At a glance
Axon Enterprise Inc. is worth $34.56B, about 282 times its fiscal 2025 earnings. Revenue grew 33.5% to $2.78B in fiscal 2025, with 4.5% kept as profit; over 5 years it has grown 32.5% a year. It pays no dividend. The stock returned −41.9% over the past year with dividends reinvested and +18.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.8% in the 2020 crash (S&P 500: 33.7%) and 44.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 6 months after the lows.
The business in plain English
Axon Enterprise, formerly TASER International, provides equipment and software mainly to police and other public safety agencies. It is known for the TASER, a conducted energy device that delivers an electrical charge as a less-lethal alternative to a gun. It also makes body cameras, in-car and fixed cameras, drones and virtual reality training gear. Customers include U.S. and foreign governments, businesses and consumers, and none made up more than 10% of sales in 2025.
Revenue for the year ended December 31, 2025, was $2.78 billion, from two segments. Connected Devices (56.7% of revenue) covers hardware, cartridges, accessories and extended warranties. Within it, TASER devices were 32.9% of total revenue, body cameras and accessories 14.3%, and in-car cameras, drones and other hardware 9.6%. Software and Services (43.3%) offers cloud software by subscription, known as software-as-a-service or SaaS, plus setup services. Products include Axon Evidence, for storing and sharing video evidence, Axon Records and artificial intelligence (AI) tools such as Draft One.
Axon designs its devices to work with its software, and a growing share of revenue comes from multi-year subscriptions. The United States supplied 82.9% of 2025 revenue and other countries 17.1%. The company says it depends heavily on law enforcement demand and TASER sales, and government budgets can delay or cancel deals.
Price history
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AXON -41.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Net sales from services | $1.20B | 43.3% |
| TASER Devices | $913.9M | 32.9% |
| Personal Sensors | $397.0M | 14.3% |
| Platform Solutions | $265.9M | 9.6% |
By business segment
| Connected Devices | $1.58B | 56.7% |
| Software and Services | $1.20B | 43.3% |
By geography
| United States | $2.31B | 82.9% |
| Other countries | $474.5M | 17.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $904.4M, up 35.3% from a year earlier, and net income was $29.4M (-18.5%).
- For fiscal 2025, revenue was $2.78B (+33.5% year over year; +32.5% a year from FY2020 to FY2025) with a 4.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +32.5% good |
|---|---|
| Operating margin | -2.2% weak |
| Free cash flow margin | 2.7% watch |
| Return on equity (FY2025) | 3.8% weak |
| Return on assets (FY2025) | 1.8% weak |
| Net cash (cash minus debt) | $-1.06B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $681.0M | $-1.7M | $-34.1M |
| FY2021 | $863.4M | $-60.0M | $74.6M |
| FY2022 | $1.19B | $146.9M | $179.6M |
| FY2023 | $1.56B | $175.8M | $129.6M |
| FY2024 | $2.08B | $377.0M | $329.5M |
| FY2025 | $2.78B | $124.7M | $75.1M |
Valuation snapshot
| Market value | $34.56B |
|---|---|
| P/E ratio | 281.7 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Axon Enterprise’s market value went from $4.35B at the end of 2019 to $34.56B on Nov 2, 2026, about 7.9 times as much; since the end of 2025 it is down 23%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $34.56B | -22.9% |
| 2025 | $44.82B | -1.1% |
| 2024 | $45.32B | +134.1% |
| 2023 | $19.36B | +63.9% |
| 2022 | $11.81B | +9.9% |
| 2021 | $10.75B | +38.0% |
| 2020 | $7.79B | +79.1% |
| 2019 | $4.35B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AXON price data to Nov 2, 2026 | -25.1% | -41.9% | +26.5% | +18.6% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -25.1% |
| 2025 | -4.4% |
| 2024 | +130.1% |
| 2023 | +55.7% |
| 2022 | +5.7% |
| 2021 | +28.1% |
| 2020 | +67.2% |
| 2019 | +62.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.7% over that stretch · deepest drop along the way 40.8%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.1% over that stretch · deepest drop along the way 44.8%, back to its old high 6 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 95 sales ($26.7M), 95 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 31, 2026 | Joshua Isner PRESIDENT | sell (plan) | $964K |
| Aug 31, 2026 | Joshua Isner PRESIDENT | sell (plan) | $958K |
| Sep 8, 2026 | Patrick W Smith CHIEF EXECUTIVE OFFICER, Director | sell (plan) | $902K |
| Aug 21, 2026 | Jeffrey C Kunins CPO & CTO | sell (plan) | $852K |
| Aug 31, 2026 | Joshua Isner PRESIDENT | sell (plan) | $798K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.5% | Dec 31, 2025 |
| Vanguard Capital Management | 7.23% | Mar 31, 2026 |
ETFs with the most weight in AXON
| IQM Franklin Intelligent Machines ETF | 6% |
| GUNZ Tuttle Capital Self Defense Index ETF | 5.59% |
| TMFM Motley Fool Mid-Cap Growth ETF | 4.7% |
| ITA iShares U.S. Aerospace & Defense ETF | 4.41% |
| NITE Nightview Fund NITE | 4.09% |
| XAR SPDR S&P Aerospace & Defense ETF | 3.89% |
| NUMG Nuveen ESG Mid-Cap Growth ETF | 3.86% |
| NATO Themes Transatlantic Defense ETF | 3.82% |
What could go wrong
- Heavy reliance on police and government budgets. Axon depends heavily on law enforcement agencies worldwide. Most end customers face budget and political limits, so purchases can be delayed, canceled or not renewed, and open bidding can mean losing contracts.
