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Side-by-side financial comparison of D-Wave Quantum Inc. (QBTS) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Toast, Inc. is the larger business by last-quarter revenue ($1.6B vs $2.8M, roughly 593.4× D-Wave Quantum Inc.). Toast, Inc. runs the higher net margin — 6.2% vs -1538.0%, a 1544.2% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 19.2%). Toast, Inc. produced more free cash flow last quarter ($178.0M vs $-20.0M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% CAGR vs 5.7%).
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.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
QBTS vs TOST — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $1.6B |
| Net Profit | $-42.3M | $101.0M |
| Gross Margin | 64.8% | 25.9% |
| Operating Margin | -1266.0% | 5.2% |
| Net Margin | -1538.0% | 6.2% |
| Revenue YoY | 19.2% | 22.0% |
| Net Profit YoY | 50.8% | 215.6% |
| EPS (diluted) | $-0.13 | $0.18 |
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 | $2.8M | $1.6B | ||
| Q3 25 | $3.7M | $1.6B | ||
| Q2 25 | $3.1M | $1.6B | ||
| Q1 25 | $15.0M | $1.3B | ||
| Q4 24 | $2.3M | $1.3B | ||
| Q3 24 | $1.9M | $1.3B | ||
| Q2 24 | $2.2M | $1.2B | ||
| Q1 24 | $2.5M | $1.1B |
| Q4 25 | $-42.3M | $101.0M | ||
| Q3 25 | $-140.0M | $105.0M | ||
| Q2 25 | $-167.3M | $80.0M | ||
| Q1 25 | $-5.4M | $56.0M | ||
| Q4 24 | $-86.1M | $32.0M | ||
| Q3 24 | $-22.7M | $56.0M | ||
| Q2 24 | $-17.8M | $14.0M | ||
| Q1 24 | $-17.3M | $-83.0M |
| Q4 25 | 64.8% | 25.9% | ||
| Q3 25 | 71.4% | 26.5% | ||
| Q2 25 | 63.8% | 25.3% | ||
| Q1 25 | 92.5% | 25.9% | ||
| Q4 24 | 63.8% | 24.9% | ||
| Q3 24 | 55.8% | 24.7% | ||
| Q2 24 | 63.6% | 23.0% | ||
| Q1 24 | 67.3% | 23.2% |
| Q4 25 | -1266.0% | 5.2% | ||
| Q3 25 | -741.8% | 5.1% | ||
| Q2 25 | -856.3% | 5.2% | ||
| Q1 25 | -75.3% | 3.2% | ||
| Q4 24 | -876.2% | 2.5% | ||
| Q3 24 | -1103.5% | 2.6% | ||
| Q2 24 | -863.0% | 0.4% | ||
| Q1 24 | -710.6% | -5.2% |
| Q4 25 | -1538.0% | 6.2% | ||
| Q3 25 | -3743.9% | 6.4% | ||
| Q2 25 | -5406.4% | 5.2% | ||
| Q1 25 | -36.1% | 4.2% | ||
| Q4 24 | -3727.9% | 2.4% | ||
| Q3 24 | -1214.5% | 4.3% | ||
| Q2 24 | -814.4% | 1.1% | ||
| Q1 24 | -702.3% | -7.7% |
| Q4 25 | $-0.13 | $0.18 | ||
| Q3 25 | $-0.41 | $0.16 | ||
| Q2 25 | $-0.55 | $0.13 | ||
| Q1 25 | $-0.02 | $0.09 | ||
| Q4 24 | $-0.43 | $0.09 | ||
| Q3 24 | $-0.11 | $0.07 | ||
| Q2 24 | $-0.10 | $0.02 | ||
| Q1 24 | $-0.11 | $-0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $884.5M | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $852.2M | $2.1B |
| Total Assets | $915.8M | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $884.5M | $1.4B | ||
| Q3 25 | $836.2M | $1.4B | ||
| Q2 25 | $819.3M | $1.2B | ||
| Q1 25 | $304.3M | $1.0B | ||
| Q4 24 | $178.0M | $903.0M | ||
| Q3 24 | — | $761.0M | ||
| Q2 24 | — | $691.0M | ||
| Q1 24 | — | $578.0M |
| Q4 25 | $852.2M | $2.1B | ||
| Q3 25 | $670.6M | $2.0B | ||
| Q2 25 | $694.3M | $1.8B | ||
| Q1 25 | $207.4M | $1.7B | ||
| Q4 24 | $62.6M | $1.5B | ||
| Q3 24 | $-16.9M | $1.4B | ||
| Q2 24 | $-21.5M | $1.3B | ||
| Q1 24 | $-37.0M | $1.2B |
| Q4 25 | $915.8M | $3.1B | ||
| Q3 25 | $865.8M | $3.0B | ||
| Q2 25 | $843.6M | $2.8B | ||
| Q1 25 | $325.6M | $2.6B | ||
| Q4 24 | $199.9M | $2.4B | ||
| Q3 24 | $49.6M | $2.2B | ||
| Q2 24 | $61.8M | $2.2B | ||
| Q1 24 | $48.6M | $2.1B |
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 | $194.0M |
| Free Cash FlowOCF − Capex | $-20.0M | $178.0M |
| FCF MarginFCF / Revenue | -727.9% | 10.9% |
| Capex IntensityCapex / Revenue | 60.3% | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.8M | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $194.0M | ||
| Q3 25 | $-19.0M | $165.0M | ||
| Q2 25 | $-15.3M | $223.0M | ||
| Q1 25 | $-19.3M | $79.0M | ||
| Q4 24 | $2.0M | $147.0M | ||
| Q3 24 | $-18.1M | $109.0M | ||
| Q2 24 | $-14.5M | $124.0M | ||
| Q1 24 | $-12.1M | $-20.0M |
| Q4 25 | $-20.0M | $178.0M | ||
| Q3 25 | $-20.1M | $153.0M | ||
| Q2 25 | $-16.0M | $208.0M | ||
| Q1 25 | $-19.7M | $69.0M | ||
| Q4 24 | $1.1M | $134.0M | ||
| Q3 24 | $-18.4M | $97.0M | ||
| Q2 24 | $-15.0M | $108.0M | ||
| Q1 24 | $-12.4M | $-33.0M |
| Q4 25 | -727.9% | 10.9% | ||
| Q3 25 | -536.5% | 9.4% | ||
| Q2 25 | -518.1% | 13.4% | ||
| Q1 25 | -131.4% | 5.2% | ||
| Q4 24 | 46.2% | 10.0% | ||
| Q3 24 | -982.8% | 7.4% | ||
| Q2 24 | -687.7% | 8.7% | ||
| Q1 24 | -504.0% | -3.1% |
| Q4 25 | 60.3% | 1.0% | ||
| Q3 25 | 27.2% | 0.7% | ||
| Q2 25 | 24.2% | 1.0% | ||
| Q1 25 | 2.9% | 0.7% | ||
| Q4 24 | 41.1% | 1.0% | ||
| Q3 24 | 16.4% | 0.9% | ||
| Q2 24 | 25.0% | 1.3% | ||
| Q1 24 | 12.4% | 1.2% |
| Q4 25 | — | 1.92× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | — | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | — | 8.86× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
QBTS
Segment breakdown not available.
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
