IonQ (IONQ) Q4 2025 earnings summary

Executive summary

• Achieved $130.0 million in annual GAAP revenue for 2025, up 202% year-over-year, surpassing $100 million for the first time and exceeding guidance by 20%.

• Q4 2025 revenue was $61.9 million, up 429% year-over-year and 55% above guidance midpoint.

• Transformed into a full-stack quantum platform and merchant supplier, expanding into quantum networking, sensing, and security globally.

• Announced the largest quantum acquisition in history with SkyWater Technology, aiming to secure supply chain and manufacturing.

• Expanded international presence, with over 30% of revenue from international sales and more than 60% from commercial customers.

Financial highlights

• Full-year 2025 revenue was $130 million, up 202% year-over-year; Q4 revenue reached $61.9 million, up 429% year-over-year.

• Adjusted EBITDA for 2025 was -$186.8 million; Q4 Adjusted EBITDA was -$67.4 million.

• Q4 GAAP net income was $753.7 million, mainly due to a $950 million non-cash warrant valuation; full-year GAAP net income was -$510 million.

• Cash, cash equivalents, and investments totaled $3.3 billion at year-end 2025.

• Remaining performance obligations (RPO) rose to $370 million at year-end, up from $77 million a year prior.

Outlook and guidance

• 2026 revenue guidance is $225–$245 million, with Q1 2026 expected at $48–$51 million.

• Adjusted EBITDA for 2026 projected between -$310 million and -$330 million, reflecting continued R&D investment.

• Targeting demonstration of a 256-qubit system by Q4 2026 and continued expansion of commercial and government customer base.

• Organic growth expected to accelerate in 2026.

• Management expects to maintain high growth as revenue scale increases.