tickdelta
tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

AXONAxon Enterprise

Industrials · Defense · Nasdaq

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

AXON quote by TradingView
Employees
5,100
Headquarters
Scottsdale, AZ
CEO
Patrick W. Smith
Next results
around Feb 23, 2027
Compare with peers → Embed
All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)3.11Sales (ttm)3.4BNet income (ttm)258.5MSales growth+33.5%EPS growth-68.5%Sales Q/Q+27.8%
Free cash flow80.9MGross margin58.5%Oper. margin2.0%Net margin7.6%FCF margin2.4%ROE6.9%
ROA2.9%R&D / sales24.6%Dividend-Debt/Eq0.76Curr. ratio3.00Cash1.5B
Op. cash flow (ttm)225.5MEBITDA21.1MEBITDA margin0.8%Net debt1.4BQuick ratio2.76Interest cover-0.66
ROIC-6.2%Tax rate-557.0%Stock pay / sales22.8%Shares out.81.4MShares Y/Y+4.9%Book / share46.21
Cash / share17.91Sales / share41.96Asset turnover0.39Inventory turns3.28Sales 3Y CAGR+32.8%Sales 5Y CAGR+32.5%
EPS 3Y CAGR-9.4%Employees5,100Sales / employee670K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 166%$680.3M → $1.8B · Short-term + long-term debt at year end
  • Free cash flow fell 77%$329.5M → $75.1M · Cash from operations − capital expenditure · 10-K ↗
  • Operating margin narrowed to -2.2%2.8% → -2.2% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

AXON against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
AXONPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+33.5%3rd of 82 · median +4.8%
Net margin
7.6%65th of 82 · median 13.0%
Return on equity
6.9%75th of 77 · median 24.9%
Free cash flow margin
2.4%75th of 79 · median 13.0%
Debt / equity (less is better)
0.7638th of 72 · median 0.72
AXON and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
AXON Axon Enterprise$3.4B +33.5%58.5%7.6%6.9%2.4%0.76
BE Bloom Energy$3.8B +37.3%32.3%13.7%27.1%11.4%1.28
AOS A. O. Smith$3.8B +0.3%38.6%13.0%27.1%14.8%0.37
IEX IDEX Corporation$3.7B +5.8%44.9%14.6%13.3%18.2%0.44
VRSK Verisk Analytics$3.2B +6.6%70.2%27.7%-34.6%-
NDSN Nordson Corporation$3.0B +3.8%55.3%18.6%17.0%24.3%0.59

From $1.2B of sales to $146.9M of profit

FY2022, from the 10-K income statement and revenue by region
United States to Revenue: $985.2MOther countries to Revenue: $202.0MRevenue to Gross profit: $726.1MRevenue to Cost of revenue: $461.0MGross profit to Operating profit: $93.0MGross profit to Operating expenses: $633.1MOperating profit to Net profit: $43.7MOperating profit to Tax: $49.3MOther income to Net profit: $103.3MOperating expenses to R&D: $233.8MOperating expenses to SG&A: $399.3M United States: $985.2M · 83% United States$985.2M83% Other countries: $202.0M · 17% Other countries$202.0M17% Revenue: $1.2B Revenue$1.2B +37% Y/Y Gross profit: $726.1M · 61% margin Gross profit$726.1M61% margin +34% Y/Y Cost of revenue: $461.0M · 39% of revenue Cost of revenue$461.0M39% of revenue Operating profit: $93.0M · 8% margin Operating profit$93.0M8% margin Other income: $103.3M · 9% of revenue Other income$103.3M9% of revenue Operating expenses: $633.1M · 53% of revenue Operating expenses$633.1M53% of revenue Net profit: $146.9M · 12% margin Net profit$146.9M12% margin Tax: $49.3M · 4% of revenue Tax$49.3M4% of revenue R&D: $233.8M · 20% of revenue R&D$233.8M20% of revenue SG&A: $399.3M · 34% of revenue SG&A$399.3M34% of revenue