- Large share of sales from TASER devices. TASER devices brought in about 33% of revenue for 2025. Axon says it substantially depends on them, so weaker acceptance would hurt growth. The TASER 10 is classed as a firearm product, adding regulatory risk.
- Injury and wrongful death lawsuits. TASER devices are used as a less-lethal force option by police. Axon may face personal injury, wrongful death and product liability claims. These can be costly, and negative publicity can hurt sales.
- Past corrections to financial statements. Axon has revised and restated earlier financial statements, meaning it corrected past results. It also flags the risk of weak controls over its reporting, which could hurt investor confidence and bring regulatory action or lawsuits.
- Crowded markets and fast-changing technology. Body cameras, license plate readers and police software are crowded markets, with rivals including Motorola Solutions and Flock Safety. Rapid technology change means Axon must keep launching successful new products to hold its position.
- Debt outweighs cash on hand. As of June 30, 2026, Axon had $1.73 billion of debt and $673 million in cash and investments. It warns that meeting debt obligations may require more cash than its operations generate.
Recent events
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Executive or board change
- Quarterly results released
- Other company announcement
- Other company announcement
For income and retirement investors
Axon paid no dividends and bought back no shares from fiscal 2021 through fiscal 2025. Instead, its share count grew about 19%, from roughly 68.5 million in November 2021 to 81.2 million by July 31, 2026. That dilution means each share owns a smaller slice of the company. An income investor would need to sell shares to raise cash, so every dollar of return depends on the share price.
The price has swung sharply. In the 2020 COVID crash it fell 40.8% between February 19 and March 18, 2020, then recovered by June 1. In the 2022 bear market, when stocks fell broadly, it dropped 44.8% between January 3 and May 11 and took about six months to recover. As of October 28, 2026, the shares were down 44% over one year, after a peak-to-trough drop of 54.5% within that period. Single stocks like Axon carry more risk than diversified funds that spread money across many companies.
Questions investors ask
How does Axon make money?
Axon makes money by selling connected hardware and cloud software, mainly to police and other public safety agencies. For the year ended December 31, 2025, its Connected Devices segment, which includes TASER devices, body cameras, in-car cameras and drones, produced 57% of its $2.78 billion in revenue. Software and Services, mostly cloud subscriptions such as Axon Evidence, produced 43%. The products are designed to work together as one system.
Does Axon pay a dividend?
No. Axon paid no dividends from fiscal 2021 through fiscal 2025 and had no dividend yield as of October 28, 2026. It also bought back no shares over those five years. Instead, its share count rose about 19%, from roughly 68.5 million in November 2021 to 81.2 million in July 2026. An income investor would need to sell shares to raise cash, so all returns depend on the share price.
Is Axon profitable?
Yes, though narrowly. For the year ended December 31, 2025, Axon earned net income of $124.7 million on revenue of $2.78 billion, a 4.5% net margin. But it had an operating loss (a loss on its core business) of $62.1 million, and net income fell 66.9% from 2024. Free cash flow, the cash left after capital spending, was $75.1 million. As of October 28, 2026, the shares traded at about 280 times 2025 earnings, a very high price for each dollar of profit.
Who are Axon's biggest competitors?
Motorola Solutions is the rival that shows up most often, competing with Axon in body cameras, in-car video, license plate readers and evidence software. In fixed license plate readers, Axon also lists Flock Safety, Genetec and Rekor Systems among its rivals. Evidence management competitors include Genetec, Oracle, OpenText and NiCE, along with systems agencies build themselves. For police records software, Axon has identified more than 50 providers, so the market is crowded and fragmented.
How much has Axon stock fallen?
Sharply in the short run. As of October 28, 2026, Axon shares were down 44% over one year and 25.5% from the start of 2026 to that date, after falling as much as 54.5% from peak to trough within that span. The longer record is stronger: the price rose an average of 28.2% a year over three years and 19.4% a year over five years. Earlier, the stock dropped 40.8% in the 2020 COVID crash and 44.8% in 2022 before recovering.