10-Q · August 10, 2026
IonQ delivered $80.05 million of second-quarter revenue, up approximately 23% sequentially from $65 million and approximately 281% year over year from $21 million. Diluted EPS was negative $0.33, better than negative…
Earnings analysis · 10-Q
IONQ earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
IonQ reported strong commercial momentum, with $173.8 million of revenue versus $142.0 million expected and adjusted EPS of $(0.29) versus $(0.79) expected. FY2026 revenue guidance was raised to $505 million-$515…
Read full summary
IonQ reported strong commercial momentum, with $173.8 million of revenue versus $142.0 million expected and adjusted EPS of $(0.29) versus $(0.79) expected. FY2026 revenue guidance was raised to $505 million-$515 million, supported by expected 110% year-over-year quantum-computing revenue growth and $1.2 billion of remaining performance obligations. However, the SkyWater acquisition introduced 2 material weaknesses, leaving disclosure controls ineffective as of September 30, 2026, and remediation has not yet been validated.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.29
What stood out
-
Revenue and adjusted EPS beat estimates
Revenue was $173.8 million versus the $142.0 million consensus estimate, a $31.8 million or 22.4% beat. Adjusted EPS was $(0.29) versus $(0.79) expected.
-
FY2026 revenue outlook raised
FY2026 revenue guidance increased to $505 million-$515 million from $450 million-$460 million previously, representing a $55 million midpoint increase.
-
Quantum growth and backlog expanded
Management expects quantum computing revenue to grow 110% year over year, while reported remaining performance obligations were $1.2 billion.
-
SkyWater acquisition broadens platform
IonQ acquired SkyWater on July 31, 2026, adding a manufacturing business to the consolidated results and expanding the company’s operating platform.
-
Remediation actions are underway
Management disclosed that the SkyWater acquisition brought 2 material weaknesses into IonQ’s internal-control framework: revenue accounting controls and Fab 25 account-reconciliation controls.
What to watch
-
Disclosure controls remain ineffective
As of September 30, 2026, disclosure controls and procedures were not effective because of the 2 SkyWater-related material weaknesses. Management stated that the weaknesses had not resulted in a material misstatement of previously issued or current condensed consolidated financial statements.
-
Control remediation remains unvalidated
The 2 material weaknesses cannot be considered remediated until the remediation plans are completed and the effectiveness of the corrective actions is validated over a sustained period. Management also stated that additional measures or time may be required.
-
Potential insider-sale overhang
The CFO and COO adopted a Rule 10b5-1 arrangement covering up to 355,094 shares, with the broker expected to sell 100% of net shares delivered after statutory tax withholding; sales may pressure the share price and increase insider-selling overhang.
-
No formal risk-factor changes
The filing states there were no material changes to the risk factors disclosed in the December 31, 2025 Form 10-K and the June 30, 2026 Form 10-Q. Accordingly, no new formal risk-factor changes were identified in this quarter.
Management's outlook
FY2026 revenue guidance was raised to $505 million-$515 million from $450 million-$460 million previously. Quantum computing revenue is expected to grow 110% year over year; no numeric EPS guidance was provided.
Earlier filings 4
10-Q · May 7, 2026
IonQ's Q1 2026 results reflect strong revenue growth and a substantial improvement in EPS, driven largely by the commercialization of quantum computing hardware and increased sales. The company has raised its full-year…
10-K · February 25, 2026
IonQ positions itself as "the world’s first and only quantum platform company" and is pursuing a platform strategy that combines QCaaS, hardware, networking, sensing, security and satellite data services while…
10-K · February 26, 2025
IonQ positions itself as a leader in trapped-ion quantum computing with a dual go-to-market of QCaaS (via AWS Amazon Braket, Microsoft Azure Quantum and Google Cloud Marketplace) and sales of specialized hardware and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.