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 · 10 years

Total assets $7.0B

Total liabilities $3.8B

Shareholders equity $3.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	$1.2B 164.1%	$454.8M -24.0%	$598.5M 69.2%	$353.7M -0.7%	$356.3M 129.2%	$155.4M -9.8%	$172.2M -50.7%	$349.5M 365.3%	$75.1M 84.8%	$40.7M
Short Term Investments	$505.4M 51.7%	$333.2M -48.3%	$644.1M 10.7%	$581.8M 3909.4%	$14.5M -96.4%	$406.5M 127.7%	$178.5M	$0 -100.0%	$6.9M -85.8%	$48.4M
Accounts Receivable	$4.2M -53.0%	$8.9M 40.5%	$6.4M 9.5%	$5.8M 4.6%	$5.6M 1.3%	$5.5M 249.8%	$1.6M -16.7%	$1.9M 149.6%	$754.0K 70.2%	$443.0K
Inventory	$341.8M 28.8%	$265.3M -1.7%	$269.9M 33.3%	$202.5M 86.3%	$108.7M 20.8%	$90.0M 131.6%	$38.8M 15.1%	$33.8M -25.7%	$45.5M 30.5%	$34.8M
Other Current Assets	$428.2M 80.2%	$237.6M 24.4%	$191.0M 19.7%	$159.6M 62.5%	$98.2M 22.9%	$79.9M 98.8%	$40.2M 74.8%	$23.0M 49.7%	$15.4M 10.4%	$13.9M
Total Current Assets	$3.7B 61.6%	$2.3B -4.0%	$2.4B 32.6%	$1.8B 62.7%	$1.1B 13.0%	$982.0M 58.6%	$619.1M 10.9%	$558.2M 172.0%	$205.2M 15.8%	$177.2M
Property,Plant and Equipment	$331.0M 33.8%	$247.3M 23.3%	$200.5M 18.1%	$169.8M 22.7%	$138.5M 31.2%	$105.5M 141.0%	$43.8M 15.5%	$37.9M 21.6%	$31.2M 29.9%	$24.0M
Goodwill	$1.4B 81.0%	$756.8M 1206.1%	$57.9M 28.8%	$45.0M 3.2%	$43.6M 72.9%	$25.2M 0.8%	$25.0M 0.1%	$25.0M 67.4%	$14.9M 43.0%	$10.4M
Intangible Assets	$197.0M 12.5%	$175.2M 796.4%	$19.5M 60.7%	$12.2M -21.4%	$15.5M 63.7%	$9.4M -26.0%	$12.8M -19.9%	$15.9M -15.3%	$18.8M 23.7%	$15.2M
Deferred Tax Assets	$359.8M 18.2%	$304.3M 33.6%	$227.8M 45.2%	$156.9M 23.3%	$127.2M 177.9%	$45.8M 65.3%	$27.7M 43.1%	$19.3M 22.8%	$15.8M -41.9%	$27.1M
Other Noncurrent Assets	$428.2M 80.2%	$237.6M 24.4%	$191.0M 19.7%	$159.6M 62.5%	$98.2M 22.9%	$79.9M 98.8%	$40.2M 74.8%	$23.0M 49.7%	$15.4M 10.4%	$13.9M
Total Assets	$7.0B 56.4%	$4.5B 31.3%	$3.4B 19.5%	$2.9B 68.9%	$1.7B 22.2%	$1.4B 63.3%	$845.6M 17.5%	$719.5M 112.8%	$338.1M 21.6%	$278.2M
Liabilities
Accounts Payable	$139.1M 93.3%	$72.0M 9.3%	$65.9M 9.9%	$59.9M 86.0%	$32.2M 33.5%	$24.1M -6.7%	$25.9M 70.6%	$15.2M 76.5%	$8.6M -20.0%	$10.7M
Accrued Liabilities	$510.5M 82.9%	$279.2M 44.2%	$193.6M 24.1%	$155.9M 50.4%	$103.7M 73.3%	$59.8M 33.0%	$45.0M 9.5%	$41.1M 74.8%	$23.5M 28.8%	$18.2M
