Axon Enterprise, Inc.

AXON

$413.35

Updated: 04/10/2026, 16:04:34

Market Cap

$33.32B

Sector

Industrials

Industry

Aerospace & Defense

Country

Stock valuation chart

One-year closing share-price history for AXON

Company Profile

Axon Enterprise, Inc., founded in 1993 and headquartered in Scottsdale, Arizona, was previously known as TASER International, Inc. until its rebranding in April 2017. The company specializes in the development, production, and sale of conducted energy devices (CEDs) marketed under its well-known TASER brand, catering to both domestic and international clients. Axon's operations are divided into two primary segments: TASER, and Software and Sensors. In addition to its signature TASER devices, such as the TASER 7, X26P, X2, and consumer models, along with their corresponding cartridges, Axon offers an extensive portfolio of hardware and cloud-based software. These solutions are designed to equip law enforcement agencies with the means to capture, securely archive, manage, share, and analyze video and other digital evidence. Key products in this category include on-officer body cameras, Axon Fleet in-car systems, the Axon Evidence digital evidence management platform, Axon Signal-enabled devices, extended hardware warranties, and vital accessories like docks, cartridges, and batteries. Axon distributes its offerings through multiple channels, including its dedicated direct sales force, various distribution partners, its online storefront, and authorized third-party resellers. Furthermore, the company has established a strategic partnership with Fusus, Inc. to enhance the functionality of Axon Respond and the Fusus Real Time Crime Center in the Cloud solution, providing agencies with real-time operational awareness and more efficient investigative processes.

USD

NASDAQ

CEO: Patrick W. Smith

Employees: 5,100

https://www.axon.com

Asset Summaries

Latest generated summaries for AXON

No summaries found.

Detailed business

Evidence-backed facts extracted from the latest official annual filing.

10-K

FY 2025

View filing U.S. Securities and Exchange Commission (EDGAR)

AXON-10-k-fy2025.html2.5 MBtext/htmlENFiled 25/02/2026Period ended 31/12/2025

Business monitoring

Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.

Evidence-backed · 68 KPI observations

Revenue

$2.8B

FY 2025 · Reported

Net income

$0.1B

FY 2025 · Reported

Gross margin

59.7%

FY 2025 · Calculated

Free cash flow

$0.1B

FY 2025 · Calculated

R&D intensity

24.6%

FY 2025 · Calculated

Share repurchases

N/A

FY — · Reported

Earnings and cash generation

USD billions, directly sourced from inline XBRL; free cash flow is operating cash flow less capex.

Profitability and reinvestment

Margins and R&D as a percentage of revenue.

Product / service	Sales	Share of sales	YoY growth	By reported area
Connected Devices total Source evidence “TASER (1) $913,883 32.9 %$750,141 36.0 %$163,742 21.8 %”	1,576,864	+56.7%	+29.1%	Not disclosed by product and area
Software and Services Source evidence “TASER (1) $913,883 32.9 %$750,141 36.0 %$163,742 21.8 %”	1,202,672	+43.3%	+39.6%	Not disclosed by product and area
TASER Source evidence “TASER (1) $913,883 32.9 %$750,141 36.0 %$163,742 21.8 %”	913,883	+32.9%	+21.8%	Not disclosed by product and area
Personal Sensors Source evidence “TASER (1) $913,883 32.9 %$750,141 36.0 %$163,742 21.8 %”	397,035	+14.3%	+25.3%	Not disclosed by product and area
Platform Solutions Source evidence “TASER (1) $913,883 32.9 %$750,141 36.0 %$163,742 21.8 %”	265,946	+9.6%	+72.5%	Not disclosed by product and area

How the business makes money

Axon overview

Integrated public-safety hardware and software company

98%

Source evidence

“Axon is a technology company that provides integrated hardware and software solutions.”

Company overview

Technology company serving public safety with integrated hardware/software (TASER devices, cameras, drones, cloud evidence management, AI-enhanced tools); founded 1993, HQ Scottsdale, Arizona

98%

Source evidence

“Axon Enterprise, Inc. (“Axon,” the “Company,” “we” or “us”) is a technology company that provides integrated hardware and software solutions.”

Segment realignment into two reportable segments

Two segments: Connected Devices; Software and Services (recast 2024)

98%

Source evidence

“During the year ended December 31, 2025, we realigned our business into two reportable segments, Connected Devices and Software and Services (the “Segment Realignment”).”

