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D-Wave Quantum QBTS Q2 2026 earnings

Reported August 6, 2026 · Before market open

Revenue$3.1MMiss by $951.1K
EPS-$0.10Miss by $0.02
Revenue estimate$4.0M
EPS estimate-$0.08
This quarter reinforced the strength and breadth of D-Wave's leadership. We expanded commercial momentum through stronger bookings and engagements with major global organizations, while achieving important milestones across our dual-platform technology roadmap. The peer-reviewed validation of our dual-rail architecture and recognition by IDC as an industry Leader reflects growing confidence in both our ability to deliver customer value and our approach to building scalable quantum computer systems. D-Wave is translating technical leadership into commercial progress, and we believe that our differentiated technology, expanding customer base and disciplined execution position us to lead as the quantum computing market accelerates.
Dr. Alan Baratz

Next report

Nov 5, 2026 (in 2 months)
Revenue estimate$4.4M
EPS estimate-$0.09

Financials

Q2 2026

Income statement

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Revenue$3.1M-0.6%
Gross profit$1.7M-13.8%
Operating income-$53.3M-101%
Net income-$48.0M+71.3%
EPS (diluted)-$0.13+76.4%

Balance sheet

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Cash & equivalents$296.6M-63.8%
Total debt$48.0M+20.0%
Total equity$1.1B+56.0%
Total assets$1.2B+37.3%

Cash flow

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Operating cash flow-$28.5M-86.5%
CapEx$4.4M+493%
Free cash flow-$32.9M-105%

Valuation & ratios

Valuation

as of 09/17/26
See full
Market cap$6.18B-19.9%
Enterprise value$5.93B-14.5%
P/S497.1×+151×

Profitability

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Gross margin64.2%-18.3pp
Operating margin-1,372.9%-2,100pp
Net margin-2,001.6%+2,806pp
FCF margin-958.4%-1,451pp

Returns & leverage

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Return on equity-28%
Debt / equity0.0×
Current ratio20.5×-22.4×

Segments

By product

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QCaaS$1.9M+49.9%
Professional services$929.0K+18.3%
System sales$255.0K-75.1%

FAQ

When did D-Wave Quantum report Q2 2026 earnings?
D-Wave Quantum (QBTS) reported Q2 2026 earnings on August 6, 2026 before market open.
What were D-Wave Quantum's Q2 2026 revenue and EPS?
D-Wave Quantum reported revenue of $3.1M and eps of $-0.10 for Q2 2026.
Did D-Wave Quantum beat estimates in Q2 2026?
Revenue missed the consensus estimate of $4.0M by $951.1K. EPS missed the consensus estimate of $-0.08 by $0.02.
How did D-Wave Quantum's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 0.6% from $3.1M a year earlier and eps grew 81.8% from $-0.55.
Where can I find D-Wave Quantum's Q2 2026 SEC filings?
You can read the 8-K earnings release (0001907982-26-000119) and the 10-Q periodic report (0001907982-26-000129) directly on SEC EDGAR. The filing index links above go to sec.gov.