Axon Enterprise, Inc.

AXON · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Valuation
Market cap	$45,115	$45,320	$19,358	$11,808	$10,749	$7,570	$4,337	$68	$361	$850	$1,234	$1,402	$824	$481	$304	$294	$271	$329	$901	$472	$427	$1,811	–	$11	$32	$17
Enterprise value	$45,318	$45,934	$18,826	$11,584	$10,399	$7,036	$3,997	($276)	$279	$761	$1,125	$1,321	$773	$444	$278	$251	$226	$280	$850	$449	$410	$1,779	–	$8	$27	$20
P/E (TTM) at period end	361.91×	120.20×	110.12×	80.37×	–	–	4917.74×	2.34×	69.30×	49.16×	61.93×	70.39×	45.16×	32.65×	–	–	–	90.55×	59.97×	–	403.85×	95.93×	–	54.09×	61.72×	–
P/S (TTM) at period end	16.23×	21.76×	12.40×	9.95×	12.45×	11.12×	8.17×	0.16×	1.05×	3.17×	6.24×	8.52×	5.98×	4.19×	3.38×	3.38×	2.60×	3.55×	8.95×	6.97×	8.95×	26.78×	–	1.15×	4.64×	4.99×
P/B at period end	13.91×	19.47×	11.98×	9.29×	10.24×	7.75×	7.98×	0.15×	2.15×	5.64×	7.86×	10.86×	7.60×	5.51×	3.69×	2.50×	2.30×	2.93×	7.47×	4.75×	4.11×	18.65×	–	1.88×	5.75×	–
EV / EBITDA (TTM)	2149.30×	429.43×	106.86×	99.79×	–	–	804.75×	(7.77×)	13.24×	21.44×	29.12×	35.87×	23.36×	15.27×	–	116.98×	63.49×	35.60×	37.12×	34.87×	126.17×	57.34×	–	13.24×	28.36×	255.24×
EV / Sales (TTM)	16.30×	22.06×	12.06×	9.76×	12.04×	10.33×	7.53×	(0.66×)	0.81×	2.84×	5.68×	8.03×	5.61×	3.87×	3.09×	2.89×	2.17×	3.02×	8.44×	6.64×	8.61×	26.31×	–	0.83×	4.01×	5.83×
Returns
Return on equity	3.8%	16.2%	10.9%	11.6%	(5.7%)	(0.2%)	0.2%	6.2%	3.1%	11.5%	12.7%	15.4%	16.8%	16.9%	(8.5%)	(3.7%)	(0.0%)	3.2%	12.5%	(4.1%)	1.0%	19.4%	16.2%	3.5%	9.3%	–
Return on invested capital	(1.6%)	1.8%	9.1%	4.3%	(10.0%)	(0.5%)	(0.7%)	20.1%	4.7%	15.9%	20.4%	24.8%	27.5%	28.6%	(13.1%)	(5.9%)	–	4.2%	18.9%	11.0%	0.7%	22.6%	38.8%	6.9%	52.9%	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	2.53×	1.37×	3.14×	3.00×	2.65×	3.83×	3.12×	3.36×	1.90×	2.27×	4.23×	4.21×	4.21×	4.37×	3.89×	6.89×	6.23×	8.36×	7.73×	3.07×	5.61×	7.03×	6.64×	3.96×	3.02×	0.42×
Debt / equity	0.56×	0.29×	0.42×	0.53×	0.01×	0.03×	0.02×	0.01×	0.01×	0.00×	0.00×	0.00×	–	0.00×	–	–	–	–	0.00×	0.00×	0.00×	0.00×	0.01×	0.07×	0.23×	(0.84×)
Effective tax rate	(557.0%)	1.2%	(11.9%)	25.1%	57.5%	72.6%	57.4%	(3.9%)	67.0%	45.1%	43.6%	38.4%	34.9%	34.8%	26.9%	14.3%	101.2%	47.6%	33.3%	18.0%	60.9%	38.9%	39.5%	45.1%	16.9%	(100.0%)
Share count
Diluted shares outstanding	82	79	75	73	66	62	60	58	54	54	55	54	54	55	59	63	62	64	66	62	64	62	47	35	36	30