Two reportable segments (2025 realignment)

Realigned in 2025 from TASER and Software and Sensors into two segments: Software and Services, and Connected Devices

97%

Source evidence

“Previously reported within two reportable segments, TASER and Software and Sensors, we realigned our business in a manner that provides increased transparency and distinction between our software and services and hardware components.”

Largest customer vertical: U.S. law enforcement

Largest customer vertical is U.S. federal, state and local law enforcement agencies

99%

Source evidence

“Our largest customer vertical is U.S. federal, state and local law enforcement.”

Core customer categories

Customers: U.S. federal/state/local governments, international governments, commercial enterprises, consumers; majority direct sales, plus distributors and resellers

96%

Source evidence

“Our core customers across the public and private sectors include U.S. federal, state, and local governments, international governmental entities, commercial enterprises, and consumers.”

Connected Devices product line composition

TASER, body cameras (AB4), fleet/fixed cameras, drones and counter-drone, VR training hardware

97%

Source evidence

“'Platform Solutions' primarily includes fleet in-car video, interview room, fixed cameras, drones and counter-drone equipment, virtual reality training hardware, and related extended warranties.”

Software and Services segment offerings

Cloud SaaS suite: Axon Evidence, Draft One, Axon Records, Axon Standards, Axon Fusus, Axon Assistant, Axon Respond, plus professional services and on-premise licenses

96%

Source evidence

“Our offerings include Axon Evidence, Draft One, Axon Records, Axon Standards, Axon Fusus, and Axon Assistant, among others.”

Connected Devices segment offerings

Hardware: TASER CEDs, Axon Body cameras, Axon Fleet in-car systems, fixed cameras, drone/counter-drone technology, VR training hardware, accessories and extended warranties

96%

Source evidence

“conducted energy devices (“CEDs”) sold under the TASER brand, body cameras, fixed and in-car cameras, drone and counter-drone technologies, and a broad ecosystem of accessories, extended warranties and related hardware products”

SaaS and subscription business model

SaaS solutions, subscription billing arrangements, and CEDs sold individually or via subscription plans

95%

Source evidence

“We have devoted, and continue to devote, significant resources to develop and deploy SaaS solutions to a large number of customers.”

Geographic expansion footprint

HQ Scottsdale, Arizona; hubs across the U.S.; ongoing international expansion across Europe, Asia, and the Americas

93%

Source evidence

“Alongside our primary corporate headquarters in Scottsdale, Arizona, we have hubs in many major cities across the United States and ongoing international expansion across Europe, Asia, and the Americas”

Net sales by product line / segment 2025 vs 2024

2025: Connected Devices $1,576.9M (TASER $913.9M, Personal Sensors $397.0M, Platform Solutions $265.9M); Software & Services $1,202.7M; Total $2,779.5M (+33.5%)

98%

Source evidence

“TASER (1) $913,883 32.9 %$750,141 36.0 %$163,742 21.8 %”

Operations and dependencies

No FX hedging; USD strength risk

Unhedged USD exposure on international sales and component imports

95%

Source evidence

“We do not currently engage in hedging activities related to fluctuations in foreign currency.”

Manufacturing in Arizona

Manufacturing, final assembly and final test at Arizona facilities; ISO 9001:2015 certified; owns substantially all injection-molded tooling for custom components

95%

Source evidence

“We perform manufacturing, final assembly and final test operations at our facilities in Arizona and own substantially all of the equipment required to develop, prototype, manufacture and assemble our finished products.”

Positioning and strategy

Named competitors across product lines

Highly competitive markets: 30+ named camera/evidence competitors (incl. Motorola Solutions, Genetec, Flock Safety in ALPR, OpenText, Veritone), 50+ RMS providers

94%

Source evidence

“The body camera and in-car video/automatic license plate readers industry is highly competitive. Our competition includes 10-8 Video Systems, 365Labs, Applied Concepts, Axis Communications...”

2025 revenue growth drivers by product line

TASER 10 volume, AB4 adoption, counter-drone/VR/fleet volume, software seat growth and premium add-ons

96%

Source evidence

“The increase of $163.7 million in TASER is primarily driven by higher TASER 10 handle and cartridge volume.”

