AXON ENTERPRISE (AXON) Company Report

Axon delivered $7.4 billion in full-year bookings for 2025, up more than 40% YoY, with Q4 bookings up over 50%, driven by record large-scale deals and $1 billion in new product bookings including AI offerings.
Q4 2025 revenue rose 39% YoY to $797 million, with software & services up 40% to $343 million, connected devices up 38% to $454 million, net revenue retention at 125%, and ARR exceeding $1.3 billion.
Adjusted EBITDA grew 46% YoY to $206 million in Q4, representing a 25.9% margin; operating cash flow was $217 million, and free cash flow conversion is expected to return toward 60% in 2026.
For 2026, Axon guides to 27–30% revenue growth and an adjusted EBITDA margin of 25.5%, supported by a strong bookings backlog, scaled manufacturing, and continued investment in AI-driven products.

3 days ago

Transcript

Axon reports Q4 2025 results

AXON

Earnings

Guidance Update

Axon delivered $797 million in Q4 revenue, up 39% year-over-year, driven by software & services revenue of $343 million (+40% YoY) and connected devices revenue of $454 million (+38% YoY); net revenue retention expanded to 125% and ARR grew 35% to over $1.3 billion.
Full-year 2025 bookings surpassed $7 billion, up over 40% from the prior year, with Q4 bookings up more than 50%; new product bookings (Air, AI, Fusus) totaled over $1 billion, including approximately $750 million from the AI Era Plan.
Adjusted EBITDA for Q4 was $206 million (+46% YoY) with a 25.9% margin; operating cash flow was $217 million, and free cash flow conversion is expected to normalize toward a 60% target in 2026.
For 2026, Axon guides to 27–30% revenue growth and a 25.5% adjusted EBITDA margin; long-term targets include reaching ~$6 billion in revenue and a 28% adjusted EBITDA margin by 2028 while maintaining a Rule of 40 above 55%.

3 days ago

Transcript

AXON Enterprise reports Q4 2025 results

AXON

Earnings

Guidance Update

Q4 2025 revenue totaled $797 million (Connected Devices: $454 M; Software & Services: $343 M), reflecting 33% YoY growth.
FY 2025 revenue was $2.8 billion (+33% YoY), with adjusted gross margin of 62.6% and adjusted EBITDA margin of 25.5%.
Non-GAAP net income reached $564 million (EPS $6.85).
Annual recurring revenue hit $1.3 billion, with 125% net revenue retention and $14.4 billion in future contracted bookings.
FY 2026 guidance calls for 27–30% revenue growth, ~25.5% adjusted EBITDA margin, and $185–215 million in CapEx.

3 days ago

Presentation

Axon announces Q4 2025 earnings results

AXON

Earnings

Guidance Update

M&A

Record bookings: 2025 full-year bookings exceeded $7 billion, up over 40% year-over-year, with Q4 bookings accelerating more than 50%.
Strong Q4 revenue growth: Q4 revenue of $797 million, up 39%; software & services at $343 million (+40%); connected devices at $454 million (+38%); net revenue retention 125%; ARR above $1.3 billion.
2026 guidance: Forecasting revenue growth of 27%–30% and maintaining an adjusted EBITDA margin of 25.5%.
AI and new products traction: AI Era Plan bookings totaled $750 million (~10% of total); new product bookings (Air, AI, Fusus) topped $1 billion; enterprise, federal, and international corrections pipelines gaining momentum.
Strategic acquisitions: Closed the acquisitions of Prepared in Q4 and Carbyne in February 2026 to enhance 911 and real-time crime center offerings.

3 days ago

Transcript

Axon reports Q4 2025 results

AXON

Earnings

Guidance Update

Q4 2025 revenue of $797 million, up 39% year-over-year; Software & Services revenue grew 40% to $343 million.
Q4 net income of $3 million (0.3% margin), non-GAAP net income of $178 million (22.3% margin) and Adjusted EBITDA of $206 million (25.9% margin).
Full-year 2025 revenue of $2.8 billion, up 33% year-over-year, with a net income margin of 4.5% and Adjusted EBITDA margin of 25.5%.
2026 outlook calls for 27–30% revenue growth and a 25.5% Adjusted EBITDA margin; 2028 targets include $6 billion in revenue and a 28% Adjusted EBITDA margin.

