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Side-by-side financial comparison of Core Scientific, Inc. (CORZ) and IonQ, Inc. (IONQ). Click either name above to swap in a different company.
Core Scientific, Inc. is the larger business by last-quarter revenue ($79.8M vs $61.9M, roughly 1.3× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs 268.5%, a 949.3% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs -16.0%). IonQ, Inc. produced more free cash flow last quarter ($-83.3M vs $-450.8M).
Core Scientific is a leading digital asset and high-performance computing infrastructure provider. It operates large energy-efficient data centers across North America, offering cryptocurrency mining services, colocation hosting for blockchain and AI clients, and custom high-performance computing solutions for enterprise tech segments.
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.
CORZ vs IONQ — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $79.8M | $61.9M |
| Net Profit | $214.2M | $753.7M |
| Gross Margin | 26.0% | — |
| Operating Margin | -149.5% | -369.4% |
| Net Margin | 268.5% | 1217.8% |
| Revenue YoY | -16.0% | 428.5% |
| Net Profit YoY | 180.6% | 473.1% |
| EPS (diluted) | $-1.63 | $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 | $79.8M | $61.9M | ||
| Q3 25 | $81.1M | $39.9M | ||
| Q2 25 | $78.6M | $20.7M | ||
| Q1 25 | $79.5M | — | ||
| Q4 24 | $94.9M | $11.7M | ||
| Q3 24 | $95.4M | $12.4M | ||
| Q2 24 | $141.1M | $11.4M | ||
| Q1 24 | $179.3M | — |
| Q4 25 | $214.2M | $753.7M | ||
| Q3 25 | $-144.0M | $-1.1B | ||
| Q2 25 | $-936.8M | $-176.8M | ||
| Q1 25 | $576.3M | — | ||
| Q4 24 | $-265.5M | $-202.0M | ||
| Q3 24 | $-455.3M | $-52.5M | ||
| Q2 24 | $-902.2M | $-37.6M | ||
| Q1 24 | $210.7M | — |
| Q4 25 | 26.0% | — | ||
| Q3 25 | 4.8% | — | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 10.3% | — | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | 27.5% | — | ||
| Q1 24 | 43.3% | — |
| Q4 25 | -149.5% | -369.4% | ||
| Q3 25 | -67.6% | -423.5% | ||
| Q2 25 | -33.4% | -776.0% | ||
| Q1 25 | -59.1% | — | ||
| Q4 24 | -41.9% | -661.9% | ||
| Q3 24 | -43.2% | -428.5% | ||
| Q2 24 | -64.3% | -430.0% | ||
| Q1 24 | 30.8% | — |
| Q4 25 | 268.5% | 1217.8% | ||
| Q3 25 | -177.6% | -2646.3% | ||
| Q2 25 | -1191.4% | -854.5% | ||
| Q1 25 | 724.6% | — | ||
| Q4 24 | -279.7% | -1725.0% | ||
| Q3 24 | -477.4% | -423.4% | ||
| Q2 24 | -639.4% | -330.0% | ||
| Q1 24 | 117.5% | — |
| Q4 25 | $-1.63 | $2.60 | ||
| Q3 25 | $-0.45 | $-3.58 | ||
| Q2 25 | $-0.04 | $-0.70 | ||
| Q1 25 | $1.24 | — | ||
| Q4 24 | $0.51 | $-0.95 | ||
| Q3 24 | $-1.17 | $-0.24 | ||
| Q2 24 | $-5.05 | $-0.18 | ||
| Q1 24 | $0.78 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $311.4M | $2.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-962.7M | $3.8B |
| Total Assets | $2.3B | $6.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $311.4M | $2.4B | ||
| Q3 25 | $453.4M | $1.1B | ||
| Q2 25 | $581.3M | $546.9M | ||
| Q1 25 | $697.9M | — | ||
| Q4 24 | $836.2M | $340.3M | ||
| Q3 24 | $253.0M | $365.7M | ||
| Q2 24 | $96.1M | $369.8M | ||
| Q1 24 | $98.1M | — |
| Q4 25 | $-962.7M | $3.8B | ||
| Q3 25 | $-1.3B | $2.3B | ||
| Q2 25 | $-1.2B | $1.2B | ||
| Q1 25 | $-308.8M | — | ||
| Q4 24 | $-943.0M | $383.9M | ||
| Q3 24 | $-826.7M | $435.7M | ||
| Q2 24 | $-1.2B | $463.3M | ||
| Q1 24 | $-318.5M | — |
| Q4 25 | $2.3B | $6.6B | ||
| Q3 25 | $2.2B | $4.3B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | $508.4M | ||
| Q3 24 | $824.6M | $497.9M | ||
| Q2 24 | $664.2M | $517.4M | ||
| Q1 24 | $814.0M | — |
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 | $278.3M | $-74.5M |
| Free Cash FlowOCF − Capex | $-450.8M | $-83.3M |
| FCF MarginFCF / Revenue | -565.1% | -134.6% |
| Capex IntensityCapex / Revenue | 914.0% | 14.2% |
| Cash ConversionOCF / Net Profit | 1.30× | -0.10× |
| TTM Free Cash FlowTrailing 4 quarters | $-779.8M | $-307.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.3M | $-74.5M | ||
| Q3 25 | $131.8M | $-123.1M | ||
| Q2 25 | $34.0M | $-52.6M | ||
| Q1 25 | $-45.0M | — | ||
| Q4 24 | $42.9M | $-39.4M | ||
| Q3 24 | $5.7M | $-19.2M | ||
| Q2 24 | $1.2M | $-26.6M | ||
| Q1 24 | $22.2M | — |
| Q4 25 | $-450.8M | $-83.3M | ||
| Q3 25 | $-112.7M | $-127.2M | ||
| Q2 25 | $-87.3M | $-53.8M | ||
| Q1 25 | $-129.0M | — | ||
| Q4 24 | $-52.1M | $-43.0M | ||
| Q3 24 | $-25.5M | $-23.0M | ||
| Q2 24 | $-1.9M | $-34.1M | ||
| Q1 24 | $-9.7M | — |
| Q4 25 | -565.1% | -134.6% | ||
| Q3 25 | -139.0% | -319.1% | ||
| Q2 25 | -111.0% | -259.8% | ||
| Q1 25 | -162.2% | — | ||
| Q4 24 | -54.8% | -367.4% | ||
| Q3 24 | -26.7% | -185.3% | ||
| Q2 24 | -1.4% | -299.3% | ||
| Q1 24 | -5.4% | — |
| Q4 25 | 914.0% | 14.2% | ||
| Q3 25 | 301.5% | 10.4% | ||
| Q2 25 | 154.2% | 5.8% | ||
| Q1 25 | 105.6% | — | ||
| Q4 24 | 100.0% | 30.7% | ||
| Q3 24 | 32.7% | 30.4% | ||
| Q2 24 | 2.2% | 65.8% | ||
| Q1 24 | 17.8% | — |
| Q4 25 | 1.30× | -0.10× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.08× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.11× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CORZ
| Other | $36.3M | 46% |
| Digital Asset Self Mining Service | $31.8M | 40% |
| Colocation Service | $11.6M | 15% |
IONQ
| Other | $31.2M | 50% |
| Platform Consulting And Support Services | $30.7M | 50% |
