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Axon Enterprise (AXON) Financials

Axon Enterprise logo
$398.44 +6.10 (+1.55%)
Closing price 04:00 PM Eastern
Extended Trading
$397.44 -1.00 (-0.25%)
As of 05:18 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Axon Enterprise

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 20 17 5.21 546 0.88 -1.72 -60 147 176 377 125
Consolidated Net Income / (Loss)		 20 17 5.21 29 0.88 -1.72 -60 147 176 377 125
Net Income / (Loss) Continuing Operations		 20 17 5.21 546 0.88 -1.72 -60 147 176 377 125
Total Pre-Tax Income 		35 31 16 28 2.07 -6.29 -141 196 157 382 19
Total Operating Income		 35 32 13 25 -6.39 -14 -168 93 157 59 -62
Total Gross Profit		 129 171 207 517 307 416 541 726 955 1,241 1,658
Total Revenue		 198 268 344 840 531 681 863 1,187 1,561 2,083 2,780
Operating Revenue		 198 268 344 840 531 681 863 1,187 1,561 2,083 2,780
Total Cost of Revenue		 69 98 137 323 224 265 322 461 605 841 1,121
Operating Cost of Revenue		 69 98 137 323 224 265 322 461 605 841 1,121
Total Operating Expenses		 93 139 194 -25 314 430 709 633 799 1,183 1,720
Selling, General & Admin Expense		 70 108 139 157 213 307 515 399 495 741 1,036
Research & Development Expense		 24 31 55 77 101 123 194 234 304 442 684
Total Other Income / (Expense), net		 0.03 -0.35 2.74 3.26 8.46 7.86 27 103 0.21 323 81
Interest Expense		 - - - - - - - - 7.00 7.10 94
Interest & Investment Income		 0.03 -0.35 2.74 3.26 8.46 7.86 1.48 4.29 49 44 75
Other Income / (Expense), net		 - - - - - - 25 99 -42 286 100
Income Tax Expense		 15 14 11 -1.10 1.19 -4.57 -81 49 -19 4.47 -106
Basic Earnings per Share		 $0.37 $0.33 $0.10 $0.52 $0.01 ($0.03) ($0.91) $2.07 $2.37 $4.98 $1.60
Weighted Average Basic Shares Outstanding		 53.55M 52.67M 52.73M 56.39M 59.19M 61.78M 66.19M 71.09M 74.20M 75.75M 78.08M
Diluted Earnings per Share		 $0.36 $0.32 $0.10 $0.50 $0.01 ($0.03) ($0.91) $2.03 $2.33 $4.80 $1.51
Weighted Average Diluted Shares Outstanding		 54.64M 53.54M 53.90M 57.92M 60.02M 61.78M 66.19M 72.53M 75.46M 78.56M 82.37M
Weighted Average Basic & Diluted Shares Outstanding		 53.90M 52.40M 52.10M 58.83M 59.53M 63.78M 70.93M 72.86M 75.30M 76.62M 80.40M

Quarterly Income Statements for Axon Enterprise

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 61 57 133 41 67 136 88 36 -2.19 2.75 169
Consolidated Net Income / (Loss)		 61 57 133 41 67 136 88 36 -2.19 2.75 169
Net Income / (Loss) Continuing Operations		 61 57 133 41 67 136 88 36 -2.19 2.75 169
Total Pre-Tax Income 		72 56 166 51 80 86 108 -39 16 -66 200
Total Operating Income		 57 43 16 34 24 -15 -8.79 -1.04 -2.13 -50 29
Total Gross Profit		 257 263 259 306 331 347 366 404 427 461 477
Total Revenue		 413 430 460 503 544 573 604 669 711 797 807
Operating Revenue		 413 430 460 503 544 573 604 669 711 797 807
Total Cost of Revenue		 157 167 201 197 214 227 238 265 283 335 330
Operating Cost of Revenue		 157 167 201 197 214 227 238 265 283 335 330
Total Operating Expenses		 199 220 242 272 307 362 375 405 429 511 448
Selling, General & Admin Expense		 122 136 151 171 192 227 224 242 253 317 259
Research & Development Expense		 77 84 91 101 114 135 151 163 177 194 189
Total Other Income / (Expense), net		 14 13 149 18 55 100 117 -38 18 -16 171
Interest Expense		 - - 1.76 1.87 1.65 - 7.82 29 29 29 29
Interest & Investment Income		 10 12 12 12 13 5.46 11 23 24 18 11
Other Income / (Expense), net		 3.85 0.67 139 7.93 45 95 114 -32 23 -4.93 189
Income Tax Expense		 10 -1.36 33 10 13 -50 20 -75 18 -69 31
Basic Earnings per Share		 $0.82 $0.76 $1.77 $0.55 $0.89 $1.78 $1.14 $0.46 ($0.03) $0.03 $2.11
Weighted Average Basic Shares Outstanding		 74.83M 74.20M 75.36M 75.51M 75.70M 75.75M 76.89M 78.00M 78.42M 78.08M 80.15M
Diluted Earnings per Share		 $0.81 $0.75 $1.73 $0.53 $0.86 $1.68 $1.08 $0.44 ($0.03) $0.02 $2.05
Weighted Average Diluted Shares Outstanding		 75.95M 75.46M 77.13M 77.55M 78.08M 78.56M 81.48M 82.06M 78.42M 82.37M 82.48M
Weighted Average Basic & Diluted Shares Outstanding		 74.93M 75.30M 75.47M 75.57M 76.25M 76.62M 77.85M 78.50M 78.91M 80.40M 80.60M

Annual Cash Flow Statements for Axon Enterprise

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 11 -16 34 273 -179 -17 201 -0.89 245 -134 747
Net Cash From Operating Activities		 46 21 18 64 66 38 124 235 189 408 211
Net Cash From Continuing Operating Activities		 46 21 18 64 66 38 124 235 189 408 211
Net Income / (Loss) Continuing Operations		 20 17 5.21 29 0.88 -1.72 -60 147 176 377 125
Consolidated Net Income / (Loss)		 20 17 5.21 29 0.88 -1.72 -60 147 176 377 125
Depreciation Expense		 3.29 3.66 8.04 11 11 12 19 23 19 48 83
Non-Cash Adjustments To Reconcile Net Income		 0.38 9.10 17 25 86 142 285 24 191 141 568
Changes in Operating Assets and Liabilities, net		 21 -10 -12 -1.42 -33 -117 -125 41 -197 -158 -564
Net Cash From Investing Activities		 -36 -3.05 19 -9.86 -241 -357 253 -831 12 -491 -725
Net Cash From Continuing Investing Activities		 -36 -3.05 19 -9.86 -241 -357 253 -831 12 -491 -725
Purchase of Property, Plant & Equipment		 -6.00 -4.96 -10 -11 -16 -73 -50 -56 -60 -79 -136
Acquisitions		 -12 -7.00 -12 -5.55 -0.40 -0.24 -23 -2.10 -21 -622 -647
Purchase of Investments		 -62 -56 -20 -4.33 -354 -664 -408 -845 -564 -793 -2,076
Sale and/or Maturity of Investments		 44 65 61 11 130 380 733 72 657 1,003 2,135
Other Investing Activities, net		 - - - 0.00 - - - -0.02 -0.54 0.05 -0.05
Net Cash From Financing Activities		 0.60 -35 -3.82 219 -3.94 299 -174 598 41 -45 1,252
Net Cash From Continuing Financing Activities		 0.60 -35 -3.82 219 -3.94 299 -174 598 41 -45 1,252
Repayment of Debt		 -0.08 - - - - - - 0.00 0.00 -1.84 -636
Issuance of Debt		 - - - - - 0.00 0.00 674 0.00 0.00 1,750
Other Financing Activities, net		 8.24 -0.81 -3.82 -15 -3.94 299 -174 -200 41 -44 139
Effect of Exchange Rate Changes		 0.12 0.91 - - 0.33 1.98 -1.98 -3.38 2.07 -6.21 7.76
Cash Interest Paid		 - - - - - - - 0.00 3.51 3.45 57
Cash Income Taxes Paid		 - - - - - - - 11 64 68 51