Financial strategy and mission-driven growth

Strategy: build highly recurring, highly profitable businesses via purposeful product innovation (incl. AI Era Plan); investing in sales headcount for new-market diversification

92%

Source evidence

“Our financial strategy is to build highly recurring, highly profitable businesses and to drive growth through this purposeful product innovation.”

Risks, financing, and outlook

Tariffs and Platform Solutions mix compressed margins

Adjusted gross margin fell to 62.6% from 63.2%, driven by global tariffs and higher Platform Solutions mix

95%

Source evidence

“The decrease was primarily driven by global tariffs and a higher mix of Platform Solutions revenue.”

2025 debt activity

New Senior Notes issued March 2025; partial early repurchase of 2027 convertible Notes ($38.9M inducement expense)

95%

Source evidence

“primarily as a result of the issuance of the Senior Notes in March 2025, as discussed further within Note 10.”

New long-term notes payable in 2025

Long-term notes payable of $1.73 billion added in 2025 (vs. none at end-2024); interest expense rose to $94.2 million from $7.1 million

93%

Source evidence

“Long-term notes payable, net1,730,170 —”

2025 net income composition

Net income $124.7M incl. $186.4M strategic investment gains and $105.7M tax benefit, offset by $46.4M securities losses and $38.9M note repurchase inducement

95%

Source evidence

“Net income of $124.7 million included net realized and unrealized gains of $186.4 million related to our strategic investments and a $105.7 million tax benefit”

Dependence on continued law enforcement acceptance of products

Substantial dependence on continued acceptance of products/services by law enforcement agencies worldwide

97%

Source evidence

“We substantially depend on continued acceptance of our products and services by law enforcement agencies worldwide, and any reduction in demand could materially adversely affect our business.”

Customer budgetary and political constraints

Most end-user customers subject to budgetary and political constraints; open bidding process uncertainty

96%

Source evidence

“Most of our end-user customers are subject to budgetary and political constraints, which may delay or prevent sales, result in cancellations, or lead to the non-renewal of contracts.”

Cybersecurity and cloud provider dependency risk

Dependence on third-party cloud service providers; breach risk including AI-enhanced ransomware and deepfake phishing

95%

Source evidence

“We rely on third party cloud service providers located in the United States and other countries to deliver our cloud services.”

CED sales concentration risk

Significant revenue dependence on CED sales; TASER 10 CED subject to firearm product regulations

95%

Source evidence

“We derive a significant portion of our revenues from sales of CEDs and related products and services, whether sold individually or as part of a subscription plan offering.”

Quarterly revenue fluctuation risk factors

Revenue subject to government budget cycles, order timing, tariffs, government shutdowns

94%

Source evidence

“•budgetary cycles of municipal, state, and federal law enforcement and corrections agencies;”

AI technology risk including EU AI Act

Generative AI in products poses defect, bias, and regulatory risks; EU AI Act imposes law-enforcement AI compliance requirements

93%

Source evidence

“the AI Act in the European Union imposes compliance requirements on a variety of AI uses by law enforcement, as well as on the companies that develop those products, including us.”

Increasing subscription revenue share affects cash collection and credit risk

Rising subscription billing share may delay cash collections and increase credit risk; SaaS revenue recognized over multi-year terms

93%

Source evidence

“An increasing percentage of our revenue is derived from subscription billing arrangements that may result in delayed cash collections and may increase customer credit risk on receivables and contract assets.”

Cash concentration at three depository institutions

Majority of cash balances, some uninsured, held at three depository institutions

92%

Source evidence

“We hold the majority of our cash balances, some of which are not insured, at three depository institutions.”

Litigation and product liability exposure

Personal injury/wrongful death/product liability claims, IP litigation, government inquiries, and restatement-related stockholder litigation risk

92%

Source evidence

“We may face personal injury, wrongful death, product liability and other liability claims that could harm our reputation and adversely affect our business prospects, operating results and financial condition.”

Materials availability and cost risk

Unavailability of materials or higher costs could adversely affect financial results

90%

Source evidence

“•Unavailability of materials or higher costs could adversely affect our financial results.”

Currency exposure from international operations

USD versus local currency fluctuations; international operations expose company to additional risks

90%

Source evidence

“Our financial performance is subject to risks associated with changes in the value of the U.S. dollar versus local currencies.”

