Axon Enterprise (AXON) Financials

$842.16 +710.99 (+542.04%)

As of 03:59 PM Eastern

Annual Income Statements for Axon Enterprise

This table shows Axon Enterprise's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	20	20	17	5.21	546	0.88	-1.72	-60	147	176	377
Consolidated Net Income / (Loss)	20	20	17	5.21	29	0.88	-1.72	-60	147	176	377
Net Income / (Loss) Continuing Operations	20	20	17	5.21	546	0.88	-1.72	-60	147	176	377
Total Pre-Tax Income	32	35	31	16	28	2.07	-6.29	-141	196	157	382
Total Operating Income	33	35	32	13	25	-6.39	-14	-168	93	157	59
Total Gross Profit	102	129	171	207	517	307	416	541	726	955	1,241
Total Revenue	165	198	268	344	840	531	681	863	1,187	1,561	2,083
Operating Revenue	165	198	268	344	840	531	681	863	1,187	1,561	2,083
Total Cost of Revenue	63	69	98	137	323	224	265	322	461	605	841
Operating Cost of Revenue	63	69	98	137	323	224	265	322	461	605	841
Total Operating Expenses	69	93	139	194	-25	314	430	709	633	799	1,183
Selling, General & Admin Expense	54	70	108	139	157	213	307	515	399	495	741
Research & Development Expense	15	24	31	55	77	101	123	194	234	304	442
Total Other Income / (Expense), net	-0.19	0.03	-0.35	2.74	3.26	8.46	7.86	27	103	0.21	323
Interest & Investment Income	-0.19	0.03	-0.35	2.74	3.26	8.46	7.86	1.48	4.29	42	37
Other Income / (Expense), net	-	-	-	-	-	-	-	25	99	-42	286
Income Tax Expense	12	15	14	11	-1.10	1.19	-4.57	-81	49	-19	4.47
Basic Earnings per Share	$0.38	$0.37	$0.33	$0.10	$0.52	$0.01	($0.03)	($0.91)	$2.07	$2.37	$4.98
Weighted Average Basic Shares Outstanding	52.95M	53.55M	52.67M	52.73M	56.39M	59.19M	61.78M	66.19M	71.09M	74.20M	75.75M
Diluted Earnings per Share	$0.37	$0.36	$0.32	$0.10	$0.50	$0.01	($0.03)	($0.91)	$2.03	$2.33	$4.80
Weighted Average Diluted Shares Outstanding	54.50M	54.64M	53.54M	53.90M	57.92M	60.02M	61.78M	66.19M	72.53M	75.46M	78.56M
Weighted Average Basic & Diluted Shares Outstanding	52.40M	53.90M	52.40M	52.10M	58.83M	59.53M	63.78M	70.93M	72.86M	75.30M	76.62M

This table shows Axon Enterprise's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	29	45	12	61	57	133	41	67	136	88	36
Consolidated Net Income / (Loss)	29	45	12	61	57	133	41	67	136	88	36
Net Income / (Loss) Continuing Operations	29	45	12	61	57	133	41	67	136	88	36
Total Pre-Tax Income	34	42	-12	72	56	166	51	80	86	108	-39
Total Operating Income	22	17	40	57	43	16	34	24	-15	-8.79	-1.04
Total Gross Profit	203	204	232	257	263	259	306	331	347	366	404
Total Revenue	333	343	375	413	430	460	503	544	573	604	669
Operating Revenue	333	343	375	413	430	460	503	544	573	604	669
Total Cost of Revenue	130	139	142	157	167	201	197	214	227	238	265
Operating Cost of Revenue	130	139	142	157	167	201	197	214	227	238	265
Total Operating Expenses	181	187	192	199	220	242	272	307	362	375	405
Selling, General & Admin Expense	112	117	120	122	136	151	171	192	227	224	242
Research & Development Expense	69	71	72	77	84	91	101	114	135	151	163
Total Other Income / (Expense), net	12	25	-52	14	13	149	18	55	100	117	-38
Interest Expense	-	-	-	-	-	1.76	1.87	-	-	7.82	29
Interest & Investment Income	-87	9.67	9.66	10	12	12	12	11	5.46	11	23
Other Income / (Expense), net	-	16	-62	3.85	0.67	139	7.93	45	95	114	-32
Income Tax Expense	5.48	-3.26	-25	10	-1.36	33	10	13	-50	20	-75
Basic Earnings per Share	$0.41	$0.62	$0.17	$0.82	$0.76	$1.77	$0.55	$0.89	$1.78	$1.14	$0.46
Weighted Average Basic Shares Outstanding	71.09M	72.64M	74.22M	74.83M	74.20M	75.36M	75.51M	75.70M	75.75M	76.89M	78.00M
Diluted Earnings per Share	$0.39	$0.61	$0.16	$0.81	$0.75	$1.73	$0.53	$0.86	$1.68	$1.08	$0.44
Weighted Average Diluted Shares Outstanding	72.53M	73.88M	75.78M	75.95M	75.46M	77.13M	77.55M	78.08M	78.56M	81.48M	82.06M
Weighted Average Basic & Diluted Shares Outstanding	72.86M	73.89M	74.76M	74.93M	75.30M	75.47M	75.57M	76.25M	76.62M	77.85M	78.50M

This table details how cash moves in and out of Axon Enterprise's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	6.10	11	-16	34	273	-179	-17	201	-0.89	245	-134
Net Cash From Operating Activities	35	46	21	18	64	66	38	124	235	189	408
Net Cash From Continuing Operating Activities	35	46	21	18	64	66	38	124	235	189	408
Net Income / (Loss) Continuing Operations	20	20	17	5.21	29	0.88	-1.72	-60	147	176	377
Consolidated Net Income / (Loss)	20	20	17	5.21	29	0.88	-1.72	-60	147	176	377
Depreciation Expense	4.32	3.29	3.66	8.04	11	11	12	19	23	19	48
Non-Cash Adjustments To Reconcile Net Income	-1.97	0.38	9.10	17	25	86	142	285	24	191	141
Changes in Operating Assets and Liabilities, net	12	21	-10	-12	-1.42	-33	-117	-125	41	-197	-158
Net Cash From Investing Activities	-25	-36	-3.05	19	-9.86	-241	-357	253	-831	12	-491
Net Cash From Continuing Investing Activities	-25	-36	-3.05	19	-9.86	-241	-357	253	-831	12	-491
Purchase of Property, Plant & Equipment	-2.51	-6.00	-4.96	-10	-11	-16	-73	-50	-56	-60	-79
Acquisitions	-0.18	-12	-7.00	-12	-5.55	-0.40	-0.24	-23	-2.10	-21	-622
Purchase of Investments	-33	-62	-56	-20	-4.33	-354	-664	-408	-845	-564	-793
Sale and/or Maturity of Investments	11	44	65	61	11	130	380	733	72	657	1,003
Other Investing Activities, net	-	-	-	-	0.00	-	-	-	-0.02	-0.54	0.05
Net Cash From Financing Activities	-4.84	0.60	-35	-3.82	219	-3.94	299	-174	598	41	-45
Net Cash From Continuing Financing Activities	-4.84	0.60	-35	-3.82	219	-3.94	299	-174	598	41	-45
Repayment of Debt	-0.04	-0.08	-	-	-	-	-	-	0.00	0.00	-1.84
Issuance of Debt	-	-	-	-	-	-	0.00	0.00	674	0.00	0.00
Issuance of Common Equity	-	-	0.00	0.00	234	0.00	0.00	0.00	124	0.00	0.00
Other Financing Activities, net	18	8.24	-0.81	-3.82	-15	-3.94	299	-174	-200	41	-44
Effect of Exchange Rate Changes	0.09	0.12	0.91	-	-	0.33	1.98	-1.98	-3.38	2.07	-6.21
Cash Interest Paid	-	-	-	-	-	-	-	-	0.00	3.51	3.45
Cash Income Taxes Paid	-	-	-	-	-	-	-	-	11	64	68