Swipe sideways for the whole flow →

From $1.6B of sales to $175.8M of profit

FY2023, from the 10-K income statement and revenue by region
United States to Revenue: $1.3BOther countries to Revenue: $225.2MRevenue to Gross profit: $955.5MRevenue to Cost of revenue: $605.2MGross profit to Operating profit: $156.8MGross profit to Operating expenses: $798.6MOperating profit to Net profit: $156.8MOther income to Net profit: $18.9MOperating expenses to R&D: $303.7MOperating expenses to SG&A: $494.9M United States: $1.3B · 86% United States$1.3B86% Other countries: $225.2M · 14% Other countries$225.2M14% Revenue: $1.6B Revenue$1.6B +31% Y/Y Gross profit: $955.5M · 61% margin Gross profit$955.5M61% margin +32% Y/Y Cost of revenue: $605.2M · 39% of revenue Cost of revenue$605.2M39% of revenue Operating profit: $156.8M · 10% margin Operating profit$156.8M10% margin +69% Y/Y Other income: $18.9M · 1% of revenue Other income$18.9M1% of revenue Operating expenses: $798.6M · 51% of revenue Operating expenses$798.6M51% of revenue Net profit: $175.8M · 11% margin Net profit$175.8M11% margin +20% Y/Y R&D: $303.7M · 19% of revenue R&D$303.7M19% of revenue SG&A: $494.9M · 32% of revenue SG&A$494.9M32% of revenue

Swipe sideways for the whole flow →

From $2.1B of sales to $377.0M of profit

FY2024, from the 10-K income statement and revenue by region
United States to Revenue: $1.8BOther countries to Revenue: $307.3MRevenue to Gross profit: $1.2BRevenue to Cost of revenue: $841.1MGross profit to Operating profit: $58.5MGross profit to Operating expenses: $1.2BOperating profit to Net profit: $54.1MOperating profit to Tax: $4.5MOther income to Net profit: $323.0MOperating expenses to R&D: $441.6MOperating expenses to SG&A: $741.2M United States: $1.8B · 85% United States$1.8B85% Other countries: $307.3M · 15% Other countries$307.3M15% Revenue: $2.1B Revenue$2.1B +33% Y/Y Gross profit: $1.2B · 60% margin Gross profit$1.2B60% margin +30% Y/Y Cost of revenue: $841.1M · 40% of revenue Cost of revenue$841.1M40% of revenue Operating profit: $58.5M · 3% margin Operating profit$58.5M3% margin −63% Y/Y Other income: $323.0M · 16% of revenue Other income$323.0M16% of revenue Operating expenses: $1.2B · 57% of revenue Operating expenses$1.2B57% of revenue Net profit: $377.0M · 18% margin Net profit$377.0M18% margin +114% Y/Y Tax: $4.5M · 0% of revenue Tax$4.5M0% of revenue R&D: $441.6M · 21% of revenue R&D$441.6M21% of revenue SG&A: $741.2M · 36% of revenue SG&A$741.2M36% of revenue

Swipe sideways for the whole flow →

From $2.8B of sales to $124.7M of profit

FY2025, from the 10-K income statement and revenue by region
United States to Revenue: $2.3BOther countries to Revenue: $474.5MRevenue to Gross profit: $1.7BRevenue to Cost of revenue: $1.1BGross profit to Net profit: $124.7MGross profit to Costs, tax, other: $1.5B United States: $2.3B · 83% United States$2.3B83% Other countries: $474.5M · 17% Other countries$474.5M17% Revenue: $2.8B Revenue$2.8B +33% Y/Y Gross profit: $1.7B · 60% margin Gross profit$1.7B60% margin +34% Y/Y Cost of revenue: $1.1B · 40% of revenue Cost of revenue$1.1B40% of revenue Net profit: $124.7M · 4% margin Net profit$124.7M4% margin −67% Y/Y Costs, tax, other: $1.5B · 55% of revenue Costs, tax, other$1.5B55% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Costs, tax, other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 4
  • !
    Net margin below the peer median7.6% vs 13.0%
  • !
    Gross margin down over 5 years61.1% → 59.7%
  • !
    Return on equity below 15%6.9%
  • !
    A profit in 8 of 10 years
Net margin, FY2016 to FY2025: 6.4% → 4.5%

Balance sheet

2 of 4
  • !
    Interest covered less than 5 timesOperating income is -0.7× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.76 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 3.00
  • !
    Net debt over 3 years of free cash flow$903.8M net debt, 11.2 years
Debt / equity at each year end, FY2016 to FY2025: 0.42 → 0.56
What the debt is made of ↓

Cash and shareholders

1 of 3
  • !
    Free cash flow positive in 9 of 10 years$75.1M last year
  • !
    Share count up over 5 years+33.3%
  • ✓
    Cash from operations above net income$211.3M vs $124.7M
Free cash flow, FY2016 to FY2025: 16.2M → 75.1M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $2.9B Debt$2.9B Long-term debt: $2.9B · 100% Long-term debt$2.9B · 100% Year 2: $81.1M · 3% Year 2$81.1M · 3% Year 5: $1.0B · 35% Year 5$1.0B · 35% After year 5: $750.0M · 26% After year 5$750.0M · 26%

The debt note's own lines, 2025-12-31

Line, as the company names itKindRateFixed or floatingAmount
2030 Notes (Senior Notes)Notes and bonds–not stated$1.0B
2033 Notes (Senior Notes)Notes and bonds–not stated$750.0M
2027 Notes (Convertible Debt)Convertible6.89%not stated$81.1M

