IONQ (IONQ) financial statements
IONQ reported revenue of $130M in fiscal 2025, up 180.5% a year over 4 years.
Net income was -$510M.
Free cash flow was -$300M.
The diluted share count rose 144% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from IONQ's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $0 | $2M | $11M | $22M | $43M | $130M |
| Cost of revenue | $143,000 | $1M | $3M | $8M | $21M | $77M |
| Gross profit | -$143,000 | $1M | $8M | $14M | $22M | $53M |
| Research and development | $10M | $20M | $44M | $92M | $137M | $306M |
| Selling, general and admin | $4M | $17M | $44M | $69M | $99M | $299M |
| Operating income | -$16M | -$39M | -$86M | -$158M | -$232M | -$634M |
| Pre-tax income | -$15M | -$106M | -$49M | -$158M | -$332M | -$557M |
| Income tax | $0 | $0 | $0 | $48,000 | $59,000 | -$45M |
| Net income | -$15M | -$106M | -$49M | -$158M | -$332M | -$510M |
| EPS (diluted) | -$0.13 | -$0.77 | -$0.25 | -$0.78 | -$1.56 | -$1.82 |
| Diluted shares | 115M | 138M | 198M | 203M | 213M | 280M |
| Gross margin | — | 50.5% | 73.6% | 63.2% | 52.2% | 40.4% |
| Operating margin | — | -1843.1% | -770.3% | -715.7% | -539.7% | -487.4% |
| Net margin | — | -5058.9% | -435.8% | -715.8% | -770.0% | -392.6% |
Balance sheet
Fiscal years, from IONQ's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $2M | $522M | $356M | $355M | $340M | $2.4B |
| Receivables | $390,000 | $707,000 | $3M | $11M | $10M | $67M |
| Inventory | — | — | — | — | $0 | $10M |
| Total current assets | $39M | $530M | $372M | $390M | $379M | $2.6B |
| Property, plant and equipment | $12M | $19M | $26M | $38M | $53M | $120M |
| Goodwill | — | $0 | $742,000 | $742,000 | $10M | $2.0B |
| Total assets | $60M | $642M | $598M | $554M | $508M | $6.6B |
| Total current liabilities | $2M | $10M | $20M | $37M | $36M | $167M |
| Total liabilities | $7M | $51M | $30M | $69M | $125M | $2.8B |
| Shareholders' equity | $54M | $591M | $568M | $485M | $384M | $3.8B |
| Net debt | -$2M | -$399M | -$44M | -$36M | -$54M | -$1.0B |
Cash flow
Fiscal years, from IONQ's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$12M | -$27M | -$45M | -$79M | -$106M | -$283M |
| Capital spending | $11M | $9M | $12M | $18M | $22M | $16M |
| Free cash flow | -$23M | -$36M | -$56M | -$97M | -$128M | -$300M |
| Stock-based compensation | $1M | $8M | $31M | $70M | $107M | $312M |
| Free cash flow margin | — | -1712.3% | -505.0% | -440.4% | -296.2% | -230.4% |
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Open IONQ in InvestinglyQuestions
What was IONQ's revenue in 2025?
$130M in fiscal 2025, from its 10-K filing.
How much free cash flow does IONQ generate?
-$300M in fiscal 2025 (operating cash flow minus capital spending).
From IONQ's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.