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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
Ranpak Holdings Corp. is the larger business by last-quarter revenue ($93.7M vs $61.9M, roughly 1.5× IonQ, Inc.). On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 2.3%).
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.
Ranpak Holdings Corp. manufactures machines and paper products used in protective paper-based packing for shipping goods and merchandise for e-commerce and industry, along with automation solutions. The company is based in Concord, Ohio, and has production facilities and offices in Reno, Nevada; Kansas City, Missouri; the Netherlands; Czech Republic; Shanghai and Singapore. The paper packaging material can be used for multiple applications like wrapping, cushioning, void fill and cold chain p...
IONQ vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $93.7M |
| Net Profit | $753.7M | — |
| Gross Margin | — | 39.0% |
| Operating Margin | -369.4% | -1.0% |
| Net Margin | 1217.8% | — |
| Revenue YoY | 428.5% | 2.3% |
| Net Profit YoY | 473.1% | — |
| EPS (diluted) | $2.60 | $-0.11 |
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 | $93.7M | ||
| Q3 25 | $39.9M | $83.6M | ||
| Q2 25 | $20.7M | $77.8M | ||
| Q1 25 | — | $77.6M | ||
| Q4 24 | $11.7M | $91.6M | ||
| Q3 24 | $12.4M | $78.6M | ||
| Q2 24 | $11.4M | $72.8M | ||
| Q1 24 | — | $72.5M |
| Q4 25 | $753.7M | — | ||
| Q3 25 | $-1.1B | $-10.4M | ||
| Q2 25 | $-176.8M | $-7.5M | ||
| Q1 25 | — | $-10.9M | ||
| Q4 24 | $-202.0M | — | ||
| Q3 24 | $-52.5M | $-8.1M | ||
| Q2 24 | $-37.6M | $5.5M | ||
| Q1 24 | — | $-8.1M |
| Q4 25 | — | 39.0% | ||
| Q3 25 | — | 41.1% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 45.2% | ||
| Q3 24 | — | 43.8% | ||
| Q2 24 | — | 43.5% | ||
| Q1 24 | — | 44.6% |
| Q4 25 | -369.4% | -1.0% | ||
| Q3 25 | -423.5% | -6.8% | ||
| Q2 25 | -776.0% | -12.5% | ||
| Q1 25 | — | -10.3% | ||
| Q4 24 | -661.9% | 1.5% | ||
| Q3 24 | -428.5% | -5.3% | ||
| Q2 24 | -430.0% | -7.1% | ||
| Q1 24 | — | -6.6% |
| Q4 25 | 1217.8% | — | ||
| Q3 25 | -2646.3% | -12.4% | ||
| Q2 25 | -854.5% | -9.6% | ||
| Q1 25 | — | -14.0% | ||
| Q4 24 | -1725.0% | — | ||
| Q3 24 | -423.4% | -10.3% | ||
| Q2 24 | -330.0% | 7.6% | ||
| Q1 24 | — | -11.2% |
| Q4 25 | $2.60 | $-0.11 | ||
| Q3 25 | $-3.58 | $-0.12 | ||
| Q2 25 | $-0.70 | $-0.09 | ||
| Q1 25 | — | $-0.13 | ||
| Q4 24 | $-0.95 | $-0.13 | ||
| Q3 24 | $-0.24 | $-0.10 | ||
| Q2 24 | $-0.18 | $0.07 | ||
| Q1 24 | — | $-0.10 |
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 | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $3.8B | $534.9M |
| Total Assets | $6.6B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $63.0M | ||
| Q3 25 | $1.1B | $49.9M | ||
| Q2 25 | $546.9M | $49.2M | ||
| Q1 25 | — | $65.5M | ||
| Q4 24 | $340.3M | $76.1M | ||
| Q3 24 | $365.7M | $69.5M | ||
| Q2 24 | $369.8M | $65.1M | ||
| Q1 24 | — | $55.1M |
| Q4 25 | — | $401.9M | ||
| Q3 25 | — | $403.1M | ||
| Q2 25 | — | $403.1M | ||
| Q1 25 | — | $405.2M | ||
| Q4 24 | — | $406.4M | ||
| Q3 24 | — | $403.2M | ||
| Q2 24 | — | $396.1M | ||
| Q1 24 | — | $396.7M |
| Q4 25 | $3.8B | $534.9M | ||
| Q3 25 | $2.3B | $537.8M | ||
| Q2 25 | $1.2B | $539.0M | ||
| Q1 25 | — | $544.1M | ||
| Q4 24 | $383.9M | $548.1M | ||
| Q3 24 | $435.7M | $564.3M | ||
| Q2 24 | $463.3M | $566.2M | ||
| Q1 24 | — | $560.0M |
| Q4 25 | $6.6B | $1.1B | ||
| Q3 25 | $4.3B | $1.1B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $508.4M | $1.1B | ||
| Q3 24 | $497.9M | $1.1B | ||
| Q2 24 | $517.4M | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.75× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.71× |
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 | $19.5M |
| Free Cash FlowOCF − Capex | $-83.3M | — |
| FCF MarginFCF / Revenue | -134.6% | — |
| Capex IntensityCapex / Revenue | 14.2% | — |
| Cash ConversionOCF / Net Profit | -0.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $19.5M | ||
| Q3 25 | $-123.1M | $8.5M | ||
| Q2 25 | $-52.6M | $-3.6M | ||
| Q1 25 | — | $-1.3M | ||
| Q4 24 | $-39.4M | $6.5M | ||
| Q3 24 | $-19.2M | $10.1M | ||
| Q2 24 | $-26.6M | $19.6M | ||
| Q1 24 | — | $5.2M |
| 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% | — | ||
| Q3 24 | 30.4% | — | ||
| Q2 24 | 65.8% | — | ||
| Q1 24 | — | — |
| Q4 25 | -0.10× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.56× | ||
| Q1 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% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
