Axon Enterprise

Industrials Aerospace & Defense Scottsdale, Arizona Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$2.8B
                    3y CAGR +32.8%
                    
                    P100
                    
                    +33.5%
                    
                    Net income
                    FY2025
                
$124.7M
                    Net margin +4.5%
                    
                    P11
                    
                    -66.9%
                    
                    Total assets
                    FY2025
                
$7.0B
                    ROA +1.8%
                    
                    P4
                    
                    +56.4%
                    
                    Operating cash flow
                    FY2025
                
$211.3M
                    FCF margin +2.7%
                    
                    P3
                    
                    -48.2%

17 yrs · FY2009–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

32 accounts · 5 years

Total assets $7.0B

Total liabilities $3.8B

Shareholders equity $3.2B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$1.2B 164.1%	$454.8M -24.0%	$598.5M 69.2%	$353.7M -0.7%	$356.3M
Short Term Investments	$505.4M 51.7%	$333.2M -48.3%	$644.1M 10.7%	$581.8M 3909.4%	$14.5M
Accounts Receivable	$4.2M -53.0%	$8.9M 40.5%	$6.4M 9.5%	$5.8M 4.6%	$5.6M
Inventory	$341.8M 28.8%	$265.3M -1.7%	$269.9M 33.3%	$202.5M 86.3%	$108.7M
Other Current Assets	$428.2M 80.2%	$237.6M 24.4%	$191.0M 19.7%	$159.6M 62.5%	$98.2M
Total Current Assets	$3.7B 61.6%	$2.3B -4.0%	$2.4B 32.6%	$1.8B 62.7%	$1.1B
Property,Plant and Equipment	$331.0M 33.8%	$247.3M 23.3%	$200.5M 18.1%	$169.8M 22.7%	$138.5M
Goodwill	$1.4B 81.0%	$756.8M 1206.1%	$57.9M 28.8%	$45.0M 3.2%	$43.6M
Intangible Assets	$197.0M 12.5%	$175.2M 796.4%	$19.5M 60.7%	$12.2M -21.4%	$15.5M
Deferred Tax Assets	$359.8M 18.2%	$304.3M 33.6%	$227.8M 45.2%	$156.9M 23.3%	$127.2M
Other Noncurrent Assets	$428.2M 80.2%	$237.6M 24.4%	$191.0M 19.7%	$159.6M 62.5%	$98.2M
Total Assets	$7.0B 56.4%	$4.5B 31.3%	$3.4B 19.5%	$2.9B 68.9%	$1.7B
Liabilities
Accounts Payable	$139.1M 93.3%	$72.0M 9.3%	$65.9M 9.9%	$59.9M 86.0%	$32.2M
Accrued Liabilities	$510.5M 82.9%	$279.2M 44.2%	$193.6M 24.1%	$155.9M 50.4%	$103.7M
Deferred Revenue	$714.7M 16.6%	$613.0M 30.3%	$470.4M 30.7%	$360.0M 35.6%	$265.6M
Current Portion of Long Term Debt	$80.6M -88.2%	$680.3M	—	—	—
Other Current Liabilities	$9.1M -29.2%	$12.9M 31.4%	$9.8M 53.9%	$6.4M -2.8%	$6.5M
Total Current Liabilities	$1.5B 47.4%	$997.6M 31.0%	$761.5M 26.4%	$602.6M 44.0%	$418.5M
Long Term Debt	$1.7B	$0	$0	$0	$0
Deferred Revenue Noncurrent	$359.9M -0.2%	$360.7M 33.1%	$270.9M 9.2%	$248.0M 33.5%	$185.7M
Operating Lease Liabilities Noncurrent	$98.9M 139.1%	$41.4M 23.3%	$33.5M -9.7%	$37.1M 81.7%	$20.4M
Deferred Tax Liabilities	$0 -100.0%	$110.4M 306.2%	$27.2M 7.4%	$25.3M 37.8%	$18.4M
Other Noncurrent Liabilities	$50.4M 93.3%	$26.1M 24.8%	$20.9M 353.4%	$4.6M -82.1%	$25.8M
Total Liabilities	$3.8B 75.0%	$2.1B 19.7%	$1.8B 13.3%	$1.6B 147.3%	$640.4M
Equity
Preferred Stock	$0	$0	$0 -100.0%	$25.0M 0.0%	$25.0M
Common Stock	$1.0K 0.0%	$1.0K 0.0%	$1.0K 0.0%	$1.0K 0.0%	$1.0K
Additional Paid In Capital	$2.5B 46.5%	$1.7B 25.4%	$1.3B 14.7%	$1.2B 7.2%	$1.1B
Retained Earnings	$936.7M 15.4%	$812.0M 86.7%	$435.0M 69.2%	$257.0M 133.9%	$109.9M
Treasury Stock	$157.2M 0.8%	$155.9M 0.0%	$155.9M 0.0%	$155.9M 0.0%	$155.9M
Accumulated Other Comprehensive Income	$-11.8M 35.1%	$-18.2M -70.3%	$-10.7M -48.8%	$-7.2M -445.1%	$-1.3M
Total Stockholders Equity	$3.2B 39.3%	$2.3B 44.1%	$1.6B 27.2%	$1.3B 21.0%	$1.1B
Total Liabilitiesand Equity	$7.0B 56.4%	$4.5B 31.3%	$3.4B 19.5%	$2.9B 68.9%	$1.7B

