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Side-by-side financial comparison of IonQ, Inc. (IONQ) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
SHENANDOAH TELECOMMUNICATIONS CO is the larger business by last-quarter revenue ($91.6M vs $61.9M, roughly 1.5× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs -5.9%, a 1223.6% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 7.2%). SHENANDOAH TELECOMMUNICATIONS CO produced more free cash flow last quarter ($-78.6M 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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
IONQ vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $91.6M |
| Net Profit | $753.7M | $-5.4M |
| Gross Margin | — | — |
| Operating Margin | -369.4% | -1.0% |
| Net Margin | 1217.8% | -5.9% |
| Revenue YoY | 428.5% | 7.2% |
| Net Profit YoY | 473.1% | -95.8% |
| EPS (diluted) | $2.60 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $39.9M | $89.8M | ||
| Q2 25 | $20.7M | $88.6M | ||
| Q1 25 | — | $87.9M | ||
| Q4 24 | $11.7M | $85.4M | ||
| Q3 24 | $12.4M | $87.6M | ||
| Q2 24 | $11.4M | $85.8M | ||
| Q1 24 | — | $69.2M |
| Q4 25 | $753.7M | $-5.4M | ||
| Q3 25 | $-1.1B | $-9.4M | ||
| Q2 25 | $-176.8M | $-9.0M | ||
| Q1 25 | — | $-9.1M | ||
| Q4 24 | $-202.0M | $-2.7M | ||
| Q3 24 | $-52.5M | $-5.3M | ||
| Q2 24 | $-37.6M | $-12.9M | ||
| Q1 24 | — | $214.7M |
| Q4 25 | -369.4% | -1.0% | ||
| Q3 25 | -423.5% | -8.0% | ||
| Q2 25 | -776.0% | -10.3% | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | -661.9% | -6.7% | ||
| Q3 24 | -428.5% | -4.8% | ||
| Q2 24 | -430.0% | -18.5% | ||
| Q1 24 | — | -4.0% |
| Q4 25 | 1217.8% | -5.9% | ||
| Q3 25 | -2646.3% | -10.5% | ||
| Q2 25 | -854.5% | -10.2% | ||
| Q1 25 | — | -10.4% | ||
| Q4 24 | -1725.0% | -3.2% | ||
| Q3 24 | -423.4% | -6.0% | ||
| Q2 24 | -330.0% | -15.0% | ||
| Q1 24 | — | 310.0% |
| Q4 25 | $2.60 | $-0.13 | ||
| Q3 25 | $-3.58 | $-0.20 | ||
| Q2 25 | $-0.70 | $-0.19 | ||
| Q1 25 | — | $-0.19 | ||
| Q4 24 | $-0.95 | $-0.34 | ||
| Q3 24 | $-0.24 | $-0.13 | ||
| Q2 24 | $-0.18 | $-0.24 | ||
| Q1 24 | — | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | — | $642.4M |
| Stockholders' EquityBook value | $3.8B | $880.8M |
| Total Assets | $6.6B | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $27.3M | ||
| Q3 25 | $1.1B | $22.6M | ||
| Q2 25 | $546.9M | $29.1M | ||
| Q1 25 | — | $87.5M | ||
| Q4 24 | $340.3M | $46.3M | ||
| Q3 24 | $365.7M | $43.1M | ||
| Q2 24 | $369.8M | $43.8M | ||
| Q1 24 | — | $389.7M |
| Q4 25 | — | $642.4M | ||
| Q3 25 | — | $535.4M | ||
| Q2 25 | — | $513.1M | ||
| Q1 25 | — | $515.8M | ||
| Q4 24 | — | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | — | $297.4M | ||
| Q1 24 | — | $298.7M |
| Q4 25 | $3.8B | $880.8M | ||
| Q3 25 | $2.3B | $892.7M | ||
| Q2 25 | $1.2B | $902.0M | ||
| Q1 25 | — | $910.5M | ||
| Q4 24 | $383.9M | $918.6M | ||
| Q3 24 | $435.7M | $925.4M | ||
| Q2 24 | $463.3M | $933.1M | ||
| Q1 24 | — | $871.6M |
| Q4 25 | $6.6B | $1.9B | ||
| Q3 25 | $4.3B | $1.9B | ||
| Q2 25 | $1.3B | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | $508.4M | $1.7B | ||
| Q3 24 | $497.9M | $1.7B | ||
| Q2 24 | $517.4M | $1.7B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $-83.3M | $-78.6M |
| FCF MarginFCF / Revenue | -134.6% | -85.8% |
| Capex IntensityCapex / Revenue | 14.2% | 117.2% |
| Cash ConversionOCF / Net Profit | -0.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $28.8M | ||
| Q3 25 | $-123.1M | $30.7M | ||
| Q2 25 | $-52.6M | $20.9M | ||
| Q1 25 | — | $20.5M | ||
| Q4 24 | $-39.4M | $20.6M | ||
| Q3 24 | $-19.2M | $24.3M | ||
| Q2 24 | $-26.6M | $2.5M | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $-83.3M | $-78.6M | ||
| Q3 25 | $-127.2M | $-51.4M | ||
| Q2 25 | $-53.8M | $-65.3M | ||
| Q1 25 | — | $-62.7M | ||
| Q4 24 | $-43.0M | $-72.0M | ||
| Q3 24 | $-23.0M | $-51.3M | ||
| Q2 24 | $-34.1M | $-78.3M | ||
| Q1 24 | — | $-54.9M |
| Q4 25 | -134.6% | -85.8% | ||
| Q3 25 | -319.1% | -57.2% | ||
| Q2 25 | -259.8% | -73.7% | ||
| Q1 25 | — | -71.3% | ||
| Q4 24 | -367.4% | -84.3% | ||
| Q3 24 | -185.3% | -58.5% | ||
| Q2 24 | -299.3% | -91.3% | ||
| Q1 24 | — | -79.3% |
| Q4 25 | 14.2% | 117.2% | ||
| Q3 25 | 10.4% | 91.4% | ||
| Q2 25 | 5.8% | 97.3% | ||
| Q1 25 | — | 94.7% | ||
| Q4 24 | 30.7% | 108.4% | ||
| Q3 24 | 30.4% | 86.2% | ||
| Q2 24 | 65.8% | 94.2% | ||
| Q1 24 | — | 101.2% |
| Q4 25 | -0.10× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.07× |
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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
