third quarter 2026
Filed Nov 5, 2026IonQ Announces Record 3Q26 Revenues and Raises FY2026 Guidance to $505 - $515 Million as Backlog Grows to $1.2 Billion
Revenue reached $173.8 million, up 336% year-on-year, IonQ raised full-year revenue guidance to between $505 million and $515 million, and remaining performance obligations more than doubled to $1.2 billion. GAAP net income and EPS were materially affected by a gain on the change in fair value of warrant liabilities, while Adjusted EBITDA remained a loss.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026GAAP | $173.8M | – | 336% |
| Revenue, nine months ended September 30, 2026GAAP | $318.5M | – | – |
| Cost of revenue (excluding depreciation and amortization), three months ended September 30, 2026GAAP | $135.8M | – | – |
| Cost of revenue (excluding depreciation and amortization), nine months ended September 30, 2026GAAP | $245.2M | – | – |
| Research and development, three months ended September 30, 2026GAAP | $141.7M | – | – |
| Research and development, nine months ended September 30, 2026GAAP | $428.0M | – | – |
| Sales and marketing, three months ended September 30, 2026GAAP | $48.53M | – | – |
| Sales and marketing, nine months ended September 30, 2026GAAP | $110.9M | – | – |
| General and administrative, three months ended September 30, 2026GAAP | $153.3M | – | – |
| General and administrative, nine months ended September 30, 2026GAAP | $359.5M | – | – |
| Depreciation and amortization, three months ended September 30, 2026GAAP | $127.6M | – | – |
| Depreciation and amortization, nine months ended September 30, 2026GAAP | $216.9M | – | – |
| Total operating costs and expenses, three months ended September 30, 2026GAAP | $606.9M | – | – |
| Total operating costs and expenses, nine months ended September 30, 2026GAAP | $1.36B | – | – |
| Loss from operations, three months ended September 30, 2026GAAP | −$433.1M | – | – |
| Loss from operations, nine months ended September 30, 2026GAAP | −$1.04B | – | – |
| Gain (loss) on change in fair value of warrant liabilities, three months ended September 30, 2026GAAP | $896.2M | – | – |
| Interest income, net, three months ended September 30, 2026GAAP | $19.84M | – | – |
| Income tax benefit (expense), three months ended September 30, 2026GAAP | $141.7M | – | – |
| Net income attributable to IonQ, Inc., three months ended September 30, 2026GAAP | $564.0M | – | – |
| Net loss attributable to IonQ, Inc., nine months ended September 30, 2026GAAP | −$498.4M | – | – |
| Basic net income per share attributable to IonQ, Inc. common stockholders, three months ended September 30, 2026GAAP | $ 1.42 | – | – |
| Diluted net income per share attributable to IonQ, Inc. common stockholders, three months ended September 30, 2026GAAP | $ 1.35 | – | – |
| Basic net loss per share attributable to IonQ, Inc. common stockholders, nine months ended September 30, 2026GAAP | $ (1.34) | – | – |
| Diluted net loss per share attributable to IonQ, Inc. common stockholders, nine months ended September 30, 2026GAAP | $ (1.34) | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | −$133.6M | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | −$350.6M | – | – |
| Adjusted EPS, three months ended September 30, 2026non-GAAP | $ (0.29) | – | – |
| Adjusted EPS, nine months ended September 30, 2026non-GAAP | $ (0.91) | – | – |
| Remaining performance obligationsother | $1.2B | – | more than doubled |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| IonQ PlatformGlobal Tempo quantum computer deployments | $90.3M | – | 127% |
| SkyWater Foundry ServicesNon-IonQ Quantum Customer Revenue Up More than 30% Year-over-Year as SkyWater Quantum Solutions is Launched | $83.5M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
full year 2026 outlook
- Revenuebetween $505 million and $515 million
- NoteIonQ expects strong growth of 110% year-on-year in its quantum computing revenue
What drove it
- Major drivers included global deployments of IonQ Tempo quantum computers, deliveries of quantum sensing and space-based solutions, and closing on the acquisition of SkyWater.
- Quantum computing represented approximately two-thirds of new contract dollars signed by the IonQ Platform segment, driven by Superion 256 demand.
- IonQ signed a $33 Million multi-product contract with SDT to deploy a Superion 256 quantum computer and quantum memory platform.
- IonQ signed a $28 Million contract through the DARPA It’s About Time Program, with a $30 Million option for 100 additional production units.
- IonQ signed a $25 Million contract with Florida International University to deploy a Superion 256 quantum computer.
- IonQ extended its quantum manufacturing collaboration with D-Wave through a multi-year agreement and won a multi-year commercial foundry contract with Qolab.
Concerns
- Loss from operations was $ (433,075) in the third quarter and $ (1,041,825) for the nine months ended September 30, 2026.
- Adjusted EBITDA was $ (133,608) in the third quarter and $ (350,634) for the nine months ended September 30, 2026.
- GAAP net income attributable to IonQ, Inc. included a $ 896,156 gain on change in fair value of warrant liabilities in the third quarter.
