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D-Wave Quantum QBTS Q4 2025 Annual earnings

Reported February 26, 2026 · Before market open

Revenue$2.8MMiss by $991.0K
EPS-$0.12Miss by $0.07
Revenue estimate$3.7M
EPS estimate-$0.05

Next report

Aug 6, 2026 (In 1 week)
Revenue estimate$4.0M
EPS estimate-$0.08

Financials

Q4 2025

Income statement

See full
Revenue$2.8M+19.2%
Gross profit$1.8M+21.1%
Operating income-$34.8M-72.2%
Net income-$42.3M+50.8%
EPS (diluted)-$0.10+76.7%

Balance sheet

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Cash & equivalents$635.3M+257%
Total debt$43.3M+13.9%
Total equity$852.2M+1,260%
Total assets$915.8M+358%

Cash flow

See full
Operating cash flow-$18.4M—
CapEx$1.7M+74.6%
Free cash flow-$20.0M—

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$9.34B+313%
Enterprise value$8.74B+312%
P/S379.7×+124×

Profitability

See full
Gross margin82.6%+19.6pp
Operating margin-408.2%-142pp
Net margin-1,444.1%-148pp
FCF margin-308.5%-89.0pp

Returns & leverage

See full
Return on equity-77.6%—
Debt / equity0.1×-0.6×
Current ratio42.4×+36.2×

Segments

By product

See full
QCaaS$1.4M-18.8%
Professional services$682.0K+7.7%
System sales$667.0K—

Versus estimates

Revenue

Q1 2026$2.9MMiss by $1.3M
Q4 2025$2.8MMiss by $991.0K
Q3 2025$3.7MBeat by $706.4KQ2 2025$3.1MBeat by $67.4KQ1 2025$15.0MBeat by $11.3MQ4 2024$2.3MMiss by $240.2K

Diluted EPS

Q1 2026-$0.05Beat by $0.03
Q4 2025-$0.12Miss by $0.07
Q3 2025-$0.41Miss by $0.34Q2 2025-$0.55Miss by $0.49Q1 2025-$0.02Beat by $0.03Q4 2024-$0.37Miss by $0.28

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Questions, answered.

When did D-Wave Quantum report Q4 2025 earnings?
D-Wave Quantum (QBTS) reported Q4 2025 earnings on February 26, 2026 before market open.
What were D-Wave Quantum's Q4 2025 revenue and EPS?
D-Wave Quantum reported revenue of $2.8M and eps of $-0.12 for Q4 2025.
Did D-Wave Quantum beat estimates in Q4 2025?
Revenue missed the consensus estimate of $3.7M by $991.0K. EPS missed the consensus estimate of $-0.05 by $0.07.
How did D-Wave Quantum's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 19.2% from $2.3M a year earlier and eps grew 67.6% from $-0.37.
Where can I find D-Wave Quantum's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001907982-26-000022) and the 10-K periodic report (0001907982-26-000026) directly on SEC EDGAR. The filing index links above go to sec.gov.