Quarterly Cash Flow Statements for Axon Enterprise

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -68 193 -195 163 129 -231 638 -477 809 -223 -742
Net Cash From Operating Activities		 63 140 -16 83 91 250 26 -92 60 217 -32
Net Cash From Continuing Operating Activities		 63 140 -16 83 91 250 26 -92 60 217 -32
Net Income / (Loss) Continuing Operations		 61 57 133 41 68 135 88 36 -2.19 2.75 169
Consolidated Net Income / (Loss)		 61 57 133 41 68 135 88 36 -2.19 2.75 169
Depreciation Expense		 -1.33 6.47 7.36 13 6.18 18 19 17 20 27 30
Non-Cash Adjustments To Reconcile Net Income		 32 40 -60 73 76 54 38 184 122 224 -43
Changes in Operating Assets and Liabilities, net		 -35 37 -96 -41 -65 43 -120 -329 -80 -36 -188
Net Cash From Investing Activities		 -122 53 -174 82 43 -442 -702 -387 590 -226 -617
Net Cash From Continuing Investing Activities		 -122 53 -174 82 43 -442 -702 -387 590 -226 -617
Purchase of Property, Plant & Equipment		 -14 -24 -16 -11 -26 -25 -25 -23 -27 -62 -23
Acquisitions		 0.12 - -238 -0.03 - -384 0.00 -3.81 -19 -624 -550
Purchase of Investments		 -188 -119 -251 -240 -124 -178 -1,079 -715 -252 -31 -292
Sale and/or Maturity of Investments		 80 196 330 334 194 145 402 355 888 490 249
Other Investing Activities, net		 - -0.03 0.03 - - 0.02 0.00 0.08 -0.13 - -1.52
Net Cash From Financing Activities		 -7.12 -3.82 -2.71 -2.19 -7.71 -33 1,313 -4.37 159 -216 -92
Net Cash From Continuing Financing Activities		 -7.12 -3.82 -2.71 -2.19 -7.71 -33 1,313 -4.37 159 -216 -92
Repayment of Debt		 - - 0.00 - - - -432 -0.53 -2.32 -202 -82
Issuance of Debt		 - - 0.00 - - - 1,750 - - - 0.00
Other Financing Activities, net		 -102 91 -2.71 -2.19 -7.71 -31 -5.04 -3.84 161 -14 -10
Effect of Exchange Rate Changes		 -2.01 3.27 -1.98 -0.11 - - 1.19 5.31 -0.76 2.02 -1.50
Cash Interest Paid		 - - 0.00 - - - 0.50 - - 0.71 54

Annual Balance Sheets for Axon Enterprise

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 230 278 169 720 846 1,381 1,688 2,852 3,409 4,475 7,000
Total Current Assets		 161 177 114 558 609 982 1,109 1,805 2,394 2,297 3,713
Cash & Equivalents		 60 41 - 349 172 155 356 354 599 455 1,201
Short-Term Investments		 50 48 - 0.00 179 407 87 621 722 532 533
Note & Lease Receivable		 28 39 85 131 147 229 321 358 413 548 777
Inventories, net		 16 35 - 34 39 90 109 202 270 265 342
Prepaid Expenses		 8.17 14 24 30 35 37 57 73 103 130 150
Other Current Assets		 - - 5.51 - 38 64 180 197 287 368 710
Plant, Property, & Equipment, net		 22 24 0.00 38 44 105 138 170 201 247 331
Total Noncurrent Assets		 47 77 55 123 192 294 440 877 815 1,930 2,956
Long-Term Investments		 8.53 0.23 - 0.00 45 102 31 156 232 333 417
Noncurrent Note & Lease Receivables		 1.23 18 24 40 32 22 11 5.21 2.59 3.46 6.07
Goodwill		 9.60 10 - 25 25 25 44 45 58 757 1,370
Intangible Assets		 7.59 15 - 16 13 9.45 15 12 20 175 197
Noncurrent Deferred & Refundable Income Taxes		 14 20 11 19 28 46 127 157 228 304 360
Other Noncurrent Operating Assets		 5.97 14 21 23 50 88 128 205 275 357 606
Total Liabilities & Shareholders' Equity		 230 278 296 720 846 1,381 1,688 2,852 3,409 4,475 7,000
Total Liabilities		 73 127 153 252 302 405 640 1,583 1,793 2,147 3,758
Total Current Liabilities		 38 78 97 166 196 256 419 603 762 1,678 1,470
Short-Term Debt		 0.00 1.69 - - - - - - 0.00 680 81
Accounts Payable		 7.33 11 - 15 26 24 32 60 66 72 139
Accrued Expenses		 8.64 18 26 41 45 60 104 156 194 279 511
Customer Deposits		 1.23 2.15 - - - 2.96 10 20 22 21 16
Current Deferred Revenue		 21 45 - 107 118 164 266 360 470 613 715
Other Current Liabilities		 0.09 0.08 71 2.74 6.83 5.43 6.54 6.36 9.79 13 9.11
Total Noncurrent Liabilities		 35 49 56 86 107 148 222 981 1,032 469 2,288
Long-Term Debt		 - - - - - - - 674 677 0.00 1,730
Noncurrent Deferred Revenue		 30 40 56 - 88 111 186 248 271 361 360
Noncurrent Deferred & Payable Income Tax Liabilities		 1.32 1.90 - 2.85 4.19 5.15 4.61 11 18 25 24
Noncurrent Employee Benefit Liabilities		 2.20 3.36 - 3.24 3.94 4.73 5.68 6.29 11 16 24
Other Noncurrent Operating Liabilities		 1.03 3.92 - 80 11 27 26 42 54 67 149
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		 157 151 142 467 543 976 1,048 1,268 1,616 2,328 3,243
Total Preferred & Common Equity		 157 151 142 467 543 976 1,048 1,268 1,616 2,328 3,243
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		 157 151 142 467 543 976 1,048 1,268 1,616 2,328 3,243
Common Stock		 178 188 - 453 528 962 1,095 1,175 1,347 1,690 2,475
Retained Earnings		 101 118 142 171 172 170 110 257 435 812 937
Treasury Stock		 -122 -156 - -156 -156 -156 -156 -156 -156 -156 -157
Accumulated Other Comprehensive Income / (Loss)		 0.08 0.90 - -1.51 -1.10 0.14 -1.32 -7.18 -11 -18 -12

