undamentalytics Newsletter
Sign in

Axon Enterprise (AXON) stock

Add to watchlist

Add holding +

NASDAQ: AXON Nasdaq Aerospace & Defense Next results ~November 5, 2026

C+ Fundamentals grade

Axon Enterprise supplies products and services to law enforcement and government bodies. The source indicates that its systems handle sensitive data relating to employees, customers, third parties and, in certain cases, the subjects of law enforcement, and that it provides products and services under defence acquisition programmes. Its technology relies on information systems supporting operations, communications, supply chain management and billing.

The company earns revenue chiefly through contracts with customers, which include U.S. federal, state and local governments as well as foreign governments. These dealings subject it to procurement rules such as the U.S. Federal Acquisition Regulation. Its cloud and information services are built to recognised security standards, including FedRAMP, CJIS, ISO, SOC 2 and NIST, reflecting the regulated nature of its government work.

Axon is incorporated in Delaware and its shares trade on the Nasdaq Stock Market. The filing notes compliance obligations in multiple jurisdictions, including the UK Modern Slavery Act and the European Union's Corporate Sustainability Reporting Directive, indicating activity beyond the United States. It carries debt through notes due in 2030 and 2033 and a revolving credit facility.

Based on Axon Enterprise's 10-K filed February 25, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Model estimate per share

~$250

Forward price-to-earnings vs peers

Base case. Range ~$200–$340. Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Axon Enterprise valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 11 selling0 purchases and 281 sales by directors and officers, last 12 monthsInsider trades
  • Funds652 adding, 435 cuttingOf 89 active managers that changed their stake, 46 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Axon Enterprise files

Where Axon Enterprise stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.22bn, up 34.6% on a year earlier, faster than 34.0% a quarter earlier. That growth ranks 1 of 12 among the aerospace & defense companies we cover. Free-cash-flow margin fell to 4.1% from 7.4% a year earlier. The diluted share count is up 2.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 6 financial-health checks. Our revenue-to-maturity model value is $91.44 a share, against a share price of $398.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Axon Enterprise's trailing-twelve-month revenue grew 34.6% year on year, with a free-cash-flow margin of 4.1%. Where it stands out: gross margin of 59.4% ranks 5 of 46 aerospace & defense companies we cover. Where it lags: stock pay as % of revenue of 19.7% ranks 43 of 53 aerospace & defense companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 34.6% (+0.6pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 34.6% over the last 12 months, against a median of 15.5% for aerospace & defense companies we cover.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Heavy stock-based pay. Stock pay equals 19.7% of revenue, against a median of 1.5% for aerospace & defense companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 2.4% in a year.
  • High earnings multiple. The shares trade at 177 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 62% and a beta of 1.5 against the S&P 500.
  • Insiders selling. 11 insiders sold $130M of stock over the past 365 days and none bought (63% under pre-set trading plans).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$1.88 against an average estimate of $1.84: beat by 2.0%
Revenue
$904m, up 35.3% on a year earlier
Share reaction
-14.0% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
revenue growth growth 32% to 34% (full-year 2026); adjusted EBITDA margin 25.5% (full-year 2026)
Next report
November 5, 2026; average EPS estimate $1.90

Axon Enterprise's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.8%
  • 1 week-1.9%
  • 1 month+1.1%
  • This year-25.1%
  • 1 year-42.3%
  • 5 years+126.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.2B
Operating margin
0.7%
Net margin
6.2%
EPS (TTM, diluted)
$2.41

