IonQ (IONQ) · Consumer Technology
IonQ Q3 2026 earnings: summary, key numbers & outlook
Results filed 5 Nov 2026 · Quarter ended 30 Sep 2026
Slides (24 pages)Official transcript (PDF) ↗Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
IonQ reported record Q3 2026 GAAP revenue of $173.8 million, up 336% year-over-year, and raised full-year 2026 revenue guidance to $505 to $515 million as backlog grew to $1.2 billion.
IonQ's third-quarter revenue was $173.8 million, up 336% from a year ago and its sixth straight record quarter. The IonQ Platform segment contributed $90.3 million, up 127%, and the newly acquired SkyWater Foundry Services segment added $83.5 million. GAAP net income attributable to IonQ was $564.0 million, but this came from a non-cash gain on warrants. Adjusted EBITDA was a loss of ($133.6) million.
Management raised full-year 2026 revenue guidance to between $505 million and $515 million and expects quantum computing revenue to grow 110%. The company says it holds $3.7 billion in cash and investments after an October equity offering. The main tension is that the business still loses money on an adjusted basis (Adjusted EPS of ($0.29)). It is also spending heavily on acquisitions such as SkyWater and Elisity, which adds integration risk.
Slides & documents
Open the slide deck (PDF, 24 pages) ↗
Showing the first 6 of 24 pages.
From IonQ investor relations
- TranscriptCompany's official transcript ↗
- Earnings WebcastWebcast replay ↗
- Financial StatementDocument ↗
SEC filing
Key numbers
- Revenue · GAAP
- $173.8 million
- Net income attributable to IonQ · GAAP
- $564.0 million
- Diluted EPS · GAAP
- $1.35
- Adjusted EPS · non-GAAP
- ($0.29)
- Loss from operations · GAAP
- -$433.1M
- Adjusted EBITDA · non-GAAP
- ($133.6) million
up 336% year-over-year
versus $(3.58) a year ago
versus $(0.17) a year ago
versus (168,813) a year ago
| Segment or metric | Value | Change |
|---|---|---|
| IonQ Platform revenue | $90.3 Million | up 127% |
| SkyWater Foundry Services revenue | $83.5 Million | non-IonQ quantum customer revenue up more than 30% year-over-year |
| Remaining performance obligations | $1.2 billion | more than doubled |
| Cash, cash equivalents and investments (pro forma) | $3.7 Billion | pro forma for October 16, 2026 equity offering |
Where each number comes from
- Revenue: “Reported GAAP Revenue of $173.8 Million, Up 336% Year-over-Year, Marking the Sixth Consecutive Record Quarter”
- Net income attributable to IonQ: “Net income attributable to IonQ was $564.0 million and GAAP EPS was $1.42 for the third quarter, reflecting the non-cash mark-to-market impact of warrants”
- Diluted EPS: “Basic | $1.42 | $(3.58) | $(1.34) | $(4.89) Diluted | $1.35 | $(3.58) | $(1.34) | $(4.89)”
- Adjusted EPS: “Adjusted EBITDA loss was ($133.6) million and Adjusted EPS was ($0.29) for the third quarter”
- Loss from operations: “Total operating costs and expenses | 606,906 | 208,679 | 1,360,374 | 473,210 Loss from operations | (433,075) | (168,813) | (1,041,825) | (405,084)”
- Adjusted EBITDA: “Adjusted EBITDA loss was ($133.6) million and Adjusted EPS was ($0.29) for the third quarter”
- IonQ Platform revenue: “IonQ Platform Segment Revenue Up 127% to $90.3 Million on Global Tempo Quantum Computer Deployments”
- SkyWater Foundry Services revenue: “SkyWater Foundry Services Segment Revenue of $83.5 Million; Non-IonQ Quantum Customer Revenue Up More than 30% Year-over-Year as SkyWater Quantum Solutions is Launched”
- Remaining performance obligations: “Our Remaining Performance Obligations more than doubled to $1.2 billion, even as we converted our backlog into record third quarter revenues.”
