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.

Price · AXON

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$2.78B	$2.08B	$1.56B	$1.19B	$863.38M	$681.00M
Cost of Revenue	$1.12B	$841.15M	$608.01M	$461.30M	$322.47M	$264.67M
Gross Profit	$1.66B	$1.24B	$955.38M	$728.64M	$540.91M	$416.33M
R&D	$684.31M	$441.59M	$303.72M	$233.81M	$194.03M	$123.19M
SG&A	$1.04B	$741.25M	$496.87M	$401.57M	$515.01M	$307.29M
Total Operating Expenses	$1.72B	$1.18B	$800.59M	$635.38M	$709.03M	$430.48M
D&A	$83.16M	$48.42M	$32.64M	$24.38M	$18.69M	$12.47M
Operating Income	($62.08M)	$58.54M	$154.79M	$93.25M	($168.12M)	($14.15M)
Interest Expense	$7.10M	-	-	-	-	-
Income Tax	($105.68M)	$4.47M	($19.23M)	$49.38M	($81.36M)	($4.57M)
Net Income	$124.66M	$377.03M	$174.23M	$147.14M	($60.02M)	($1.72M)
EPS - Basic	$1.60	$4.98	$2.35	$2.07	($0.91)	($0.03)
EPS - Diluted	$1.51	$4.80	$2.31	$2.03	($0.91)	($0.03)

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$1.20B	$454.84M	$598.54M	$353.68M	$356.33M	$155.44M
Accounts Receivable	-	-	-	-	-	-
Inventory	$341.81M	$265.32M	$269.86M	$202.47M	$108.69M	$89.96M
Accounts Payable	$139.09M	$71.95M	$88.33M	$59.92M	$32.22M	$24.14M
Current Assets	$3.71B	$2.30B	$2.40B	$1.81B	$1.11B	$981.95M
Total Assets	$7.00B	$4.47B	$3.44B	$2.85B	$1.69B	$1.38B
Current Liabilities	$1.47B	$997.59M	$799.97M	$602.65M	$418.52M	$256.33M
Long-term Debt	$1.73B	$677.11M	-	-	-	-
Total Liabilities	$3.76B	$2.15B	$1.82B	$1.58B	$640.36M	$404.77M
Stockholders' Equity	$3.24B	$2.33B	$1.61B	$1.27B	$1.05B	$976.25M
Retained Earnings	$936.67M	$812.01M	$431.25M	$257.02M	$109.88M	$169.90M

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$211.34M	$408.31M	$189.26M	$235.36M	$124.49M	$38.48M
Investing Cash Flow	($724.93M)	($490.57M)	$12.48M	($830.97M)	$252.56M	($356.53M)
Financing Cash Flow	$1.25B	($45.44M)	$41.31M	$598.10M	($174.18M)	$299.26M
CapEx	$136.26M	$78.78M	$59.63M	$55.80M	$49.89M	$72.63M
Free Cash Flow	$75.08M	$329.53M	$129.63M	$179.56M	$74.61M	($34.15M)

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	59.7%	59.6%	61.1%	61.2%	62.7%	61.1%
Operating margin	-2.2%	2.8%	9.9%	7.8%	-19.5%	-2.1%
EBITDA margin	0.8%	5.1%	12.0%	9.9%	-17.3%	-0.2%
Net margin	4.5%	18.1%	11.1%	12.4%	-7.0%	-0.3%
Free cash flow margin	2.7%	15.8%	8.3%	15.1%	8.6%	-5.0%
FCF / Net income	0.60	0.87	0.74	1.22	-1.24	19.81
R&D / Revenue	24.6%	21.2%	19.4%	19.6%	22.5%	18.1%
SG&A / Revenue	37.3%	35.6%	31.8%	33.7%	59.7%	45.1%
Effective tax rate	-557.0%	1.2%	-12.4%	25.1%	-	-
Return on assets	1.8%	8.4%	5.1%	5.2%	-3.6%	-0.1%
Return on equity	3.8%	16.2%	10.8%	11.6%	-5.7%	-0.2%
Return on invested capital	-1.2%	1.9%	-	-	-	-
Liquidity
Current ratio	2.53	2.30	3.00	3.00	2.65	3.83
Quick ratio	2.29	2.04	2.66	2.66	2.39	3.48
Cash ratio	0.82	0.46	0.75	0.59	0.85	0.61
Leverage
Debt / Equity	0.53	0.29	-	-	-	-
Debt / Assets	0.25	0.15	-	-	-	-
Debt / EBITDA	82.06	6.33	-	-	-	-
Interest coverage	-8.7x	-	-	-	-	-
Equity multiplier	2.16	1.92	2.13	2.25	1.61	1.41
Liabilities / Assets	0.54	0.48	0.53	0.56	0.38	0.29
Efficiency
Asset turnover	0.40	0.47	0.45	0.42	0.51	0.49
Inventory turnover	3.28	3.17	2.25	2.28	2.97	2.94
Days sales outstanding	-	-	-	-	-	-
Days inventory outstanding	111d	115d	162d	160d	123d	124d
Days payable outstanding	45d	31d	53d	47d	36d	33d
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	376.1x	123.8x	111.8x	81.7x	-	-
P / B	14.4x	20.1x	12.1x	9.5x	9.9x	7.8x
P / S	16.8x	22.4x	12.5x	10.1x	12.0x	11.1x
EV / EBITDA	2243.7x	438.6x	100.8x	99.3x	-	-
Growth
Revenue growth (YoY)	33.5%	33.2%	31.4%	37.8%	26.8%	28.3%
Revenue CAGR (3y)	32.7%	34.1%	31.9%	30.9%	47.6%	25.6%
Revenue CAGR (5y)	32.5%	31.4%	42.3%	28.2%	26.3%	28.0%
Gross profit growth (YoY)	33.6%	29.9%	31.1%	34.7%	29.9%	35.5%
Operating income growth (YoY)	-	-62.2%	66.0%	-	-1088.1%	-121.3%
Net income growth (YoY)	-66.9%	116.4%	18.4%	-	-3381.3%	-
EPS growth (YoY)	-68.5%	107.8%	13.8%	-	-2933.3%	-
EPS CAGR (3y)	-9.4%	-	-	487.7%	-	-
EPS CAGR (5y)	-	243.8%	35.8%	82.6%	-	-
FCF growth (YoY)	-77.2%	154.2%	-27.8%	140.7%	-	-
FCF CAGR (5y)	-	46.0%	19.7%	86.0%	41.9%	-
Book value growth (YoY)	39.3%	44.4%	27.1%	21.1%	7.3%	79.6%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$3.98B total

Connected 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 total

Product$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 total

US$2.31B · 82.9%

Non Us$474.52M · 17.1%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

1.07

Distress

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

5/9

Neutral

✓Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
✗Long-term debt decreased
✓Current ratio improved
✗No share dilution
✓Gross margin improved
✗Asset turnover improved

Peer comparison

Same SIC group: Ordnance & Accessories, (No Vehicles/Guided Missiles)

Company	Revenue (last FY)	Net margin	ROE
RGR	$546.06M	-0.8%	-1.5%
WRAP	$4.67M	-221.2%	-89.9%
VSTO	$2.75B	-0.2%	-0.5%
SWBI	-	-	-
NPK	$503.52M	6.6%	8.4%

Comparing AXON ENTERPRISE against the 5 most active filers in the same SIC group.