Deferred Revenue	$714.7M 16.6%	$613.0M 30.3%	$470.4M 30.7%	$360.0M 35.6%	$265.6M 62.0%	$164.0M 39.1%	$117.9M 10.1%	$107.0M 52.0%	$70.4M 56.0%	$45.1M
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 20.4%	$5.4M 41.0%	$3.9M 10313.5%	$37.0K -58.4%	$89.0K 11.3%	$80.0K
Total Current Liabilities	$1.5B 47.4%	$997.6M 31.0%	$761.5M 26.4%	$602.6M 44.0%	$418.5M 63.3%	$256.3M 31.1%	$195.6M 17.8%	$166.0M 53.8%	$108.0M 38.3%	$78.0M
Long Term Debt	$1.7B	$0	$0	$0	$0	$0	$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 67.0%	$111.2M 26.5%	$87.9M 18.2%	$74.4M 35.6%	$54.9M 37.0%	$40.1M
Operating Lease Liabilities Noncurrent	$98.9M 139.1%	$41.4M 23.3%	$33.5M -9.7%	$37.1M 81.7%	$20.4M 7.8%	$19.0M 179.0%	$6.8M	—	—	—
Deferred Tax Liabilities	$0 -100.0%	$110.4M 306.2%	$27.2M 7.4%	$25.3M 37.8%	$18.4M 39.9%	$13.1M 61.6%	$8.1M 133.2%	$3.5M -5.4%	$3.7M -10.9%	$4.1M
Other Noncurrent Liabilities	$50.4M 93.3%	$26.1M 24.8%	$20.9M 353.4%	$4.6M -82.1%	$25.8M -5.5%	$27.3M 159.8%	$10.5M 84.4%	$5.7M 366.0%	$1.2M -46.5%	$2.3M
Total Liabilities	$3.8B 75.0%	$2.1B 19.7%	$1.8B 13.3%	$1.6B 147.3%	$640.4M 58.2%	$404.8M 34.0%	$302.1M 19.8%	$252.2M 47.8%	$170.7M 34.1%	$127.3M
Equity
Preferred Stock	$0	$0	$0 -100.0%	$25.0M 0.0%	$25.0M 0.0%	$25.0M	$0	$0	$0	$0
Common Stock	$1.0K 0.0%	$1.0K 0.0%	$1.0K 0.0%	$1.0K 0.0%	$1.0K 0.0%	$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 13.8%	$962.2M 82.1%	$528.3M 16.5%	$453.4M 124.8%	$201.7M 7.5%	$187.7M
Retained Earnings	$936.7M 15.4%	$812.0M 86.7%	$435.0M 69.2%	$257.0M 133.9%	$109.9M -35.3%	$169.9M -1.4%	$172.3M 0.5%	$171.4M 39.1%	$123.2M 4.2%	$118.3M
Treasury Stock	$157.2M 0.8%	$155.9M 0.0%	$155.9M 0.0%	$155.9M 0.0%	$155.9M 0.0%	$155.9M 0.0%	$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 -1034.0%	$141.0K 112.9%	$-1.1M 27.6%	$-1.5M -3.1%	$-1.5M -262.5%	$903.0K
Total Stockholders Equity	$3.2B 39.3%	$2.3B 44.1%	$1.6B 27.2%	$1.3B 21.0%	$1.1B 7.6%	$976.3M 79.6%	$543.5M 16.3%	$467.3M 179.1%	$167.4M 11.0%	$150.9M
Total Liabilitiesand Equity	$7.0B 56.4%	$4.5B 31.3%	$3.4B 19.5%	$2.9B 68.9%	$1.7B 22.2%	$1.4B 63.3%	$845.6M 17.5%	$719.5M 112.8%	$338.1M 21.6%	$278.2M

