AXON ENTERPRISE, INC.

AXON 10-K · FY 2025

AXON FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 2,779,536 2,082,526 +33.5%
Show Product Lines breakouts
Personal Sensors 397,035 316,938 +25.3%
Personal Sensors · Connected Devices 397,035 316,938 +25.3%
Platform Solutions 265,946 154,213 +72.5%
Platform Solutions · Connected Devices 265,946 154,213 +72.5%
Product 1,576,864 1,221,292 +29.1%
Service 1,202,672 861,234 +39.6%
Software and Services 1,202,672 861,234 +39.6%
Software and Services · Software and Services 1,202,672 861,234 +39.6%
TASER Devices 913,883 750,141 +21.8%
TASER Devices · Connected Devices 913,883 750,141 +21.8%
Show Business Segments breakouts
Connected Devices 1,576,864 1,221,292 +29.1%
Connected Devices · Operating Segments 1,576,864 1,221,292 +29.1%
Software and Services 1,202,672 861,234 +39.6%
Software and Services · Operating Segments 1,202,672 861,234 +39.6%
Show Geography breakouts
Non Us 474,524 307,332 +54.4%
US 2,305,012 1,775,194 +29.8%
Show Consolidation Items breakouts
Operating Segments 2,779,536 2,082,526 +33.5%
Cost of Revenue 1,121,411 841,146 +33.3%
Show Product Lines breakouts
Product 809,303 618,136 +30.9%
Service 312,108 223,010 +40.0%
Show Business Segments breakouts
Connected Devices · Operating Segments 809,303 618,136 +30.9%
Software and Services · Operating Segments 312,108 223,010 +40.0%
Show Consolidation Items breakouts
Operating Segments 1,121,411 841,146 +33.3%
Show Property Plant And Equipment By Type breakouts
Property Plant And Equipment Other Types 33.6 21.4 +57.0%
Gross Profit 1,658,125 1,241,380 +33.6%
Selling, General & Administrative 1,035,893 741,247 +39.8%
Research & Development 684,308 441,593 +55.0%
Operating Expenses 1,720,201 1,182,840 +45.4%
Operating Income -62,076 58,540 -206.0%
Interest Income 75,431 43,693 +72.6%
Interest Expense -94,238 -7,098 -1227.7%
Other Non-Operating Income (Expense) 99,857 286,369 -65.1%
Income Before Taxes 18,974 381,504 -95.0%
Income Tax Expense (Benefit) -105,682 4,470 -2464.3%
Net Income 124,656 377,034 -66.9%
Show Equity Components breakouts
Retained Earnings 124,656 377,034 -66.9%
EPS (Basic) 1.6 4.98 -67.9%
EPS (Diluted) 1.51 4.8 -68.5%
Wtd Avg Shares (Basic) 78,081 75,748 +3.1%
Wtd Avg Shares (Diluted) 82,370 78,558 +4.9%
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent 6,265 -7,874 +179.6%
Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent 113 369 -69.4%
Comprehensive Income 131,034 369,529 -64.5%
Other Comprehensive Income 6,378 -7,505 +185.0%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss 113 369 -69.4%
Accumulated Other Comprehensive Income 6,378 -7,505 +185.0%
Accumulated Translation Adjustment 6,265 -7,874 +179.6%
Interest Expense (FY)
Show Derivative Risk breakouts
2027 Note Hedge · Convertible Debt 3,691 6,627 -44.3%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 1,201,147 454,844 +164.1%
Short-Term Investments 505,417 333,235 +51.7%
Marketable Securities 27,213 198,270 -86.3%
Accounts Notes And Loans Receivable Net Current 777,486 547,572 +42.0%
Contract With Customer Asset Net Current 582,630 367,929 +58.4%
Inventory 341,811 265,316 +28.8%
Prepaid Expenses & Other Current Assets 277,348 130,315 +112.8%
Total Current Assets 3,713,052 2,297,481 +61.6%
Non-Current Assets
Property, Plant & Equipment 330,979 247,324 +33.8%
Deferred Tax Assets 359,803 304,282 +18.2%
Goodwill 1,370,189 756,838 +81.0%
Show Business Segments breakouts
Connected Devices 51,249
Software and Services 1,318,940
Long Term Accounts Notes And Loans Receivable Net Noncurrent 6,066 3,460 +75.3%
Contract With Customer Asset Net Noncurrent 178,249 119,876 +48.7%
Other Non-Current Assets 428,170 237,620 +80.2%
Total Assets 7,000,313 4,474,588 +56.4%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary 9.4 25.2 -62.7%
Operating Lease Right-of-Use Assets 99,513 44,567 +123.3%
Intangible Assets 178,856 132,485 +35.0%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 32,369 28,507 +13.5%
Developed Technology Rights 138,723 96,985 +43.0%
Internet Domain Names 305 610 -50.0%
Patents 1,415 1,461 -3.1%
Trademarks 6,044 4,922 +22.8%
Other Assets
Intangible Assets Net Excluding Goodwill 196,972 175,157 +12.5%
Equity Securities Without Readily Determinable Fair Value Amount 416,833 332,550 +25.3%
Show Fair Value By Asset Class breakouts
Debt Securities 597 8,584 -93.0%
Equity Securities 416,236 323,966 +28.5%
Current Liabilities
Accounts Payable 139,086 71,955 +93.3%
Accrued Liabilities 510,538 279,193 +82.9%
