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AXON

Axon Enterprise, Inc.

AXON

Axon Enterprise, Inc. • NASDAQ
$540.14 ▲ 1.31% (+6.97)
Market Cap $42.62 B
52w High $885.92
52w Low $469.24
Dividend Yield 0%
P/E 169.32
Volume 294.89K
Outstanding Shares 78.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $710.641M ▲ $429.477M ▲ $-2.186M ▼ -0.308% ▼ $-0.03 ▼ $64.221M ▲
Q2-2025 $668.538M ▲ $402.679M ▲ $36.117M ▼ 5.402% ▼ $0.46 ▼ $6.96M ▼
Q1-2025 $603.633M ▲ $373.632M ▲ $87.98M ▼ 14.575% ▼ $1.14 ▼ $135.665M ▲
Q4-2024 $575.145M ▲ $361.504M ▲ $135.184M ▲ 23.504% ▲ $1.77 ▲ $104.07M ▲
Q3-2024 $544.274M $306.366M $67.025M 12.315% $0.89 $87.396M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.377B ▲ $6.657B ▲ $3.63B ▲ $3.028B ▲
Q2-2025 $2.231B ▼ $6.215B ▲ $3.483B ▼ $2.732B ▲
Q1-2025 $2.367B ▲ $6.083B ▲ $3.527B ▲ $2.556B ▲
Q4-2024 $986.349M ▼ $4.475B ▲ $2.147B ▲ $2.328B ▲
Q3-2024 $1.158B $4.006B $1.906B $2.1B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.186M ▼ $60.014M ▲ $590.259M ▲ $159.163M ▲ $808.68M ▲ $33.379M ▲
Q2-2025 $36.117M ▼ $-91.704M ▼ $-386.532M ▲ $-4.365M ▼ $-477.296M ▼ $-114.657M ▼
Q1-2025 $87.98M ▼ $25.794M ▼ $-702.217M ▼ $1.313B ▲ $637.995M ▲ $932K ▼
Q4-2024 $135.184M ▲ $250.166M ▲ $-441.739M ▼ $-32.829M ▼ $-230.686M ▼ $225.365M ▲
Q3-2024 $67.835M $91.321M $43.071M $-7.713M $128.797M $64.849M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Software and Sensors Segment
Software and Sensors Segment
 $320.00M ▲$260.00M ▼$290.00M ▲$310.00M ▲
Taser Weapons Segment
Taser Weapons Segment
 $220.00M ▲$340.00M ▲$380.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Axon’s income statement shows a company that has scaled quickly and grown into its profitability. Revenue has climbed strongly over the last five years, and gross profit has risen along with it, suggesting the core products and services are attractive and fairly high margin. After a year of losses earlier in the period, Axon has moved into consistent profitability, with net income now meaningfully positive. Operating profit has been a bit uneven year to year, which hints at active investment in growth, sales, and product development, but the overall direction is clear: the business has evolved from a growth-at-all-costs profile to one that combines growth with solid earnings.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, reflecting a larger and more complex company. Total assets and shareholder equity have both grown at a healthy pace, showing that Axon is reinvesting to build out its platform while still adding to the owners’ stake in the business. Debt has increased from almost nothing to a more noticeable level, but it remains balanced by a growing equity base and a meaningful cash position. Overall, the company looks to be using leverage as a tool for expansion rather than out of necessity, though it does add some financial risk compared with earlier years when the company was essentially debt-free.

Cash Flow

Cash Flow Cash generation has improved steadily. Operating cash flow has grown in line with the expanding business, indicating that profits are backed by real cash, not just accounting gains. Free cash flow has moved from occasionally negative to consistently positive, even after funding ongoing investments in equipment, product development, and infrastructure. Capital spending is meaningful but not overwhelming, leaving room for Axon to both invest and still generate surplus cash, which can support future growth initiatives or strengthen the balance sheet over time.

Competitive Edge

Competitive Edge Axon enjoys a strong competitive position built around its integrated ecosystem of TASER devices, cameras, and cloud software. Once a police department or agency adopts Axon’s platform, switching to a rival is costly and complicated due to the deep integration of hardware, software, and years of stored digital evidence. This creates high switching costs and helps keep customers loyal and spending more over time. The company also benefits from network effects: as more agencies use Axon’s tools, sharing evidence and coordinating across jurisdictions becomes easier, making the system more valuable. Its TASER brand, established relationships with public safety agencies, and sizable patent portfolio further reinforce its moat. The main risks lie in its dependence on government budgets, procurement cycles, and political and regulatory scrutiny around law enforcement technology.

Innovation and R&D

Innovation and R&D Innovation is at the core of Axon’s strategy. The company has evolved from selling non-lethal weapons to building a full public safety technology stack that includes body and in-car cameras, cloud-based evidence management, records and dispatch systems, and now a growing set of AI tools. New devices like the latest TASER models and Axon Body cameras, along with AI-powered features such as automated report drafting, translation, transcription, and video redaction, deepen the value of the ecosystem and increase customer reliance on its software. Axon is also pushing into virtual reality training and expanding beyond traditional policing into corrections, federal agencies, and private-sector security. Acquisitions in emergency communications and the development of a new headquarters underscore a commitment to long-term R&D. The opportunity is large, but it comes with execution risk and potential regulatory and ethical scrutiny as AI and surveillance capabilities expand.

Summary

Axon looks like a fast-growing public safety technology company that has successfully shifted from a single-product hardware business to a broad, software-heavy ecosystem. Financially, revenue and profits have improved meaningfully, the balance sheet has scaled while remaining reasonably sound, and cash flows now consistently support both investment and growth. Strategically, Axon’s integrated platform, high switching costs, and strong brand give it a solid competitive position, while ongoing innovation in AI, cloud software, and hardware refresh cycles offers multiple avenues for future expansion, including internationally and into new customer segments. Key uncertainties include its reliance on public-sector customers, higher use of debt than in the past, and the evolving regulatory and social environment around law enforcement and AI-powered surveillance technologies.

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