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Side-by-side financial comparison of IonQ, Inc. (IONQ) and NELNET INC (NNI). Click either name above to swap in a different company.
IonQ, Inc. is the larger business by last-quarter revenue ($61.9M vs $33.5M, roughly 1.8× NELNET INC). IonQ, Inc. runs the higher net margin — 1217.8% vs 172.3%, a 1045.5% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 79.6%). NELNET INC produced more free cash flow last quarter ($396.7M 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.
Nelnet, Inc. is a United States–based conglomerate that primarily focuses on financial services including student and consumer loan origination and servicing. Additionally, the company operates an investing arm, an internet bank and has a 26% stake in Allo Fiber, a cable and internet provider. The company is headquartered in Lincoln, Nebraska.
IONQ vs NNI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $33.5M |
| Net Profit | $753.7M | $57.8M |
| Gross Margin | — | 50.5% |
| Operating Margin | -369.4% | — |
| Net Margin | 1217.8% | 172.3% |
| Revenue YoY | 428.5% | 79.6% |
| Net Profit YoY | 473.1% | -8.5% |
| EPS (diluted) | $2.60 | $1.62 |
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 | $33.5M | ||
| Q3 25 | $39.9M | $23.2M | ||
| Q2 25 | $20.7M | $26.1M | ||
| Q1 25 | — | $24.7M | ||
| Q4 24 | $11.7M | $18.7M | ||
| Q3 24 | $12.4M | $16.6M | ||
| Q2 24 | $11.4M | $14.9M | ||
| Q1 24 | — | $12.8M |
| Q4 25 | $753.7M | $57.8M | ||
| Q3 25 | $-1.1B | $106.7M | ||
| Q2 25 | $-176.8M | $181.5M | ||
| Q1 25 | — | $82.6M | ||
| Q4 24 | $-202.0M | $63.2M | ||
| Q3 24 | $-52.5M | $2.4M | ||
| Q2 24 | $-37.6M | $45.1M | ||
| Q1 24 | — | $73.4M |
| Q4 25 | — | 50.5% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | — | 30.5% | ||
| Q4 24 | — | 13.7% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 27.3% | ||
| Q1 24 | — | 15.3% |
| Q4 25 | -369.4% | — | ||
| Q3 25 | -423.5% | — | ||
| Q2 25 | -776.0% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -661.9% | 97.7% | ||
| Q3 24 | -428.5% | -13.4% | ||
| Q2 24 | -430.0% | 88.0% | ||
| Q1 24 | — | — |
| Q4 25 | 1217.8% | 172.3% | ||
| Q3 25 | -2646.3% | 460.5% | ||
| Q2 25 | -854.5% | 694.9% | ||
| Q1 25 | — | 334.4% | ||
| Q4 24 | -1725.0% | 338.2% | ||
| Q3 24 | -423.4% | 14.4% | ||
| Q2 24 | -330.0% | 303.6% | ||
| Q1 24 | — | 574.4% |
| Q4 25 | $2.60 | $1.62 | ||
| Q3 25 | $-3.58 | $2.94 | ||
| Q2 25 | $-0.70 | $4.97 | ||
| Q1 25 | — | $2.26 | ||
| Q4 24 | $-0.95 | $1.74 | ||
| Q3 24 | $-0.24 | $0.07 | ||
| Q2 24 | $-0.18 | $1.23 | ||
| Q1 24 | — | $1.98 |
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 | $296.0M |
| Total DebtLower is stronger | — | $7.8B |
| Stockholders' EquityBook value | $3.8B | $3.7B |
| Total Assets | $6.6B | $14.1B |