This table details how cash moves in and out of Axon Enterprise's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	206	-90	211	-68	193	-195	163	129	-231	638	-477
Net Cash From Operating Activities	131	-56	43	63	140	-16	83	91	250	26	-92
Net Cash From Continuing Operating Activities	131	-56	43	63	140	-16	83	91	250	26	-92
Net Income / (Loss) Continuing Operations	29	45	12	61	57	133	41	68	135	88	36
Consolidated Net Income / (Loss)	29	45	12	61	57	133	41	68	135	88	36
Depreciation Expense	4.95	6.69	7.48	-1.33	6.47	7.36	13	6.18	18	19	17
Non-Cash Adjustments To Reconcile Net Income	31	22	98	32	40	-60	73	76	54	38	184
Changes in Operating Assets and Liabilities, net	66	-127	-72	-35	37	-96	-41	-65	43	-120	-329
Net Cash From Investing Activities	-529	-73	154	-122	53	-174	82	43	-442	-702	-387
Net Cash From Continuing Investing Activities	-529	-73	154	-122	53	-174	82	43	-442	-702	-387
Purchase of Property, Plant & Equipment	-12	-8.51	-13	-14	-24	-16	-11	-26	-25	-25	-23
Acquisitions	0.19	-0.13	-21	0.12	-	-238	-0.03	-	-384	0.00	-3.81
Purchase of Investments	-574	-145	-112	-188	-119	-251	-240	-124	-178	-1,079	-715
Sale and/or Maturity of Investments	57	81	300	80	196	330	334	194	145	402	355
Other Investing Activities, net	-	-	-	-	-0.03	0.03	-	-	0.02	0.00	0.08
Net Cash From Financing Activities	601	38	14	-7.12	-3.82	-2.71	-2.19	-7.71	-33	1,313	-4.37
Net Cash From Continuing Financing Activities	601	38	14	-7.12	-3.82	-2.71	-2.19	-7.71	-33	1,313	-4.37
Repayment of Debt	-	-	-	-	-	0.00	-	-	-	-432	-0.53
Other Financing Activities, net	-197	38	14	-102	91	-2.71	-2.19	-7.71	-31	-5.04	-3.84
Effect of Exchange Rate Changes	3.40	0.78	0.03	-2.01	3.27	-1.98	-0.11	-	-	1.19	5.31
Cash Income Taxes Paid	-	-	-	-	-	1.41	-	-	-	0.05	50

This table presents Axon Enterprise's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	185	230	278	169	720	846	1,381	1,688	2,852	3,409	4,475
Total Current Assets	135	161	177	114	558	609	982	1,109	1,805	2,394	2,297
Cash & Equivalents	48	60	41	-	349	172	155	356	354	599	455
Short-Term Investments	33	50	48	-	0.00	179	407	87	621	722	532
Note & Lease Receivable	31	28	39	85	131	147	229	321	358	413	548
Inventories, net	18	16	35	-	34	39	90	109	202	270	265
Prepaid Expenses	4.44	8.17	14	24	30	35	37	57	73	103	130
Other Current Assets	-	-	-	5.51	-	38	64	180	197	287	368
Plant, Property, & Equipment, net	18	22	24	0.00	38	44	105	138	170	201	247
Total Noncurrent Assets	33	47	77	55	123	192	294	440	877	815	1,930
Long-Term Investments	9.30	8.53	0.23	-	0.00	45	102	31	156	232	333
Noncurrent Note & Lease Receivables	-	1.23	18	24	40	32	22	11	5.21	2.59	3.46
Goodwill	2.21	9.60	10	-	25	25	25	44	45	58	757
Intangible Assets	3.12	7.59	15	-	16	13	9.45	15	12	20	175
Noncurrent Deferred & Refundable Income Taxes	16	14	20	11	19	28	46	127	157	228	304
Other Noncurrent Operating Assets	2.52	5.97	14	21	23	50	88	128	205	275	357
Total Liabilities & Shareholders' Equity	185	230	278	296	720	846	1,381	1,688	2,852	3,409	4,475
Total Liabilities	56	73	127	153	252	302	405	640	1,583	1,793	2,147
Total Current Liabilities	32	38	78	97	166	196	256	419	603	762	1,678
Short-Term Debt	0.04	0.00	1.69	-	-	-	-	-	-	0.00	680
Accounts Payable	7.68	7.33	11	-	15	26	24	32	60	66	72
Accrued Expenses	9.25	8.64	18	26	41	45	60	104	156	194	279
Customer Deposits	0.99	1.23	2.15	-	-	-	2.96	10	20	22	21
Current Deferred Revenue	14	21	45	-	107	118	164	266	360	470	613
Other Current Liabilities	-	0.09	0.08	71	2.74	6.83	5.43	6.54	6.36	9.79	13
Total Noncurrent Liabilities	24	35	49	56	86	107	148	222	981	1,032	469
Long-Term Debt	0.03	-	-	-	-	-	-	-	674	677	0.00
Noncurrent Deferred Revenue	22	30	40	56	-	88	111	186	248	271	361
Noncurrent Deferred & Payable Income Tax Liabilities	1.47	1.32	1.90	-	2.85	4.19	5.15	4.61	11	18	25
Noncurrent Employee Benefit Liabilities	1.12	2.20	3.36	-	3.24	3.94	4.73	5.68	6.29	11	16
Other Noncurrent Operating Liabilities	0.00	1.03	3.92	-	80	11	27	26	42	54	67
Commitments & Contingencies	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	129	157	151	142	467	543	976	1,048	1,268	1,616	2,328
Total Preferred & Common Equity	129	157	151	142	467	543	976	1,048	1,268	1,616	2,328
Preferred Stock	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	129	157	151	142	467	543	976	1,048	1,268	1,616	2,328
Common Stock	163	178	188	-	453	528	962	1,095	1,175	1,347	1,690
Retained Earnings	81	101	118	142	171	172	170	110	257	435	812
Treasury Stock	-115	-122	-156	-	-156	-156	-156	-156	-156	-156	-156
Accumulated Other Comprehensive Income / (Loss)	0.06	0.08	0.90	-	-1.51	-1.10	0.14	-1.32	-7.18	-11	-18

