IonQ (IONQ) has just wrapped up FY 2025 with fourth quarter revenue of about US$61.9 million and basic EPS of US$2.18, alongside trailing 12 month revenue of roughly US$130.0 million and basic EPS of US$1.82. Over the past six reported quarters, the company has seen quarterly revenue range from US$7.6 million in early 2025 to US$39.9 million in the third quarter and then to US$61.9 million in the fourth quarter, while basic EPS has moved from a loss of US$0.93 in late 2024 to a loss of US$3.58 in the third quarter of 2025 and then to a positive US$2.18 in the latest quarter. With revenue forecasts pointing higher and the business still carrying losses on a trailing basis, the focus is on how quickly margins can firm up around that top line.

See our full analysis for IonQ.

With the numbers on the table, the next step is to see how this latest set of results lines up with the key narratives around IonQ's growth potential, risk profile and path toward more durable profitability.

Revenue Jump, Profitability Still Behind

• Across the last six reported quarters, revenue moved from US$11.7 million in Q4 2024 to US$61.9 million in Q4 2025, with trailing 12 month revenue sitting at US$130.0 million versus US$43.1 million a year earlier.
• Bulls highlight IonQ’s broad quantum platform across computing, networking, sensing and security as a way to support larger solution contracts. However, the trailing 12 month net income remains a loss of US$510.4 million, which keeps the bullish focus squarely on how and when this higher revenue base might start to influence earnings.

Big Swings In EPS And Losses

• Quarterly basic EPS has ranged from a loss of US$3.58 in Q3 2025 to a gain of US$2.18 in Q4 2025, while on a trailing 12 month basis EPS is still a loss of US$1.82 with net income of US$510.4 million in the red.
• Bears point to forecasts that earnings are expected to decline about 0.8% per year over the next three years and that the company is still projected to be unprofitable. This lines up with the current trailing 12 month loss position even after the sharp EPS swing in the latest quarter.

Bears argue that these large EPS swings against a trailing loss of over US$500 million could make the road to sustained profitability bumpier than some investors expect, and they question how quickly earnings can catch up if revenue growth slows. 🐻 IonQ Bear Case

Growth Expectations Versus Mixed Valuation

• Revenue is forecast to grow about 33.4% per year and the current P/B of 3.9x is higher than the 2.2x US Tech industry average but lower than the 20.4x peer average, with the shares trading at US$40.88 and an analyst price target reference of US$67.04 in the background.
• Supporters of the bullish view point to these above market revenue growth forecasts and IonQ’s large cash balance and lack of debt. At the same time, the history of shareholder dilution over the past year and the expectation that the company remains loss making keep valuation comparisons and future return potential a trade off between growth and ongoing losses.

Bulls argue that paying above the sector P/B can be justified if revenue tracks those higher growth forecasts, but the trailing US$510.4 million loss and prior dilution are key figures any investor needs to weigh before leaning fully into that story. 🐂 IonQ Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for IonQ on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of strong forecasts and lingering losses feels like a toss up, look at the full picture yourself and move quickly to shape your own view. Start with 1 key reward and 4 important warning signs.

See What Else Is Out There

IonQ’s large US$510.4 million trailing loss, big EPS swings and history of dilution create uncertainty around when profits might stabilize.

If that level of volatility feels a bit high right now, you could instead look at 80 resilient stocks with low risk scores, which aims to prioritize steadier financial profiles and potentially smoother holding periods.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.