Income Statement

Revenue, expense, and profitability

20 accounts · 5 years

Revenue $2.8B

Operating income $-62.1M

Net income $124.7M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$2.8B 33.5%	$2.1B 33.4%	$1.6B 31.5%	$1.2B 37.5%	$863.4M
Expenses Cost of Revenue	$1.1B 33.3%	$841.1M 39.0%	$605.2M 31.3%	$461.0M 43.0%	$322.5M
Expenses Research and Development	$684.3M 55.0%	$441.6M 45.4%	$303.7M 29.9%	$233.8M 20.5%	$194.0M
Expenses Selling,General and Administrative	$1.0B 39.8%	$741.2M 49.8%	$494.9M 23.9%	$399.3M -22.5%	$515.0M
Expenses Depreciation and Amortization	$83.2M 71.7%	$48.4M 150.7%	$19.3M -16.4%	$23.1M 23.7%	$18.7M
Expenses Share Based Compensation	$634.2M 65.8%	$382.6M 191.3%	$131.4M 23.7%	$106.2M -65.0%	$303.3M
Expenses Restructuring and Asset Impairment	$31.8M	$0	$0	$0	$0
Expenses Operating Expenses	$1.7B 45.4%	$1.2B 48.1%	$798.6M 26.1%	$633.1M -10.7%	$709.0M
Other Income Expense Gross Profit	$1.7B 33.6%	$1.2B 29.9%	$955.5M 31.6%	$726.1M 34.2%	$540.9M
Other Income Expense Operating Income	$-62.1M -206.0%	$58.5M -62.7%	$156.8M 68.7%	$93.0M 155.3%	$-168.1M
Other Income Expense Interest Income	$75.4M 106.1%	$36.6M -13.1%	$42.1M 880.7%	$4.3M 189.5%	$1.5M
Other Income Expense Other Income/expense	$99.9M -65.1%	$286.4M 783.4%	$-41.9M -142.3%	$99.0M 291.7%	$25.3M
Other Income Expense Income Before Tax	$19.0M -95.0%	$381.5M 142.9%	$157.1M -20.0%	$196.2M 238.8%	$-141.4M
Income Tax Income Tax Expense	$-105.7M -2464.3%	$4.5M 123.9%	$-18.7M -138.0%	$49.3M 160.6%	$-81.4M
net Income net Income	$124.7M -66.9%	$377.0M 114.5%	$175.8M 19.6%	$146.9M 344.8%	$-60.0M
net Income Comprehensive Income	$131.0M -64.5%	$369.5M 114.5%	$172.3M 22.1%	$141.1M 329.5%	$-61.5M
Earnings Per Share Basic Eps	$2 -67.9%	$5 110.1%	$2 14.5%	$2 327.5%	$-1
Earnings Per Share Diluted Eps	$2 -68.5%	$5 106.0%	$2 14.8%	$2 323.1%	$-1
Earnings Per Share Weighted Average Shares Basic	$78.1M 3.1%	$75.7M 2.1%	$74.2M 4.4%	$71.1M 7.4%	$66.2M
Earnings Per Share Weighted Average Shares Diluted	$82.4M 4.9%	$78.6M 4.1%	$75.5M 4.0%	$72.5M 9.6%	$66.2M