Regulatory exposure for TASER 10 CED

TASER 10 CED subject to federal, state, and local firearm product regulations; procurement law compliance uncertainty

90%

Source evidence

“Failure to comply with federal, state, or local regulations applicable to our firearm product, the TASER 10 CED, could result in governmental actions or litigation.”

Financial reporting internal control and restatement risk

Prior restatement of financial statements; internal control effectiveness risk

88%

Source evidence

“Our revision and our restatement of previously issued consolidated financial statements may adversely affect investor confidence and could result in regulatory actions and stockholder litigation.”

Material exposure graph

U.S. federal, state and local law enforcement

Customer Exposure

Largest customer vertical is U.S. law enforcement; reduced agency purchases would materially harm results.

Relevance 95·Dependency 90·Confidence 97

Source evidence

“Our largest customer vertical is U.S. federal, state and local law enforcement.”

U.S. federal, state, and local governments

Revenue Exposure

Majority of revenue is generated via direct sales to public sector customers including U.S. federal, state, and local governments, making government budgets a core demand driver.

Relevance 95·Dependency 85·Confidence 95

Source evidence

“Our core customers across the public and private sectors include U.S. federal, state, and local governments, international governmental entities, commercial enterprises, and consumers.”

CEDs (conducted energy devices)

Revenue Exposure

Significant portion of revenues from CED sales individually or via subscription plans; reduced acceptance would diminish growth and results.

Relevance 95·Dependency 85·Confidence 94

Source evidence

“We derive a significant portion of our revenues from sales of CEDs and related products and services, whether sold individually or as part of a subscription plan offering.”

Municipal, state, and federal law enforcement and corrections agencies

Demand Driver

Government budgetary cycles drive quarterly revenue variability for Axon's public-safety products.

Relevance 90·Dependency 75·Confidence 94

Source evidence

“•budgetary cycles of municipal, state, and federal law enforcement and corrections agencies;”

Third-party cloud service providers

Technology Dependency

Delivery of cloud services relies on third-party cloud providers in the U.S. and other countries; outages or breaches could reduce revenue and trigger penalties/litigation.

Relevance 85·Dependency 80·Confidence 93

Source evidence

“We rely on third party cloud service providers located in the United States and other countries to deliver our cloud services.”

artificial intelligence (AI)

Technology Dependency

Axon's solutions are enhanced by AI, and its SaaS productivity suite (Draft One, Real-Time Translation, Policy Chat, Auto-Transcribe) is sold under the AI Era Plan, making AI a core product differentiator.

Relevance 85·Dependency 70·Confidence 93

Source evidence

“a suite of solutions available under our AI Era Plan, including Real-Time Translation, Draft One, Policy Chat, and Auto-Transcribe”

Arizona

Manufacturing Dependency

All manufacturing, final assembly and final test operations are performed at Arizona facilities, concentrating production in one geography.

Relevance 80·Dependency 75·Confidence 93

Source evidence

“We perform manufacturing, final assembly and final test operations at our facilities in Arizona”

Government/public safety budgets

Demand Driver

End-user customers face budgetary and political constraints; catastrophes may pressure government budgets and risk customers' ability to appropriate funds.

Relevance 80·Dependency 70·Confidence 92

Source evidence

“These and other factors may adversely affect customer demand and their ability to pay, cause decrease in sales, and negatively impact the realizability of our accounts receivable and contract assets.”

TASER CED products

Legal Exposure

CED products generate personal injury / wrongful death litigation and reputational risk, with potential judgments exceeding insurance coverage.

Relevance 80·Dependency 65·Confidence 96

Source evidence

“Third parties often use our CED products in aggressive confrontations that may result in serious, permanent bodily injury or death.”

Federal, state and local firearm regulations (TASER 10)

Regulatory Exposure

Non-compliance with firearm product regulations for TASER 10 CED could result in governmental actions or litigation.

Relevance 75·Dependency 60·Confidence 88

Source evidence

“Failure to comply with federal, state, or local regulations applicable to our firearm product, the TASER 10 CED, could result in governmental actions or litigation.”

Global tariffs

Cost Driver

Global tariffs and higher Platform Solutions mix reduced 2025 adjusted gross margin to 62.6% from 63.2%.

Relevance 75·Dependency 60·Confidence 95

Source evidence

“The decrease was primarily driven by global tariffs and a higher mix of Platform Solutions revenue.”