Quarterly Balance Sheets for Axon Enterprise

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 3,077 3,254 3,409 3,616 3,742 4,006 4,475 6,083 6,215 6,657 7,067
Total Current Assets		 2,113 2,258 2,394 2,202 2,206 2,434 2,297 3,777 3,828 4,217 2,744
Cash & Equivalents		 474 406 599 404 566 695 455 1,093 615 1,424 459
Short-Term Investments		 660 785 722 660 510 463 532 1,274 1,615 1,021 278
Note & Lease Receivable		 372 443 413 477 386 513 548 600 628 701 675
Inventories, net		 250 260 270 271 278 272 265 280 308 318 408
Prepaid Expenses		 102 104 103 124 122 118 130 156 198 216 179
Other Current Assets		 255 261 287 266 343 373 368 374 463 537 746
Plant, Property, & Equipment, net		 179 187 201 209 215 236 247 260 271 283 336
Total Noncurrent Assets		 786 809 815 1,205 1,321 1,336 1,930 2,047 2,116 2,157 3,986
Long-Term Investments		 15 0.00 232 295 363 388 333 414 404 387 838
Noncurrent Note & Lease Receivables		 5.28 4.38 2.59 2.40 3.04 2.90 3.46 3.32 1.63 2.89 1.93
Goodwill		 58 57 58 308 308 308 757 756 762 773 1,894
Intangible Assets		 22 20 20 89 86 82 175 169 163 159 295
Noncurrent Deferred & Refundable Income Taxes		 199 214 228 209 227 244 304 336 357 345 340
Other Noncurrent Operating Assets		 253 273 275 301 335 311 357 369 428 490 617
Total Liabilities & Shareholders' Equity		 3,077 3,254 3,409 3,616 3,742 4,006 4,475 6,083 6,215 6,657 7,067
Total Liabilities		 1,632 1,733 1,793 1,798 1,814 1,906 2,147 3,527 3,483 3,630 3,533
Total Current Liabilities		 625 718 762 757 766 823 998 1,337 1,297 1,350 1,208
Short-Term Debt		 - - - - - - - 279 279 280 0.00
Accounts Payable		 73 90 66 82 104 76 72 98 118 115 175
Accrued Expenses		 118 147 194 127 142 210 279 267 266 293 312
Customer Deposits		 15 16 22 22 23 22 21 22 19 15 18
Current Deferred Revenue		 412 455 470 516 486 505 613 661 603 639 690
Other Current Liabilities		 7.36 9.49 9.79 9.60 12 11 13 11 11 7.70 12
Total Noncurrent Liabilities		 1,007 1,015 1,032 1,041 1,047 1,083 1,149 2,191 2,186 2,280 2,324
Long-Term Debt		 676 676 677 678 679 679 680 1,728 1,729 1,729 1,731
Noncurrent Deferred Revenue		 265 270 271 294 291 305 361 349 329 365 362
Noncurrent Deferred & Payable Income Tax Liabilities		 21 21 18 19 19 20 25 29 32 22 27
Noncurrent Employee Benefit Liabilities		 8.77 9.15 11 15 14 16 16 19 21 23 29
Other Noncurrent Operating Liabilities		 37 38 54 36 44 62 67 67 76 141 175
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		 1,445 1,521 1,616 1,818 1,929 2,100 2,328 2,556 2,732 3,028 3,534
Total Preferred & Common Equity		 1,445 1,521 1,616 1,818 1,929 2,100 2,328 2,556 2,732 3,028 3,534
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		 1,445 1,521 1,616 1,818 1,929 2,100 2,328 2,556 2,732 3,028 3,534
Common Stock		 1,293 1,316 1,347 1,421 1,494 1,588 1,690 1,830 1,965 2,262 2,620
Retained Earnings		 315 374 435 564 605 677 812 900 936 934 1,106
Treasury Stock		 -156 -156 -156 -156 -156 -156 -156 -156 -156 -156 -180
Accumulated Other Comprehensive Income / (Loss)		 -6.73 -13 -11 -12 -14 -9.12 -18 -18 -13 -13 -11

