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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
IonQ, Inc. is the larger business by last-quarter revenue ($61.9M vs $57.2M, roughly 1.1× Vanda Pharmaceuticals Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs -246.8%, a 1464.5% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 7.6%). Vanda Pharmaceuticals Inc. produced more free cash flow last quarter ($-29.5M 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.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
IONQ vs VNDA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $57.2M |
| Net Profit | $753.7M | $-141.2M |
| Gross Margin | — | — |
| Operating Margin | -369.4% | -70.5% |
| Net Margin | 1217.8% | -246.8% |
| Revenue YoY | 428.5% | 7.6% |
| Net Profit YoY | 473.1% | -2774.3% |
| EPS (diluted) | $2.60 | $-2.40 |
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 | $57.2M | ||
| Q3 25 | $39.9M | $56.3M | ||
| Q2 25 | $20.7M | $52.6M | ||
| Q1 25 | — | $50.0M | ||
| Q4 24 | $11.7M | $53.2M | ||
| Q3 24 | $12.4M | $47.7M | ||
| Q2 24 | $11.4M | $50.5M | ||
| Q1 24 | — | $47.5M |
| Q4 25 | $753.7M | $-141.2M | ||
| Q3 25 | $-1.1B | $-22.6M | ||
| Q2 25 | $-176.8M | $-27.2M | ||
| Q1 25 | — | $-29.5M | ||
| Q4 24 | $-202.0M | $-4.9M | ||
| Q3 24 | $-52.5M | $-5.3M | ||
| Q2 24 | $-37.6M | $-4.5M | ||
| Q1 24 | — | $-4.1M |
| Q4 25 | -369.4% | -70.5% | ||
| Q3 25 | -423.5% | -55.6% | ||
| Q2 25 | -776.0% | -73.2% | ||
| Q1 25 | — | -82.0% | ||
| Q4 24 | -661.9% | -19.3% | ||
| Q3 24 | -428.5% | -23.1% | ||
| Q2 24 | -430.0% | -20.1% | ||
| Q1 24 | — | -19.5% |
| Q4 25 | 1217.8% | -246.8% | ||
| Q3 25 | -2646.3% | -40.1% | ||
| Q2 25 | -854.5% | -51.7% | ||
| Q1 25 | — | -58.9% | ||
| Q4 24 | -1725.0% | -9.2% | ||
| Q3 24 | -423.4% | -11.2% | ||
| Q2 24 | -330.0% | -9.0% | ||
| Q1 24 | — | -8.7% |
| Q4 25 | $2.60 | $-2.40 | ||
| Q3 25 | $-3.58 | $-0.38 | ||
| Q2 25 | $-0.70 | $-0.46 | ||
| Q1 25 | — | $-0.50 | ||
| Q4 24 | $-0.95 | $-0.09 | ||
| Q3 24 | $-0.24 | $-0.09 | ||
| Q2 24 | $-0.18 | $-0.08 | ||
| Q1 24 | — | $-0.07 |
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 | $84.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.8B | $327.2M |
| Total Assets | $6.6B | $488.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $84.9M | ||
| Q3 25 | $1.1B | $70.0M | ||
| Q2 25 | $546.9M | $81.0M | ||
| Q1 25 | — | $111.8M | ||
| Q4 24 | $340.3M | $102.3M | ||
| Q3 24 | $365.7M | $100.5M | ||
| Q2 24 | $369.8M | $103.0M | ||
| Q1 24 | — | $125.2M |
| Q4 25 | $3.8B | $327.2M | ||
| Q3 25 | $2.3B | $466.0M | ||
| Q2 25 | $1.2B | $486.3M | ||
| Q1 25 | — | $511.4M | ||
| Q4 24 | $383.9M | $538.5M | ||
| Q3 24 | $435.7M | $541.2M | ||
| Q2 24 | $463.3M | $542.5M | ||
| Q1 24 | — | $544.0M |
| Q4 25 | $6.6B | $488.9M | ||
| Q3 25 | $4.3B | $601.1M | ||
| Q2 25 | $1.3B | $624.7M | ||
| Q1 25 | — | $631.9M | ||
| Q4 24 | $508.4M | $656.2M | ||
| Q3 24 | $497.9M | $645.1M | ||
| Q2 24 | $517.4M | $651.4M | ||
| Q1 24 | — | $652.7M |
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 | $-29.4M |
| Free Cash FlowOCF − Capex | $-83.3M | $-29.5M |
| FCF MarginFCF / Revenue | -134.6% | -51.6% |
| Capex IntensityCapex / Revenue | 14.2% | 0.2% |
| Cash ConversionOCF / Net Profit | -0.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $-29.4M | ||
| Q3 25 | $-123.1M | $-31.6M | ||
| Q2 25 | $-52.6M | $-15.3M | ||
| Q1 25 | — | $-33.1M | ||
| Q4 24 | $-39.4M | $-1.8M | ||
| Q3 24 | $-19.2M | $-14.6M | ||
| Q2 24 | $-26.6M | $-6.9M | ||
| Q1 24 | — | $7.6M |
| Q4 25 | $-83.3M | $-29.5M | ||
| Q3 25 | $-127.2M | $-31.8M | ||
| Q2 25 | $-53.8M | $-15.6M | ||
| Q1 25 | — | $-33.6M | ||
| Q4 24 | $-43.0M | $-2.0M | ||
| Q3 24 | $-23.0M | $-14.7M | ||
| Q2 24 | $-34.1M | $-7.0M | ||
| Q1 24 | — | $7.6M |
| Q4 25 | -134.6% | -51.6% | ||
| Q3 25 | -319.1% | -56.5% | ||
| Q2 25 | -259.8% | -29.6% | ||
| Q1 25 | — | -67.1% | ||
| Q4 24 | -367.4% | -3.8% | ||
| Q3 24 | -185.3% | -30.9% | ||
| Q2 24 | -299.3% | -13.9% | ||
| Q1 24 | — | 15.9% |
| Q4 25 | 14.2% | 0.2% | ||
| Q3 25 | 10.4% | 0.3% | ||
| Q2 25 | 5.8% | 0.6% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | 30.7% | 0.4% | ||
| Q3 24 | 30.4% | 0.3% | ||
| Q2 24 | 65.8% | 0.2% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | -0.10× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
