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In the most recent matched quarter, Q2 2026, IonQ reported revenue of $80.1 million, up 287% year over year. BigBear.ai reported $36.7 million, up 13%. On reported growth alone, IonQ expanded far faster. The two companies sell very different products, though, and both made acquisitions that affect how their growth should be read: BigBear.ai bought Ask Sage on December 31, 2025, and IonQ closed its SkyWater Technology acquisition in 2026. The rest of this article explains what the figures show, what they leave out, and where the comparison breaks down.
Q2 2026 revenue side by side
The table below uses the company-reported figures from each company’s Q2 2026 results release. Both periods are the second quarter, and all figures are in US dollars.
| Measure | BigBear.ai (NYSE: BBAI) | IonQ (NYSE: IONQ) |
|---|---|---|
| Q2 2026 revenue | $36.7 million | $80.1 million |
| Q2 2025 revenue | $32.5 million | Not stated directly. About $20.7 million is implied by the reported 287% growth rate (a derived figure, not a company-reported number). |
| Year-over-year growth | 13% | 287% |
| What the company credited for growth | Partly revenue from Ask Sage’s GenAI platforms and products | Deployments across its quantum platform |
| Q2 2026 gross margin | 32.8% (Q2 2025: 25.0%) | Not stated in the IonQ figures used for this comparison |
The growth gap is large. IonQ’s Q2 revenue is roughly 2.2 times BigBear.ai’s, and its growth rate is more than twenty times higher. Part of that gap reflects IonQ’s smaller starting base and the different timing of its platform deployments, while BigBear.ai’s growth rate is measured against a larger Q2 2025 base. Neither company’s growth rate is a forecast, and the 287% figure should not be read as a rate that will persist.
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Full-year 2025 and the outlook for 2026
Quarterly growth can swing, so the annual figures and the guidance give a more stable frame. The table sets out the full-year 2025 results and each company’s 2026 outlook, with the date of each statement.
#1 Best Overall
| Measure | BigBear.ai | IonQ |
|---|---|---|
| FY 2025 revenue | $128 million (annual results release, March 2, 2026). FY 2025 growth rate not stated in the figures used here. | $130.0 million, up 202% year over year, with nearly 80% of the growth described as organic (FY 2025 results, February 25, 2026) |
| Original FY 2026 revenue outlook | $135 million to $165 million (March 2, 2026). The midpoint equals about 17% growth over FY 2025. | $225 million to $245 million (FY 2025 results, February 25, 2026) |
| Current FY 2026 revenue outlook | $135 million to $165 million, affirmed in the Q2 2026 release (July 30, 2026) | $280 million to $290 million, raised in the Q2 2026 release (August 2026). Excludes SkyWater contribution. |
IonQ’s FY 2025 revenue was $130.0 million, slightly above BigBear.ai’s $128 million. The totals are close, but the two businesses were growing at very different rates: IonQ reported 202% growth for the year, while BigBear.ai’s FY 2025 growth rate is not stated in the figures used here.
Two different businesses
A revenue comparison only means something if the underlying businesses are understood, because the revenue mix, customers and deal cycles differ.
BigBear.ai: software and services for decision intelligence
BigBear.ai’s FY 2025 Form 10-K describes the company as providing Edge AI-powered decision-intelligence solutions and services. These cover data ingestion, enrichment and processing, AI and machine learning, predictive analytics and predictive visualization. The filing names national security, supply chain management and digital identity as focus areas and states that revenue comes from both software and services. The Ask Sage acquisition was completed on December 31, 2025, and the company’s Q2 2026 release links part of the year-over-year growth to Ask Sage’s GenAI platforms and products.
Rank #2
IonQ: a quantum computing platform
IonQ presents itself as a quantum computing and platform business. Its Q2 2026 release attributes the quarter’s revenue to deployments across that platform. The company reports that it closed the SkyWater Technology acquisition in 2026 and states that its FY 2026 outlook excludes SkyWater’s contribution. The exact closing date is not stated in the figures used for this article.
Organic and acquired growth: what each company disclosed
Acquisitions change how much of a reported growth rate reflects the existing business. Each company’s disclosure differs, so the two cannot be placed on identical terms.
- IonQ, FY 2025: Revenue grew 202%, and the company said nearly 80% of that growth was organic. The remainder came from other sources.
