SequelSEC

AXON ENTERPRISE, INC. AXON

Ordnance & Accessories, (No Vehicles/Guided Missiles) · CIK 0001069183 · Fiscal year ends 1231

AnnualQuarterlyTTM
Revenue
$904.39M
Fiscal year ended 2026-06-30
Operating income
$46.78M
Fiscal year ended 2026-06-30
Free cash flow
-$972.00K
Fiscal year ended 2026-06-30

Valuation, from the filing

Public float$62.20BMarket value of stock held by non-affiliates, as stated on the cover page for 2025-06-30
Float per share$773.65Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself.
Float / net income499.0×A lower bound on the multiple, because affiliate holdings are excluded.
Float / revenue22.4×A lower bound on the multiple, because affiliate holdings are excluded.
Float / equity19.2×A lower bound on the multiple, because affiliate holdings are excluded.

Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.

Valuation over time

499.0× earnings today, against a median of 102.5× across 8 years on record. Above its own history.

Float measuredPublic floatFloat / net income
2025-06-30$62.20B499.0×
2024-06-30$21.80B57.8×
2023-06-30$14.30B81.4×
2022-06-30$6.30B42.9×
2019-06-30$3.74B4237.0×
2018-06-30$3.61B123.7×
2017-06-30$1.30B250.2×
2016-06-30$1.27B73.6×

Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.

How this compares in its industry

Percentile among the Ordnance & Accessories, (No Vehicles/Guided Missiles) filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.

MeasureReportedPercentile
Current ratio2.53x0th
Gross margin59.7%100th
Revenue YoY growth33.5%100th
CapEx / revenue4.9%75th
Net margin4.5%75th
FCF margin2.7%50th
Operating margin-2.2%50th

AXON ENTERPRISE, INC. (AXON) reported revenue of $904.39M and net income of $29.43M for the fiscal year ended 2026-06-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from AXON ENTERPRISE, INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Ordnance & Accessories, (No Vehicles/Guided Missiles).

Income

AXON ENTERPRISE, INC. income by fiscal year, in US dollars, normalized from SEC filings.
Metric2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-302024-06-302024-03-31
Revenue$904.39M$807.34M$796.72M$710.64M$668.54M$603.63M$575.14M$544.27MUnavailableUnavailable
Cost of revenue$357.94M$330.06M$335.43M$283.29M$264.80M$237.89M$229.30M$213.53MUnavailableUnavailable
Gross profit$546.45M$477.29M$461.30M$427.35M$403.74M$365.74M$345.85M$330.75MUnavailableUnavailable
Operating income$46.78M$29.24M-$50.12M-$2.13M-$1.04M-$8.79M-$15.76M$24.08MUnavailableUnavailable
Net income$29.43M$169.31M$2.74M-$2.19M$36.12M$87.98M$135.18M$67.02MUnavailableUnavailable
Research & development$208.69M$188.95M$194.04M$176.67M$162.57M$151.02M$134.58M$114.48MUnavailableUnavailable
Weighted-average diluted sharesshares 82.54Mshares 82.48MUnavailableshares 78.42Mshares 82.06Mshares 81.48MUnavailableshares 78.08MUnavailableUnavailable
Pretax income$32.68M$200.22M-$66.24M$15.70M-$38.88M$108.39M$84.56M$79.57MUnavailableUnavailable
Income tax expense$3.26M$30.91M-$68.98M$17.89M-$75.00M$20.41M-$50.62M$12.54MUnavailableUnavailable
Diluted EPS$0.36$2.05Unavailable$-0.03$0.44$1.08Unavailable$0.86UnavailableUnavailable
Selling, general & administrative$290.98M$259.09M$317.37M$252.80M$242.21M$223.51M$227.02M$192.19MUnavailableUnavailable
General & administrativeUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Selling & marketingUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable

Balance

AXON ENTERPRISE, INC. balance by fiscal year, in US dollars, normalized from SEC filings.
Metric2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-302024-06-302024-03-31
Cash & equivalents$597.70M$458.92M$1.20B$1.42B$615.50M$1.09B$454.84M$695.14MUnavailableUnavailable
Total assets$7.48B$7.07B$7.00B$6.66B$6.22B$6.08B$4.47B$4.01BUnavailableUnavailable
Current assets$3.00B$2.74B$3.71B$4.22B$3.83B$3.78B$2.30B$2.43BUnavailableUnavailable
Total liabilities$3.81B$3.53B$3.76B$3.63B$3.48B$3.53B$2.15B$1.91BUnavailableUnavailable
Current liabilities$1.40B$1.21B$1.47B$1.35B$1.30B$1.34B$1.68B$1.50BUnavailableUnavailable
Total equity incl. NCI$3.67B$3.53B$3.24B$3.03B$2.73B$2.56B$2.33B$2.10BUnavailableUnavailable
Temporary (mezzanine) equityUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Inventory$486.56M$408.01M$341.81M$317.51M$308.49M$279.67M$265.32M$272.30MUnavailableUnavailable
Accounts receivableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Goodwill$1.90B$1.89B$1.37B$773.39M$762.24M$755.88M$756.84M$308.47MUnavailableUnavailable
Long-term debt$1.73B$1.73B$1.73B$1.73B$1.73B$1.73B$0UnavailableUnavailableUnavailable
Accounts payable$269.96M$175.14M$139.09M$115.00M$118.11M$97.67M$71.96M$75.59MUnavailableUnavailable

