vs
Side-by-side financial comparison of IonQ, Inc. (IONQ) and Orion Properties Inc. (ONL). Click either name above to swap in a different company.
IonQ, Inc. is the larger business by last-quarter revenue ($61.9M vs $36.3M, roughly 1.7× Orion Properties Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs -37.4%, a 1255.2% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs -4.6%).
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.
IONQ vs ONL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $36.3M |
| Net Profit | $753.7M | $-13.6M |
| Gross Margin | — | — |
| Operating Margin | -369.4% | -9.3% |
| Net Margin | 1217.8% | -37.4% |
| Revenue YoY | 428.5% | -4.6% |
| Net Profit YoY | 473.1% | -45.0% |
| EPS (diluted) | $2.60 | $-0.24 |
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.
| Q1 26 | — | $36.3M | ||
| Q4 25 | $61.9M | $35.2M | ||
| Q3 25 | $39.9M | $37.1M | ||
| Q2 25 | $20.7M | $37.3M | ||
| Q1 25 | — | $38.0M | ||
| Q4 24 | $11.7M | $38.4M | ||
| Q3 24 | $12.4M | $39.2M | ||
| Q2 24 | $11.4M | $40.1M |
| Q1 26 | — | $-13.6M | ||
| Q4 25 | $753.7M | $-35.8M | ||
| Q3 25 | $-1.1B | $-69.0M | ||
| Q2 25 | $-176.8M | $-25.1M | ||
| Q1 25 | — | $-9.4M | ||
| Q4 24 | $-202.0M | $-32.8M | ||
| Q3 24 | $-52.5M | $-10.2M | ||
| Q2 24 | $-37.6M | $-33.8M |
| Q1 26 | — | -9.3% | ||
| Q4 25 | -369.4% | -101.5% | ||
| Q3 25 | -423.5% | -185.8% | ||
| Q2 25 | -776.0% | -67.1% | ||
| Q1 25 | — | -24.4% | ||
| Q4 24 | -661.9% | -85.4% | ||
| Q3 24 | -428.5% | -25.9% | ||
| Q2 24 | -430.0% | -84.1% |
| Q1 26 | — | -37.4% | ||
| Q4 25 | 1217.8% | -101.7% | ||
| Q3 25 | -2646.3% | -186.0% | ||
| Q2 25 | -854.5% | -67.3% | ||
| Q1 25 | — | -24.6% | ||
| Q4 24 | -1725.0% | -85.4% | ||
| Q3 24 | -423.4% | -26.1% | ||
| Q2 24 | -330.0% | -84.2% |
| Q1 26 | — | $-0.24 | ||
| Q4 25 | $2.60 | $-0.63 | ||
| Q3 25 | $-3.58 | $-1.23 | ||
| Q2 25 | $-0.70 | $-0.45 | ||
| Q1 25 | — | $-0.17 | ||
| Q4 24 | $-0.95 | $-0.59 | ||
| Q3 24 | $-0.24 | $-0.18 | ||
| Q2 24 | $-0.18 | $-0.60 |
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 | $10.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.8B | $608.5M |
| Total Assets | $6.6B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $10.3M | ||
| Q4 25 | $2.4B | $22.4M | ||
| Q3 25 | $1.1B | $32.6M | ||
| Q2 25 | $546.9M | $17.4M | ||
| Q1 25 | — | $9.4M | ||
| Q4 24 | $340.3M | $15.6M | ||
| Q3 24 | $365.7M | $16.6M | ||
| Q2 24 | $369.8M | $24.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $465.0M | ||
| Q3 25 | — | $483.0M | ||
| Q2 25 | — | $483.0M | ||
| Q1 25 | — | $505.0M | ||
| Q4 24 | — | $492.0M | ||
| Q3 24 | — | $485.0M | ||
| Q2 24 | — | $462.0M |
| Q1 26 | — | $608.5M | ||
| Q4 25 | $3.8B | $623.2M | ||
| Q3 25 | $2.3B | $658.8M | ||
| Q2 25 | $1.2B | $728.0M | ||
| Q1 25 | — | $753.5M | ||
| Q4 24 | $383.9M | $763.9M | ||
| Q3 24 | $435.7M | $800.9M | ||
| Q2 24 | $463.3M | $816.1M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $6.6B | $1.2B | ||
| Q3 25 | $4.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $508.4M | $1.3B | ||
| Q3 24 | $497.9M | $1.4B | ||
| Q2 24 | $517.4M | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.73× | ||
| Q2 25 | — | 0.66× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.64× | ||
| Q3 24 | — | 0.61× | ||
| Q2 24 | — | 0.57× |
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 | — |
| Free Cash FlowOCF − Capex | $-83.3M | — |
| FCF MarginFCF / Revenue | -134.6% | — |
| Capex IntensityCapex / Revenue | 14.2% | 51.4% |
| Cash ConversionOCF / Net Profit | -0.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-74.5M | $23.6M | ||
| Q3 25 | $-123.1M | $5.7M | ||
| Q2 25 | $-52.6M | $11.6M | ||
| Q1 25 | — | $-2.2M | ||
| Q4 24 | $-39.4M | $54.3M | ||
| Q3 24 | $-19.2M | $13.8M | ||
| Q2 24 | $-26.6M | $17.0M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | 51.4% | ||
| Q4 25 | 14.2% | — | ||
| Q3 25 | 10.4% | — | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 30.7% | — | ||
| Q3 24 | 30.4% | — | ||
| Q2 24 | 65.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | -0.10× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
ONL
| Rental | $36.1M | 100% |
| Fee income from unconsolidated joint venture | $137.0K | 0% |
