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Side-by-side financial comparison of D-Wave Quantum Inc. (QBTS) and Xerox Holdings Corp (XRX), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Xerox Holdings Corp is the larger business by last-quarter revenue ($2.0B vs $2.8M, roughly 736.9× D-Wave Quantum Inc.). On growth, Xerox Holdings Corp posted the faster year-over-year revenue change (25.7% vs 19.2%). Xerox Holdings Corp produced more free cash flow last quarter ($192.0M vs $-20.0M). Over the past eight quarters, Xerox Holdings Corp's revenue compounded faster (16.2% 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.
Xerox Corporation is an American corporation that sells printers, digital document products and services in more than 160 countries. Xerox was the pioneer of the photocopier market, beginning with the introduction of the Xerox 914 in 1959, so much so that the word xerox is commonly used as a synonym for photocopy. Xerox is headquartered in Norwalk, Connecticut, though it is incorporated in New York with its largest group of employees based around Rochester, New York, where the company was fou...
QBTS vs XRX — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $2.0B |
| Net Profit | $-42.3M | — |
| Gross Margin | 64.8% | — |
| Operating Margin | -1266.0% | — |
| Net Margin | -1538.0% | — |
| Revenue YoY | 19.2% | 25.7% |
| Net Profit YoY | 50.8% | — |
| EPS (diluted) | $-0.13 | $-0.62 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $2.8M | $2.0B | ||
| Q3 25 | $3.7M | $2.0B | ||
| Q2 25 | $3.1M | $1.6B | ||
| Q1 25 | $15.0M | $1.5B | ||
| Q4 24 | $2.3M | $1.6B | ||
| Q3 24 | $1.9M | $1.5B | ||
| Q2 24 | $2.2M | $1.6B | ||
| Q1 24 | $2.5M | $1.5B |
| Q4 25 | $-42.3M | — | ||
| Q3 25 | $-140.0M | $-760.0M | ||
| Q2 25 | $-167.3M | $-106.0M | ||
| Q1 25 | $-5.4M | $-90.0M | ||
| Q4 24 | $-86.1M | — | ||
| Q3 24 | $-22.7M | $-1.2B | ||
| Q2 24 | $-17.8M | $18.0M | ||
| Q1 24 | $-17.3M | $-113.0M |
| Q4 25 | 64.8% | — | ||
| Q3 25 | 71.4% | — | ||
| Q2 25 | 63.8% | — | ||
| Q1 25 | 92.5% | — | ||
| Q4 24 | 63.8% | — | ||
| Q3 24 | 55.8% | — | ||
| Q2 24 | 63.6% | — | ||
| Q1 24 | 67.3% | — |
| Q4 25 | -1266.0% | — | ||
| Q3 25 | -741.8% | — | ||
| Q2 25 | -856.3% | — | ||
| Q1 25 | -75.3% | — | ||
| Q4 24 | -876.2% | — | ||
| Q3 24 | -1103.5% | — | ||
| Q2 24 | -863.0% | — | ||
| Q1 24 | -710.6% | — |
| Q4 25 | -1538.0% | — | ||
| Q3 25 | -3743.9% | -38.8% | ||
| Q2 25 | -5406.4% | -6.7% | ||
| Q1 25 | -36.1% | -6.2% | ||
| Q4 24 | -3727.9% | — | ||
| Q3 24 | -1214.5% | -78.9% | ||
| Q2 24 | -814.4% | 1.1% | ||
| Q1 24 | -702.3% | -7.5% |
| Q4 25 | $-0.13 | $-0.62 | ||
| Q3 25 | $-0.41 | $-6.01 | ||
| Q2 25 | $-0.55 | $-0.87 | ||
| Q1 25 | $-0.02 | $-0.75 | ||
| Q4 24 | $-0.43 | $-0.21 | ||
| Q3 24 | $-0.11 | $-9.71 | ||
| Q2 24 | $-0.10 | $0.11 | ||
| Q1 24 | $-0.11 | $-0.94 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $884.5M | $512.0M |
| Total DebtLower is stronger | — | $4.0B |