This table presents Axon Enterprise's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	2,852	3,008	3,077	3,254	3,409	3,616	3,742	4,006	4,475	6,083	6,215
Total Current Assets	1,805	2,053	2,113	2,258	2,394	2,202	2,206	2,434	2,297	3,777	3,828
Cash & Equivalents	354	263	474	406	599	404	566	695	455	1,093	615
Short-Term Investments	621	830	660	785	722	660	510	463	532	1,274	1,615
Note & Lease Receivable	358	380	372	443	413	477	386	513	548	600	628
Inventories, net	202	220	250	260	270	271	278	272	265	280	308
Prepaid Expenses	73	142	102	104	103	124	122	118	130	156	198
Other Current Assets	197	217	255	261	287	266	343	373	368	374	463
Plant, Property, & Equipment, net	170	173	179	187	201	209	215	236	247	260	271
Total Noncurrent Assets	877	783	786	809	815	1,205	1,321	1,336	1,930	2,047	2,116
Long-Term Investments	156	31	15	0.00	232	295	363	388	333	414	404
Noncurrent Note & Lease Receivables	5.21	4.47	5.28	4.38	2.59	2.40	3.04	2.90	3.46	3.32	1.63
Goodwill	45	45	58	57	58	308	308	308	757	756	762
Intangible Assets	12	11	22	20	20	89	86	82	175	169	163
Noncurrent Deferred & Refundable Income Taxes	157	171	199	214	228	209	227	244	304	336	357
Other Noncurrent Operating Assets	205	223	253	273	275	301	335	311	357	369	428
Total Liabilities & Shareholders' Equity	2,852	3,008	3,077	3,254	3,409	3,616	3,742	4,006	4,475	6,083	6,215
Total Liabilities	1,583	1,605	1,632	1,733	1,793	1,798	1,814	1,906	2,147	3,527	3,483
Total Current Liabilities	603	616	625	718	762	757	766	823	998	1,337	1,297
Short-Term Debt	-	-	-	-	-	-	-	-	-	279	279
Accounts Payable	60	66	73	90	66	82	104	76	72	98	118
Accrued Expenses	156	121	118	147	194	127	142	210	279	267	266
Customer Deposits	20	14	15	16	22	22	23	22	21	22	19
Current Deferred Revenue	360	408	412	455	470	516	486	505	613	661	603
Other Current Liabilities	6.36	7.51	7.36	9.49	9.79	9.60	12	11	13	11	11
Total Noncurrent Liabilities	981	989	1,007	1,015	1,032	1,041	1,047	1,083	1,149	2,191	2,186
Long-Term Debt	674	675	676	676	677	678	679	679	680	1,728	1,729
Noncurrent Deferred Revenue	248	250	265	270	271	294	291	305	361	349	329
Noncurrent Deferred & Payable Income Tax Liabilities	11	16	21	21	18	19	19	20	25	29	32
Noncurrent Employee Benefit Liabilities	6.29	7.98	8.77	9.15	11	15	14	16	16	19	21
Other Noncurrent Operating Liabilities	42	40	37	38	54	36	44	62	67	67	76
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,268	1,403	1,445	1,521	1,616	1,818	1,929	2,100	2,328	2,556	2,732
Total Preferred & Common Equity	1,268	1,403	1,445	1,521	1,616	1,818	1,929	2,100	2,328	2,556	2,732
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Common Equity	1,268	1,403	1,445	1,521	1,616	1,818	1,929	2,100	2,328	2,556	2,732
Common Stock	1,175	1,262	1,293	1,316	1,347	1,421	1,494	1,588	1,690	1,830	1,965
Retained Earnings	257	302	315	374	435	564	605	677	812	900	936
Treasury Stock	-156	-156	-156	-156	-156	-156	-156	-156	-156	-156	-156
Accumulated Other Comprehensive Income / (Loss)	-7.18	-5.32	-6.73	-13	-11	-12	-14	-9.12	-18	-18	-13