Growth

Revenue growth
+34.6%
Change in growth rate
+0.6 pts
Share count change
+2.4%

Cash

Free cash flow (TTM)
$133M
FCF margin
4.1%
Stock pay % of revenue
19.7%

Earnings

Last results
August 5, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Agreement
  3. Insider trade
  4. Insider trade
  5. Results
  6. Guidance
  7. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Axon Enterprise valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Axon Enterprise as an operating company, with every model that fits that kind of business. Cost of equity 10.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.28 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$70 ~$37–$97 Left out: out of range vs price (0.16x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$250 ~$200–$340 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$50 ~$35–$73 Left out: out of range vs price (0.12x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$50 ~$44–$57 Left out: out of range vs price (0.12x)
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$61 ~$45–$80 Left out: out of range vs price (0.14x)
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$250 ~$200–$340 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Axon Enterprise with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$17.29$24.24$26.50$43.75$73.28$122.53$157.00$165.93$258.33$594.32$567.93$425.43
Market value$945m$1.3bn$1.4bn$2.5bn$4.4bn$7.6bn$10.4bn$12.0bn$19.5bn$46.7bn$46.8bn$35.2bn
+ Net debt (− = net cash)−$59m−$41m−$75m−$349m−$172m−$155m−$356m$320m$79m$906m$690m$1.2bn
Enterprise value$885m$1.3bn$1.4bn$2.2bn$4.2bn$7.4bn$10.0bn$12.4bn$19.6bn$47.6bn$47.5bn$36.4bn
Multiples
Price / sales 4.8x4.8x4.2x6.0x8.3x11.1x12.0x10.1x12.5x22.4x16.8x10.9x
Price / earnings 47.4x75.0xn/m86.8xn/m——81.9x110.9x123.8xn/m176.6x
Price / free cash flow 23.4x80.2x177.4x48.1x88.4x—139.3x67.0x150.4x141.7xn/mn/m
EV / EBITDA 22.9x35.4x64.2x61.6xn/m——106.4x111.1xn/mn/mn/m

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

35 /100

Weak moat

How hard Axon Enterprise's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.3% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 60.7%, moving by 1.1 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 1.8%; its worst year was -17.8%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 9 of 10 years, at a median 7.1% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 29.5% over five years; stock-based pay has been a median 12.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $938m and EPS of $1.90 (range $1.22 to $2.46) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.64 +12% $3.7bn +33%
Next $10.51 +38% $4.8bn +29%

Next year's EPS estimate has moved −0.1% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.1% on 90 days ago. In the last 30 days, 0 analysts raised Axon Enterprise's forecast and 2 cut it.

Consensus EPS forecast Axon Enterprise, last 90 days
$7.00 $8.00 $9.00 $10.00 $11.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.72 Current fiscal year, 60 days ago: $7.71 Current fiscal year, 30 days ago: $7.67 Current fiscal year, 7 days ago: $7.64 Current fiscal year, Now: $7.64 $7.64 Next fiscal year, 90 days ago: $10.52 Next fiscal year, 60 days ago: $10.56 Next fiscal year, 30 days ago: $10.55 Next fiscal year, 7 days ago: $10.51 Next fiscal year, Now: $10.51 $10.51

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.72$10.52
60 days ago $7.71$10.56
30 days ago $7.67$10.55
7 days ago $7.64$10.51
Now $7.64$10.51

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.84 $1.88 +2.0%
Mar 2026 $1.60 $1.61 +0.8%
Dec 2025 $1.60 $2.15 +34.5%
Sept 2025 $1.54 $1.17 −24.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • revenue growth full-year 2026 32% growth to 34% growth Raised
    “Axon expects full-year 2026 revenue growth in a range of 32% to 34%, an increase from 30% to 32% previously.” source
  • Adjusted EBITDA margin full-year 2026 about 25.5% Non-GAAP Maintained
    “Axon expects full-year 2026 Adjusted EBITDA margin of 25.5%.” source
  • stock-based compensation expense full-year 2026 $590m to $620m Maintained
    “Axon expects full-year 2026 stock-based compensation expense to be approximately $590 million to $620 million, in line with prior guidance.” source
  • stock-based compensation expense Full-year 2026 about $280m
    “Full-year 2026 stock-based compensation expense includes approximately $280 million related to the broad-based Employee XSP and the CEO Performance Award, primarily within SG&A and R&D.” source
  • CapEx 2026 $160m to $190m
    “Axon expects 2026 CapEx to be in the range of $160 million to $190 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

