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IonQ

IONQ NYSE Technology Hardware, Storage & Peripherals Financials FY2020–FY2025

IonQ's revenue rose 201.8% to $130 million in fiscal 2025. Its operating margin was −487.4%, up from −539.7% a year earlier. Free cash flow was −$300 million. The diluted share count rose 31.6%.

Last close · Oct 23, 2026

$31.27

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$130M
201.6% vs prior year
Operating margin Operating income as a share of revenue.
−487.4%
52.3 pts
Net income Profit after all expenses, interest and tax.
−$510M
Free cash flow Cash from operations minus capital spending.
−$300M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−68.3%
143.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. IonQ's balance sheet shows no borrowings, so debt is counted as zero.

What IonQ does

No business description yet.

Legal name
IonQ, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001193125-26-071562
0001824920

Revenue and margins

IonQ had $130M of revenue in fiscal 2025, up 201.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$300M in fiscal 2025, −230.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

IonQ returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 31.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value IonQ yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of $2.4B and divides by 280.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably IonQ can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $523M$356M$355M$340M$2.4B
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 54.7x18.4x10.5x10.5x15.5x
Quick ratio 54.7x18.4x10.5x10.5x15.4x
Total assets $642M$598M$554M$508M$6.6B
Total liabilities $50.8M$29.8M$68.6M$125M$2.8B
Shareholders' equity $591M$568M$485M$384M$3.8B
Net debt (− = net cash) −$523M−$356M−$355M−$340M−$2.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$2.5M

4 insiders

Of sales under plans

96%

$2.4M

DateInsiderTradeSharesPriceValueFiling
Sep 10, 2026 John w RaymondDirector Sold plan 2,407 $37.21 $0.1M Form 4
Jun 18, 2026 Gabrielle B ToledanoDirector Sold plan 2,757 $55.01 $0.2M Form 4
Jun 18, 2026 John w RaymondDirector Sold plan 3,815 $55.01 $0.2M Form 4
Jun 18, 2026 Kathryn K. ChouDirector Sold plan 2,757 $55.02 $0.2M Form 4
May 6, 2026 Robert T. CardilloDirector Sold plan 3,773 $49.90 $0.2M Form 4
Apr 16, 2026 Robert T. CardilloDirector Sold plan 2,500 $44.90 $0.1M Form 4
Mar 12, 2026 John w RaymondDirector Sold 2,800 $33.34 $0.1M Form 4
Feb 27, 2026 William J Teuber JrDirector Bought 3,000 $38.39 $0.1M Form 4
Feb 26, 2026 Robert T. CardilloDirector Sold plan 5,165 $39.44 $0.2M Form 4
Feb 24, 2026 Gabrielle B ToledanoDirector Sold plan 616 $31.00 $0.0M Form 4
Dec 22, 2025 Kathryn K. ChouDirector Sold plan 5,000 $55.00 $0.3M Form 4
Dec 11, 2025 Kathryn K. ChouDirector Sold plan 20,000 $51.40 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✕ ✕ ✕
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score 1 / 83 / 83 / 8
Accruals ratio −13.7%−42.6%−6.4%
Altman Z'' 7.620.202.63

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
IonQ IONQ $11.5B 201.9% −487.4% −230.4% −68.3% — 3
Everpure P $42.6B 15.6% 3.1% 16.8% — 169.0x 7 Compare →
Logitech LOGI $15.9B 6.3% 16.0% 20.2% 121.9% 20.1x 7 Compare →
NetApp NTAP $43.1B 5.4% 24.2% 27.0% — 30.4x 7 Compare →
Seagate Technology STX $144.4B 34.1% 33.6% 25.5% 92.0% 45.4x 8 Compare →

6 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY20FY21FY22FY23FY24FY25
Income statement
Revenue $0.0M $2.1M $1.2B $22.0M $43.1M $130M
Research and development $10.2M $20.2M $44.0M $92.3M $137M $306M
Operating income −$15.7M −$38.7M −$85.7M −$158M −$233M −$634M
Pretax income −$15.4M −$106M −$48.5M −$158M −$332M −$557M
Income tax $0.0M $0.0M $0.0M $0.0M $0.1M −$44.6M
Net income −$15.4M −$106M −$48.5M −$158M −$332M −$510M
Diluted EPS −$0.13 −$0.77 −$0.25 −$0.78 −$1.56 −$1.82
Diluted shares 0.12B 0.14B 0.20B 0.20B 0.21B 0.28B
Cash flow
Cash from operations −$12.0M −$26.5M −$44.7M −$78.8M −$106M −$283M
Capital expenditure $10.0M $7.8M $9.3M $13.7M $18.0M $16.4M
Free cash flow −$22.0M −$34.3M −$54.0M −$92.5M −$124M −$300M
Depreciation and amortization $1.4M $2.5M $5.6M $10.4M $18.7M $82.0M
Stock-based compensation $1.2M $7.7M $31.5M $69.7M $107M $312M
Acquisitions $0.0M $0.0M $0.8M $0.0M $15.5M $0.5M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $36.1M $523M $356M $355M $340M $2.4B
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $38.6M $530M $372M $390M $379M $2.6B
Current liabilities $1.9M $9.7M $20.2M $37.2M $36.1M $167M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $10.3M
Property and equipment, net $12.0M $18.9M $26.0M $37.5M $52.8M $120M
Total assets $60.5M $642M $598M $554M $508M $6.6B
Total liabilities $6.8M $50.8M $29.8M $68.6M $125M $2.8B
Shareholders' equity $53.7M $591M $568M $485M $384M $3.8B
Margins
Operating margin — −1,843.1% −6.9% −715.7% −539.7% −487.4%
EBITDA margin — −1,721.7% −6.5% −668.6% −496.4% −424.3%
Net margin — −5,058.9% −3.9% −715.8% −770.0% −392.6%
FCF margin — −1,635.1% −4.4% −419.7% −287.1% −230.4%
Returns
Return on capital — −70.8% −48.2% −72.9% −212.2% −68.3%
Return on capital employed — −11.2% −14.2% −28.8% −47.0% −18.4%
Return on equity — −32.9% −8.4% −30.0% −76.3% −24.4%
Return on assets — −30.2% −7.8% −27.4% −62.5% −14.4%
Growth
Revenue growth — — 58,737.5% −98.2% 95.4% 201.9%
Share count change — 19.6% 43.7% 2.5% 5.2% 31.6%
Financial health
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Current ratio 20.5x 54.7x 18.4x 10.5x 10.5x 15.5x
Quick ratio 20.5x 54.7x 18.4x 10.5x 10.5x 15.4x
Capital allocation
Capex / revenue — 370.8% 0.8% 62.2% 41.8% 12.6%
Stock comp / revenue — 369.1% 2.6% 316.4% 248.1% 240.0%
Quality scores
Piotroski F-score — — 3.0 1.0 3.0 3.0
Altman Z'' 8.4 16.4 21.9 7.6 0.2 2.6
Accruals ratio — −22.7% −0.6% −13.7% −42.6% −6.4%

Source: SEC EDGAR XBRL filings (CIK 0001824920). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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