Company file · AXON
Axon Enterprise
Axon Enterprise's revenue rose 33.5% in FY2025, to $2.8B, and net income fell 66.9% to $125M
Revenue rose 33.5% to $2.8B in FY2025, from $2.1B in FY2024. Net income fell 66.9% to $125M. Connected Devices was the largest segment, at 57% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Axon Enterprise (Nasdaq: AXON) took in $2.8B of revenue (up 33.5% on fiscal 2024); net income was $125M (down 66.9%). The most recent quarter, ended Sep 30, 2026, brought revenue of $909M, up 27.8% year over year, with net income of $57M. Connected Devices was the biggest single line by segment: 57% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 6, 2026).
Source: 10-K FY2025, filed Feb 25, 2026
Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 6, 2026 · 10-Q filed Nov 6, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Connected Devices (57%) and Software and Services (43%), as shares of total revenue. Total revenue was $2.8B.
Source: 10-K FY2025
By product or service, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.
Source: Axon Enterprise 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026
By segment
Source: Axon Enterprise 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026
The bull case and the bear case
The bull case
- Revenue rose 33.5% in FY2025 to $2.8B, from $2.1B a year earlier. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $909M, up 27.8% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Software and Services revenue grew 39.6% in FY2025 to $1.2B. 10-K, FY2025
The bear case
- Net income fell 66.9% in FY2025 to $125M, from $377M. 10-K, FY2025
- Operating cash flow fell 48.2% in FY2025 to $211M. 10-K, FY2025
- Diluted shares rose 4.9% in FY2025, which spreads profit across more shares. 10-K, FY2025
- Total debt rose 166.2% in FY2025 to $1.8B. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Axon Enterprise is in the aerospace & defense industry, part of the industrials sector. The SEC files it under Ordnance & Accessories, (No Vehicles/Guided Missiles).
Axon Enterprise reports 2 segments: Connected Devices and Software and Services.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the aerospace & defense industry. They are not a summary of Axon Enterprise’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Government and airline demandOrders depend on defense budgets and airline spending, which can change.
- Program executionLarge programs can run over budget or be delayed.
- Supply chainSpecialist suppliers and materials can limit output.
- Regulation and safetyAviation safety rules and product liability can bring cost.
- TradeExport rules and tariffs affect costs and sales.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $1.6B | $2.1B | $2.8B |
| Net income | $176M | $377M | $125M |
| Operating cash flow | $189M | $408M | $211M |
| Cash & equivalents (year end) | $599M | $455M | $1.2B |
| Total debt (year end) | – | $680M | $1.8B |
| Diluted shares | 75M | 79M | 82M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: The current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Lease payments in the cash flow statement
- Forward-looking statements
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 6, 2026 | Sep 30, 2026 |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 |
| 10-Q | May 7, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 16, 2026 | May 28, 2026 |
| 10-K | Feb 25, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Axon Enterprise
How does Axon Enterprise make money?
In fiscal 2025, revenue totaled $2.8B. By segment in FY2025: Connected Devices (57%) and Software and Services (43%), as shares of total revenue. Total revenue was $2.8B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What was Axon Enterprise's revenue in fiscal 2025?
Revenue came to $2.8B in the year ended Dec 31, 2025. Going back two years, it was $1.6B in fiscal 2023 and $2.1B in fiscal 2024, so the latest year was up 33.5%. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
Is Axon Enterprise profitable?
Yes, by US accounting rules (GAAP): net income was $125M in fiscal 2025, down 66.9% from $377M a year earlier. For the quarter ended Sep 30, 2026, net income was $57M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What did Axon Enterprise report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $909M, against $711M in the same quarter a year before (up 27.8%), and net income of $57M, against −$2M (compared with −$2M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026.
How much cash and debt does Axon Enterprise have?
On Sep 30, 2026, cash and cash equivalents stood at $1.5B and total debt at $2.9B. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Nov 6, 2026.
What are the main risks Axon Enterprise faces?
Axon Enterprise's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the aerospace & defense industry include Government and airline demand; program execution; supply chain; regulation and safety; trade. The first: Orders depend on defense budgets and airline spending, which can change. Source: 10-K, Item 1A Risk Factors.
Where do these Axon Enterprise numbers come from?
Two filings Axon Enterprise made with the SEC: its fiscal 2025 10-K, filed Feb 25, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Axon Enterprise
- Baillie Gifford: 3,112,878 shares, reported value $1.32B at Sep 30, 2026 (+1.7% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
- Millennium Management: 84,224 shares, reported value $47.2M at Jun 30, 2026 (−32.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 47,359 shares, reported value $26.5M at Jun 30, 2026 (−76.4% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in AXON
- The editor holds no position in Axon Enterprise (AXON). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell AXON from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold AXON, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Axon EnterpriseAXON | FY2025 | $2.8B | +33.5% | $125M |
| GE AerospaceGE | FY2025 | $45.9B | +18.5% | $8.7B |
| RTX | FY2025 | $88.6B | +9.7% | $6.7B |
| Lockheed MartinLMT | FY2025 | $75.0B | +5.6% | $5.0B |
| BoeingBA | FY2025 | $89.5B | +34.5% | $2.2B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.