STOCK TITAN

Axon Enterprise Financials

AXON
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Axon Enterprise (AXON) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 49 / 100
Financial Profile 49/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
17

Axon Enterprise has an operating margin of -2.2%, meaning the company retains $-2 of operating profit per $100 of revenue. This below-average margin results in a low score of 17/100, suggesting thin profitability after operating expenses. This is down from 2.8% the prior year.

Growth
89

Axon Enterprise's revenue surged 33.5% year-over-year to $2.8B, reflecting rapid business expansion. This strong growth earns a score of 89/100.

Leverage
91

Axon Enterprise carries a low D/E ratio of 0.53, meaning only $0.53 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
47

Axon Enterprise's current ratio of 2.53 indicates adequate short-term liquidity, earning a score of 47/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
32

Axon Enterprise has a free cash flow margin of 2.7%, earning a moderate score of 32/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
20

Axon Enterprise generates a 3.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 20/100. This is down from 16.2% the prior year.

Piotroski F-Score Neutral
5/9

Axon Enterprise passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.70x

For every $1 of reported earnings, Axon Enterprise generates $1.70 in operating cash flow ($211.3M OCF vs $124.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk
-0.7x

Axon Enterprise earns $-0.7 in operating income for every $1 of interest expense (-$62.1M vs $94.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue
$2.8B
YoY+33.5%
5Y CAGR+39.3%
10Y CAGR+32.7%

Axon Enterprise generated $2.8B in revenue in fiscal year 2025. This represents an increase of 33.5% from the prior year.

EBITDA
$21.1M
YoY-80.3%
5Y CAGR+33.5%
10Y CAGR-5.4%

Axon Enterprise's EBITDA was $21.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 80.3% from the prior year.

Net Income
$124.7M
YoY-66.9%
5Y CAGR+169.2%
10Y CAGR+20.1%

Axon Enterprise reported $124.7M in net income in fiscal year 2025. This represents a decrease of 66.9% from the prior year.

EPS (Diluted)
$1.51
YoY-68.5%
5Y CAGR+172.8%
10Y CAGR+15.1%

Axon Enterprise earned $1.51 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 68.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$75.1M
YoY-77.2%
5Y CAGR+8.6%
10Y CAGR+8.6%

Axon Enterprise generated $75.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 77.2% from the prior year.

Cash & Debt
$1.2B
YoY+164.1%
5Y CAGR+47.5%
10Y CAGR+37.9%

Axon Enterprise held $1.2B in cash against $1.7B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
80M
YoY+4.7%
5Y CAGR+6.2%
10Y CAGR+4.2%

Axon Enterprise had 80M shares outstanding in fiscal year 2025. This represents an increase of 4.7% from the prior year.

Margins & Returns

Gross Margin
59.7%
YoY+0.0pp
5Y CAGR+1.8pp
10Y CAGR-2.1pp

Axon Enterprise's gross margin was 59.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.0 percentage points from the prior year.

Operating Margin
-2.2%
YoY-5.0pp
5Y CAGR-1.0pp
10Y CAGR-22.0pp

Axon Enterprise's operating margin was -2.2% in fiscal year 2025, reflecting core business profitability. This is down 5.0 percentage points from the prior year.

Net Margin
4.5%
YoY-13.6pp
5Y CAGR+4.3pp
10Y CAGR-7.6pp

Axon Enterprise's net profit margin was 4.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 13.6 percentage points from the prior year.

Return on Equity
3.8%
YoY-12.4pp
5Y CAGR+3.7pp
10Y CAGR-11.6pp

Axon Enterprise's ROE was 3.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 12.4 percentage points from the prior year.

Capital Allocation

R&D Spending
$684.3M
YoY+55.0%
5Y CAGR+46.7%
10Y CAGR+46.6%

Axon Enterprise invested $684.3M in research and development in fiscal year 2025. This represents an increase of 55.0% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$136.3M
YoY+72.9%
5Y CAGR+53.6%
10Y CAGR+49.1%

Axon Enterprise invested $136.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 72.9% from the prior year.