Annual Metrics And Ratios for Axon Enterprise

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 20.28% 35.55% 28.17% 144.37% -36.81% 28.28% 26.78% 37.50% 31.47% 33.44% 33.47%
EBITDA Growth		 6.61% -8.70% -42.72% 68.33% -84.97% -68.66% -7,222.57% 280.80% -37.57% 192.96% -69.25%
EBIT Growth		 8.71% -9.86% -59.11% 90.75% -125.74% -121.30% -909.60% 234.36% -40.11% 200.05% -89.05%
NOPAT Growth		 -0.60% -12.18% -75.40% 499.99% -110.55% -263.57% -1,088.15% 159.15% 152.18% -67.04% -804.93%
Net Income Growth		 0.08% -13.22% -69.90% 460.88% -96.98% -295.46% -3,381.32% 344.81% 19.64% 114.49% -66.94%
EPS Growth		 -2.70% -11.11% -68.75% 400.00% -98.00% -400.00% -2,933.33% 323.08% 14.78% 106.01% -68.54%
Operating Cash Flow Growth		 31.08% -54.49% -12.60% 245.81% 2.81% -41.41% 223.52% 89.05% -19.59% 115.74% -48.24%
Free Cash Flow Firm Growth		 -24.29% -135.52% 828.21% -247.41% 57.84% -444.33% -69.46% 115.11% -212.03% -1,678.79% -82.07%
Invested Capital Growth		 -0.10% 63.51% -74.77% 638.11% 24.90% 111.87% 57.13% 5.08% 43.81% 128.06% 71.86%
Revenue Q/Q Growth		 4.89% 10.75% 3.80% 110.07% -53.31% 28.33% 19.12% 10.81% 6.38% 7.26% 8.66%
EBITDA Q/Q Growth		 -0.66% 2.01% -5.36% -13.70% -74.10% 107.52% -6.00% 217.94% -13.87% 10.35% -50.80%
EBIT Q/Q Growth		 -1.16% 2.92% -11.94% -18.54% -164.04% 58.76% -5.60% 339.77% -15.99% 12.75% -78.03%
NOPAT Q/Q Growth		 -0.24% 7.34% -61.09% 8.66% -130.20% 58.76% -24.28% 90.21% 18.06% -40.04% -871.80%
Net Income Q/Q Growth		 0.10% 7.70% -61.77% 16.58% -94.25% 95.68% -190.28% 40.66% 18.74% 27.20% -51.51%
EPS Q/Q Growth		 -2.70% 10.34% -61.54% 11.11% -95.65% 95.45% -139.47% 32.68% 18.27% 24.68% -52.37%
Operating Cash Flow Q/Q Growth		 7.74% -44.51% 376.72% 12.14% 28.51% -22.99% -14.66% 100.87% 4.95% 36.93% -13.48%
Free Cash Flow Firm Q/Q Growth		 5.15% -135.79% 193.54% -611.21% -113.40% -39.32% -14.87% 165.97% 39.70% -140.64% -59.96%
Invested Capital Q/Q Growth		 -14.19% 52.15% -85.19% -17.16% -11.49% 16.54% 13.84% -3.71% -3.38% 36.97% 31.65%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 65.01% 63.57% 60.24% 61.56% 57.88% 61.14% 62.65% 61.16% 61.22% 59.61% 59.65%
EBITDA Margin		 20.35% 13.71% 6.13% 4.22% 1.00% 0.25% -13.78% 18.12% 8.60% 18.89% 4.35%
Operating Margin		 17.86% 11.87% 3.79% 2.96% -1.20% -2.08% -19.47% 7.83% 10.05% 2.81% -2.23%
EBIT Margin		 17.86% 11.87% 3.79% 2.96% -1.20% -2.08% -16.55% 16.17% 7.37% 16.56% 1.36%
Profit (Net Income) Margin		 10.07% 6.45% 1.51% 3.48% 0.17% -0.25% -6.95% 12.38% 11.26% 18.10% 4.48%
Tax Burden Percent		 56.37% 54.92% 33.04% 103.92% 42.61% 27.40% 42.45% 74.87% 111.92% 98.83% 656.98%
Interest Burden Percent		 100.07% 98.89% 121.02% 113.14% -32.37% 44.46% 98.96% 102.24% 136.64% 110.61% 50.22%
Effective Tax Rate		 43.63% 45.08% 66.96% -3.92% 57.39% 0.00% 0.00% 25.13% -11.92% 1.17% -556.98%
Return on Invested Capital (ROIC)		 51.45% 34.30% 10.86% 38.58% -2.06% -4.31% -29.35% 13.85% 27.96% 4.76% -17.76%
ROIC Less NNEP Spread (ROIC-NNEP)		 51.43% 34.49% 10.01% 37.15% -3.02% -5.86% -38.79% 2.06% 27.93% -37.41% -126.60%
Return on Net Nonoperating Assets (RNNOA)		 -37.51% -23.07% -7.31% -28.99% 2.23% 4.09% 23.42% -1.17% -15.77% 14.36% 22.24%
Return on Equity (ROE)		 13.93% 11.24% 3.55% 9.58% 0.17% -0.23% -5.93% 12.69% 12.19% 19.12% 4.48%
Cash Return on Invested Capital (CROIC)		 51.54% -13.90% 130.26% -113.70% -24.20% -76.06% -73.78% 8.89% -7.98% -73.31% -70.63%
Operating Return on Assets (OROA)		 17.02% 12.54% 5.82% 5.59% -0.82% -1.27% -9.31% 8.46% 3.67% 8.75% 0.66%
Return on Assets (ROA)		 9.60% 6.81% 2.33% 6.57% 0.11% -0.15% -3.91% 6.47% 5.62% 9.56% 2.17%
Return on Common Equity (ROCE)		 13.93% 11.24% 3.55% 9.58% 0.17% -0.23% -5.93% 12.69% 12.19% 19.12% 4.48%
Return on Equity Simple (ROE_SIMPLE)		 12.70% 11.46% 3.66% 6.25% 0.16% -0.18% -5.73% 11.58% 10.88% 16.20% 0.00%
Net Operating Profit after Tax (NOPAT)		 20 17 4.30 26 -2.72 -9.91 -118 70 176 58 -408
NOPAT Margin		 10.07% 6.52% 1.25% 3.07% -0.51% -1.45% -13.63% 5.86% 11.25% 2.78% -14.67%
Net Nonoperating Expense Percent (NNEP)		 0.01% -0.19% 0.85% 1.43% 0.97% 1.54% 9.44% 11.79% 0.03% 42.17% 108.84%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 3.58% 7.66% 1.92% -8.07%
Cost of Revenue to Revenue		 34.99% 36.57% 39.76% 38.44% 42.12% 38.87% 37.35% 38.84% 38.78% 40.39% 40.35%
SG&A Expenses to Revenue		 35.22% 40.29% 40.34% 18.67% 40.12% 45.12% 59.65% 33.64% 31.71% 35.59% 37.27%
R&D to Revenue		 11.93% 11.41% 16.11% 9.15% 18.97% 18.09% 22.47% 19.70% 19.46% 21.20% 24.62%
Operating Expenses to Revenue		 47.15% 51.70% 56.45% -2.96% 59.09% 63.21% 82.12% 53.33% 51.17% 56.80% 61.89%
Earnings before Interest and Taxes (EBIT)		 35 32 13 25 -6.39 -14 -143 192 115 345 38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 40 37 21 35 5.33 1.67 -119 215 134 393 121
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.91 8.40 9.86 5.47 8.00 7.98 10.26 9.31 11.65 18.60 12.76
Price to Tangible Book Value (P/TBV)		 6.63 10.12 9.86 6.00 8.60 8.27 10.87 9.75 12.24 31.03 24.70
Price to Revenue (P/Rev)		 4.69 4.72 4.08 3.04 8.19 11.43 12.45 9.95 12.06 20.79 14.89
Price to Earnings (P/E)		 46.53 73.27 269.29 4.68 4,930.28 0.00 0.00 80.37 107.08 114.85 331.96
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		 2.15% 1.36% 0.37% 21.37% 0.02% 0.00% 0.00% 1.24% 0.93% 0.87% 0.30%
Enterprise Value to Invested Capital (EV/IC)		 20.91 18.64 87.81 18.73 26.85 22.84 20.97 22.04 24.23 25.26 14.14
Enterprise Value to Revenue (EV/Rev)		 4.09 4.40 4.08 2.63 7.44 10.46 11.90 9.56 11.50 20.49 14.77
Enterprise Value to EBITDA (EV/EBITDA)		 20.09 32.08 66.57 62.26 741.78 4,264.92 0.00 52.78 133.67 108.47 339.34
Enterprise Value to EBIT (EV/EBIT)		 22.90 37.04 107.67 88.87 0.00 0.00 0.00 59.14 156.13 123.70 1,086.28
Enterprise Value to NOPAT (EV/NOPAT)		 40.62 67.44 325.91 85.52 0.00 0.00 0.00 163.07 102.24 737.46 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.42 55.82 75.91 34.56 60.18 185.09 82.54 48.23 94.83 104.49 194.19