21 analysts, Oct 2026
Buy1886%
Hold314%
Sell00%

Monthly trend

  1. Oct 2026810321
  2. Sep 2026810321
  3. Aug 2026810221
  4. Jul 2026810221

Counts of recommendations published by analysts covering Axon Enterprise, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.9%
of tradable shares
Days to cover
3.59
at average volume
Short interest, 1 month
+11%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
4.5%
of shares
Employees
5,100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −41.9%

$732.23 on October 31, 2025 to $425.43

ThenNowEffect
Revenue (last 12 months) $2.4bn $3.2bn +34.6%
Net margin 13.6% 6.2% −54.6%
P/E multiple 181.3x 176.6x −2.6%
Share count 81m 83m −2.4%

Biggest factor: net margin.

Last 3 years +95.8%

$217.25 on November 3, 2023 to $425.43

ThenNowEffect
Revenue (last 12 months) $1.4bn $3.2bn +136.3%
Net margin 7.2% 6.2% −14.4%
P/E multiple 162.7x 176.6x +8.5%
Share count 74m 83m −10.8%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AXON+28%+6%+56%+130%−4%−25%
Industry peers (median)−6%−11%+13%+22%+19%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AXON50%42%67%75%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AXON−39%−46%−23%−16%−40%−46%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 60% from August 7, 2025 to April 10, 2026. Getting back needed a 152% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$345.94 – $724.10
From 52-week high
−41.2%
vs 50-day average
−7.4%
vs 200-day average
−11.0%
Volatility (1 year)
62%
Beta vs S&P 500
1.54

