EBIT Q/Q Growth	0.00%	0.00%	48.49%	-16.66%	-83.33%	59.63%
NOPAT Q/Q Growth	0.00%	0.00%	-17.52%	-24.29%	-11.01%	-31.32%
Net Income Q/Q Growth	0.00%	0.00%	53.33%	-17.29%	-93.32%	65.10%
EPS Q/Q Growth	0.00%	0.00%	62.12%	-14.71%	-92.59%	66.11%
Operating Cash Flow Q/Q Growth	0.00%	-3.92%	-29.67%	-17.46%	-13.78%	-14.14%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-32.38%	17.39%	17.22%
Invested Capital Q/Q Growth	0.00%	0.00%	53.27%	117.04%	-62.10%	-40.60%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	0.00%	-4,915.39%	-463.36%	-800.36%	-789.33%	-414.57%
Operating Margin	0.00%	-1,843.12%	-770.34%	-715.70%	-539.68%	-487.41%
EBIT Margin	0.00%	-5,061.93%	-499.54%	-803.22%	-812.20%	-471.24%
Profit (Net Income) Margin	0.00%	-5,058.89%	-435.82%	-715.77%	-769.96%	-393.89%
Tax Burden Percent	100.00%	100.00%	100.00%	100.03%	100.02%	91.99%
Interest Burden Percent	100.00%	99.94%	87.24%	89.09%	94.78%	90.86%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-868.67%	-629.66%	-371.33%	-662.91%	-178.54%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-843.90%	-631.68%	-361.80%	-621.70%	-174.84%
Return on Net Nonoperating Assets (RNNOA)	0.00%	835.74%	621.29%	341.37%	586.57%	154.14%
Return on Equity (ROE)	-28.72%	-32.93%	-8.37%	-29.96%	-76.34%	-24.40%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-334.67%	-366.79%	-626.10%	-362.42%
Operating Return on Assets (OROA)	0.00%	-30.25%	-8.97%	-30.75%	-65.88%	-17.31%
Return on Assets (ROA)	0.00%	-30.23%	-7.82%	-27.40%	-62.46%	-14.47%
Return on Common Equity (ROCE)	-28.72%	-32.93%	-8.37%	-29.96%	-76.34%	-24.32%
Return on Equity Simple (ROE_SIMPLE)	-28.72%	-17.96%	-8.54%	-32.53%	-86.40%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-27	-60	-110	-163	-444
NOPAT Margin	0.00%	-1,290.18%	-539.23%	-500.99%	-377.77%	-341.19%
Net Nonoperating Expense Percent (NNEP)	-12.21%	-24.77%	2.02%	-9.53%	-41.21%	-3.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-10.56%	-22.77%	-42.39%	-11.63%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	654.45%	323.12%	230.12%	164.96%	188.51%
R&D to Revenue	0.00%	963.70%	395.09%	418.84%	317.66%	235.13%
Operating Expenses to Revenue	0.00%	1,943.12%	870.34%	815.70%	639.68%	587.41%
Earnings before Interest and Taxes (EBIT)	-15	-106	-56	-177	-350	-613
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-14	-103	-52	-176	-340	-539
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	5.44	1.21	5.23	23.55	4.18
Price to Tangible Book Value (P/TBV)	0.00	5.49	1.24	5.41	26.24	14.88
Price to Revenue (P/Rev)	0.00	1,531.46	61.98	115.07	209.85	122.27
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	5.00	71.58	433.14	26.37
Enterprise Value to Revenue (EV/Rev)	0.00	1,244.38	13.66	94.38	201.40	96.71
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	1,411.79	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.67	-0.99	-0.98	-0.94	-0.94	-0.88
Leverage Ratio	1.13	1.09	1.07	1.09	1.22	1.69
Compound Leverage Factor	1.13	1.09	0.93	0.97	1.16	1.53
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.37%
Common Equity to Total Capital	99.99%	100.00%	100.00%	100.00%	100.00%	99.63%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	38.08	13.86	21.05	40.29	3.36
Noncontrolling Interest Sharing Ratio	0.01%	0.00%	0.00%	0.00%	0.00%	0.34%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	20.51	54.65	18.43	10.49	10.50	15.50
Quick Ratio	19.41	53.99	17.81	9.87	9.71	14.74
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	1.85	-102	-109	-154	-900
Operating Cash Flow to CapEx	-107.56%	-282.19%	-388.17%	-431.58%	-482.64%	-1,724.96%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.01	0.02	0.04	0.08	0.04
Accounts Receivable Turnover	0.00	3.83	5.57	2.99	3.98	3.39
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.14	0.50	0.69	0.95	1.50
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	95.38	65.57	122.20	91.75	107.69
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	95.38	65.57	122.20	91.75	107.69
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	18	-11	30	29	20	477
