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Side-by-side financial comparison of IonQ, Inc. (IONQ) and NATURAL RESOURCE PARTNERS LP (NRP). Click either name above to swap in a different company.
IonQ, Inc. is the larger business by last-quarter revenue ($61.9M vs $51.3M, roughly 1.2× NATURAL RESOURCE PARTNERS LP). IonQ, Inc. runs the higher net margin — 1217.8% vs 78.5%, a 1139.2% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs -21.8%).
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.
Natural Resource Partners LP is a U.S.-headquartered master limited partnership that owns, manages and leases mineral reserve interests. Its asset portfolio covers coal, aggregates, industrial minerals and oil & gas, with operations primarily across North America, deriving most revenue from royalties paid by third-party resource extraction operators.
IONQ vs NRP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $51.3M |
| Net Profit | $753.7M | $40.3M |
| Gross Margin | — | — |
| Operating Margin | -369.4% | 83.7% |
| Net Margin | 1217.8% | 78.5% |
| Revenue YoY | 428.5% | -21.8% |
| Net Profit YoY | 473.1% | -28.4% |
| EPS (diluted) | $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 | $61.9M | — | ||
| Q3 25 | $39.9M | — | ||
| Q2 25 | $20.7M | — | ||
| Q1 25 | — | $51.3M | ||
| Q4 24 | $11.7M | $61.8M | ||
| Q3 24 | $12.4M | $50.4M | ||
| Q2 24 | $11.4M | $54.6M | ||
| Q1 24 | — | $65.6M |
| Q4 25 | $753.7M | — | ||
| Q3 25 | $-1.1B | — | ||
| Q2 25 | $-176.8M | — | ||
| Q1 25 | — | $40.3M | ||
| Q4 24 | $-202.0M | $42.8M | ||
| Q3 24 | $-52.5M | $38.6M | ||
| Q2 24 | $-37.6M | $46.1M | ||
| Q1 24 | — | $56.2M |
| Q4 25 | -369.4% | — | ||
| Q3 25 | -423.5% | — | ||
| Q2 25 | -776.0% | — | ||
| Q1 25 | — | 83.7% | ||
| Q4 24 | -661.9% | 74.9% | ||
| Q3 24 | -428.5% | 84.9% | ||
| Q2 24 | -430.0% | 92.3% | ||
| Q1 24 | — | 91.0% |
| Q4 25 | 1217.8% | — | ||
| Q3 25 | -2646.3% | — | ||
| Q2 25 | -854.5% | — | ||
| Q1 25 | — | 78.5% | ||
| Q4 24 | -1725.0% | 69.2% | ||
| Q3 24 | -423.4% | 76.6% | ||
| Q2 24 | -330.0% | 84.4% | ||
| Q1 24 | — | 85.7% |
| Q4 25 | $2.60 | — | ||
| Q3 25 | $-3.58 | — | ||
| Q2 25 | $-0.70 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-0.95 | — | ||
| Q3 24 | $-0.24 | — | ||
| Q2 24 | $-0.18 | — | ||
| Q1 24 | — | — |
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 | $30.9M |
| Total DebtLower is stronger | — | $138.8M |
| Stockholders' EquityBook value | $3.8B | — |
| Total Assets | $6.6B | $772.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $546.9M | — | ||
| Q1 25 | — | $30.9M | ||
| Q4 24 | $340.3M | $30.4M | ||
| Q3 24 | $365.7M | $30.9M | ||
| Q2 24 | $369.8M | $32.3M | ||
| Q1 24 | — | $11.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $138.8M | ||
| Q4 24 | — | $142.1M | ||
| Q3 24 | — | $197.4M | ||
| Q2 24 | — | $210.3M | ||
| Q1 24 | — | $188.8M |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $383.9M | — | ||
| Q3 24 | $435.7M | — | ||
| Q2 24 | $463.3M | — | ||
| Q1 24 | — | — |
| Q4 25 | $6.6B | — | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | — | $772.5M | ||
| Q4 24 | $508.4M | $772.9M | ||
| Q3 24 | $497.9M | $772.9M | ||
| Q2 24 | $517.4M | $789.6M | ||
| Q1 24 | — | $772.9M |
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 | $34.4M |
| Free Cash FlowOCF − Capex | $-83.3M | — |
| FCF MarginFCF / Revenue | -134.6% | — |
| Capex IntensityCapex / Revenue | 14.2% | — |
| Cash ConversionOCF / Net Profit | -0.10× | 0.86× |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | — | ||
| Q3 25 | $-123.1M | — | ||
| Q2 25 | $-52.6M | — | ||
| Q1 25 | — | $34.4M | ||
| Q4 24 | $-39.4M | $66.2M | ||
| Q3 24 | $-19.2M | $54.1M | ||
| Q2 24 | $-26.6M | $56.6M | ||
| Q1 24 | — | $71.5M |
| Q4 25 | $-83.3M | — | ||
| Q3 25 | $-127.2M | — | ||
| Q2 25 | $-53.8M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-43.0M | — | ||
| Q3 24 | $-23.0M | — | ||
| Q2 24 | $-34.1M | — | ||
| Q1 24 | — | — |
| Q4 25 | -134.6% | — | ||
| Q3 25 | -319.1% | — | ||
| Q2 25 | -259.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -367.4% | — | ||
| Q3 24 | -185.3% | — | ||
| Q2 24 | -299.3% | — | ||
| Q1 24 | — | — |
| Q4 25 | 14.2% | — | ||
| Q3 25 | 10.4% | — | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 30.7% | 0.0% | ||
| Q3 24 | 30.4% | 0.0% | ||
| Q2 24 | 65.8% | 0.0% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | -0.10× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 1.55× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 1.23× | ||
| Q1 24 | — | 1.27× |
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% |
NRP
| Coal Royalty Revenues | $35.5M | 69% |
| Soda Ash Segment | $4.6M | 9% |
| Transportation And Processing Services | $4.4M | 9% |
| Production Lease Minimum Revenues | $2.7M | 5% |
| Oil And Gas Royalty Revenues | $2.4M | 5% |
| Other | $1.6M | 3% |