This table displays calculated financial ratios and metrics derived from Axon Enterprise's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	19.37%	20.28%	35.55%	28.17%	144.37%	-36.81%	28.28%	26.78%	37.50%	31.47%	33.44%
EBITDA Growth	13.22%	6.61%	-8.70%	-42.72%	68.33%	-84.97%	-68.66%	-7,222.57%	280.80%	-37.57%	192.96%
EBIT Growth	16.31%	8.71%	-9.86%	-59.11%	90.75%	-125.74%	-121.30%	-909.60%	234.36%	-40.11%	200.05%
NOPAT Growth	10.17%	-0.60%	-12.18%	-75.40%	499.99%	-110.55%	-263.57%	-1,088.15%	159.15%	152.18%	-67.04%
Net Income Growth	9.18%	0.08%	-13.22%	-69.90%	460.88%	-96.98%	-295.46%	-3,381.32%	344.81%	19.64%	114.49%
EPS Growth	8.82%	-2.70%	-11.11%	-68.75%	400.00%	-98.00%	-400.00%	-2,933.33%	323.08%	14.78%	106.01%
Operating Cash Flow Growth	9.27%	31.08%	-54.49%	-12.60%	245.81%	2.81%	-41.41%	223.52%	89.05%	-19.59%	115.74%
Free Cash Flow Firm Growth	15.87%	-24.29%	-135.52%	828.21%	-247.41%	57.84%	-444.33%	-69.46%	115.11%	-212.03%	-1,678.79%
Invested Capital Growth	-14.03%	-0.10%	63.51%	-74.77%	638.11%	24.90%	111.87%	57.13%	5.08%	43.81%	128.06%
Revenue Q/Q Growth	4.31%	4.89%	10.75%	3.80%	110.07%	-53.31%	28.33%	19.12%	10.81%	6.38%	7.26%
EBITDA Q/Q Growth	-0.15%	-0.66%	2.01%	-5.36%	-13.70%	-74.10%	107.52%	-6.00%	217.94%	-13.87%	10.35%
EBIT Q/Q Growth	-0.24%	-1.16%	2.92%	-11.94%	-18.54%	-164.04%	58.76%	-5.60%	339.77%	-15.99%	12.75%
NOPAT Q/Q Growth	-0.94%	-0.24%	7.34%	-61.09%	8.66%	-130.20%	58.76%	-24.28%	90.21%	18.06%	-40.04%
Net Income Q/Q Growth	-1.44%	0.10%	7.70%	-61.77%	16.58%	-94.25%	95.68%	-190.28%	40.66%	18.74%	27.20%
EPS Q/Q Growth	0.00%	-2.70%	10.34%	-61.54%	11.11%	-95.65%	95.45%	-139.47%	32.68%	18.27%	24.68%
Operating Cash Flow Q/Q Growth	10.80%	7.74%	-44.51%	376.72%	12.14%	28.51%	-22.99%	-14.66%	100.87%	4.95%	36.93%
Free Cash Flow Firm Q/Q Growth	31.53%	5.15%	-135.79%	193.54%	-611.21%	-113.40%	-39.32%	-14.87%	165.97%	39.70%	-140.64%
Invested Capital Q/Q Growth	-12.18%	-14.19%	52.15%	-85.19%	-17.16%	-11.49%	16.54%	13.84%	-3.71%	-3.38%	36.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.72%	65.01%	63.57%	60.24%	61.56%	57.88%	61.14%	62.65%	61.16%	61.22%	59.61%
EBITDA Margin	22.96%	20.35%	13.71%	6.13%	4.22%	1.00%	0.25%	-13.78%	18.12%	8.60%	18.89%
Operating Margin	19.76%	17.86%	11.87%	3.79%	2.96%	-1.20%	-2.08%	-19.47%	7.83%	10.05%	2.81%
EBIT Margin	19.76%	17.86%	11.87%	3.79%	2.96%	-1.20%	-2.08%	-16.55%	16.17%	7.37%	16.56%
Profit (Net Income) Margin	12.11%	10.07%	6.45%	1.51%	3.48%	0.17%	-0.25%	-6.95%	12.38%	11.26%	18.10%
Tax Burden Percent	61.64%	56.37%	54.92%	33.04%	103.92%	42.61%	27.40%	42.45%	74.87%	111.92%	98.83%
Interest Burden Percent	99.40%	100.07%	98.89%	121.02%	113.14%	-32.37%	44.46%	98.96%	102.24%	136.64%	110.61%
Effective Tax Rate	38.36%	43.63%	45.08%	66.96%	-3.92%	57.39%	0.00%	0.00%	25.13%	-11.92%	1.17%
Return on Invested Capital (ROIC)	47.83%	51.45%	34.30%	10.86%	38.58%	-2.06%	-4.31%	-29.35%	13.85%	27.96%	4.76%
ROIC Less NNEP Spread (ROIC-NNEP)	47.98%	51.43%	34.49%	10.01%	37.15%	-3.02%	-5.86%	-38.79%	2.06%	27.93%	-37.41%
Return on Net Nonoperating Assets (RNNOA)	-31.05%	-37.51%	-23.07%	-7.31%	-28.99%	2.23%	4.09%	23.42%	-1.17%	-15.77%	14.36%
Return on Equity (ROE)	16.78%	13.93%	11.24%	3.55%	9.58%	0.17%	-0.23%	-5.93%	12.69%	12.19%	19.12%
Cash Return on Invested Capital (CROIC)	62.91%	51.54%	-13.90%	130.26%	-113.70%	-24.20%	-76.06%	-73.78%	8.89%	-7.98%	-73.31%
Operating Return on Assets (OROA)	19.48%	17.02%	12.54%	5.82%	5.59%	-0.82%	-1.27%	-9.31%	8.46%	3.67%	8.75%
Return on Assets (ROA)	11.94%	9.60%	6.81%	2.33%	6.57%	0.11%	-0.15%	-3.91%	6.47%	5.62%	9.56%
Return on Common Equity (ROCE)	16.78%	13.93%	11.24%	3.55%	9.58%	0.17%	-0.23%	-5.93%	12.69%	12.19%	19.12%
Return on Equity Simple (ROE_SIMPLE)	15.43%	12.70%	11.46%	3.66%	6.25%	0.16%	-0.18%	-5.73%	11.58%	10.88%	16.20%
Net Operating Profit after Tax (NOPAT)	20	20	17	4.30	26	-2.72	-9.91	-118	70	176	58
NOPAT Margin	12.18%	10.07%	6.52%	1.25%	3.07%	-0.51%	-1.45%	-13.63%	5.86%	11.25%	2.78%
Net Nonoperating Expense Percent (NNEP)	-0.16%	0.01%	-0.19%	0.85%	1.43%	0.97%	1.54%	9.44%	11.79%	0.03%	42.17%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	3.58%	7.66%	1.92%
Cost of Revenue to Revenue	38.28%	34.99%	36.57%	39.76%	38.44%	42.12%	38.87%	37.35%	38.84%	38.78%	40.39%
SG&A Expenses to Revenue	32.92%	35.22%	40.29%	40.34%	18.67%	40.12%	45.12%	59.65%	33.64%	31.71%	35.59%
R&D to Revenue	9.05%	11.93%	11.41%	16.11%	9.15%	18.97%	18.09%	22.47%	19.70%	19.46%	21.20%
Operating Expenses to Revenue	41.97%	47.15%	51.70%	56.45%	-2.96%	59.09%	63.21%	82.12%	53.33%	51.17%	56.80%
Earnings before Interest and Taxes (EBIT)	33	35	32	13	25	-6.39	-14	-143	192	115	345
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	38	40	37	21	35	5.33	1.67	-119	215	134	393
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.77	5.91	8.40	9.86	5.47	8.00	7.98	10.26	9.31	11.65	18.60
Price to Tangible Book Value (P/TBV)	11.23	6.63	10.12	9.86	6.00	8.60	8.27	10.87	9.75	12.24	31.03
Price to Revenue (P/Rev)	8.45	4.69	4.72	4.08	3.04	8.19	11.43	12.45	9.95	12.06	20.79
Price to Earnings (P/E)	69.82	46.53	73.27	269.29	4.68	4,930.28	0.00	0.00	80.37	107.08	114.85
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.43%	2.15%	1.36%	0.37%	21.37%	0.02%	0.00%	0.00%	1.24%	0.93%	0.87%
Enterprise Value to Invested Capital (EV/IC)	33.57	20.91	18.64	87.81	18.73	26.85	22.84	20.97	22.04	24.23	25.26
Enterprise Value to Revenue (EV/Rev)	7.90	4.09	4.40	4.08	2.63	7.44	10.46	11.90	9.56	11.50	20.49
Enterprise Value to EBITDA (EV/EBITDA)	34.42	20.09	32.08	66.57	62.26	741.78	4,264.92	0.00	52.78	133.67	108.47
Enterprise Value to EBIT (EV/EBIT)	40.00	22.90	37.04	107.67	88.87	0.00	0.00	0.00	59.14	156.13	123.70
Enterprise Value to NOPAT (EV/NOPAT)	64.89	40.62	67.44	325.91	85.52	0.00	0.00	0.00	163.07	102.24	737.46
Enterprise Value to Operating Cash Flow (EV/OCF)	36.70	17.42	55.82	75.91	34.56	60.18	185.09	82.54	48.23	94.83	104.49
Enterprise Value to Free Cash Flow (EV/FCFF)	49.33	40.55	0.00	27.17	0.00	0.00	0.00	0.00	253.99	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.53	0.42	0.29
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.53	0.42	0.29
Financial Leverage	-0.65	-0.73	-0.67	-0.73	-0.78	-0.74	-0.70	-0.60	-0.57	-0.56	-0.38
Leverage Ratio	1.41	1.45	1.65	1.53	1.46	1.55	1.47	1.52	1.96	2.17	2.00
Compound Leverage Factor	1.40	1.45	1.63	1.85	1.65	-0.50	0.65	1.50	2.00	2.97	2.21
Debt to Total Capital	0.05%	0.00%	1.11%	0.00%	0.00%	0.00%	0.00%	0.00%	34.70%	29.53%	22.62%
Short-Term Debt to Total Capital	0.03%	0.00%	1.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	34.70%	29.53%	22.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.95%	100.00%	98.89%	100.00%	100.00%	100.00%	100.00%	100.00%	65.30%	70.47%	77.38%
Debt to EBITDA	0.00	0.00	0.05	0.00	0.00	0.00	0.00	0.00	3.13	5.04	1.73
Net Debt to EBITDA	-2.39	0.00	-2.38	0.00	0.00	0.00	0.00	0.00	-2.12	-6.52	-1.62
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.13	5.04	1.73
Debt to NOPAT	0.00	0.00	0.10	0.00	0.00	0.00	0.00	0.00	9.68	3.86	11.76
Net Debt to NOPAT	-4.51	0.00	-5.01	0.00	0.00	0.00	0.00	0.00	-6.56	-4.99	-11.04
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.68	3.86	11.76
Altman Z-Score	17.57	10.26	8.34	9.06	8.35	10.11	12.80	10.89	5.75	7.62	13.42
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.21	4.23	2.27	1.17	3.36	3.12	3.83	2.65	3.00	3.14	2.30
Quick Ratio	3.50	3.60	1.65	0.87	2.98	2.54	3.09	1.83	2.21	2.28	1.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	26	20	-7.09	52	-76	-32	-175	-296	45	-50	-891
Operating Cash Flow to CapEx	1,420.12%	778.89%	430.01%	177.69%	573.44%	412.03%	53.05%	249.77%	421.78%	317.37%	518.26%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.99	0.95	1.06	1.54	1.89	0.68	0.61	0.56	0.52	0.50	0.53