Invested Capital Turnover	0.00	0.67	1.17	0.74	1.75	0.52
Increase / (Decrease) in Invested Capital	0.00	-29	42	-1.35	-9.04	457
Enterprise Value (EV)	0.00	2,612	152	2,080	8,675	12,574
Market Capitalization	0.00	3,215	690	2,536	9,039	15,897
Book Value per Share	$1.42	$3.07	$2.84	$2.37	$1.77	$10.72
Tangible Book Value per Share	$1.35	$3.04	$2.79	$2.29	$1.59	$3.02
Total Capital	54	591	568	485	384	3,814
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-36	-603	-538	-456	-364	-3,337
Capital Expenditures (CapEx)	11	9.40	12	18	22	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.58	-2.54	-4.33	-2.62	2.43	27
Debt-free Net Working Capital (DFNWC)	37	520	351	353	343	2,420
Net Working Capital (NWC)	37	520	351	353	343	2,420
Net Nonoperating Expense (NNE)	4.41	79	-12	47	169	69
Net Nonoperating Obligations (NNO)	-36	-603	-538	-456	-364	-3,337
Total Depreciation and Amortization (D&A)	1.44	3.08	4.03	0.63	9.85	74
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-121.11%	-38.89%	-11.87%	5.64%	21.12%
Debt-free Net Working Capital to Revenue	0.00%	24,770.18%	3,157.56%	1,600.69%	795.67%	1,861.01%
Net Working Capital to Revenue	0.00%	24,770.18%	3,157.56%	1,600.69%	795.67%	1,861.01%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.77)	($0.25)	($0.78)	($1.56)	($1.82)
Adjusted Weighted Average Basic Shares Outstanding	0.00	197.67M	197.73M	202.58M	213.03M	280.35M
Adjusted Diluted Earnings per Share	$0.00	($0.77)	($0.25)	($0.78)	($1.56)	($1.82)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	197.67M	197.73M	202.58M	213.03M	280.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.77)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	137.61M	201.55M	208.23M	222.84M	366.64M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-27	-60	-110	-163	-444
Normalized NOPAT Margin	0.00%	-1,290.18%	-539.23%	-500.99%	-377.77%	-341.19%
Pre Tax Income Margin	0.00%	-5,058.89%	-435.82%	-715.56%	-769.83%	-428.17%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from IonQ's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	111.46%	122.08%	60.39%	76.94%	106.36%	102.09%	91.78%	-0.21%	81.83%	221.50%	428.52%
EBITDA Growth	-3,247.74%	-98.88%	-112.71%	-34.82%	17.20%	-9.40%	-339.33%	25.15%	-372.41%	-1,835.64%	464.43%
EBIT Growth	-1,568.21%	-91.15%	-115.93%	-40.59%	12.86%	-14.48%	-337.60%	16.33%	-372.14%	-1,785.46%	439.06%
NOPAT Growth	-74.82%	-69.38%	-130.49%	-88.69%	-47.91%	-25.93%	-42.34%	-43.13%	-228.13%	-217.71%	-335.82%
Net Income Growth	-2,543.17%	-86.84%	-124.72%	-44.82%	14.08%	-17.15%	-382.05%	18.54%	-372.64%	-1,910.84%	472.91%
EPS Growth	-2,100.00%	-83.33%	-100.00%	-35.71%	18.18%	-9.09%	-375.00%	26.32%	-288.89%	-1,391.67%	373.68%
Operating Cash Flow Growth	-86.94%	-73.30%	-78.57%	-48.14%	-65.23%	13.77%	-48.06%	-61.37%	-97.80%	-540.66%	-88.98%
Free Cash Flow Firm Growth	-107.52%	65.50%	36.94%	-29.57%	-413.67%	-232.03%	-22.99%	-35.83%	-602.95%	-1,032.69%	-1,433.31%
Invested Capital Growth	-34.18%	-32.52%	-4.44%	69.62%	336.56%	294.61%	-31.09%	49.80%	751.38%	1,419.30%	2,281.13%
Revenue Q/Q Growth	28.70%	11.26%	-0.49%	24.17%	50.11%	8.95%	-5.56%	-35.39%	173.51%	92.65%	55.25%
EBITDA Q/Q Growth	-54.43%	-1.59%	7.38%	7.22%	5.16%	-34.22%	-271.96%	84.19%	-498.62%	-449.97%	170.03%
EBIT Q/Q Growth	-53.93%	-2.44%	5.38%	5.77%	4.59%	-34.57%	-261.69%	81.98%	-438.42%	-437.41%	165.04%
NOPAT Q/Q Growth	-18.08%	-27.52%	-29.04%	2.89%	7.44%	-8.57%	-45.86%	2.35%	-112.20%	-5.12%	-100.09%
Net Income Q/Q Growth	-59.92%	-2.50%	6.49%	5.52%	5.13%	-39.76%	-284.79%	84.03%	-450.45%	-494.61%	171.36%
EPS Q/Q Growth	-57.14%	0.00%	9.09%	5.00%	5.26%	-33.33%	-295.83%	85.26%	-400.00%	-411.43%	172.63%
Operating Cash Flow Q/Q Growth	-16.44%	-38.51%	-19.52%	23.15%	-29.88%	27.72%	-105.24%	16.24%	-59.19%	-134.10%	39.46%
Free Cash Flow Firm Q/Q Growth	63.03%	-45.45%	-59.27%	-51.28%	-46.57%	5.98%	41.01%	-67.08%	-658.54%	-51.50%	20.14%
Invested Capital Q/Q Growth	-47.45%	-4.64%	117.04%	55.96%	35.25%	-13.81%	-62.10%	239.03%	668.69%	53.82%	-40.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	46.69%	134.34%
