TICKDELTA
Sign in
Screener / SEC EDGAR /CIK 0001069183 /10-K filed Feb 25, 2026, compared with Feb 28, 2025 /Numbers from the XBRL of the 10-Ks
Industrials peers:
AXONNDSNBEIEXAOSVRSK
Nasdaq Industrials · Defense

Axon Enterprise AXON

AXON quote by TradingView

Axon Enterprise, Inc. (“Axon,” the “Company,” “we” or “us”) is a technology company that provides integrated hardware and software solutions. 10-K, Item 1

Employees
5,100
Headquarters
Scottsdale, AZ
CEO
Patrick W. Smith
Next results
around Feb 23, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $2.8B through the costs to a net profit of $124.7M · income statement of the 10-K

4% net margin
Revenue to Gross profit: $1.7BRevenue to Cost of revenue: $1.1BGross profit to Net profit: $124.7MGross profit to Costs, tax, other: $1.5B Revenue: $2.8B REVENUE $2.8B +33% Y/Y Gross profit: $1.7B · 60% margin GROSS PROFIT $1.7B 60% margin · +34% Y/Y Cost of revenue: $1.1B · 40% of revenue COST OF REVENUE $1.1B 40% of revenue Net profit: $124.7M · 4% margin NET PROFIT $124.7M 4% margin · −67% Y/Y Costs, tax, other: $1.5B · 55% of revenue COSTS, TAX, OTHER $1.5B 55% of revenue
Gross profit $1.7B 60% margin · +34% Y/Y
Net profit $124.7M 4% margin · −67% Y/Y
The full income statement, year by year

AXON among Industrials peers

Six ratios from the latest 10-K. Each corner is the share of 81 peers the company is above, not a score.

Compare
Revenue growth: 33.5%, above 98% of 81 peers (their median 4.6%) REVENUE GROWTH 33.5% · above 98% Gross margin: 58.5%, above 88% of 51 peers (their median 38.1%) GROSS MARGIN 58.5% · above 88% Operating margin: 2.0%, above 1% of 71 peers (their median 17.5%) OPERATING MARGIN 2.0% · above 1% Net margin: 7.6%, above 21% of 81 peers (their median 13.0%) NET MARGIN 7.6% · above 21% FCF margin: 2.4%, above 5% of 78 peers (their median 13.3%) FCF MARGIN 2.4% · above 5% Return on capital: -6.2%, above 0% of 65 peers (their median 14.2%) RETURN ON CAPITAL -6.2% · above 0%
AXON Peer median Below the median

What changed

23 new risk paragraphs and 3 accounting facts worth reading about. 10-K filed Feb 25, 2026 against Feb 28, 2025.

Risk factors
23 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Restatement (8-K item 4.02)
8-K item 4.02 (non-reliance on previous financial statements) filed May 7, 2025
10-K · XBRL
Critical audit matters changed
New this year: Revenue Recognition for Certain Contracts with Customers for Products and Services (“As described in Note 1 to the consolidated financial statements, the Company’s net sales were $2.8 billion for the year ended December 31, 2025, a significant portion of which relates to certain contracts with customers for products and services. The Company derives revenue from two primary sources:”); Table o f Contents (“Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls ”). No longer listed: Revenue Recognition for Certain Products and Services; Valuation of Certain Intangible Assets - Acquisitions of Fusus and Dedrone
10-K · XBRL
Material weakness in internal control
“Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of December 31, 2025, as a result of the material weakness in internal control over financial reporting discussed below.”
10-K · XBRL
Accounting checks
8 other checks clear, 3 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
3 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

3facts worth reading about the other 8 checks found nothing to note

  • Restatement (8-K item 4.02)
    8-K item 4.02 (non-reliance on previous financial statements) filed May 7, 2025
  • Critical audit matters changed
    New this year: Revenue Recognition for Certain Contracts with Customers for Products and Services (“As described in Note 1 to the consolidated financial statements, the Company’s net sales were $2.8 billion for the year ended December 31, 2025, a significant portion of which relates to certain contracts with customers for products and services. The Company derives revenue from two primary sources:”); Table o f Contents (“Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls ”). No longer listed: Revenue Recognition for Certain Products and Services; Valuation of Certain Intangible Assets - Acquisitions of Fusus and Dedrone
  • Material weakness in internal control
    “Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of December 31, 2025, as a result of the material weakness in internal control over financial reporting discussed below.”
  • Receivables +42.0% vs revenue +33.5% (+8.5 pts)
7 more checks with nothing to note
  • Cash from operations $211.3M vs net income $124.7M (FY ending Dec 31, 2025)
  • Inventory +28.8% vs revenue +33.5% (-4.6 pts)
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No statement of substantial doubt about going concern
  • No NT 10-K or NT 10-Q in the last 2 years
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

23 paragraphs in Risk Factors that were not in the 10-K filed Feb 28, 2025. Quoted as filed.

All 23 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 28, 2025 10-K, ITEM 1A
    Acquisitions and investments may present unforeseen operating, financial, or compliance challenges. Many of these challenges may arise from actions, omissions, business practices, contractual arrangements, or operational decisions of the acquired business or investee entity that occurred prior to or independently of our ownership or…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 28, 2025 10-K, ITEM 1A
    In the case of minority or non-controlling investments, we may have limited ability to influence the strategic direction, governance, regulatory compliance, risk management, or operations of the investee business, may be subject to conflicts with other shareholders or founders, and may receive less timely or less complete information…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 28, 2025 10-K, ITEM 1A
    Our suppliers may themselves be subject to export controls or other trade restrictions on the materials and components they provide, including controls imposed by their countries of origin. In addition, increased use by the PRC of foreign “entity lists,” modeled in part on U.S. and other Western trade controls, could restrict Axon’s…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 28, 2025 10-K, ITEM 1A
    Uncertainties with complex U.S. federal, state and local and foreign procurement laws and regulations of governments could cause us to incur costs, which could have a material adverse effect on our business, financial position, results of operations and cash flows. We have entered and will enter into contracts with U.S. federal, state…

New risk paragraphs, against peers

Latest 10-K of each, Industrials companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$1.2B$1.6B$2.1B$2.8B
Net income$146.9M$175.8M$377.0M$124.7M
Operating cash flow$235.4M$189.3M$408.3M$211.3M
Free cash flow$179.6M$129.6M$329.5M$75.1M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$2.8B ▲ 33.5% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

3 filings in the last 30 days · SEC EDGAR

All filings

About the company

Axon Enterprise, Scottsdale, AZ · from the 10-K filed Feb 25, 2026

Axon Enterprise, Inc. (“Axon,” the “Company,” “we” or “us”) is a technology company that provides integrated hardware and software solutions. Founder-led since 1993, Axon began with a mission to protect life and has grown into a global technology company serving a range of customers. Our products and services allow customers across the public and private sector to capture and use critical data to support fully-connected operational workflows.

Headquarters
Scottsdale, AZ
Country
United States
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Nov 5, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, we had more than 5,100 full-time employees and more than 1,200 temporary employees (which include contractors, interns and individual consultants)" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Feb 25, 2026 (open at SEC), compared with the 10-K filed Feb 28, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/AXON/export.csv") into a cell.