Revenue surged to $80.0M in 2026Q2, a 286% year-over-year increase, yet operating margin remained at -4.2% and gross margin fell to 24.9%, indicating that scaling has not yet produced profitability.
IonQ, Inc. (IONQ) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 246.47M | 130.02M | 43.07M | 22.04M | 11.13M | 2.1M | 0 | 200K |
| Revenue Growth % | 370.64% | 201.85% | 95.41% | 98.02% | 430.3% | - | -100% | - |
| Cost of Goods Sold | 157.03M | 77.49M | 20.6M | 8.11M | 8.55M | 3.59M | 1.4M | 88K |
| COGS % of Revenue | - | 59.6% | 47.82% | 36.78% | 76.79% | 170.94% | - | 44% |
| Gross Profit | 89.44M | 52.53M | 22.48M | 13.93M | 2.58M | -1.49M | -1.4M | 112K |
| Gross Margin % | 36.29% | 40.4% | 52.18% | 63.22% | 23.21% | -70.94% | - | 56% |
| Gross Profit Growth % | - | 133.71% | 61.3% | 439.45% | 273.47% | -6.36% | -1350% | - |
| Operating Expenses | 1.11B | 686.24M | 254.93M | 171.69M | 88.33M | 37.2M | 14.33M | 9.37M |
| OpEx % of Revenue | - | 527.81% | 591.86% | 778.91% | 793.54% | 1772.18% | - | 4683.5% |
| Selling, General & Admin | 475.65M | 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 | 450.46M | 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 | 4M | 82M | 18.65M | 10.38M | 0 | 0 | 143K | 270K |
| Operating Income | -1.02B | -633.72M | -232.46M | -157.75M | -85.75M | -38.69M | -15.73M | -9.26M |
| Operating Margin % | -413.96% | -487.41% | -539.68% | -715.7% | -770.34% | -1843.12% | - | -4627.5% |
| Operating Income Growth % | - | -172.62% | -47.35% | -83.98% | -121.64% | -145.9% | -69.99% | - |
| EBITDA | -866.25M | -551.71M | -213.8M | -147.38M | -80.14M | -36.14M | -14.33M | -8.85M |
| EBITDA Margin % | -351.46% | -424.34% | -496.37% | -668.63% | -719.99% | -1721.72% | - | -4426% |
| EBITDA Growth % | -166.34% | -158.05% | -45.07% | -83.9% | -121.76% | -152.14% | -61.92% | - |
| D&A (Non-Cash Add-back) | 154.04M | 82M | 18.65M | 10.38M | 5.6M | 2.55M | 1.4M | 403K |
| EBIT | 1.67B | -556.69M | -331.59M | -157.72M | -48.51M | -106.19M | -15.42M | -9.26M |
| Net Interest Income | 42.67M | 56M | 18.25M | 19.32M | 7.09M | 64K | 0 | 0 |
| Interest Income | 42.67M | 56M | 18.25M | 19.32M | 7.09M | 64K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -387.8M | 77.02M | -99.13M | 31K | 37.23M | -67.5M | 309K | 329K |
| Pretax Income | -1.41B | -556.69M | -331.59M | -157.72M | -48.51M | -106.19M | -15.42M | -8.93M |
| Pretax Margin % | -571.29% | -428.17% | -769.83% | -715.56% | -435.82% | -5058.89% | - | -4463% |
| Income Tax | 7.99M | -44.57M | 59K | 48K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.57% | 8.01% | -0.02% | -0.03% | 0% | 0% | 0% | 0% |
| Net Income | -1.41B | -510.38M | -331.65M | -157.77M | -48.51M | -106.19M | -15.42M | -8.94M |
| Net Margin % | -573.62% | -392.55% | -769.96% | -715.77% | -435.82% | -5058.89% | - | -4467.5% |
| Net Income Growth % | -204.98% | -53.89% | -110.21% | -225.23% | 54.32% | -588.45% | -72.62% | - |
| Net Income (Continuing) | -1.42B | -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 | 12.37M | 14.18M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.85 | -1.82 | -1.56 | -0.78 | -0.25 | -0.55 | -0.08 | -2.24 |
| EPS Growth % | -131.84% | -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 | 367.66M | 280.35M | 213.03M | 202.58M | 197.73M | 194.06M | 192.49M | 3.98M |
| Basic Shares Outstanding | 367.66M | 280.35M | 213.03M | 202.58M | 197.73M | 192.28M | 192.49M | 3.98M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Profitability gap widens despite growth
Metrics are mathematically derived from official filings.