EBITDA Margin	-887.47%	-810.37%	-754.26%	-563.57%	-356.09%	-438.69%	-1,727.87%	-422.71%	-925.16%	-2,641.18%	1,191.40%
Operating Margin	-599.98%	-687.65%	-891.71%	-697.39%	-430.02%	-428.51%	-661.85%	-1,000.25%	-776.03%	-423.45%	-369.42%
EBIT Margin	-881.14%	-811.26%	-771.41%	-585.37%	-372.09%	-459.58%	-1,760.20%	-490.80%	-966.16%	-2,695.25%	1,129.21%
Profit (Net Income) Margin	-792.71%	-730.30%	-686.28%	-522.18%	-330.03%	-423.35%	-1,725.00%	-426.28%	-857.88%	-2,647.90%	1,217.12%
Tax Burden Percent	100.00%	100.09%	100.02%	100.02%	100.04%	100.03%	100.01%	100.04%	92.08%	99.58%	103.42%
Interest Burden Percent	89.96%	89.94%	88.95%	89.19%	88.66%	92.09%	97.99%	86.82%	96.43%	98.66%	104.23%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.42%
Return on Invested Capital (ROIC)	-388.67%	-571.91%	-462.65%	-343.35%	-249.33%	-339.38%	-812.99%	-532.50%	-97.55%	-55.31%	-199.91%
ROIC Less NNEP Spread (ROIC-NNEP)	-384.87%	-568.97%	-461.89%	-342.82%	-248.60%	-335.85%	-776.94%	-536.16%	-85.25%	45.07%	-253.40%
Return on Net Nonoperating Assets (RNNOA)	372.66%	551.37%	435.81%	318.88%	229.61%	312.04%	733.04%	487.39%	54.96%	-30.91%	223.40%
Return on Equity (ROE)	-16.01%	-20.54%	-26.85%	-24.47%	-19.71%	-27.34%	-79.94%	-45.11%	-42.59%	-86.22%	23.49%
Cash Return on Invested Capital (CROIC)	-392.67%	-495.87%	-366.79%	-406.45%	-494.19%	-561.75%	-626.10%	-355.48%	-246.03%	-254.26%	-362.42%
Operating Return on Assets (OROA)	-24.16%	-27.33%	-29.53%	-26.21%	-21.22%	-32.39%	-142.79%	-30.32%	-54.29%	-89.34%	41.48%
Return on Assets (ROA)	-21.74%	-24.61%	-26.27%	-23.38%	-18.82%	-29.84%	-139.93%	-26.33%	-48.20%	-87.77%	44.71%
Return on Common Equity (ROCE)	-16.01%	-20.54%	-26.85%	-24.47%	-19.71%	-27.34%	-79.94%	-45.11%	-42.15%	-85.76%	23.41%
Return on Equity Simple (ROE_SIMPLE)	-21.73%	-26.98%	0.00%	-35.44%	-35.37%	-39.38%	0.00%	-42.39%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-23	-30	-38	-37	-34	-37	-54	-53	-112	-118	-236
NOPAT Margin	-419.99%	-481.35%	-624.20%	-488.17%	-301.02%	-299.96%	-463.30%	-700.18%	-543.22%	-296.42%	-382.03%
Net Nonoperating Expense Percent (NNEP)	-3.80%	-2.94%	-0.76%	-0.54%	-0.72%	-3.53%	-36.05%	3.66%	-12.30%	-100.38%	53.49%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-7.86%	-	-	-	-14.13%	-6.92%	-9.54%	-5.17%	-6.20%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	53.31%	-34.34%
SG&A Expenses to Revenue	198.19%	226.97%	250.31%	184.91%	114.69%	115.50%	253.29%	314.64%	232.47%	206.96%	146.50%
R&D to Revenue	360.27%	400.90%	517.85%	426.91%	274.18%	267.56%	342.25%	528.06%	499.46%	166.30%	155.27%
Operating Expenses to Revenue	699.98%	787.65%	991.71%	797.39%	530.02%	528.51%	761.85%	1,100.25%	876.03%	470.14%	503.76%
Earnings before Interest and Taxes (EBIT)	-49	-50	-47	-44	-42	-57	-206	-37	-200	-1,074	699
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-49	-50	-46	-43	-41	-54	-202	-32	-191	-1,053	737
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.20	6.05	5.23	4.34	3.21	4.29	23.55	6.43	9.17	8.03	4.18
Price to Tangible Book Value (P/TBV)	5.32	6.22	5.41	4.50	3.34	4.48	26.24	6.77	16.44	0.00	14.88
Price to Revenue (P/Rev)	166.15	152.69	115.07	82.10	47.64	49.94	209.85	114.22	203.31	228.66	122.27
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	157.42	188.90	71.58	36.31	17.69	28.16	433.14	62.16	19.17	20.91	26.37
Enterprise Value to Revenue (EV/Rev)	135.05	128.12	94.38	64.95	34.76	39.72	201.40	98.03	191.09	210.24	96.71
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.97	-0.97	-0.94	-0.93	-0.92	-0.93	-0.94	-0.91	-0.64	-0.69	-0.88
Leverage Ratio	1.07	1.09	1.09	1.10	1.11	1.14	1.22	1.12	1.14	1.77	1.69
Compound Leverage Factor	0.96	0.98	0.97	0.98	0.98	1.05	1.20	0.97	1.09	1.75	1.76
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.43%	0.63%	0.37%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	98.57%	99.37%	99.63%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	30.31	26.82	21.82	19.07	15.96	17.26	41.22	34.26	37.10	4.26	4.02
