AXON ENTERPRISE, INC.

Listed Company

AXONCIK 0001069183NasdaqLarge AcceleratedOrdnance & Accessories, (No Vehicles/Guided Missiles)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.78B

Net Income

$124.66M

Total Assets

$7.00B

Equity

$3.24B

Shares Out

80.40M

Op. Cash Flow

$211.34M

+ 13F Filer

Business

AXON ENTERPRISE, INC. is a technology company focused on global public safety, developing integrated hardware and cloud software to support law enforcement, corrections, justice and enterprise security. It offers cloud-hosted digital evidence management, productivity and real-time operations software, body and in-car cameras, TASER conducted energy devices, drone and robotic security, training solutions including VR, and related professional services and warranties. The company operates through two reportable segments: Software and Sensors and TASER, which encompass sensors, SaaS offerings, CEDs and training. Axon serves U.S. federal, state and local governments, international government customers and commercial enterprises via direct sales, an online store and selected distribution partners and resellers.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	2,780	2,083	1,561	1,187	863
Cost of sales	1,121	841	605	461	322
Gross margin	1,658	1,241	955	726	541
Selling, general and administrative	1,036	741	495	399	515
Research and development	684	442	304	234	194
Total operating expenses	1,720	1,183	799	633	709
Income (loss) from operations	−62	59	157	93	−168
Interest income	75	44	49	—	—
Interest expense	−94	−7	−7	—	—
Other income (loss), net	100	286	−42	99	25
Income before provision for income taxes	19	382	157	196	−141
Provision for (benefit from) income taxes	−106	4	−19	49	−81
Net income	125	377	176	147	−60
Basic (in dollars per share)	1.6	4.98	2.37	2.07	−0.91
Diluted (in dollars per share)	1.51	4.8	2.33	2.03	−0.91
Basic (in shares)	78	76	74	71	66
Diluted (in shares)	82	79	75	73	66
Foreign currency translation adjustments	6	−8	−4	—	—
Unrealized gain on available-for-sale investments	113,000	369,000	852,000	−1	−207,000
Comprehensive income	131	370	172	141	−61

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,201	455	599	354	356
Short-term investments	505	333	644	582	15
Marketable securities	27	198	78	39	72
Accounts and notes receivable, net of allowance of $4,198 and $3,322 as of December 31, 2025 and December 31, 2024, respectively	777	548	413	358	321
Contract assets, net	583	368	287	197	180
Inventory	342	265	270	202	109
Prepaid expenses and other current assets	277	130	103	73	57
Total current assets	3,713	2,297	2,394	1,805	1,109
Property and equipment, net	331	247	201	170	138
Deferred tax assets, net	360	304	228	157	127
Intangible assets, net	197	175	20	12	15
Goodwill	1,370	757	58	45	44
Long-term notes receivable, net	6	3	3	5	11
Long-term contract assets, net	178	120	84	45	30
Strategic investments	417	333	232	297	84
Other long-term assets	428	238	191	160	98
Total assets	7,000	4,475	3,409	2,852	1,688
Accounts payable	139	72	66	60	32
Accrued liabilities	511	279	194	156	104
Current portion of deferred revenue	715	613	470	360	266
Current portion of notes payable, net	81	680	—	—	—
Customer deposits	16	21	22	20	10
Other current liabilities	9	13	10	6	7
Total current liabilities	1,470	1,678	762	603	419
Deferred revenue, net of current portion	360	361	271	248	186
Liability for unrecognized tax benefits	24	25	18	11	4
Long-term deferred compensation	24	16	11	6	6
Long-term lease liabilities	99	41	34	37	20
Long-term notes payable, net	1,730	0	—	—	—
Other long-term liabilities	50	26	21	5	5
Total liabilities	3,758	2,147	1,793	1,583	640
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock, $0.00001 par value; 25,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0	0	—	—
Common stock, $0.00001 par value; 200,000,000 shares authorized, 100,444,971 shares issued and 80,211,537 shares outstanding as of December 31, 2025, and 200,000,000 shares authorized, 96,839,558 shares issued and 76,619,331 shares outstanding as of December 31, 2024	1,000	1,000	1,000	1,000	1,000
Additional paid-in capital	2,475	1,690	1,347	1,175	1,095
Treasury stock at cost, 20,233,434 and 20,220,227 shares as of December 31, 2025 and December 31, 2024, respectively	−157	−156	−156	—	—
Retained earnings	937	812	435	257	110
Accumulated other comprehensive loss	−12	−18	−11	−7	−1
Total stockholders equity	3,243	2,328	1,616	1,271	1,050
Total liabilities and stockholders equity	7,000	4,475	3,409	2,852	1,688

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	634	383	131	106	303
(Gain) loss on strategic investments and marketable securities, net	−140	−283	42	−99	−23
Debt inducement expense	39	0	0	—	—
Depreciation and amortization	83	48	19	23	19
Provision for bad debts and inventory	11	20	5	701,000	—
Deferred income taxes	−83	−85	−72	22	−81
Other noncash items	23	21	13	16	24,000
Receivables and contract assets	−506	−246	−179	−78	−206
Inventory	−82	607,000	−78	−95	−18
Deferred revenue	83	156	147	156	176
Accounts payable, accrued and other liabilities	287	55	65	81	45
Prepaid expenses and other assets	−265	−38	−80	−44	—
Net cash provided by operating activities	211	408	189	235	124
Purchases of investments	−2,076	−793	−564	−845	−362
Business combinations, net of cash acquired	−647	−622	−21	−2	−22
Proceeds from call, maturity, and sale of investments	2,135	1,003	657	72	719
Purchases of property and equipment	−136	−79	−60	−56	−50
Other, net	−49,000	54,000	−537,000	−20,000	—
Net cash provided by (used in) investing activities	−725	−491	12	−831	253
Net proceeds from equity offering	490	0	95	−74,000	106
Proceeds from issuance of notes	1,750	0	0	—	—
Proceeds from options exercised	0	15	55	0	52
Principal payments for conversion of convertible debt	−609	0	0	—	—
Payments to third parties for debt issuance, amendment and repurchase activity	−27	0	0	—	—
Income and payroll tax payments for net-settled stock awards	−351	−58	−108	−5	−331
Other, net	−224,000	−2	0	0	—
Net cash provided by (used in) financing activities	1,252	−45	41	598	−174
Effect of exchange rate changes on cash and cash equivalents	8	−6	2	−3	−2
Net increase (decrease) in cash and cash equivalents	747	−134	245	−886,000	201
Cash paid for interest	57	3	4	0	—
Cash paid for income taxes, net of refunds	51	68	64	11	5
Leased assets obtained in exchange for new operating lease liabilities	63	14	6	—	—
Expense for induced conversion of convertible debt, debt offering and revolver modification	44	0	0	—	—
Property and equipment purchases in accounts payable and accrued liabilities	7	5	238,000	1	2

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 1 positions

Reported AUM

$27.21M

Holdings

Top sector

$27.21M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$27.21M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
CELLEBRITE DI LTD	—	1.51M	$27.21M	100.0%