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Sunday 1 November 2026
Export IONQ’s income statement to Excel — free account
IonQ, Inc.
IONQ Technology Computer Hardware
IonQ, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $130.0 million, up 201.9% from fiscal 2024.
- Revenue
- +286.8%
- EPS
- −625.7%
- Free cash flow
- −110.8%
Quarter to June 2026, against a year earlier
30.04
1.68
−5.30%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 2 | 11 | 22 | 43 | 130 | 246 | +180.5% | 455 | 808 | 1,041 | +100.1% | |
| Gross margin, % | — | — | — | — | 0.00 | 50.45 | 73.55 | 63.22 | 52.18 | 40.40 | 29.32 | +40.4 pt | ||||||
| EBT | — | — | — | — | (15) | (106) | (49) | (158) | (332) | (557) | (1,408) | +104.9% | ||||||
| EBT margin, % | — | — | — | — | 0.00 | (5,058.89) | (435.82) | (715.56) | (769.83) | (428.17) | (571.29) | (428.2) pt | ||||||
| Net income | — | 0 | — | 0 | (15) | (106) | (49) | (158) | (332) | (512) | (1,366) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.00 | 0.02 | 0.06 | 0.11 | 0.20 | 0.46 | 0.67 | n/m | |||||
| Earnings | — | — | — | — | (0.13) | (0.77) | (0.25) | (0.78) | (1.56) | (1.82) | (4.34) | +68.5% | ||||||
| Cash flow | — | — | — | — | (0.10) | (0.19) | (0.23) | (0.39) | (0.50) | (1.01) | (1.23) | +57.4% | ||||||
| Capex | — | — | — | — | (0.10) | (0.07) | (0.06) | (0.07) | (0.09) | (0.06) | (0.09) | (10.4%) | ||||||
| Free cash flow | — | — | — | — | (0.21) | (0.27) | (0.29) | (0.46) | (0.59) | (1.07) | (1.32) | +39.0% | ||||||
| Book value | — | — | — | — | 0.47 | 4.30 | 2.87 | 2.39 | 1.80 | 13.60 | 9.08 | +96.3% | ||||||
| Shares, m | — | — | — | — | 115 | 138 | 198 | 203 | 213 | 280 | 325 | +19.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | 1,094.84 | 61.46 | 111.76 | 206.58 | 96.75 | 44.91 | 314.3 | ||||||
| P/B | — | — | — | — | — | 3.89 | 1.20 | 5.08 | 23.18 | 3.30 | 3.31 | 7.3 | ||||||
| EV/Sales | — | — | — | — | — | 845.93 | 29.50 | 95.63 | 198.68 | 78.35 | 36.32 | 249.6 | ||||||
| EV/FCF | — | — | — | — | — | (48.57) | (5.73) | (22.47) | (67.63) | (33.72) | (18.40) | (35.6) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | (12) | (27) | (45) | (79) | (106) | (283) | (452) | +88.2% | |||||
| Capex | — | — | — | — | (12) | (10) | (13) | (15) | (20) | (16) | (31) | +7.1% | ||||||
| Free cash flow | — | — | — | — | (24) | (37) | (57) | (94) | (125) | (300) | (484) | +66.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 37 | 520 | 351 | 353 | 343 | 2,420 | 2,184 | +131.1% | |||||
| Net debt | — | — | — | — | (36) | (522) | (356) | (355) | (340) | (2,392) | (2,119) | +131.3% | ||||||
| Shareholders’ equity | — | — | — | — | 54 | 591 | 568 | 485 | 384 | 3,814 | 3,340 | +134.6% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | 0.00 | (51.01) | (30.23) | (7.82) | (27.40) | (62.46) | (14.42) | (33.57) | (14.4) pt | |||||
| ROIC | — | — | — | — | (55.92) | (35.16) | (25.23) | (76.10) | (333.43) | (27.86) | (51.52) | +28.1 pt | ||||||
| ROE | — | — | — | — | (3.64) | (32.93) | (8.37) | (29.96) | (76.34) | (24.32) | (60.37) | (20.7) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | 2 | 2 | 97 | 202 | 324 | 407 | 1,132 | — | +187.6% | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.00 | 0.02 | 0.06 | 0.07 | 0.11 | 0.11 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Business profile