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.02%	0.53%	0.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	16.56	14.12	10.49	11.81	13.15	12.23	10.50	13.17	7.76	8.73	15.50
Quick Ratio	16.00	13.53	9.87	11.09	12.27	11.44	9.71	12.36	7.02	8.04	14.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-16	-23	-37	-56	-82	-77	-45	-76	-573	-868	-693
Operating Cash Flow to CapEx	-689.50%	-419.03%	-310.26%	-450.77%	-323.42%	-408.31%	-889.22%	-988.18%	-2,570.86%	-2,365.97%	-1,278.48%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.03	0.04	0.04	0.06	0.07	0.08	0.06	0.06	0.03	0.04
Accounts Receivable Turnover	7.78	6.68	2.99	4.45	6.05	10.45	3.98	4.53	3.88	3.89	3.39
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.61	0.65	0.69	0.74	0.81	0.88	0.95	0.92	0.98	0.94	1.50
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.35	0.00
Days Sales Outstanding (DSO)	46.93	54.62	122.20	82.06	60.36	34.92	91.75	80.65	94.11	93.84	107.69
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	270.25	0.00
Cash Conversion Cycle (CCC)	46.93	54.62	122.20	82.06	60.36	34.92	91.75	80.65	94.11	-176.41	107.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14	13	29	45	61	53	20	68	522	803	477
Invested Capital Turnover	0.93	1.19	0.74	0.70	0.83	1.13	1.75	0.76	0.18	0.19	0.52
Increase / (Decrease) in Invested Capital	-7.29	-6.45	-1.35	19	47	39	-9.04	23	461	750	457
Enterprise Value (EV)	2,211	2,530	2,080	1,646	1,085	1,488	8,675	4,221	10,007	16,785	12,574
Market Capitalization	2,720	3,015	2,536	2,080	1,487	1,871	9,039	4,918	10,647	18,256	15,897
Book Value per Share	$2.60	$2.46	$2.37	$2.30	$2.19	$2.04	$1.77	$3.43	$4.69	$7.66	$10.72
Tangible Book Value per Share	$2.54	$2.39	$2.29	$2.22	$2.11	$1.95	$1.59	$3.26	$2.61	($0.84)	$3.02
Total Capital	523	498	485	480	463	436	384	765	1,178	2,288	3,814
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-509	-485	-456	-434	-402	-383	-364	-697	-657	-1,485	-3,337
Capital Expenditures (CapEx)	2.33	5.32	8.58	4.54	8.22	4.71	4.43	3.34	2.05	5.20	5.83
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-7.96	-8.75	-2.62	-0.13	4.27	-2.63	2.43	0.32	-1.60	-6.34	27
Debt-free Net Working Capital (DFNWC)	368	375	353	375	374	363	343	589	545	1,076	2,420
Net Working Capital (NWC)	368	375	353	375	374	363	343	589	545	1,076	2,420
Net Nonoperating Expense (NNE)	21	15	3.79	2.58	3.30	15	148	-21	65	937	-990
Net Nonoperating Obligations (NNO)	-509	-485	-456	-434	-402	-383	-364	-697	-657	-1,485	-3,337
Total Depreciation and Amortization (D&A)	-0.35	0.06	1.05	1.65	1.82	2.59	3.79	5.15	8.49	22	38
Debt-free, Cash-free Net Working Capital to Revenue	-48.65%	-44.31%	-11.87%	-0.50%	13.68%	-7.03%	5.64%	0.74%	-3.05%	-7.95%	21.12%
Debt-free Net Working Capital to Revenue	2,246.16%	1,900.63%	1,600.69%	1,480.81%	1,198.74%	969.00%	795.67%	1,367.04%	1,041.16%	1,347.79%	1,861.01%
Net Working Capital to Revenue	2,246.16%	1,900.63%	1,600.69%	1,480.81%	1,198.74%	969.00%	795.67%	1,367.04%	1,041.16%	1,347.79%	1,861.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.22)	($0.22)	($0.20)	($0.19)	($0.18)	($0.24)	($0.95)	($0.14)	($0.70)	($3.58)	$2.60
Adjusted Weighted Average Basic Shares Outstanding	201.43M	203.39M	202.58M	208.16M	211.64M	214.31M	213.03M	228.76M	250.97M	294.52M	280.35M
Adjusted Diluted Earnings per Share	($0.22)	($0.22)	($0.20)	($0.19)	($0.18)	($0.24)	($0.95)	($0.14)	($0.70)	($3.58)	$2.60
Adjusted Weighted Average Diluted Shares Outstanding	201.43M	203.39M	202.58M	208.16M	211.64M	214.31M	213.03M	228.76M	250.97M	294.52M	280.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	202.60M	204.70M	208.23M	211.45M	214.08M	216.39M	222.84M	247.78M	296.84M	354.28M	366.64M
Normalized Net Operating Profit after Tax (NOPAT)	-23	-30	-38	-37	-34	-37	-54	-53	-112	-118	-160
Normalized NOPAT Margin	-419.99%	-481.35%	-624.20%	-488.17%	-301.02%	-299.96%	-463.30%	-700.18%	-543.22%	-296.42%	-258.59%
Pre Tax Income Margin	-792.71%	-729.66%	-686.13%	-522.08%	-329.90%	-423.23%	-1,724.83%	-426.12%	-931.67%	-2,659.03%	1,176.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

