IONQ NYSE Russell 1000 Earnings call
IonQ (IONQ) · Q2 2026 results
Share price: $34.06 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 6 May 2026
Net income turned to a loss from a profit last quarter, guidance raised. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned loss
Net income vs Q1 2026
Guidance raised
Net income -1.87B vs 805.4M
Revenue +23.8%
2 · How management spoke
Typical
Less upbeat than 63% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
IONQ closed its $1.8 billion acquisition of SkyWater to create the only vertically integrated full-stack quantum platform company.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
$34.06
close of 2026-11-11
Revenue growth, 3 years
+126.9% a year
compound annual rate (CAGR)
Free cash flow 2023
−$0.1B
Free cash flow 2024
−$0.1B
Free cash flow 2025
−$0.3B
Read between the lines
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Guidance ↑
IonQ had a tremendous quarter, outperforming even its own expectations, and it is raising its full year guidance for IonQ to a range of $280 million to $290…
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Guidance
IonQ expects to lower total development costs for quantum hardware over time through vertical integration with SkyWater to achieve a lower cost per qubit.
Source quote
“And through vertical integration with SkyWater, we expect to be able to lower IonQ's total development costs for quantum hardware over time, delivering industry-leading cost per qubit and create...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“I'm delighted to see that the acceleration at least in the current quarter is showing the strength of that business.”
“This represents strong growth year-on-year, of course, a priority for us remains diligently driving our cross-selling opportunity even higher.”
“We may not turn all those into customers, of course, because pipelines are very, very large and also require effort, and we believe we can win in the majority of...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 80.0M | 64.7M | +23.8% | 20.7M | +286.8% |
| Operating income | -337.2M | -271.5M | Loss widened | -160.6M | Loss widened |
| Net income | -1.87B | 805.4M | Turned loss | -176.8M | Loss widened |
| EPS | -5.08 | 2.07 | Turned loss | -0.70 | Loss widened |
| P/E | 12-mo loss | 73.9 | — | 12-mo loss | — |
Topics
Most discussed now
- Beginning now on IonQ's quantum computing achievements and the production of quantum systems with semiconductor manufacturing.
- Following the successful close of IonQ's acquisition of SkyWater, its platform now also includes quantum semiconductor manufacturing.
- One year ago, IonQ announced that IonQ would move its pioneering and commercially successful trapped ion architecture from laser-based…
- The key shift for it from Tempo and where IonQ has been building machines the last few years to today's Oxford...
- IonQ thinks it's important for both national security purposes and national economic security.
Faded since Q1 2026
- Dropped IonQ's results were underpinned by accelerating global quantum computing system sales, increasing high-margin cloud utilization and…
- Fading IonQ is defining the Quantum technology market and establishing the leading hardware and software quantum industrial ecosystem.
- Fading As IonQ indicated last quarter, it is expecting organic revenue growth to be 100% for the full year...
- Fading IonQ is happy that its commercial sales have now become a major part of the business and importantly, a takeaway...
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Director or officer change; Other events · SEC 8-K
- Unregistered share sale · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K