- IonQ, Q2 2026: The company attributed the $80.1 million to platform deployments. The figures used here do not break out how much, if any, SkyWater contributed to the Q2 total, and the outlook explicitly excludes it.
- BigBear.ai, Q2 2026: Growth was attributed in part to Ask Sage. The split between Ask Sage and the existing business is not stated in the figures used here.
For Q2 2026, neither company’s reported growth can be cleanly separated into organic and acquired components from these figures. Any statement that one company grew organically in that quarter would go beyond the disclosures.
Margins and losses
Revenue growth says nothing about whether a company earns money on what it sells, so the margin and loss figures belong alongside the revenue trend.
BigBear.ai
- Gross margin: 32.8% in Q2 2026, up from 25.0% in Q2 2025.
- GAAP net loss: $25.7 million in Q2 2026.
- Adjusted EBITDA loss: $11.6 million in Q2 2026. This is a non-GAAP measure and should not be described as a GAAP result.
BigBear.ai’s net loss narrowed sharply from the prior-year quarter. The company said, however, that the Q2 2025 comparison included large non-cash derivative fair-value losses and a goodwill impairment. That narrowing therefore does not on its own show an improvement in operations.
IonQ
The gross-margin and loss figures for IonQ are not part of this comparison, so no margin conclusion can be drawn for IonQ from the company figures used here.
How to read each company’s guidance
BigBear.ai: affirmed range
BigBear.ai affirmed its FY 2026 revenue range of $135 million to $165 million in its Q2 2026 release. The midpoint, $150 million, equals about 17% growth over FY 2025 revenue of $128 million. Chief Executive Officer Kevin McAleenan said in the July 30, 2026 release, “we’re on track for our target of 17% revenue growth.” That is management’s description of its target, not a verified result.
IonQ: raised range, excluding SkyWater
IonQ raised its FY 2026 range from $225 million to $245 million to $280 million to $290 million. The midpoint of the new range, $285 million, is roughly 119% above FY 2025 revenue of $130.0 million. That percentage is derived from the company’s figures and is not a company-stated growth target. Because the outlook excludes SkyWater, the figure is not directly comparable with a consolidated number that would include the acquisition.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesIonQ’s track record on guidance is also cited by management. In the FY 2025 release, Chairman and CEO Niccolo de Masi said: “I am pleased to share that IonQ has once again significantly outperformed our revenue guidance range, exceeding the midpoint by 55% for the fourth quarter and 20% for the full year by delivering $61.9 million and $130.0 million respectively.” The quote refers to Q4 and FY 2025 results only.
Best Value
Checklist for comparing these figures
- Match quarter with quarter and fiscal year with fiscal year, and state the year each time.
- Show the growth rate with its base, not just the dollar total.
- Label each growth figure as reported, organic or acquisition-linked, using the company’s own wording.
- Date every guidance figure, and note whether it excludes an acquisition.
- Describe a narrower net loss with the non-cash items that drove the prior-year figure.
- Keep GAAP and non-GAAP measures separate.
Two different companies can report revenue on the same basis and still be poor guides to each other’s economics. BigBear.ai sells software and services into government and enterprise settings. IonQ sells access to a quantum platform and its deployments, and it now also owns a semiconductor manufacturing business through SkyWater. Those differences affect how revenue is earned, how quickly it can scale and how much of it recurs.
Finally, revenue data does not establish profitability, cash generation, valuation or investment merit. This article makes no judgment on share prices, analyst expectations or risk-adjusted returns.
Taken together, the Q2 2026 figures show IonQ growing revenue much faster than BigBear.ai, from a different base and with a different business mix. Both companies’ growth includes acquisition effects that the reported figures do not fully separate, and both companies’ forward figures are management forecasts that are dated and subject to change.
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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Readers who want to track these companies should check each new quarterly release, confirm whether the growth figures include acquired revenue, and compare any updated guidance against the dated ranges above.
The Bottom Line
On reported revenue growth, IonQ is well ahead of BigBear.ai for Q2 2026, but the two companies differ in business model, acquisition timing and disclosure, so the gap should be read as a starting point rather than a verdict. Use the dated guidance, the organic-versus-acquired caveats and the margin figures together, and treat revenue growth as one measure among several.
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