| Stockholders' EquityBook value | $852.2M | $444.0M |
| Total Assets | $915.8M | $9.8B |
| Debt / EquityLower = less leverage | — | 9.05× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $884.5M | $512.0M | ||
| Q3 25 | $836.2M | $479.0M | ||
| Q2 25 | $819.3M | $449.0M | ||
| Q1 25 | $304.3M | $336.0M | ||
| Q4 24 | $178.0M | $576.0M | ||
| Q3 24 | — | $521.0M | ||
| Q2 24 | — | $485.0M | ||
| Q1 24 | — | $685.0M |
| Q4 25 | — | $4.0B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $3.5B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
| Q4 25 | $852.2M | $444.0M | ||
| Q3 25 | $670.6M | $365.0M | ||
| Q2 25 | $694.3M | $1.1B | ||
| Q1 25 | $207.4M | $1.1B | ||
| Q4 24 | $62.6M | $1.1B | ||
| Q3 24 | $-16.9M | $1.3B | ||
| Q2 24 | $-21.5M | $2.4B | ||
| Q1 24 | $-37.0M | $2.4B |
| Q4 25 | $915.8M | $9.8B | ||
| Q3 25 | $865.8M | $10.1B | ||
| Q2 25 | $843.6M | $8.9B | ||
| Q1 25 | $325.6M | $8.2B | ||
| Q4 24 | $199.9M | $8.4B | ||
| Q3 24 | $49.6M | $8.3B | ||
| Q2 24 | $61.8M | $9.5B | ||
| Q1 24 | $48.6M | $9.9B |
| Q4 25 | — | 9.05× | ||
| Q3 25 | — | 11.10× | ||
| Q2 25 | — | 3.11× | ||
| Q1 25 | — | 2.56× | ||
| Q4 24 | — | 2.62× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.35× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-18.4M | $208.0M |
| Free Cash FlowOCF − Capex | $-20.0M | $192.0M |
| FCF MarginFCF / Revenue | -727.9% | 9.5% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 60.3% | 0.8% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.8M | $187.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $-18.4M | $208.0M | ||
| Q3 25 | $-19.0M | $116.0M | ||
| Q2 25 | $-15.3M | $-11.0M | ||
| Q1 25 | $-19.3M | $-89.0M | ||
| Q4 24 | $2.0M | $351.0M | ||
| Q3 24 | $-18.1M | $116.0M | ||
| Q2 24 | $-14.5M | $123.0M | ||
| Q1 24 | $-12.1M | $-79.0M |
| Q4 25 | $-20.0M | $192.0M | ||
| Q3 25 | $-20.1M | $104.0M | ||
| Q2 25 | $-16.0M | $-15.0M | ||
| Q1 25 | $-19.7M | $-94.0M | ||
| Q4 24 | $1.1M | $346.0M | ||
| Q3 24 | $-18.4M | $108.0M | ||
| Q2 24 | $-15.0M | $117.0M | ||
| Q1 24 | $-12.4M | $-87.0M |
| Q4 25 | -727.9% | 9.5% | ||
| Q3 25 | -536.5% | 5.3% | ||
| Q2 25 | -518.1% | -1.0% | ||
| Q1 25 | -131.4% | -6.5% | ||
| Q4 24 | 46.2% | 21.5% | ||
| Q3 24 | -982.8% | 7.1% | ||
| Q2 24 | -687.7% | 7.4% | ||
| Q1 24 | -504.0% | -5.8% |
| Q4 25 | 60.3% | 0.8% | ||
| Q3 25 | 27.2% | 0.6% | ||
| Q2 25 | 24.2% | 0.3% | ||
| Q1 25 | 2.9% | 0.3% | ||
| Q4 24 | 41.1% | 0.3% | ||
| Q3 24 | 16.4% | 0.5% | ||
| Q2 24 | 25.0% | 0.4% | ||
| Q1 24 | 12.4% | 0.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.83× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
QBTS
Segment breakdown not available.
XRX
| Other | $596.0M | 29% |
| Manufactured Product Other | $485.0M | 24% |
| Supplies Paper And Other Sales | $483.0M | 24% |
| IT Solutions Segment | $155.0M | 8% |
| CA | $128.0M | 6% |
| IT Products | $100.0M | 5% |
| Rental And Other | $52.0M | 3% |
| Financial Service | $29.0M | 1% |