Enterprise Value to Free Cash Flow (EV/FCFF)		 40.55 0.00 27.17 0.00 0.00 0.00 0.00 253.99 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.53 0.42 0.29 0.56
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.53 0.42 0.29 0.53
Financial Leverage		 -0.73 -0.67 -0.73 -0.78 -0.74 -0.70 -0.60 -0.57 -0.56 -0.38 -0.18
Leverage Ratio		 1.45 1.65 1.53 1.46 1.55 1.47 1.52 1.96 2.17 2.00 2.06
Compound Leverage Factor		 1.45 1.63 1.85 1.65 -0.50 0.65 1.50 2.00 2.97 2.21 1.03
Debt to Total Capital		 0.00% 1.11% 0.00% 0.00% 0.00% 0.00% 0.00% 34.70% 29.53% 22.62% 35.83%
Short-Term Debt to Total Capital		 0.00% 1.11% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.59%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 34.70% 29.53% 22.62% 34.24%
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		 100.00% 98.89% 100.00% 100.00% 100.00% 100.00% 100.00% 65.30% 70.47% 77.38% 64.17%
Debt to EBITDA		 0.00 0.05 0.00 0.00 0.00 0.00 0.00 3.13 5.04 1.73 14.97
Net Debt to EBITDA		 0.00 -2.38 0.00 0.00 0.00 0.00 0.00 -2.12 -6.52 -1.62 -2.81
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.13 5.04 1.73 14.31
Debt to NOPAT		 0.00 0.10 0.00 0.00 0.00 0.00 0.00 9.68 3.86 11.76 -4.44
Net Debt to NOPAT		 0.00 -5.01 0.00 0.00 0.00 0.00 0.00 -6.56 -4.99 -11.04 0.83
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9.68 3.86 11.76 -4.24
Altman Z-Score		 10.26 8.34 9.06 8.35 10.11 12.80 10.89 5.75 7.62 13.42 7.59
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		 4.23 2.27 1.17 3.36 3.12 3.83 2.65 3.00 3.14 2.30 2.53
Quick Ratio		 3.60 1.65 0.87 2.98 2.54 3.09 1.83 2.21 2.28 1.54 1.71
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 20 -7.09 52 -76 -32 -175 -296 45 -50 -891 -1,622
Operating Cash Flow to CapEx		 778.89% 430.01% 177.69% 573.44% 412.03% 53.05% 249.77% 421.78% 317.37% 518.26% 155.10%
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 -17.21
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 2.24
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 0.80
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.95 1.06 1.54 1.89 0.68 0.61 0.56 0.52 0.50 0.53 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		 4.06 3.88 0.00 0.00 6.16 4.11 3.25 2.96 2.56 3.14 3.69
Fixed Asset Turnover		 10.05 11.70 0.00 0.00 13.00 9.12 7.08 7.70 8.43 9.30 9.61
Accounts Payable Turnover		 9.22 10.86 0.00 0.00 10.90 10.58 11.44 10.01 9.62 12.21 10.63
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)		 89.84 94.13 0.00 0.00 59.27 88.81 112.42 123.17 142.42 116.11 98.80
Days Payable Outstanding (DPO)		 39.57 33.61 0.00 0.00 33.50 34.49 31.90 36.47 37.92 29.90 34.35
Cash Conversion Cycle (CCC)		 50.26 60.52 0.00 0.00 25.77 54.33 80.52 86.70 104.50 86.21 64.46
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 39 63 16 118 147 312 490 515 741 1,689 2,903
Invested Capital Turnover		 5.11 5.26 8.68 12.56 4.01 2.97 2.15 2.36 2.49 1.71 1.21
Increase / (Decrease) in Invested Capital		 -0.04 25 -47 102 29 165 178 25 226 948 1,214
Enterprise Value (EV)		 809 1,180 1,402 2,208 3,952 7,122 10,275 11,352 17,947 42,665 41,041
Market Capitalization		 927 1,267 1,402 2,557 4,349 7,787 10,749 11,808 18,822 43,303 41,381
Book Value per Share		 $2.93 $2.89 $2.69 $8.00 $9.16 $15.36 $15.30 $17.82 $21.56 $30.52 $41.09
Tangible Book Value per Share		 $2.61 $2.40 $2.69 $7.30 $8.52 $14.82 $14.44 $17.02 $20.53 $18.30 $21.23
Total Capital		 157 153 142 467 543 976 1,048 1,942 2,293 3,008 5,053
Total Debt		 0.00 1.69 0.00 0.00 0.00 0.00 0.00 674 677 680 1,811
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 674 677 680 1,730
Net Debt		 -118 -88 0.00 -349 -396 -664 -474 -457 -875 -639 -340
Capital Expenditures (CapEx)		 5.96 4.92 10 11 16 73 50 56 60 79 136
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 13 12 17 43 63 164 248 228 312 314 590
Debt-free Net Working Capital (DFNWC)		 123 101 17 392 414 726 691 1,203 1,632 1,300 2,323
Net Working Capital (NWC)		 123 99 17 392 414 726 691 1,203 1,632 1,300 2,243
Net Nonoperating Expense (NNE)		 -0.01 0.19 -0.90 -3.39 -3.61 -8.18 -58 -77 -0.24 -319 -532
Net Nonoperating Obligations (NNO)		 -118 -88 -126 -349 -396 -664 -558 -753 -875 -639 -340
Total Depreciation and Amortization (D&A)		 4.94 4.92 8.04 11 12 16 24 23 19 48 83
Debt-free, Cash-free Net Working Capital to Revenue		 6.82% 4.40% 4.92% 5.08% 11.89% 24.03% 28.72% 19.20% 19.96% 15.06% 21.22%
Debt-free Net Working Capital to Revenue		 62.29% 37.61% 4.92% 46.68% 77.97% 106.55% 80.03% 101.30% 104.58% 62.42% 83.59%
Net Working Capital to Revenue		 62.29% 36.98% 4.92% 46.68% 77.97% 106.55% 80.03% 101.30% 104.58% 62.42% 80.69%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.37 $0.33 $0.10 $0.52 $0.01 ($0.03) ($0.91) $2.07 $2.35 $4.98 $1.60
Adjusted Weighted Average Basic Shares Outstanding		 53.55M 52.67M 52.73M 56.39M 59.19M 61.78M 66.19M 71.09M 74.20M 75.75M 78.08M
Adjusted Diluted Earnings per Share		 $0.36 $0.32 $0.10 $0.50 $0.01 ($0.03) ($0.91) $2.03 $2.31 $4.80 $1.51
Adjusted Weighted Average Diluted Shares Outstanding		 54.64M 53.54M 53.90M 57.92M 60.02M 61.78M 66.19M 72.53M 75.46M 78.56M 82.37M
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		 53.69M 52.33M 53.03M 58.83M 59.53M 63.78M 70.93M 72.86M 75.30M 76.62M 80.40M
Normalized Net Operating Profit after Tax (NOPAT)		 20 17 9.12 17 -4.48 -9.91 -118 70 110 58 -43
Normalized NOPAT Margin		 10.07% 6.52% 2.65% 2.07% -0.84% -1.45% -13.63% 5.86% 7.04% 2.78% -1.56%
Pre Tax Income Margin		 17.87% 11.74% 4.58% 3.35% 0.39% -0.92% -16.37% 16.53% 10.06% 18.32% 0.68%
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 0.40
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -4.33
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 -1.05
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 -5.77
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		 37.91% 195.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Axon Enterprise