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±15.1%
After a week
8 up, 4 down
typical move ±15.1%
After a month
8 up, 4 down
typical move ±18.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −14.0% −0.4% −1.2% −11.4%
May 6, 2026 +12.2% +1.1% −1.0% +27.7%
February 24, 2026 +22.8% +1.6% +36.8% +8.7%
November 4, 2025 −11.7% −0.8% −21.0% −24.0%
August 4, 2025 +16.8% +1.0% +10.3% −2.3%
May 7, 2025 +14.2% +1.1% +21.1% +31.6%
February 25, 2025 +14.5% −0.4% +5.7% +11.9%
November 7, 2024 +31.3% +1.2% +31.6% +39.8%
August 6, 2024 +22.0% +0.2% +28.9% +24.0%
May 6, 2024 −1.8% +1.1% −5.8% −11.4%
February 27, 2024 +13.9% +0.1% +16.0% +16.2%
November 7, 2023 +5.9% +0.4% +2.2% +8.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Axon Enterprise in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Axon Enterprise
$1B $1.5B $2B $2.5B $3B $3.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.5B Revenue (TTM), FY23 Q4: $1.6B Revenue (TTM), FY24 Q1: $1.7B Revenue (TTM), FY24 Q2: $1.8B Revenue (TTM), FY24 Q3: $1.9B Revenue (TTM), FY24 Q4: $2.1B Revenue (TTM), FY25 Q1: $2.2B Revenue (TTM), FY25 Q2: $2.4B Revenue (TTM), FY25 Q3: $2.6B Revenue (TTM), FY25 Q4: $2.8B Revenue (TTM), FY26 Q1: $3B Revenue (TTM), FY26 Q2: $3.2B $3.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.5B
FY23 Q4 $1.6B
FY24 Q1 $1.7B
FY24 Q2 $1.8B
FY24 Q3 $1.9B
FY24 Q4 $2.1B
FY25 Q1 $2.2B
FY25 Q2 $2.4B
FY25 Q3 $2.6B
FY25 Q4 $2.8B
FY26 Q1 $3B
FY26 Q2 $3.2B
Revenue growth, TTM YoY Axon Enterprise
30% 32% 34% 36% 38% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 36.3% Revenue growth, TTM YoY, FY23 Q4: 31.5% Revenue growth, TTM YoY, FY24 Q1: 31.5% Revenue growth, TTM YoY, FY24 Q2: 32.6% Revenue growth, TTM YoY, FY24 Q3: 32.4% Revenue growth, TTM YoY, FY24 Q4: 33.4% Revenue growth, TTM YoY, FY25 Q1: 32.8% Revenue growth, TTM YoY, FY25 Q2: 32.4% Revenue growth, TTM YoY, FY25 Q3: 32.0% Revenue growth, TTM YoY, FY25 Q4: 33.5% Revenue growth, TTM YoY, FY26 Q1: 34.0% Revenue growth, TTM YoY, FY26 Q2: 34.6% 34.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 36.3%
FY23 Q4 31.5%
FY24 Q1 31.5%
FY24 Q2 32.6%
FY24 Q3 32.4%
FY24 Q4 33.4%
FY25 Q1 32.8%
FY25 Q2 32.4%
FY25 Q3 32.0%
FY25 Q4 33.5%
FY26 Q1 34.0%
FY26 Q2 34.6%
Operating margin (TTM) Axon Enterprise
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 9.3% Operating margin (TTM), FY23 Q4: 10.1% Operating margin (TTM), FY24 Q1: 9.3% Operating margin (TTM), FY24 Q2: 8.3% Operating margin (TTM), FY24 Q3: 6.0% Operating margin (TTM), FY24 Q4: 2.8% Operating margin (TTM), FY25 Q1: 1.5% Operating margin (TTM), FY25 Q2: -0.1% Operating margin (TTM), FY25 Q3: -1.1% Operating margin (TTM), FY25 Q4: -2.2% Operating margin (TTM), FY26 Q1: -0.8% Operating margin (TTM), FY26 Q2: 0.7% 0.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 9.3%
FY23 Q4 10.1%
FY24 Q1 9.3%
FY24 Q2 8.3%
FY24 Q3 6.0%
FY24 Q4 2.8%
FY25 Q1 1.5%
FY25 Q2 -0.1%
FY25 Q3 -1.1%
FY25 Q4 -2.2%
FY26 Q1 -0.8%
FY26 Q2 0.7%
FCF margin (TTM) Axon Enterprise
0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 9.1% FCF margin (TTM), FY23 Q4: 8.3% FCF margin (TTM), FY24 Q1: 9.7% FCF margin (TTM), FY24 Q2: 11.3% FCF margin (TTM), FY24 Q3: 11.4% FCF margin (TTM), FY24 Q4: 15.8% FCF margin (TTM), FY25 Q1: 16.3% FCF margin (TTM), FY25 Q2: 7.4% FCF margin (TTM), FY25 Q3: 5.7% FCF margin (TTM), FY25 Q4: 2.7% FCF margin (TTM), FY26 Q1: 0.7% FCF margin (TTM), FY26 Q2: 4.1% 4.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 9.1%
