Axon Enterprise Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Axon Enterprise has an operating margin of 2.8%, meaning the company retains $3 of operating profit per $100 of revenue. This below-average margin results in a low score of 14/100, suggesting thin profitability after operating expenses. This is down from 10.1% the prior year.
Axon Enterprise's revenue surged 33.4% year-over-year to $2.1B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Axon Enterprise carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Axon Enterprise's current ratio of 1.37 indicates adequate short-term liquidity, earning a score of 35/100. The company can meet its near-term obligations, though with limited headroom.
Axon Enterprise converts 15.8% of revenue into free cash flow ($329.5M). This strong cash generation earns a score of 79/100.
Axon Enterprise earns a strong 16.2% return on equity (ROE), meaning it generates $16 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 65/100. This is up from 10.9% the prior year.
Axon Enterprise scores 10.47, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($34.1B) relative to total liabilities ($2.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Axon Enterprise passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Axon Enterprise generates $1.08 in operating cash flow ($408.3M OCF vs $377.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
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).
Key Financial Metrics
Axon Enterprise generated $2.1B in revenue in fiscal year 2024. This represents an increase of 33.4% from the prior year.
Axon Enterprise's EBITDA was $107.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 39.3% from the prior year.
Axon Enterprise generated $329.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 154.2% from the prior year.
Axon Enterprise reported $377.0M in net income in fiscal year 2024. This represents an increase of 114.5% from the prior year.
Axon Enterprise earned $4.80 per diluted share (EPS) in fiscal year 2024. This represents an increase of 106.0% from the prior year.
Axon Enterprise held $454.8M in cash against $0 in long-term debt as of fiscal year 2024.
Axon Enterprise had 77M shares outstanding in fiscal year 2024. This represents an increase of 1.8% from the prior year.
Axon Enterprise's gross margin was 59.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.6 percentage points from the prior year.
Axon Enterprise's operating margin was 2.8% in fiscal year 2024, reflecting core business profitability. This is down 7.2 percentage points from the prior year.
Axon Enterprise's net profit margin was 18.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 6.8 percentage points from the prior year.
Axon Enterprise's ROE was 16.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 5.3 percentage points from the prior year.
Axon Enterprise invested $441.6M in research and development in fiscal year 2024. This represents an increase of 45.4% from the prior year.
Axon Enterprise invested $78.8M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 32.1% from the prior year.
AXON Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $710.6M+6.3% | $668.5M+10.8% | $603.6M+5.0% | $575.1M+14.3% | $503.2M+9.4% | $459.9M+6.9% | $430.4M+4.1% | $413.3M |
| Cost of Revenue | $283.3M+7.0% | $264.8M+11.3% | $237.9M+3.7% | $229.3M+16.3% | $197.1M-2.1% | $201.2M+21.0% | $166.4M+6.2% | $156.6M |
| Gross Profit | $427.3M+5.8% | $403.7M+10.4% | $365.7M+5.8% | $345.8M+13.0% | $306.2M+18.4% | $258.6M-2.0% | $264.0M+2.9% | $256.7M |
| R&D Expenses | $176.7M+8.7% | $162.6M+7.6% | $151.0M+12.2% | $134.6M+32.7% | $101.4M+11.3% | $91.1M+8.5% | $84.0M+9.2% | $76.9M |