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 80,397,675.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 80,397,675.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.11
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 32.57% 28.93% 34.31% 34.57% 31.70% 33.42% 31.26% 32.85% 30.57% 38.53% 33.75%
EBITDA Growth		 57.96% 82.69% 354.82% 389.84% 24.73% 96.86% -23.22% -131.29% -50.63% -129.04% 98.79%
EBIT Growth		 90.83% 94.21% 382.17% 287.43% 11.95% 85.43% -32.09% -180.23% -69.86% -169.59% 106.66%
NOPAT Growth		 162.82% 132.96% -26.88% -5.93% -58.67% -153.53% -153.96% -102.67% -98.54% -39.30% 446.48%
Net Income Growth		 405.39% 96.49% 195.13% 228.48% 9.32% 138.94% -34.02% -12.91% -103.26% -97.97% 92.44%
EPS Growth		 376.47% 92.31% 183.61% 231.25% 6.17% 124.00% -37.57% -16.98% -103.49% -98.81% 89.81%
Operating Cash Flow Growth		 53.77% 6.80% 71.70% 94.02% 45.20% 78.64% 261.84% -210.80% -34.28% -13.16% -222.19%
Free Cash Flow Firm Growth		 -113.18% -2,834.38% -210.88% -102.52% -144.35% -433.92% -39.77% -132.79% -117.67% -28.26% -188.71%
Invested Capital Growth		 43.33% 43.81% 73.09% 58.37% 60.87% 128.06% 56.76% 80.32% 78.80% 71.86% 107.08%
Revenue Q/Q Growth		 10.32% 3.99% 6.62% 9.41% 7.97% 5.35% 5.27% 10.75% 6.30% 12.11% 1.33%
EBITDA Q/Q Growth		 439.39% -17.09% 230.16% -68.54% 46.06% 30.86% 27.82% -113.03% 347.22% -169.78% 984.56%
EBIT Q/Q Growth		 381.42% -29.44% 262.88% -73.73% 68.08% 16.87% 31.74% -131.67% 161.81% -366.28% 496.46%
NOPAT Q/Q Growth		 74.15% -11.15% -70.21% 102.57% -23.48% -215.06% 69.42% 89.84% 140.87% -11,937.19% 170.49%
Net Income Q/Q Growth		 393.63% -7.17% 132.61% -69.38% 64.29% 102.90% -35.31% -58.95% -106.05% 225.57% 6,068.01%
EPS Q/Q Growth		 406.25% -7.41% 127.63% -69.36% 62.26% 95.35% -35.71% -59.26% -106.82% 166.67% 10,150.00%
Operating Cash Flow Q/Q Growth		 47.44% 122.66% -111.38% 619.28% 10.34% 173.94% -89.69% -455.52% 165.44% 261.97% -114.51%
Free Cash Flow Firm Q/Q Growth		 8.43% 0.35% -162.36% 13.48% -10.48% -117.74% 32.87% -43.90% -3.49% -28.55% -50.81%
Invested Capital Q/Q Growth		 3.95% -3.38% 54.25% 2.75% 5.59% 36.97% 5.49% 18.19% 4.70% 31.65% 27.12%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 62.10% 61.10% 56.44% 60.25% 60.77% 60.49% 60.59% 60.39% 60.14% 57.90% 59.12%
EBITDA Margin		 14.51% 11.56% 35.31% 10.16% 13.74% 17.06% 20.72% -2.44% 5.67% -3.53% 30.79%
Operating Margin		 13.89% 9.90% 3.53% 6.52% 4.42% -2.56% -1.46% -0.16% -0.30% -6.29% 3.62%
EBIT Margin		 14.83% 10.06% 33.72% 8.10% 12.60% 13.98% 17.50% -5.00% 2.91% -6.91% 27.03%
Profit (Net Income) Margin		 14.83% 13.24% 28.91% 8.09% 12.31% 23.72% 14.58% 5.40% -0.31% 0.34% 20.97%
Tax Burden Percent		 85.47% 102.44% 80.39% 80.64% 84.24% 158.83% 81.17% -92.89% -13.92% -4.14% 84.56%
Interest Burden Percent		 117.07% 128.51% 106.68% 123.97% 116.01% 106.81% 102.64% 116.24% 75.96% 120.32% 91.74%
Effective Tax Rate		 14.53% -2.44% 19.61% 19.36% 15.76% -58.83% 18.83% 0.00% 113.92% 0.00% 15.44%
Return on Invested Capital (ROIC)		 26.77% 25.22% 5.33% 9.99% 7.24% -6.98% -1.80% -0.16% 0.06% -5.33% 3.34%
ROIC Less NNEP Spread (ROIC-NNEP)		 25.09% 23.59% -11.50% 8.05% 1.47% -28.03% -14.87% -5.47% 0.36% -13.06% -43.43%
Return on Net Nonoperating Assets (RNNOA)		 -13.23% -13.32% 5.10% -3.50% -0.66% 10.76% 4.95% 1.63% -0.12% 2.29% 4.41%
Return on Equity (ROE)		 13.55% 11.90% 10.42% 6.49% 6.58% 3.78% 3.15% 1.47% -0.06% -3.04% 7.75%
Cash Return on Invested Capital (CROIC)		 -12.76% -7.98% -37.32% -32.04% -37.02% -73.31% -41.88% -57.43% -58.97% -70.63% -71.38%
Operating Return on Assets (OROA)		 8.26% 5.02% 17.11% 4.30% 6.74% 7.39% 8.03% -2.40% 1.40% -3.35% 12.27%
Return on Assets (ROA)		 8.27% 6.60% 14.68% 4.30% 6.59% 12.53% 6.69% 2.60% -0.15% 0.17% 9.52%
Return on Common Equity (ROCE)		 13.55% 11.90% 10.42% 6.49% 6.58% 3.78% 3.15% 1.47% -0.06% -3.04% 7.75%
Return on Equity Simple (ROE_SIMPLE)		 9.73% 0.00% 14.43% 15.07% 14.12% 0.00% 12.98% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 49 44 13 27 20 -23 -7.14 -0.73 0.30 -35 25
NOPAT Margin		 11.88% 10.15% 2.84% 5.26% 3.73% -4.07% -1.18% -0.11% 0.04% -4.40% 3.06%
Net Nonoperating Expense Percent (NNEP)		 1.69% 1.63% 16.83% 1.95% 5.77% 21.05% 13.07% 5.31% -0.29% 7.73% 46.77%
Return On Investment Capital (ROIC_SIMPLE)		 - 1.90% - - - -0.78% -0.16% -0.02% 0.01% -0.69% 0.47%
Cost of Revenue to Revenue		 37.90% 38.90% 43.56% 39.75% 39.23% 39.51% 39.41% 39.61% 39.86% 42.10% 40.88%
SG&A Expenses to Revenue		 29.61% 31.65% 33.14% 33.61% 35.31% 39.58% 37.03% 36.23% 35.57% 39.83% 32.09%
R&D to Revenue		 18.60% 19.54% 19.77% 20.12% 21.03% 23.47% 25.02% 24.32% 24.86% 24.36% 23.40%
Operating Expenses to Revenue		 48.21% 51.19% 52.91% 53.73% 56.34% 63.05% 62.05% 60.55% 60.44% 64.19% 55.50%
Earnings before Interest and Taxes (EBIT)		 61 43 155 41 69 80 106 -33 21 -55 218
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 60 50 163 51 75 98 125 -16 40 -28 249
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 9.53 11.65 12.54 11.12 13.87 18.60 14.99 22.08 17.27 12.76 8.76
Price to Tangible Book Value (P/TBV)		 10.04 12.24 16.05 13.96 17.03 31.03 23.49 33.37 24.96 24.70 23.01
Price to Revenue (P/Rev)		 9.88 12.06 13.56 11.84 15.00 20.79 17.21 25.22 20.44 14.89 10.37
Price to Earnings (P/E)		 97.94 107.08 86.91 73.75 98.23 114.85 115.55 184.87 203.38 331.96 150.22
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		 1.02% 0.93% 1.15% 1.36% 1.02% 0.87% 0.87% 0.54% 0.49% 0.30% 0.67%
Enterprise Value to Invested Capital (EV/IC)		 18.24 24.23 19.46 17.71 22.91 25.26 21.07 28.35 23.34 14.14 8.43
Enterprise Value to Revenue (EV/Rev)		 9.53 11.50 13.16 11.42 14.55 20.49 16.87 24.96 20.12 14.77 10.42
Enterprise Value to EBITDA (EV/EBITDA)		 89.71 133.67 85.35 63.05 79.25 108.47 105.61 207.90 209.35 339.34 127.20
Enterprise Value to EBIT (EV/EBIT)		 102.21 156.13 93.70 69.25 92.34 123.70 127.28 271.54 299.33 1,086.28 206.74
Enterprise Value to NOPAT (EV/NOPAT)		 94.05 102.24 152.20 165.19 292.76 737.46 1,101.81 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 77.54 94.83 96.30 76.65 94.74 104.49 83.43 216.63 210.69 194.19 201.91
