Revenue growth has accelerated to $64.7M in 2026Q1, yet structural profitability remains elusive as evidenced by the -4.2% operating margin and persistent R&D spending exceeding $100M per quarter.
| Sales/Revenue | 187.12M | 130.02M | 43.07M | 22.04M | 11.13M | 2.1M | 0 | 200K |
| Revenue Growth % | 334.58% | 201.85% | 95.41% | 98.02% | 430.3% | - | -100% | - |
| Cost of Goods Sold | 115.87M | 77.49M | 39.25M | 8.11M | 8.55M | 3.59M | 1.4M | 88K |
| COGS % of Revenue | - | 59.6% | 91.13% | 36.78% | 76.79% | 170.94% | - | 44% |
| Gross Profit | 71.25M | 52.53M | 3.82M | 13.93M | 2.58M | -1.49M | -1.4M | 112K |
| Gross Margin % | 38.08% | 40.4% | 8.87% | 63.22% | 23.21% | -70.94% | - | 56% |
| Gross Profit Growth % | - | 1274.36% | -72.57% | 439.45% | 273.47% | -6.36% | -1350% | - |
| Operating Expenses | 900.79M | 686.24M | 234.78M | 171.69M | 88.33M | 37.2M | 14.33M | 9.37M |
| OpEx % of Revenue | - | 527.81% | 545.07% | 778.91% | 793.54% | 1772.18% | - | 4683.5% |
| Selling, General & Admin | 384.02M | 298.53M | 99.45M | 68.99M | 44.35M | 16.97M | 4.03M | 2.21M |
| SG&A % of Revenue | - | 229.61% | 230.89% | 313% | 398.45% | 808.48% | - | 1104% |
| Research & Development | 393.19M | 305.7M | 136.83M | 92.32M | 43.98M | 20.23M | 10.16M | 6.89M |
| R&D % of Revenue | - | 235.13% | 317.66% | 418.84% | 395.09% | 963.7% | - | 3444.5% |
| Other Operating Expenses | 2M | 82M | -1.5M | 10.38M | 0 | 0 | 143K | 270K |
| Operating Income | -829.54M | -633.72M | -230.96M | -157.75M | -85.75M | -38.69M | -15.73M | -9.26M |
| Operating Margin % | -443.33% | -487.41% | -536.19% | -715.7% | -770.34% | -1843.12% | - | -4627.5% |
| Operating Income Growth % | - | -174.39% | -46.4% | -83.98% | -121.64% | -145.9% | -69.99% | - |
| EBITDA | -710.97M | -551.71M | -212.3M | -147.38M | -80.14M | -36.14M | -14.33M | -8.85M |
| EBITDA Margin % | -379.96% | -424.34% | -492.89% | -668.63% | -719.99% | -1721.72% | - | -4426% |
| EBITDA Growth % | -205.8% | -159.87% | -44.05% | -83.9% | -121.76% | -152.14% | -61.92% | - |
| D&A (Non-Cash Add-back) | 118.57M | 82M | 18.65M | 10.38M | 5.6M | 2.55M | 1.4M | 403K |
| EBIT | -795.96M | -556.69M | -331.59M | -157.75M | -48.51M | -106.19M | -15.42M | -9.26M |
| Net Interest Income | 49.81M | 56M | 18.25M | 19.32M | 7.09M | 64K | 0 | 0 |
| Interest Income | 49.81M | 56M | 18.25M | 19.32M | 7.09M | 64K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.1B | 77.02M | -100.63M | 31K | 37.23M | -67.5M | 309K | 329K |
| Pretax Income | 273.77M | -556.69M | -331.59M | -157.72M | -48.51M | -106.19M | -15.42M | -8.93M |
| Pretax Margin % | 146.31% | -428.17% | -769.83% | -715.56% | -435.82% | -5058.89% | - | -4463% |
| Income Tax | -1.21M | -44.57M | 59K | 48K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.44% | 8.01% | -0.02% | -0.03% | 0% | 0% | 0% | 0% |
| Net Income | 277.09M | -510.38M | -331.65M | -157.77M | -48.51M | -106.19M | -15.42M | -8.94M |
| Net Margin % | 148.08% | -392.55% | -769.96% | -715.77% | -435.82% | -5058.89% | - | -4467.5% |
| Net Income Growth % | 185.44% | -53.89% | -110.21% | -225.23% | 54.32% | -588.45% | -72.62% | - |
| Net Income (Continuing) | 275.74M | -512.12M | -331.65M | -157.77M | -48.51M | -106.19M | -15.42M | -8.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.73M | 14.18M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.75 | -1.82 | -1.56 | -0.78 | -0.25 | -0.55 | -0.08 | -2.24 |
| EPS Growth % | 81.21% | -16.67% | -100% | -212% | 54.55% | -586.64% | 96.42% | - |
| EPS (Basic) | - | -1.82 | -1.56 | -0.78 | -0.25 | -0.55 | -0.08 | -2.24 |
| Diluted Shares Outstanding | 371.23M | 280.35M | 213.03M | 202.58M | 197.73M | 194.06M | 192.49M | 3.98M |
| Basic Shares Outstanding | 358.82M | 280.35M | 213.03M | 202.58M | 197.73M | 192.28M | 192.49M | 3.98M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High R&D Burn Rate