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	4.28	4.06	3.88	0.00	0.00	6.16	4.11	3.25	2.96	2.56	3.14
Fixed Asset Turnover	9.00	10.05	11.70	0.00	0.00	13.00	9.12	7.08	7.70	8.43	9.30
Accounts Payable Turnover	9.06	9.22	10.86	0.00	0.00	10.90	10.58	11.44	10.01	9.62	12.21
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	85.29	89.84	94.13	0.00	0.00	59.27	88.81	112.42	123.17	142.42	116.11
Days Payable Outstanding (DPO)	40.29	39.57	33.61	0.00	0.00	33.50	34.49	31.90	36.47	37.92	29.90
Cash Conversion Cycle (CCC)	45.00	50.26	60.52	0.00	0.00	25.77	54.33	80.52	86.70	104.50	86.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	39	39	63	16	118	147	312	490	515	741	1,689
Invested Capital Turnover	3.93	5.11	5.26	8.68	12.56	4.01	2.97	2.15	2.36	2.49	1.71
Increase / (Decrease) in Invested Capital	-6.32	-0.04	25	-47	102	29	165	178	25	226	948
Enterprise Value (EV)	1,300	809	1,180	1,402	2,208	3,952	7,122	10,275	11,352	17,947	42,665
Market Capitalization	1,391	927	1,267	1,402	2,557	4,349	7,787	10,749	11,808	18,822	43,303
Book Value per Share	$2.46	$2.93	$2.89	$2.69	$8.00	$9.16	$15.36	$15.30	$17.82	$21.56	$30.52
Tangible Book Value per Share	$2.36	$2.61	$2.40	$2.69	$7.30	$8.52	$14.82	$14.44	$17.02	$20.53	$18.30
Total Capital	129	157	153	142	467	543	976	1,048	1,942	2,293	3,008
Total Debt	0.07	0.00	1.69	0.00	0.00	0.00	0.00	0.00	674	677	680
Total Long-Term Debt	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	674	677	680
Net Debt	-90	-118	-88	0.00	-349	-396	-664	-474	-457	-875	-639
Capital Expenditures (CapEx)	2.50	5.96	4.92	10	11	16	73	50	56	60	79
Debt-free, Cash-free Net Working Capital (DFCFNWC)	22	13	12	17	43	63	164	248	228	312	314
Debt-free Net Working Capital (DFNWC)	103	123	101	17	392	414	726	691	1,203	1,632	1,300
Net Working Capital (NWC)	103	123	99	17	392	414	726	691	1,203	1,632	1,300
Net Nonoperating Expense (NNE)	0.12	-0.01	0.19	-0.90	-3.39	-3.61	-8.18	-58	-77	-0.24	-319
Net Nonoperating Obligations (NNO)	-90	-118	-88	-126	-349	-396	-664	-558	-753	-875	-639
Total Depreciation and Amortization (D&A)	5.27	4.94	4.92	8.04	11	12	16	24	23	19	48
Debt-free, Cash-free Net Working Capital to Revenue	13.11%	6.82%	4.40%	4.92%	5.08%	11.89%	24.03%	28.72%	19.20%	19.96%	15.06%
Debt-free Net Working Capital to Revenue	62.43%	62.29%	37.61%	4.92%	46.68%	77.97%	106.55%	80.03%	101.30%	104.58%	62.42%
Net Working Capital to Revenue	62.40%	62.29%	36.98%	4.92%	46.68%	77.97%	106.55%	80.03%	101.30%	104.58%	62.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.38	$0.37	$0.33	$0.10	$0.52	$0.01	($0.03)	($0.91)	$2.07	$2.35	$4.98
Adjusted Weighted Average Basic Shares Outstanding	52.95M	53.55M	52.67M	52.73M	56.39M	59.19M	61.78M	66.19M	71.09M	74.20M	75.75M
Adjusted Diluted Earnings per Share	$0.37	$0.36	$0.32	$0.10	$0.50	$0.01	($0.03)	($0.91)	$2.03	$2.31	$4.80
Adjusted Weighted Average Diluted Shares Outstanding	54.50M	54.64M	53.54M	53.90M	57.92M	60.02M	61.78M	66.19M	72.53M	75.46M	78.56M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	53.09M	53.69M	52.33M	53.03M	58.83M	59.53M	63.78M	70.93M	72.86M	75.30M	76.62M
Normalized Net Operating Profit after Tax (NOPAT)	20	20	17	9.12	17	-4.48	-9.91	-118	70	110	58
Normalized NOPAT Margin	12.18%	10.07%	6.52%	2.65%	2.07%	-0.84%	-1.45%	-13.63%	5.86%	7.04%	2.78%
Pre Tax Income Margin	19.64%	17.87%	11.74%	4.58%	3.35%	0.39%	-0.92%	-16.37%	16.53%	10.06%	18.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	112.67%	37.91%	195.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Axon Enterprise's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	53.21%	33.78%	31.16%	32.57%	28.93%	34.31%	34.57%	31.70%	33.42%	31.26%	32.85%
EBITDA Growth	228.45%	54.81%	-163.62%	57.96%	82.69%	354.82%	389.84%	24.73%	96.86%	-23.22%	-131.29%
EBIT Growth	182.25%	87.38%	-201.69%	90.83%	94.21%	382.17%	287.43%	11.95%	85.43%	-32.09%	-180.23%
NOPAT Growth	198.79%	37.53%	76.75%	162.82%	132.96%	-26.88%	-5.93%	-58.67%	-153.53%	-153.96%	-102.67%
Net Income Growth	314.44%	-17.74%	-75.63%	405.39%	96.49%	195.13%	228.48%	9.32%	138.94%	-34.02%	-12.91%
EPS Growth	454.55%	-19.74%	-77.46%	376.47%	92.31%	183.61%	231.25%	6.17%	124.00%	-37.57%	-16.98%
Operating Cash Flow Growth	914.08%	-228.11%	120.15%	53.77%	6.80%	71.70%	94.02%	45.20%	78.64%	261.84%	-210.80%
Free Cash Flow Firm Growth	96.85%	-8.17%	-25.75%	-113.18%	-2,834.38%	-210.88%	-102.52%	-144.35%	-433.92%	-39.77%	-132.79%
Invested Capital Growth	5.08%	34.40%	44.65%	43.33%	43.81%	73.09%	58.37%	60.87%	128.06%	56.76%	80.32%
Revenue Q/Q Growth	6.93%	2.05%	9.20%	10.32%	3.99%	6.62%	9.41%	7.97%	5.35%	5.27%	10.75%
EBITDA Q/Q Growth	-28.31%	29.86%	-149.38%	439.39%	-17.09%	230.16%	-68.54%	46.06%	30.86%	27.82%	-113.03%
EBIT Q/Q Growth	-30.67%	42.93%	-167.58%	381.42%	-29.44%	262.88%	-73.73%	68.08%	16.87%	31.74%	-131.67%
NOPAT Q/Q Growth	0.24%	-5.48%	57.45%	74.15%	-11.15%	-70.21%	102.57%	-23.48%	-215.06%	69.42%	89.84%
Net Income Q/Q Growth	138.78%	54.72%	-72.49%	393.63%	-7.17%	132.61%	-69.38%	64.29%	102.90%	-35.31%	-58.95%
EPS Q/Q Growth	129.41%	56.41%	-73.77%	406.25%	-7.41%	127.63%	-69.36%	62.26%	95.35%	-35.71%	-59.26%
Operating Cash Flow Q/Q Growth	220.58%	-142.96%	175.73%	47.44%	122.66%	-111.38%	619.28%	10.34%	173.94%	-89.69%	-455.52%
Free Cash Flow Firm Q/Q Growth	92.76%	-2,409.42%	-32.82%	8.43%	0.35%	-162.36%	13.48%	-10.48%	-117.74%	32.87%	-43.90%
Invested Capital Q/Q Growth	-3.71%	27.51%	12.30%	3.95%	-3.38%	54.25%	2.75%	5.59%	36.97%	5.49%	18.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.94%	59.50%	61.96%	62.10%	61.10%	56.44%	60.25%	60.77%	60.49%	60.59%	60.39%
EBITDA Margin	8.16%	10.43%	-4.72%	14.51%	11.56%	35.31%	10.16%	13.74%	17.06%	20.72%	-2.44%
Operating Margin	6.68%	4.84%	10.75%	13.89%	9.90%	3.53%	6.52%	4.42%	-2.56%	-1.46%	-0.16%
EBIT Margin	6.68%	9.39%	-5.81%	14.83%	10.06%	33.72%	8.10%	12.60%	13.98%	17.50%	-5.00%
Profit (Net Income) Margin	8.69%	13.16%	3.32%	14.83%	13.24%	28.91%	8.09%	12.31%	23.72%	14.58%	5.40%
Tax Burden Percent	84.08%	107.77%	-102.57%	85.47%	102.44%	80.39%	80.64%	84.24%	158.83%	81.17%	-92.89%
Interest Burden Percent	154.76%	130.00%	55.62%	117.07%	128.51%	106.68%	123.97%	116.01%	106.81%	102.64%	116.24%
Effective Tax Rate	15.92%	-7.77%	0.00%	14.53%	-2.44%	19.61%	19.36%	15.76%	-58.83%	18.83%	0.00%
Return on Invested Capital (ROIC)	13.26%	11.63%	16.47%	26.77%	25.22%	5.33%	9.99%	7.24%	-6.98%	-1.80%	-0.16%
ROIC Less NNEP Spread (ROIC-NNEP)	11.70%	7.69%	18.74%	25.09%	23.59%	-11.50%	8.05%	1.47%	-28.03%	-14.87%	-5.47%
Return on Net Nonoperating Assets (RNNOA)	-6.62%	-4.21%	-9.88%	-13.23%	-13.32%	5.10%	-3.50%	-0.66%	10.76%	4.95%	1.63%
Return on Equity (ROE)	6.64%	7.43%	6.59%	13.55%	11.90%	10.42%	6.49%	6.58%	3.78%	3.15%	1.47%
Cash Return on Invested Capital (CROIC)	8.89%	-15.95%	-15.79%	-12.76%	-7.98%	-37.32%	-32.04%	-37.02%	-73.31%	-41.88%	-57.43%
Operating Return on Assets (OROA)	3.49%	5.02%	-3.17%	8.26%	5.02%	17.11%	4.30%	6.74%	7.39%	8.03%	-2.40%
Return on Assets (ROA)	4.54%	7.03%	1.81%	8.27%	6.60%	14.68%	4.30%	6.59%	12.53%	6.69%	2.60%
Return on Common Equity (ROCE)	6.64%	7.43%	6.59%	13.55%	11.90%	10.42%	6.49%	6.58%	3.78%	3.15%	1.47%
Return on Equity Simple (ROE_SIMPLE)	0.00%	9.79%	6.84%	9.73%	0.00%	14.43%	15.07%	14.12%	0.00%	12.98%	0.00%
Net Operating Profit after Tax (NOPAT)	19	18	28	49	44	13	27	20	-23	-7.14	-0.73
NOPAT Margin	5.61%	5.22%	7.52%	11.88%	10.15%	2.84%	5.26%	3.73%	-4.07%	-1.18%	-0.11%
Net Nonoperating Expense Percent (NNEP)	1.56%	3.94%	-2.27%	1.69%	1.63%	16.83%	1.95%	5.77%	21.05%	13.07%	5.31%
Return On Investment Capital (ROIC_SIMPLE)	0.96%	-	-	-	1.90%	-	-	-	-0.78%	-0.16%	-0.02%
Cost of Revenue to Revenue	39.06%	40.50%	38.04%	37.90%	38.90%	43.56%	39.75%	39.23%	39.51%	39.41%	39.61%
SG&A Expenses to Revenue	33.65%	33.98%	32.01%	29.61%	31.65%	33.14%	33.61%	35.31%	39.58%	37.03%	36.23%
