D-Wave Quantum (XSWX:QBTS) Operating Income: CHF-143.80 Mil (TTM As of Mar. 2026)


XSWX:QBTS D-Wave Quantum Inc XSWX:QBTS
64 GF Score
Price CHF18.56
GF Value CHF2.22
! 4 Warning Signs
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What is D-Wave Quantum Operating Income?

D-Wave Quantum XSWX:QBTS 64 Operating Income is CHF-143.80 Mil as of Mar. 2026. GuruFocus rates XSWX:QBTS with a GF Score™ of 64/100 and a GF Value™ of CHF2.22. The stock has 4 warning signs investors should review.

D-Wave Quantum's Operating Income for the three months ended in Mar. 2026 was CHF-54.73 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was CHF-143.80 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. D-Wave Quantum's Operating Income for the three months ended in Mar. 2026 was CHF-54.73 Mil. D-Wave Quantum's Revenue for the three months ended in Mar. 2026 was CHF2.86 Mil. Therefore, D-Wave Quantum's Operating Margin % for the quarter that ended in Mar. 2026 was -1,914.87%.

Good Sign:

D-Wave Quantum Inc operating margin is expanding. Margin expansion is usually a good sign.

D-Wave Quantum's 5-Year average Growth Rate for Operating Margin % was 2.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. D-Wave Quantum's annualized ROC % for the quarter that ended in Mar. 2026 was -26.54%. D-Wave Quantum's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -936.71%.

D-Wave Quantum  (XSWX:QBTS) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

D-Wave Quantum's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=-218.908 * ( 1 - 60.78% )/( (34.289 + 612.698)/ 2 )
=-85.8557176/323.4935
=-26.54 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=915.813 - 6.44 - ( 884.481 - max(0, 21.148 - 896.232+884.481))
=34.289

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1199.815 - 8.364 - ( 588.395 - max(0, 28.356 - 607.109+588.395))
=612.698

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

D-Wave Quantum's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-186.2/( ( (14.359 + max(-10.908, 0)) + (25.397 + max(-9.6849999999999, 0)) )/ 2 )
=-186.2/( ( 14.359 + 25.397 )/ 2 )
=-186.2/19.878
=-936.71 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1.587 + 2.776 + 4.295) - (6.44 + 2.778 + 10.348)
=-10.908

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(8.911 + 2.915 + 5.1510000000001) - (8.364 + 9.495 + 8.803)
=-9.6849999999999

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

D-Wave Quantum's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=-54.727/2.858
=-1,914.87 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

D-Wave Quantum Operating Income Related Terms

D-Wave Quantum Operating Income Historical Data

* Premium members only.

The historical data trend for D-Wave Quantum's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

D-Wave Quantum Operating Income Chart

D-Wave Quantum Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial -38.95 -59.46 -80.55 -77.22 -100.37

D-Wave Quantum Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -11.29 -26.50 -27.74 -34.84 -54.73
XSWX:QBTS
64GF Score
D-Wave Quantum Inc XSWX:QBTS
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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D-Wave Quantum Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was CHF-143.80 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of CHF-143.80 Mil mean?
D-Wave Quantum (XSWX:QBTS) has a Operating Income of CHF-143.80 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on D-Wave Quantum and its competitors.
Is D-Wave Quantum's Operating Income too high?
D-Wave Quantum's current Operating Income is CHF-143.80 Mil. Overall, D-Wave Quantum has a GF Score™ of 64/100, reflecting its overall financial health beyond just this single metric.
How does D-Wave Quantum's Operating Income compare to ?
D-Wave Quantum's Operating Income of CHF-143.80 Mil can be compared against companies in the Hardware industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Hardware company?
A good Operating Income depends on the Hardware industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on D-Wave Quantum and its competitors. D-Wave Quantum's current Operating Income is CHF-143.80 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is D-Wave Quantum stock overvalued right now?
D-Wave Quantum (XSWX:QBTS) has a current Operating Income of CHF-143.80 Mil. The stock's GF Value™ is CHF2.22, compared to a current price of CHF18.56 — trading 736.1% above its estimated fair value. The current Operating Income is CHF-143.80 Mil. D-Wave Quantum's overall GF Score™ is 64/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For D-Wave Quantum (XSWX:QBTS), the current Operating Income is CHF-143.80 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is D-Wave Quantum (XSWX:QBTS) Overvalued in 2026?

Based on GuruFocus' analysis, D-Wave Quantum stock appears to be overvalued. The current stock price of CHF18.56 is trading 736.1% above its estimated GF Value™ of CHF2.22.

Key valuation signals for XSWX:QBTS:

  • Operating Income: CHF-143.80 Mil
  • GF Value™: CHF2.22 vs. price of CHF18.56 (736.1% above fair value)
  • GF Score™: 64/100 with 4 warning signs

No single metric tells the full story. See the XSWX:QBTS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

D-Wave Quantum Business Description

Comparable Companies
Address 2650 East Bayshore Road, Palo Alto, CA, USA, 94303
D-Wave Quantum Inc is in the development and delivery of quantum computing systems, software, and services, and it is the commercial supplier of quantum computers and the only company building both annealing quantum computers and gate-model quantum computers. It delivers customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. Its annealing quantum computers are accessible through the company's LeapTM cloud service.
64GF Score

Get the complete analysis for XSWX:QBTS

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

CHF18.56
Price
CHF2.22
GF Value