FY23 Q4 8.3%
FY24 Q1 9.7%
FY24 Q2 11.3%
FY24 Q3 11.4%
FY24 Q4 15.8%
FY25 Q1 16.3%
FY25 Q2 7.4%
FY25 Q3 5.7%
FY25 Q4 2.7%
FY26 Q1 0.7%
FY26 Q2 4.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 87 90 115 138 165 198 268 344 420 531 681 866 1,187 1,561 2,083 2,780 3,219
Gross profit 45 45 68 86 102 129 171 207 259 307 416 546 726 955 1,241 1,658 1,912
EBITDA 2 −3 29 33 37 39 36 21 35 5 −2 −144 116 176 107 21 133
Operating income −5 −11 23 28 33 35 32 13 25 −6 −14 −163 93 157 59 −62 24
Net income −4 −7 15 18 20 20 17 5 29 1 −2 −56 147 176 377 125 199
Diluted EPS −$0.07 −$0.12 $0.27 $0.34 $0.37 $0.36 $0.32 $0.10 $0.50 $0.01 −$0.03 −$0.91 $2.03 $2.33 $4.80 $1.51 $2.41
Growth (year on year)
Revenue — +3.6% +27.5% +20.1% +19.4% +20.3% +35.6% +28.2% +22.2% +26.4% +28.3% +27.1% +37.1% +31.5% +33.4% +33.5% +34.6%
EBITDA — −231.3% — +13.9% +11.3% +4.9% −8.1% −40.7% +68.3% −86.0% — — — +51.8% −39.3% −80.3% +102.4%
Operating income — — — +24.1% +16.3% +8.7% −9.9% −59.1% +90.7% −125.7% — — — +68.7% −62.7% −206.0% —
Net income — — — +23.8% +9.2% +0.1% −13.2% −69.9% — −97.0% — — — +19.6% +114.5% −66.9% −38.9%
Diluted EPS — — — +25.9% +8.8% −2.7% −11.1% −68.8% — −98.0% — — — +14.8% +106.0% −68.5% −40.4%
Margins
Gross margin 52.2% 49.5% 59.0% 62.3% 61.7% 65.0% 63.6% 60.2% 61.6% 57.9% 61.1% 63.0% 61.2% 61.2% 59.6% 59.7% 59.4%
EBITDA margin 2.5% −3.1% 25.3% 24.0% 22.4% 19.5% 13.2% 6.1% 8.4% 0.9% −0.2% −16.7% 9.8% 11.3% 5.1% 0.8% 4.1%
Operating margin −5.9% −12.1% 19.6% 20.3% 19.8% 17.9% 11.9% 3.8% 5.9% −1.2% −2.1% −18.8% 7.8% 10.1% 2.8% −2.2% 0.7%
Net margin −5.0% −7.8% 12.8% 13.2% 12.1% 10.1% 6.4% 1.5% 7.0% 0.2% −0.3% −6.5% 12.4% 11.3% 18.1% 4.5% 6.2%
Free-cash-flow margin −3.8% 17.1% 21.9% 22.2% 20.0% 20.4% 6.0% 2.3% 12.6% 9.4% −5.0% 8.6% 15.1% 8.3% 15.8% 2.7% 4.1%
Cash flow
Cash from operations 1 17 27 32 35 46 21 18 64 66 38 124 235 189 408 211 266
Capital spending 4 2 1 2 3 6 5 10 11 16 73 50 56 60 79 136 133
Free cash flow −3 15 25 31 33 40 16 8 53 50 −34 75 180 130 330 75 133
Stock-based pay 4 3 3 4 6 7 9 16 22 78 134 303 106 131 383 634 633
Free cash flow after stock pay −7 12 22 26 27 33 7 −8 31 −29 −168 −229 73 −2 −53 −559 −500
Balance sheet
Cash 43 21 36 42 48 60 41 75 349 172 155 356 354 599 455 1,201 598
Total debt 0 0 0 0 0 0 — — — 0 0 0 674 677 1,361 1,891 1,750
Net debt (negative = net cash) −43 −21 −36 −42 −48 −59 −41 −75 −349 −172 −155 −356 320 79 906 690 1,152
Diluted shares 63m 59m 55m 54m 55m 55m 54m 54m 58m 60m 62m 66m 73m 75m 79m 82m 83m
Returned to shareholders
Buybacks — 32 20 25 22 8 34 0 0 — — — — — — — —
Total returned — 32 20 25 22 8 34 0 0 — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · June 30, 2026
What it owns · $7.5bn
Short-term assets $3.0bnLonger-term assets $4.5bn
What it owes, and who funded it · $7.5bn
Short-term liabilities $1.4bnLonger-term liabilities $2.4bnShareholders' equity $3.7bn
  • Short-term assets cover short-term liabilities $3.0bn of assets due within a year against $1.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.0bn short-term assets against $2.4bn of longer-dated liabilities.
  • More cash than debt $598m of cash against $1.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 47% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $266m of operating cash flow against $1.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $24m against $114m of interest.

