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Side-by-side financial comparison of GRAIL, Inc. (GRAL) 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 $43.6M, roughly 1.4× GRAIL, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs -227.5%, a 1445.2% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 14.0%). GRAIL, Inc. produced more free cash flow last quarter ($-63.9M vs $-83.3M).
GRAIL, Inc. is an American biotechnology company based in Menlo Park, California founded in 2015 seeking to develop an early cancer screening test for people who do not have symptoms. As a startup it was a subsidiary of Illumina, which bought it outright in 2021.
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.
GRAL vs IONQ — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $61.9M |
| Net Profit | $-99.2M | $753.7M |
| Gross Margin | — | — |
| Operating Margin | -285.4% | -369.4% |
| Net Margin | -227.5% | 1217.8% |
| Revenue YoY | 14.0% | 428.5% |
| Net Profit YoY | -2.2% | 473.1% |
| EPS (diluted) | $-2.37 | $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 | $43.6M | $61.9M | ||
| Q3 25 | $36.2M | $39.9M | ||
| Q2 25 | $35.5M | $20.7M | ||
| Q1 25 | $31.8M | — | ||
| Q4 24 | $38.3M | $11.7M | ||
| Q3 24 | $28.7M | $12.4M | ||
| Q2 24 | $32.0M | $11.4M | ||
| Q1 24 | $26.7M | — |
| Q4 25 | $-99.2M | $753.7M | ||
| Q3 25 | $-89.0M | $-1.1B | ||
| Q2 25 | $-114.0M | $-176.8M | ||
| Q1 25 | $-106.2M | — | ||
| Q4 24 | $-97.1M | $-202.0M | ||
| Q3 24 | $-125.7M | $-52.5M | ||
| Q2 24 | $-1.6B | $-37.6M | ||
| Q1 24 | $-218.9M | — |
| Q4 25 | -285.4% | -369.4% | ||
| Q3 25 | -346.2% | -423.5% | ||
| Q2 25 | -446.9% | -776.0% | ||
| Q1 25 | -482.5% | — | ||
| Q4 24 | -358.0% | -661.9% | ||
| Q3 24 | -640.5% | -428.5% | ||
| Q2 24 | -5133.8% | -430.0% | ||
| Q1 24 | -851.1% | — |
| Q4 25 | -227.5% | 1217.8% | ||
| Q3 25 | -245.8% | -2646.3% | ||
| Q2 25 | -320.7% | -854.5% | ||
| Q1 25 | -333.6% | — | ||
| Q4 24 | -253.8% | -1725.0% | ||
| Q3 24 | -438.7% | -423.4% | ||
| Q2 24 | -4958.8% | -330.0% | ||
| Q1 24 | -819.3% | — |
| Q4 25 | $-2.37 | $2.60 | ||
| Q3 25 | $-2.46 | $-3.58 | ||
| Q2 25 | $-3.18 | $-0.70 | ||
| Q1 25 | $-3.10 | — | ||
| Q4 24 | $-1.49 | $-0.95 | ||
| Q3 24 | $-3.94 | $-0.24 | ||
| Q2 24 | $-51.06 | $-0.18 | ||
| Q1 24 | $-7.05 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $249.7M | $2.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $3.8B |
| Total Assets | $2.9B | $6.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $2.4B | ||
| Q3 25 | $126.9M | $1.1B | ||
| Q2 25 | $127.4M | $546.9M | ||
| Q1 25 | $133.9M | — | ||
| Q4 24 | $214.2M | $340.3M | ||
| Q3 24 | $853.6M | $365.7M | ||
| Q2 24 | $958.8M | $369.8M | ||
| Q1 24 | $199.7M | — |
| Q4 25 | $2.6B | $3.8B | ||
| Q3 25 | $2.2B | $2.3B | ||
| Q2 25 | $2.3B | $1.2B | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $2.5B | $383.9M | ||
| Q3 24 | $2.6B | $435.7M | ||
| Q2 24 | $2.7B | $463.3M | ||
| Q1 24 | — | — |
| Q4 25 | $2.9B | $6.6B | ||
| Q3 25 | $2.6B | $4.3B | ||
| Q2 25 | $2.7B | $1.3B | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $3.0B | $508.4M | ||
| Q3 24 | $3.1B | $497.9M | ||
| Q2 24 | $3.3B | $517.4M | ||
| Q1 24 | — | — |
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 | $-63.8M | $-74.5M |
| Free Cash FlowOCF − Capex | $-63.9M | $-83.3M |
| FCF MarginFCF / Revenue | -146.5% | -134.6% |
| Capex IntensityCapex / Revenue | 0.2% | 14.2% |
| Cash ConversionOCF / Net Profit | — | -0.10× |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $-307.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $-74.5M | ||
| Q3 25 | $-63.2M | $-123.1M | ||
| Q2 25 | $-77.0M | $-52.6M | ||
| Q1 25 | $-95.0M | — | ||
| Q4 24 | — | $-39.4M | ||
| Q3 24 | $-104.6M | $-19.2M | ||
| Q2 24 | $-171.8M | $-26.6M | ||
| Q1 24 | $-207.3M | — |
| Q4 25 | $-63.9M | $-83.3M | ||
| Q3 25 | $-63.6M | $-127.2M | ||
| Q2 25 | $-77.3M | $-53.8M | ||
| Q1 25 | $-95.1M | — | ||
| Q4 24 | — | $-43.0M | ||
| Q3 24 | $-105.6M | $-23.0M | ||
| Q2 24 | $-173.2M | $-34.1M | ||
| Q1 24 | $-209.8M | — |
| Q4 25 | -146.5% | -134.6% | ||
| Q3 25 | -175.8% | -319.1% | ||
| Q2 25 | -217.6% | -259.8% | ||
| Q1 25 | -298.6% | — | ||
| Q4 24 | — | -367.4% | ||
| Q3 24 | -368.4% | -185.3% | ||
| Q2 24 | -541.7% | -299.3% | ||
| Q1 24 | -785.3% | — |
| Q4 25 | 0.2% | 14.2% | ||
| Q3 25 | 1.1% | 10.4% | ||
| Q2 25 | 1.0% | 5.8% | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | — | 30.7% | ||
| Q3 24 | 3.4% | 30.4% | ||
| Q2 24 | 4.3% | 65.8% | ||
| Q1 24 | 9.5% | — |
| 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
GRAL
| Screening Revenue | $42.3M | 97% |
| Developmental Services Revenue | $1.3M | 3% |
IONQ
| Other | $31.2M | 50% |
| Platform Consulting And Support Services | $30.7M | 50% |
