Axon Enterprise, Inc. provides public safety technology solutions in the United States and internationally. The company operates in two segments, Software and Services, and Connected Devices. The Software and Services segment develops, manufactures, and sells cloud-based software-as-a-service solutions to capture, store, manage, share, and analyze video and other digital evidence. This segment also offers Axon Evidence, Draft One, Axon Records, Axon Standards, Axon Fusus, Axon Assistant, and others. The Connected Devices segment engages in the development, manufacture, and sale of integrated hardware solutions, such as conducted energy devices under the TASER brand, body cameras, fixed and in-car cameras, drone and counter-drone technologies, accessories, extended warranties, and related hardware products, as well as virtual reality training hardware. The company serves first responders across international, federal, state, and local governments, international governmental entities, commercial enterprises, and consumers through direct sales, distribution partners, and third-party resellers. The company was formerly known as TASER International, Inc. and changed its name to Axon Enterprise, Inc. in April 2017. Axon Enterprise, Inc. was incorporated in 1993 and is headquartered in Scottsdale, Arizona.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.8B | $196M | $125M | $75M | 3.8% | 33.5% | -66.9% |
| 2024 | $2.1B | $437M | $377M | $330M | 16.2% | 33.4% | 114.5% |
| 2023 | $1.6B | $183M | $176M | $130M | 10.9% | 31.5% | 19.6% |
| 2022 | $1.2B | $116M | $147M | $180M | 11.6% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,187.14 | 1,560.70 | 2,082.53 | 2,779.54 |
| Operating Revenue | - | 1,187.14 | 1,560.70 | 2,082.53 | 2,779.54 |
| Cost Of Revenue | - | 461.03 | 605.25 | 841.15 | 1,121.41 |
| Gross Profit | - | 726.11 | 955.45 | - | - |
| Operating Expense | - | 633.14 | 798.60 | 1,182.84 | 1,720.20 |
| Research And Development | - | 233.81 | 303.72 | 441.59 | 684.31 |
| Selling General And Administration | - | 399.33 | 494.88 | 741.25 | 1,035.89 |
| Total Expenses | - | 1,094.17 | 1,403.85 | 2,023.99 | 2,841.61 |
| Operating Income | - | 92.97 | 156.85 | 58.54 | -62.08 |
| Total Operating Income As Reported | - | 92.97 | 156.85 | 58.54 | -62.08 |
| EBITDA | - | 116.09 | 183.37 | 437.03 | 196.37 |
| Normalized EBITDA | - | 116.09 | 183.37 | 150.35 | 57.86 |
| EBIT | - | 92.97 | 164.06 | 388.60 | 113.21 |
| Interest Income | - | 4.29 | 49.11 | 43.69 | 75.43 |
| Interest Expense | - | 0.49 | 7 | 7.10 | 94.24 |
| Net Interest Income | - | 4.29 | 42.11 | 36.60 | -18.81 |
| Other Non Operating Income Expenses | - | 98.97 | -41.90 | -0.31 | -38.66 |
| Other Income Expense | - | 98.97 | -41.90 | 286.37 | 99.86 |
| Interest Income Non Operating | - | 4.29 | 49.11 | 43.69 | 75.43 |
| Interest Expense Non Operating | - | 0.49 | 7 | 7.10 | 94.24 |
| Net Non Operating Interest Income Expense | - | 4.29 | 42.11 | 36.60 | -18.81 |
| Pretax Income | - | 196.24 | 157.06 | 381.50 | 18.97 |
| Tax Provision | - | 49.31 | -18.72 | 4.47 | -105.68 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 3.44 | 29.09 |
| Net Income Continuous Operations | - | 146.93 | 175.78 | 377.03 | 124.66 |
| Net Income From Continuing And Discontinued Operation | - | 146.93 | 175.78 | 377.03 | 124.66 |
| Net Income From Continuing Operation Net Minority Interest | - | 146.93 | 175.78 | 377.03 | 124.66 |
| Net Income | - | 146.93 | 175.78 | 377.03 | 124.66 |
| Net Income Common Stockholders | - | 146.93 | 175.78 | 377.03 | 124.66 |
| Net Income Including Noncontrolling Interests | - | 146.93 | 175.78 | 377.03 | 124.66 |
| Normalized Income | - | 146.93 | 175.78 | 93.79 | 15.23 |
| Diluted NI Availto Com Stockholders | - | 146.93 | 175.78 | 377.03 | 124.66 |
| Basic Average Shares | - | 71.09 | 74.19 | 75.75 | 78.08 |
| Diluted Average Shares | - | 72.53 | 75.46 | 78.56 | 82.37 |
| Reconciled Depreciation | - | 23.12 | 19.32 | 48.42 | 83.16 |
| Reconciled Cost Of Revenue | - | 461.03 | 605.25 | 841.15 | 1,121.41 |
| Total Unusual Items | - | 98.05 | -42.29 | 286.68 | 138.52 |
| Total Unusual Items Excluding Goodwill | - | 98.05 | -42.29 | 286.68 | 138.52 |
| Gain On Sale Of Security | - | 98.05 | -42.29 | 286.68 | 138.52 |
| Depreciation Amortization Depletion Income Statement | 9.82 | - | - | - | - |
| Depreciation And Amortization In Income Statement | 9.82 | - | - | - | - |
| General And Administrative Expense | 453.12 | 329.12 | 405.16 | 632.29 | - |
| Other Gand A | 74.24 | 116.89 | 131.52 | 190.59 | - |
| Salaries And Wages | 378.89 | 212.24 | 273.63 | 441.70 | - |
| Selling And Marketing Expense | 52.06 | 72.45 | 91.72 | 108.95 | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Axon Enterprise, Inc.this co. | AXON | $41.4B | 331.83β premium | 12.76 | 3.8% | 214.25 |
| Delta Air Lines, Inc. | DAL | $52.2B | 10.44 | 2.51 | 24.0% | 7.33 |
| Rockwell Automation, Inc. | ROK | $51.4B | 59.19 | 14.08 | 23.8% | 39.07 |
| Old Dominion Freight Line, Inc. | ODFL | $51.1B | 49.88 | 11.84 | 23.7% | 29.53 |
| Ferrovial SE | FER | $47.6B |
| - |
| - |
| - |
| - |
| - |
| 53.61 |
| 8.06 |
| 15.0% |
| 27.07 |
| Westinghouse Air Brake Technologies Corporation | WAB | $44.5B | 38.07 | 4.00 | 10.5% | 21.69 |
| EMCOR Group, Inc. | EME | $37.6B | 29.58 | 10.25 | 34.6% | 19.27 |
| Thomson Reuters Corporation | TRI | $37.4B | 24.99 | 3.14 | 12.6% | 12.91 |
| United Airlines Holdings, Inc. | UAL | $34.1B | 10.16 | 2.23 | 21.9% | 7.03 |
| Peer Median | - | 33.83 | 6.03 | 22.8% | 20.48 | |