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D-Wave Quantum QBTS Gross margin

Gross margin at other companies

International Business Machines logo
International Business MachinesIBM
58.4%+1.3pp
IonQ logo
IonQIONQ
34.6%-15.5pp
Alphabet Inc. logo
Alphabet Inc.GOOGL

Other financials

Income statement

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Revenue$2.9M-80.9%
Gross profit$1.8M-86.9%
Operating income-$54.7M-385%
Net income-$18.4M-239%
EPS (diluted)-$0.05-150%

Balance sheet

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Cash & equivalents$338.2M+11.1%
Total debt$46.7M+22.5%
Total equity$1.1B+442%
Total assets$1.2B+268%

Cash flow

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Operating cash flow-$45.0M-133%
CapEx$1.1M+147%
Free cash flow-$46.0M-134%

Valuation

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Market cap$9.15B+141%
Enterprise value$8.85B+159%
P/S735×+557×

Profitability

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Operating margin-1,155.6%-1,938pp
Net margin-2,957.2%-4,019pp
FCF margin-821%-1,451pp

Returns & leverage

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Return on equity-55.3%
Debt / equity-0.1×
Current ratio21.4×+0.7×

Where this comes from

Calculated from D-Wave Quantum’s reported figures.

Based on trailing twelve months.

The official record: D-Wave Quantum’s 10-Q, filed May 12, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is D-Wave Quantum's gross margin?
D-Wave Quantum (QBTS) reported gross margin of 66.3% in Q1 2026.
How has D-Wave Quantum's gross margin changed year-over-year?
D-Wave Quantum's gross margin decreased by 20.4% year-over-year, from 83.2% to 66.3%.
What is the long-term trend for D-Wave Quantum's gross margin?
Over 5 years (2020 to 2025), D-Wave Quantum's gross margin has grown at a 0.1% compound annual growth rate (CAGR), from 82.3% to 82.6%.
What does gross margin mean?
How much of every sales dollar is left after the direct cost of what was sold.
How do you interpret gross margin?
Higher and stable gross margins indicate pricing power and a durable cost structure. A declining trend signals input-cost pressure, pricing competition, or a shift toward lower-margin products.
How does gross margin compare across companies?
Highly comparable within an industry, less so across industries — software runs 70%+ while distributors run in single digits. Track the trend more than the absolute level across sectors.