TLDR
- IonQ reports Q1 2026 results after market close on May 6, with a call at 4:30 p.m. ET
- Revenue consensus is $49.7M, implying 555.9% year-over-year growth
- IONQ stock fell 35.7% in Q1 2026, closing Friday at $46.20, up 2.39%
- Full-year 2025 revenue grew 202%; IonQ exited the year with $370M in remaining obligations
- Forward P/S ratio sits at 59.3x, well above the sector average of 6.49x
IonQ heads into its Q1 2026 earnings report on May 6 with a story that mixes fast growth and mounting losses. The results drop after the bell, with the investor call at 4:30 p.m. ET.
IONQ closed Friday at $46.20, up 2.39% on the day. The stock is still down 35.7% for Q1 2026, even as the company kept hitting operational targets.
Wall Street is looking for revenue of $49.7 million for the quarter. That would be a 555.9% jump from the same period last year.
IonQ guided Q1 revenue at $48–$51 million. That range points to solid year-over-year growth, though it would be a step down from Q4 2025’s 429% revenue surge.
CEO Niccolò de Masi called 2025 an “inflection point” in his latest annual letter. He says the company has moved beyond building quantum computers into becoming a “full-stack quantum platform and merchant supplier.”
Full-year 2025 revenue grew 202% over 2024. IonQ closed the year with $370 million in remaining performance obligations, giving some visibility into future revenue.
More than 60% of 2025 revenue came from business clients. The company now operates in more than 30 countries, with over 30% of revenue from outside the U.S.
Key customer wins included KISTI and an expanded deal with QuantumBasel. IonQ is also seeing traction in quantum networking, including national-scale projects in Europe.
Profitability Still a Challenge
Losses remain wide. Full-year 2025 adjusted EBITDA came in at negative $186.8 million. For 2026, IonQ projects adjusted EBITDA loss of $310–$330 million.
EPS for Q1 is estimated at a loss of $0.26 per share. That would be an 85.7% wider loss than the year-ago quarter.
The stock’s forward price-to-sales ratio is 59.3x. The sector average is 6.49x. That gap leaves little room for a miss.
SkyWater Deal Adds Uncertainty
IonQ’s planned acquisition of SkyWater Technology is a key part of its strategy to build more of its supply chain in the U.S. The deal is currently under review by federal officials.
It won’t show up in Q1 numbers, but it could shape how management talks about long-term scaling on the earnings call.
IonQ has beaten earnings estimates in two of the last four quarters and missed in the other two. Zacks does not flag a likely beat this time, citing an Earnings ESP of 0.00%.
The average analyst price target on IONQ is $61.82, implying 33.81% upside from current levels. The consensus rating is Strong Buy, based on 12 analyst ratings.
The May 6 report will be the clearest read yet on whether IonQ’s commercial momentum is holding up in 2026.
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