AXON · Axon Enterprise, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $807.35M | - | $710.64M | $668.54M | $603.63M | - | $430.38M | $504.10M | $460.74M | - |
| Cost of Revenue | $330.06M | - | $283.29M | $264.80M | $237.89M | - | $213.53M | $200.36M | $200.69M | - |
| Gross Profit | $477.29M | - | $427.35M | $403.74M | $365.74M | - | $330.75M | $303.74M | $260.05M | - |
| R&D | $188.95M | - | $176.67M | $162.57M | $151.02M | - | $114.48M | $101.43M | $91.10M | - |
| SG&A | $259.09M | - | $252.80M | $242.21M | $223.51M | - | $192.19M | $169.43M | $152.67M | - |
| Total Operating Expenses | $448.04M | - | $429.48M | $404.78M | $374.53M | - | $306.67M | $270.86M | $243.77M | - |
| D&A | $30.36M | - | - | - | $19.45M | - | - | - | $11.56M | - |
| Operating Income | $29.24M | - | ($2.13M) | ($1.04M) | ($8.79M) | - | $42.75M | $32.87M | $16.28M | - |
| Interest Expense | $28.64M | - | $28.91M | $1.87M | $1.76M | - | - | - | - | - |
| Income Tax | $30.91M | - | $17.89M | ($75.00M) | $20.41M | - | ($1.32M) | $9.79M | $32.50M | - |
| Net Income | $169.31M | - | ($2.19M) | $36.12M | $87.98M | - | $67.03M | $40.80M | $133.22M | - |
| EPS - Basic | $2.11 | - | ($0.03) | $0.46 | $1.14 | - | $0.89 | $0.54 | $1.77 | - |
| EPS - Diluted | $2.05 | - | ($0.03) | $0.44 | $1.08 | - | $0.86 | $0.53 | $1.73 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $458.92M | $1.20B | $1.42B | $615.50M | $1.09B | $454.84M | $695.14M | $566.45M | $403.87M | $598.54M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | $408.01M | $341.81M | $317.51M | $308.49M | $279.67M | $265.32M | $272.30M | $277.75M | $271.32M | $269.86M |
| Accounts Payable | $175.13M | $139.09M | $115.00M | $118.11M | $97.67M | $71.95M | $75.59M | $104.08M | $82.08M | $88.33M |
| Current Assets | $2.74B | $3.71B | $4.22B | $3.83B | $3.78B | $2.30B | $2.43B | $2.21B | $2.20B | $2.40B |
| Total Assets | $7.07B | $7.00B | $6.66B | $6.22B | $6.08B | $4.47B | $4.01B | $3.74B | $3.62B | $3.44B |
| Current Liabilities | $1.21B | $1.47B | $1.35B | $1.30B | $1.34B | $997.59M | $823.23M | $766.11M | $757.47M | $799.97M |
| Long-term Debt | $1.73B | $1.73B | $1.73B | $1.73B | $1.73B | $0 | - | - | - | $677.11M |
| Total Liabilities | $3.53B | $3.76B | $3.63B | $3.48B | $3.53B | $2.15B | $1.91B | $1.81B | $1.80B | $1.82B |
| Stockholders' Equity | $3.53B | $3.24B | $3.03B | $2.73B | $2.56B | $2.33B | $2.10B | $1.93B | $1.82B | $1.61B |
| Retained Earnings | $1.11B | $936.67M | $933.92M | $936.11M | $899.99M | $812.01M | $676.83M | $605.26M | $564.47M | $431.25M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($31.52M) | - | - | - | $25.79M | - | - | - | ($15.94M) | - |
| Investing Cash Flow | ($616.94M) | - | - | - | ($702.22M) | - | - | - | ($174.04M) | - |
| Financing Cash Flow | ($92.29M) | - | - | - | $1.31B | - | - | - | ($2.71M) | - |
| CapEx | $23.13M | - | - | - | $24.86M | - | - | - | $16.19M | - |
| Free Cash Flow | ($54.64M) | - | - | - | $932.0K | - | - | - | ($32.13M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 59.1% | - | 60.1% | 60.4% | 60.6% | - | 76.9% | 60.3% | 56.4% | - |
| Operating margin | 3.6% | - | -0.3% | -0.2% | -1.5% | - | 9.9% | 6.5% | 3.5% | - |
| EBITDA margin | 7.4% | - | - | - | 1.8% | - | - | - | 6.0% | - |
| Net margin | 21.0% | - | -0.3% | 5.4% | 14.6% | - | 15.6% | 8.1% | 28.9% | - |
| Free cash flow margin | -6.8% | - | - | - | 0.2% | - | - | - | -7.0% | - |
| FCF / Net income | -0.32 | - | - | - | 0.01 | - | - | - | -0.24 | - |
| R&D / Revenue | 23.4% | - | 24.9% | 24.3% | 25.0% | - | 26.6% | 20.1% | 19.8% | - |
