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AnalystLens

AXON ENTERPRISE, INC.AXON

Sector
Other
Industry
Ordnance & Accessories, (No Vehicles/Guided Missiles)
Exchange
Nasdaq

Stock Price $AXON

Latest filings

You are here#48 of 57 in Industrials by market cap

Filing record · 2016–202610-K1210-Q328-K122

AXON filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 122 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Mar ’17Mar ’17
  2. Leadership change8-K · Aug ’19Aug ’19
  3. Material agreement8-K · Aug ’21Aug ’21
  4. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $2.78B
YoY changeLargest recent move+37.1%in FY22Latest +33.5%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All AXON Financial Metrics59 metrics

Income Statement15

Balance Sheet27

Cash Flow13

Per Share4

02—Overview

AXON ENTERPRISE, INC. Financial Overview 2021–2025

Updated Jul 10, 2026

Axon Enterprise has engineered a relentless recurring-revenue machine, capping off recent performance with a 33.5% sales surge to reach $2.8 billiona in FY2025. This top-line velocity proves the company has successfully locked law enforcement agencies into a sticky ecosystem of connected devices and high-margin cloud software, even as aggressive internal spending weighs heavily on operating margins.

The sheer scale of top-line acceleration is evident across the reporting period, as revenue grew from $863.4 million in FY2021 to $2.8 billionb in FY2025. Software and Services led this charge, jumping 39.6% in FY2025 alone on strong premium feature adoption. Visibility into future cash flows is equally robust, backed by an $8.1 billion revenue backlog recorded in Q3 2025. Yet, capturing this growth requires steep structural costs. A surge in stock-based compensation and engineering headcount forced Axon to swing from a $58.5 million operating income in FY2024 to a $62.1 million operating loss in FY2025.

To sustain this expansion and fund acquisitions like Dedrone, Axon bolstered its liquidity through heavy debt issuance, finishing FY2025 with $1.2 billionc in cash. The market is fully pricing in the continuation of this aggressive growth trajectory. At the close of FY2025, the stock traded at $567.93, commanding a $45.6 billion market cap and an extreme 376.1x price-to-earnings ratio.

Recent Developments (Q4 2025 and Q1 2026)

In Q1 2026, Axon reversed recent operating losses, generating $29.2 milliond in operating income alongside a 33.7% revenue jump to $807.3 million. Net income more than doubled year-over-year to $169.3 million, translating to a diluted earnings per share of $2.05. The company actively deployed capital, acquiring Carbyne Ltd. for $549.7 million and fully redeeming its 2027 convertible notes in February 2026.

Bulls will applaud this swift return to operating profitability and rapid bottom-line expansion despite heavy ongoing investments. Bears will highlight gross margin compression to 59.1% from 60.6% due to global tariffs, alongside an ongoing material weakness in revenue recognition controls. The equity remains richly valued at 282.7x earnings as of May 7, 2026.

What to watch: gross margin impacts from the Carbyne integration; progress on revenue recognition control remediation.

03—Filings

Recent SEC Filings

  1. 8-KAXON ENTERPRISE, INC. 8-K Report, Material Agreement (Sep 21, 2026)Axon Enterprise, Inc. has announced the successful issuance and sale of $1,150.0 million in aggregate principal amount of 0% Convertible Senior Notes due 2031. This offering, which included the full exercise of an over-allotment option by underwriters, was made under a shelf registration statement and closed on September 18, 2026. The company plans to use approximately $114.9 million of the net proceeds to fund capped call transactions designed to mitigate potential dilution, with the remainder allocated for general corporate purposes, including growth initiatives and potential acquisitions. The notes are convertible into Axon's Common Stock at an initial rate of 1.5336 shares per $1,000 principal amount, implying an initial conversion price of approximately $652.06 per share. The notes do not bear regular interest, but the company may pay special interest as a remedy for reporting obligation failures. The debt matures on September 15, 2031, unless converted, redeemed, or repurchased earlier. The company also entered into capped call transactions to reduce potential dilution and offset potential cash payments upon conversion.
  2. 8-KAXON ENTERPRISE, INC. 8-K Report, Material Agreement (Sep 15, 2026)Axon Enterprise, Inc. (AXON) has announced a significant amendment to its credit agreement, filed on September 15, 2026. This amendment, expected to become effective concurrently with its offering of 0% Convertible Notes due 2031, substantially enhances the company's financial flexibility. The primary change involves an increase in the revolving credit facility from $300.0 million to $500.0 million, with an option to further increase it by $150.0 million. Additionally, the maturity date of the credit agreement has been extended up to five years from the closing date, providing a longer runway for the company's strategic initiatives. These enhancements to the credit facility are strategically timed with the company's convertible notes offering, suggesting a proactive approach to managing its capital structure and funding future growth. The extended maturity and increased credit line signal financial confidence and provide a robust backstop for potential capital needs. Investors should monitor the terms of the convertible notes offering and how these new financial instruments integrate with Axon's overall debt and equity profile.
  3. 8-KAXON ENTERPRISE, INC. 8-K Report, Financial Results (Aug 5, 2026)Axon Enterprise, Inc. (AXON) has filed an 8-K report on August 5, 2026, to disclose financial results for the three and six months ended June 30, 2026, via a shareholder letter. While the specific financial figures are not detailed within the 8-K itself, the filing indicates that a comprehensive shareholder letter (Exhibit 99.1) has been released. Investors should refer to this attached exhibit for the detailed performance metrics, revenue figures, profitability, and any forward-looking guidance provided by the company for the second quarter and the first half of 2026. The filing also clarifies that the information furnished under Item 2.02 is not deemed "filed" for regulatory purposes, a standard disclosure for such reports.
  4. 8-KAXON ENTERPRISE, INC. 8-K Report, Executive Changes (Jul 10, 2026)Axon Enterprise, Inc. announced on July 10, 2026, the appointment of two new independent directors, Vivek Mohindra and Eiso Kant, to its Board of Directors, effective immediately. This move aims to strengthen the board's expertise and governance as the company continues its growth trajectory. Both new directors bring significant experience. Vivek Mohindra has a deep background in strategy and operations from senior roles at Dell Technologies and prior experience at private equity and consulting firms. Eiso Kant is a seasoned technology entrepreneur with a track record of founding and leading AI-focused companies. Their appointments are expected to provide valuable insights, particularly in areas of technology, strategy, and governance, which are crucial for Axon's future development and market leadership.
  5. 8-KAXON ENTERPRISE, INC. 8-K Report, Shareholder Vote Results (Jun 1, 2026)Axon Enterprise, Inc. (AXON) held its 2026 Annual Meeting of Shareholders on May 28, 2026, with a strong turnout of approximately 90.5% of outstanding shares represented. The meeting confirmed the election of all nine director nominees for the upcoming year, with each nominee receiving a substantial majority of the votes cast. This indicates continued shareholder confidence in the current board leadership and governance structure. Furthermore, shareholders overwhelmingly approved the "Say-on-Pay" proposal, a non-binding advisory vote on executive compensation, signifying shareholder alignment with the company's compensation practices. The appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2026 was also ratified with near-unanimous support. These outcomes suggest a stable and supportive shareholder base for Axon's operational and strategic direction.
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04—See also

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