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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
IonQ, Inc. is the larger business by last-quarter revenue ($61.9M vs $57.6M, roughly 1.1× Phathom Pharmaceuticals, Inc.). On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 94.1%). IonQ, Inc. produced more free cash flow last quarter ($-83.3M vs $-167.0M).
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.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
IONQ vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $57.6M |
| Net Profit | $753.7M | — |
| Gross Margin | — | 86.7% |
| Operating Margin | -369.4% | — |
| Net Margin | 1217.8% | — |
| Revenue YoY | 428.5% | 94.1% |
| Net Profit YoY | 473.1% | 71.6% |
| 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 | $57.6M | ||
| Q3 25 | $39.9M | $49.5M | ||
| Q2 25 | $20.7M | $39.5M | ||
| Q1 25 | — | $28.5M | ||
| Q4 24 | $11.7M | $29.7M | ||
| Q3 24 | $12.4M | $16.4M | ||
| Q2 24 | $11.4M | $7.3M |
| Q4 25 | $753.7M | — | ||
| Q3 25 | $-1.1B | $-30.0M | ||
| Q2 25 | $-176.8M | $-75.8M | ||
| Q1 25 | — | $-94.3M | ||
| Q4 24 | $-202.0M | — | ||
| Q3 24 | $-52.5M | $-85.6M | ||
| Q2 24 | $-37.6M | $-91.4M |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | — | 85.6% | ||
| Q2 24 | — | 81.2% |
| Q4 25 | -369.4% | — | ||
| Q3 25 | -423.5% | -30.8% | ||
| Q2 25 | -776.0% | -151.7% | ||
| Q1 25 | — | -276.5% | ||
| Q4 24 | -661.9% | — | ||
| Q3 24 | -428.5% | -433.0% | ||
| Q2 24 | -430.0% | -1055.4% |
| Q4 25 | 1217.8% | — | ||
| Q3 25 | -2646.3% | -60.5% | ||
| Q2 25 | -854.5% | -191.9% | ||
| Q1 25 | — | -330.7% | ||
| Q4 24 | -1725.0% | — | ||
| Q3 24 | -423.4% | -523.3% | ||
| Q2 24 | -330.0% | -1248.6% |
| Q4 25 | $2.60 | — | ||
| Q3 25 | $-3.58 | $-0.41 | ||
| Q2 25 | $-0.70 | $-1.05 | ||
| Q1 25 | — | $-1.31 | ||
| Q4 24 | $-0.95 | — | ||
| Q3 24 | $-0.24 | $-1.32 | ||
| Q2 24 | $-0.18 | $-1.56 |
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 | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $3.8B | $-438.2M |
| Total Assets | $6.6B | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $130.0M | ||
| Q3 25 | $1.1B | $135.2M | ||
| Q2 25 | $546.9M | $149.6M | ||
| Q1 25 | — | $212.3M | ||
| Q4 24 | $340.3M | $297.3M | ||
| Q3 24 | $365.7M | $334.7M | ||
| Q2 24 | $369.8M | $276.2M |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M |
| Q4 25 | $3.8B | $-438.2M | ||
| Q3 25 | $2.3B | $-422.5M | ||
| Q2 25 | $1.2B | $-405.8M | ||
| Q1 25 | — | $-338.4M | ||
| Q4 24 | $383.9M | $-253.6M | ||
| Q3 24 | $435.7M | $-187.1M | ||
| Q2 24 | $463.3M | $-233.8M |
| Q4 25 | $6.6B | $259.1M | ||
| Q3 25 | $4.3B | $240.3M | ||
| Q2 25 | $1.3B | $250.2M | ||
| Q1 25 | — | $294.2M | ||
| Q4 24 | $508.4M | $378.3M | ||
| Q3 24 | $497.9M | $387.0M | ||
| Q2 24 | $517.4M | $319.4M |
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 | $-166.8M |
| Free Cash FlowOCF − Capex | $-83.3M | $-167.0M |
| FCF MarginFCF / Revenue | -134.6% | -290.0% |
| Capex IntensityCapex / Revenue | 14.2% | 0.4% |
| Cash ConversionOCF / Net Profit | -0.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $-166.8M | ||
| Q3 25 | $-123.1M | $-14.1M | ||
| Q2 25 | $-52.6M | $-62.7M | ||
| Q1 25 | — | $-84.9M | ||
| Q4 24 | $-39.4M | $-266.8M | ||
| Q3 24 | $-19.2M | $-63.6M | ||
| Q2 24 | $-26.6M | $-70.7M |
| Q4 25 | $-83.3M | $-167.0M | ||
| Q3 25 | $-127.2M | $-14.1M | ||
| Q2 25 | $-53.8M | $-62.8M | ||
| Q1 25 | — | $-84.9M | ||
| Q4 24 | $-43.0M | $-266.9M | ||
| Q3 24 | $-23.0M | $-63.6M | ||
| Q2 24 | $-34.1M | $-70.8M |
| Q4 25 | -134.6% | -290.0% | ||
| Q3 25 | -319.1% | -28.6% | ||
| Q2 25 | -259.8% | -159.0% | ||
| Q1 25 | — | -297.9% | ||
| Q4 24 | -367.4% | -899.8% | ||
| Q3 24 | -185.3% | -389.0% | ||
| Q2 24 | -299.3% | -966.2% |
| Q4 25 | 14.2% | 0.4% | ||
| Q3 25 | 10.4% | 0.1% | ||
| Q2 25 | 5.8% | 0.2% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | 30.7% | 0.5% | ||
| Q3 24 | 30.4% | 0.3% | ||
| Q2 24 | 65.8% | 0.6% |
| 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% |
PHAT
Segment breakdown not available.
