Overview
AXON ENTERPRISE, INC.
Latest 10-K: FY2025, filed Feb 25, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $2.78B
- 33.5%YoYup from FY2024
- TotalRevenue
- Gross profit
- $1.66B
- 33.6%YoYup from FY2024
- GrossProfit
- Operating income
- -$0.06B
- 206.0%YoYdown from FY2024
- OperatingIncome
- Net income
- $0.12B
- 66.9%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $1.51
- 68.5%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 82.4M
- 4.9%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- AXON ENTERPRISE, INC. reported revenue of $2.78B for fiscal 2025, up 33.5% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 5 of the last 5 fiscal years.
Profitability
- Operating margin was -2.2% and net margin was 4.5%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $1.51, down 68.5% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 23, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $2.78B33.5%up S&P 500 6.4% | $2.08B33.4%up S&P 500 4.5% | $1.56B31.5%up S&P 500 4.8% | $1.19B37.5%up S&P 500 10.3% | $0.86B26.8%up S&P 500 13.8% | 33.9% S&P 500 6.6% |
| Gross Profit Median of 315 / 498 | $1.66B33.6%up S&P 500 6.8% | $1.24B29.9%up S&P 500 5.5% | $0.96B31.6%up S&P 500 5.2% | $0.73B34.2%up S&P 500 8.3% | $0.54B29.9%up S&P 500 15.7% | 32.3% S&P 500 6.2% |
| Operating Income Median of 373 / 498 | negative: -$62.08M206.0%down S&P 500 7.3% | $58.54M62.7%down S&P 500 7.4% | $156.85M68.7%up S&P 500 4.9% | $92.97Mn/m S&P 500 7.5% | negative: -$168.12Mn/m S&P 500 23.5% | n/m S&P 500 7.2% |
| Net Income | $124.66M66.9%down S&P 500 4.8% | $377.03M114.5%up S&P 500 5.7% | $175.78M19.6%up S&P 500 1.9% | $146.93Mn/m S&P 500 1.3% | negative: -$60.02Mn/m S&P 500 33.9% | n/m S&P 500 4.1% |
| EPS (Diluted) | $1.5168.5%down S&P 500 6.2% | $4.80106.0%up S&P 500 7.9% | $2.3314.8%up S&P 500 1.9% | $2.03n/m S&P 500 1.5% | negative: -$0.91n/m S&P 500 34.8% | n/m S&P 500 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $7.00B56.4%up S&P 500 5.6% | $4.47B31.3%up S&P 500 3.4% | $3.41B19.5%up S&P 500 4.1% | $2.85B68.9%up S&P 500 2.2% | $1.69B22.2%up S&P 500 6.7% | 42.7% S&P 500 4.7% |
| Total Liabilities Median of 357 / 498 | $3.76B75.0%up S&P 500 6.4% | $2.15B19.7%up S&P 500 1.9% | $1.79B13.3%up S&P 500 2.9% | $1.58B147.3%up S&P 500 2.0% | $0.64B58.2%up S&P 500 5.2% | 55.6% S&P 500 4.4% |
| Stockholders' Equity | $3.24B39.3%up S&P 500 6.8% | $2.33B44.1%up S&P 500 5.4% | $1.62B27.2%up S&P 500 7.3% | $1.27B21.0%up S&P 500 2.5% | $1.05B7.6%up S&P 500 9.0% | 32.6% S&P 500 6.1% |
| Cash & Equivalents | $1.20B164.1%up S&P 500 5.2% | $0.45B24.0%down S&P 500 1.9% | $0.60B69.2%up S&P 500 6.7% | $0.35B0.7%down S&P 500 -8.6% | $0.36B129.2%up S&P 500 -2.9% | 35.5% S&P 500 2.0% |
| Total Debt Median of 393 / 498 | $1.81B†166.2%up S&P 500 2.3% | $0.68B†0.5%up S&P 500 0.1% | $0.68B† S&P 500 0.1% | — | — | — S&P 500 3.7% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $211.34M48.2%down S&P 500 6.3% | $408.31M115.7%up S&P 500 4.8% | $189.26M19.6%down S&P 500 9.9% | $235.36M89.1%up S&P 500 -0.7% | $124.49M223.5%up S&P 500 10.7% | 14.1% S&P 500 7.0% |
| Capital Expenditures | $136.26M72.9%up S&P 500 5.4% | $78.78M32.1%up S&P 500 2.8% | $59.63M6.9%up S&P 500 11.3% | $55.80M11.9%up S&P 500 14.0% | $49.89M31.3%down S&P 500 8.1% | 28.6% S&P 500 9.0% |
| Free Cash Flow Median of 378 / 498 | $75.08M77.2%down S&P 500 7.3% | $329.53M154.2%up S&P 500 6.1% | $129.63M27.8%down S&P 500 8.8% | $179.56M140.7%up S&P 500 -11.3% | $74.61Mn/m S&P 500 10.2% | 0.2% S&P 500 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
S&P 500 median = median of the companies in the index on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-20. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
0.3%
Wall Street
on net earnings
FY2024 0.8%
0.2%
Value investor
on free cash flow
FY2024 0.7%
Gap −0.1 pts: Value-investor figure 0.1 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 376.1×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
0.0%
Wall Street
on EBITDA
FY2024 0.2%
negative: −0.1%
Value investor
on EBIT
FY2024 0.1%
Gap −0.1 pts: Value-investor figure 0.1 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 2223.6×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
6.9%
Wall Street
on book equity
FY2024 5.0%
3.6%
Value investor
on tangible book
FY2024 3.0%
Gap −3.3 pts: Value-investor figure 3.3 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 14.4×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
4.5%
Wall Street
ROE: net income ÷ equity
FY2024 19.1%
1.6%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 2.2%
Gap −2.9 pts: Value-investor figure 2.9 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
0.8%
Wall Street
EBITDA margin
FY2024 5.1%
2.7%
Value investor
Free-cash-flow margin
FY2024 15.8%
Gap +1.9 pts: Value-investor figure 1.9 points higher
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
2.53×
Wall Street
Current ratio
FY2024 2.30×
2.29×
Value investor
Quick ratio, inventory excluded
FY2024 2.04×
Gap −0.24×: Value-investor figure 0.24 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.01×
Wall Street
EBITDA ÷ total debt
FY2024 0.16×
0.04×
Value investor
FCF ÷ total debt
FY2024 0.48×
Gap +0.03×: Value-investor figure 0.03 higher
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 4.94×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
0.2×
Wall Street
EBITDA ÷ interest
FY2024 15.1×
negative: −0.7×
Value investor
EBIT ÷ interest
FY2024 8.2×
Gap −0.9×: Value-investor figure 0.9 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on AXON yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on AXON and publish the result to your public profile.
Cite this page
Data as of Oct 23, 2026. Canonical address: https://valuein.biz/data/AXON
Valuein. (2026, October 23). AXON ENTERPRISE, INC. (AXON) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/AXON
@misc{valuein_axon_2026,
author = {{Valuein}},
title = {AXON ENTERPRISE, INC. (AXON) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/AXON}},
note = {Data as of 2026-10-23; source: SEC EDGAR filings}
}10-K filed Feb 25, 2026 · accession 0001628280-26-011360
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing