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Side-by-side financial comparison of PEGASYSTEMS INC (PEGA) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
PEGASYSTEMS INC is the larger business by last-quarter revenue ($430.0M vs $2.8M, roughly 156.2× D-Wave Quantum Inc.). PEGASYSTEMS INC runs the higher net margin — 7.6% vs -1538.0%, a 1545.6% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $-20.0M). Over the past eight quarters, PEGASYSTEMS INC's revenue compounded faster (10.7% CAGR vs 5.7%).
Pegasystems Inc. (Pega) is a global software company based in Waltham, Massachusetts, in the United States, and founded in 1983. The company has been publicly traded since 1996 as PEGA (NASDAQ). Pega is a low-code platform for workflow automation and generative AI-powered decision-making for businesses.
D-Wave Quantum Inc. is a quantum computing company with locations in Palo Alto, California and Burnaby, British Columbia. D-Wave claims to be the world's first company to sell computers that exploit quantum effects in their operation. D-Wave's early customers include Lockheed Martin, the University of Southern California, Google/NASA, and Los Alamos National Laboratory.
PEGA vs QBTS — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $430.0M | $2.8M |
| Net Profit | $32.8M | $-42.3M |
| Gross Margin | 75.2% | 64.8% |
| Operating Margin | 8.6% | -1266.0% |
| Net Margin | 7.6% | -1538.0% |
| Revenue YoY | -9.6% | 19.2% |
| Net Profit YoY | -61.6% | 50.8% |
| EPS (diluted) | $0.18 | $-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.
| Q1 26 | $430.0M | — | ||
| Q4 25 | $504.3M | $2.8M | ||
| Q3 25 | $381.4M | $3.7M | ||
| Q2 25 | $384.5M | $3.1M | ||
| Q1 25 | $475.6M | $15.0M | ||
| Q4 24 | $490.8M | $2.3M | ||
| Q3 24 | $325.1M | $1.9M | ||
| Q2 24 | $351.2M | $2.2M |
| Q1 26 | $32.8M | — | ||
| Q4 25 | $234.6M | $-42.3M | ||
| Q3 25 | $43.4M | $-140.0M | ||
| Q2 25 | $30.1M | $-167.3M | ||
| Q1 25 | $85.4M | $-5.4M | ||
| Q4 24 | $119.1M | $-86.1M | ||
| Q3 24 | $-14.4M | $-22.7M | ||
| Q2 24 | $6.6M | $-17.8M |
| Q1 26 | 75.2% | — | ||
| Q4 25 | 79.5% | 64.8% | ||
| Q3 25 | 72.2% | 71.4% | ||
| Q2 25 | 71.5% | 63.8% | ||
| Q1 25 | 78.5% | 92.5% | ||
| Q4 24 | 79.1% | 63.8% | ||
| Q3 24 | 70.2% | 55.8% | ||
| Q2 24 | 72.4% | 63.6% |
| Q1 26 | 8.6% | — | ||
| Q4 25 | 20.7% | -1266.0% | ||
| Q3 25 | 3.8% | -741.8% | ||
| Q2 25 | 4.5% | -856.3% | ||
| Q1 25 | 26.7% | -75.3% | ||
| Q4 24 | 29.1% | -876.2% | ||
| Q3 24 | -3.6% | -1103.5% | ||
| Q2 24 | 3.7% | -863.0% |
| Q1 26 | 7.6% | — | ||
| Q4 25 | 46.5% | -1538.0% | ||
| Q3 25 | 11.4% | -3743.9% | ||
| Q2 25 | 7.8% | -5406.4% | ||
| Q1 25 | 18.0% | -36.1% | ||
| Q4 24 | 24.3% | -3727.9% | ||
| Q3 24 | -4.4% | -1214.5% | ||
| Q2 24 | 1.9% | -814.4% |
| Q1 26 | $0.18 | — | ||
| Q4 25 | $0.81 | $-0.13 | ||
| Q3 25 | $0.24 | $-0.41 | ||
| Q2 25 | $0.17 | $-0.55 | ||
| Q1 25 | $0.91 | $-0.02 | ||
| Q4 24 | $1.35 | $-0.43 | ||
| Q3 24 | $-0.17 | $-0.11 | ||
| Q2 24 | $0.07 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $270.0M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $705.9M | $852.2M |
| Total Assets | $1.6B | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $270.0M | — | ||
| Q4 25 | $425.8M | $884.5M | ||
| Q3 25 | $351.4M | $836.2M | ||
| Q2 25 | $411.6M | $819.3M | ||
| Q1 25 | $371.7M | $304.3M | ||
| Q4 24 | $740.0M | $178.0M | ||
| Q3 24 | $703.0M | — | ||
| Q2 24 | $665.1M | — |
| Q1 26 | $705.9M | — | ||
| Q4 25 | $787.4M | $852.2M | ||
| Q3 25 | $596.8M | $670.6M | ||
| Q2 25 | $624.5M | $694.3M | ||
| Q1 25 | $611.3M | $207.4M | ||
| Q4 24 | $585.5M | $62.6M | ||
| Q3 24 | $473.0M | $-16.9M | ||
| Q2 24 | $435.4M | $-21.5M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $915.8M | ||
| Q3 25 | $1.3B | $865.8M | ||
| Q2 25 | $1.3B | $843.6M | ||
| Q1 25 | $1.3B | $325.6M | ||
| Q4 24 | $1.8B | $199.9M | ||
| Q3 24 | $1.6B | $49.6M | ||
| Q2 24 | $1.5B | $61.8M |
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 | — | $-18.4M |
| Free Cash FlowOCF − Capex | $206.5M | $-20.0M |
| FCF MarginFCF / Revenue | 48.0% | -727.9% |
| Capex IntensityCapex / Revenue | — | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $494.9M | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $158.4M | $-18.4M | ||
| Q3 25 | $56.3M | $-19.0M | ||
| Q2 25 | $86.3M | $-15.3M | ||
| Q1 25 | $204.2M | $-19.3M | ||
| Q4 24 | $95.2M | $2.0M | ||
| Q3 24 | $30.5M | $-18.1M | ||
| Q2 24 | $40.1M | $-14.5M |
| Q1 26 | $206.5M | — | ||
| Q4 25 | $152.4M | $-20.0M | ||
| Q3 25 | $51.8M | $-20.1M | ||
| Q2 25 | $84.1M | $-16.0M | ||
| Q1 25 | $202.3M | $-19.7M | ||
| Q4 24 | $92.4M | $1.1M | ||
| Q3 24 | $27.4M | $-18.4M | ||
| Q2 24 | $38.8M | $-15.0M |
| Q1 26 | 48.0% | — | ||
| Q4 25 | 30.2% | -727.9% | ||
| Q3 25 | 13.6% | -536.5% | ||
| Q2 25 | 21.9% | -518.1% | ||
| Q1 25 | 42.5% | -131.4% | ||
| Q4 24 | 18.8% | 46.2% | ||
| Q3 24 | 8.4% | -982.8% | ||
| Q2 24 | 11.1% | -687.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 60.3% | ||
| Q3 25 | 1.2% | 27.2% | ||
| Q2 25 | 0.6% | 24.2% | ||
| Q1 25 | 0.4% | 2.9% | ||
| Q4 24 | 0.6% | 41.1% | ||
| Q3 24 | 0.9% | 16.4% | ||
| Q2 24 | 0.4% | 25.0% |
| Q1 26 | — | — | ||
| Q4 25 | 0.68× | — | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 2.87× | — | ||
| Q1 25 | 2.39× | — | ||
| Q4 24 | 0.80× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 6.06× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
QBTS
Segment breakdown not available.