AXON Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $796.7M+12.1% $710.6M+6.3% $668.5M+10.8% $603.6M+5.0% $575.1M+5.7% $544.3M+8.2% $503.2M+9.4% $459.9M
Cost of Revenue $335.4M+18.4% $283.3M+7.0% $264.8M+11.3% $237.9M+3.7% $229.3M+7.4% $213.5M+8.3% $197.1M-2.1% $201.2M
Gross Profit $461.3M+7.9% $427.3M+5.8% $403.7M+10.4% $365.7M+5.8% $345.8M+4.6% $330.7M+8.0% $306.2M+18.4% $258.6M
R&D Expenses $194.0M+9.8% $176.7M+8.7% $162.6M+7.6% $151.0M+12.2% $134.6M+17.6% $114.5M+12.9% $101.4M+11.3% $91.1M
SG&A Expenses $317.4M+25.5% $252.8M+4.4% $242.2M+8.4% $223.5M-1.5% $227.0M+18.1% $192.2M+12.4% $171.0M+13.2% $151.1M
Operating Income -$50.1M-2254.1% -$2.1M-105.5% -$1.0M+88.2% -$8.8M+44.2% -$15.8M-165.4% $24.1M-28.7% $33.8M+105.1% $16.5M
Interest Expense $28.8M-0.3% $28.9M+0.8% $28.7M+266.8% $7.8M+328.5% $1.8M+10.9% $1.6M-12.0% $1.9M+6.5% $1.8M
Income Tax -$69.0M-485.6% $17.9M+123.9% -$75.0M-467.4% $20.4M+140.3% -$50.6M-503.5% $12.5M+25.4% $10.0M-69.3% $32.5M
Net Income $2.7M+225.6% -$2.2M-106.1% $36.1M-58.9% $88.0M-34.9% $135.2M+101.7% $67.0M+61.6% $41.5M-68.9% $133.4M
EPS (Diluted) N/A $-0.03-106.8% $0.44-59.3% $1.08 N/A $0.86+62.3% $0.53-69.4% $1.73

AXON Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $7.0B+5.2% $6.7B+7.1% $6.2B+2.2% $6.1B+35.9% $4.5B+11.7% $4.0B+7.0% $3.7B+4.4% $3.6B
Current Assets $3.7B-11.9% $4.2B+10.1% $3.8B+1.4% $3.8B+64.4% $2.3B-5.6% $2.4B+10.3% $2.2B+0.3% $2.2B
Cash & Equivalents $1.2B-15.6% $1.4B+131.3% $615.5M-43.7% $1.1B+140.3% $454.8M-34.6% $695.1M+22.7% $566.5M+40.3% $403.9M
Inventory $341.8M+7.7% $317.5M+2.9% $308.5M+10.3% $279.7M+5.4% $265.3M-2.6% $272.3M-2.0% $277.8M+2.4% $271.3M
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill $1.4B+77.2% $773.4M+1.5% $762.2M+0.8% $755.9M-0.1% $756.8M+145.4% $308.5M+0.2% $307.8M-0.2% $308.5M
Total Liabilities $3.8B+3.5% $3.6B+4.2% $3.5B-1.3% $3.5B+64.3% $2.1B+12.7% $1.9B+5.1% $1.8B+2.8% $1.8B
Current Liabilities $1.5B+8.9% $1.3B+4.1% $1.3B-3.0% $1.3B-20.3% $1.7B+11.7% $1.5B+96.1% $766.1M-45.2% $1.4B
Long-Term Debt $1.7B0.0% $1.7B0.0% $1.7B0.0% $1.7B $0 N/A N/A N/A
Total Equity $3.2B+7.1% $3.0B+10.8% $2.7B+6.9% $2.6B+9.8% $2.3B+10.8% $2.1B+8.6% $1.9B+6.1% $1.8B
Retained Earnings $936.7M+0.3% $933.9M-0.2% $936.1M+4.0% $900.0M+10.8% $812.0M+20.0% $676.8M+11.8% $605.3M+6.5% $568.3M

