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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Lifeway Foods, Inc. (LWAY). Click either name above to swap in a different company.
IonQ, Inc. is the larger business by last-quarter revenue ($61.9M vs $55.4M, roughly 1.1× Lifeway Foods, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs 4.6%, a 1213.2% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 18.0%). Lifeway Foods, Inc. produced more free cash flow last quarter ($-17.4M 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.
Lifeway Foods is an Illinois-based health food company founded in 1986. They are a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome.
IONQ vs LWAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $55.4M |
| Net Profit | $753.7M | $2.5M |
| Gross Margin | — | 27.8% |
| Operating Margin | -369.4% | 6.8% |
| Net Margin | 1217.8% | 4.6% |
| Revenue YoY | 428.5% | 18.0% |
| Net Profit YoY | 473.1% | 1688.1% |
| EPS (diluted) | $2.60 | $0.15 |
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 | $55.4M | ||
| Q3 25 | $39.9M | $57.1M | ||
| Q2 25 | $20.7M | $53.9M | ||
| Q1 25 | — | $46.1M | ||
| Q4 24 | $11.7M | $46.9M | ||
| Q3 24 | $12.4M | $46.1M | ||
| Q2 24 | $11.4M | $49.2M | ||
| Q1 24 | — | $44.6M |
| Q4 25 | $753.7M | $2.5M | ||
| Q3 25 | $-1.1B | $3.5M | ||
| Q2 25 | $-176.8M | $4.2M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | $-202.0M | $-160.0K | ||
| Q3 24 | $-52.5M | $3.0M | ||
| Q2 24 | $-37.6M | $3.8M | ||
| Q1 24 | — | $2.4M |
| Q4 25 | — | 27.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 28.6% | ||
| Q1 25 | — | 23.9% | ||
| Q4 24 | — | 25.3% | ||
| Q3 24 | — | 25.7% | ||
| Q2 24 | — | 27.0% | ||
| Q1 24 | — | 25.8% |
| Q4 25 | -369.4% | 6.8% | ||
| Q3 25 | -423.5% | 8.8% | ||
| Q2 25 | -776.0% | 10.8% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | -661.9% | 1.5% | ||
| Q3 24 | -428.5% | 9.1% | ||
| Q2 24 | -430.0% | 11.0% | ||
| Q1 24 | — | 8.0% |
| Q4 25 | 1217.8% | 4.6% | ||
| Q3 25 | -2646.3% | 6.2% | ||
| Q2 25 | -854.5% | 7.9% | ||
| Q1 25 | — | 7.7% | ||
| Q4 24 | -1725.0% | -0.3% | ||
| Q3 24 | -423.4% | 6.5% | ||
| Q2 24 | -330.0% | 7.7% | ||
| Q1 24 | — | 5.4% |
| Q4 25 | $2.60 | $0.15 | ||
| Q3 25 | $-3.58 | $0.23 | ||
| Q2 25 | $-0.70 | $0.28 | ||
| Q1 25 | — | $0.23 | ||
| Q4 24 | $-0.95 | $0.00 | ||
| Q3 24 | $-0.24 | $0.19 | ||
| Q2 24 | $-0.18 | $0.25 | ||
| Q1 24 | — | $0.16 |
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 | $5.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.8B | $85.8M |
| Total Assets | $6.6B | $105.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $5.6M | ||
| Q3 25 | $1.1B | $23.0M | ||
| Q2 25 | $546.9M | $21.2M | ||
| Q1 25 | — | $19.4M | ||
| Q4 24 | $340.3M | $16.7M | ||
| Q3 24 | $365.7M | $20.6M | ||
| Q2 24 | $369.8M | $14.6M | ||
| Q1 24 | — | $12.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $2.5M |
| Q4 25 | $3.8B | $85.8M | ||
| Q3 25 | $2.3B | $82.8M | ||
| Q2 25 | $1.2B | $78.7M | ||
| Q1 25 | — | $74.2M | ||
| Q4 24 | $383.9M | $71.9M | ||
| Q3 24 | $435.7M | $71.5M | ||
| Q2 24 | $463.3M | $68.0M | ||
| Q1 24 | — | $63.5M |
| Q4 25 | $6.6B | $105.6M | ||
| Q3 25 | $4.3B | $109.5M | ||
| Q2 25 | $1.3B | $98.3M | ||
| Q1 25 | — | $93.7M | ||
| Q4 24 | $508.4M | $90.5M | ||
| Q3 24 | $497.9M | $91.3M | ||
| Q2 24 | $517.4M | $84.9M | ||
| Q1 24 | — | $82.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.04× |
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 | $267.0K |
| Free Cash FlowOCF − Capex | $-83.3M | $-17.4M |
| FCF MarginFCF / Revenue | -134.6% | -31.5% |
| Capex IntensityCapex / Revenue | 14.2% | 31.9% |
| Cash ConversionOCF / Net Profit | -0.10× | 0.11× |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $-16.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $267.0K | ||
| Q3 25 | $-123.1M | $6.9M | ||
| Q2 25 | $-52.6M | $3.9M | ||
| Q1 25 | — | $-150.0K | ||
| Q4 24 | $-39.4M | $-2.6M | ||
| Q3 24 | $-19.2M | $7.5M | ||
| Q2 24 | $-26.6M | $6.5M | ||
| Q1 24 | — | $1.5M |
| Q4 25 | $-83.3M | $-17.4M | ||
| Q3 25 | $-127.2M | $1.8M | ||
| Q2 25 | $-53.8M | $1.6M | ||
| Q1 25 | — | $-2.4M | ||
| Q4 24 | $-43.0M | $-3.8M | ||
| Q3 24 | $-23.0M | $5.9M | ||
| Q2 24 | $-34.1M | $5.1M | ||
| Q1 24 | — | $-923.0K |
| Q4 25 | -134.6% | -31.5% | ||
| Q3 25 | -319.1% | 3.1% | ||
| Q2 25 | -259.8% | 3.0% | ||
| Q1 25 | — | -5.1% | ||
| Q4 24 | -367.4% | -8.2% | ||
| Q3 24 | -185.3% | 12.8% | ||
| Q2 24 | -299.3% | 10.4% | ||
| Q1 24 | — | -2.1% |
| Q4 25 | 14.2% | 31.9% | ||
| Q3 25 | 10.4% | 9.0% | ||
| Q2 25 | 5.8% | 4.3% | ||
| Q1 25 | — | 4.8% | ||
| Q4 24 | 30.7% | 2.7% | ||
| Q3 24 | 30.4% | 3.3% | ||
| Q2 24 | 65.8% | 2.9% | ||
| Q1 24 | — | 5.5% |
| Q4 25 | -0.10× | 0.11× | ||
| Q3 25 | — | 1.96× | ||
| Q2 25 | — | 0.92× | ||
| Q1 25 | — | -0.04× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.50× | ||
| Q2 24 | — | 1.73× | ||
| Q1 24 | — | 0.64× |
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% |
LWAY
| Drinkable Kefirotherthan Pro Bugs | $47.8M | 86% |
| Cheese | $4.7M | 8% |
| Cream And Other | $1.7M | 3% |
| Other | $1.2M | 2% |