Cash flow

AXON ENTERPRISE, INC. cash flow by fiscal year, in US dollars, normalized from SEC filings.
Metric2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-302024-06-302024-03-31
Operating cash flow$20.08M-$31.52M$217.24M$60.01M-$91.70M$25.79M$250.17M$91.32MUnavailableUnavailable
Capital expenditures$21.05M$23.12M$61.81M$26.64M$22.95M$24.86M$24.80M$26.47MUnavailableUnavailable
Investing cash flow$151.18M-$616.94M-$226.44M$590.26M-$386.53M-$702.22M-$441.74M$43.07MUnavailableUnavailable
Financing cash flow-$30.33M-$92.29M-$215.56M$159.16M-$4.36M$1.31B-$32.83M-$7.71MUnavailableUnavailable
Net change in cash$138.47M-$742.24M-$222.75M$808.68M-$477.30M$638.00M-$230.69M$128.84MUnavailableUnavailable
Stock-based compensation$144.00M$134.70M$208.60M$146.15M$139.24M$140.24M$130.89M$101.78MUnavailableUnavailable
Common dividends paidUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Common share repurchasesUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Depreciation & amortization$32.46M$30.36M$26.94M$19.61M$17.16M$19.45M$17.68M$13.00MUnavailableUnavailable

Derived

AXON ENTERPRISE, INC. derived by fiscal year, in US dollars, normalized from SEC filings.
Metric2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-302024-06-302024-03-31
Free cash flow-$972.00K-$54.64M$155.43M$33.38M-$114.66M$932.00K$225.36M$64.85MUnavailableUnavailable
Gross margin60.4%59.1%57.9%60.1%60.4%60.6%60.1%60.8%UnavailableUnavailable
Operating margin5.2%3.6%-6.3%-0.3%-0.2%-1.5%-2.7%4.4%UnavailableUnavailable
FCF margin-0.1%-6.8%19.5%4.7%-17.2%0.2%39.2%11.9%UnavailableUnavailable
SBC / revenue15.9%16.7%26.2%20.6%20.8%23.2%22.8%18.7%UnavailableUnavailable
Current ratio2.15x2.27x2.53x3.12x2.95x2.83x1.37x1.62xUnavailableUnavailable
Revenue YoY growth35.3%33.7%38.5%30.6%UnavailableUnavailableUnavailable31.7%UnavailableUnavailable
Net margin3.3%Unavailable0.3%-0.3%5.4%Unavailable23.5%12.3%UnavailableUnavailable
R&D / revenue23.1%23.4%24.4%24.9%24.3%25.0%23.4%21.0%UnavailableUnavailable
CapEx / revenue2.3%2.9%7.8%3.7%3.4%4.1%4.3%4.9%UnavailableUnavailable
Long-term debt / equity0.47xUnavailable0.53x0.57xUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Effective tax rate10.0%15.4%Unavailable113.9%Unavailable18.8%-59.9%15.8%UnavailableUnavailable

Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open AXON in the interactive workspace to inspect any figure back to its filing.

Source filings

10-Q · Filed 2026-08-06View SEC filing
10-Q · Filed 2026-05-07View SEC filing
10-K · Filed 2026-02-25View SEC filing
10-Q · Filed 2025-11-05View SEC filing
10-Q · Filed 2025-08-05View SEC filing
10-K/A · Filed 2025-05-07View SEC filing

Companies in the same industry

NPK RGR SWBI WRAP

Reconciliation checks needing review

7 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.

gross profit bridgeinconsistent2024-06-30

Withheld: cost revenue, revenue could not be reconciled with the rest of this filer’s statement.

balance equationinconsistent2024-06-30

Withheld: assets, equity, liabilities could not be reconciled with the rest of this filer’s statement.

gross profit bridgeinconsistent2024-03-31

Withheld: cost revenue, revenue could not be reconciled with the rest of this filer’s statement.

balance equationinconsistent2024-03-31

Withheld: assets, equity, liabilities could not be reconciled with the rest of this filer’s statement.

gross profit bridgeinconsistent2023-12-31

Withheld: cost revenue, revenue could not be reconciled with the rest of this filer’s statement.

balance equationinconsistent2023-12-31

Withheld: assets, equity, liabilities could not be reconciled with the rest of this filer’s statement.

balance equationreview2023-09-30

Difference 3941000 exceeds tolerance 3254183.000. Presentation or filing-vintage differences need review.