AXON Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $217.2M+262.0% $60.0M+165.4% -$91.7M-455.5% $25.8M-89.7% $250.2M+173.9% $91.3M+10.3% $82.8M+619.3% -$15.9M
Capital Expenditures $61.8M+132.1% $26.6M+16.0% $23.0M-7.7% $24.9M+0.2% $24.8M-6.3% $26.5M+133.9% $11.3M-30.1% $16.2M
Free Cash Flow $155.4M+365.6% $33.4M+129.1% -$114.7M-12402.3% $932K-99.6% $225.4M+247.5% $64.8M-9.2% $71.4M+322.3% -$32.1M
Investing Cash Flow -$226.4M-138.4% $590.3M+252.7% -$386.5M+45.0% -$702.2M-59.0% -$441.7M-1125.6% $43.1M-47.6% $82.1M+147.2% -$174.0M
Financing Cash Flow -$215.6M-235.4% $159.2M+3746.3% -$4.4M-100.3% $1.3B+4100.2% -$32.8M-325.6% -$7.7M-253.0% -$2.2M+19.4% -$2.7M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

AXON Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 57.9%-2.2pp 60.1%-0.2pp 60.4%-0.2pp 60.6%+0.5pp 60.1%-0.6pp 60.8%-0.1pp 60.8%+4.6pp 56.2%
Operating Margin -6.3%-6.0pp -0.3%-0.1pp -0.1%+1.3pp -1.5%+1.3pp -2.7%-7.2pp 4.4%-2.3pp 6.7%+3.1pp 3.6%
Net Margin 0.3%+0.7pp -0.3%-5.7pp 5.4%-9.2pp 14.6%-8.9pp 23.5%+11.2pp 12.3%+4.1pp 8.2%-20.8pp 29.0%
Return on Equity 0.1%+0.1pp -0.1%-1.4pp 1.3%-2.1pp 3.4%-2.4pp 5.8%+2.6pp 3.2%+1.0pp 2.1%-5.2pp 7.3%
Return on Assets 0.0%+0.1pp -0.0%-0.6pp 0.6%-0.9pp 1.5%-1.6pp 3.0%+1.4pp 1.7%+0.6pp 1.1%-2.6pp 3.7%
Current Ratio 2.53-0.6 3.12+0.2 2.95+0.1 2.83+1.5 1.37-0.3 1.62-1.3 2.88+1.3 1.57
Debt-to-Equity 0.53-0.0 0.57-0.1 0.63-0.0 0.68+0.7 0.00-0.9 0.91-0.0 0.94-0.0 0.97
FCF Margin 19.5%+14.8pp 4.7%+21.9pp -17.2%-17.3pp 0.1%-39.0pp 39.2%+27.3pp 11.9%-2.3pp 14.2%+21.2pp -7.0%

Similar Companies

Frequently Asked Questions

Axon Enterprise (AXON) reported $2.8B in total revenue for fiscal year 2025. This represents a 33.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Axon Enterprise (AXON) revenue grew by 33.5% year-over-year, from $2.1B to $2.8B in fiscal year 2025.

Yes, Axon Enterprise (AXON) reported a net income of $124.7M in fiscal year 2025, with a net profit margin of 4.5%.

Axon Enterprise (AXON) reported diluted earnings per share of $1.51 for fiscal year 2025. This represents a -68.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Axon Enterprise (AXON) had EBITDA of $21.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Axon Enterprise (AXON) had $1.2B in cash and equivalents against $1.7B in long-term debt.

Axon Enterprise (AXON) had a gross margin of 59.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Axon Enterprise (AXON) had an operating margin of -2.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Axon Enterprise (AXON) had a net profit margin of 4.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Axon Enterprise (AXON) has a return on equity of 3.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Axon Enterprise (AXON) generated $75.1M in free cash flow during fiscal year 2025. This represents a -77.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Axon Enterprise (AXON) generated $211.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Axon Enterprise (AXON) had $7.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Axon Enterprise (AXON) invested $136.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Axon Enterprise (AXON) invested $684.3M in research and development during fiscal year 2025.

Axon Enterprise (AXON) had 80M shares outstanding as of fiscal year 2025.

Axon Enterprise (AXON) had a current ratio of 2.53 as of fiscal year 2025, which is generally considered healthy.

Axon Enterprise (AXON) had a debt-to-equity ratio of 0.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Axon Enterprise (AXON) had a return on assets of 1.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Axon Enterprise (AXON) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Axon Enterprise (AXON) has an earnings quality ratio of 1.70x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Axon Enterprise (AXON) has an interest coverage ratio of -0.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Axon Enterprise (AXON) scores 49 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

Back to top