AXON

MKT CAP:$32B

Axon Enterprise, Inc.

Market Cap

$32B

Industrials·Aerospace & Defense·🇺🇸 United States·NASDAQ

Industrials·Aerospace·🇺🇸·NASDAQ

Stock Price

$397.14-$166.31 (-29.52%)

Apr 24, 2026

Company Details

Axon Enterprise, Inc. develops, manufactures, and sells conducted energy devices (CEDs) under the TASER brand in the United States and internationally. It operates through two segments, TASER, and Software and Sensors. The company also offe...

CEO

Patrick W. Smith

IPO Date

Jun 19, 2001

Website

www.axon.com

Key Metrics TTM

Revenue

$2.6B

+44.7% YoY

Net Income

$257M

EPS (Diluted)

$3.16

Free Cash Flow

$145M

Revenue / Share

$32.62

Gross Margin

60.3%

Operating Margin

-1.0%

Net Margin

10.1%

FCF Margin

5.7%

P/S

12.5x

P/E

124.2x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Feb 24, 2026

$2.8B+33.5%EPS $1.51

Q3 2025

Nov 4, 2025

$711MEPS -$0.03

Q2 2025

Aug 4, 2025

$669M+32.8%EPS $0.44

Q1 2025

May 7, 2025

$604M+31.3%EPS $1.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$219M	$138M	-$93M
Q3 21	$232M	$145M	$3M
Q4 21	$218M	$135M	-$27M
Q1 22	$256M	$156M	$17M
Q2 22	$286M	$174M	$21M
Q3 22	$312M	$193M	$32M
Q4 22	$336M	$206M	$23M
Q1 23	$343M	$204M	$17M
Q2 23	$375M	$232M	$40M
Q4 23	$430M	$264M	$43M
Q1 24	$460M	$259M	$16M
Q2 24	$503M	$306M	$34M
Q4 24	$575M	$346M	-$16M
Q1 25	$604M	$366M	-$8M
Q2 25	$669M	$404M	$1M
Q3 25	$711M	$427M	-$2M

Valuation

Quarter	P/S	P/E
Q2 21	13.9x	—
Q3 21	13.6x	—
Q4 21	12.6x	—
Q1 22	10.4x	224.1x
Q2 22	6.9x	48.8x
Q3 22	7.7x	79.1x
Q4 22	10.8x	87.6x
Q1 23	13.2x	122.8x
Q2 23	10.7x	147.3x
Q4 23	12.8x	131.9x
Q1 24	14.6x	94.8x
Q2 24	12.4x	89.6x
Q4 24	23.4x	125.7x
Q1 25	19.2x	103.1x
Q2 25	27.6x	215.9x
Q3 25	22.0x	218.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$34M	$21M
Q3 21	$16M	$4M
Q4 21	$13M	-$690.0K
Q1 22	$44M	$27M
Q2 22	$19M	$7M
Q3 22	$41M	$26M
Q4 22	$131M	$119M
Q1 23	-$56M	-$65M
Q2 23	$43M	$29M
Q4 23	$140M	$116M
Q1 24	-$16M	-$32M
Q2 24	$83M	$71M
Q4 24	$250M	$225M
Q1 25	$26M	$932.0K
Q2 25	-$92M	-$115M
Q3 25	$60M	$33M

Capital Expenditures

Quarter	CapEx
Q2 21	$14M
Q3 21	$12M
Q4 21	$14M
Q1 22	$17M
Q2 22	$13M
Q3 22	$14M
Q4 22	$12M
Q1 23	$9M
Q2 23	$13M
Q4 23	$24M
Q1 24	$16M
Q2 24	$11M
Q4 24	$25M
Q1 25	$25M
Q2 25	$23M
Q3 25	$27M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+54.9%	+102.5%
Q3 21	+39.4%	+33.5%
Q4 21	-3.8%	+11.0%
Q1 22	+31.5%	-2.1%
Q2 22	+30.5%	-15.4%
Q3 22	+34.4%	+22.2%
Q4 22	+54.5%	+28.2%
Q1 23	+33.8%	+36.5%
Q2 23	+31.2%	+26.5%
Q4 23	+38.0%	+38.6%
Q1 24	+36.8%	+41.4%
Q2 24	+46.7%	+43.8%
Q4 24	+53.5%	+76.7%
Q1 25	+40.3%	+57.8%
Q2 25	+45.4%	+50.5%
Q3 25	+41.2%	+51.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$138M	62.9%
Q3 21	$35M	15.1%
Q4 21	$41M	18.9%
Q1 22	$25M	9.8%
Q2 22	$21M	7.4%
Q3 22	$28M	9.0%
Q4 22	$32M	9.4%
Q1 23	$34M	10.0%
Q2 23	$32M	8.5%
Q4 23	$35M	8.2%
Q1 24	$75M	16.3%
Q2 24	$75M	14.9%
Q4 24	$131M	22.8%
Q1 25	$140M	23.2%
Q2 25	$139M	20.8%
Q3 25	$146M	20.6%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 21	$54M	$177M
Q3 21	$42M	$99M
Q4 21	$51M	$111M
Q1 22	$48M	$90M
Q2 22	$58M	$95M
Q3 22	$59M	$102M
Q4 22	$69M	$114M
Q1 23	$71M	$117M
Q2 23	$72M	$120M
Q4 23	$84M	$137M
Q1 24	$91M	$151M
Q2 24	$101M	$171M
Q4 24	$135M	$227M
Q1 25	$151M	$223M
Q2 25	$163M	$240M
Q3 25	$177M	$253M

