# IonQ (IONQ) Q3 2026 earnings

Results filed 2026-11-05 for the quarter ended 2026-09-30. Source page: https://earnings.opennash.com/companies/ionq/2026-q3/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1824920/000119312526449779/0001193125-26-449779-index.htm
> 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.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $173.8 million | up 336% year-over-year | GAAP |
| Net income attributable to IonQ | $564.0 million |  | GAAP |
| Diluted EPS | $1.35 | versus $(3.58) a year ago | GAAP |
| Adjusted EPS | ($0.29) | versus $(0.17) a year ago | non-GAAP |
| Loss from operations | (433,075) | versus (168,813) a year ago | GAAP |
| Adjusted EBITDA | ($133.6) million |  | non-GAAP |

## Segments and operating metrics

| Name | 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 |

## 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

1. **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.
2. **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).
3. **Full-year revenue guidance raised to $505-$515 million** Management also expects 110% year-on-year growth in quantum computing revenue for 2026.
4. **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.
5. **$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.

## 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.

## Slides and investor documents

- [Earnings Presentation](https://s28.q4cdn.com/828571518/files/content_files/IONQ_Q3-2026-Investor-Presentation-vFinal-2026-11-05.pdf) (Slide deck)
- [Transcript](https://s28.q4cdn.com/828571518/files/content_files/CORRECTED-TRANSCRIPT-IonQ-Inc-IONQ-US-Q3-2026-Earnings-Call-5-November-2026-430-PM-ET.pdf) (Company's official transcript)
- [Earnings Webcast](https://event.choruscall.com/mediaframe/webcast.html?webcastid=Y3TmULnK) (Webcast replay)
- [Financial Statement](https://d18rn0p25nwr6d.cloudfront.net/CIK-0001824920/5d1367f8-2a32-4e4a-a6d9-8f7086a0c68f.pdf) (Document)