vs
Side-by-side financial comparison of Canopy Growth Corp (CGC) and IonQ, Inc. (IONQ). Click either name above to swap in a different company.
IonQ, Inc. is the larger business by last-quarter revenue ($61.9M vs $54.4M, roughly 1.1× Canopy Growth Corp). IonQ, Inc. runs the higher net margin — 1217.8% vs -84.0%, a 1301.8% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs -0.3%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
IonQ, Inc. is an American quantum computing hardware and software company headquartered in College Park, Maryland. The company develops general-purpose trapped ion quantum computers and accompanying software to generate, optimize, and execute quantum circuits.
CGC vs IONQ — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $61.9M |
| Net Profit | $-45.7M | $753.7M |
| Gross Margin | 28.8% | — |
| Operating Margin | -35.3% | -369.4% |
| Net Margin | -84.0% | 1217.8% |
| Revenue YoY | -0.3% | 428.5% |
| Net Profit YoY | 48.6% | 473.1% |
| EPS (diluted) | — | $2.60 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $54.4M | $61.9M | ||
| Q3 25 | $48.7M | $39.9M | ||
| Q2 25 | $52.7M | $20.7M | ||
| Q1 25 | $47.5M | — | ||
| Q4 24 | $54.6M | $11.7M | ||
| Q3 24 | $46.0M | $12.4M | ||
| Q2 24 | $48.3M | $11.4M | ||
| Q1 24 | $53.1M | — |
| Q4 25 | $-45.7M | $753.7M | ||
| Q3 25 | $-1.2M | $-1.1B | ||
| Q2 25 | $-30.3M | $-176.8M | ||
| Q1 25 | — | — | ||
| Q4 24 | $-89.0M | $-202.0M | ||
| Q3 24 | $-93.7M | $-52.5M | ||
| Q2 24 | $-92.8M | $-37.6M | ||
| Q1 24 | — | — |
| Q4 25 | 28.8% | — | ||
| Q3 25 | 32.8% | — | ||
| Q2 25 | 25.0% | — | ||
| Q1 25 | 16.2% | — | ||
| Q4 24 | 32.2% | — | ||
| Q3 24 | 34.7% | — | ||
| Q2 24 | 34.8% | — | ||
| Q1 24 | 21.3% | — |
| Q4 25 | -35.3% | -369.4% | ||
| Q3 25 | -25.3% | -423.5% | ||
| Q2 25 | -31.4% | -776.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | -31.9% | -661.9% | ||
| Q3 24 | -72.9% | -428.5% | ||
| Q2 24 | -44.0% | -430.0% | ||
| Q1 24 | — | — |
| Q4 25 | -84.0% | 1217.8% | ||
| Q3 25 | -2.5% | -2646.3% | ||
| Q2 25 | -57.6% | -854.5% | ||
| Q1 25 | — | — | ||
| Q4 24 | -163.0% | -1725.0% | ||
| Q3 24 | -203.7% | -423.4% | ||
| Q2 24 | -192.0% | -330.0% | ||
| Q1 24 | — | — |
| Q4 25 | — | $2.60 | ||
| Q3 25 | — | $-3.58 | ||
| Q2 25 | — | $-0.70 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-0.95 | ||
| Q3 24 | — | $-0.24 | ||
| Q2 24 | — | $-0.18 | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $271.1M | $2.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $553.5M | $3.8B |
| Total Assets | $807.5M | $6.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $2.4B | ||
| Q3 25 | $217.6M | $1.1B | ||
| Q2 25 | $104.8M | $546.9M | ||
| Q1 25 | $96.0M | — | ||
| Q4 24 | $130.2M | $340.3M | ||
| Q3 24 | $168.8M | $365.7M | ||
| Q2 24 | $142.3M | $369.8M | ||
| Q1 24 | $148.5M | — |
| Q4 25 | $553.5M | $3.8B | ||
| Q3 25 | $537.3M | $2.3B | ||
| Q2 25 | $357.0M | $1.2B | ||
| Q1 25 | $355.7M | — | ||
| Q4 24 | $431.8M | $383.9M | ||
| Q3 24 | $372.1M | $435.7M | ||
| Q2 24 | $389.0M | $463.3M | ||
| Q1 24 | $365.3M | — |
| Q4 25 | $807.5M | $6.6B | ||
| Q3 25 | $781.0M | $4.3B | ||
| Q2 25 | $660.4M | $1.3B | ||
| Q1 25 | $669.9M | — | ||
| Q4 24 | $849.9M | $508.4M | ||
| Q3 24 | $899.6M | $497.9M | ||
| Q2 24 | $938.9M | $517.4M | ||
| Q1 24 | $949.2M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-74.5M |
| Free Cash FlowOCF − Capex | — | $-83.3M |
| FCF MarginFCF / Revenue | — | -134.6% |
| Capex IntensityCapex / Revenue | — | 14.2% |
| Cash ConversionOCF / Net Profit | — | -0.10× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-307.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-74.5M | ||
| Q3 25 | — | $-123.1M | ||
| Q2 25 | $-7.5M | $-52.6M | ||
| Q1 25 | $-121.0M | — | ||
| Q4 24 | — | $-39.4M | ||
| Q3 24 | — | $-19.2M | ||
| Q2 24 | $-37.8M | $-26.6M | ||
| Q1 24 | $-205.8M | — |
| Q4 25 | — | $-83.3M | ||
| Q3 25 | — | $-127.2M | ||
| Q2 25 | $-8.5M | $-53.8M | ||
| Q1 25 | $-128.9M | — | ||
| Q4 24 | — | $-43.0M | ||
| Q3 24 | — | $-23.0M | ||
| Q2 24 | $-40.7M | $-34.1M | ||
| Q1 24 | $-208.3M | — |
| Q4 25 | — | -134.6% | ||
| Q3 25 | — | -319.1% | ||
| Q2 25 | -16.1% | -259.8% | ||
| Q1 25 | -271.5% | — | ||
| Q4 24 | — | -367.4% | ||
| Q3 24 | — | -185.3% | ||
| Q2 24 | -84.1% | -299.3% | ||
| Q1 24 | -392.1% | — |
| Q4 25 | — | 14.2% | ||
| Q3 25 | — | 10.4% | ||
| Q2 25 | 1.8% | 5.8% | ||
| Q1 25 | 16.6% | — | ||
| Q4 24 | — | 30.7% | ||
| Q3 24 | — | 30.4% | ||
| Q2 24 | 5.9% | 65.8% | ||
| Q1 24 | 4.7% | — |
| Q4 25 | — | -0.10× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CGC
| Other | $24.0M | 44% |
| Canadian Adult Use Cannabis | $22.9M | 42% |
| International Markets Cannabis | $6.2M | 11% |
| Other Geographical Area | $1.2M | 2% |
IONQ
| Other | $31.2M | 50% |
| Platform Consulting And Support Services | $30.7M | 50% |
