Axon Enterprise (AXON): financials, SEC filings and peers

Axon Enterprise (AXON) is an aerospace & defense company in the Industrials sector of the S&P 500, headquartered in Scottsdale, Arizona.

It was founded in 1993 and joined the S&P 500 on May 4, 2023.

Its fiscal year ends in December, and its shares trade on the Nasdaq.

In its SEC filings it is classified as “Ordnance & Accessories, (No Vehicles/Guided Missiles)”.

Axon Enterprise at a glance

Revenue (12 months): $3.4B
Revenue growth: +33.6%
Operating margin: 2.0%
Net income (12 months): $258M
Free cash flow (12 months): $81M
Cash: $1.5B
Debt: $2.9B
Diluted EPS (12 months): $3.12

Twelve months to September 30, 2026, from the 10-Q filed November 6, 2026.

Latest twelve months

Over the twelve months to September 30, 2026, Axon Enterprise reported revenue of $3.4 billion, up a strong 33.6% from $2.6 billion a year earlier.

Its operating margin was 2.0%, up 3.1 percentage points from a year earlier: for every $100 of sales, about $2 was left as operating profit.

Net income was $258 million (7.6% of revenue), 0.5% higher than a year earlier.

Operating cash flow was $225 million and capital spending $145 million, leaving free cash flow of $81 million (2.4% of revenue).

At the end of the period it held $1.5 billion in cash and $2.9 billion in debt, a net debt position of $1.4 billion.

The diluted share count rose 6.7% in a year, which dilutes existing shareholders.

Five-year trend

Revenue went from $681 million in fiscal 2020 to $2.8 billion in fiscal 2025, about 32.5% a year.
Revenue has grown for 5 fiscal years in a row.
Operating margin has been steady, around -2.2%.
Free cash flow was negative in 1 of the last 6 fiscal years.
Axon Enterprise reported a net loss in 2 of the last 6 fiscal years.

Fiscal year	2021	2022	2023	2024	2025
Revenue	$866M	$1.2B	$1.6B	$2.1B	$2.8B
Revenue growth	27.1%	37.1%	31.5%	33.4%	33.5%
Operating margin	-18.8%	7.8%	10.0%	2.8%	-2.2%
Net income	−$56M	$147M	$176M	$377M	$125M
Free cash flow	$75M	$180M	$130M	$330M	$75M
Diluted EPS	$-0.91	$2.03	$2.33	$4.80	$1.51

Fiscal years as reported in Axon Enterprise’s 10-K filings. Free cash flow is operating cash flow minus capital spending.

Recent SEC filings

10-Q filed November 6, 2026 — quarterly report
8-K filed November 5, 2026 — Material agreement; Unregistered share sale
8-K filed November 5, 2026 — Earnings results
8-K filed September 21, 2026 — Material agreement; New debt obligation
8-K filed September 15, 2026 — Material agreement; New debt obligation
10-Q filed August 6, 2026 — quarterly report
8-K filed August 5, 2026 — Earnings results
8-K filed July 10, 2026 — Executive or director change

All Axon Enterprise filings on SEC EDGAR

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Questions about Axon Enterprise

Is Axon Enterprise's revenue growing?

Yes. Revenue for the twelve months to September 30, 2026 was $3.4 billion, up 33.6% from a year earlier, according to its SEC filings.

Is Axon Enterprise profitable?

Yes. It earned $258 million in net income over the twelve months to September 30, 2026, a net margin of 7.6%.

Does Axon Enterprise have more cash or more debt?

At September 30, 2026 it had $1.5 billion in cash and $2.9 billion in debt, so more debt than cash.

When did Axon Enterprise last file financial results?

Its latest quarterly report (10-Q) was filed with the SEC on November 6, 2026.

Which companies are similar to Axon Enterprise?

In the S&P 500, Axon Enterprise is grouped in Aerospace & Defense within the Industrials sector. Boeing (BA), General Dynamics (GD), GE Aerospace (GE), Huntington Ingalls Industries (HII), Honeywell Aerospace (HONA) are in the same group.

Understand the numbers

Source: Axon Enterprise’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.