IonQ (IONQ)
NYSE:IONQ
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IonQ
(NYSE:IONQ)
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Rating:53Neutral
Price Target:
$32.00
▲(0.13% Upside)
Action:ReiteratedDate:02/26/26
The score is held back primarily by weak financial performance (large losses and cash burn) and bearish technicals (below key moving averages with negative MACD). Offsetting these risks are a strong earnings outlook with significant backlog growth and ample liquidity, plus strategically positive M&A developments.
Positive Factors
Strong backlog and revenue visibility
A nearly fivefold rise in RPO to $370M provides multi-quarter revenue visibility and supports the company's aggressive 2026 revenue guide. Durable contract backlog reduces near-term top-line volatility and underpins predictable capacity and investment planning as IonQ scales commercial deployments.
Negative Factors
Large operating losses and negative margins
Persistent large operating losses and deeply negative margins indicate the business has not yet converted technical wins into profitable scale. Even with strong top-line growth, sustaining investment-driven losses could constrain reinvestment cadence and require continued capital support until operating leverage emerges.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong backlog and revenue visibility
A nearly fivefold rise in RPO to $370M provides multi-quarter revenue visibility and supports the company's aggressive 2026 revenue guide. Durable contract backlog reduces near-term top-line volatility and underpins predictable capacity and investment planning as IonQ scales commercial deployments.
Read all positive factors
IonQ (IONQ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.72B
Dividend YieldN/A
Average Volume (3M)20.60M
Price to Earnings (P/E)5.5
Beta (1Y)2.75
Revenue Growth113.07%
EPS Growth-555.52%
CountryUS
Employees407
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)1.93
Shares Outstanding366,640,750
10 Day Avg. Volume19,639,238
30 Day Avg. Volume20,598,136
Financial Highlights & Ratios
PEG Ratio-1.48
Price to Book (P/B)3.31
Price to Sales (P/S)96.75
P/FCF Ratio-41.99
Enterprise Value/Market Cap0.85
Enterprise Value/Revenue76.45
Enterprise Value/Gross Profit189.23
Enterprise Value/Ebitda-20.94
Forecast
1Y Price Target
$64.40Price Target Upside101.50% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)-1.85
Revenue Forecast (FY)$191.02M
IonQ Business Overview & Revenue Model
Company Description
IonQ, Inc. engages in the development of general-purpose quantum computing systems. It sells access to quantum computers with 20 qubits. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services' (AWS) ...
How the Company Makes Money
IonQ primarily generates revenue by providing access to its quantum computing systems and associated services. A key revenue stream is quantum computing access delivered through major cloud marketplaces (e.g., quantum offerings available via hyper...
IonQ Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across different business areas, highlighting which segments drive growth and profitability, and where the company might face challenges or opportunities.
Breaks down revenue across different business areas, highlighting which segments drive growth and profitability, and where the company might face challenges or opportunities.
Data provided by:
The Fly
The FlyIonQ Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive commercial and technical momentum: record and rapidly growing revenues, a large RPO backlog, substantial cash reserves, leading technical metrics (99.99% two‑qubit fidelity) and major strategic moves (SkyWater intent, expanded partnerships and customer wins). Offsetting this is meaningful near-term operating loss driven by heavy R&D investment, large adjusted EBITDA deficits expected in 2026, GAAP volatility from warrant accounting, regulatory uncertainty around SkyWater and some execution/capacity challenges. On balance the company presented convincing growth, product and financial resources to scale, while acknowledging predictable execution and integration risks tied to rapid expansion and M&A.Positive Updates
Record Revenue Performance
Q4 2025 revenue of $61.9M (grew 429% year-over-year) and full year 2025 revenue of $130M (202% year-over-year growth). Q4 exceeded the midpoint of guidance by 55% and full year exceeded midpoint by 20%.
Negative Updates
Large Operating Losses and Negative Adjusted EBITDA
Adjusted EBITDA was negative $67.4M for Q4 and negative $186.8M for full year 2025. 2026 adjusted EBITDA guidance is a further negative $310M–$330M, reflecting continued heavy investment and operating losses.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue Performance
Q4 2025 revenue of $61.9M (grew 429% year-over-year) and full year 2025 revenue of $130M (202% year-over-year growth). Q4 exceeded the midpoint of guidance by 55% and full year exceeded midpoint by 20%.