3 days ago

8-K

Axon reports Q4 2025 results

AXON

Earnings

Guidance Update

Q4 2025 revenue of $797 million, up 39% year over year.
Delivered full-year 2025 revenue of $2.8 billion, a 33% increase versus 2024.
Recorded net income of $3 million, non-GAAP net income of $178 million, and Adjusted EBITDA of $206 million.
Established 2026 guidance of 27–30% revenue growth with a 25.5% Adjusted EBITDA margin and set 2028 targets of $6 billion in revenue and a 28% Adjusted EBITDA margin.

3 days ago

Press Release

Axon exchanges $177.9 M of convertible notes for cash and stock

AXON

Debt Issuance

On December 9, 2025, Axon entered into exchange agreements to swap approximately $177.9 million aggregate principal amount of its 0.50% convertible senior notes due 2027 for cash and common stock, based on a assumed VWAP of $550.95, resulting in the issuance of about 468,000 shares upon closing.
The exchanges are expected to close on or about December 16, 2025, after which roughly $100.1 million aggregate principal amount of the notes will remain outstanding.
The stock issuance will be made under the Section 4(a)(2) exemption, with participating holders representing institutional accredited investors and qualified institutional buyers; hedged holders may unwind equity positions, potentially affecting Axon's share price.

Dec 10, 2025, 1:45 PM

8-K

Axon announces Q3 2025 results

AXON

Earnings

Guidance Update

M&A

Axon reported Q3 revenue of $711 million, up 31% YoY, with software and services revenue of $305 million (+41% YoY), connected devices revenue of $405 million (+24% YoY); net revenue retention was 124%, and ARR reached $1.3 billion.
Adjusted gross margin was 62.7% (down 50 bps YoY due to tariffs) and Adjusted EBITDA margin was 24.9%; the company plans continued R&D and strategic investments in AI, ALPR products, and newly acquired businesses.
Management raised Q4 revenue guidance to $750–755 million and full-year revenue to $2.74 billion (implying ~31% growth); Q4 Adjusted EBITDA is projected at $178–182 million, maintaining a 25% full-year margin target.
Year-to-date bookings are up over 30%, driven by AI Aeroplan software and newer offerings—Axon Air, Dedrone, and Fusus bookings up more than 3× YTD—while corrections bookings more than doubled and the international segment secured a nine-figure cloud deal in Europe.
Axon acquired Prepared and announced the acquisition of Carbyne to enhance its 911 ecosystem with AI-driven call center and cloud communications capabilities; Carbyne is expected to close in early 2026.

Nov 4, 2025, 10:00 PM

Transcript

Axon reports Q3 2025 results

AXON

Earnings

Guidance Update

M&A

Q3 revenue of $711 million, up 31% year-over-year; software & services grew 41% to $305 million, with ARR up 41% to $1.3 billion and net revenue retention at 124%.
Adjusted gross margin was 62.7% (down 50 bps YoY) and adjusted EBITDA margin was 24.9%, reflecting tariffs and increased R&D investments.
Raised Q4 revenue guidance to $750–755 million, implying full-year revenue of ~$2.74 billion (≈31% growth), and maintained a full-year 25% adjusted EBITDA margin target.
Acquired Prepared and Carbine to modernize 911 call centers with AI-enabled voice communications; Carbine expected to close early 2026.

Nov 4, 2025, 10:00 PM

Transcript

Axon reports Q3 2025 results and updates guidance

AXON

Earnings

Guidance Update

M&A

Axon delivered Q3 revenue of $711 million (+31% Y/Y), with software & services revenue at $305 million (+41% Y/Y), net revenue retention of 124%, and ARR of $1.3 billion.
Adjusted gross margin was 62.7% (-50 bps Y/Y) and adjusted EBITDA margin was 24.9%, with Q4 revenue guidance set at $750–755 million (full-year ~$2.74 billion, ~31% growth) and a full-year 25% EBITDA margin target.
Axon announced acquisitions of Prepared and Carbine to build its Axon 911 AI voice ecosystem, expected to close in early 2026.
AI momentum remains strong: AI Aeroplan is the fastest-booked Axon software product and is projected to contribute >10% of U.S. state & local bookings, while Axon Air, Dedrone, and Fusus bookings are up >3× YTD.

Nov 4, 2025, 10:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for AXON ENTERPRISE.

Q4 2025

Feb 24, 2026

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Q3 2025

Nov 4, 2025

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Q2 2025

Aug 4, 2025

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AXON ENTERPRISE (AXON)

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