- Total operating costs and expenses were $ 606,906 in the third quarter, including $ 141,670 of research and development, $ 153,264 of general and administrative expense, and $ 127,642 of depreciation and amortization.
- Cash, cash equivalents, and investments were $1.7 billion as of September 30, 2026, before the pro-forma October equity offering.
What to watch
- Execution against full-year 2026 revenue guidance of between $505 million and $515 million.
- Conversion of $1.2 billion in remaining performance obligations into revenue.
- Demand and deployment timing for Superion 256 systems.
- Integration and commercial contribution from SkyWater and Elisity.
- Adjusted EBITDA and operating-loss trends as IonQ continues investing in technology, manufacturing infrastructure, and commercial capabilities.
- Progress in DARPA Stage C, which includes a potential program value of up to $300 Million.
Balance sheet and cash flow
- Cash, cash equivalents, and investments were $1.7 billion as of September 30, 2026
- Cash, cash equivalents, and investments were $3.7 billion pro-forma for the $2.0 billion equity offering that closed on October 16, 2026
- Cash and cash equivalents were $ 209,454 as of September 30, 2026
- Short-term investments were $ 788,458 as of September 30, 2026
- Long-term investments were $ 664,482 as of September 30, 2026
- Current portion of long-term debt was $ 8,849 as of September 30, 2026
- Long-term debt, net of current portion, was $ 56,761 as of September 30, 2026
- Net cash used in operating activities was $ (570,318) for the nine months ended September 30, 2026
- Purchases of property and equipment were $ (34,924) for the nine months ended September 30, 2026
- Businesses acquired, net of cash paid and acquired, were $ (926,230) for the nine months ended September 30, 2026
- Net cash used in investing activities was $ (277,070) for the nine months ended September 30, 2026
- Net cash provided by financing activities was $ 28,341 for the nine months ended September 30, 2026
Analysis
IonQ reported third-quarter GAAP revenue of $173.8 million, up 336% year-on-year, its sixth consecutive record quarter according to the company. The IonQ Platform segment generated $90.3 Million of revenue, up 127%, driven by global Tempo quantum computer deployments. SkyWater Foundry Services contributed $83.5 Million, while the company said non-IonQ quantum customer revenue was up more than 30% year-over-year. Management identified Tempo deployments, quantum sensing and space-based-solution deliveries, and the SkyWater acquisition as major revenue drivers.
The earnings profile remained heavily affected by non-operating fair-value movements. IonQ posted a $ (433,075) loss from operations, while net income attributable to IonQ, Inc. was $ 563,957 and basic GAAP EPS was $ 1.42. The statement of operations includes a $ 896,156 gain on change in fair value of warrant liabilities. On a non-GAAP basis, Adjusted EBITDA was $ (133,608) and Adjusted EPS was $ (0.29). Total operating costs and expenses were $ 606,906, including $ 141,670 in research and development, $ 153,264 in general and administrative expense, and $ 127,642 in depreciation and amortization.
The order pipeline strengthened alongside revenue conversion. IonQ said remaining performance obligations more than doubled to $1.2 billion. Quantum computing represented approximately two-thirds of new contract dollars signed by the IonQ Platform segment, driven by Superion 256 demand. Notable commercial activity included a $33 Million SDT contract, a $28 Million DARPA It’s About Time Program contract with a $30 Million option, and a $25 Million Florida International University contract. The company also advanced to DARPA Stage C, which has a potential program value of up to $300 Million.
Liquidity expanded after period end. Cash, cash equivalents, and investments were $1.7 billion as of September 30, 2026, and the company reported $3.7 billion pro-forma for a $2.0 billion equity offering that closed on October 16, 2026. For the nine months ended September 30, 2026, net cash used in operating activities was $ (570,318), purchases of property and equipment were $ (34,924), and businesses acquired, net of cash paid and acquired, were $ (926,230). IonQ raised full-year 2026 revenue guidance to between $505 million and $515 million and expects 110% year-on-year growth in quantum computing revenue.
Management, verbatim
I am pleased to report that IonQ delivered its sixth consecutive quarter of record results and the strongest quarter in our company’s history.
Niccolo de Masi, Chairman and CEO
Third quarter revenue of $173.8 million reflects increasing demand for our quantum technologies and the benefits of our vertically integrated quantum manufacturing capabilities through SkyWater.
Niccolo de Masi, Chairman and CEO
Our Remaining Performance Obligations more than doubled to $1.2 billion, even as we converted our backlog into record third quarter revenues.
Inder Singh, COO and CFO
Not in the filing
stated, not guessed- Prior-quarter revenue and expense comparisons
- Gross margin and gross-margin guidance
- Quarterly operating cash flow
- Quarterly free cash flow
- Free cash flow for the nine months ended September 30, 2026
- Share repurchases
- Dividends
- Prior financial guidance for comparison
- Full-year guidance for operating expenses and tax rate
- Segment operating income or loss
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.