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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Kennedy-Wilson Holdings, Inc. (KW). Click either name above to swap in a different company.
Kennedy-Wilson Holdings, Inc. is the larger business by last-quarter revenue ($120.6M vs $61.9M, roughly 1.9× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs 48.1%, a 1169.7% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs -11.0%). Kennedy-Wilson Holdings, Inc. produced more free cash flow last quarter ($-55.2M vs $-83.3M).
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.
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
IONQ vs KW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $120.6M |
| Net Profit | $753.7M | $58.0M |
| Gross Margin | — | — |
| Operating Margin | -369.4% | 57.3% |
| Net Margin | 1217.8% | 48.1% |
| Revenue YoY | 428.5% | -11.0% |
| Net Profit YoY | 473.1% | 32.7% |
| EPS (diluted) | $2.60 | $0.22 |
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 | $61.9M | $120.6M | ||
| Q3 25 | $39.9M | $116.4M | ||
| Q2 25 | $20.7M | $135.7M | ||
| Q1 25 | — | $128.3M | ||
| Q4 24 | $11.7M | $135.5M | ||
| Q3 24 | $12.4M | $127.5M | ||
| Q2 24 | $11.4M | $132.0M | ||
| Q1 24 | — | $136.4M |
| Q4 25 | $753.7M | $58.0M | ||
| Q3 25 | $-1.1B | $-10.2M | ||
| Q2 25 | $-176.8M | $5.6M | ||
| Q1 25 | — | $-29.6M | ||
| Q4 24 | $-202.0M | $43.7M | ||
| Q3 24 | $-52.5M | $-66.8M | ||
| Q2 24 | $-37.6M | $-48.3M | ||
| Q1 24 | — | $37.7M |
| Q4 25 | -369.4% | 57.3% | ||
| Q3 25 | -423.5% | -6.2% | ||
| Q2 25 | -776.0% | 7.4% | ||
| Q1 25 | — | -26.9% | ||
| Q4 24 | -661.9% | 36.7% | ||
| Q3 24 | -428.5% | -60.8% | ||
| Q2 24 | -430.0% | -45.5% | ||
| Q1 24 | — | 47.2% |
| Q4 25 | 1217.8% | 48.1% | ||
| Q3 25 | -2646.3% | -8.8% | ||
| Q2 25 | -854.5% | 4.1% | ||
| Q1 25 | — | -23.1% | ||
| Q4 24 | -1725.0% | 32.3% | ||
| Q3 24 | -423.4% | -52.4% | ||
| Q2 24 | -330.0% | -36.6% | ||
| Q1 24 | — | 27.6% |
| Q4 25 | $2.60 | $0.22 | ||
| Q3 25 | $-3.58 | $-0.15 | ||
| Q2 25 | $-0.70 | $-0.05 | ||
| Q1 25 | — | $-0.30 | ||
| Q4 24 | $-0.95 | $0.24 | ||
| Q3 24 | $-0.24 | $-0.56 | ||
| Q2 24 | $-0.18 | $-0.43 | ||
| Q1 24 | — | $0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.4B | $184.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.8B | $1.5B |
| Total Assets | $6.6B | $6.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $184.5M | ||
| Q3 25 | $1.1B | $382.6M | ||
| Q2 25 | $546.9M | $309.1M | ||
| Q1 25 | — | $356.6M | ||
| Q4 24 | $340.3M | $217.5M | ||
| Q3 24 | $365.7M | $367.1M | ||
| Q2 24 | $369.8M | $366.5M | ||
| Q1 24 | — | $541.9M |
| Q4 25 | $3.8B | $1.5B | ||
| Q3 25 | $2.3B | $1.5B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $383.9M | $1.6B | ||
| Q3 24 | $435.7M | $1.6B | ||
| Q2 24 | $463.3M | $1.7B | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $6.6B | $6.6B | ||
| Q3 25 | $4.3B | $6.7B | ||
| Q2 25 | $1.3B | $6.8B | ||
| Q1 25 | — | $7.2B | ||
| Q4 24 | $508.4M | $7.0B | ||
| Q3 24 | $497.9M | $7.4B | ||
| Q2 24 | $517.4M | $7.5B | ||
| Q1 24 | — | $7.7B |
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 | $11.4M |
| Free Cash FlowOCF − Capex | $-83.3M | $-55.2M |
| FCF MarginFCF / Revenue | -134.6% | -45.8% |
| Capex IntensityCapex / Revenue | 14.2% | 55.2% |
| Cash ConversionOCF / Net Profit | -0.10× | 0.20× |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $-103.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $11.4M | ||
| Q3 25 | $-123.1M | $-7.6M | ||
| Q2 25 | $-52.6M | $42.0M | ||
| Q1 25 | — | $-51.9M | ||
| Q4 24 | $-39.4M | $55.1M | ||
| Q3 24 | $-19.2M | $-5.6M | ||
| Q2 24 | $-26.6M | $36.7M | ||
| Q1 24 | — | $-5.6M |
| Q4 25 | $-83.3M | $-55.2M | ||
| Q3 25 | $-127.2M | $-18.0M | ||
| Q2 25 | $-53.8M | $29.4M | ||
| Q1 25 | — | $-59.7M | ||
| Q4 24 | $-43.0M | $-76.5M | ||
| Q3 24 | $-23.0M | $-27.7M | ||
| Q2 24 | $-34.1M | $-500.0K | ||
| Q1 24 | — | $-57.1M |
| Q4 25 | -134.6% | -45.8% | ||
| Q3 25 | -319.1% | -15.5% | ||
| Q2 25 | -259.8% | 21.7% | ||
| Q1 25 | — | -46.5% | ||
| Q4 24 | -367.4% | -56.5% | ||
| Q3 24 | -185.3% | -21.7% | ||
| Q2 24 | -299.3% | -0.4% | ||
| Q1 24 | — | -41.9% |
| Q4 25 | 14.2% | 55.2% | ||
| Q3 25 | 10.4% | 8.9% | ||
| Q2 25 | 5.8% | 9.3% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | 30.7% | 97.1% | ||
| Q3 24 | 30.4% | 17.3% | ||
| Q2 24 | 65.8% | 28.2% | ||
| Q1 24 | — | 37.8% |
| Q4 25 | -0.10× | 0.20× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 7.50× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.15× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IONQ
| Other | $31.2M | 50% |
| Platform Consulting And Support Services | $30.7M | 50% |
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