EU AI Act

Regulatory Exposure

EU AI Act imposes compliance requirements on AI uses by law enforcement and on Axon as a developer, raising compliance costs and constraining deployment.

Relevance 70·Dependency 50·Confidence 90

Source evidence

“the AI Act in the European Union imposes compliance requirements on a variety of AI uses by law enforcement, as well as on the companies that develop those products, including us.”

Motorola Solutions

Competitive Exposure

Motorola Solutions is named as a competitor across multiple product categories: body cameras/in-car video, ALPR (including Vigilant), and digital evidence management software.

Relevance 70·Dependency 45·Confidence 92

Source evidence

“Our competition includes 365Labs, Coreforce, FileOnQ, FotoWare, Genetec, Guardify, i-PRO, Motorola Solutions, NiCE, Omnigo, OpenText Corporation, Oracle, Revir Technologies, Safe Fleet, Veritone, and Vidizmo.”

Materials and components

Supplier Dependency

Unavailability of materials or higher costs could adversely affect financial results; complex components may contain undetected defects requiring recalls.

Relevance 65·Dependency 55·Confidence 85

Source evidence

“Unavailability of materials or higher costs could adversely affect our financial results.”

supply chain disruption

Cost Driver

Supply chain disruptions are described as an ongoing occurrence that Axon continuously monitors to minimize impact on component sourcing and production.

Relevance 65·Dependency 55·Confidence 90

Source evidence

“Supply chain disruptions are an ongoing occurrence and our continuous monitoring allows us to minimize their impact.”

US dollar

Currency Exposure

USD strength reduces international competitiveness and the company does not hedge; weaker USD raises imported component costs.

Relevance 60·Dependency 50·Confidence 92

Source evidence

“We do not currently engage in hedging activities related to fluctuations in foreign currency.”

U.S. dollar

Currency Exposure

International operations create financial performance sensitivity to USD versus local currency movements.

Relevance 60·Dependency 45·Confidence 87

Source evidence

“Our financial performance is subject to risks associated with changes in the value of the U.S. dollar versus local currencies.”

Counter-drone equipment

Revenue Exposure

Higher counter-drone, VR training, and fleet systems volume drove the $111.7M Platform Solutions increase within Connected Devices.

Relevance 60·Dependency 45·Confidence 90

Source evidence

“The $111.7 million increase in Platform Solutions is primarily driven by higher volume for counter-drone equipment, virtual reality training, and fleet systems.”

Flock Safety

Competitive Exposure

Flock Safety competes with Axon's fixed ALPR offerings (Axon Outpost and Axon Lightpost) in fixed and semi-fixed ALPR cameras and analytics.

Relevance 60·Dependency 40·Confidence 90

Source evidence

“Our competition in this area includes Flock Safety, Genetec (AutoVu), Jenoptik, Motorola Solutions (including its Vigilant and fixed LPR solutions)”

International expansion (Americas-led international growth)

Revenue Exposure

International revenue (17% of 2025 sales) grew, primarily driven by increased sales in the Americas region.

Relevance 55·Dependency 45·Confidence 85

Source evidence

“International revenue increased compared to the prior year 2024 comparative period, primarily driven by increased sales in our Americas region.”

OECD global minimum tax framework

Regulatory Exposure

Top-up taxes under the OECD framework could impact the effective tax rate; company expects minimal near-term impact.

Relevance 50·Dependency 40·Confidence 90

Source evidence

“the application of top-up taxes introduced under global minimum tax regulations of the Organization for Economic Co-operation and Development (“OECD”) framework.”

Full company information

Latest profile, trading, valuation, and identifier data stored for AXON.

Share price: $413.35
Market cap: $33.32B
Exchange: NASDAQ
Currency: USD
CEO: Patrick W. Smith
Employees: 5,100
IPO date: 07/06/2001
Beta: 1.399
Last dividend: $0.00
Day range: $408.24 – $429.00
52-week range: $339.01 – $764.02
1-day performance: -2.10%
1-year performance: 21.93%
Current drawdown (1Y): -45.90%
CIK: 0001069183
CUSIP: 05464C101
ISIN: US05464C1018
Created: 07/12/2025, 02:53:23
Last update: 04/10/2026, 16:04:34

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