FirmAtlas
Company handbook · AXON · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
AXON · CIK 1069183 · LATEST FILING: 10-Q JUN '26 · FILED AUG 6, 2026
Axon Enterprise, Inc.
$390.29
−26.90 (−6.45%)
Close, Oct 16, 2026 · 52-week $339–764
Last fiscal year
Axon Enterprise, Inc. reported revenue of $2.8B for the year ended Dec 31, 2025 (FY25), up 33.5% from FY24. Net income was $125M, operating cash flow $211M and free cash flow $75M. Source: 10-K filed Feb 25, 2026.
Market cap
$31.3B
P/E
157.1
EV/EBITDA
1492.9x
P/B
8.5
ROIC
−2.0%
Revenue 1Y
33.5%/yr
EPS 1Y
−68.5%/yr
Shares 1Y
+5%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOPatrick Smith
HQScottsdale, AZ
AuditorPricewaterhouseCoopers LLP
Employees5,100
Year endsDecember
Revenue by segment · FY25
Connected Devices57%
Evidence Com And Video43%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
32.9%
17.0%
21.0%
−40.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.5B deployed
Capex
$215M
14.5%
Acquisitions
$1.3B
85.5%
Operating cash flow over the period: $620M. Total debt changed by +$531M. R&D of $1.1B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
2,083
2,780+33.5%
3,219
YoY
+33.5%
Gross profit
1,241
1,658+33.6%
1,912
Gross margin
59.6%
59.7%+0.0 pp
—
Operating income
59
(62)−206.0%
24
Operating margin
2.8%
−2.2%−5.0 pp
—
EBITDA
107
21−80.3%
—
EBITDA margin
5.1%
0.8%−4.4 pp
—
Interest expense
7
94+1227.7%
—
Interest coverage
15.07x
0.22x−14.85x
—
Net income
377
125−66.9%
199
YoY
−66.9%
Net margin
18.1%
4.5%−13.6 pp
—
EPS (diluted, $)
4.80
1.51−68.5%
2.41
YoY
−68.5%
Balance sheet
Total assets
4,475
7,000+56.4%
7,481
Cash & short-term investments
800
1,719+114.9%
—
Inventory
265
342+28.8%
—
Net PP&E
247
331+33.8%
—
Other assets
3,162
4,609+45.8%
—
Total liabilities
2,147
3,758+75.0%
3,807
Accounts payable
72
139+93.3%
—
Total debt
1,361
1,891+39.0%
1,732
Other liabilities
714
1,727+141.8%
—
Shareholders’ equity
2,328
3,243+39.3%
3,675
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
408
211−48.2%
266
Net income
377
125−66.9%
—
Depreciation & amortization
48
83+71.7%
—
Stock-based compensation
383
634+65.8%
—
Working capital & other
(400)
(631)n/m
—
Cash from investing
(491)
(725)n/m
—
Capex
(79)
(136)n/m
—
Acquisitions
(622)
(647)n/m
—
Investments bought
(793)
(2,076)n/m
—
Investments sold / matured
1,003
2,135+112.7%
—
Other investing
0.1
(0.0)−190.7%
—
Cash from financing
(45)
1,252n/m
—
Debt raised
0
1,750n/m
—
Shares issued
15
0−100.0%
—
Other financing
(60)
(498)n/m
—
Net change in cash
(134)
747n/m
—
Free cash flow (OCF − capex)
330
75−77.2%
133
Where the cash went
Operating cash flow
408
211−48.2%
266
Reinvested in the business
701
783+11.8%
—
% of operating cash flow
171.6%
370.6%
Capex
79
136+72.9%
133
Acquisitions
622
647+4.0%
—
R&D (memo, already in costs)
442
684+55.0%
—
Free cash flow
330
75−77.2%
133
YoY
−77.2%
Change in total debt
—
531
—
Cash left over
—
(41)
—
FCF conversion (FCF ÷ net income)
87.4%
60.2%−27.2 pp
—
Owner earnings
—
62
—
Owner earnings margin
—
2.2%
—
Returns & ratios
ROIC (all capital)
2.0%
−2.0%−4.0 pp
—
ROIC (operating)
13.1%
−12.7%−25.9 pp
—
Net debt / EBITDA
5.24x
8.18x+2.94x
—
Debt / equity
0.58x
0.58x−0.00x
—
ROE
16.2%
3.8%−12.4 pp
—
ROA
8.4%
1.8%−6.6 pp
—
ROCE
2.1%
−1.1%−3.2 pp
—
NOPAT
58
(62)−207.3%
—
Invested capital (operating)
441
534+21.1%
—
Invested capital (all)
2,888
3,415+18.2%
—
Reinvestment rate
—
−149.8%
—
Inventory days
115
111−4 d
—
Days payable
31
45+14 d
—
Net debt is 8.2x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
711
797
807
904
vs year-ago quarter
Gross profit
427
461
477
546
Gross margin
60.1%
57.9%
59.1%
60.4%
Operating income
(2)
(50)
29
47
Net income
(2)
3
169
29
vs year-ago quarter
Net margin
−0.3%
0.3%
21.0%
3.3%
EPS (diluted, $)
−0.03
0.03
2.05
0.36
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
6,657
7,000
7,067
7,481
Cash & equivalents
1,436
1,719
737
693
Total debt
2,288
1,891
1,731
1,732
Shareholders’ equity
3,028
3,243
3,534
3,675
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
60
217
(32)
20
Capex
27
62
23
21
Free cash flow
33
155
(55)
(1.0)
vs year-ago quarter