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $211.3M

Investing cash flow $-724.9M

Financing cash flow $1.3B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$124.7M -66.9%	$377.0M 114.5%	$175.8M 19.6%	$146.9M 344.8%	$-60.0M
Operating Activities Depreciation and Amortization	$83.2M 71.7%	$48.4M 150.7%	$19.3M -16.4%	$23.1M 23.7%	$18.7M
Operating Activities Stock Based Compensation	$634.2M 65.8%	$382.6M 191.3%	$131.4M 23.7%	$106.2M -65.0%	$303.3M
Operating Activities Deferred Income Taxes	$-82.7M 2.8%	$-85.1M -17.4%	$-72.5M -429.2%	$22.0M 127.1%	$-81.3M
Operating Activities Changes In Operating Assets and Liabilities	$430.0M 123.2%	$192.6M -36.8%	$304.8M 3.5%	$294.6M 51.9%	$193.9M
Operating Activities net Cash From Operating Activities	$211.3M -48.2%	$408.3M 115.7%	$189.3M -19.6%	$235.4M 89.1%	$124.5M
Investing Activities Capital Expenditures	$136.3M 72.9%	$78.8M 32.1%	$59.6M 6.9%	$55.8M 11.9%	$49.9M
Investing Activities Business Acquisitions	$646.9M 4.0%	$621.8M 2848.4%	$21.1M 902.4%	$2.1M -90.6%	$22.4M
Investing Activities Purchases of Investments	$2.1B 161.7%	$793.4M 40.8%	$563.7M -33.3%	$845.2M 133.2%	$362.5M
Investing Activities Proceeds From Sale of Investments	$2.1B 112.7%	$1.0B 52.6%	$657.4M 811.3%	$72.1M -90.0%	$718.6M
Investing Activities Other Investing Activities	$49.0K 190.7%	$-54.0K -110.1%	$537.0K 2585.0%	$20.0K	—
Investing Activities net Cash From Investing Activities	$-724.9M -47.8%	$-490.6M -4032.1%	$12.5M 101.5%	$-831.0M -429.0%	$252.6M
Financing Activities Proceeds From Debt	$1.8B	$0	$0 -100.0%	$124.3M	—
Financing Activities Proceeds From Stock Issuance	$0 -100.0%	$14.6M -73.3%	$54.5M	$0 -100.0%	$51.6M
Financing Activities Tax Withholding On Stock Based Compensation	$351.0M 503.3%	$58.2M -46.1%	$107.9M 2115.5%	$4.9M -98.5%	$331.3M
Financing Activities Other Financing Activities	$-224.0K 87.8%	$-1.8M	$0	$0	$0
Financing Activities net Cash From Financing Activities	$1.3B 2856.5%	$-45.4M -210.0%	$41.3M -93.1%	$598.1M 443.4%	$-174.2M
Cash Reconciliation Effect of Exchange Rate On Cash	$7.8M 224.9%	$-6.2M -400.7%	$2.1M 161.1%	$-3.4M -70.5%	$-2.0M
Cash Reconciliation net Change In Cash	$746.6M 657.6%	$-133.9M -154.6%	$245.1M 27765.7%	$-886.0K -100.4%	$200.9M
Cash Reconciliation Cash At Beginning of Period	$1.2B 160.0%	$466.8M -22.3%	$600.7M 68.9%	$355.6M -0.2%	$356.4M
Cash Reconciliation Cash At End of Period	$1.2B 160.0%	$466.8M -22.3%	$600.7M 68.9%	$355.6M -0.2%	$356.4M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+59.7%	+59.6%	+61.2%	+61.2%	+62.7%
Operating margin	-2.2%	+2.8%	+10.0%	+7.8%	-19.5%
Net margin	+4.5%	+18.1%	+11.3%	+12.4%	-7.0%
FCF margin	+2.7%	+15.8%	+8.3%	+15.1%	+8.6%
Growth
Revenue CAGR (3y)	+32.8%	+34.1%	+31.8%	+30.8%	+27.1%
Returns
ROE	+3.8%	+16.2%	+10.9%	+11.6%	-5.7%
ROA	+1.8%	+8.4%	+5.2%	+5.2%	-3.6%
ROIC	-1.6%	+2.3%	+15.4%	+7.6%	-24.2%
Liquidity
Current ratio	2.53x	2.30x	3.14x	3.00x	2.65x
Quick ratio	0.82x	0.46x	0.79x	0.60x	0.86x
Leverage
D/E	1.16x	0.92x	1.11x	1.25x	0.61x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.40x	0.47x	0.46x	0.42x	0.51x
Cash conversion cycle	+67d	+85d	+125d	+115d	+89d

Valuation

Price against fundamentals

AXON $752 · 2025-09-17 · 363d old · FY2025

Market cap $61.9B

P/E 496.78x

P/S 22.28x

P/B 19.10x

EV $62.5B

EV/EBITDA 2965.91x

FCF yield +0.1%

Dividend yield —

Notes

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