From the debt note in the 10-K's XBRL (0001628280-26-011360), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 2.8B Net income 124.7M
FY2016 revenue 268.2M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001069183-19-000023 FY2016 net income 17.3M · NetIncomeLoss, 0001069183-19-000023 268.2M FY2016 FY2017 revenue 343.8M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001069183-20-000016 FY2017 net income 5.2M · NetIncomeLoss, 0001069183-20-000016 343.8M FY2017 FY2018 revenue 420.1M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-21-001873 FY2018 net income 29.2M · NetIncomeLoss, 0001558370-21-001873 420.1M FY2018 FY2019 revenue 530.9M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-22-002006 FY2019 net income 882K · NetIncomeLoss, 0001558370-22-002006 530.9M FY2019 FY2020 revenue 681.0M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-23-002413 FY2020 net income -1.7M · NetIncomeLoss, 0001558370-23-002413 681.0M FY2020 FY2021 revenue 863.4M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001069183-24-000006 FY2021 net income -60.0M · NetIncomeLoss, 0001069183-24-000006 863.4M FY2021 FY2022 revenue 1.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001069183-25-000075 FY2022 net income 146.9M · NetIncomeLoss, 0001069183-25-000075 1.2B FY2022 FY2023 revenue 1.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-011360 FY2023 net income 175.8M · NetIncomeLoss, 0001628280-26-011360 1.6B FY2023 FY2024 revenue 2.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-011360 FY2024 net income 377.0M · NetIncomeLoss, 0001628280-26-011360 2.1B FY2024 FY2025 revenue 2.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-011360 FY2025 net income 124.7M · NetIncomeLoss, 0001628280-26-011360 2.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

AXON's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue2.8B
FY2016: 268.2MFY2017: 343.8MFY2018: 420.1MFY2019: 530.9MFY2020: 681.0MFY2021: 863.4MFY2022: 1.2BFY2023: 1.6BFY2024: 2.1BFY2025: 2.8B FY2017FY2019FY2021FY2023FY2025
Net income124.7M
FY2016: 17.3MFY2017: 5.2MFY2018: 29.2MFY2019: 882KFY2020: -1.7MFY2021: -60.0MFY2022: 146.9MFY2023: 175.8MFY2024: 377.0MFY2025: 124.7M FY2017FY2019FY2021FY2023FY2025
Free cash flow75.1M
FY2016: 16.2MFY2017: 8.1MFY2018: 52.7MFY2019: 49.7MFY2020: -34.1MFY2021: 74.6MFY2022: 179.6MFY2023: 129.6MFY2024: 329.5MFY2025: 75.1M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)1.51
FY2016: 0.32FY2017: 0.10FY2018: 0.50FY2019: 0.01FY2020: -0.03FY2021: -0.91FY2022: 2.03FY2023: 2.33FY2024: 4.80FY2025: 1.51 FY2017FY2019FY2021FY2023FY2025
Diluted shares82.4M
FY2016: 53.5MFY2017: 53.9MFY2018: 57.9MFY2019: 60.0MFY2020: 61.8MFY2021: 66.2MFY2022: 72.5MFY2023: 75.5MFY2024: 78.6MFY2025: 82.4M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-25

Compared with the 10-K of Feb 28, 2025: new segments Connected Devices, Software and Services; no longer reported: TASER.

During the year ended December 31, 2025, we realigned our business into two reportable segments, Connected Devices and Software and Services (the “Segment Realignment”). 10-K

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Connected Devices 1.6B56.7% +29.1%
Software And Sensors 1.2B43.3% +39.6%
Software and Services 1.2B43.3% +39.6%

10-K 0001628280-26-011360, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Software and Services 1.2B43.3% +39.6%
TASER 913.9M32.9% +21.8%
Personal Sensors 397.0M14.3% +25.3%
Platform Solutions 265.9M9.6% +72.5%

10-K 0001628280-26-011360, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 2.3B82.9% +29.8%
Other countries 474.5M17.1% +54.4%

