Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data IonQ, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
2.1
1,235
22
43.1
130
Cost of revenue
0.14
1.04
2.94
8.11
20.6
77.5
Gross profit
-0.14
1.06
1,232
13.9
22.5
52.5
Research and development
10.2
20.2
44
92.3
137
306
Selling and marketing
0.49
3.23
8.39
18.3
28.4
53.4
General and administrative
3.55
13.7
36
50.7
71.1
245
Operating income
-15.7
-38.7
-85.7
-158
-232
-634
Other non-operating income
0.03
0.01
-0.09
-0.28
0.03
Pre-tax income
-15.4
-106
-48.5
-158
-332
-557
Income tax
0
0
0
0.05
0.06
-44.6
Net income to minority interests
0
0
-1.74
Net income
-15.4
-106
-48.5
-158
-332
-510
EBITDA
-14.3
-36.1
-80.1
-147
-214
-552
EPS, basic
-0.13
-0.77
-0.25
-0.78
-1.56
-1.82
EPS, diluted
-0.13
-0.77
-0.25
-0.78
-1.56
-1.82
Shares, basic (weighted)
115
138
198
203
213
280
Shares, diluted (weighted)
115
138
198
203
213
280
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
36.1
399
44.4
35.7
54.4
1,031
Short-term investments
0
123
311
320
286
1,361
Receivables
0.39
0.71
3.29
11.5
10.2
66.5
Inventory
0
10.3
Other current assets
2.07
6.44
3.42
2.8
2.56
25.1
Total current assets
38.6
530
372
390
379
2,586
Property, plant and equipment
12
18.9
26
37.5
52.8
120
Lease right-of-use assets
4.3
4.03
3.75
4.61
9.47
22.7
Goodwill
0
0.74
0.74
9.9
1,964
Intangible assets
2.69
5.84
8.94
15.1
29.5
767
Long-term investments
0
80.1
182
100
23.5
945
Other non-current assets
2.93
3.56
4.91
5.16
4.44
165
Total assets
60.5
642
598
554
508
6,570
Accounts payable
0.54
1.88
3.06
5.6
5.23
26.1
Accrued liabilities
0.61
2.65
6.66
18.4
16.8
89.7
Deferred revenue
0.24
3.43
8.73
12.1
10.7
42.1
Total current liabilities
1.88
9.69
20.2
37.2
36.1
167
Lease liabilities
3.78
3.64
3.46
7.4
14.4
21.2
Other non-current liabilities
0
0.3
0.13
3.39
95.2
Total liabilities
6.78
50.8
29.8
68.6
125
2,757
Paid-in capital
93.3
737
770
839
1,067
5,006
Retained earnings
-39.6
-146
-194
-352
-684
-1,194
Other comprehensive income
0
-0.15
-7.36
-1.97
0.16
-12.7
Shareholders' equity
53.7
591
568
485
384
3,800
Minority interests
0
14.2
Total equity
53.7
591
568
485
384
3,814
Total liabilities and equity
60.5
642
598
554
508
6,570
Shares outstanding
118
196
200
207
222
363
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-15.4
-106
-48.5
-158
-332
-512
Depreciation and amortization
1.4
2.55
5.6
10.4
18.7
82
Stock-based compensation
1.22
7.75
31.5
69.7
107
312
Deferred income tax
0
0
0
-44.9
Change in receivables
-0.29
-0.32
-1.51
-8.18
1.61
-37.7
Change in payables
0.1
0.76
1.06
2.19
-0.6
-7.64
Cash from operations
-12
-26.5
-44.7
-78.8
-106
-283
Capital expenditures
-10
-7.78
-9.34
-13.7
-18
-16.4
Acquisitions
0
-0.85
0
-15.5
0.52
Purchases of investments
-204
-606
-298
-296
-2,669
Sales and maturities of investments
0
310
387
418
683
Cash from investing
-11.7
-214
-309
68.8
82.7
-2,095
Stock issued
0.28
5.46
1.06
0
0
3,313
Cash from financing
0.28
603
1.1
1.76
41.7
3,359
Exchange rate effect
0
-0
0.03
0.58
Net change in cash
-23.4
363
-353
-8.29
18.8
981
Free cash flow
-22
-34.3
-54
-92.5
-124
-300
Income taxes paid
0
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $45.48 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
29.3%
Gross profit / revenue.
Operating margin
-408.2%
Operating income / revenue.
EBITDA margin
-345.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-571.3%
Pre-tax income / revenue.
Net margin
-553.3%
Net income / revenue.
FCF margin
-196.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-183.5%
Cash from operations / revenue.
Return on equity (ROE)
-41.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-20.1%
Net income / average total assets.
Return on invested capital (ROIC)
-38.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
182.1%
Research and development expense / revenue.
Stock-based pay / revenue
184.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
12.8%
Capital expenditures / revenue.
D&A / revenue
62.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
201.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-52.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
133.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-65.1%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
889.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
88.4%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
134.4%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
1,192.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
122.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
155.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
31.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
12.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
19.5%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
10.7x
Current assets / current liabilities.
Quick ratio
9.84x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
9.37x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$3.71
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.67
Revenue / diluted weighted shares.
FCF per share
-$1.32
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.23
Cash from operations / diluted weighted shares.
Book value per share
$8.73
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
70.3x
Market cap / revenue.
P/B
5.21x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
47.8x
Market cap / tangible book value, when positive.
EV/Sales
61.7x
Enterprise value / revenue.
FCF yield
-2.8%
Free cash flow / market cap.
Earnings yield
-7.9%
Net income / market cap (the inverse of P/E).
What was IonQ, Inc.'s revenue in fiscal 2025?
IonQ, Inc. reported revenue of $130.0M for fiscal 2025, 201.9% higher than the year before.
Was IonQ, Inc. profitable in fiscal 2025?
No. It reported a net loss of $510.4M.
How much free cash flow did IonQ, Inc. generate in fiscal 2025?
Cash from operations of $283.2M minus capital expenditures of $16.4M left free cash flow of -$299.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.