IonQ (NYSE: IONQ) has shown a striking shift in 2025, with a strong top-line ramp and substantial financing activity that improved liquidity. Below is a concise, investor-focused snapshot of trends across the last four years, focusing on quarterly statements provided.

Q4 2025 revenue reached $61.89 million, up from $39.87 million (Q3 2025), $20.69 million (Q2 2025) and $7.57 million (Q1 2025), signaling accelerating quarterly growth through 2025.
Q4 2025 net income attributable to common shareholders was about $753.67 million, driven by a large non-operating income line (Total Other Income / (Expense), net) of roughly $957.03 million, suggesting a substantial quarterly profitability uplift driven by non-operating items.
Q4 2025 equity financing was substantial: Issuance of Common Equity of about $1.954 billion, with net cash from continuing financing activities around $1.981 billion, markedly improving liquidity runway.
Q4 2025 net change in cash and equivalents was about $685.43 million, reflecting the strong financing inflow and resulting liquidity tailwinds.
The balance sheet shows a solid capital base around Q3 2025: Total Assets near $4.319 billion and Total Equity (Total Common Equity) around $2.273 billion, with Total Equity including noncontrolling interests near $2.287 billion, supporting growth initiatives.
Across 2025, revenue progressed in a clear upward trajectory (Q1 7.57M → Q4 61.89M), indicating meaningful top-line momentum entering 2026.
Q4 2025 Non-Cash Adjustments To Reconcile Net Income stand at about -$784.77 million, indicating large non-cash items influencing reported net income and potentially compressing cash-based profitability signals.
Research & Development expenses remain substantial (Q4 2025 RD expense around $96.10 million), highlighting continued heavy investment in technology and platform development, which is typical for IonQ but remains neutral for near-term profitability.
Q3 2025 net income from continuing operations was about -$1.056 billion, with earlier quarters in 2025 also posting sizable losses (e.g., Q2 2025 around -$177.5 million and Q1 2025 around -$32.25 million), underscoring near-term profitability challenges.
Operating cash flow remains negative in several quarters: Q4 2025 net cash from continuing operating activities about -$74.51 million; Q3 2025 about -$123.08 million; Q2 2025 about -$52.57 million; Q1 2025 about -$33.03 million, indicating ongoing cash burn before financing activities.

