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Side-by-side financial comparison of IonQ, Inc. (IONQ) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
OPAL Fuels Inc. is the larger business by last-quarter revenue ($88.4M vs $61.9M, roughly 1.4× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs 18.3%, a 1199.5% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 18.7%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M 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.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
IONQ vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $88.4M |
| Net Profit | $753.7M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | -369.4% | 7.5% |
| Net Margin | 1217.8% | 18.3% |
| Revenue YoY | 428.5% | 18.7% |
| Net Profit YoY | 473.1% | 401.5% |
| EPS (diluted) | $2.60 | $0.08 |
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 | $88.4M | ||
| Q3 25 | $39.9M | $77.9M | ||
| Q2 25 | $20.7M | $77.4M | ||
| Q1 25 | — | $83.0M | ||
| Q4 24 | $11.7M | $74.5M | ||
| Q3 24 | $12.4M | $82.6M | ||
| Q2 24 | $11.4M | $69.8M | ||
| Q1 24 | — | $64.0M |
| Q4 25 | $753.7M | $16.2M | ||
| Q3 25 | $-1.1B | $11.4M | ||
| Q2 25 | $-176.8M | $7.6M | ||
| Q1 25 | — | $1.3M | ||
| Q4 24 | $-202.0M | $-5.4M | ||
| Q3 24 | $-52.5M | $17.1M | ||
| Q2 24 | $-37.6M | $1.9M | ||
| Q1 24 | — | $677.0K |
| Q4 25 | -369.4% | 7.5% | ||
| Q3 25 | -423.5% | 4.6% | ||
| Q2 25 | -776.0% | -1.1% | ||
| Q1 25 | — | -2.3% | ||
| Q4 24 | -661.9% | -0.5% | ||
| Q3 24 | -428.5% | 14.9% | ||
| Q2 24 | -430.0% | 8.1% | ||
| Q1 24 | — | 5.6% |
| Q4 25 | 1217.8% | 18.3% | ||
| Q3 25 | -2646.3% | 14.6% | ||
| Q2 25 | -854.5% | 9.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | -1725.0% | -7.2% | ||
| Q3 24 | -423.4% | 20.7% | ||
| Q2 24 | -330.0% | 2.7% | ||
| Q1 24 | — | 1.1% |
| Q4 25 | $2.60 | $0.08 | ||
| Q3 25 | $-3.58 | $0.05 | ||
| Q2 25 | $-0.70 | $0.03 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | $-0.95 | $-0.05 | ||
| Q3 24 | $-0.24 | $0.09 | ||
| Q2 24 | $-0.18 | $-0.01 | ||
| Q1 24 | — | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $3.8B | $-12.9M |
| Total Assets | $6.6B | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $24.4M | ||
| Q3 25 | $1.1B | $29.9M | ||
| Q2 25 | $546.9M | $29.3M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | $340.3M | $24.3M | ||
| Q3 24 | $365.7M | $31.0M | ||
| Q2 24 | $369.8M | $27.6M | ||
| Q1 24 | — | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | — | $331.6M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $3.8B | $-12.9M | ||
| Q3 25 | $2.3B | $7.5M | ||
| Q2 25 | $1.2B | $-25.0M | ||
| Q1 25 | — | $57.1M | ||
| Q4 24 | $383.9M | $-148.4M | ||
| Q3 24 | $435.7M | $-180.1M | ||
| Q2 24 | $463.3M | $-273.0M | ||
| Q1 24 | — | $-382.4M |
| Q4 25 | $6.6B | $959.5M | ||
| Q3 25 | $4.3B | $916.7M | ||
| Q2 25 | $1.3B | $905.5M | ||
| Q1 25 | — | $884.9M | ||
| Q4 24 | $508.4M | $881.1M | ||
| Q3 24 | $497.9M | $831.1M | ||
| Q2 24 | $517.4M | $782.3M | ||
| Q1 24 | — | $750.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-3.5M |
| Free Cash FlowOCF − Capex | $-83.3M | $-13.4M |
| FCF MarginFCF / Revenue | -134.6% | -15.1% |
| Capex IntensityCapex / Revenue | 14.2% | 11.1% |
| Cash ConversionOCF / Net Profit | -0.10× | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $-3.5M | ||
| Q3 25 | $-123.1M | $18.2M | ||
| Q2 25 | $-52.6M | $-7.9M | ||
| Q1 25 | — | $29.7M | ||
| Q4 24 | $-39.4M | $-532.0K | ||
| Q3 24 | $-19.2M | $17.7M | ||
| Q2 24 | $-26.6M | $533.0K | ||
| Q1 24 | — | $13.7M |
| Q4 25 | $-83.3M | $-13.4M | ||
| Q3 25 | $-127.2M | $-9.3M | ||
| Q2 25 | $-53.8M | $-29.7M | ||
| Q1 25 | — | $18.1M | ||
| Q4 24 | $-43.0M | $-55.0M | ||
| Q3 24 | $-23.0M | $-5.4M | ||
| Q2 24 | $-34.1M | $-22.5M | ||
| Q1 24 | — | $-13.0M |
| Q4 25 | -134.6% | -15.1% | ||
| Q3 25 | -319.1% | -11.9% | ||
| Q2 25 | -259.8% | -38.4% | ||
| Q1 25 | — | 21.8% | ||
| Q4 24 | -367.4% | -73.8% | ||
| Q3 24 | -185.3% | -6.5% | ||
| Q2 24 | -299.3% | -32.2% | ||
| Q1 24 | — | -20.4% |
| Q4 25 | 14.2% | 11.1% | ||
| Q3 25 | 10.4% | 35.3% | ||
| Q2 25 | 5.8% | 28.2% | ||
| Q1 25 | — | 13.9% | ||
| Q4 24 | 30.7% | 73.1% | ||
| Q3 24 | 30.4% | 27.9% | ||
| Q2 24 | 65.8% | 32.9% | ||
| Q1 24 | — | 41.8% |
| Q4 25 | -0.10× | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
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% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
