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Side-by-side financial comparison of IonQ, Inc. (IONQ) and P10, Inc. (PX). Click either name above to swap in a different company.
P10, Inc. is the larger business by last-quarter revenue ($81.0M vs $61.9M, roughly 1.3× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs 11.7%, a 1206.1% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M 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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
IONQ vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $81.0M |
| Net Profit | $753.7M | $9.5M |
| Gross Margin | — | — |
| Operating Margin | -369.4% | 31.9% |
| Net Margin | 1217.8% | 11.7% |
| Revenue YoY | 428.5% | -4.7% |
| Net Profit YoY | 473.1% | 79.0% |
| 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 | $81.0M | ||
| Q3 25 | $39.9M | $75.9M | ||
| Q2 25 | $20.7M | $72.7M | ||
| Q1 25 | — | $67.7M | ||
| Q4 24 | $11.7M | $85.0M | ||
| Q3 24 | $12.4M | $74.2M | ||
| Q2 24 | $11.4M | $71.1M | ||
| Q1 24 | — | $66.1M |
| Q4 25 | $753.7M | $9.5M | ||
| Q3 25 | $-1.1B | $2.1M | ||
| Q2 25 | $-176.8M | $3.4M | ||
| Q1 25 | — | $4.5M | ||
| Q4 24 | $-202.0M | $5.3M | ||
| Q3 24 | $-52.5M | $1.4M | ||
| Q2 24 | $-37.6M | $7.0M | ||
| Q1 24 | — | $5.0M |
| Q4 25 | -369.4% | 31.9% | ||
| Q3 25 | -423.5% | 14.1% | ||
| Q2 25 | -776.0% | 24.4% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | -661.9% | 26.9% | ||
| Q3 24 | -428.5% | 11.9% | ||
| Q2 24 | -430.0% | 23.7% | ||
| Q1 24 | — | 18.3% |
| Q4 25 | 1217.8% | 11.7% | ||
| Q3 25 | -2646.3% | 2.8% | ||
| Q2 25 | -854.5% | 4.7% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | -1725.0% | 6.2% | ||
| Q3 24 | -423.4% | 1.9% | ||
| Q2 24 | -330.0% | 9.8% | ||
| Q1 24 | — | 7.6% |
| Q4 25 | $2.60 | $0.08 | ||
| Q3 25 | $-3.58 | $0.02 | ||
| Q2 25 | $-0.70 | $0.03 | ||
| Q1 25 | — | $0.04 | ||
| Q4 24 | $-0.95 | $0.05 | ||
| Q3 24 | $-0.24 | $0.01 | ||
| Q2 24 | $-0.18 | $0.06 | ||
| Q1 24 | — | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $3.8B | $403.5M |
| Total Assets | $6.6B | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $28.2M | ||
| Q3 25 | $1.1B | $40.0M | ||
| Q2 25 | $546.9M | $33.4M | ||
| Q1 25 | — | $74.4M | ||
| Q4 24 | $340.3M | $67.5M | ||
| Q3 24 | $365.7M | $61.5M | ||
| Q2 24 | $369.8M | $31.2M | ||
| Q1 24 | — | $29.0M |
| Q4 25 | — | $373.2M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | — | $373.0M | ||
| Q1 25 | — | $357.2M | ||
| Q4 24 | — | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | — | $300.6M | ||
| Q1 24 | — | $314.0M |
| Q4 25 | $3.8B | $403.5M | ||
| Q3 25 | $2.3B | $396.8M | ||
| Q2 25 | $1.2B | $388.9M | ||
| Q1 25 | — | $374.3M | ||
| Q4 24 | $383.9M | $386.9M | ||
| Q3 24 | $435.7M | $394.1M | ||
| Q2 24 | $463.3M | $396.9M | ||
| Q1 24 | — | $400.1M |
| Q4 25 | $6.6B | $928.3M | ||
| Q3 25 | $4.3B | $936.0M | ||
| Q2 25 | $1.3B | $932.2M | ||
| Q1 25 | — | $877.4M | ||
| Q4 24 | $508.4M | $869.3M | ||
| Q3 24 | $497.9M | $857.0M | ||
| Q2 24 | $517.4M | $823.2M | ||
| Q1 24 | — | $832.8M |
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-83.3M | $18.1M |
| FCF MarginFCF / Revenue | -134.6% | 22.3% |
| Capex IntensityCapex / Revenue | 14.2% | 6.0% |
| Cash ConversionOCF / Net Profit | -0.10× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $23.0M | ||
| Q3 25 | $-123.1M | $-8.6M | ||
| Q2 25 | $-52.6M | $13.4M | ||
| Q1 25 | — | $-4.7M | ||
| Q4 24 | $-39.4M | $101.0M | ||
| Q3 24 | $-19.2M | $27.5M | ||
| Q2 24 | $-26.6M | $34.8M | ||
| Q1 24 | — | $11.0M |
| Q4 25 | $-83.3M | $18.1M | ||
| Q3 25 | $-127.2M | $-9.5M | ||
| Q2 25 | $-53.8M | $11.6M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | $-43.0M | $96.6M | ||
| Q3 24 | $-23.0M | $25.2M | ||
| Q2 24 | $-34.1M | $33.9M | ||
| Q1 24 | — | $10.7M |
| Q4 25 | -134.6% | 22.3% | ||
| Q3 25 | -319.1% | -12.6% | ||
| Q2 25 | -259.8% | 15.9% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | -367.4% | 113.6% | ||
| Q3 24 | -185.3% | 34.0% | ||
| Q2 24 | -299.3% | 47.7% | ||
| Q1 24 | — | 16.2% |
| Q4 25 | 14.2% | 6.0% | ||
| Q3 25 | 10.4% | 1.2% | ||
| Q2 25 | 5.8% | 2.5% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 30.7% | 5.2% | ||
| Q3 24 | 30.4% | 3.0% | ||
| Q2 24 | 65.8% | 1.3% | ||
| Q1 24 | — | 0.4% |
| Q4 25 | -0.10× | 2.43× | ||
| Q3 25 | — | -4.01× | ||
| Q2 25 | — | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | — | 4.98× | ||
| Q1 24 | — | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
