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 · 3 years

Total assets $7.0B

Total liabilities $3.8B

Shareholders equity $3.2B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$1.2B 164.1%	$454.8M -24.0%	$598.5M
Short Term Investments	$505.4M 51.7%	$333.2M -48.3%	$644.1M
Accounts Receivable	$4.2M -53.0%	$8.9M 40.5%	$6.4M
Inventory	$341.8M 28.8%	$265.3M -1.7%	$269.9M
Other Current Assets	$428.2M 80.2%	$237.6M 24.4%	$191.0M
Total Current Assets	$3.7B 61.6%	$2.3B -4.0%	$2.4B
Property,Plant and Equipment	$331.0M 33.8%	$247.3M 23.3%	$200.5M
Goodwill	$1.4B 81.0%	$756.8M 1206.1%	$57.9M
Intangible Assets	$197.0M 12.5%	$175.2M 796.4%	$19.5M
Deferred Tax Assets	$359.8M 18.2%	$304.3M 33.6%	$227.8M
Other Noncurrent Assets	$428.2M 80.2%	$237.6M 24.4%	$191.0M
Total Assets	$7.0B 56.4%	$4.5B 31.3%	$3.4B
Liabilities
Accounts Payable	$139.1M 93.3%	$72.0M 9.3%	$65.9M
Accrued Liabilities	$510.5M 82.9%	$279.2M 44.2%	$193.6M
Deferred Revenue	$714.7M 16.6%	$613.0M 30.3%	$470.4M
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
Total Current Liabilities	$1.5B 47.4%	$997.6M 31.0%	$761.5M
Long Term Debt	$1.7B	$0	$0
Deferred Revenue Noncurrent	$359.9M -0.2%	$360.7M 33.1%	$270.9M
Operating Lease Liabilities Noncurrent	$98.9M 139.1%	$41.4M 23.3%	$33.5M
Deferred Tax Liabilities	$0 -100.0%	$110.4M 306.2%	$27.2M
Other Noncurrent Liabilities	$50.4M 93.3%	$26.1M 24.8%	$20.9M
Total Liabilities	$3.8B 75.0%	$2.1B 19.7%	$1.8B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$1.0K 0.0%	$1.0K 0.0%	$1.0K
Additional Paid In Capital	$2.5B 46.5%	$1.7B 25.4%	$1.3B
Retained Earnings	$936.7M 15.4%	$812.0M 86.7%	$435.0M
Treasury Stock	$157.2M 0.8%	$155.9M 0.0%	$155.9M
Accumulated Other Comprehensive Income	$-11.8M 35.1%	$-18.2M -70.3%	$-10.7M
Total Stockholders Equity	$3.2B 39.3%	$2.3B 44.1%	$1.6B
Total Liabilitiesand Equity	$7.0B 56.4%	$4.5B 31.3%	$3.4B

Income Statement

Revenue, expense, and profitability

20 accounts · 3 years

Revenue $2.8B

Operating income $-62.1M

Net income $124.7M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$2.8B 33.5%	$2.1B 33.4%	$1.6B
Expenses Cost of Revenue	$1.1B 33.3%	$841.1M 39.0%	$605.2M
Expenses Research and Development	$684.3M 55.0%	$441.6M 45.4%	$303.7M
Expenses Selling,General and Administrative	$1.0B 39.8%	$741.2M 49.8%	$494.9M
Expenses Depreciation and Amortization	$83.2M 71.7%	$48.4M 150.7%	$19.3M
Expenses Share Based Compensation	$634.2M 65.8%	$382.6M 191.3%	$131.4M
Expenses Restructuring and Asset Impairment	$31.8M	$0	$0
Expenses Operating Expenses	$1.7B 45.4%	$1.2B 48.1%	$798.6M
Other Income Expense Gross Profit	$1.7B 33.6%	$1.2B 29.9%	$955.5M
Other Income Expense Operating Income	$-62.1M -206.0%	$58.5M -62.7%	$156.8M
Other Income Expense Interest Income	$75.4M 106.1%	$36.6M -13.1%	$42.1M
Other Income Expense Other Income/expense	$99.9M -65.1%	$286.4M 783.4%	$-41.9M
Other Income Expense Income Before Tax	$19.0M -95.0%	$381.5M 142.9%	$157.1M
Income Tax Income Tax Expense	$-105.7M -2464.3%	$4.5M 123.9%	$-18.7M
net Income net Income	$124.7M -66.9%	$377.0M 114.5%	$175.8M
net Income Comprehensive Income	$131.0M -64.5%	$369.5M 114.5%	$172.3M
Earnings Per Share Basic Eps	$2 -67.9%	$5 110.1%	$2
Earnings Per Share Diluted Eps	$2 -68.5%	$5 106.0%	$2
Earnings Per Share Weighted Average Shares Basic	$78.1M 3.1%	$75.7M 2.1%	$74.2M
Earnings Per Share Weighted Average Shares Diluted	$82.4M 4.9%	$78.6M 4.1%	$75.5M