| Debt / EquityLower = less leverage | — | 2.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $296.0M | ||
| Q3 25 | $1.1B | $216.4M | ||
| Q2 25 | $546.9M | $225.8M | ||
| Q1 25 | — | $220.5M | ||
| Q4 24 | $340.3M | $194.5M | ||
| Q3 24 | $365.7M | $219.7M | ||
| Q2 24 | $369.8M | $145.5M | ||
| Q1 24 | — | $179.7M |
| Q4 25 | — | $7.8B | ||
| Q3 25 | — | $7.8B | ||
| Q2 25 | — | $7.9B | ||
| Q1 25 | — | $8.7B | ||
| Q4 24 | — | $8.3B | ||
| Q3 24 | — | $8.9B | ||
| Q2 24 | — | $9.6B | ||
| Q1 24 | — | $10.6B |
| Q4 25 | $3.8B | $3.7B | ||
| Q3 25 | $2.3B | $3.7B | ||
| Q2 25 | $1.2B | $3.6B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | $383.9M | $3.3B | ||
| Q3 24 | $435.7M | $3.3B | ||
| Q2 24 | $463.3M | $3.3B | ||
| Q1 24 | — | $3.3B |
| Q4 25 | $6.6B | $14.1B | ||
| Q3 25 | $4.3B | $13.9B | ||
| Q2 25 | $1.3B | $13.7B | ||
| Q1 25 | — | $14.2B | ||
| Q4 24 | $508.4M | $13.8B | ||
| Q3 24 | $497.9M | $14.1B | ||
| Q2 24 | $517.4M | $14.5B | ||
| Q1 24 | — | $15.4B |
| Q4 25 | — | 2.11× | ||
| Q3 25 | — | 2.14× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 2.53× | ||
| Q4 24 | — | 2.48× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | — | 2.90× | ||
| Q1 24 | — | 3.20× |
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 | $423.0M |
| Free Cash FlowOCF − Capex | $-83.3M | $396.7M |
| FCF MarginFCF / Revenue | -134.6% | 1183.0% |
| Capex IntensityCapex / Revenue | 14.2% | 78.2% |
| Cash ConversionOCF / Net Profit | -0.10× | 7.32× |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $663.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $423.0M | ||
| Q3 25 | $-123.1M | $112.4M | ||
| Q2 25 | $-52.6M | $81.8M | ||
| Q1 25 | — | $91.2M | ||
| Q4 24 | $-39.4M | $662.9M | ||
| Q3 24 | $-19.2M | $137.0M | ||
| Q2 24 | $-26.6M | $133.8M | ||
| Q1 24 | — | $211.6M |
| Q4 25 | $-83.3M | $396.7M | ||
| Q3 25 | $-127.2M | $100.8M | ||
| Q2 25 | $-53.8M | $78.1M | ||
| Q1 25 | — | $87.8M | ||
| Q4 24 | $-43.0M | $642.0M | ||
| Q3 24 | $-23.0M | $132.6M | ||
| Q2 24 | $-34.1M | $123.1M | ||
| Q1 24 | — | $188.3M |
| Q4 25 | -134.6% | 1183.0% | ||
| Q3 25 | -319.1% | 435.0% | ||
| Q2 25 | -259.8% | 299.0% | ||
| Q1 25 | — | 355.6% | ||
| Q4 24 | -367.4% | 3438.0% | ||
| Q3 24 | -185.3% | 797.9% | ||
| Q2 24 | -299.3% | 829.2% | ||
| Q1 24 | — | 1473.7% |
| Q4 25 | 14.2% | 78.2% | ||
| Q3 25 | 10.4% | 50.4% | ||
| Q2 25 | 5.8% | 14.2% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | 30.7% | 111.9% | ||
| Q3 24 | 30.4% | 26.7% | ||
| Q2 24 | 65.8% | 71.5% | ||
| Q1 24 | — | 181.7% |
| Q4 25 | -0.10× | 7.32× | ||
| Q3 25 | — | 1.05× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 10.50× | ||
| Q3 24 | — | 57.39× | ||
| Q2 24 | — | 2.97× | ||
| Q1 24 | — | 2.88× |
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% |
NNI
Segment breakdown not available.