From Axon Enterprise's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+2.4%
year over year
R&D spending
23.9%
of revenue
Sales & admin spending
34.8%
of revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated AXON AIR CAE BWXT CW DRS Median
Revenue, last 12 months $3.2bn $3.5bn $3.6bn $3.6bn $3.7bn $3.9bn $769m
Revenue growth, last 12 months 34.6% 22.0% 5.0% 17.7% 10.5% 8.9% 15.5%
Revenue growth, 3-year average 33.2% 18.5% — 14.6% 10.3% 12.6% 12.6%
Revenue growth, latest quarter 35.3% 24.1% — 10.0% 5.4% 11.0% 15.8%
Gross margin 59.4% 19.1% 28.3% 22.6% 37.7% 25.3% 27.8%
Operating margin 0.7% — 12.5% 12.4% 18.8% 10.8% 9.0%
Operating margin, 3-year average 3.0% — 12.4% 13.6% 17.9% 9.7% 6.0%
Net margin 6.2% 5.5% 6.4% 10.4% 14.8% 9.4% 5.5%
Cash from operations / revenue 8.3% 5.7% 16.1% 16.1% 19.7% 12.6% 5.5%
Free-cash-flow margin 4.1% 4.6% 10.3% 10.3% 17.1% 8.9% 3.4%
Free-cash-flow margin, 3-year average 7.6% 1.4% 7.6% 11.0% 15.8% 8.2% 3.0%
Stock pay / revenue 19.7% 0.6% 0.7% 1.0% 0.7% 0.2% 1.2%
Change in share count 2.4% 9.8% 0.8% 0.2% −2.2% −0.0% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth 34.6% 15.5% 10 of 57
Change in growth rate Growth +0.6pp +2.2pp 35 of 57
Gross margin Profitability 59.4% 28.3% 5 of 46
Operating margin Profitability 0.7% 8.5% 33 of 51
Net margin Profitability 6.2% 5.5% 28 of 57
Free-cash-flow margin Cash generation 4.1% 3.4% 27 of 57
Stock pay as % of revenue Cash generation 19.7% 1.5% 43 of 53
Long-term debt as % of assets Balance sheet 23.1% 22.1% 26 of 47
Change in share count Balance sheet 2.4% 2.4% 26 of 51