Revenue Segments

Quarter	Software And Sensors Segment	Taser Segment	Software and Sensors	Taser	Software and Sensors Segment	Taser Weapons Segment
Q2 21	$106M	$113M	—	—	—	—
Q3 21	$110M	$121M	—	—	—	—
Q4 21	—	—	$114M	$104M	—	—
Q1 22	—	—	$142M	$114M	—	—
Q2 22	—	—	$150M	$136M	—	—
Q3 22	—	—	$167M	$145M	—	—
Q4 22	—	—	$199M	$137M	—	—
Q1 23	—	—	$209M	$134M	—	—
Q2 23	—	—	$220M	$154M	—	—
Q1 24	—	—	—	—	$282M	$179M
Q2 24	—	—	—	—	$307M	$197M
Q1 25	—	—	—	—	$263M	$341M
Q2 25	—	—	—	—	$292M	$376M

Revenue by Geography

Quarter	Non Us	U	Other countries	United States	Non-US
Q2 21	$54M	$165M	—	—	—
Q3 21	$39M	$193M	—	—	—
Q4 21	—	—	$49M	$169M	—
Q1 22	—	—	$42M	$214M	—
Q2 22	—	—	$57M	$228M	—
Q3 22	—	—	$47M	$265M	—
Q4 22	—	—	$55M	$281M	—
Q1 23	—	—	$52M	$291M	—
Q2 23	—	—	$53M	$322M	—
Q4 23	—	—	$49M	$383M	—
Q1 24	—	—	—	$392M	$68M
Q2 24	—	—	—	$426M	$79M
Q4 24	—	—	—	$475M	$99M
Q1 25	—	—	—	$529M	$74M
Q2 25	—	—	—	$537M	$131M
Q3 25	—	—	—	$594M	$117M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$386M	$78M	$464M
Q2 22	$213M	$164M	$377M
Q3 22	$148M	$230M	$378M
Q4 22	$354M	$621M	$975M
Q1 23	$263M	$830M	$1.1B
Q2 23	$474M	$660M	$1.1B
Q3 23	$406M	$785M	$1.2B
Q4 23	$599M	$722M	$1.3B
Q1 24	$404M	$660M	$1.1B
Q2 24	$566M	$510M	$1.1B
Q3 24	$695M	$463M	$1.2B
Q4 24	$455M	$532M	$986M
Q1 25	$1.1B	$1.3B	$2.4B
Q2 25	$615M	$1.6B	$2.2B
Q3 25	$1.4B	$953M	$2.4B
Q4 25	$1.2B	$505M	$1.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	65M	+1.8%	+8.0%
Q3 21	72M	+11.2%	+14.1%
Q4 21	69M	-4.3%	+6.0%
Q1 22	72M	+4.4%	+13.0%
Q2 22	72M	-0.1%	+10.9%
Q3 22	73M	+0.3%	+0.1%
Q4 22	73M	+0.6%	+5.3%
Q1 23	74M	+1.2%	+2.1%
Q2 23	76M	+2.6%	+4.8%
Q4 23	76M	+0.5%	+5.0%
Q1 24	77M	+1.3%	+5.7%
Q2 24	78M	+0.5%	+5.0%
Q4 24	81M	+4.6%	+7.0%
Q1 25	81M	+0.5%	+7.0%
Q2 25	82M	+0.7%	+6.4%
Q3 25	78M	-4.4%	+1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$128.0K	2K
Q3 21	$135.7K	2K
Q4 21	$101.3K	2K
Q1 22	$119.4K	2K
Q2 22	$133.0K	2K
Q3 22	$145.1K	2K
Q4 22	$119.2K	3K
Q1 23	$121.6K	3K
Q2 23	$132.8K	3K
Q4 23	$129.2K	3K
Q1 24	$138.1K	3K
Q2 24	$151.1K	3K
Q4 24	$140.3K	4K
Q1 25	$147.2K	4K
Q2 25	$163.1K	4K
Q3 25	$173.3K	4K

Revenue / Employee