Axon Enterprise, Inc. (AXON) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.84	$1.88	+2.2%	—	$904.4M	—
Q1 26	$1.6	$1.61	+0.6%	—	$807.3M	—
Q4 25	$1.6	$2.15	+34.4%	—	$796.7M	—
Q3 25	$1.54	$1.17	-24.0%	—	$710.6M	—
Q2 25	$1.46	$2.12	+45.2%	—	$668.5M	—
Q1 25	$1.28	$1.41	+10.2%	—	$603.6M	—
Q4 24	$1.4	$2.08	+48.6%	—	$575.1M	—
Q3 24	$1.2	$1.45	+20.8%	—	$544.3M	—
Q2 24	$0.98	$1.2	+22.4%	—	$504.1M	—
Q1 24	$0.95	$1.15	+21.1%	—	$460.7M	—
Q4 23	$0.85	$1.12	+31.8%	—	$432.1M	—
Q3 23	$0.76	$1.02	+34.2%	—	$413.3M	—
Q2 23	$0.62	$1.11	+79.0%	—	$374.6M	—
Q1 23	$0.54	$0.88	+63.0%	—	$343M	—
Q4 22	$0.51	$0.7	+37.3%	—	$336.1M	—
Q3 22	$0.49	$0.6	+22.4%	—	$311.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.6	—	—	$2.8B	—
FY24	—	$4.98	—	—	$2.1B	—
FY23	—	$2.35	—	—	$1.6B	—
FY22	—	$2.07	—	—	$1.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$268.2M	$343.8M	$420.1M	$530.9M	$681M	$863.4M	$1.2B	$1.6B	$2.1B	$2.8B
YoY change	+35.6%	+28.2%	+22.2%	+26.4%	+28.3%	+26.8%	+37.8%	+31.4%	+33.2%	+33.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	268.2M	343.8M	420.1M	530.9M	681M	863.4M	1.2B	1.6B	2.1B	2.8B
Cost of revenue	97.7M	136.7M	161.5M	223.6M	264.7M	322.5M	461.3M	608M	841.1M	1.1B
Gross profit	170.5M	207.1M	258.6M	307.3M	416.3M	540.9M	728.6M	955.4M	1.2B	—
Gross margin	63.6%	60.2%	61.6%	57.9%	61.1%	62.7%	61.2%	61.1%	59.6%	—
Research & development	30.6M	55.4M	76.9M	100.7M	123.2M	194M	233.8M	303.7M	441.6M	684.3M
Selling, general & administrative	108.1M	138.7M	150.8M	213M	307.3M	515M	401.6M	496.9M	741.2M	1B
Operating expenses	138.7M	194.1M	227.7M	313.7M	430.5M	709M	635.4M	800.6M	1.2B	1.7B
Operating income	31.9M	13M	24.8M	-6.4M	-14.2M	-168.1M	93.3M	154.8M	58.5M	-62.1M
Operating margin	11.9%	3.79%	5.91%	-1.2%	-2.08%	-19.5%	7.84%	9.9%	2.81%	-2.23%
Non-operating income, net	0	—	—	—	—	25.3M	99M	-41.9M	286.4M	99.9M
Pretax income	31.5M	15.8M	28.1M	2.1M	-6.3M	-141.4M	196.5M	155M	381.5M	19M
Income tax	14.2M	10.6M	-1.1M	1.2M	-4.6M	-81.4M	49.4M	-19.2M	4.5M	-105.7M
Net income	17.3M	5.2M	29.2M	882K	-1.7M	-60M	147.1M	174.2M	377M	124.7M
Net margin	6.45%	1.51%	6.95%	0.17%	-0.25%	-6.95%	12.4%	11.1%	18.1%	4.48%
EBITDA	35.5M	21.1M	35.5M	5M	-1.7M	-149.4M	123.3M	236.9M	150.3M	57.9M
EPS	0.33	0.1	0.52	0.01	-0.03	-0.91	2.07	2.35	4.98	1.6
Diluted EPS	0.32	0.1	0.5	0.01	-0.03	-0.91	2.03	2.31	4.8	1.51

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	413.3M	432.1M	460.7M	504.1M	544.3M	575.1M	603.6M	668.5M	710.6M	796.7M	807.3M	904.4M
Cost of revenue	156.6M	168.3M	200.7M	200.4M	213.5M	229.3M	237.9M	264.8M	283.3M	335.4M	330.1M	357.9M
Gross profit	256.7M	263.9M	260M	303.7M	330.7M	345.8M	365.7M	403.7M	427.3M	461.3M	477.3M	546.4M
Gross margin	62.1%	61.1%	56.4%	60.3%	60.8%	60.1%	60.6%	60.4%	60.1%	57.9%	59.1%	60.4%
Research & development	76.9M	84M	91.1M	101.4M	114.5M	134.6M	151M	162.6M	176.7M	194M	188.9M	208.7M