R&D to Revenue	20.62%	20.68%	19.20%	18.60%	19.54%	19.77%	20.12%	21.03%	23.47%	25.02%	24.32%
Operating Expenses to Revenue	54.27%	54.66%	51.22%	48.21%	51.19%	52.91%	53.73%	56.34%	63.05%	62.05%	60.55%
Earnings before Interest and Taxes (EBIT)	22	32	-22	61	43	155	41	69	80	106	-33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	27	36	-18	60	50	163	51	75	98	125	-16
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.31	11.68	9.84	9.53	11.65	12.54	11.12	13.87	18.60	14.99	22.08
Price to Tangible Book Value (P/TBV)	9.75	12.17	10.41	10.04	12.24	16.05	13.96	17.03	31.03	23.49	33.37
Price to Revenue (P/Rev)	9.95	12.83	10.41	9.88	12.06	13.56	11.84	15.00	20.79	17.21	25.22
Price to Earnings (P/E)	80.37	119.23	143.80	97.94	107.08	86.91	73.75	98.23	114.85	115.55	184.87
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.24%	0.84%	0.70%	1.02%	0.93%	1.15%	1.36%	1.02%	0.87%	0.87%	0.54%
Enterprise Value to Invested Capital (EV/IC)	22.04	24.26	18.64	18.24	24.23	19.46	17.71	22.91	25.26	21.07	28.35
Enterprise Value to Revenue (EV/Rev)	9.56	12.48	10.06	9.53	11.50	13.16	11.42	14.55	20.49	16.87	24.96
Enterprise Value to EBITDA (EV/EBITDA)	52.78	140.48	105.69	89.71	133.67	85.35	63.05	79.25	108.47	105.61	207.90
Enterprise Value to EBIT (EV/EBIT)	59.14	171.94	123.24	102.21	156.13	93.70	69.25	92.34	123.70	127.28	271.54
Enterprise Value to NOPAT (EV/NOPAT)	163.07	207.61	106.41	94.05	102.24	152.20	165.19	292.76	737.46	1,101.81	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	48.23	117.96	86.79	77.54	94.83	96.30	76.65	94.74	104.49	83.43	216.63
Enterprise Value to Free Cash Flow (EV/FCFF)	253.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.53	0.48	0.47	0.44	0.42	0.37	0.35	0.32	0.29	0.79	0.73
Long-Term Debt to Equity	0.53	0.48	0.47	0.44	0.42	0.37	0.35	0.32	0.29	0.68	0.63
Financial Leverage	-0.57	-0.55	-0.53	-0.53	-0.56	-0.44	-0.44	-0.45	-0.38	-0.33	-0.30
Leverage Ratio	1.96	1.89	1.90	1.91	2.17	2.06	2.02	2.01	2.00	2.22	2.14
Compound Leverage Factor	3.03	2.46	1.06	2.24	2.79	2.19	2.51	2.33	2.14	2.28	2.48
Debt to Total Capital	34.70%	32.47%	31.86%	30.78%	29.53%	27.16%	26.03%	24.45%	22.62%	43.98%	42.36%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.11%	5.89%
Long-Term Debt to Total Capital	34.70%	32.47%	31.86%	30.78%	29.53%	27.16%	26.03%	24.45%	22.62%	37.87%	36.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	65.30%	67.53%	68.14%	69.22%	70.47%	72.84%	73.97%	75.55%	77.38%	56.02%	57.64%
Debt to EBITDA	3.13	5.95	5.20	4.34	5.04	2.62	2.07	1.91	1.73	5.64	6.99
Net Debt to EBITDA	-2.12	-3.97	-3.64	-3.30	-6.52	-2.63	-2.32	-2.43	-1.62	-2.18	-2.18
Long-Term Debt to EBITDA	3.13	5.95	5.20	4.34	5.04	2.62	2.07	1.91	1.73	4.86	6.02
Debt to NOPAT	9.68	8.79	5.23	4.55	3.86	4.67	5.42	7.04	11.76	58.89	-956.52
Net Debt to NOPAT	-6.56	-5.86	-3.67	-3.46	-4.99	-4.69	-6.08	-8.98	-11.04	-22.71	298.45
Long-Term Debt to NOPAT	9.68	8.79	5.23	4.55	3.86	4.67	5.42	7.04	11.76	50.70	-823.48
Altman Z-Score	5.55	7.30	6.37	6.26	7.55	8.91	8.30	10.43	13.23	7.63	11.46
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.00	3.33	3.38	3.15	3.14	2.91	2.88	2.96	2.30	2.83	2.95
Quick Ratio	2.21	2.39	2.41	2.28	2.28	2.03	1.91	2.03	1.54	2.22	2.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6.20	-150	-199	-183	-182	-467	-404	-446	-972	-652	-939
Operating Cash Flow to CapEx	1,131.91%	-661.61%	324.78%	450.06%	583.22%	-98.63%	731.25%	344.97%	1,008.69%	103.75%	-399.53%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-83.41	-32.72
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.30	-3.20
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.12	-4.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.52	0.53	0.55	0.56	0.50	0.51	0.53	0.53	0.53	0.46	0.48
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	2.96	2.92	2.63	2.62	2.56	2.72	2.76	2.95	3.14	3.19	3.23
Fixed Asset Turnover	7.70	7.92	8.10	8.36	8.43	8.81	9.18	9.18	9.30	9.49	9.83
Accounts Payable Turnover	10.01	8.66	7.94	8.11	9.62	9.05	8.22	9.47	12.21	9.77	8.51
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	123.17	125.09	139.03	139.05	142.42	133.95	132.31	123.85	116.11	114.55	113.16
Days Payable Outstanding (DPO)	36.47	42.14	46.00	45.02	37.92	40.35	44.41	38.53	29.90	37.37	42.89
Cash Conversion Cycle (CCC)	86.70	82.96	93.04	94.04	104.50	93.61	87.90	85.32	86.21	77.18	70.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	515	657	737	767	741	1,137	1,168	1,233	1,689	1,782	2,106
Invested Capital Turnover	2.36	2.23	2.19	2.25	2.49	1.87	1.90	1.94	1.71	1.53	1.46
Increase / (Decrease) in Invested Capital	25	168	228	232	226	480	430	467	948	645	938
Enterprise Value (EV)	11,352	15,933	13,743	13,985	17,947	22,116	20,678	28,249	42,665	37,548	59,699
Market Capitalization	11,808	16,383	14,217	14,499	18,822	22,797	21,439	29,116	43,303	38,322	60,326
Book Value per Share	$17.82	$19.26	$19.56	$20.35	$21.56	$24.13	$25.56	$27.79	$30.52	$33.36	$35.10
Tangible Book Value per Share	$17.02	$18.48	$18.48	$19.31	$20.53	$18.85	$20.35	$22.62	$18.30	$21.29	$23.22
Total Capital	1,942	2,078	2,121	2,197	2,293	2,496	2,608	2,779	3,008	4,563	4,740
Total Debt	674	675	676	676	677	678	679	679	680	2,007	2,008
Total Long-Term Debt	674	675	676	676	677	678	679	679	680	1,728	1,729
Net Debt	-457	-450	-474	-514	-875	-681	-761	-867	-639	-774	-626
Capital Expenditures (CapEx)	12	8.51	13	14	24	16	11	26	25	25	23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	228	343	353	349	312	380	363	452	314	352	580
Debt-free Net Working Capital (DFNWC)	1,203	1,437	1,487	1,540	1,632	1,444	1,440	1,611	1,300	2,719	2,811
Net Working Capital (NWC)	1,203	1,437	1,487	1,540	1,632	1,444	1,440	1,611	1,300	2,440	2,531
Net Nonoperating Expense (NNE)	-10	-27	16	-12	-13	-120	-14	-47	-159	-95	-37
Net Nonoperating Obligations (NNO)	-753	-746	-708	-755	-875	-681	-761	-867	-639	-774	-626
Total Depreciation and Amortization (D&A)	4.95	3.56	4.11	-1.33	6.47	7.36	10	6.18	18	19	17
Debt-free, Cash-free Net Working Capital to Revenue	19.20%	26.89%	25.88%	23.82%	19.96%	22.63%	20.06%	23.29%	15.06%	15.80%	24.24%
Debt-free Net Working Capital to Revenue	101.30%	112.54%	108.92%	104.97%	104.58%	85.91%	79.51%	82.95%	62.42%	122.13%	117.52%
Net Working Capital to Revenue	101.30%	112.54%	108.92%	104.97%	104.58%	85.91%	79.51%	82.95%	62.42%	109.60%	105.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.41	$0.62	$0.17	$0.79	$0.76	$1.77	$0.54	$0.89	$1.78	$1.14	$0.46
Adjusted Weighted Average Basic Shares Outstanding	71.09M	72.64M	74.22M	74.83M	74.20M	75.36M	75.51M	75.70M	75.75M	76.89M	78.00M
Adjusted Diluted Earnings per Share	$0.39	$0.61	$0.16	$0.78	$0.75	$1.73	$0.53	$0.86	$1.68	$1.08	$0.44
Adjusted Weighted Average Diluted Shares Outstanding	72.53M	73.88M	75.78M	75.95M	75.46M	77.13M	77.55M	78.08M	78.56M	81.48M	82.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	72.86M	73.89M	74.76M	74.93M	75.30M	75.47M	75.57M	76.25M	76.62M	77.85M	78.50M
Normalized Net Operating Profit after Tax (NOPAT)	19	12	28	49	30	13	27	20	-10	-7.14	-0.73
Normalized NOPAT Margin	5.61%	3.39%	7.52%	11.88%	6.93%	2.84%	5.26%	3.73%	-1.79%	-1.18%	-0.11%
Pre Tax Income Margin	10.33%	12.21%	-3.23%	17.36%	12.93%	35.97%	10.04%	14.62%	14.93%	17.96%	-5.82%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.50	-1.17
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.91	-0.03
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.32	-1.97
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-4.09	-0.83
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Over the last four years through Q1 2025, Axon Enterprise (NASDAQ:AXON) has demonstrated significant growth and operational changes across key financial metrics. Here are the main takeaways from analyzing the income statements, balance sheets, and cash flow statements:

