AXON ENTERPRISE, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AXON ENTERPRISE, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	268	344	420	531	681	863	1,187	1,561	2,083	2,780
Cost of revenue	97.7	137	161	224	265	322	461	605	841	1,121
Gross profit	171	207	259	307	416	541	726	955	1,241	1,658
Research and development	30.6	55.4	76.9	101	123	194	234	304	442	684
Selling, general and administrative	108	139	157	213	307	515	399	495	741	1,036
Operating expenses	139	194	234	314	430	709	633	799	1,183	1,720
Operating income	31.9	13	24.8	-6.39	-14.2	-168	93	157	58.5	-62.1
Interest expense								7	7.1	94.2
Interest income								49.1	43.7	75.4
Other non-operating income						25.3	99	-41.9	286	99.9
Pre-tax income	31.5	15.8	28.1	2.07	-6.29	-141	196	157	382	19
Income tax	14.2	10.6	-1.1	1.19	-4.57	-81.4	49.3	-18.7	4.47	-106
Net income	17.3	5.21	29.2	0.88	-1.72	-60	147	176	377	125
EBITDA	35.5	21.1	35.5	4.97	-1.68	-149	116	176	107	21.1
EPS, basic	0.33	0.10	0.52	0.01	-0.03	-0.91	2.07	2.37	4.98	1.60
EPS, diluted	0.32	0.10	0.50	0.01	-0.03	-0.91	2.03	2.33	4.80	1.51
Shares, basic (weighted)	52.7	52.7	56.4	59.2	61.8	66.2	71.1	74.2	75.7	78.1
Shares, diluted (weighted)	53.5	53.9	57.9	60	61.8	66.2	72.5	75.5	78.6	82.4