Selling, general & administrative	122.4M	137.1M	152.7M	169.4M	192.2M	227M	223.5M	242.2M	252.8M	317.4M	259.1M	291M
Operating expenses	199.2M	221.1M	243.8M	270.9M	306.7M	361.6M	374.5M	404.8M	429.5M	511.4M	448M	499.7M
Operating income	57.4M	42.8M	16.3M	32.9M	24.1M	-15.8M	-8.8M	-1M	-2.1M	-50.1M	29.2M	46.8M
Operating margin	13.9%	9.91%	3.53%	6.52%	4.42%	-2.74%	-1.46%	-0.15%	-0.3%	-6.29%	3.62%	5.17%
Non-operating income, net	3.9M	—	139.1M	7.9M	44.5M	94.9M	114.4M	-32.4M	22.8M	-4.9M	189M	7.2M
Pretax income	71.7M	55.8M	165.7M	50.6M	79.6M	84.6M	108.4M	-38.9M	15.7M	-66.2M	200.2M	32.7M
Income tax	10.4M	-1.5M	32.5M	9.8M	12.5M	-50.6M	20.4M	-75M	17.9M	-69M	30.9M	3.3M
Net income	61.3M	57.3M	133.2M	40.8M	67M	135.2M	88M	36.1M	-2.2M	2.7M	169.3M	29.4M
Net margin	14.8%	13.3%	28.9%	8.09%	12.3%	23.5%	14.6%	5.4%	-0.31%	0.34%	21%	3.25%
EBITDA	69.9M	60.1M	39.2M	61.7M	50M	9.4M	-7.5M	39.5M	41.5M	-15.7M	70.3M	85.9M
EPS	0.82	0.76	1.77	0.54	0.89	1.77	1.14	0.46	-0.03	0.03	2.11	0.37
Diluted EPS	0.81	0.75	1.73	0.53	0.86	1.67	1.08	0.44	-0.03	0.03	2.05	0.36

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.3B	1.4B	2.5B	4.3B	7.6B	10.4B	11.8B	19.2B	45B	44.3B	34.5B
Enterprise value	1.2B	1.3B	2.1B	4B	7B	10B	11.5B	18.6B	44.8B	44.5B	36.1B
Shares outstanding	52.7M	52.7M	56.4M	59.2M	61.8M	66.2M	71.1M	74.2M	75.7M	78.1M	78.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	73.8	268.3	84.5	4.9K	—	—	80.2	110	119.4	355.7	178.5
P/S	4.76	4.06	5.87	8.17	11.1	12	9.91	12.3	21.6	16	10.9
P/B	8.46	8.34	5.28	7.98	7.75	9.92	9.3	11.9	19.3	13.7	9.51
EV/EBITDA	33.4	62.4	59.7	802.6	-4.2K	-66.7	93.5	78.3	297.7	769.5	218.6
EV/Sales	4.43	3.83	5.04	7.51	10.3	11.5	9.69	11.9	21.5	16	11.2
Earnings yield	1.35%	0.37%	1.18%	0.02%	—	—	1.25%	0.91%	0.84%	0.28%	0.56%
FCF yield	0.99%	0.5%	2.11%	1.14%	-0.45%	0.71%	1.52%	0.67%	0.73%	0.17%	0.64%
PEG	—	—	—	—	—	—	—	—	—	—	-9.12

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	63.6%	60.2%	61.6%	57.9%	61.1%	62.7%	61.2%	61.1%	59.6%	—	60.4%
Operating margin	11.9%	3.79%	5.91%	-1.2%	-2.08%	-19.5%	7.84%	9.9%	2.81%	-2.23%	5.17%
Net margin	6.45%	1.51%	6.95%	0.17%	-0.25%	-6.95%	12.4%	11.1%	18.1%	4.48%	6.19%
ROE	11.5%	3.11%	6.25%	0.16%	-0.18%	-5.73%	11.6%	10.8%	16.2%	3.84%	6.22%
ROA	6.22%	1.54%	4.06%	0.1%	-0.12%	-3.56%	5.16%	5.07%	8.43%	1.78%	0.51%
ROIC	28.2%	5.03%	21.1%	-1.41%	-3.42%	-26.9%	6.95%	15.4%	2.8%	-1.82%	0.49%
Return on tangible assets	7.63%	1.92%	4.58%	0.11%	-0.13%	-3.82%	5.37%	5.31%	14.4%	3.22%	6.39%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.27	1.9	3.36	3.12	3.83	2.65	3	3	1.37	2.53	2.15
Quick ratio	1.82	1.48	3.16	2.92	3.48	2.39	2.66	2.66	1.21	2.29	1.8
Debt / equity	0	0	—	—	—	0.02	0.56	0.44	0.31	0.59	0.5
Debt / assets	0	0	—	—	—	0.01	0.25	0.21	0.16	0.27	0.25
Net debt / EBITDA	-2.5	-3.89	—	—	—	2.83	-2.14	-2.57	-1.76	3.04	6.27