Read all positive updates
Company Guidance
IonQ guided fiscal 2026 revenue of $225–245 million (midpoint $235M) with Q1 revenue of $48–51M and adjusted EBITDA of negative $310–330M; that outlook is supported by a $370M remaining performance obligation (up from $77M at end‑2024) and follows record 2025 results of $130M revenue (202% YoY), Q4 revenue $61.9M (+429% YoY, Q4 midpoint beat +55%, full‑year beat midpoint +20%), ~80% organic growth, >60% commercial mix, >30% international mix, full‑year adjusted EBITDA of −$186.8M (Q4 −$67.4M), R&D spend of $305.7M for the year (Q4 $96.1M, +123% YoY), and cash, cash equivalents and investments of $3.3B; guidance excludes SkyWater until the transaction closes.IonQ Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
64
Positive
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 130.02M | 43.07M | 22.04M | 11.13M | 2.10M |
| Gross Profit | 52.53M | 3.82M | 13.93M | 2.58M | -1.49M |
| EBITDA | -474.69M | -312.93M | -147.38M | -42.91M | -103.64M |
| Net Income | -510.38M | -331.65M | -157.77M | -48.51M | -106.19M |
Balance Sheet | |||||
| Total Assets | 6.57B | 508.39M | 553.58M | 597.99M | 642.03M |
| Cash, Cash Equivalents and Short-Term Investments | 2.39B | 340.29M | 355.44M | 355.80M | 522.47M |
| Total Debt | 30.02M | 17.73M | 8.11M | 4.05M | 4.21M |
| Total Liabilities | 2.76B | 124.53M | 68.59M | 29.78M | 50.80M |
| Stockholders Equity | 3.80B | 383.86M | 484.99M | 568.21M | 591.23M |
Cash Flow | |||||
| Free Cash Flow | -299.60M | -129.25M | -98.36M | -57.26M | -36.56M |
| Operating Cash Flow | -283.19M | -105.68M | -78.81M | -44.70M | -26.54M |
| Investing Cash Flow | -2.10B | 82.73M | 68.77M | -309.06M | -213.78M |
| Financing Cash Flow | 3.36B | 41.69M | 1.76M | 1.10M | 603.23M |
IonQ Technical Analysis
Negative
31.96
Price Trends
37.63
Negative
43.92
Negative
47.11
Negative
Market Momentum
-1.45
Negative
40.25
Neutral
45.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IONQ, the sentiment is Negative. The current price of 31.96 is below the 20-day moving average (MA) of 34.73, below the 50-day MA of 37.63, and below the 200-day MA of 47.11, indicating a bearish trend. The MACD of -1.45 indicates Negative momentum. The RSI at 40.25 is Neutral, neither overbought nor oversold. The STOCH value of 45.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IONQ.
IonQ Risk Analysis
IonQ disclosed 64 risk factors in its most recent earnings report. IonQ reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
IonQ Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | $11.72B | 5.51 | -28.03% | ― | 113.07% | -555.52% | |
52 Neutral | $1.64B | -90.38 | -2.42% | ― | 41.51% | -111.74% | |
49 Neutral | $5.03B | -31.73 | -51.53% | ― | -36.98% | -238.63% | |
48 Neutral | $5.99B | -23.66 | -58.58% | ― | 156.20% | -218.56% |
* Technology Sector Average
IONQ
IonQ
31.96
8.31
35.14%
QUBT
Quantum Computing
7.12
-0.82
-10.33%
QBTS
D-Wave Quantum
16.19
8.13
100.87%
RGTI
Rigetti Computing
15.14
6.67
78.75%
IonQ Corporate Events
Executive/Board Changes
IonQ Appoints William Scannell to Board of Directors
Neutral
Mar 25, 2026
On March 19, 2026, IonQ’s Board of Directors expanded its size and elected William F. Scannell, 63, as a Class II director to fill the new seat, with his term running until the company’s 2026 Annual Meeting of Stockholders. Effective M...
Private Placements and FinancingRegulatory Filings and Compliance
IonQ Files Prospectus for Cambridge Share Resale Arrangement
Neutral
Mar 11, 2026
On March 11, 2026, IonQ, Inc. filed a prospectus supplement with the SEC to a previously effective shelf registration, enabling the resale by a selling stockholder of 2,562,642 shares of its common stock. The filing was made pursuant to a Registra...
Regulatory Filings and Compliance
IonQ Files Prospectus Supplement for Secondary Share Resale
Neutral
Feb 27, 2026
On February 27, 2026, IonQ, Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission related to an existing shelf registration statement. The filing covers the potential resale by certain selling stockholders of a total ...
Business Operations and StrategyM&A Transactions
IonQ Completes Skyloom Acquisition, Expands Quantum Networking Capabilities
Positive
Jan 30, 2026
On January 28, 2026, IonQ announced it had completed its acquisition of Skyloom Global Corp., a U.S. developer of lightwave-optics technology for secure, high-performance communications, closing a deal first unveiled in November 2025. The transact...
Business Operations and StrategyM&A Transactions
IonQ to Acquire SkyWater, Building Vertically Integrated Quantum Platform
Positive
Jan 26, 2026
On January 25, 2026, IonQ agreed to acquire SkyWater Technology in a cash-and-stock deal valuing SkyWater at about $1.8 billion, or $35 per share, including $15 in cash and $20 in IonQ shares per SkyWater share, subject to a collar that will leave...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.