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. In the quarter to June 2026, revenue grew 286.8%, EPS fell 625.7% and free cash flow fell 110.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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IonQ, Inc. (IONQ) Beneish M-score
IonQ, Inc.'s Beneish M-score for fiscal 2025 is 1.69; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 1.69 | 6.00 |
| FY2024 | −4.31 | (3.23) |
| FY2023 | −1.09 | (2.35) |
| FY2022 | 1.26 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.16 | — | 1.99 | |
| Gross margin index | 1.29 | — | 0.68 | |
| Asset quality index | 3.89 | — | 1.57 | |
| Sales growth index | 3.02 | — | 2.69 | |
| Depreciation index | 0.41 | — | 0.05 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | (0.03) | — | −0.16 | |
| Leverage index | 0.36 | — | −0.12 | |
| Beneish M-score | Flagged by the model | 1.69 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| QBTS D-Wave Quantum Inc. compare | −2.9× |
| P Everpure, Inc. compare | −2.9× |
| LOGI Logitech International S.A. compare | −2.8× |
| HPQ HP Inc. compare | −2.5× |
| RGTI Rigetti Computing, Inc. compare | −2.4× |
| WDC Western Digital Corporation compare | −0.2× |
| SMCI Super Micro Computer, Inc. compare | 0.0× |
| IONQ IonQ, Inc. | 1.7× |
| QUBT Quantum Computing Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI