Latest revenue
$807.3M
as of 2026-03-31
Latest net income
$169.3M
as of 2026-03-31
Net margin
21.0%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $31.11B
- Enterprise value
- $31.70B
- P/E (trailing)
- 249.6×
- Forward P/E
- —
- P/B
- 10.28×
- Dividend yield
- 0.0%
- 52-wk high
- $885.91
- 52-wk low
- $339.01
- Beta
- —
- Shares out
- 80.6M
5-year trend
What this company does
Axon makes TASER weapons, body cameras, and cloud software that police and other public safety agencies use to record, store, and manage evidence. Product sales (hardware) generate the largest slice of revenue, but cloud and services subscriptions grew 41% year-over-year to $860 million in nine months, closing the gap fast. The company is scaling aggressively—revenue jumped 32% while it raised $1.75 billion in new debt and $362 million in equity, building a $2.4 billion cash and investments war chest for further expansion.
Generated from AXON's filing dated 2026-02-25
Key risks
- Operating margin collapse: Q3 operating loss of $2.1M vs. $24M profit YoY as opex grew 40% (R&D +54%) outpacing 31% revenue growth.
- Leverage spike: Long-term notes payable jumped from $0 to $1.73B; interest expense rose to $28.9M quarterly, contributing to Q3 net loss of $2.2M.
- Stock-based comp dilution: SBC hit $425.6M in nine months (21% of revenue), up 69% YoY, with $209.6M cash outflow for tax withholdings on net-settled awards.
Generated from AXON's filing dated 2026-02-25
Profitability
Gross margin
59.7%
0.1%Operating margin
-2.2%
179.4%Net margin
4.5%
75.2%Return on equity
3.8%
76.3%Return on assets
1.8%
78.9%Leverage
Debt / equity
1.16×
25.6%Long-term debt / equity
0.53×
82.6%Debt / assets
53.7%
11.9%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $807.3M | +33.7% | $169.3M | +92.4% | 21.0% |
Q4 2025 2025-12-31 | $796.7M | — | $2.7M | — | 0.3% |
Q3 2025 2025-09-30 | $710.6M | +30.6% | $-2.2M | -103.3% | -0.3% |
Q2 2025 2025-06-30 | $668.5M | +32.8% | $36.1M | -11.5% | 5.4% |
Q1 2025 2025-03-31 | $603.6M | +31.3% | $88.0M | -34.0% | 14.6% |
Q3 2024 2024-09-30 | $544.3M | +31.7% | $67.0M | +12.8% | 12.3% |
Q2 2024 2024-06-30 | $503.2M | +34.3% | $40.8M | +228.5% | 8.1% |
Q1 2024 2024-03-31 | $459.9M | — | $133.2M | — | 29.0% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Ordnance & Accessories, (No Vehicles/Guided Missiles) · SIC 3480
Your notes
Keep private notes on AXON — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$1.0M
Insider selling
$124.8M
Net activity
−$123.8M
Distinct insiders
12
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns AXON
Institutional value
$16.21B
Total shares held
38.9M
Distinct holders
727
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 8.0M | $3.39B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 5.0M | $2.14B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 3.6M | $1.53B | — | New |
| 4 | BAILLIE GIFFORD & CO | 2.5M | $1.04B | — | New |
| 5 | SANDS CAPITAL MANAGEMENT, LLC | 1.6M | $664.4M | — | New |
| 6 | Invesco Ltd. | 1.2M | $524.2M | — | New |
| 7 | WESTFIELD CAPITAL MANAGEMENT CO LP | 1.1M | $451.9M | — | New |
| 8 | FRANKLIN RESOURCES INC | 1.0M | $444.9M | — | New |
| 9 | UBS Group AG | 897.2K | $381.0M | — | New |
| 10 | JENNISON ASSOCIATES LLC | 826.7K | $351.1M | — | New |
| 11 | Capital World Investors | 781.5K | $331.9M | — | New |
| 12 | Bank of New York Mellon Corp | 708.8K | $301.0M | — | New |
| 13 | Nuveen, LLC | 561.3K | $238.4M | — | New |
| 14 | VANGUARD FIDUCIARY TRUST CO | 452.4K | $192.1M | — | New |
| 15 | Legal & General Group Plc | 425.5K | $180.7M | — | New |
| 16 | Clearbridge Investments, LLC | 372.3K | $158.1M | — | New |
| 17 | DEUTSCHE BANK AG\ | 368.7K | $156.6M | — | New |
| 18 | Voya Investment Management LLC | 305.1K | $129.3M | — | New |
| 19 | BNP PARIBAS FINANCIAL MARKETS | 239.8K | $101.8M | — | New |
| 20 | Swiss National Bank | 220.0K | $93.4M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Operating income swung to a $12M nine-month loss versus $74M profit—when does SG&A and R&D growth of 40%+ stop outpacing 32% revenue growth?
- 2
Stock-based comp hit $426M YTD, nearly 4x net income; how do you defend GAAP profitability without dilution masking through buybacks?
- 3
Operating cash flow turned negative $5.9M YTD versus $158M positive; why did receivables and contract assets balloon $366M?
Refreshed when AXON files a new report · last from 2026-02-25