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Connected Devices $1.6B 56.7% ▲ 29.1%
Software and Services $1.2B 43.3% ▲ 39.6%
Products and services
Line of business Revenue YoY
Products $1.6B ▲ 29.1%
Services $1.2B ▲ 39.6%
Software and Services $1.2B ▲ 39.6%
TASER Devices Professional $914M ▲ 21.8%
Personal Sensors $397M ▲ 25.3%
Platform Solutions $266M ▲ 72.5%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $2.3B 82.9% ▲ 29.8%
Outside the US $475M 17.1% ▲ 54.4%

From Axon Enterprise's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$40.2B
Institutions reporting
1,117
Shares held vs prior quarter
▲ 5.1%
Positions opened / closed
183 / 112

Top buyers and sellers, Q2 2026: 652 institutions bought and 435 sold ; the biggest buyer was Price T Rowe Associates Inc (+1.1M shares) and the biggest seller Edgewood Management LLC (−904K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $4.7B 8.3M 11.6% ▲ 4.3%
Vanguard Capital Management LLC $2.9B 5.1M 7.1% ▲ 1.7%
State Street Corp $2.2B 3.9M 5.4% ▲ 5.5%
Vanguard Portfolio Management LLC $2.1B 3.7M 5.1% ▲ 2.2%
Invesco Ltd. $1.8B 3.2M 4.5% ▲ 10.5%
Baillie Gifford & Co $1.7B 3.1M 4.3% ▲ 24.4%
FMR LLC $1.7B 3.0M 4.2% ▲ 26.2%
Geode Capital Management, LLC $1.3B 2.3M 3.2% ▲ 2.5%
Wellington Management Group LLP $1.2B 2.1M 2.9% ▼ 13.0%
Price T Rowe Associates Inc $1B 1.9M 2.6% ▲ 137.3%
Westfield Capital Management Co LP $836M 1.5M 2.1% ▲ 40.2%
Sands Capital Management, LLC $830M 1.5M 2.1% ▼ 5.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Axon Enterprise's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $130M 281 trades by 11 insiders · 63% under pre-set plans
Net ▼ $130M net selling
Insider Date Trade Shares Price Value
Fields Isaiah Chief Legal Officer September 11, 2026 Sell pre-set plan 1,017 $480.45 $488,618
Smith Patrick W CHIEF EXECUTIVE OFFICER September 8, 2026 Sell pre-set plan 197 $513.38 $101,136
Smith Patrick W CHIEF EXECUTIVE OFFICER September 8, 2026 Sell pre-set plan 1,033 $512.70 $529,621
Smith Patrick W CHIEF EXECUTIVE OFFICER September 8, 2026 Sell pre-set plan 1,251 $511.43 $639,804
Smith Patrick W CHIEF EXECUTIVE OFFICER September 8, 2026 Sell pre-set plan 1,348 $510.59 $688,271
Smith Patrick W CHIEF EXECUTIVE OFFICER September 8, 2026 Sell pre-set plan 1,319 $509.32 $671,792
Smith Patrick W CHIEF EXECUTIVE OFFICER September 8, 2026 Sell pre-set plan 1,774 $508.45 $901,991
Smith Patrick W CHIEF EXECUTIVE OFFICER September 8, 2026 Sell pre-set plan 749 $507.48 $380,100
Smith Patrick W CHIEF EXECUTIVE OFFICER September 8, 2026 Sell pre-set plan 744 $506.48 $376,820
Smith Patrick W CHIEF EXECUTIVE OFFICER September 8, 2026 Sell pre-set plan 1,104 $505.59 $558,174
Smith Patrick W CHIEF EXECUTIVE OFFICER September 8, 2026 Sell pre-set plan 410 $503.74 $206,532
Smith Patrick W CHIEF EXECUTIVE OFFICER September 8, 2026 Sell pre-set plan 71 $501.99 $35,641

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Axon Enterprise disclosed in the last 12 months; 5 earlier trades on record.

  • Jefferson Shreve(R-IN 6):Sale (full), $15,001 - $50,000, traded May 12, 2025, filed June 22, 2025
  • Jefferson Shreve(R-IN 6):Purchase, $15,001 - $50,000, traded March 5, 2025, filed April 11, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded January 13, 2025, filed February 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 24, 2026
  • November 4, 2025
  • August 4, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Axon Enterprise was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Axon Enterprise in brief

What does Axon Enterprise do?
Axon Enterprise is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is Axon Enterprise's stock ticker?
Axon Enterprise trades under the ticker AXON on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Axon Enterprise's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Axon Enterprise reported revenue of $3.2B, 34.6% higher than a year earlier, according to its SEC filings.
What is Axon Enterprise's free cash flow?
Axon Enterprise's free-cash-flow margin is 4.1% of revenue over the trailing twelve months, ranking 27 of the 57 aerospace & defense companies we cover.
Who are Axon Enterprise's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Axon Enterprise's market cap?
On November 2, 2026, Axon Enterprise's market capitalisation was about $35.2B, with a price-to-earnings ratio of 176.6 and net debt of $1.2B. Market figures come from third-party market data and may be delayed.
How much debt does Axon Enterprise have?
Axon Enterprise's debt-to-equity ratio is 47.1%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Axon Enterprise's competitors?
In our Aerospace & Defense peer group, the companies closest to Axon Enterprise are AAR Corp, CAE Inc, BWX Technologies, Inc., Curtiss Wright Corp and Leonardo DRS, Inc. The side-by-side comparison below sets their revenue, margins and growth against Axon Enterprise's.
Are insiders buying or selling Axon Enterprise stock?
Over the last 12 months, Axon Enterprise's directors and officers reported 0 open-market purchases and 281 sales on Form 4. The insider trading page charts every trade.
When is Axon Enterprise's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Axon Enterprise announces its own schedule.