Revenue Growth: Operating revenue increased steadily from $311.8 million in Q3 2022 to $603.6 million in Q1 2025, nearly doubling in roughly two and a half years, indicating strong sales momentum.
Gross Profit Improvement: Gross profit grew from $193.3 million in Q3 2022 to $365.7 million in Q1 2025, showing that Axon has managed to scale revenues with good cost controls relative to sales.
Increasing R&D Investment: Research & development expenses increased from $59.1 million in Q3 2022 to $151.0 million in Q1 2025, indicating continued investment in innovation and product development.
Strong Net Income Recovery: Despite some volatility, net income rose from $12.1 million in Q3 2022 to $87.98 million in Q1 2025. The company overcame operating losses in some quarters through healthy other income and overall business growth.
Cash & Equivalents Growth: Cash and equivalents expanded from $147.7 million in Q3 2022 to $1.09 billion in Q1 2025, reflecting strong liquidity and cash generation capability.
Debt Profile Increases: Total long-term debt increased from approximately $675 million in Q1 2023 to $1.73 billion in Q1 2025, showing a significant rise in leverage which could impact financial flexibility.
Significant Investments Activity: In Q1 2025 alone, Axon had large purchase of investments (~$1.08 billion), which may be strategic but represents a substantial cash outflow and requires monitoring for returns.
Operating Cash Flow Variability: Operating cash flow has fluctuated quarter to quarter, including a notable negative operating cash flow in Q1 2024, reflecting working capital changes and non-cash adjustments.
Operating Income Pressures: Operating income was negative in multiple recent quarters (e.g., -$8.79 million in Q1 2025 and -$14.7 million in Q4 2024), indicating operational challenges despite revenue growth.
Increasing Operating Expenses: Total operating expenses have risen significantly, mainly driven by selling, general & administrative expenses and R&D, which have pressured operating margins.

Summary: Axon Enterprise has shown strong top-line growth and expanding profitability in the last four years, supported by continuous investment in R&D and increasing product demand. Cash reserves are robust, but rising debt and recent operational margin pressures present challenges. Investors should watch for how Axon manages operating expenses and leverage while capitalizing on growth opportunities.

08/08/25 04:29 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Axon Enterprise's Financials

When does Axon Enterprise's financial year end?

According to the most recent income statement we have on file, Axon Enterprise's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Axon Enterprise's net income changed over the last 10 years?

Axon Enterprise's net income appears to be on an upward trend, with a most recent value of $377.03 million in 2024, rising from $19.92 million in 2014. The previous period was $175.78 million in 2023.

What is Axon Enterprise's operating income?

Axon Enterprise's total operating income in 2024 was $58.54 million, based on the following breakdown:

Total Gross Profit: $1.24 billion
Total Operating Expenses: $1.18 billion

How has Axon Enterprise's revenue changed over the last 10 years?

Over the last 10 years, Axon Enterprise's total revenue changed from $164.53 million in 2014 to $2.08 billion in 2024, a change of 1,165.8%.

How much debt does Axon Enterprise have?

Axon Enterprise's total liabilities were at $2.15 billion at the end of 2024, a 19.7% increase from 2023, and a 3,715.9% increase since 2014.

How much cash does Axon Enterprise have?

In the past 10 years, Axon Enterprise's cash and equivalents has ranged from $0.00 in 2017 to $598.55 million in 2023, and is currently $454.84 million as of their latest financial filing in 2024.

How has Axon Enterprise's book value per share changed over the last 10 years?

Over the last 10 years, Axon Enterprise's book value per share changed from 2.46 in 2014 to 30.52 in 2024, a change of 1,141.7%.

This page (LON:AXON) was last updated on 8/8/2025 by MarketBeat.com Staff

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Axon Enterprise (AXON) Financials

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Axon Enterprise (AXON) Financials

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