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Revenue and gross profit
Revenue	$3,219	$2,780	$2,083	$1,561	$1,187	$863	$681	$531	$420	$344	$268	$198	$165	$138	$115	$90	$87	$104	$93	$101	$68	$48	$68	$24	$10	$7	$3
Cost of revenue	($1,307)	($1,121)	($841)	($605)	($461)	($322)	($265)	($224)	($161)	($137)	($98)	($69)	($63)	($52)	($43)	($37)	($42)	($43)	($37)	($45)	($26)	($19)	($22)	($9)	($4)	($3)	($2)
Gross profit	$1,912	$1,658	$1,241	$955	$726	$541	$416	$307	$259	$207	$171	$129	$102	$86	$68	$45	$45	$62	$55	$56	$42	$28	$45	$15	$6	$4	$2
Operating expenses
Research and development	($768)	($684)	($442)	($304)	($234)	($194)	($123)	($101)	($77)	($55)	($31)	($24)	($15)	($10)	($8)	($10)	($11)	($20)	($13)	($4)	($3)	($2)	($1)	($0)	($0)	($0)	($0)
Selling, general and administrative	($1,120)	($1,036)	($741)	($495)	($399)	($515)	($307)	($213)	($157)	($139)	($108)	($70)	($54)	($47)	($39)	($38)	($39)	($43)	($37)	($31)	($28)	($25)	($14)	($7)	($5)	($3)	($2)
Total operating expenses	($1,889)	($1,720)	($1,183)	($799)	($633)	($709)	($430)	($314)	($234)	($194)	($139)	($93)	($69)	($58)	($45)	($55)	($51)	($62)	($50)	($35)	($31)	($27)	($15)	($7)	($5)	($3)	($2)
Total costs and expenses	($3,195)	($2,842)	($2,024)	($1,404)	($1,094)	($1,032)	($695)	($537)	($395)	($331)	($236)	($163)	($132)	($110)	($92)	($101)	($92)	($104)	($88)	($80)	($57)	($46)	($37)	($17)	($9)	($6)	($3)
Operating income	$24	($62)	$59	$157	$93	($168)	($14)	($6)	$25	$13	$32	$35	$33	$28	$23	($11)	($5)	($0)	$5	$20	$11	$2	$30	$8	$0	$1	($0)
Earnings
EBITDA	$133	$21	$107	$176	$116	($149)	($2)	$5	$35	$21	$36	$39	$37	$33	$29	($3)	$2	$4	$8	$23	$13	$3	$31	$8	$1	$1	$0
Interest income	$59	$75	$44	$49	$4	$31	$5	$8	$4	$2	$1	$0	–	$0	$0	$1	$0	$0	$2	$2	$2	$1	$0	$0	$0	$0	–
Interest expense	($114)	($94)	($7)	($7)	–	$1	$8	$8	$3	$3	–	–	($0)	–	–	–	–	–	–	–	($0)	($0)	($0)	($0)	($0)	($0)	($0)
Pre-tax income	$182	$19	$382	$157	$196	($141)	($6)	$2	$28	$16	$31	$35	$32	$28	$23	($10)	($5)	$0	$7	$23	($5)	$3	$31	$7	$0	$1	($0)
Income tax expense	$17	$106	($4)	$19	($49)	$81	$5	($1)	$1	($11)	($14)	($15)	($12)	($10)	($8)	$3	$1	($0)	($3)	($7)	$1	($2)	($12)	($3)	($0)	($0)	($0)
Net income	$199	$125	$377	$176	$147	($60)	($2)	$1	$29	$5	$17	$20	$20	$18	$15	($7)	($4)	($0)	$4	$15	($4)	$1	$19	$4	$0	$1	($0)
Per share
Diluted EPS (GAAP)	$2.41	$1.51	$4.80	$2.33	$2.03	($0.91)	($0.03)	$0.01	$0.50	$0.10	$0.32	$0.36	$0.37	$0.34	$0.27	($0.12)	($0.07)	–	$0.06	$0.23	($0.0659)	$0.02	$0.30	$0.095	$0.005	$0.0142	($0.0159)
Basic EPS (GAAP)	$2.49	$1.60	$4.98	$2.37	$2.07	($0.91)	($0.03)	$0.01	$0.52	$0.10	$0.33	$0.37	$0.38	$0.35	$0.27	($0.12)	($0.07)	–	$0.06	$0.24	($0.0659)	$0.02	$0.33	$0.12	$0.005	$0.0183	($0.0159)
Basic shares outstanding	80	78	76	74	71	66	62	59	56	53	53	54	53	52	54	59	63	62	62	63	62	61	57	38	34	28	30
Margins
Gross margin	59.4%	59.7%	59.6%	61.2%	61.2%	62.7%	61.1%	57.9%	61.6%	60.2%	63.6%	65.0%	61.7%	62.3%	59.0%	49.5%	52.2%	59.0%	59.6%	55.4%	61.5%	59.3%	66.8%	61.6%	56.2%	57.5%	49.8%
Operating margin	0.7%	(2.2%)	2.8%	10.0%	7.8%	(19.5%)	(2.1%)	(1.2%)	5.9%	3.8%	11.9%	17.9%	19.8%	20.3%	19.6%	(12.1%)	(5.9%)	(0.1%)	5.6%	20.2%	15.9%	3.2%	45.1%	31.0%	3.7%	11.3%	(1.4%)
Net margin	6.2%	4.5%	18.1%	11.3%	12.4%	(7.0%)	(0.3%)	0.2%	7.0%	1.5%	6.4%	10.1%	12.1%	13.2%	12.8%	(7.8%)	(5.0%)	(0.0%)	3.9%	14.9%	(6.0%)	2.2%	27.9%	18.2%	2.1%	7.5%	(13.9%)

