AXON ENTERPRISE, INC.

AXON 10-K · Q4 2025

AXON Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 796,724 575,145 +38.5%
Show Product Lines breakouts
Personal Sensors 109,134 85,165 +28.1%
Personal Sensors · Connected Devices 109,134 85,165 +28.1%
Platform Solutions 80,871 44,658 +81.1%
Platform Solutions · Connected Devices 80,871 44,658 +81.1%
Product 454,209 330,205 +37.6%
Service 342,515 244,940 +39.8%
Software and Services 342,515 244,940 +39.8%
TASER Devices 264,204 200,382 +31.9%
TASER Devices · Connected Devices 264,204 200,382 +31.9%
Show Business Segments breakouts
Connected Devices 454,209 330,205 +37.6%
Connected Devices · Operating Segments 454,209 330,205 +37.6%
Software and Services · Operating Segments 342,515 244,940 +39.8%
Show Geography breakouts
Non Us 152,407 98,726 +54.4%
US 644,317 476,419 +35.2%
Show — breakouts
Revenue 342,515 244,940 +39.8%
Revenue 342,515 244,940 +39.8%
Show Consolidation Items breakouts
Operating Segments 796,724 575,145 +38.5%
Cost of Revenue 335,429 229,296 +46.3%
Show Product Lines breakouts
Product 242,442 167,182 +45.0%
Service 92,987 62,114 +49.7%
Show Business Segments breakouts
Connected Devices · Operating Segments 242,442 167,182 +45.0%
Software and Services · Operating Segments 92,987 62,114 +49.7%
Show Consolidation Items breakouts
Operating Segments 335,429 229,296 +46.3%
Gross Profit 461,295 345,849 +33.4%
Selling, General & Administrative 317,369 227,019 +39.8%
Research & Development 194,044 134,585 +44.2%
Operating Expenses 511,413 361,604 +41.4%
Operating Income -50,118 -15,755 -218.1%
Interest Income 17,633 7,286 +142.0%
Interest Expense -28,819 -1,825 -1479.1%
Other Non-Operating Income (Expense) -4,933 94,859 -105.2%
Income Before Taxes -66,237 84,565 -178.3%
Income Tax Expense (Benefit) -68,982 -50,619 -36.3%
Net Income 2,745 135,184 -98.0%
EPS (Basic) 0.03 1.78 -98.3%
EPS (Diluted) 0.03 1.68 -98.2%
Wtd Avg Shares (Basic) 307 205 +49.8%
Wtd Avg Shares (Diluted) 152 944 -83.9%
Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent -49 -78 +37.2%
Comprehensive Income 3,469 126,120 -97.2%
Interest Expense (Q)
Show Derivative Risk breakouts
2027 Note Hedge · Convertible Debt 793 1,671 -52.5%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 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 YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Stock-Based Compensation 208,596 130,888 +59.4%
Show Income Statement Location breakouts
Cost Of Sales 15,906 11,854 +34.2%
Research And Development Expense 68,934 45,509 +51.5%
Selling General And Administrative Expenses 123,756 73,525 +68.3%
Gain Loss On Investments -5,322 -91,059 +94.2%
Depreciation & Amortization 26,945 17,680 +52.4%
Show Business Segments breakouts
Connected Devices · Operating Segments 11,405 7,749 +47.2%
Software and Services · Operating Segments 6,730 4,119 +63.4%
Show Consolidation Items breakouts
Operating Segments 18,135 11,868 +52.8%
Provision For Bad Debt And Inventory 2,520 6,249 -59.7%
Deferred Income Taxes -28,983 -58,035 +50.1%
Other Noncash Expense 7,537 7,994 -5.7%
Increase Decrease In Accounts And Notes Receivable -139,507 -19,083 -631.1%
Change in Inventory -23,774 12,236 -294.3%
Change in Deferred Revenue 61,920 98,921 -37.4%
Increase Decrease In Accounts Payable And Accrued Liabilities 242,155 44,276 +446.9%
Change in Prepaid & Other Assets -147,881 -35,085 -321.5%
Net Cash from Operations 217,235 250,166 -13.2%
Investing Activities
Payments To Acquire Investments -30,566 -178,005 +82.8%
Payments To Acquire Businesses Net Of Cash Acquired -624,066 -384,021 -62.5%
Proceeds From Sale And Maturity Of Marketable Securities 490,000 145,068 +237.8%
Capital Expenditures -61,808 -24,801 -149.2%
Other Investing Activities 0 20 -100.0%
Net Cash from Investing -226,440 -441,739 +48.7%
Financing Activities
Tax Withholding for Share Compensation -141,350 -35,853 -294.2%
Net Cash from Financing -215,559 -32,829 -556.6%
Amortization of Financing Costs (Q)
Show Derivative Risk breakouts
2027 Note Hedge · Convertible Debt 487 808 -39.7%
Supplemental
Restricted Cash And Cash Equivalents 12,246 11,919 +2.7%
Interest Paid 705 1,725 -59.1%
Income Taxes Paid -487 7,175 -106.8%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 11,064 2,564 +331.5%
Unpaid Capital Expenditures 3,858 -5,057 +176.3%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,015 -6,284 +132.1%
Net Change in Cash -222,749 -230,686 +3.4%
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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