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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
IonQ, Inc. is the larger business by last-quarter revenue ($61.9M vs $33.9M, roughly 1.8× Spok Holdings, Inc). IonQ, Inc. runs the higher net margin — 1217.8% vs 8.7%, a 1209.1% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs -0.1%). Spok Holdings, Inc produced more free cash flow last quarter ($10.1M 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.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
IONQ vs SPOK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $33.9M |
| Net Profit | $753.7M | $2.9M |
| Gross Margin | — | 76.7% |
| Operating Margin | -369.4% | 11.6% |
| Net Margin | 1217.8% | 8.7% |
| Revenue YoY | 428.5% | -0.1% |
| Net Profit YoY | 473.1% | -19.6% |
| 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 | $33.9M | ||
| Q3 25 | $39.9M | $33.9M | ||
| Q2 25 | $20.7M | $35.7M | ||
| Q1 25 | — | $36.3M | ||
| Q4 24 | $11.7M | $33.9M | ||
| Q3 24 | $12.4M | $34.9M | ||
| Q2 24 | $11.4M | $34.0M | ||
| Q1 24 | — | $34.9M |
| Q4 25 | $753.7M | $2.9M | ||
| Q3 25 | $-1.1B | $3.2M | ||
| Q2 25 | $-176.8M | $4.6M | ||
| Q1 25 | — | $5.2M | ||
| Q4 24 | $-202.0M | $3.6M | ||
| Q3 24 | $-52.5M | $3.7M | ||
| Q2 24 | $-37.6M | $3.4M | ||
| Q1 24 | — | $4.2M |
| Q4 25 | — | 76.7% | ||
| Q3 25 | — | 78.3% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 80.1% | ||
| Q4 24 | — | 78.5% | ||
| Q3 24 | — | 79.5% | ||
| Q2 24 | — | 78.9% | ||
| Q1 24 | — | 79.5% |
| Q4 25 | -369.4% | 11.6% | ||
| Q3 25 | -423.5% | 12.9% | ||
| Q2 25 | -776.0% | 15.1% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | -661.9% | 13.7% | ||
| Q3 24 | -428.5% | 14.2% | ||
| Q2 24 | -430.0% | 13.2% | ||
| Q1 24 | — | 14.0% |
| Q4 25 | 1217.8% | 8.7% | ||
| Q3 25 | -2646.3% | 9.5% | ||
| Q2 25 | -854.5% | 12.8% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | -1725.0% | 10.8% | ||
| Q3 24 | -423.4% | 10.5% | ||
| Q2 24 | -330.0% | 10.1% | ||
| Q1 24 | — | 12.1% |
| Q4 25 | $2.60 | $0.13 | ||
| Q3 25 | $-3.58 | $0.15 | ||
| Q2 25 | $-0.70 | $0.22 | ||
| Q1 25 | — | $0.25 | ||
| Q4 24 | $-0.95 | $0.17 | ||
| Q3 24 | $-0.24 | $0.18 | ||
| Q2 24 | $-0.18 | $0.17 | ||
| Q1 24 | — | $0.21 |
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 | $25.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.8B | $146.4M |
| Total Assets | $6.6B | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $25.3M | ||
| Q3 25 | $1.1B | $21.4M | ||
| Q2 25 | $546.9M | $20.2M | ||
| Q1 25 | — | $19.9M | ||
| Q4 24 | $340.3M | $29.1M | ||
| Q3 24 | $365.7M | $27.8M | ||
| Q2 24 | $369.8M | $23.9M | ||
| Q1 24 | — | $23.3M |
| Q4 25 | $3.8B | $146.4M | ||
| Q3 25 | $2.3B | $148.7M | ||
| Q2 25 | $1.2B | $150.9M | ||
| Q1 25 | — | $151.7M | ||
| Q4 24 | $383.9M | $154.7M | ||
| Q3 24 | $435.7M | $156.3M | ||
| Q2 24 | $463.3M | $158.2M | ||
| Q1 24 | — | $160.2M |
| Q4 25 | $6.6B | $206.1M | ||
| Q3 25 | $4.3B | $209.7M | ||
| Q2 25 | $1.3B | $208.7M | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | $508.4M | $217.1M | ||
| Q3 24 | $497.9M | $216.8M | ||
| Q2 24 | $517.4M | $216.4M | ||
| Q1 24 | — | $215.0M |
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 | $11.5M |
| Free Cash FlowOCF − Capex | $-83.3M | $10.1M |
| FCF MarginFCF / Revenue | -134.6% | 29.9% |
| Capex IntensityCapex / Revenue | 14.2% | 4.1% |
| Cash ConversionOCF / Net Profit | -0.10× | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $11.5M | ||
| Q3 25 | $-123.1M | $8.1M | ||
| Q2 25 | $-52.6M | $7.0M | ||
| Q1 25 | — | $2.3M | ||
| Q4 24 | $-39.4M | $8.4M | ||
| Q3 24 | $-19.2M | $11.1M | ||
| Q2 24 | $-26.6M | $7.4M | ||
| Q1 24 | — | $2.0M |
| Q4 25 | $-83.3M | $10.1M | ||
| Q3 25 | $-127.2M | $7.6M | ||
| Q2 25 | $-53.8M | $6.0M | ||
| Q1 25 | — | $1.5M | ||
| Q4 24 | $-43.0M | $7.5M | ||
| Q3 24 | $-23.0M | $10.3M | ||
| Q2 24 | $-34.1M | $6.8M | ||
| Q1 24 | — | $1.1M |
| Q4 25 | -134.6% | 29.9% | ||
| Q3 25 | -319.1% | 22.4% | ||
| Q2 25 | -259.8% | 16.8% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | -367.4% | 22.3% | ||
| Q3 24 | -185.3% | 29.4% | ||
| Q2 24 | -299.3% | 20.0% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | 14.2% | 4.1% | ||
| Q3 25 | 10.4% | 1.6% | ||
| Q2 25 | 5.8% | 2.9% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | 30.7% | 2.5% | ||
| Q3 24 | 30.4% | 2.4% | ||
| Q2 24 | 65.8% | 1.9% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | -0.10× | 3.93× | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | — | 1.55× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 3.03× | ||
| Q2 24 | — | 2.17× | ||
| Q1 24 | — | 0.47× |
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% |
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