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 3 years

Operating cash flow $211.3M

Investing cash flow $-724.9M

Financing cash flow $1.3B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	$124.7M -66.9%	$377.0M 114.5%	$175.8M
Operating Activities Depreciation and Amortization	$83.2M 71.7%	$48.4M 150.7%	$19.3M
Operating Activities Stock Based Compensation	$634.2M 65.8%	$382.6M 191.3%	$131.4M
Operating Activities Deferred Income Taxes	$-82.7M 2.8%	$-85.1M -17.4%	$-72.5M
Operating Activities Changes In Operating Assets and Liabilities	$430.0M 123.2%	$192.6M -36.8%	$304.8M
Operating Activities net Cash From Operating Activities	$211.3M -48.2%	$408.3M 115.7%	$189.3M
Investing Activities Capital Expenditures	$136.3M 72.9%	$78.8M 32.1%	$59.6M
Investing Activities Business Acquisitions	$646.9M 4.0%	$621.8M 2848.4%	$21.1M
Investing Activities Purchases of Investments	$2.1B 161.7%	$793.4M 40.8%	$563.7M
Investing Activities Proceeds From Sale of Investments	$2.1B 112.7%	$1.0B 52.6%	$657.4M
Investing Activities Other Investing Activities	$49.0K 190.7%	$-54.0K -110.1%	$537.0K
Investing Activities net Cash From Investing Activities	$-724.9M -47.8%	$-490.6M -4032.1%	$12.5M
Financing Activities Proceeds From Debt	$1.8B	$0	$0
Financing Activities Proceeds From Stock Issuance	$0 -100.0%	$14.6M -73.3%	$54.5M
Financing Activities Tax Withholding On Stock Based Compensation	$351.0M 503.3%	$58.2M -46.1%	$107.9M
Financing Activities Other Financing Activities	$-224.0K 87.8%	$-1.8M	$0
Financing Activities net Cash From Financing Activities	$1.3B 2856.5%	$-45.4M -210.0%	$41.3M
Cash Reconciliation Effect of Exchange Rate On Cash	$7.8M 224.9%	$-6.2M -400.7%	$2.1M
Cash Reconciliation net Change In Cash	$746.6M 657.6%	$-133.9M -154.6%	$245.1M
Cash Reconciliation Cash At Beginning of Period	$1.2B 160.0%	$466.8M -22.3%	$600.7M
Cash Reconciliation Cash At End of Period	$1.2B 160.0%	$466.8M -22.3%	$600.7M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+59.7%	+59.6%	+61.2%
Operating margin	-2.2%	+2.8%	+10.0%
Net margin	+4.5%	+18.1%	+11.3%
FCF margin	+2.7%	+15.8%	+8.3%
Growth
Revenue CAGR (3y)	+32.8%	+34.1%	+31.8%
Returns
ROE	+3.8%	+16.2%	+10.9%
ROA	+1.8%	+8.4%	+5.2%
ROIC	-1.6%	+2.3%	+15.4%
Liquidity
Current ratio	2.53x	2.30x	3.14x
Quick ratio	0.82x	0.46x	0.79x
Leverage
D/E	1.16x	0.92x	1.11x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.40x	0.47x	0.46x
Cash conversion cycle	+67d	+85d	+125d

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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