IonQ, Inc. stock research
FY2026 Q1
IonQ (IONQ) Gross Margin — Quarter Ended Mar 31, 2026
Revenue increased while gross profit remained nearly stable, leading to a slight weakening in gross margin compared to the prior quarter. Compared to the same quarter last year, gross margin improved significantly from negative to positive territory.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue increased while gross profit remained nearly stable, leading to a slight weakening in gross margin compared to the prior quarter. Compared to the same quarter last year, gross margin improved significantly from negative to positive territory.
- The increase in revenue was accompanied by a proportionally larger increase in cost of revenue, causing gross profit to increase only modestly and gross margin to narrow slightly.
- Compared to the immediately preceding quarter, gross margin weakened slightly as cost growth outpaced revenue growth. Year over year, gross margin improved markedly as the company moved from a negative gross profit to a positive one.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
24.4%
Gross profit
$15.8M
Revenue
$64.7M
Cost of revenue
$48.9M
Quarter-over-quarter change
-0.9 pts
Year-over-year change
+39.1 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 |
|---|---|---|---|---|
| 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% |
| Mar 31, 2026 | $64.7M | $15.8M | $48.9M | 24.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-0.9 pts
Year-over-year change
Mar 31, 2025
+39.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The increase in revenue was accompanied by a proportionally larger increase in cost of revenue, causing gross profit to increase only modestly and gross margin to narrow slightly.
Compared to the immediately preceding quarter, gross margin weakened slightly as cost growth outpaced revenue growth. Year over year, gross margin improved markedly as the company moved from a negative gross profit to a positive one.
The relationship between revenue growth and cost of revenue growth should be monitored for further margin compression.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| IonQ, Inc. (IONQ) | 24.4% |