| SG&A / Revenue | 32.1% | - | 35.6% | 36.2% | 37.0% | - | 44.7% | 33.6% | 33.1% | - |
| Effective tax rate | 15.4% | - | 113.9% | - | 18.8% | - | -2.0% | 19.4% | 19.6% | - |
| Return on assets | 2.4% | - | -0.0% | 0.6% | 1.4% | - | 1.7% | 1.1% | 3.7% | - |
| Return on equity | 4.8% | - | -0.1% | 1.3% | 3.4% | - | 3.2% | 2.1% | 7.3% | - |
| Return on invested capital | 0.5% | - | -0.0% | -0.0% | -0.2% | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.27 | 2.53 | 3.12 | 2.95 | 2.83 | 2.30 | 2.96 | 2.88 | 2.91 | 3.00 |
| Quick ratio | 1.93 | 2.29 | 2.89 | 2.71 | 2.62 | 2.04 | 2.63 | 2.52 | 2.55 | 2.66 |
| Cash ratio | 0.38 | 0.82 | 1.05 | 0.47 | 0.82 | 0.46 | 0.84 | 0.74 | 0.53 | 0.75 |
| Leverage | ||||||||||
| Debt / Equity | 0.49 | 0.53 | 0.57 | 0.63 | 0.68 | 0.00 | - | - | - | 0.42 |
| Debt / Assets | 0.24 | 0.25 | 0.26 | 0.28 | 0.28 | 0.00 | - | - | - | 0.20 |
| Debt / EBITDA | 29.04 | - | - | - | 162.08 | - | - | - | - | - |
| Interest coverage | 1.0x | - | -0.1x | -0.6x | -5.0x | - | - | - | - | - |
| Equity multiplier | 2.00 | 2.16 | 2.20 | 2.27 | 2.38 | 1.92 | 1.91 | 1.94 | 1.99 | 2.13 |
| Liabilities / Assets | 0.50 | 0.54 | 0.55 | 0.56 | 0.58 | 0.48 | 0.48 | 0.48 | 0.50 | 0.53 |
| Efficiency | ||||||||||
| Asset turnover | 0.11 | - | 0.11 | 0.11 | 0.10 | - | 0.11 | 0.13 | 0.13 | - |
| Inventory turnover | 0.81 | - | 0.89 | 0.86 | 0.85 | - | 0.78 | 0.72 | 0.74 | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | 451d | - | 409d | 425d | 429d | - | 465d | 506d | 493d | - |
| Days payable outstanding | 194d | - | 148d | 163d | 150d | - | 129d | 190d | 149d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 207.2x | - | - | 1881.7x | 487.0x | - | 464.7x | 555.2x | 180.9x | - |
| P / B | 9.9x | - | 18.6x | 24.9x | 16.8x | - | 14.9x | 11.8x | 13.3x | - |
| P / S | 43.4x | - | 79.2x | 101.6x | 71.0x | - | 72.5x | 45.3x | 52.4x | - |
| EV / EBITDA | 609.0x | - | - | - | 4079.9x | - | - | - | 852.2x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 33.7% | - | 65.1% | 32.6% | 31.0% | - | 4.1% | 34.6% | 34.3% | - |
| Revenue CAGR (3y) | 33.0% | - | 31.6% | 32.8% | 33.0% | - | 22.9% | 32.1% | 33.2% | - |
| Revenue CAGR (5y) | 32.9% | - | 33.7% | 36.5% | 32.6% | - | 26.9% | 35.0% | 31.8% | - |
| Gross profit growth (YoY) | 30.5% | - | 29.2% | 32.9% | 40.6% | - | 29.6% | 30.9% | 27.4% | - |
| Operating income growth (YoY) | - | - | - | - | - | - | -22.4% | -18.3% | -2.0% | - |
| Net income growth (YoY) | 92.4% | - | - | -11.5% | -34.0% | - | 12.8% | 228.5% | 195.1% | - |
| EPS growth (YoY) | 89.8% | - | - | -17.0% | -37.6% | - | 10.3% | 231.3% | 183.6% | - |
| EPS CAGR (3y) | 49.8% | - | - | -14.7% | 12.4% | - | 8.7% | - | - | - |
| EPS CAGR (5y) | - | - | - | - | 72.8% | - | 53.8% | 121.2% | 73.5% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | 50.4% | - |
| FCF CAGR (5y) | - | - | - | - | -39.2% | - | - | - | - | - |
| Book value growth (YoY) | 38.3% | 39.3% | 44.2% | 41.7% | 40.6% | 44.4% | 38.0% | 33.5% | 29.6% | 27.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$3.98B totalConnected Devices$1.58B · 39.6%
Software And Sensors Segment$1.20B · 30.2%
Software And Services Segment$1.20B · 30.2%
Product / service
$5.56B totalProduct$1.58B · 28.4%
Software And Services$1.20B · 21.6%
Service$1.20B · 21.6%
TASERDevices Professional$913.88M · 16.4%
Personal Sensors$397.04M · 7.1%
Platform Solutions$265.95M · 4.8%
Geographic
$2.78B totalUS$2.31B · 82.9%
Non Us$474.52M · 17.1%
Peer comparison
Same SIC group: Ordnance & Accessories, (No Vehicles/Guided Missiles)
Comparing AXON ENTERPRISE against the 5 most active filers in the same SIC group.