10-K 0001628280-26-011360, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue268.2M343.8M420.1M530.9M681.0M863.4M1.2B1.6B2.1B2.8B
Cost of revenue97.7M136.7M161.5M223.6M264.7M322.5M461.0M605.2M841.1M1.1B
Gross profit170.5M207.1M258.6M307.3M416.3M540.9M726.1M955.5M1.2B1.7B
R&D30.6M55.4M76.9M100.7M123.2M194.0M233.8M303.7M441.6M684.3M
SG&A108.1M138.7M156.9M213.0M307.3M515.0M399.3M494.9M741.2M1.0B
Operating income31.9M13.0M24.8M-6.4M-14.2M-168.1M93.0M156.8M58.5M-62.1M
Interest expense------07.0M7.1M94.2M
Pretax income31.5M15.8M28.1M2.1M-6.3M-141.4M196.2M157.1M381.5M19.0M
Income tax14.2M10.6M-1.1M1.2M-4.6M-81.4M49.3M-18.7M4.5M-105.7M
Net income17.3M5.2M29.2M882K-1.7M-60.0M146.9M175.8M377.0M124.7M
EPS (diluted)0.320.100.500.01-0.03-0.912.032.334.801.51
Diluted shares53.5M53.9M57.9M60.0M61.8M66.2M72.5M75.5M78.6M82.4M
Depreciation & amortization3.7M8.0M10.6M11.4M12.5M18.7M23.1M19.3M48.4M83.2M
EBITDA35.5M21.1M35.5M5.0M-1.7M-149.4M116.1M176.2M107.0M21.1M
Gross margin63.6%60.2%61.6%57.9%61.1%62.7%61.2%61.2%59.6%59.7%
Operating margin11.9%3.8%5.9%-1.2%-2.1%-19.5%7.8%10.0%2.8%-2.2%
Net margin6.4%1.5%7.0%0.2%-0.3%-7.0%12.4%11.3%18.1%4.5%
Revenue growth-+28.2%+22.2%+26.4%+28.3%+26.8%+37.5%+31.5%+33.4%+33.5%
EPS growth--68.8%+400%-98.0%-400%--+14.8%+106%-68.5%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash40.7M75.1M349.5M172.2M155.4M356.3M353.7M598.5M454.8M1.2B
Short-term investments48.4M6.9M0178.5M406.5M14.5M581.8M644.1M333.2M505.4M
Inventory34.8M45.5M33.8M38.8M90.0M108.7M202.5M269.9M265.3M341.8M
Current assets177.2M205.2M558.2M609.5M982.0M1.1B1.8B2.4B2.3B3.7B
Property & equipment24.0M31.2M37.9M43.8M105.5M138.5M169.8M200.5M247.3M331.0M
Goodwill10.4M14.9M25.0M25.0M25.2M43.6M45.0M57.9M756.8M1.4B
Total assets278.2M338.1M719.5M845.6M1.4B1.7B2.9B3.4B4.5B7.0B
Accounts payable10.7M8.6M15.2M25.9M24.1M32.2M59.9M65.9M72.0M139.1M
Current liabilities78.0M108.0M166.0M195.6M256.3M418.5M602.6M761.5M1.7B1.5B
Total debt-------677.1M680.3M1.8B
Total liabilities127.3M170.7M252.2M302.1M404.8M640.4M1.6B1.8B2.1B3.8B
Shareholders' equity150.9M167.4M467.3M543.5M976.3M1.1B1.3B1.6B2.3B3.2B
Retained earnings118.3M123.2M171.4M172.3M169.9M109.9M257.0M435.0M812.0M936.7M

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow21.1M18.5M63.9M65.7M38.5M124.5M235.4M189.3M408.3M211.3M
Capital spending5.0M10.4M11.1M15.9M72.6M49.9M55.8M59.6M78.8M136.3M
Free cash flow16.2M8.1M52.7M49.7M-34.1M74.6M179.6M129.6M329.5M75.1M
Stock-based pay (added back)9.4M15.6M21.9M78.5M133.6M303.3M106.2M131.4M382.6M634.2M
Buybacks33.7M00-------
Acquisitions3.5M10.6M5.0M0-22.4M2.1M21.1M621.8M646.9M
Debt raised-------001.8B
Debt repaid75K0--------
Investing cash flow-3.0M19.1M-9.9M-240.7M-356.5M252.6M-831.0M12.5M-490.6M-724.9M
Financing cash flow-34.6M-3.8M219.3M-3.9M299.3M-174.2M598.1M41.3M-45.4M1.3B

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)9.4M15.6M21.9M78.5M133.6M303.3M106.2M131.4M382.6M634.2M
Stock-based pay / revenue3.5%4.5%5.2%14.8%19.6%35.1%8.9%8.4%18.4%22.8%
Operating lease cost---4.6M6.8M7.5M8.7M10.0M14.6M20.6M
Operating lease cash paid---4.4M4.7M7.5M9.2M8.8M12.3M15.1M
Right-of-use assets---9.7M22.3M23.3M38.4M36.2M44.6M99.5M
Operating lease liabilities---10.6M24.4M27.0M43.5M41.5M50.8M105.9M
Finance lease liabilities------00--

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on AXON in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/AXON/export.csv") into a cell.