Income Statement

Revenue, expense, and profitability

20 accounts · 10 years

Revenue $2.8B

Operating income $-62.1M

Net income $124.7M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	$2.8B 33.5%	$2.1B 33.4%	$1.6B 31.5%	$1.2B 37.5%	$863.4M 26.8%	$681.0M 28.3%	$530.9M 26.4%	$420.1M 22.2%	$343.8M 28.2%	$268.2M
Expenses Cost of Revenue	$1.1B 33.3%	$841.1M 39.0%	$605.2M 31.3%	$461.0M 43.0%	$322.5M 21.8%	$264.7M 18.4%	$223.6M 38.4%	$161.5M 18.1%	$136.7M 39.9%	$97.7M
Expenses Research and Development	$684.3M 55.0%	$441.6M 45.4%	$303.7M 29.9%	$233.8M 20.5%	$194.0M 57.5%	$123.2M 22.3%	$100.7M 31.1%	$76.9M 38.8%	$55.4M 80.9%	$30.6M
Expenses Selling,General and Administrative	$1.0B 39.8%	$741.2M 49.8%	$494.9M 23.9%	$399.3M -22.5%	$515.0M 67.6%	$307.3M 44.3%	$213.0M 35.7%	$156.9M 13.1%	$138.7M 28.3%	$108.1M
Expenses Depreciation and Amortization	$83.2M 71.7%	$48.4M 150.7%	$19.3M -16.4%	$23.1M 23.7%	$18.7M 49.9%	$12.5M 9.8%	$11.4M 7.0%	$10.6M 32.0%	$8.0M 119.8%	$3.7M
Expenses Share Based Compensation	$634.2M 65.8%	$382.6M 191.3%	$131.4M 23.7%	$106.2M -65.0%	$303.3M 127.1%	$133.6M 70.2%	$78.5M 258.8%	$21.9M 40.2%	$15.6M 66.6%	$9.4M
Expenses Restructuring and Asset Impairment	$31.8M	$0	$0	$0	$0	$0	$0	$0	$0 -100.0%	$600.0K
Expenses Operating Expenses	$1.7B 45.4%	$1.2B 48.1%	$798.6M 26.1%	$633.1M -10.7%	$709.0M 64.7%	$430.5M 37.2%	$313.7M 34.2%	$233.7M 20.4%	$194.1M 39.9%	$138.7M
Other Income Expense Gross Profit	$1.7B 33.6%	$1.2B 29.9%	$955.5M 31.6%	$726.1M 34.2%	$540.9M 29.9%	$416.3M 35.5%	$307.3M 18.8%	$258.6M 24.9%	$207.1M 21.4%	$170.5M
Other Income Expense Operating Income	$-62.1M -206.0%	$58.5M -62.7%	$156.8M 68.7%	$93.0M 155.3%	$-168.1M -1088.1%	$-14.2M -121.3%	$-6.4M -125.7%	$24.8M 90.7%	$13.0M -59.1%	$31.9M
Other Income Expense Interest Income	$75.4M 106.1%	$36.6M -13.1%	$42.1M 880.7%	$4.3M 189.5%	$1.5M -81.1%	$7.9M -7.1%	$8.5M 159.4%	$3.3M 19.2%	$2.7M 873.4%	$-354.0K
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 -2147.3%	$-6.3M -403.9%	$2.1M -92.6%	$28.1M 78.3%	$15.8M -50.0%	$31.5M
Income Tax Income Tax Expense	$-105.7M -2464.3%	$4.5M 123.9%	$-18.7M -138.0%	$49.3M 160.6%	$-81.4M -1681.4%	$-4.6M -484.4%	$1.2M 207.9%	$-1.1M -110.4%	$10.6M -25.7%	$14.2M
net Income net Income	$124.7M -66.9%	$377.0M 114.5%	$175.8M 19.6%	$146.9M 344.8%	$-60.0M -3381.3%	$-1.7M -295.5%	$882.0K -97.0%	$29.2M 460.9%	$5.2M -69.9%	$17.3M
net Income Comprehensive Income	$131.0M -64.5%	$369.5M 114.5%	$172.3M 22.1%	$141.1M 329.5%	$-61.5M -12523.4%	$-487.0K -137.5%	$1.3M -95.5%	$29.2M 927.8%	$2.8M -84.3%	$18.1M
Earnings Per Share Basic Eps	$2 -67.9%	$5 110.1%	$2 14.5%	$2 327.5%	$-1 -2933.3%	$-0 -400.0%	$0 -98.1%	$1 420.0%	$0 -69.7%	$0
Earnings Per Share Diluted Eps	$2 -68.5%	$5 106.0%	$2 14.8%	$2 323.1%	$-1 -2933.3%	$-0 -400.0%	$0 -98.0%	$0 400.0%	$0 -68.8%	$0
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 7.1%	$61.8M 4.4%	$59.2M 5.0%	$56.4M 7.0%	$52.7M 0.1%	$52.7M
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 7.1%	$61.8M 2.9%	$60.0M 3.6%	$57.9M 7.5%	$53.9M 0.7%	$53.5M