05/06/26 05:59 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About IonQ's Financials

When does IonQ's fiscal year end?

According to the most recent income statement we have on file, IonQ's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has IonQ's net income changed over the last 5 years?

IonQ's net income appears to be on an upward trend, with a most recent value of -$512.12 million in 2025, rising from -$15.42 million in 2020. The previous period was -$331.65 million in 2024. View IonQ's forecast to see where analysts expect IonQ to go next.

What is IonQ's operating income?

IonQ's total operating income in 2025 was -$633.72 million, based on the following breakdown:

Total Gross Profit: $130.02 million
Total Operating Expenses: $763.73 million

How has IonQ's revenue changed over the last 5 years?

Over the last 5 years, IonQ's total revenue changed from $0.00 in 2020 to $130.02 million in 2025, a change of 13,001,600,000.0%.

How much debt does IonQ have?

IonQ's total liabilities were at $2.76 billion at the end of 2025, a 2,113.7% increase from 2024, and a 40,588.8% increase since 2020.

How much cash does IonQ have?

In the past 5 years, IonQ's cash and equivalents has ranged from $35.67 million in 2023 to $1.03 billion in 2025, and is currently $1.03 billion as of their latest financial filing in 2025.

How has IonQ's book value per share changed over the last 5 years?

Over the last 5 years, IonQ's book value per share changed from 1.42 in 2020 to 10.72 in 2025, a change of 657.0%.

Related Companies

Financial statements for NYSE:IONQ last updated on 2/26/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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IonQ (IONQ) Financials

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IonQ (IONQ) Financials

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