Interest coverage	—	—	—	—	—	—	403.7	23.2	54.7	1.2	2.59
Effective tax rate	45.1%	67%	0%	57.4%	0%	0%	25.1%	0%	1.17%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.09	6.52	7.45	8.97	11	13	16.7	21.1	27.5	35.6	40.5
EPS (basic)	0.33	0.1	0.52	0.01	-0.03	-0.91	2.07	2.35	4.98	1.6	1.6
EPS (diluted)	0.32	0.1	0.5	0.01	-0.03	-0.91	2.03	2.31	4.8	1.51	2.41
Book value per share	2.86	3.18	8.29	9.18	15.8	15.8	17.8	21.7	30.7	41.5	45.2
FCF per share	0.24	0.13	0.93	0.83	-0.56	1.12	2.52	1.74	4.35	0.96	1.61
Cash per share	1.69	1.55	6.2	5.93	9.1	6.69	13.7	17.8	13	22.2	8.53
Capex per share	0.09	0.2	0.2	0.27	1.17	0.75	0.78	0.8	1.04	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.83%	3.02%	2.65%	3%	10.7%	5.77%	4.67%	3.81%	3.78%	—	—
Capex / operating cash flow	15.5%	39.5%	15%	21.9%	145%	26.6%	14.4%	23.8%	11.1%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$413.3M	$432.1M	$460.7M	$504.1M	$544.3M	$575.1M	$603.6M	$668.5M	$710.6M	$796.7M	$807.3M	$904.4M
YoY change	+32.6%	+28.6%	+34.3%	+34.6%	+31.7%	+33.1%	+31%	+32.6%	+30.6%	+38.5%	+33.7%	+35.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	89.1M	82M	349.5M	350.8M	562M	443M	974.7M	1.3B	986.3M	1.7B
Receivables	39.5M	56.1M	130.6M	146.9M	229.2M	320.8M	358.2M	417.7M	547.6M	777.5M
Inventory	34.8M	45.5M	33.8M	38.8M	90M	108.7M	202.5M	269.9M	265.3M	341.8M
Total current assets	177.2M	205.2M	558.2M	609.5M	982M	1.1B	1.8B	2.4B	2.3B	3.7B
Property, plant & equipment	8.7M	12.8M	18.3M	33.3M	106.9M	136M	182.3M	204.6M	239.8M	368.1M
Goodwill & intangibles	51.3M	67.5M	81.8M	75.6M	69.3M	118.1M	114.3M	155M	1.9B	3.1B
Total assets	278.2M	338.1M	719.5M	845.6M	1.4B	1.7B	2.9B	3.4B	4.5B	7B
Accounts payable	10.7M	8.6M	15.2M	25.9M	24.1M	32.2M	59.9M	88.3M	72M	139.1M
Short-term debt	—	—	—	—	—	—	—	—	680.3M	80.6M
Total current liabilities	78M	108M	166M	195.6M	256.3M	418.5M	602.6M	800M	1.7B	1.5B
Long-term debt	118K	41K	—	—	—	20.4M	711.1M	710.7M	41.4M	1.8B
Total liabilities	127.3M	170.7M	252.2M	302.1M	404.8M	640.4M	1.6B	1.8B	2.1B	3.8B
Shareholders' equity	150.9M	167.4M	467.3M	543.5M	976.3M	1B	1.3B	1.6B	2.3B	3.2B
Total debt	118K	41K	—	—	—	20.4M	711.1M	710.7M	721.7M	1.9B
Net debt	-40.5M	-75.1M	—	—	—	-335.9M	357.4M	112.1M	266.8M	708.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.2B	1.3B	1.1B	1.1B	1.2B	986.3M	2.4B	2.2B	2.4B	1.7B	737M	692.5M
Receivables	442.8M	417.7M	476.8M	386.1M	512.7M	547.6M	600.4M	628M	—	—	—	768.6M
Inventory	260.1M	269.9M	271.3M	277.8M	272.3M	265.3M	279.7M	308.5M	317.5M	341.8M	408M	486.6M
Total current assets	2.3B	2.4B	2.2B	2.2B	2.4B	2.3B	3.8B	3.8B	4.2B	3.7B	2.7B	3B
Property, plant & equipment	187M	204.6M	209.2M	215.3M	235.9M	239.8M	259.9M	271.2M	283.2M	368.1M	336.4M	341.5M
Goodwill & intangibles	155.3M	155M	795.8M	786.7M	780.4M	1.9B	1.8B	1.8B	1.9B	3.1B	4.4B	4.4B
Total assets	3.3B	3.4B	3.6B	3.7B	4B	4.5B	6.1B	6.2B	6.7B	7B	7.1B	7.5B
