IonQIONQRevenue: is the business selling more than it used to?
$130M+202% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $130M in 2025, compounding +127% a year since 2022 That is 5 straight years of gains. The trailing twelve months are already running at $246M, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQNet income: how much of that revenue becomes profit?
$-510MFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→The company lost $510M in 2025, more than the $332M it lost the year before. The losses are widening - check the Health chapter for how long the cash lasts.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQHow fast is it growing, year by year?
+201.9%revenue growth, FY 2025
→Revenue grew +202% in 2025 against a five-year average of +206%.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQRevenue per share: is your slice growing as fast as the company?
$0.46revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $0.46 in 2025, compounding +102% a year against +127% for IONQ as a whole. Dilution absorbed about 24.9 points of that growth. Free cash flow per share stands at $-1.07.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQFree cash flow: what is left in real cash after everything?
$-300MFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→The business consumed $300M of cash in 2025 after investment. Growth is being funded from the balance sheet, not from operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow is negative, so no share of revenue is currently converting to spare cash. Every sales dollar is being reinvested or consumed.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is stock compensation, at 240% of revenue (research and development 235%, capital spending 13%). That share has fallen since 2022, so the cost of competing is easing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin widened 283 points to -487% since 2022. The bottom line is still negative: costs below the operating line eat what is left. IONQ doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of -41% and ROCE of -10% sit close together, so the returns come from the business itself rather than from borrowing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQWhat has the market paid for IONQ over time?
61.1xP/S today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 61.1x sales, the market is paying 36% less than IONQ's own 5-year median of 95.9x. Pessimism is priced in - the question is whether it is deserved.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQWhat cash return does the business throw off per dollar of market value?
-3.2%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys -3.2% of annual free cash flow, right at IONQ's 5-year median of -3.6%.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQCould it handle its debt if things went wrong?
→Debt isn't clearly tagged in IONQ's filings, so treat the balance sheet with extra care rather than assuming zero.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQIs the company's own capital growing?
→The company's own capital grew from $485M in 2023 to $3.3B (+586%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQHow fast is your ownership being diluted - or concentrated?
→The share count grew 31.6% in 2025, averaging 13.1% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQDoes IONQ earn more on its capital than that capital costs?
→IONQ's return on capital is negative at -9.9% in 2025. The capital in the business is not yet earning anything back.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQIONQ has issued or retired shares - did shareholders end up better off?
→IONQ issued +104% more shares from 2021 to 2025, but revenue per share still rose +2940%. The dilution bought more growth than it cost existing holders.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IonQIONQAre the people running it buying or selling?
→Insiders bought $224,785 and sold $7M on the open market, a net sale of $7M. A further 36 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30