AXON ENTERPRISE, INC. AXON
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. Our trusted network seamlessly integrates software and hardware with a range of connected devices, including TASER energy devices, cameras and sensors, drones and robotics, cloud-based evidence management, records management, real-time operations software, critical incident and emergency response systems, immersive training, and productivity tools – all enhanced by artificial intelligence ("AI"). Designed to work together, these solutions create a unified, data-driven operating system that prioritizes safety and helps protect people and places with greater speed, accuracy, transparency, and accountability.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.78B | $2.08B | $1.56B | $1.19B | $863.4M | $681.0M | $530.9M | $420.1M | $343.8M | $268.2M |
| Cost of revenue | $1.12B | $841.1M | $605.2M | $461.0M | $322.5M | $264.7M | $223.6M | $161.5M | $136.7M | $97.7M |
| Gross profit | $1.66B | $1.24B | $955.5M | $726.1M | $540.9M | $416.3M | $307.3M | $258.6M | $207.1M | $170.5M |
| R&D | $684.3M | $441.6M | $303.7M | $233.8M | $194.0M | $123.2M | $100.7M | $76.9M | $55.4M | $30.6M |
| SG&A | $1.04B | $741.2M | $494.9M | $399.3M | $515.0M | $307.3M | $213.0M | $156.9M | $138.7M | $108.1M |
| Total operating expenses | $1.72B | $1.18B | $798.6M | $633.1M | $709.0M | $430.5M | $313.7M | $233.7M | $194.1M | $138.7M |
| Operating income | -$62.1M | $58.5M | $156.8M | $93.0M | -$168.1M | -$14.2M | -$6.4M | $24.8M | $13.0M | $31.9M |
| Interest expense | $94.2M | $7.1M | $7.0M | — | — | — | — | — | — | — |
| Pre-tax income | $19.0M | $381.5M | $157.1M | $196.2M | -$141.4M | -$6.3M | $2.1M | $28.1M | $15.8M | $31.5M |
| Income tax | $105.7M | $4.5M | $18.7M | $49.3M | $81.4M | $4.6M | $1.2M | $1.1M | $10.6M | $14.2M |
| Net income | $124.7M | $377.0M | $175.8M | $146.9M | -$56.3M | -$1.7M | $882.0K | $29.2M | $5.2M | $17.3M |
| EPS, basic | 1.60 | 4.98 | 2.37 | 2.07 | -0.91 | -0.03 | 0.01 | 0.52 | 0.10 | 0.33 |
| EPS, diluted | 1.51 | 4.80 | 2.33 | 2.03 | -0.91 | -0.03 | 0.01 | 0.50 | 0.10 | 0.32 |
| Shares, diluted (wtd. avg.) | $82.4M | $78.6M | $75.5M | $72.5M | $66.2M | $61.8M | $60.0M | $57.9M | $53.9M | $53.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.20B | $454.8M | $598.5M | $355.6M | $356.4M | $155.6M | $172.4M | $351.0M | $78.4M | $44.0M |
| Short-term investments | $505.4M | $333.2M | $644.1M | $581.8M | $14.5M | $406.5M | $178.5M | $0 | $6.9M | $48.4M |
| Inventory | $341.8M | $265.3M | $269.9M | $202.5M | $108.7M | $90.0M | $38.8M | $33.8M | $45.5M | $34.8M |
| Total current assets | $3.71B | $2.30B | $2.39B | $1.81B | $1.11B | $982.0M | $609.5M | $558.2M | $205.2M | $177.2M |
| Property, plant and equipment | $331.0M | $247.3M | $200.5M | $169.8M | $138.5M | $105.5M | $43.8M | $37.9M | $31.2M | $24.0M |
| Goodwill | $1.37B | $756.8M | $57.9M | $45.0M | $43.6M | $25.2M | $25.0M | $25.0M | $14.9M | $10.4M |
| Other intangibles | $197.0M | $175.2M | $19.5M | $12.2M | $15.5M | $9.4M | $12.8M | $15.9M | $18.8M | $15.2M |
| Total assets | $7.00B | $4.47B | $3.41B | $2.85B | $1.69B | $1.38B | $845.6M | $719.5M | $338.1M | $278.2M |
| Accounts payable | $139.1M | $72.0M | $65.9M | $59.9M | $32.2M | $24.1M | $25.9M | $15.2M | $8.6M | $10.7M |
| Short-term debt | $80.6M | $680.3M | $0 | — | — | — | — | — | — | — |
| Total current liabilities | $1.47B | $1.68B | $761.5M | $602.6M | $418.5M | $256.3M | $195.6M | $166.0M | $108.0M | $78.0M |
| Long-term debt | $1.73B | $0 | $677.1M | — | — | — | — | — | — | — |
| Total liabilities | $3.76B | $2.15B | $1.79B | $1.58B | $640.4M | $404.8M | $302.1M | $252.2M | $170.7M | $127.3M |
| Retained earnings | $936.7M | $812.0M | $435.0M | $257.0M | $109.9M | $169.9M | $172.3M | $171.4M | $123.2M | $118.3M |
| Total equity | $3.24B | $2.33B | $1.62B | $1.27B | $1.05B | $976.3M | $543.5M | $467.3M | $167.4M | $150.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $211.3M | $408.3M | $189.3M | $235.4M | $124.5M | $38.5M | $65.7M | $63.9M | $18.5M | $21.1M |
| Depreciation and amortisation | $83.2M | $48.4M | $19.3M | $23.1M | $18.7M | $12.5M | $11.4M | $10.6M | $8.0M | $3.7M |
| Stock-based compensation | $634.2M | $382.6M | $131.4M | $106.2M | $303.3M | $133.6M | $78.5M | $21.9M | $15.6M | $9.4M |
| Capital expenditure | $136.3M | $78.8M | $59.6M | $55.8M | $49.9M | $72.6M | $15.9M | $11.1M | $10.4M | $5.0M |
| Investing cash flow | -$724.9M | -$490.6M | $12.5M | -$831.0M | $252.6M | -$356.5M | -$240.7M | -$9.9M | $19.1M | -$3.0M |
| Financing cash flow | $1.25B | -$45.4M | $41.3M | $598.1M | -$174.2M | $299.3M | -$3.9M | $219.3M | -$3.8M | -$34.6M |
| Buybacks | — | — | — | — | — | — | — | $0 | $0 | $33.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-025521.
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