Analyst consensus

Buy22 analysts

Bearish · 0 · Hold · 4 · Bullish · 18

Earnings history

	EPS	Estimate
Q3 2024	$1.45	$1.20	Beat
Q4 2024	$2.08	$1.37	Beat
Q1 2025	$1.41	$1.27	Beat
Q2 2025	$2.12	$1.45	Beat
Q3 2025	$1.17	$1.52	Miss
Q4 2025	$2.15	$1.60	Beat
Q1 2026	$1.61	$1.60	Beat
Q2 2026	$1.88	$1.84	Beat

Peers

Company overview

IPO dateJun 7, 2001

CEOPatrick W. Smith

Employees5,100

SectorIndustrials

IndustryAerospace & Defense

CountryUS

ExchangeNASDAQ Global Select

Websitewww.axon.com

Axon Enterprise, Inc., founded in 1993 and headquartered in Scottsdale, Arizona, was previously known as TASER International, Inc. until its rebranding in April 2017. The company specializes in the development, production, and sale of conducted energy devices (CEDs) marketed under its well-known TASER brand, catering to both domestic and international clients. Axon's operations are divided into two primary segments: TASER, and Software and Sensors. In addition to its signature TASER devices, such as the TASER 7, X26P, X2, and consumer models, along with their corresponding cartridges, Axon offers an extensive portfolio of hardware and cloud-based software. These solutions are designed to equip law enforcement agencies with the means to capture, securely archive, manage, share, and analyze video and other digital evidence. Key products in this category include on-officer body cameras, Axon Fleet in-car systems, the Axon Evidence digital evidence management platform, Axon Signal-enabled devices, extended hardware warranties, and vital accessories like docks, cartridges, and batteries. Axon distributes its offerings through multiple channels, including its dedicated direct sales force, various distribution partners, its online storefront, and authorized third-party resellers. Furthermore, the company has established a strategic partnership with Fusus, Inc. to enhance the functionality of Axon Respond and the Fusus Real Time Crime Center in the Cloud solution, providing agencies with real-time operational awareness and more efficient investigative processes.

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