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $211.3M

Investing cash flow $-724.9M

Financing cash flow $1.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	$124.7M -66.9%	$377.0M 114.5%	$175.8M 19.6%	$146.9M 344.8%	$-60.0M -3381.3%	$-1.7M -295.5%	$882.0K -97.0%	$29.2M 460.9%	$5.2M -69.9%	$17.3M
Operating Activities Depreciation and Amortization	$83.2M 71.7%	$48.4M 150.7%	$19.3M -16.4%	$23.1M 23.7%	$18.7M 49.9%	$12.5M 9.8%	$11.4M 7.0%	$10.6M 32.0%	$8.0M 119.8%	$3.7M
Operating Activities Stock Based Compensation	$634.2M 65.8%	$382.6M 191.3%	$131.4M 23.7%	$106.2M -65.0%	$303.3M 127.1%	$133.6M 70.2%	$78.5M 258.8%	$21.9M 40.2%	$15.6M 66.6%	$9.4M
Operating Activities Deferred Income Taxes	$-82.7M 2.8%	$-85.1M -17.4%	$-72.5M -429.2%	$22.0M 127.1%	$-81.3M -391.9%	$-16.5M -106.9%	$-8.0M -122.4%	$-3.6M -226.9%	$2.8M 154.8%	$-5.2M
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 65.3%	$117.3M 305.6%	$28.9M -26.7%	$39.4M -56.8%	$91.2M 4.5%	$87.3M
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 223.5%	$38.5M -41.4%	$65.7M 2.8%	$63.9M 245.8%	$18.5M -12.6%	$21.1M
Investing Activities Capital Expenditures	$136.3M 72.9%	$78.8M 32.1%	$59.6M 6.9%	$55.8M 11.9%	$49.9M -31.3%	$72.6M 355.7%	$15.9M 43.1%	$11.1M 6.9%	$10.4M 110.2%	$5.0M
Investing Activities Business Acquisitions	$646.9M 4.0%	$621.8M 2848.4%	$21.1M 902.4%	$2.1M -90.6%	$22.4M	—	$0 -100.0%	$5.0M -53.1%	$10.6M 203.7%	$3.5M
Investing Activities Purchases of Investments	$2.1B 161.7%	$793.4M 40.8%	$563.7M -33.3%	$845.2M 133.2%	$362.5M -44.8%	$656.5M 85.2%	$354.5M 8084.6%	$4.3M -78.3%	$19.9M -64.4%	$56.1M
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 89.2%	$379.8M 192.0%	$130.1M 1065.8%	$11.2M -81.7%	$61.1M -6.0%	$65.0M
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 170.8%	$-356.5M -48.1%	$-240.7M -2341.6%	$-9.9M -151.7%	$19.1M 726.7%	$-3.0M
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 17396.3%	$295.0K 158.8%	$114.0K -93.5%	$1.8M 27.0%	$1.4M 189.3%	$478.0K
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 4142.7%	$7.8M 92.8%	$4.1M -71.3%	$14.1M 309.1%	$3.5M 94.9%	$1.8M
Financing Activities Other Financing Activities	$-224.0K 87.8%	$-1.8M	$0	$0	$0	$0	$0	$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 -158.2%	$299.3M 7701.3%	$-3.9M -101.8%	$219.3M 5842.1%	$-3.8M 88.9%	$-34.6M
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 -200.3%	$2.0M 500.6%	$329.0K 142.5%	$-774.0K -205.0%	$737.0K -18.7%	$906.0K
Cash Reconciliation net Change In Cash	$746.6M 657.6%	$-133.9M -154.6%	$245.1M 27765.7%	$-886.0K -100.4%	$200.9M 1295.5%	$-16.8M 90.6%	$-178.7M -165.5%	$272.6M 690.8%	$34.5M 321.6%	$-15.6M
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 129.1%	$155.6M -9.7%	$172.4M -50.9%	$351.0M 347.5%	$78.4M 78.4%	$44.0M
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 129.1%	$155.6M -9.7%	$172.4M -50.9%	$351.0M 347.5%	$78.4M 78.4%	$44.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+59.7%	+59.6%	+61.2%	+61.2%	+62.7%	+61.1%	+57.9%	+61.6%	+60.2%	+63.6%
Operating margin	-2.2%	+2.8%	+10.0%	+7.8%	-19.5%	-2.1%	-1.2%	+5.9%	+3.8%	+11.9%
Net margin	+4.5%	+18.1%	+11.3%	+12.4%	-7.0%	-0.3%	+0.2%	+7.0%	+1.5%	+6.4%
FCF margin	+2.7%	+15.8%	+8.3%	+15.1%	+8.6%	-5.0%	+9.4%	+12.6%	+2.3%	+6.0%
Growth
Revenue CAGR (3y)	+32.8%	+34.1%	+31.8%	+30.8%	+27.1%	+25.6%	+25.5%	+28.5%	+27.8%	+24.9%
Returns
ROE	+3.8%	+16.2%	+10.9%	+11.6%	-5.7%	-0.2%	+0.2%	+6.2%	+3.1%	+11.5%
ROA	+1.8%	+8.4%	+5.2%	+5.2%	-3.6%	-0.1%	+0.1%	+4.1%	+1.5%	+6.2%
ROIC	-1.6%	+2.3%	+15.4%	+7.6%	-24.2%	-1.7%	-0.7%	+21.1%	+4.7%	+15.9%
Liquidity
Current ratio	2.53x	2.30x	3.14x	3.00x	2.65x	3.83x	3.17x	3.36x	1.90x	2.27x
Quick ratio	0.82x	0.46x	0.79x	0.60x	0.86x	0.63x	0.89x	2.12x	0.70x	0.53x
Leverage
D/E	1.16x	0.92x	1.11x	1.25x	0.61x	0.41x	0.56x	0.54x	1.02x	0.84x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.40x	0.47x	0.46x	0.42x	0.51x	0.49x	0.63x	0.58x	1.02x	0.96x
Cash conversion cycle	+67d	+85d	+125d	+115d	+89d	+94d	+22d	+44d	+99d	+91d

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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