Axon Enterprise

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

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

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

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 1 year

Total assets $7.0B

Total liabilities $3.8B

Shareholders equity $3.2B

Account	2025	Trend
Assets
Cash and Cash Equivalents	43.2%
Short Term Investments	18.2%
Accounts Receivable	0.2%
Inventory	12.3%
Other Current Assets	15.4%
Total Current Assets	133.6%
Property,Plant and Equipment	11.9%
Goodwill	49.3%
Intangible Assets	7.1%
Deferred Tax Assets	12.9%
Other Noncurrent Assets	15.4%
Total Assets	251.9%
Liabilities
Accounts Payable	5.0%
Accrued Liabilities	18.4%
Deferred Revenue	25.7%
Current Portion of Long Term Debt	2.9%
Other Current Liabilities	0.3%
Total Current Liabilities	52.9%
Long Term Debt	62.2%
Deferred Revenue Noncurrent	12.9%
Operating Lease Liabilities Noncurrent	3.6%
Deferred Tax Liabilities	0.0%
Other Noncurrent Liabilities	1.8%
Total Liabilities	135.2%
Equity
Preferred Stock	0.0%
Common Stock	0.0%
Additional Paid In Capital	89.0%
Retained Earnings	33.7%
Treasury Stock	5.7%
Accumulated Other Comprehensive Income	-0.4%
Total Stockholders Equity	116.7%
Total Liabilitiesand Equity	251.9%

Income Statement

Revenue, expense, and profitability

20 accounts · 1 year

Revenue $2.8B

Operating income $-62.1M

Net income $124.7M

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	100.0%
Expenses Cost of Revenue	40.3%
Expenses Research and Development	24.6%
Expenses Selling,General and Administrative	37.3%
Expenses Depreciation and Amortization	3.0%
Expenses Share Based Compensation	22.8%
Expenses Restructuring and Asset Impairment	1.1%
Expenses Operating Expenses	61.9%
Other Income Expense Gross Profit	59.7%
Other Income Expense Operating Income	-2.2%
Other Income Expense Interest Income	2.7%
Other Income Expense Other Income/expense	3.6%
Other Income Expense Income Before Tax	0.7%
Income Tax Income Tax Expense	-3.8%
net Income net Income	4.5%
net Income Comprehensive Income	4.7%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Basic	2.8%
Earnings Per Share Weighted Average Shares Diluted	3.0%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 1 year

Operating cash flow $211.3M

Investing cash flow $-724.9M

Financing cash flow $1.3B

Account	2025	Trend
CashFlow
Operating Activities net Income	4.5%
Operating Activities Depreciation and Amortization	3.0%
Operating Activities Stock Based Compensation	22.8%
Operating Activities Deferred Income Taxes	-3.0%
Operating Activities Changes In Operating Assets and Liabilities	15.5%
Operating Activities net Cash From Operating Activities	7.6%
Investing Activities Capital Expenditures	4.9%
Investing Activities Business Acquisitions	23.3%
Investing Activities Purchases of Investments	74.7%
Investing Activities Proceeds From Sale of Investments	76.8%
Investing Activities Other Investing Activities	0.0%
Investing Activities net Cash From Investing Activities	-26.1%
Financing Activities Proceeds From Debt	63.0%
Financing Activities Proceeds From Stock Issuance	0.0%
Financing Activities Tax Withholding On Stock Based Compensation	12.6%
Financing Activities Other Financing Activities	-0.0%
Financing Activities net Cash From Financing Activities	45.1%
Cash Reconciliation Effect of Exchange Rate On Cash	0.3%
Cash Reconciliation net Change In Cash	26.9%
Cash Reconciliation Cash At Beginning of Period	43.7%
Cash Reconciliation Cash At End of Period	43.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	+59.7%
Operating margin	-2.2%
Net margin	+4.5%
FCF margin	+2.7%
Growth
Revenue CAGR (3y)	+32.8%
Returns
ROE	+3.8%
ROA	+1.8%
ROIC	-1.6%
Liquidity
Current ratio	2.53x
Quick ratio	0.82x
Leverage
D/E	1.16x
Interest coverage	—
Efficiency
Asset turnover	0.40x
Cash conversion cycle	+67d

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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