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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Phreesia, Inc. (PHR). Click either name above to swap in a different company.
Phreesia, Inc. is the larger business by last-quarter revenue ($120.3M vs $61.9M, roughly 1.9× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs 3.5%, a 1214.2% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 12.7%). Phreesia, Inc. produced more free cash flow last quarter ($12.2M 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.
Phreesia, Inc. is a software as a service company that offers healthcare organizations a set of applications to automate and manage patient intake.
IONQ vs PHR — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $120.3M |
| Net Profit | $753.7M | $4.3M |
| Gross Margin | — | — |
| Operating Margin | -369.4% | 3.1% |
| Net Margin | 1217.8% | 3.5% |
| Revenue YoY | 428.5% | 12.7% |
| Net Profit YoY | 473.1% | 129.7% |
| EPS (diluted) | $2.60 | $0.07 |
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 | $120.3M | ||
| Q3 25 | $39.9M | $117.3M | ||
| Q2 25 | $20.7M | $115.9M | ||
| Q4 24 | $11.7M | — | ||
| Q3 24 | $12.4M | — | ||
| Q2 24 | $11.4M | — |
| Q4 25 | $753.7M | $4.3M | ||
| Q3 25 | $-1.1B | $654.0K | ||
| Q2 25 | $-176.8M | $-3.9M | ||
| Q4 24 | $-202.0M | — | ||
| Q3 24 | $-52.5M | — | ||
| Q2 24 | $-37.6M | — |
| Q4 25 | -369.4% | 3.1% | ||
| Q3 25 | -423.5% | -1.3% | ||
| Q2 25 | -776.0% | -2.8% | ||
| Q4 24 | -661.9% | — | ||
| Q3 24 | -428.5% | — | ||
| Q2 24 | -430.0% | — |
| Q4 25 | 1217.8% | 3.5% | ||
| Q3 25 | -2646.3% | 0.6% | ||
| Q2 25 | -854.5% | -3.4% | ||
| Q4 24 | -1725.0% | — | ||
| Q3 24 | -423.4% | — | ||
| Q2 24 | -330.0% | — |
| Q4 25 | $2.60 | $0.07 | ||
| Q3 25 | $-3.58 | $0.01 | ||
| Q2 25 | $-0.70 | $-0.07 | ||
| Q4 24 | $-0.95 | — | ||
| Q3 24 | $-0.24 | — | ||
| Q2 24 | $-0.18 | — |
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 | $106.4M |
| Total DebtLower is stronger | — | $3.4M |
| Stockholders' EquityBook value | $3.8B | $320.3M |
| Total Assets | $6.6B | $423.5M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $106.4M | ||
| Q3 25 | $1.1B | $98.3M | ||
| Q2 25 | $546.9M | $90.9M | ||
| Q4 24 | $340.3M | — | ||
| Q3 24 | $365.7M | — | ||
| Q2 24 | $369.8M | — |
| Q4 25 | — | $3.4M | ||
| Q3 25 | — | $4.6M | ||
| Q2 25 | — | $6.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | $3.8B | $320.3M | ||
| Q3 25 | $2.3B | $298.0M | ||
| Q2 25 | $1.2B | $282.2M | ||
| Q4 24 | $383.9M | — | ||
| Q3 24 | $435.7M | — | ||
| Q2 24 | $463.3M | — |
| Q4 25 | $6.6B | $423.5M | ||
| Q3 25 | $4.3B | $408.6M | ||
| Q2 25 | $1.3B | $400.4M | ||
| Q4 24 | $508.4M | — | ||
| Q3 24 | $497.9M | — | ||
| Q2 24 | $517.4M | — |
| Q4 25 | — | 0.01× | ||
| Q3 25 | — | 0.02× | ||
| Q2 25 | — | 0.02× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $15.5M |
| Free Cash FlowOCF − Capex | $-83.3M | $12.2M |
| FCF MarginFCF / Revenue | -134.6% | 10.1% |
| Capex IntensityCapex / Revenue | 14.2% | 2.7% |
| Cash ConversionOCF / Net Profit | -0.10× | 3.62× |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $15.5M | ||
| Q3 25 | $-123.1M | $14.8M | ||
| Q2 25 | $-52.6M | $14.8M | ||
| Q4 24 | $-39.4M | — | ||
| Q3 24 | $-19.2M | — | ||
| Q2 24 | $-26.6M | — |
| Q4 25 | $-83.3M | $12.2M | ||
| Q3 25 | $-127.2M | $13.1M | ||
| Q2 25 | $-53.8M | $11.3M | ||
| Q4 24 | $-43.0M | — | ||
| Q3 24 | $-23.0M | — | ||
| Q2 24 | $-34.1M | — |
| Q4 25 | -134.6% | 10.1% | ||
| Q3 25 | -319.1% | 11.1% | ||
| Q2 25 | -259.8% | 9.8% | ||
| Q4 24 | -367.4% | — | ||
| Q3 24 | -185.3% | — | ||
| Q2 24 | -299.3% | — |
| Q4 25 | 14.2% | 2.7% | ||
| Q3 25 | 10.4% | 1.5% | ||
| Q2 25 | 5.8% | 3.0% | ||
| Q4 24 | 30.7% | — | ||
| Q3 24 | 30.4% | — | ||
| Q2 24 | 65.8% | — |
| Q4 25 | -0.10× | 3.62× | ||
| Q3 25 | — | 22.68× | ||
| Q2 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% |
PHR
| Subscription And Services | $55.5M | 46% |
| Network Solutions | $37.4M | 31% |
| Payment Processing Fees | $27.4M | 23% |