| SG&A Expenses | $252.8M+4.4% | $242.2M+8.4% | $223.5M-1.5% | $227.0M+32.8% | $171.0M+13.2% | $151.1M+10.1% | $137.3M+12.2% | $122.4M |
| Operating Income | -$2.1M-105.5% | -$1.0M+88.2% | -$8.8M+44.2% | -$15.8M-146.7% | $33.8M+105.1% | $16.5M-61.5% | $42.7M-25.6% | $57.4M |
| Interest Expense | $28.9M+0.8% | $28.7M+266.8% | $7.8M+375.2% | $1.6M-12.0% | $1.9M+6.5% | $1.8M | N/A | N/A |
| Income Tax | $17.9M+123.9% | -$75.0M-467.4% | $20.4M+140.3% | -$50.6M-606.1% | $10.0M-69.3% | $32.5M+2563.6% | -$1.3M-112.7% | $10.4M |
| Net Income | -$2.2M-106.1% | $36.1M-58.9% | $88.0M-34.9% | $135.2M+226.0% | $41.5M-68.9% | $133.4M+133.7% | $57.1M-6.9% | $61.3M |
| EPS (Diluted) | $-0.03-106.8% | $0.44-59.3% | $1.08-35.7% | $1.68+217.0% | $0.53-69.4% | $1.73+130.7% | $0.75-7.4% | $0.81 |
AXON Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.7B+7.1% | $6.2B+2.2% | $6.1B+35.9% | $4.5B+19.6% | $3.7B+4.4% | $3.6B+5.2% | $3.4B+4.8% | $3.3B |
| Current Assets | $4.2B+10.1% | $3.8B+1.4% | $3.8B+64.4% | $2.3B+4.2% | $2.2B+0.3% | $2.2B-8.1% | $2.4B+6.0% | $2.3B |
| Cash & Equivalents | $1.4B+131.3% | $615.5M-43.7% | $1.1B+140.3% | $454.8M-19.7% | $566.5M+40.3% | $403.9M-32.5% | $598.5M+47.4% | $406.0M |
| Inventory | $317.5M+2.9% | $308.5M+10.3% | $279.7M+5.4% | $265.3M-4.5% | $277.8M+2.4% | $271.3M+0.5% | $269.9M+3.7% | $260.1M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $773.4M+1.5% | $762.2M+0.8% | $755.9M-0.1% | $756.8M+145.9% | $307.8M-0.2% | $308.5M+432.3% | $57.9M+1.0% | $57.3M |
| Total Liabilities | $3.6B+4.2% | $3.5B-1.3% | $3.5B+64.3% | $2.1B+18.4% | $1.8B+2.8% | $1.8B-1.7% | $1.8B+3.5% | $1.7B |
| Current Liabilities | $1.3B+4.1% | $1.3B-3.0% | $1.3B-20.3% | $1.7B+119.0% | $766.1M-45.2% | $1.4B+83.5% | $761.5M+6.1% | $717.8M |
| Long-Term Debt | $1.7B0.0% | $1.7B0.0% | $1.7B | $0 | N/A | N/A | $677.1M | N/A |
| Total Equity | $3.0B+10.8% | $2.7B+6.9% | $2.6B+9.8% | $2.3B+20.4% | $1.9B+6.1% | $1.8B+12.8% | $1.6B+5.9% | $1.5B |
| Retained Earnings | $933.9M-0.2% | $936.1M+4.0% | $900.0M+10.8% | $812.0M+34.2% | $605.3M+6.5% | $568.3M+30.7% | $435.0M+16.3% | $374.0M |
AXON Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $60.0M+165.4% | -$91.7M-455.5% | $25.8M-89.7% | $250.2M+202.3% | $82.8M+619.3% | -$15.9M-111.4% | $140.0M+122.7% | $62.9M |
| Capital Expenditures | $26.6M+16.0% | $23.0M-7.7% | $24.9M+0.2% | $24.8M+119.1% | $11.3M-30.1% | $16.2M-32.6% | $24.0M+71.8% | $14.0M |
| Free Cash Flow | $33.4M+129.1% | -$114.7M-12402.3% | $932K-99.6% | $225.4M+215.4% | $71.4M+322.3% | -$32.1M-127.7% | $116.0M+137.2% | $48.9M |
| Investing Cash Flow | $590.3M+252.7% | -$386.5M+45.0% | -$702.2M-59.0% | -$441.7M-637.8% | $82.1M+147.2% | -$174.0M-427.3% | $53.2M+143.6% | -$122.0M |
| Financing Cash Flow | $159.2M+3746.3% | -$4.4M-100.3% | $1.3B+4100.2% | -$32.8M-1402.5% | -$2.2M+19.4% | -$2.7M+29.0% | -$3.8M+46.4% | -$7.1M |
| 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 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.1%-0.2pp | 60.4%-0.2pp | 60.6%+0.5pp | 60.1%-0.7pp | 60.8%+4.6pp | 56.2%-5.1pp | 61.3%-0.8pp | 62.1% |
| Operating Margin | -0.3%-0.1pp | -0.1%+1.3pp | -1.5%+1.3pp | -2.7%-9.4pp | 6.7%+3.1pp | 3.6%-6.3pp | 9.9%-4.0pp | 13.9% |
| Net Margin | -0.3%-5.7pp | 5.4%-9.2pp | 14.6%-8.9pp | 23.5%+15.3pp | 8.2%-20.8pp | 29.0%+15.7pp | 13.3%-1.6pp | 14.8% |
| Return on Equity | N/A | 1.3%-2.1pp | 3.4%-2.4pp | 5.8%+3.7pp | 2.1%-5.2pp | 7.3%+3.8pp | 3.5%-0.5pp | 4.0% |
| Return on Assets | -0.0%-0.6pp | 0.6%-0.9pp | 1.5%-1.6pp | 3.0%+1.9pp | 1.1%-2.6pp | 3.7%+2.0pp | 1.7%-0.2pp | 1.9% |
| Current Ratio | 3.12+0.2 | 2.95+0.1 | 2.83+1.5 | 1.37-1.5 | 2.88+1.3 | 1.57-1.6 | 3.140.0 | 3.15 |
| Debt-to-Equity | 0.57-0.1 | 0.63-0.0 | 0.68+0.7 | 0.00-0.9 | 0.94-0.0 | 0.97+0.5 | 0.42-0.7 | 1.14 |
