As of Q4'25, IONQ's latest profit margin data shows a gross margin of 56.5%, an operating margin of -3.92%, and a net profit margin of 12.18%. This marks a notable improvement in net profitability compared to previous quarters, with the company turning positive net profit margin for the first time in the period under review. From Q1'23 to Q4'25, the gross margin remained relatively strong, fluctuating between 47.5% and 75.8%, though it trended downward from its peak in early 2023. Operating margin consistently stayed negative but showed gradual improvement, narrowing from -6.54% in Q1'23 to -3.92% in Q4'25. The net profit margin was negative throughout most of the period, with significant volatility, including sharp declines in Q4'24 and Q3'25, before a substantial turnaround to positive territory in Q4'25. This suggests that while IONQ has maintained healthy gross margins, recent quarters have seen significant progress toward operational efficiency and profitability. The data covers the period from Q1'23 to Q4'25.