AXON Enterprise
AXON · NasdaqOrdnance & Accessories, (No Vehicles/Guided Missiles) · Fiscal year ends Dec 31
AXON Enterprise reported revenue of $2.8B in the fiscal year ended Dec 2025, up 33.5% from the year before. Operating income was −$62M, an operating margin of −2.2%, and net income was $125M. Operating cash flow of $211M less capital expenditure of $136M left free cash flow of $75M. Net debt was $610M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $866M | $1.2B | $1.6B | $2.1B | $2.8B |
| Cost of revenue | $320M | $461M | $605M | $841M | $1.1B |
| Gross profit | $546M | $726M | $955M | $1.2B | $1.7B |
| Research & development | $194M | $234M | $304M | $442M | $684M |
| Selling, general & admin | $515M | $399M | $495M | $741M | $1B |
| Operating income | −$163M | $93M | $157M | $59M | −$62M |
| Interest expense | – | – | $7M | $7M | $94M |
| Pre-tax income | −$136M | $196M | $157M | $382M | $19M |
| Income tax | −$80M | $49M | −$19M | $4M | −$106M |
| Net income | −$56M | $147M | $176M | $377M | $125M |
| Diluted EPS | −0.91 | 2.03 | 2.33 | 4.80 | 1.51 |
| Diluted shares | 66M | 73M | 75M | 79M | 82M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $356M | $354M | $599M | $455M | $1.2B |
| Inventory | $109M | $202M | $270M | $265M | $342M |
| Current assets | $1.1B | $1.8B | $2.4B | $2.3B | $3.7B |
| Net PP&E | $138M | $170M | $201M | $247M | $331M |
| Goodwill | $44M | $45M | $58M | $757M | $1.4B |
| Total assets | $1.7B | $2.9B | $3.4B | $4.5B | $7B |
| Payables | $32M | $60M | $66M | $72M | $139M |
| Deferred revenue | $266M | $360M | $470M | $613M | $715M |
| Current liabilities | $419M | $603M | $762M | $1.7B | $1.5B |
| Short-term debt | – | – | $0 | $680M | $81M |
| Long-term debt | – | – | $677M | $0 | $1.7B |
| Total liabilities | $640M | $1.6B | $1.8B | $2.1B | $3.8B |
| Shareholders' equity | $1.1B | $1.3B | $1.6B | $2.3B | $3.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $124M | $235M | $189M | $408M | $211M |
| Capital expenditure | $50M | $56M | $60M | $79M | $136M |
| Free cash flow | $75M | $180M | $130M | $330M | $75M |
| Depreciation & amortisation | $19M | $23M | $19M | $48M | $83M |
| Stock-based compensation | $303M | $106M | $131M | $383M | $634M |
| Acquisitions | $22M | $2M | $21M | $622M | $647M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 37.1% | 31.5% | 33.4% | 33.5% |
| Operating income growth (YoY) | – | – | 68.7% | −62.7% | −206.0% |
| EPS growth (YoY) | – | – | 14.8% | 106.0% | −68.5% |
| Gross margin | 63.0% | 61.2% | 61.2% | 59.6% | 59.7% |
| Operating margin | −18.8% | 7.8% | 10.0% | 2.8% | −2.2% |
| Net margin | −6.5% | 12.4% | 11.3% | 18.1% | 4.5% |
| Return on equityBlank when equity is negative | −5.4% | 11.6% | 10.9% | 16.2% | 3.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −12.8% | 4.1% | 5.9% | 2.1% | −1.1% |
| Free cash flow margin | 8.6% | 15.1% | 8.3% | 15.8% | 2.7% |
| Cash conversion (CFO ÷ net income) | −2.21x | 1.60x | 1.08x | 1.08x | 1.70x |
| Inventory days | 124 | 160 | 163 | 115 | 111 |
| Payable days | 37 | 47 | 40 | 31 | 45 |
| Interest cover | – | – | 22.4x | 8.25x | −0.66x |
| Debt ÷ equity | – | – | 0.42x | 0.29x | 0.56x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | $79M | $225M | $610M |
| Current ratio | 2.65x | 3.00x | 3.14x | 1.37x | 2.53x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.