| FCF Margin | 4.7%+21.9pp | -17.2%-17.3pp | 0.1%-39.0pp | 39.2%+25.0pp | 14.2%+21.2pp | -7.0%-34.0pp | 27.0%+15.1pp | 11.8% |
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Frequently Asked Questions
What is Axon Enterprise's annual revenue?
Axon Enterprise (AXON) reported $2.1B in total revenue for fiscal year 2024. This represents a 33.4% 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.
How fast is Axon Enterprise's revenue growing?
Axon Enterprise (AXON) revenue grew by 33.4% year-over-year, from $1.6B to $2.1B in fiscal year 2024.
Is Axon Enterprise profitable?
Yes, Axon Enterprise (AXON) reported a net income of $377.0M in fiscal year 2024, with a net profit margin of 18.1%.
What is Axon Enterprise's earnings per share (EPS)?
Axon Enterprise (AXON) reported diluted earnings per share of $4.80 for fiscal year 2024. This represents a 106.0% 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.
What is Axon Enterprise's EBITDA?
Axon Enterprise (AXON) had EBITDA of $107.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Axon Enterprise have?
As of fiscal year 2024, Axon Enterprise (AXON) had $454.8M in cash and equivalents against $0 in long-term debt.
What is Axon Enterprise's gross margin?
Axon Enterprise (AXON) had a gross margin of 59.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Axon Enterprise's operating margin?
Axon Enterprise (AXON) had an operating margin of 2.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Axon Enterprise's net profit margin?
Axon Enterprise (AXON) had a net profit margin of 18.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Axon Enterprise's return on equity (ROE)?
Axon Enterprise (AXON) has a return on equity of 16.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Axon Enterprise's free cash flow?
Axon Enterprise (AXON) generated $329.5M in free cash flow during fiscal year 2024. This represents a 154.2% 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.
What is Axon Enterprise's operating cash flow?
Axon Enterprise (AXON) generated $408.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Axon Enterprise's total assets?
Axon Enterprise (AXON) had $4.5B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Axon Enterprise's capital expenditures?
Axon Enterprise (AXON) invested $78.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Axon Enterprise spend on research and development?
Axon Enterprise (AXON) invested $441.6M in research and development during fiscal year 2024.
How many shares does Axon Enterprise have outstanding?
Axon Enterprise (AXON) had 77M shares outstanding as of fiscal year 2024.
What is Axon Enterprise's current ratio?
Axon Enterprise (AXON) had a current ratio of 1.37 as of fiscal year 2024, which is considered adequate.
What is Axon Enterprise's debt-to-equity ratio?
Axon Enterprise (AXON) had a debt-to-equity ratio of 0.00 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Axon Enterprise's return on assets (ROA)?
Axon Enterprise (AXON) had a return on assets of 8.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Axon Enterprise's Altman Z-Score?
Axon Enterprise (AXON) has an Altman Z-Score of 10.47, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Axon Enterprise's Piotroski F-Score?
Axon Enterprise (AXON) has a Piotroski F-Score of 6 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.
Are Axon Enterprise's earnings high quality?
Axon Enterprise (AXON) has an earnings quality ratio of 1.08x, 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.
How financially healthy is Axon Enterprise?
Axon Enterprise (AXON) scores 65 out of 100 on our Financial Profile, indicating strong 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.