IONQ Q4 2025 Earnings
Reported Feb 25, 2026 at 11:05 AM ET · SEC Source
Q4 25 EPS
$-0.20
Q4 25 Revenue
$61.9M
vs S&P Since Q4 25
+23.9%
BEATING MARKET
IONQ +28.4% vs S&P +4.5%
Full Year 2025 Results
FY 25 EPS
$-0.60
BEAT +88.34%
Est. $-5.15
FY 25 Revenue
$130.0M
BEAT +19.96%
Est. $108.4M
Market Reaction
Did IONQ Beat Earnings? Q4 2025 Results
IonQ made history in Q4 2025, becoming the first public quantum computing company to exceed $100 million in annual GAAP revenue, and it did so with considerable force. Quarterly revenue of $61.89 million arrived 53.73% ahead of consensus estimates of… Read more IonQ made history in Q4 2025, becoming the first public quantum computing company to exceed $100 million in annual GAAP revenue, and it did so with considerable force. Quarterly revenue of $61.89 million arrived 53.73% ahead of consensus estimates of $40.26 million and represented a staggering 428.5% year-over-year surge, powered largely by an expanded commercial contract with QuantumBasel exceeding $60 million over four years and the sale of a fifth-generation 100-qubit system to South Korea's KISTI. Adjusted EPS came in at ($0.20), while the company's full-year revenue of $130.02 million grew 202% year-over-year. The cash burn remains substantial, with full-year Adjusted EBITDA losses of ($186.75 million), and 2026 guidance calls for losses widening to between ($330 million) and ($310 million) as investment intensifies. Still, management guided full-year 2026 revenue of $225 million to $245 million, with a pending acquisition of SkyWater Technology expected to further expand IonQ's position across the quantum supply chain.
Key Takeaways
- • 429% year-over-year Q4 revenue growth and 202% full-year growth
- • More than 60% of 2025 revenue from commercial customers
- • International sales comprised more than 30% of revenue
- • Nearly 80% year-over-year organic growth in 2025
- • $949.6 million gain on change in fair value of warrant liabilities boosted Q4 GAAP net income
IONQ Forward Guidance & Outlook
For full year 2026, IonQ expects revenue between $225 million and $245 million (midpoint $235 million), with Q1 2026 revenue expected between $48 million and $51 million. The company anticipates a full-year 2026 Adjusted EBITDA loss of between ($330) million and ($310) million. Management expects organic growth to be even higher in 2026 than the nearly 80% organic growth achieved in 2025. The 2026 guidance does not reflect any impact from the pending SkyWater Technology acquisition, which is expected to close in Q2 or Q3 2026.
IONQ YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“I am pleased to share that IonQ has once again significantly outperformed our revenue guidance range, exceeding the midpoint by 55% for the fourth quarter and 20% for the full year by delivering $61.9 million and $130.0 million respectively. Our strategic evolution into the world's only full-stack quantum platform company, and strong organic growth, positions us with continued momentum to achieve $235 million in revenue for 2026, at our current guidance midpoint.”
— Niccolo de Masi, Q4 2025 Earnings Press Release
IONQ Earnings Trends
IONQ vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
IONQ EPS Trend
Earnings per share: estimate vs actual
IONQ Revenue Trend
Quarterly revenue: estimate vs actual
IONQ Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 FY | — | $-0.20 | — | $61.9M | — |
| FY Full Year | $-5.15 | $-0.60 | +88.34% | $130.0M | +19.96% |
| Q3 25 BEAT | $-0.44 | $-0.17 | +61.36% | $39.9M | +47.73% |
| Q2 25 MISS | $-0.14 | $-0.70 | -400.00% | $20.7M | +20.12% |
| Q1 25 BEAT | $-0.15 | $-0.14 | +3.45% | $7.6M | +0.76% |