Axon Enterprise, Inc. (AXON) financials

NASDAQ · Industrials · Aerospace & Defense · 5,100 employees · CEO Patrick W. Smith

Price: $427.77 -2.35%
Market cap: $34.8B
Enterprise value: $36B
Last report: Q2 '26 filed 2026-08-06
Next report: 2026-11-05 EPS est. $1.89

Revenue (TTM)$3.22B+34.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)2.6%+2.5 pp vs a year agoOperating income $83.9M

Net income (TTM)$200M-38.8% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$133M-24.5% vs a year agoCapex $133M

Diluted EPS (TTM)$2.41-40.4% vs a year agoSum of the last 4 quarters

Net cash-$1.14B-736.2% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $34.8B
Revenue: $3.22B
Revenue growth: +34%
Profit margin: 6.2%
P/E: 172.3×
P/S: 10.8×
EV / EBITDA: 75.4×
Free cash flow: $133M
Net income: $200M
Revenue estimate: $3.71B
Earnings: 2026-11-05
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-05): revenue beat by 3.2%, EPS beat by 2.2%Revenue $904M vs $876M expected (+3.2%); EPS $1.88 vs $1.84 (+2.2%).
Revenue growth accelerating: 35.3% year on yearQ2 '26 revenue $904M, against an average of 33.9% over the four quarters before.
Operating margin 2.6% (TTM), +2.5 pp on a year agoOperating income grew 4,322.4% while revenue grew 34.6%.
66.9% of pre-tax profit is non-operatingPre-tax income $254M vs operating income $83.9M (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 4.1% of revenue (a year ago 4.1%)$133M invested in the last 4 quarters (+33.8% on a year earlier). Free cash flow $133M = 66.7% of net income.
Returned $130M to shareholders = 97.6% of free cash flowBuybacks $130M (a year earlier $0), dividends $0, stock-based pay $633M (TTM).
Diluted share count up 0.6% in a year82.5M diluted shares in Q2 '26, 82.1M a year earlier.
Net debt $1.14BCash + short-term investments $693M, debt incl. leases $1.83B; a year ago net cash $179M.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$904M	$669M	+35.3%
Gross margin	60.4%	60.4%	0.0 pp
Operating income	$46.8M	$1.06M	+4,296.4%
Operating margin	5.2%	0.2%	+5.0 pp
Net income	$29.4M	$36.1M	-18.5%
Diluted EPS	$0.36	$0.44	-18.2%
Operating cash flow	$20.1M	-$91.7M	+121.9%
Capex	$21M	$23M	-8.3%
Free cash flow	-$972K	-$115M	+99.2%
R&D	$209M	$163M	+28.4%
Stock-based compensation	$144M	$139M	+3.4%

Reported vs consensus

2026-08-05

	Actual	Consensus	vs consensus
Revenue	$904M	$876M	+3.2%
EPS (as estimated)	$1.88	$1.84	+2.2%

From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Software And Sensors Segment	$398M	–	44.0%	$1.96B	–
Taser X2	$261M	–	28.9%	$1.41B	–
Axon Body	$95.4M	–	10.5%	$601M	–
Platform Solutions	$150M	–	16.6%	$527M	–

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
United States	$742M	+38.1%	82.1%	$2.63B	+29.8%
Non-US	$162M	+23.6%	17.9%	$592M	+61.8%

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $266M
Capex: -$133M
Buybacks: -$130M
Dividends: $0
Acquisitions: -$1.19B
Net debt issued: -$283M
Stock-based compensation: $633M
Free cash flow: $133M
Returned to shareholders / FCF: 97.6%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	172.3×	165.9× 4 of 5 years	80.2× – 355.0×
EV / EBITDA	75.4×	125.4× 4 of 5 years	55.0× – 236.1×
EV / Sales	11.2×	14.6×	10.2× – 22.1×
Price / FCF	260.9×	219.8×	65.8× – 608.1×
Price / Book	9.4×	12.9×	9.3× – 19.3×
FCF yield	0.4%	0.8%	0.2% – 1.5%
Return on invested capital	1.1%	0.8%	-5.6% – 6.0%
Return on equity	5.9%	7.4%	-5.7% – 16.2%

Analysts

Consensus target $633.63 (+48.1%)
range $440.00 – $750.00 · rating Buy

Strong buy0

Buy18

Hold4

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$3.71B	+33.5%	$7.68	+408.8%	55.7×	12
FY2027	$4.81B	+29.5%	$10.57	+37.5%	40.5×	12
FY2028	$6.16B	+28.3%	$13.80	+30.6%	31.0×	3