Revenue Surge Outpaces Historical Norms
IonQ's TTM revenue reached $130M, a dramatic leap from prior-year levels, with Q2 2026 alone at $80M, suggesting a radical acceleration in commercial adoption or contract recognition.
The sequential revenue progression from $7.6M in 2025Q1 to $80M in 2026Q2 represents a 10x expansion within five quarters, far exceeding the growth rates of pure-play peers like Rigetti and D-Wave. This trajectory appears to be driven by large-scale system sales or milestone-based government contracts rather than recurring cloud usage, given the lumpy quarter-over-quarter pattern. Investors should monitor whether this growth is sustainable or reflects a one-time pull-forward of demand.
Gross Margin Volatility Signals Pricing Power
Gross margin swung from -43.7% in 2025Q1 to 56.5% in 2025Q4, then settled at 24.9% in 2026Q2, indicating unstable unit economics and pricing power that varies with product mix.
The negative gross margin in 2025Q1 suggests that early hardware sales were priced below cost, while the subsequent recovery to 56.5% implies that later contracts carried higher margins, possibly due to improved system efficiency or favorable contract terms. The 2026Q2 margin of 24.9% is below the 40.4% TTM average, hinting that the revenue mix may be shifting toward lower-margin hardware or that costs are rising. This volatility underscores the challenge of scaling bespoke quantum systems without standardized manufacturing.
Operating Leverage Absent Despite Scale
Operating margin remained near -4% in recent quarters despite revenue tripling, as R&D and SG&A expenses grew proportionally, indicating no operating leverage from the current growth model.
While revenue expanded from $20.7M in 2025Q2 to $80M in 2026Q2, operating income deteriorated from -$146.5M to -$337.2M, with R&D and SG&A each roughly doubling. This suggests that the cost structure is scaling linearly with revenue, likely due to heavy investment in engineering talent and customer support. The lack of operating leverage implies that IonQ has not yet achieved the fixed-cost absorption needed to move toward profitability, and investors should watch for any signs of expense discipline.
Non-Cash Charges Distort Net Income
Net income swung from -$1.9B in 2026Q2 to +$805M in 2026Q1, driven by non-cash items like warrant revaluations, while SBC reached $141.8M, obscuring underlying operational performance.
The massive quarterly swings in net income, including a $2.7B swing between 2026Q1 and Q2, are not reflective of operating cash flows but rather mark-to-market adjustments on warrant liabilities, a common feature of SPAC-originated companies. Stock-based compensation of $141.8M in 2026Q2 alone exceeds gross profit, indicating significant dilution that investors should factor into valuation. The reported EPS of -$5.08 in 2026Q2 versus a positive $2.07 in the prior quarter highlights the volatility and low quality of reported earnings.
R&D and SG&A Escalate in Tandem
R&D and SG&A expenses each grew over 150% year-over-year in 2026Q2, reaching $160.6M and $150.5M respectively, reflecting aggressive investment in technology and commercial expansion.
The simultaneous doubling of both R&D and SG&A suggests that IonQ is investing heavily in both product development and go-to-market capabilities, likely to capture the perceived quantum opportunity. However, the absolute levels are staggering relative to revenue, with combined operating expenses exceeding $300M in a single quarter. This cost trajectory implies that the company is prioritizing growth over profitability, and the sustainability of such spending will depend on continued capital raises or a dramatic improvement in revenue conversion.
2026Q2 Marks a Revenue Inflection
The 2026Q2 quarter stands out as a pivotal inflection, with revenue jumping to $80M from $20.7M a year earlier, while gross margin improved from 8.5% to 24.9%, signaling a shift toward commercial scale.
This quarter represents a step-change in revenue, likely driven by the recognition of major contracts or system sales, and it appears to validate the company's technical milestones. However, the accompanying operating loss of -$337M and the EPS miss of -$5.08 versus estimates suggest that the cost of achieving this scale is high. The lasting impact of this inflection will depend on whether the revenue growth can be sustained and whether margins can expand as the company moves to more standardized offerings.
Growth Without Profitability Raises Doubts
Despite record revenue, IonQ's operating margin remains deeply negative at -4.2% in 2026Q2, and the EPS miss of -$5.08 versus -$3.0 estimate suggests that costs are spiraling faster than revenue.
Short-sellers would likely highlight that the revenue surge has not translated into any improvement in operating leverage, with operating margin stuck near -4% for three consecutive quarters. The widening net losses, driven by non-cash charges and heavy SBC, may indicate that the company is burning cash at an unsustainable rate, despite its $1B cash buffer. If revenue growth decelerates or if contract timing shifts, the valuation could be vulnerable, as the market may be pricing in a profitability timeline that the financials do not yet support.