IonQ (IONQ) Q3 FY2026 earnings: revenue $174 million, up 336.0% on the year

IonQ, Inc. (IONQ) reported revenue of $174 million for Q3 FY2026, the quarter ended 30 September 2026, up 336.0% on the same quarter a year earlier. Net income was $564 million, and diluted earnings per share $1.35. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$174 million

+336.0% on the year · +117.2% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-249.1%

-423.5% a year earlier

Q4 FY2024Q3 FY2026

Net income

$564 million

Q4 FY2024Q3 FY2026

Diluted EPS

$1.35

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 new.

Revenue up 336% to $173.8 million: Third quarter revenue was $173.8 million, up from $39.9 million a year earlier. The company described it as its sixth consecutive quarter of record revenue.
Tempo deployments named as drivers: Management named global IonQ Tempo quantum computer deployments and deliveries of quantum sensing and space-based solutions as major drivers of revenue growth.
IonQ Platform revenue up 127%: IonQ Platform segment revenue was $90.3 million, up 127%, which the company linked to global IonQ Tempo quantum computer deployments.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	174	80.0	39.9	+117.2%	+336.0%
Cost of revenue	136	60.1	21.3	+125.9%	+539.0%
Gross profit	38.0	19.9	18.6	+90.7%	+104.3%
Gross margin	21.9%	24.9%	46.7%
Research and development	142	161	66.3	-11.8%	+113.7%
Operating income	-433	-337	-169
Operating margin	-249.1%	-421.3%	-423.5%
Interest expense	2.3	n/a	0.0
Pre-tax income	421	-1,875	-1,060
Income tax	-142	-6.1	-4.4
Effective tax rate	-33.6%	n/a	n/a
Net income	564	-1,868	-1,055
Net margin	324.4%	-2333.2%	-2646.3%
Diluted EPS	$1.35	-$5.08	-$3.58

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	-316	-104	-123
Capital expenditure	16.3	10.2	4.1	+60.0%	+296.0%
Free cash flow	-332	-114	-127
Free cash flow margin	-190.9%	-142.4%	-319.1%
Cash from investing	-719	834	-673
Cash from financing	9.4	12.0	1,005	-21.6%	-99.1%
Depreciation and amortisation	128	46.1	24.2	+177.0%	+427.8%
Share-based compensation	149	145	74.6	+2.7%	+99.2%
Diluted shares, weighted	401m	368m	295m	+9.0%	+36.1%
Shares outstanding at period end	409m	381m	325m	+7.3%	+25.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	4,990	3,327	2,273	+50.0%	+119.5%
Non-controlling interest	34.1	12.4	14.4	+175.4%	+135.9%
Debt	65.6	n/a	n/a
Operating lease liabilities	46.2	42.8	19.9	+7.9%	+132.1%
Finance lease liabilities	26.1	n/a	n/a
Other liabilities	2,691	3,396	2,012	-20.8%	+33.8%
Total liabilities and equity	7,853	6,779	4,319	+15.8%	+81.8%
Fixed assets	859	144	120	+495.8%	+618.8%
Goodwill	3,222	2,186	1,866	+47.4%	+72.7%
Intangible assets	1,145	779	656	+47.0%	+74.6%
Investments	1,453	1,724	1,139	-15.7%	+27.6%
Cash and equivalents	209	1,236	346	-83.1%	-39.5%
Receivables	165	106	36.9	+55.9%	+347.2%
Inventory	35.3	24.9	8.7	+41.5%	+307.4%
Other assets	764	579	147	+31.8%	+417.7%
Total assets	7,853	6,779	4,319	+15.8%	+81.8%

Questions

What was IonQ's revenue in Q3 FY2026?

IonQ (IONQ) reported revenue of $174 million for Q3 FY2026, the quarter ended 30 September 2026, up 336.0% on the same quarter a year earlier.

How much did IonQ earn in Q3 FY2026?

Net income for Q3 FY2026 was $564 million, and diluted earnings per share $1.35.

When did IonQ report Q3 FY2026 results?

IonQ filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1.6	2.0	2.6	2.8	3.8	4.3	5.5	6.1	6.1	7.6	11.4	12.4	11.7	7.6	20.7	39.9	61.9	64.7	80.0	174
Cost of revenue	0.3	0.6	0.7	0.7	0.9	1.0	1.9	2.0	3.2	3.4	5.6	6.5	5.0	4.3	8.3	21.3	43.6	49.3	60.1	136
Gross profit	1.4	1.4	1.9	2.0	2.9	3.2	3.6	4.1	2.9	4.2	5.8	5.9	6.7	3.3	12.4	18.6	18.3	15.4	19.9	38.0
Gross margin	82%	71%	72%	73%	76%	76%	66%	67%	48%	55%	51%	47%	57%	43%	60%	47%	30%	24%	25%	22%
R&D	4.9	7.3	9.7	13.3	13.7	16.2	19.9	24.6	31.6	32.4	31.2	33.2	40.1	40.0	103	66.3	96.1	126	161	142
Operating income	-10.8	-18.3	-18.9	-24.9	-23.6	-28.0	-33.1	-42.2	-54.4	-52.9	-48.9	-53.1	-77.5	-75.7	-161	-169	-229	-272	-337	-433
Operating margin	-658%	-936%	-726%	-902%	-621%	-654%	-600%	-688%	-892%	-697%	-430%	-429%	-662%	-1000%	-776%	-423%	-369%	-420%	-421%	-249%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	2.3
Pre-tax income	-74.1	-4.2	-1.7	-24.0	-18.6	-27.3	-43.7	-44.8	-41.9	-39.6	-37.5	-52.5	-202	-32.2	-193	-1,060	728	798	-1,875	421
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-3%	-1%	n/a	-34%
Net income	-74.1	-4.2	-1.7	-24.0	-18.6	-27.3	-43.7	-44.8	-41.9	-39.6	-37.6	-52.5	-202	-32.3	-177	-1,055	754	805	-1,868	564
Net margin	-4495%	-216%	-63%	-868%	-490%	-638%	-793%	-730%	-686%	-522%	-330%	-423%	-1725%	-426%	-855%	-2646%	1218%	1245%	-2333%	324%
Diluted EPS	-$0.51	-$0.02	-$0.01	-$0.12	-$0.09	-$0.14	-$0.22	-$0.22	-$0.20	-$0.19	-$0.18	-$0.24	-$0.93	-$0.14	-$0.70	-$3.58	$1.93	$2.07	-$5.08	$1.35
Operating cash flow	-4.7	-8.3	-8.6	-12.9	-14.9	-13.8	-16.1	-22.3	-26.6	-20.5	-26.6	-19.2	-39.4	-33.0	-52.6	-123	-74.5	-151	-104	-316
Capital expenditure	2.5	2.7	4.3	1.4	1.0	1.2	1.2	4.1	7.2	3.1	7.5	3.8	3.6	2.3	1.2	4.1	8.8	8.4	10.2	16.3
Free cash flow	-7.2	-11.0	-13.0	-14.2	-15.9	-15.0	-17.3	-26.4	-33.8	-23.6	-34.1	-23.0	-43.0	-35.3	-53.8	-127	-83.3	-159	-114	-332
Shares outstanding	196m	196m	198m	199m	200m	200m	202m	204m	207m	211m	214m	216m	222m	243m	270m	325m	363m	373m	381m	409m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.