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 301 figures Axon Enterprise, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts and Financing Receivable, after Allowance for Credit Loss, Current	$769M	$628M	+22.4%	$777M	$548M	+42.0%
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	$1.6M	$1.63M	-2.1%	$6.07M	$3.46M	+75.3%
Accounts Payable, Current	$270M	$118M	+128.6%	$139M	$72M	+93.3%
Accounts Receivable, Allowance for Credit Loss	$7.8M2025-12-31	$5.6M	+39.3%	$7.8M	$5.6M	+39.3%
Accounts Receivable, Allowance for Credit Loss, Current	$4.95M	$3.48M	+42.3%	$4.2M	$3.32M	+26.4%
Accounts Receivable, Allowance for Credit Loss, Noncurrent	$48K2025-09-30	$48K	0.0%	$48K2024-12-31	$44K	+9.1%
Accounts Receivable, Allowance for Credit Loss, Writeoff	$841K2025-09-30	$314K	+167.8%	$2.4M2024-12-31	$754K	+218.8%
Accounts Receivable, Credit Loss Expense (Reversal)	$835K2025-09-30	$581K	+43.7%	$4.03M2024-12-31	$1.08M	+272.0%
Accrued Bonuses, Current	$32.4M	$35.7M	-9.2%	$78.4M	$59.8M	+31.2%
Accrued Income Taxes	$33M	$12.7M	+159.9%	$27.3M	$27.9M	-1.9%
Accrued Liabilities, Current	$424M	$266M	+59.5%	$511M	$279M	+82.9%
Accrued Professional Fees, Current	$32.6M	$6.71M	+385.9%	$7.52M	$7.85M	-4.1%
Accrued Sales Commission, Current	$85.2M	$45.2M	+88.8%	$151M	$88.2M	+70.9%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$181M2025-12-31	$136M	+33.3%	$181M	$136M	+33.3%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$16.4M	-$12.7M	-29.1%	-$11.8M	-$18.2M	+35.1%
Additional Paid in Capital, Common Stock	$2.74B	$1.96B	+39.2%	$2.48B	$1.69B	+46.5%
Adjustments to Additional Paid in Capital, Other	-$2.33M2026-03-31	-$16M	+85.5%	-$21.4M	–	–
Amortization of Intangible Assets	$13.4M	$6.7M	+100.0%	$29.8M	$17.4M	+71.3%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5.43M	5.77M	-5.9%	4.83M	8.79M	-45.1%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$144M	$139M	+3.4%	$634M	$383M	+65.8%
APIC, Share-based Payment Arrangement, Other, Increase for Cost Recognition	$1.35M2026-03-31	–	–	$5.3M	$2.87M	+84.4%
APIC, Share-based Payment Arrangement, Recognition and Exercise	-$128M	-$188M	+31.7%	-$352M	-$58.2M	-504.9%
Asset Impairment Charges	–	–	–	$0	$0	–
Assets	$7.48B	$6.22B	+20.4%	$7B	$4.47B	+56.4%
Assets, Current	$3B	$3.83B	-21.5%	$3.71B	$2.3B	+61.6%
Capital Expenditures Incurred but Not yet Paid	$2.08M	$2.91M	-28.6%	$7.29M	$5.16M	+41.4%
Capitalized Contract Cost, Net	$333M2025-12-31	$214M	+55.4%	$333M	$214M	+55.4%
Capitalized Contract Cost, Net, Current	$86.6M2025-12-31	$59M	+46.7%	$86.6M	$59M	+46.7%
Capitalized Contract Cost, Net, Noncurrent	$246M2025-12-31	$155M	+58.8%	$246M	$155M	+58.8%
Cash and Cash Equivalents, at Carrying Value	$598M	$615M	-2.9%	$1.2B	$455M	+164.1%
Cash and Cash Equivalents, Fair Value Disclosure	$262M	$112M	+133.3%	$168M	$94.9M	+77.3%
Cash Surrender Value, Fair Value Disclosure	$9.91M2025-12-31	$8.4M	+18.1%	$9.91M	$8.4M	+18.1%
Cash, Cash Equivalents, and Short-term Investments	$693M	–	–	$90.4M2014-12-31	$63.4M	+42.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$610M	$627M	-2.8%	$1.21B	$467M	+160.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$138M	-$477M	+129.0%	$747M	-$134M	+657.6%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	200M	200M	0.0%	200M	200M	0.0%
Common Stock, Shares, Issued	102M	98.7M	+2.8%	100M	96.8M	+3.7%
Common Stock, Shares, Outstanding	81.2M	78.5M	+3.5%	80.2M	76.6M	+4.7%
Common Stock, Value, Issued	$1K	$1K	0.0%	$1K	$1K	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$24.3M	$41.3M	-41.3%	$131M	$370M	-64.5%
Contract with Customer, Asset, after Allowance for Credit Loss	$761M2025-12-31	$488M	+56.0%	$761M	$488M	+56.0%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$751M	$463M	+62.1%	$583M	$368M	+58.4%
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	$296M	$162M	+83.1%	$178M	$120M	+48.7%
Contract with Customer, Asset, Allowance for Credit Loss	$3.33M2025-09-30	$2.68M	+24.2%	$2.24M2024-12-31	$1.52M	+47.7%
Contract with Customer, Liability	$1.07B2025-12-31	$974M	+10.4%	$1.07B	$974M	+10.4%
Contract with Customer, Liability, Current	$671M	$603M	+11.2%	$715M	$613M	+16.6%
Contract with Customer, Liability, Noncurrent	$386M	$329M	+17.2%	$360M	$361M	-0.2%
Contract with Customer, Liability, Revenue Recognized	$213M	$184M	+15.8%	$682M	$500M	+36.6%
Cost of Goods and Services Sold	$358M	$265M	+35.2%	$1.12B	$841M	+33.3%
Current Federal Tax Expense (Benefit)	–	–	–	-$34.2M	$67.9M	-150.4%
Current Foreign Tax Expense (Benefit)	–	–	–	$5.84M	$3.39M	+72.5%
Current Income Tax Expense (Benefit)	–	–	–	-$23M	$89.6M	-125.7%
Current State and Local Tax Expense (Benefit)	–	–	–	$5.4M	$18.2M	-70.4%
Debt Conversion, Converted Instrument, Amount	–	–	–	$28.4M	–	–
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$18.2M	$24.7M	-26.5%	$20.4M	$9.71M	+109.9%
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction	$0	-$523K	+100.0%	$43.5M	$0	–
Debt Securities, Available-for-sale	$1.73B2025-12-31	$986M	+75.8%	$1.73B	$986M	+75.8%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$6.03M	$54.1M	-88.9%	$12.2M	$108M	-88.7%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$0	$181K	-100.0%	$3K	$68K	-95.6%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02