IonQ, Inc. (IONQ)

IonQ, Inc. develops quantum computing systems in the United States, Switzerland, and Internationally. It sells access to quantum computers of various qubit capacities. The company also makes access to its quantum computers through cloud platforms, such as Amazon Web Services (AWS), Braket, Microsoft's Azure Quantum, and Google's Cloud Marketplace, as well as through its cloud service. The company engages in quantum-safe communications and quantum detection systems. It provides contracts associated with the design, development, construction, and sale of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems. In addition, it provides semiconductor manufacturing services. The company has a collaboration agreement with University of Chicago. The company was founded in 2015 and is headquartered in College Park, Maryland.

Ticker: IONQ
Exchange: NYSE
Sector: Technology
Industry: Computer Hardware
Market cap: $13.34B
52-week range: $24.92 - $73.65

Valuation

Share price: $32.62 (close of Nov 6, 2026)
P/E (TTM): 46.87x
Price to book: 2.65x
Price to free cash flow: -19.37x
Enterprise value: $12.50B
Book value per share: $12.29

Price performance

Period	Change
1 day	+23.42%
5 days	+8.59%
1 month	-24.65%
3 months	-17.88%
6 months	-37.95%
Year to date	-27.30%
1 year	-43.20%
3 years	+190.99%
5 years	+69.28%
All time	+202.04%

Short interest

As of: Oct 15, 2026
Short % of float: 11.77%
Shares short: 47.91M
Days to cover: 1.95
Change since prior report: +17.89%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: -13.38%
Return on invested capital: -15.33%
Return on assets: -7.77%
Return on capital employed: -9.90%
Net margin: -392.55%
EBITDA margin: -424.34%
Revenue growth: 201.85%

Cash flow and balance sheet

Free cash flow yield (TTM): -5.16%
Current ratio: 4.24x
Net debt to EBITDA: 0.83x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $130.02M
EBITDA: -$551.71M
Net income: -$510.38M
Earnings per share: $-1.82
Research and development: $305.70M
Shares outstanding: 280.35M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$130.02M	-	-$510.38M	-$1.82
2024-12-31	$43.07M	$3.82M	-$331.65M	-$1.56
2023-12-31	$22.04M	$3.56M	-$157.77M	-$0.78
2022-12-31	$11.13M	$2.58M	-$48.51M	-$0.25
2021-12-31	$2.10M	-	-$106.19M	-$0.77
2020-12-31	-	-	-$15.42M	-$0.13

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	-	-392.55%	-13.38%	-15.33%
2024-12-31	8.87%	-769.96%	-86.40%	-57.88%
2023-12-31	16.15%	-715.77%	-32.53%	-31.99%
2022-12-31	23.21%	-435.82%	-8.54%	-14.98%
2021-12-31	-	-5,058.89%	-17.96%	-6.50%
2020-12-31	-	-	-28.72%	-27.14%

Cash and debt by year

Period end	Cash
2025-12-31	$2.39B
2024-12-31	$340.29M
2023-12-31	$355.44M
2022-12-31	$355.80M
2021-12-31	$522.47M
2020-12-31	$36.12M
2019-12-31	$59.53M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$299.60M	$312.03M
2024-12-31	-$123.67M	$106.88M
2023-12-31	-$92.51M	$69.74M
2022-12-31	-$54.03M	$31.46M
2021-12-31	-$34.32M	$7.75M
2020-12-31	-$22.04M	$1.22M

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-11-05	Sep 2026	-$0.79
2026-08-05	Jun 2026	-$0.59
2026-05-06	Mar 2026	-$0.55
2026-02-25	Dec 2025	-$0.48
2025-11-05	Sep 2025	-$0.44
2025-08-06	Jun 2025	-$0.13
2025-05-07	Mar 2025	-$0.28
2025-02-26	Dec 2024	-$0.25

Filings and sources

Company website: ionq.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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