IonQ cash flow, quarter by quarter

In Q3 2026, IonQ generated −$316M of operating cash flow and spent $16.3M on capital projects, leaving free cash flow of −$332M. That is $205M less than in Q3 2025 (−$127M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$645M; the largest uses were acquisitions ($913M), operating cash flow ($645M), other investing ($542M); besides operations, cash came from shares issued ($2.0B), other financing ($22.3M); the cash balance fell by $135M.

Operating cash flow was −$316M against net income of $563M — -0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$147M, deferred taxes −$142M, depreciation & amortization +$128M.

Its cash conversion cycle was 53 days (receivables 72 + inventory 20 − payables 39).

IonQ is burning cash: its operations consume cash, a free cash flow of −$689M a year at the current rate against $998M of cash and investments: a runway of about 17 months; $8.8M of debt also comes due within a year, which the cash covers before any new financing.