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 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		 0.44 0.42 0.37 0.35 0.32 0.29 0.79 0.73 0.66 0.56 0.49
Long-Term Debt to Equity		 0.44 0.42 0.37 0.35 0.32 0.29 0.68 0.63 0.57 0.53 0.49
Financial Leverage		 -0.53 -0.56 -0.44 -0.44 -0.45 -0.38 -0.33 -0.30 -0.33 -0.18 -0.10
Leverage Ratio		 1.91 2.17 2.06 2.02 2.01 2.00 2.22 2.14 2.08 2.06 2.16
Compound Leverage Factor		 2.24 2.79 2.19 2.51 2.33 2.14 2.28 2.48 1.58 2.48 1.98
Debt to Total Capital		 30.78% 29.53% 27.16% 26.03% 24.45% 22.62% 43.98% 42.36% 39.89% 35.83% 32.88%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.11% 5.89% 5.55% 1.59% 0.00%
Long-Term Debt to Total Capital		 30.78% 29.53% 27.16% 26.03% 24.45% 22.62% 37.87% 36.47% 34.34% 34.24% 32.88%
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		 69.22% 70.47% 72.84% 73.97% 75.55% 77.38% 56.02% 57.64% 60.11% 64.17% 67.12%
Debt to EBITDA		 4.34 5.04 2.62 2.07 1.91 1.73 5.64 6.99 8.17 14.97 7.08
Net Debt to EBITDA		 -3.30 -6.52 -2.63 -2.32 -2.43 -1.62 -2.18 -2.18 -3.35 -2.81 0.64
Long-Term Debt to EBITDA		 4.34 5.04 2.62 2.07 1.91 1.73 4.86 6.02 7.03 14.31 7.08
Debt to NOPAT		 4.55 3.86 4.67 5.42 7.04 11.76 58.89 -956.52 -47.87 -4.44 -38.73
Net Debt to NOPAT		 -3.46 -4.99 -4.69 -6.08 -8.98 -11.04 -22.71 298.45 19.61 0.83 -3.49
Long-Term Debt to NOPAT		 4.55 3.86 4.67 5.42 7.04 11.76 50.70 -823.48 -41.21 -4.24 -38.73
Altman Z-Score		 6.26 7.55 8.91 8.30 10.43 13.23 7.63 11.46 9.75 7.55 6.26
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		 3.15 3.14 2.91 2.88 2.96 2.30 2.83 2.95 3.12 2.53 2.27
Quick Ratio		 2.28 2.28 2.03 1.91 2.03 1.54 2.22 2.20 2.33 1.71 1.17
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -183 -182 -467 -404 -446 -972 -652 -939 -971 -1,249 -1,883
Operating Cash Flow to CapEx		 450.06% 583.22% -98.63% 731.25% 344.97% 1,008.69% 103.75% -399.53% 225.32% 351.47% -136.29%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -83.41 -32.72 -33.60 -43.33 -65.75
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 3.30 -3.20 2.08 7.54 -1.10
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.12 -4.00 1.15 5.39 -1.91
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.56 0.50 0.51 0.53 0.53 0.53 0.46 0.48 0.48 0.48 0.45
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		 2.62 2.56 2.72 2.76 2.95 3.14 3.19 3.23 3.44 3.69 3.53
Fixed Asset Turnover		 8.36 8.43 8.81 9.18 9.18 9.30 9.49 9.83 9.86 9.61 10.01
Accounts Payable Turnover		 8.11 9.62 9.05 8.22 9.47 12.21 9.77 8.51 10.65 10.63 8.90
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)		 139.05 142.42 133.95 132.31 123.85 116.11 114.55 113.16 106.02 98.80 103.41
Days Payable Outstanding (DPO)		 45.02 37.92 40.35 44.41 38.53 29.90 37.37 42.89 34.26 34.35 41.03
Cash Conversion Cycle (CCC)		 94.04 104.50 93.61 87.90 85.32 86.21 77.18 70.27 71.76 64.46 62.39
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 767 741 1,137 1,168 1,233 1,689 1,782 2,106 2,205 2,903 3,690
Invested Capital Turnover		 2.25 2.49 1.87 1.90 1.94 1.71 1.53 1.46 1.49 1.21 1.09
Increase / (Decrease) in Invested Capital		 232 226 480 430 467 948 645 938 972 1,214 1,908
Enterprise Value (EV)		 13,985 17,947 22,116 20,678 28,249 42,665 37,548 59,699 51,466 41,041 31,100
Market Capitalization		 14,499 18,822 22,797 21,439 29,116 43,303 38,322 60,326 52,289 41,381 30,944
Book Value per Share		 $20.35 $21.56 $24.13 $25.56 $27.79 $30.52 $33.36 $35.10 $38.57 $41.09 $43.96
Tangible Book Value per Share		 $19.31 $20.53 $18.85 $20.35 $22.62 $18.30 $21.29 $23.22 $26.69 $21.23 $16.73
Total Capital		 2,197 2,293 2,496 2,608 2,779 3,008 4,563 4,740 5,037 5,053 5,265
Total Debt		 676 677 678 679 679 680 2,007 2,008 2,009 1,811 1,731
Total Long-Term Debt		 676 677 678 679 679 680 1,728 1,729 1,729 1,730 1,731
Net Debt		 -514 -875 -681 -761 -867 -639 -774 -626 -823 -340 156
Capital Expenditures (CapEx)		 14 24 16 11 26 25 25 23 27 62 23
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 349 312 380 363 452 314 352 580 702 590 799
Debt-free Net Working Capital (DFNWC)		 1,540 1,632 1,444 1,440 1,611 1,300 2,719 2,811 3,147 2,323 1,536
Net Working Capital (NWC)		 1,540 1,632 1,444 1,440 1,611 1,300 2,440 2,531 2,867 2,243 1,536
Net Nonoperating Expense (NNE)		 -12 -13 -120 -14 -47 -159 -95 -37 2.48 -38 -145
Net Nonoperating Obligations (NNO)		 -755 -875 -681 -761 -867 -639 -774 -626 -823 -340 156
Total Depreciation and Amortization (D&A)		 -1.33 6.47 7.36 10 6.18 18 19 17 20 27 30
Debt-free, Cash-free Net Working Capital to Revenue		 23.82% 19.96% 22.63% 20.06% 23.29% 15.06% 15.80% 24.24% 27.43% 21.22% 26.78%
Debt-free Net Working Capital to Revenue		 104.97% 104.58% 85.91% 79.51% 82.95% 62.42% 122.13% 117.52% 123.01% 83.59% 51.48%
Net Working Capital to Revenue		 104.97% 104.58% 85.91% 79.51% 82.95% 62.42% 109.60% 105.84% 112.08% 80.69% 51.48%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.79 $0.76 $1.77 $0.54 $0.89 $1.78 $1.14 $0.46 ($0.03) $0.03 $2.11
Adjusted Weighted Average Basic Shares Outstanding		 74.83M 74.20M 75.36M 75.51M 75.70M 75.75M 76.89M 78.00M 78.42M 78.08M 80.15M
Adjusted Diluted Earnings per Share		 $0.78 $0.75 $1.73 $0.53 $0.86 $1.68 $1.08 $0.44 ($0.03) $0.02 $2.05
Adjusted Weighted Average Diluted Shares Outstanding		 75.95M 75.46M 77.13M 77.55M 78.08M 78.56M 81.48M 82.06M 78.42M 82.37M 82.48M
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		 74.93M 75.30M 75.47M 75.57M 76.25M 76.62M 77.85M 78.50M 78.91M 80.40M 80.60M
Normalized Net Operating Profit after Tax (NOPAT)		 49 30 13 27 20 -10 -7.14 -0.73 -1.49 -35 25
Normalized NOPAT Margin		 11.88% 6.93% 2.84% 5.26% 3.73% -1.79% -1.18% -0.11% -0.21% -4.40% 3.06%
Pre Tax Income Margin		 17.36% 12.93% 35.97% 10.04% 14.62% 14.93% 17.96% -5.82% 2.21% -8.31% 24.80%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 13.50 -1.17 0.72 -1.91 7.62
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -0.91 -0.03 0.01 -1.22 0.86
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 10.32 -1.97 -0.21 -4.05 6.81
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -4.09 -0.83 -0.91 -3.36 0.06
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%

