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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
Repay Holdings Corp is the larger business by last-quarter revenue ($78.6M vs $61.9M, roughly 1.3× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs -178.3%, a 1396.0% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 0.4%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M 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.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
IONQ vs RPAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $78.6M |
| Net Profit | $753.7M | $-140.1M |
| Gross Margin | — | 74.2% |
| Operating Margin | -369.4% | -182.2% |
| Net Margin | 1217.8% | -178.3% |
| Revenue YoY | 428.5% | 0.4% |
| Net Profit YoY | 473.1% | -3304.1% |
| EPS (diluted) | $2.60 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $39.9M | $77.7M | ||
| Q2 25 | $20.7M | $75.6M | ||
| Q1 25 | — | $77.3M | ||
| Q4 24 | $11.7M | $78.3M | ||
| Q3 24 | $12.4M | $79.1M | ||
| Q2 24 | $11.4M | $74.9M | ||
| Q1 24 | — | $80.7M |
| Q4 25 | $753.7M | $-140.1M | ||
| Q3 25 | $-1.1B | $-6.4M | ||
| Q2 25 | $-176.8M | $-102.3M | ||
| Q1 25 | — | $-7.9M | ||
| Q4 24 | $-202.0M | $-4.1M | ||
| Q3 24 | $-52.5M | $3.2M | ||
| Q2 24 | $-37.6M | $-4.1M | ||
| Q1 24 | — | $-5.2M |
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
| Q4 25 | -369.4% | -182.2% | ||
| Q3 25 | -423.5% | -3.9% | ||
| Q2 25 | -776.0% | -138.7% | ||
| Q1 25 | — | -4.7% | ||
| Q4 24 | -661.9% | -1.5% | ||
| Q3 24 | -428.5% | -0.9% | ||
| Q2 24 | -430.0% | -4.6% | ||
| Q1 24 | — | -3.1% |
| Q4 25 | 1217.8% | -178.3% | ||
| Q3 25 | -2646.3% | -8.3% | ||
| Q2 25 | -854.5% | -135.2% | ||
| Q1 25 | — | -10.3% | ||
| Q4 24 | -1725.0% | -5.3% | ||
| Q3 24 | -423.4% | 4.1% | ||
| Q2 24 | -330.0% | -5.4% | ||
| Q1 24 | — | -6.5% |
| Q4 25 | $2.60 | $-1.68 | ||
| Q3 25 | $-3.58 | $-0.08 | ||
| Q2 25 | $-0.70 | $-1.15 | ||
| Q1 25 | — | $-0.09 | ||
| Q4 24 | $-0.95 | $-0.04 | ||
| Q3 24 | $-0.24 | $0.03 | ||
| Q2 24 | $-0.18 | $-0.04 | ||
| Q1 24 | — | $-0.06 |
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 | $115.7M |
| Total DebtLower is stronger | — | $280.1M |
| Stockholders' EquityBook value | $3.8B | $484.4M |
| Total Assets | $6.6B | $1.2B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $115.7M | ||
| Q3 25 | $1.1B | $95.7M | ||
| Q2 25 | $546.9M | $162.6M | ||
| Q1 25 | — | $165.5M | ||
| Q4 24 | $340.3M | $189.5M | ||
| Q3 24 | $365.7M | $168.7M | ||
| Q2 24 | $369.8M | $147.1M | ||
| Q1 24 | — | $128.3M |
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
| Q4 25 | $3.8B | $484.4M | ||
| Q3 25 | $2.3B | $616.9M | ||
| Q2 25 | $1.2B | $633.7M | ||
| Q1 25 | — | $755.7M | ||
| Q4 24 | $383.9M | $761.3M | ||
| Q3 24 | $435.7M | $754.7M | ||
| Q2 24 | $463.3M | $815.4M | ||
| Q1 24 | — | $813.8M |
| Q4 25 | $6.6B | $1.2B | ||
| Q3 25 | $4.3B | $1.3B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $508.4M | $1.6B | ||
| Q3 24 | $497.9M | $1.6B | ||
| Q2 24 | $517.4M | $1.5B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-83.3M | $23.2M |
| FCF MarginFCF / Revenue | -134.6% | 29.6% |
| Capex IntensityCapex / Revenue | 14.2% | 0.1% |
| Cash ConversionOCF / Net Profit | -0.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $23.3M | ||
| Q3 25 | $-123.1M | $32.2M | ||
| Q2 25 | $-52.6M | $33.1M | ||
| Q1 25 | — | $2.5M | ||
| Q4 24 | $-39.4M | $34.3M | ||
| Q3 24 | $-19.2M | $60.1M | ||
| Q2 24 | $-26.6M | $31.0M | ||
| Q1 24 | — | $24.8M |
| Q4 25 | $-83.3M | $23.2M | ||
| Q3 25 | $-127.2M | $32.1M | ||
| Q2 25 | $-53.8M | $33.0M | ||
| Q1 25 | — | $2.4M | ||
| Q4 24 | $-43.0M | $34.0M | ||
| Q3 24 | $-23.0M | $59.8M | ||
| Q2 24 | $-34.1M | $30.5M | ||
| Q1 24 | — | $24.7M |
| Q4 25 | -134.6% | 29.6% | ||
| Q3 25 | -319.1% | 41.3% | ||
| Q2 25 | -259.8% | 43.6% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | -367.4% | 43.5% | ||
| Q3 24 | -185.3% | 75.6% | ||
| Q2 24 | -299.3% | 40.7% | ||
| Q1 24 | — | 30.6% |
| Q4 25 | 14.2% | 0.1% | ||
| Q3 25 | 10.4% | 0.2% | ||
| Q2 25 | 5.8% | 0.1% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | 30.7% | 0.3% | ||
| Q3 24 | 30.4% | 0.3% | ||
| Q2 24 | 65.8% | 0.6% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | -0.10× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| Q2 24 | — | — | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
