IonQ (IONQ) Q4 2025 earnings summary

Executive summary

• Achieved $130 million in FY 2025 revenue, a 202% year-over-year increase, surpassing $100 million in annual GAAP revenue and 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 networking, sensing, and security, with global operations and 15+ offices in 7 countries.

• Announced the largest quantum acquisition in history with SkyWater Technology, expected to close in Q2 or Q3 2026, to secure manufacturing and supply chain.

• Expanded customer base and product portfolio, including major government and commercial contracts, and over 1,100 patents granted or pending.

Financial highlights

• FY 2025 revenue totaled $130 million, up from $43.1 million in FY 2024 (202% YoY growth); Q4 2025 revenue reached $61.9 million, up from $11.7 million in Q4 2024 (429% YoY growth).

• Adjusted EBITDA for FY 2025 was -$186.8 million; Adjusted EPS was -$0.60.

• Q4 GAAP net income was $753.7 million, mainly due to a $950 million non-cash mark-to-market 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, nearly fivefold from 2024.

Outlook and guidance

• FY 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 aiming for $235 million in revenue at the guidance midpoint.

• Organic growth expected to accelerate in 2026.