According to the provided financial data, IonQ has demonstrated a significant revenue acceleration, reaching $64.7M in 2026Q1, which suggests a departure from historical growth patterns and warrants further investigation into whether this reflects sustainable commercial adoption or the lumpy recognition of large-scale government contract milestones.
The rapid top-line expansion appears to be driven by high-value strategic deployments rather than consistent, recurring cloud-based usage. Investors should monitor whether this growth trajectory can be maintained without relying on non-recurring engineering fees or one-time hardware sales that may not repeat in future periods.
As reported in the quarterly income statements, IonQ's gross margin has fluctuated wildly between -43.7% and 56.5%, indicating that the company has yet to achieve the manufacturing consistency required to stabilize its unit economics in the nascent quantum hardware market.
The extreme variance in gross margins suggests that the cost of goods sold is highly sensitive to the specific nature of each project or system delivery. Until the company transitions to a standardized, modular production model, investors should expect continued margin instability as the business absorbs the costs of bespoke assembly.
Based on the reported figures, operating expenses continue to scale alongside revenue, with R&D and SG&A costs consistently outpacing gross profit, which suggests that the company is currently prioritizing aggressive technical development over the achievement of near-term operating leverage or profitability.
The persistent gap between revenue growth and operating income indicates that the business model is still in a heavy investment phase. The lack of operating leverage implies that significant scale is required before the company can begin to offset its substantial fixed-cost base through operational efficiencies.
Analysis of the income statement reveals that net income figures are heavily influenced by non-operating items and stock-based compensation, as evidenced by the $805.4M net income reported in 2026Q1 despite ongoing negative operating margins, suggesting that reported earnings may not reflect core operational performance.
The disconnect between operating losses and reported net income warrants careful scrutiny of non-cash adjustments and potential warrant liabilities. Investors should focus on operating cash flow and core EBITDA metrics to better understand the underlying health of the business, as net income appears to be a poor proxy for operational success.
As indicated by the quarterly filings, research and development remains the primary cost driver, frequently exceeding $100M per quarter, which underscores the capital-intensive nature of maintaining high-fidelity quantum operations and the ongoing requirement for specialized engineering talent to advance the company's trapped-ion technology.
Management's expense discipline appears secondary to the imperative of achieving technical milestones, as R&D spending remains elevated regardless of revenue fluctuations. This cost structure suggests that the company is effectively trading current cash reserves for future technological superiority, a strategy that carries significant execution risk.
Quick answers to the most common questions about buying IONQ stock.
For fiscal year 2025, IonQ, Inc. (IONQ) reported total revenue of $130.0M. This represents a 64908.0% increase compared to $0.2M in 2019.
IonQ, Inc. (IONQ) reported a net loss of $510.4M for the fiscal year ending 2025.
IonQ, Inc. (IONQ) reported an operating income of $-633.7M, resulting in an operating profit margin of -487.4%. This margin reflects the operational efficiency of the business before interest and taxes.
IonQ, Inc. (IONQ) generated $52.5M in gross profit for the year, representing a gross profit margin of 40.4%. This demonstrates the company's core pricing power and production efficiency.