IonQ, Inc. stock research
FY2025 Q4
IonQ (IONQ) Gross Margin — Quarter Ended Dec 31, 2025
Revenue increased from the prior quarter and from the same quarter a year ago, but cost of revenue increased more than proportionally, resulting in lower gross profit and a weaker gross margin compared to the prior quarter. The filing notes that the company has a substantial cash position yet an accumulated deficit and expects higher operating expenses.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue increased from the prior quarter and from the same quarter a year ago, but cost of revenue increased more than proportionally, resulting in lower gross profit and a weaker gross margin compared to the prior quarter. The filing notes that the company has a substantial cash position yet an accumulated deficit and expects higher operating expenses.
- The primary observable driver of the gross margin change is the increase in cost of revenue relative to revenue, which outpaced the revenue growth when comparing with the prior quarter.
- Compared to the immediately preceding quarter, revenue was higher but gross profit and gross margin were lower. Compared to the same quarter one year earlier, revenue, gross profit, and gross margin were all higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
25.3%
Gross profit
$15.7M
Revenue
$61.9M
Cost of revenue
$46.2M
Quarter-over-quarter change
-30.7 pts
Year-over-year change
+2.6 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 |
|---|---|---|---|---|
| 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% |
| Dec 31, 2025 | $61.9M | $15.7M | $46.2M | 25.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
-30.7 pts
Year-over-year change
Dec 31, 2024
+2.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary observable driver of the gross margin change is the increase in cost of revenue relative to revenue, which outpaced the revenue growth when comparing with the prior quarter.
Compared to the immediately preceding quarter, revenue was higher but gross profit and gross margin were lower. Compared to the same quarter one year earlier, revenue, gross profit, and gross margin were all higher.
Monitor the trajectory of cost of revenue in relation to revenue, as it has been the key factor in gross margin shifts.