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	40.7	75.1	349	172	155	356	354	599	455	1,201
Short-term investments	48.4	6.86	0	179	407	14.5	582	644	333	505
Receivables	39.5	56.1	131	147	229	321	358	413	548	777
Inventory	34.8	45.5	33.8	38.8	90	109	202	270	265	342
Other current assets	13.9	21.7	30.4	34.9	36.9	56.5	73	103	130	128
Total current assets	177	205	558	609	982	1,109	1,805	2,394	2,297	3,713
Property, plant and equipment	24	31.2	37.9	43.8	105	138	170	201	247	331
Lease right-of-use assets				9.65	22.3	23.3	38.4	36.2	44.6	99.5
Goodwill	10.4	14.9	25	25	25.2	43.6	45	57.9	757	1,370
Intangible assets	15.2	18.8	15.9	12.8	9.45	15.5	12.2	19.5	175	197
Long-term investments	0.23	0	0	45.5	90.7	31.2	156
Other non-current assets	13.9	15.4	23	40.2	68.2	98.2	160	191	238	428
Total assets	278	338	720	846	1,381	1,688	2,852	3,409	4,475	7,000
Accounts payable	10.7	8.59	15.2	25.9	24.1	32.2	59.9	65.9	72	139
Accrued liabilities	18.2	23.5	41.1	45	59.8	104	156	194	279	511
Deferred revenue	45.1	70.4	107	118	164	266	360	470	613	715
Short-term debt								0	680	80.6
Total current liabilities	78	108	166	196	256	419	603	762	1,678	1,470
Long-term debt								677	0	1,730
Lease liabilities				6.79	19	20.4	37.1	33.6	41.4	98.9
Other non-current liabilities	2.29	1.22	5.7	10.5	27.3	5.39	4.61	20.9	26.1	50.4
Total liabilities	127	171	252	302	405	640	1,583	1,793	2,147	3,758
Total debt								677	680	1,811
Paid-in capital	188	202	453	528	962	1,095	1,175	1,347	1,690	2,475
Retained earnings	118	123	171	172	170	110	257	435	812	937
Treasury stock	-156	-156	-156	-156	-156	-156	-156	-156	-156	-157
Other comprehensive income	0.9	-1.47	-1.51	-1.1	0.14	-1.32	-7.18	-10.7	-18.2	-11.8
Shareholders' equity	151	167	467	543	976	1,050	1,271	1,616	2,328	3,243
Total equity	151	167	467	543	976	1,050	1,271	1,616	2,328	3,243
Total liabilities and equity	278	338	720	846	1,381	1,688	2,852	3,409	4,475	7,000
Shares outstanding	52.3	53	58.8	59.5	63.8	70.9	71.5	75.3	76.6	80.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	17.3	5.21	29.2	0.88	-1.72	-60	147	176	377	125
Depreciation and amortization	3.66	8.04	10.6	11.4	12.5	18.7	23.1	19.3	48.4	83.2
Stock-based compensation	9.37	15.6	21.9	78.5	134	303	106	131	383	634
Deferred income tax	-5.17	2.83	-3.59	-7.99	-16.5	-81.3	22	-72.5	-85.1	-82.7
Change in inventory	-18.7	-11.7	14.8	-4.9	-52.2	-18.3	-95	-77.6	0.61	-82
Change in payables	18.4	1.53	13.5	4.97	8.89	45.3	81	65.3	54.5	287
Cash from operations	21.1	18.5	63.9	65.7	38.5	124	235	189	408	211
Capital expenditures	-4.96	-10.4	-11.1	-15.9	-72.6	-49.9	-55.8	-59.6	-78.8	-136
Acquisitions	-3.5	-10.6	-4.99	0		-22.4	-2.1	-21.1	-622	-647
Purchases of investments	-56.1	-20	-4.33	-354	-657	-362	-845	-564	-793	-2,076
Sales and maturities of investments	65	61.1	11.2	130	380	719	72.1	657	1,003	24
Cash from investing	-3.05	19.1	-9.86	-241	-357	253	-831	12.5	-491	-725
Debt repaid	-0.08	0
Stock issued	0	0	234	0	307	106	0	54.5	14.6	0
Share buybacks	-33.7	0	0
Cash from financing	-34.6	-3.82	219	-3.94	299	-174	598	41.3	-45.4	1,252
Exchange rate effect	0.91	0.74	-0.77	0.33	1.98	-1.98	-3.38	2.07	-6.21	7.76
Net change in cash	-15.6	34.5	273	-179	-16.8	201	-0.89	245	-134	747
Free cash flow	16.2	8.05	52.7	49.7	-34.1	74.6	180	130	330	75.1
Interest paid							0	3.51	3.45	57.2
Income taxes paid	14	11.5	10.6	3.67	10.9	5.11	10.5	64.5	67.8	51.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $430.11 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.4%	Gross profit / revenue.
Operating margin	0.7%	Operating income / revenue.
EBITDA margin	4.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.7%	Pre-tax income / revenue.
Net margin	6.2%	Net income / revenue.
FCF margin	4.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.3%	Cash from operations / revenue.
Effective tax rate	-9.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.7%	Net income / average total assets.
Return on invested capital (ROIC)	0.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	23.9%	Research and development expense / revenue.
SG&A / revenue	34.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	19.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.1%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	33.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	32.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	32.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	33.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	31.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	31.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-206.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-80.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-43.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-66.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-5.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-68.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-9.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-48.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	40.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-77.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-25.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	39.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	36.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	27.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	56.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	34.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	38.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.15x	Current assets / current liabilities.
Quick ratio	1.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.48x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.47x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.1%	Total debt / total assets.
Liabilities / assets	50.9%	Total liabilities / total assets.
Net debt	$1.06B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	7.95x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.21x	Operating income / interest expense.
Working capital	$1.61B	Current assets - current liabilities.
Goodwill and intangibles / assets	29.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.49B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	9.43x	Revenue / average property, plant and equipment.
Inventory turnover	2.69x	Cost of revenue / average inventory.
Days inventory	136 days	365 x average inventory / cost of revenue.
Receivables turnover	4.19x	Revenue / average receivables.
Days sales outstanding	87 days	365 x average receivables / revenue.
Days payables	75 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	148 days	Days inventory + days sales outstanding - days payables.
FCF conversion	66.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	49.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.41	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$39.00	Revenue / diluted weighted shares.
FCF per share	$1.61	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.22	Cash from operations / diluted weighted shares.
Book value per share	$45.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.39	Tangible book value / shares outstanding.
Cash per share	$8.29	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$34.94B	Share price x shares outstanding.
Enterprise value	$36.00B	Market cap + total debt - cash - short-term investments.
P/E	175x	Market cap / net income. Only when net income is positive.
P/S	10.9x	Market cap / revenue.
P/B	9.51x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	23.4x	Market cap / tangible book value, when positive.
P/FCF	262x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	131x	Market cap / cash from operations, when positive.
EV/Sales	11.2x	Enterprise value / revenue.
EV/EBIT	1,514x	Enterprise value / operating income, when both are positive.
EV/EBITDA	270x	Enterprise value / EBITDA, when both are positive.
EV/FCF	270x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.4%	Free cash flow / market cap.
Earnings yield	0.6%	Net income / market cap (the inverse of P/E).

What was AXON ENTERPRISE, INC.'s revenue in fiscal 2025?

AXON ENTERPRISE, INC. reported revenue of $2.78B for fiscal 2025, 33.5% higher than the year before.

Was AXON ENTERPRISE, INC. profitable in fiscal 2025?

Yes. Net income was $124.7M, a net margin of 4.5%.

How much free cash flow did AXON ENTERPRISE, INC. generate in fiscal 2025?

Cash from operations of $211.3M minus capital expenditures of $136.3M left free cash flow of $75.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to AXON ENTERPRISE, INC.