IonQ, Inc. Leases Disclosure
18. LEASES
The Company has operating leases for its various facilities. As of December 31, 2025 and 2024, the Company’s weighted-average remaining lease term was 4.5 years and 5.2 years, respectively, and the weighted-average discount rate was 7.6% and 8.2%, respectively.
The components of lease cost were as follows (in thousands):
|
|
Year Ended |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Operating lease cost(1) |
|
|
|
|
|
|
|
|
|
|||
Fixed lease cost |
|
$ |
5,512 |
|
|
$ |
2,522 |
|
|
$ |
1,458 |
|
Short-term cost |
|
|
2,023 |
|
|
|
221 |
|
|
|
145 |
|
Total operating lease cost |
|
$ |
7,535 |
|
|
$ |
2,743 |
|
|
$ |
1,603 |
|
|
|
Year Ended |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Cost of revenue |
|
$ |
2,159 |
|
|
$ |
254 |
|
|
$ |
145 |
|
Research and development |
|
|
3,849 |
|
|
|
1,670 |
|
|
|
722 |
|
Sales and marketing |
|
|
531 |
|
|
|
175 |
|
|
|
84 |
|
General and administrative |
|
|
996 |
|
|
|
644 |
|
|
|
652 |
|
Total operating lease cost |
|
$ |
7,535 |
|
|
$ |
2,743 |
|
|
$ |
1,603 |
|
Supplemental cash flow and other information related to operating leases was as follows (in thousands):
|
|
Year Ended |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Cash payments (receipts) included in the measurement of |
|
$ |
6,031 |
|
|
$ |
(2,251 |
) |
|
$ |
(1,790 |
) |
As of December 31, 2025, maturities of operating lease liabilities are as follows (in thousands):
|
|
Amount |
|
|
Year Ending December 31, |
|
|
|
|
2026 |
|
$ |
9,572 |
|
2027 |
|
|
8,796 |
|
2028 |
|
|
7,121 |
|
2029 |
|
|
5,120 |
|
2030 |
|
|
2,309 |
|
Thereafter |
|
|
2,598 |
|
Total lease payments |
|
$ |
35,516 |
|
Less: imputed interest |
|
|
(5,495 |
) |
Present value of operating lease liabilities |
|
$ |
30,021 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 30, 2023 | |
| 2021 | Mar 28, 2022 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.