IonQ, Inc. vs peers in Computer Hardware (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| P Everpure, Inc. | $45.7B | 168× | 130× | +37.73% (above 0%: growing) | +57.14% (above 0%: growing) | −258.26% (below 0%: shrinking) | 68.42% | 5.33% | Compare |
| HPQ HP Inc. | $28.7B | 10.9× | 11.2× | +12.53% (above 0%: growing) | −11.11% (below 0%: shrinking) | +7.05% (above 0%: growing) | 18.79% | 5.69% | Compare |
| SMCI Super Micro Computer, Inc. | $22.6B | 9.2× | 7.2× | +93.16% (above 0%: growing) | +454.55% (above 0%: growing) | −12.95% (below 0%: shrinking) | 17.47% | 13.38% | Compare |
| IONQ IonQ, Inc. | $13.6B | — (loss-making) | — (loss-making) | +286.83% (above 0%: growing) | n/m | −110.77% (below 0%: shrinking) | 24.91% | (421.29%) | |
| LOGI Logitech International S.A. | $13.6B | 17.3× | — | +6.93% (above 0%: growing) | +65.66% (above 0%: growing) | +37.82% (above 0%: growing) | 49.54% | 21.07% | Compare |
| QBTS D-Wave Quantum Inc. | $4.4B | — (loss-making) | — (loss-making) | −0.61% (below 0%: shrinking) | n/m | −105.81% (below 0%: shrinking) | 55.40% | (1,732.05%) | Compare |
| RGTI Rigetti Computing, Inc. | $4.0B | — (loss-making) | — (loss-making) | +185.29% (above 0%: growing) | n/m | −27.18% (below 0%: shrinking) | 42.58% | (546.17%) | Compare |
| IQMX IQM Quantum Computers Oyj | $1.7B | — (loss-making) | — | — | n/m | 0.00% | — | 0.00% | Compare |
| QUBT Quantum Computing Inc. | $1.5B | — (loss-making) | — (loss-making) | +34.04% (above 0%: growing) | n/m | −62.17% (below 0%: shrinking) | (8,323.61%) | 0.00% | Compare |
| Median of peers | $9.0B | 14.1× | 11.2× | +34.04% | +61.40% | −20.06% | 42.58% | 2.67% |
From the latest earnings call
- Inder Singh said deployments of fifth-generation quantum computers drove revenue above IonQ’s expectations, while organic revenue grew 132% year over year.
- Niccolo de Masi said IonQ had received integrated quantum processor prototypes from SkyWater and was testing them, with system commissioning planned for 2027.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
51.57%
Held by the ten largest
31.96%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 32.41m | 8.51% | −899.04k |
| Morgan Stanley | 26.28m | 6.90% | +5.12m |
| BlackRock | 20.90m | 5.48% | −8.97m |
| UBS | 9.53m | 2.50% | +2.60m |
| State Street | 8.12m | 2.13% | −1.15m |
| Bank of America | 6.47m | 1.70% | +4.66m |
| Geode Capital Management | 6.46m | 1.70% | −1.98m |
| Norges Bank | 5.19m | 1.36% | +5.19m |
| Marex Group Ltd | 3.71m | 0.97% | −298.30k |
| D. E. Shaw | 2.69m | 0.71% | +789.59k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 30 April 2026
Ownership
Directors and executive officers, together
less than 1%
BlackRock, Inc.
7.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
IonQ develops and sells quantum computers, along with networking, sensing and security products. Quantum computers use quantum bits, or qubits, rather than the binary bits used by conventional computers. IonQ builds its systems around trapped atomic ions and is pursuing an architecture that would connect multiple quantum processors to increase computing capacity.
Customers can buy complete computers for their own premises or access IonQ-owned machines remotely. IonQ also offers cloud-based access and professional services to help customers develop applications. Its customers include businesses, government agencies and research organizations.