Deferred Revenue (Current) 714,708 612,955 +16.6%
Notes Payable Current 80,552 680,289 -88.2%
Customer Deposit Current 16,156 20,626 -21.7%
Other Liabilities Current 9,107 12,857 -29.2%
Total Current Liabilities 1,470,147 1,677,875 -12.4%
Current Portion of Long-Term Debt -80,552 -680,289 +88.2%
Non-Current Liabilities
Contract With Customer Liability Noncurrent 359,902 360,685 -0.2%
Liability For Uncertain Tax Positions Noncurrent 24,376 25,007 -2.5%
Deferred Compensation Liability Classified Noncurrent 23,675 15,877 +49.1%
Operating Lease Liabilities 98,942 41,383 +139.1%
Other Non-Current Liabilities 50,443 26,096 +93.3%
Total Liabilities 3,757,655 2,146,923 +75.0%
Long-Term Debt 1,810,722 680,289 +166.2%
Long-Term Debt 1,730,170
Deferred Tax Liabilities -1,643 -2,372 +30.7%
Other Liabilities
Long Term Notes Payable 1,730,170
Stockholders' Equity
Common Stock 1 1 0.0%
Additional Paid In Capital Common Stock 2,475,035 1,689,781 +46.5%
Treasury Stock Common Value -157,242 -155,947 -0.8%
Retained Earnings 936,670 812,014 +15.4%
Accumulated Other Comprehensive Income -11,806 -18,184 +35.1%
Total Stockholders' Equity 3,242,658 2,327,665 +39.3%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss 83 -30 +376.7%
Accumulated Other Comprehensive Income -11,806 -18,184 +35.1%
Accumulated Translation Adjustment -11,889 -18,154 +34.5%
Additional Paid In Capital 2,475,035 1,689,781 +46.5%
Common Stock 1 1 0.0%
Retained Earnings 936,670 812,014 +15.4%
Treasury Stock Common -157,242 -155,947 -0.8%
Total Liabilities & Equity 7,000,313 4,474,588 +56.4%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Stock-Based Compensation 634,231 382,604 +65.8%
Show Income Statement Location breakouts
Cost Of Sales 54,057 60,089 -10.0%
Research And Development Expense 237,812 131,954 +80.2%
Selling General And Administrative Expenses 342,362 190,561 +79.7%
Gain Loss On Investments -139,969 -283,217 +50.6%
Gains Losses On Extinguishment Of Debt 38,868
Depreciation & Amortization 83,161 48,425 +71.7%
Show Business Segments breakouts
Connected Devices · Operating Segments 38,188 23,142 +65.0%
Software and Services · Operating Segments 19,111 12,239 +56.1%
Show Consolidation Items breakouts
Operating Segments 57,299 35,381 +61.9%
Provision For Bad Debt And Inventory 11,348 20,073 -43.5%
Deferred Income Taxes -82,679 -85,096 +2.8%
Other Noncash Expense 23,467 21,177 +10.8%
Increase Decrease In Accounts And Notes Receivable -505,560 -245,842 -105.6%
Change in Inventory -81,951 607 -13601.0%
Change in Deferred Revenue 83,476 155,641 -46.4%
Increase Decrease In Accounts Payable And Accrued Liabilities 286,885 54,519 +426.2%
Change in Prepaid & Other Assets -264,594 -37,613 -603.5%
Net Cash from Operations 211,339 408,312 -48.2%
Investing Activities
Payments To Acquire Investments -2,076,304 -793,419 -161.7%
Payments To Acquire Businesses Net Of Cash Acquired -646,875 -621,817 -4.0%
Proceeds From Sale And Maturity Of Marketable Securities 2,134,556 1,003,394 +112.7%
Capital Expenditures -136,258 -78,785 -72.9%
Other Investing Activities -49 54 -190.7%
Net Cash from Investing -724,930 -490,573 -47.8%
Financing Activities
Net Proceeds From Equity Offering 489,554
Proceeds From Debt Net Of Issuance Costs 1,750,000
Repayments Of Convertible Debt -608,890
Show Debt Instrument breakouts
2027 Notes · Convertible Debt -604.8
Debt Issuance Costs -26,994
Tax Withholding for Share Compensation -350,981 -58,178 -503.3%
Show Award Type breakouts
Performance Stock Units -293.4
Restricted Stock Units RSU -58.5
Proceeds From Payments For Other Financing Activities -224 -1,835 +87.8%
Net Cash from Financing 1,252,465 -45,437 +2856.5%
Amortization of Financing Costs (FY)
Show Debt Instrument breakouts
Senior Notes Due 2030 And 2033 · Senior Notes 2,545
Show Derivative Risk breakouts
2027 Note Hedge · Convertible Debt 1,898 3,176 -40.2%
Supplemental
Restricted Cash And Cash Equivalents 12,246 11,919 +2.7%
Interest Paid 57,173 3,450 +1557.2%
Income Taxes Paid 51,121 67,845 -24.7%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 62,844 14,292 +339.7%
Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction 43,546
Unpaid Capital Expenditures 7,290 5,157 +41.4%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 7,756 -6,209 +224.9%
Net Change in Cash 746,630 -133,907 +657.6%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,213,393 466,763 +160.0%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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