IonQ vs D-Wave Quantum
IonQ reported revenue of $130 million in fiscal 2025, 5.3 times D-Wave Quantum's $25 million in fiscal 2025. IonQ's revenue grew 201.8% in its latest year, and D-Wave Quantum's grew 178.5%. IonQ had an operating margin of -487.4%, against -408.2% at D-Wave Quantum. Free cash flow was −$300 million at IonQ and −$76 million at D-Wave Quantum.
Side by side
| IonQ | D-Wave Quantum | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $130M | $25M |
| Revenue growth | 201.8% | 178.5% |
| Revenue growth a year, last 5 years | — | 36.5% |
| Gross margin | — | 82.6% |
| Operating margin | −487.4% | −408.2% |
| Net margin | −392.6% | −1,444.1% |
| Free cash flow | −$300M | −$76M |
| Free cash flow margin | −230.4% | −308.5% |
| Return on capital | −68.3% | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 31.6% | 67.2% |
| Last close | $32.62 | $10.68 |
| P/E at the last close | 23.1× | — |
| Insider trades, last 12 months | bought $224,810, sold $7.2 million | bought $1,795, sold $107.1 million |
| Piotroski F-score | 3 of 8 | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
IonQD-Wave Quantum
Operating margin
Percent of revenue
IonQD-Wave Quantum
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
IonQD-Wave Quantum
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the IonQ and D-Wave Quantum pages.