IonQ, Inc. stock research
FY2025 Q3
IonQ (IONQ) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit both rose compared to both the prior quarter and the same quarter last year, while cost of revenue increased at a slower pace. As a result, gross margin improved markedly from both comparison periods.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit both rose compared to both the prior quarter and the same quarter last year, while cost of revenue increased at a slower pace. As a result, gross margin improved markedly from both comparison periods.
- The expansion of gross margin was driven by revenue growing faster than cost of revenue. In the current quarter, a higher proportion of each revenue dollar was retained as gross profit compared to both the preceding quarter and the year-ago quarter.
- Compared to the prior quarter, revenue and gross profit were substantially higher, and gross margin strengthened. Versus the same quarter one year earlier, all three metrics—revenue, gross profit, and gross margin—were notably higher, while cost of revenue was also higher but to a lesser degree.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
56.0%
Gross profit
$22.3M
Revenue
$39.9M
Cost of revenue
$17.5M
Quarter-over-quarter change
+21.5 pts
Year-over-year change
+36.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $11.7M | $2.7M | $9.0M | 22.7% |
| Mar 31, 2025 | $7.6M | -$1.1M | $8.7M | -14.7% |
| Jun 30, 2025 | $20.7M | $7.2M | $13.5M | 34.6% |
| Sep 30, 2025 | $39.9M | $22.3M | $17.5M | 56.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+21.5 pts
Year-over-year change
Sep 30, 2024
+36.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The expansion of gross margin was driven by revenue growing faster than cost of revenue. In the current quarter, a higher proportion of each revenue dollar was retained as gross profit compared to both the preceding quarter and the year-ago quarter.
Compared to the prior quarter, revenue and gross profit were substantially higher, and gross margin strengthened. Versus the same quarter one year earlier, all three metrics—revenue, gross profit, and gross margin—were notably higher, while cost of revenue was also higher but to a lesser degree.
Monitor whether revenue growth continues to outpace cost of revenue growth, as this relationship has been the primary driver of gross margin improvement.