Accounts payable	90M	88.3M	82.1M	104.1M	75.6M	72M	97.7M	118.1M	115M	139.1M	175.1M	270M
Short-term debt	—	—	—	—	—	680.3M	278.9M	279.2M	279.6M	80.6M	—	—
Total current liabilities	717.8M	800M	757.5M	766.1M	823.2M	1.7B	1.3B	1.3B	1.3B	1.5B	1.2B	1.4B
Long-term debt	711.6M	710.7M	710.4M	720.4M	720.7M	41.4M	1.8B	1.8B	1.8B	1.8B	1.8B	1.8B
Total liabilities	1.7B	1.8B	1.8B	1.8B	1.9B	2.1B	3.5B	3.5B	3.6B	3.8B	3.5B	3.8B
Shareholders' equity	1.5B	1.6B	1.8B	1.9B	2.1B	2.3B	2.6B	2.7B	3B	3.2B	3.5B	3.7B
Total debt	711.6M	710.7M	710.4M	720.4M	720.7M	721.7M	2B	2.1B	2.1B	1.9B	1.8B	1.8B
Net debt	305.6M	112.1M	306.6M	153.9M	25.6M	266.8M	953.8M	1.4B	675.3M	708.5M	1.4B	1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	17.3M	5.2M	29.2M	882K	-1.7M	-60M	147.1M	174.2M	377M	124.7M
Depreciation & amortization	3.7M	8M	10.6M	11.4M	12.5M	18.7M	24.4M	32.6M	48.4M	83.2M
Stock-based compensation	9.4M	15.6M	21.9M	78.5M	133.6M	303.3M	106.2M	131.4M	382.6M	634.2M
Change in working capital	5.6M	-5.8M	14.9M	-14.8M	-85.9M	-3.1M	71.3M	-16M	-35.1M	-217.2M
Operating cash flow	31.7M	26.3M	74.2M	72.9M	50M	187.7M	386.5M	249.8M	709.1M	211.3M
Capital expenditure	-4.9M	-10.4M	-11.1M	-15.9M	-72.5M	-49.8M	-55.5M	-59.5M	-78.8M	—
Investing cash flow	450K	20.1M	-9.3M	-240.3M	-356.3M	252.9M	-830.7M	13.1M	-490.6M	-588.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-33.7M	0	0	—	—	—	-74K	—	—	—
Financing cash flow	-35.1M	-5.2M	217.6M	-4.1M	299M	-225.8M	473.8M	-13.2M	-60M	1.9B
Net change in cash	-3M	41.2M	282.5M	-171.5M	-7.3M	214.8M	29.7M	249.8M	158.5M	1.5B
Free cash flow	12.7M	7M	52.2M	49.3M	-34.4M	74.2M	179.3M	129M	329.5M	75.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	61.2M	57.3M	133.2M	40.7M	67M	135.2M	88M	36.1M	-2.2M	2.7M	169.3M	29.4M
Depreciation & amortization	-1.3M	10.1M	11.6M	17.2M	13M	17.7M	19.5M	17.2M	19.6M	26.9M	30.4M	32.5M
Stock-based compensation	30M	35.1M	75.1M	74.8M	101.8M	130.9M	140.2M	139.2M	146.2M	208.6M	134.7M	144M
Change in working capital	-69.4M	94.3M	-115.4M	1.8M	-27.9M	138.9M	-48.4M	-242.5M	-67M	140.8M	-207.1M	-124.7M
Operating cash flow	12.6M	178.3M	81.5M	105.2M	141.4M	372.6M	188.7M	-91.7M	60M	217.2M	-31.5M	20.1M
Capital expenditure	-14M	-24M	-16.2M	-11.3M	-26.5M	-24.8M	-24.9M	—	—	—	—	—
Investing cash flow	-121.6M	53.2M	-174M	82.2M	43.1M	-441.7M	-702.2M	-363.6M	616.9M	-164.6M	-593.8M	172.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-7.1M	-3.8M	-2.7M	-2.2M	-17.4M	-37.7M	1.3B	-4.4M	159.2M	366.4M	-92.3M	-30.3M
Net change in cash	-116.2M	227.7M	-95.3M	185.2M	167.1M	-106.8M	799.7M	-459.6M	836.1M	419M	-717.6M	162M
Free cash flow	49.1M	116M	-32.1M	71.4M	64.8M	225.4M	932K	-114.7M	33.4M	155.4M	-54.6M	-972K

Axon Enterprise, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

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Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement