Axon Enterprise (AXON) financial statements
Axon Enterprise reported revenue of $2.8B in fiscal 2025, up 29.7% a year over 9 years.
Net income was $125M and the operating margin -2.2%, against 11.9% in 2016.
Free cash flow was $75M.
The diluted share count rose 54% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Axon Enterprise's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $268M | $344M | $420M | $531M | $681M | $866M | $1.2B | $1.6B | $2.1B | $2.8B |
| Cost of revenue | $98M | $137M | $161M | $224M | $265M | $320M | $461M | $605M | $841M | $1.1B |
| Gross profit | $171M | $207M | $259M | $307M | $416M | $546M | $726M | $955M | $1.2B | $1.7B |
| Research and development | $31M | $55M | $77M | $101M | $123M | $194M | $234M | $304M | $442M | $684M |
| Selling, general and admin | $108M | $139M | $157M | $213M | $307M | $515M | $399M | $495M | $741M | $1.0B |
| Operating income | $32M | $13M | $25M | -$6M | -$14M | -$163M | $93M | $157M | $59M | -$62M |
| Interest expense | — | — | — | — | — | — | — | $7M | $7M | $94M |
| Pre-tax income | $31M | $16M | $28M | $2M | -$6M | -$136M | $196M | $157M | $382M | $19M |
| Income tax | $14M | $11M | -$1M | $1M | -$5M | -$80M | $49M | -$19M | $4M | -$106M |
| Net income | $17M | $5M | $29M | $882,000 | -$2M | -$56M | $147M | $176M | $377M | $125M |
| EPS (diluted) | $0.32 | $0.10 | $0.50 | $0.01 | -$0.03 | -$0.91 | $2.03 | $2.33 | $4.80 | $1.51 |
| Diluted shares | 54M | 54M | 58M | 60M | 62M | 66M | 73M | 75M | 79M | 82M |
| Gross margin | 63.6% | 60.2% | 61.6% | 57.9% | 61.1% | 63.0% | 61.2% | 61.2% | 59.6% | 59.7% |
| Operating margin | 11.9% | 3.8% | 5.9% | -1.2% | -2.1% | -18.8% | 7.8% | 10.0% | 2.8% | -2.2% |
| Net margin | 6.4% | 1.5% | 7.0% | 0.2% | -0.3% | -6.5% | 12.4% | 11.3% | 18.1% | 4.5% |
Balance sheet
Fiscal years, from Axon Enterprise's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $89M | $82M | $349M | $351M | $562M | $371M | $935M | $1.2B | $788M | $1.7B |
| Inventory | $35M | $45M | $34M | $39M | $90M | $109M | $202M | $270M | $265M | $342M |
| Total current assets | $177M | $205M | $558M | $609M | $982M | $1.1B | $1.8B | $2.4B | $2.3B | $3.7B |
| Property, plant and equipment | $24M | $31M | $38M | $44M | $105M | $138M | $170M | $201M | $247M | $331M |
| Goodwill | $10M | $15M | $25M | $25M | $25M | $44M | $45M | $58M | $757M | $1.4B |
| Total assets | $278M | $338M | $720M | $846M | $1.4B | $1.7B | $2.9B | $3.4B | $4.5B | $7.0B |
| Total current liabilities | $78M | $108M | $166M | $196M | $256M | $419M | $603M | $762M | $1.7B | $1.5B |
| Long-term debt | — | — | — | — | — | — | — | $677M | $0 | $1.7B |
| Total liabilities | $127M | $171M | $252M | $302M | $405M | $640M | $1.6B | $1.8B | $2.1B | $3.8B |
| Shareholders' equity | $151M | $167M | $467M | $543M | $976M | $1.1B | $1.3B | $1.6B | $2.3B | $3.2B |
| Net debt | -$41M | -$75M | -$349M | -$172M | -$155M | -$356M | -$354M | $79M | $225M | $610M |
Cash flow
Fiscal years, from Axon Enterprise's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $21M | $18M | $64M | $66M | $38M | $124M | $235M | $189M | $408M | $211M |
| Capital spending | $5M | $10M | $11M | $16M | $73M | $50M | $56M | $60M | $79M | $136M |
| Free cash flow | $16M | $8M | $53M | $50M | -$34M | $75M | $180M | $130M | $330M | $75M |
| Stock-based compensation | $9M | $16M | $22M | $78M | $134M | $303M | $106M | $131M | $383M | $634M |
| Share buybacks (net) | -$34M | $0 | $0 | — | — | — | — | — | — | — |
| Net borrowing | -$75,000 | $0 | — | — | — | — | — | — | — | — |
| Free cash flow margin | 6.0% | 2.3% | 12.6% | 9.4% | -5.0% | 8.6% | 15.1% | 8.3% | 15.8% | 2.7% |
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Open AXON in InvestinglyQuestions
What was Axon Enterprise's revenue in 2025?
$2.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Axon Enterprise generate?
$75M in fiscal 2025 (operating cash flow minus capital spending).
From Axon Enterprise's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.