- Cash, cash equivalents and investments (pro forma): “Remains Best-Capitalized Pure-Play Quantum Company with $3.7 Billion in Cash, Cash Equivalents and Investments as of September 30, 2026 Pro-Forma for October 16, 2026 Equity Offering”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q3 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $173.8M | +336.0% | +117.2% |
| Operating income | -$433.1M | −156.5% | −28.4% |
| Net income | $564.0M | — | — |
| Diluted EPS | $1.35 | — | — |
| Free cash flow | -$331.9M | −160.9% | −191.2% |
| Operating margin | -249.1% | +174.4 pts | +172.2 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Revenue guidance (raised) | full year 2026 | $505 million and $515 million |
| Quantum computing revenue growth | full year 2026 | 110% |
Key takeaways
Revenue grew 336% to a record $173.8 million
Third-quarter GAAP revenue was $173.8 million, the sixth consecutive record quarter, up from $39,866 thousand a year earlier. SkyWater, acquired July 31, 2026, contributed $83.5 million.
GAAP profit came from warrant gains, not operations
Net income attributable to IonQ was $564.0 million, driven by a non-cash mark-to-market gain on warrants. Loss from operations was (433,075) thousand and Adjusted EPS was ($0.29).
Full-year revenue guidance raised to $505-$515 million
Management also expects 110% year-on-year growth in quantum computing revenue for 2026.
Backlog more than doubled to $1.2 billion
Remaining performance obligations reached $1.2 billion even as backlog converted into record revenue. Quantum computing was about two-thirds of new IonQ Platform contract dollars, driven by Superion 256 demand.
$3.7 billion pro forma cash funds expansion
Cash, cash equivalents and investments were $1.7 billion at September 30, 2026, and $3.7 billion pro forma for the $2.0 billion October offering. IonQ also completed the Elisity acquisition, issuing $1.15 billion of stock.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $11.7M * |
| Q1 2025 | $7.6M |
| Q2 2025 | $20.7M |
| Q3 2025 | $39.9M |
| Q4 2025 | $61.9M * |
| Q1 2026 | $64.7M |
| Q2 2026 | $80.0M |
| Q3 2026 | $173.8M |
Data
| Q1 2025 | -$0.14 |
| Q2 2025 | -$0.70 |
| Q3 2025 | -$3.58 |
| Q1 2026 | $2.07 |
| Q2 2026 | -$5.08 |
| Q3 2026 | $1.35 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | -661.9% |
| Q1 2025 | -1000.3% |
| Q2 2025 | -776.0% |
| Q3 2025 | -423.5% |
| Q4 2025 | -369.4% |
| Q1 2026 | -419.8% |
| Q2 2026 | -421.3% |
| Q3 2026 | -249.1% |
Data
| Q4 2024 | -$43.0M |
| Q1 2025 | -$35.3M |
| Q2 2025 | -$53.8M |
| Q3 2025 | -$127.2M |
| Q4 2025 | -$83.3M |
| Q1 2026 | -$159.4M |
| Q2 2026 | -$114.0M |
| Q3 2026 | -$331.9M |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were IonQ's Q3 2026 results?
Revenue was a record $173.8 million, up 336% year-over-year. GAAP net income attributable to IonQ was $564.0 million, driven by a non-cash warrant gain, while Adjusted EPS was ($0.29).
Did IonQ change its 2026 guidance?
Yes. It raised full-year 2026 revenue guidance to between $505 million and $515 million, and expects 110% year-on-year growth in quantum computing revenue.
Is IonQ profitable?
On a GAAP basis it reported net income of $564.0 million, but that reflects a non-cash mark-to-market gain on warrants. Adjusted EBITDA was a loss of ($133.6) million and loss from operations was (433,075) thousand dollars.
How is IonQ's balance sheet and backlog?
Cash, cash equivalents and investments were $1.7 billion at September 30, 2026, or $3.7 billion pro forma for the $2.0 billion equity offering closed October 16, 2026. Remaining performance obligations more than doubled to $1.2 billion.
What are the key strategic developments?
IonQ advanced to Stage C of DARPA's Quantum Benchmarking Initiative (potential value up to $300 million) and will deploy a Superion 256 at NVIDIA's Accelerated Quantum Research Center. It also closed the SkyWater acquisition and, on November 4, 2026, completed the Elisity acquisition.