Filing Flows › IonQ (IONQ) › Q4 2025
IonQ (IONQ) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
IonQ (IONQ) reported revenue of $61.9M for the fourth quarter 2025 (Q4 2025), +429% from a year earlier and +55% from the quarter before. Operating margin was -369.4%.
IonQ, Q4 2025: revenue $61.9M (+428% year over year), operating margin -369.4%, net earnings $753M, operating cash flow −$74.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $61.9M | +55% | +429% |
| Operating profit | −$229M | — | — |
| Net earnings | $753M | — | — |
| Operating cash flow | −$74.5M | — | — |
What changed
Revenue was $61.9M in Q4 2025, up 429% year over year and up 55% from the previous quarter.
Operating costs exceeded revenue by $228.6M, an operating margin of -369.4%. Total costs grew 226% against revenue growth of 429%. The fastest-growing cost line was Cost of revenue (+764%). Net earnings were $753.7M ($753.3M including minority interests, which bore $394K of losses). The effective tax rate was -3.4%. Non-operating items added $957.0M, 131% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$74.5M. Non-cash charges added back $40.6M of depreciation and amortization and $106.7M of share-based compensation. Working capital and other items used $975.1M. Capital expenditures of $8.8M exceeded it, leaving free cash flow of −$83.3M.
Questions
What was IonQ's revenue in the fourth quarter 2025?
IonQ (IONQ) reported revenue of $61.9M for the fourth quarter 2025 (Q4 2025), +429% from a year earlier and +55% from the quarter before.
Was IonQ profitable in the fourth quarter 2025?
Operating loss was $229M (-369.4% of revenue) and net earnings $753M.
Source: IonQ 10-K on SEC EDGAR.