Financials Breakdown Chart

Key Financial Trends

Axon Enterprise, Inc. (AXON) has shown notable revenue growth and generally solid gross margins over the last four years, with cash flow and liquidity improving in late 2025. While quarterly profitability has fluctuated, the company has delivered positive net income in several periods and maintained a healthy balance sheet, supported by sizable cash levels and occasional asset sales that boost liquidity. Below are the top trends and observations based on the quarterly statements provided.

  • Revenue trend: Q4 2025 operating revenue of $796.7 million marks a clear rise from earlier years (e.g., Q4 2024 at $573.4 million and early 2025 quarters around $600–$710 million), indicating sustained topline growth across the last four years.
  • Stable gross margins: Across recent quarters, gross margins have hovered near 60% (e.g., Q4 2025 gross margin around 58%, with Q3/Q2/Q1 2025 around 60%), suggesting pricing power and cost management despite rising operating expenses.
  • Positive net income in multiple quarters: AXON has posted positive net income in several periods during 2025 (e.g., Q1 2025 net income $87.98M, Q2 2025 $36.12M, Q4 2025 $2.75M), signaling ongoing profitability despite some quarterly losses.
  • Operating cash flow strength in late 2025: Net cash from continuing operating activities was $217.2M in Q4 2025 and $60.0M in Q3 2025, highlighting solid cash generation from core operations in the latter part of the year.
  • Asset sales bolstering liquidity: Significant cash inflows from investments activity in 2025 (e.g., Q3 2025 sale/maturity of investments around $887.9M; Q4 2025 around $490M) provided substantial liquidity beyond operating cash flow.
  • Solid balance sheet liquidity: As of Q3 2025, Axon carried roughly $1.42B in cash and equivalents, total assets near $6.66B, total equity around $3.03B, and long-term debt about $1.73B, implying manageable leverage and ample liquidity.
  • Debt and interest burden are manageable but present: Long-term debt around $1.7B and quarterly interest expense in the low-to-mid tens of millions suggest a moderate leverage profile, with interest costs contributing to expenses but not overwhelming profitability in most periods.
  • Dilutive events and share count: There is evidence of equity issuance in prior years (e.g., 2024), contributing to higher share counts and diluting per-share metrics, though earnings per share have shown improvement in some quarters.
  • Profitability remains uneven: Several quarters in 2025 show operating losses (e.g., Q4 2025 operating income of $-50.1M; Q3 2025 roughly $-2.1M), indicating ongoing profitability volatility that investors should monitor relative to revenue expansion.
  • Investing cash flow variability and near-term cash usage: Cash used in investing activities has been substantial in several quarters (e.g., Q1 2025 and Q2 2025) driven by capex and acquisitions, which can pressure near-term liquidity absent offsetting inflows from asset sales or financing.

Overall, Axon shows a favorable long-term trajectory in revenue growth and gross margins, with improving liquidity in late 2025 due to strong operating cash flow and significant asset sales. However, quarterly profitability is not yet consistently positive, and investing cash outflows plus ongoing debt service warrant close monitoring for sustained cash generation. Retail investors may view Axon as a growth-focused name with improving liquidity, but should watch for continued improvements in operating profitability and balance-sheet leverage in upcoming quarters.

05/20/26 02:48 PM ETAI Generated. May Contain Errors.

Axon Enterprise Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Axon Enterprise's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Axon Enterprise's net income appears to be on an upward trend, with a most recent value of $124.66 million in 2025, rising from $19.93 million in 2015. The previous period was $377.03 million in 2024. See Axon Enterprise's forecast for analyst expectations on what's next for the company.

Axon Enterprise's total operating income in 2025 was -$62.08 million, based on the following breakdown:
  • Total Gross Profit: $1.66 billion
  • Total Operating Expenses: $1.72 billion

Over the last 10 years, Axon Enterprise's total revenue changed from $197.89 million in 2015 to $2.78 billion in 2025, a change of 1,304.6%.

Axon Enterprise's total liabilities were at $3.76 billion at the end of 2025, a 75.0% increase from 2024, and a 5,056.2% increase since 2015.

In the past 10 years, Axon Enterprise's cash and equivalents has ranged from $0.00 in 2017 to $1.20 billion in 2025, and is currently $1.20 billion as of their latest financial filing in 2025.

Over the last 10 years, Axon Enterprise's book value per share changed from 2.93 in 2015 to 41.09 in 2025, a change of 1,304.0%.


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Financial statements for NASDAQ:AXON last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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