Axon Enterprise, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, United States was 83% and Outside the United States was 17% of revenue; United States fell from 86% in the fiscal year to Dec 2023.

Quarters: Axon Enterprise, Inc.'s SEC filings, named by the month they end. Fiscal years: Axon Enterprise, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $4.5 ends up as net income. Net margin fell from 12.4% to 4.5% over the past 3 years.

Circled: Mar 2024 (net 29.0%, operating 3.6%), Dec 2024 (net 23.5%, operating −2.7%). Net margin is usually about 4 points above operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Axon Enterprise, Inc.'s annual reports to the SEC; quarters: SEC filings.

How much work is already signed?

Customers had signed $10.2B of work Axon Enterprise has not yet delivered at the end of Sep 2026: 3.0 years of revenue at the last four quarters' pace.

Backlog: remaining performance obligations in Axon Enterprise, Inc.'s SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report Axon Enterprise buys from Okland Construction Company.

Suppliers

Okland Construction Company

 

AXONAxon Enterprise

Only the companies Axon Enterprise names in its 10-K filed Feb 25, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 98.4x, above the peer median of 32.2x, so it needs earnings to keep growing to hold up.

Priced 206% above the peer median of 32.2x.

At 98.4× trailing earnings AXON is below most of its range since Apr 2022; the median is 139×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $541, 76% above the current price; 86% of 21 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 18 analysts (86%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $815.00 to $611.20 (−25%), while AXON went from $557.29 to $307.11 (−45%). In the past three months targets were raised once and cut 7 times. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved +22.8% (Dec 2025, beat); +12.2% (Mar 2026, beat); −14.0% (Jun 2026, beat); −26.2% (Sep 2026, missed).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $1.95 a share, 9% less than the $2.15 of a year earlier, and revenue of $1.0B, up 26% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $9.46 a share, 33% more than the year before's estimate of $7.11, and revenue of $4.6B, up 27% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $81M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Axon Enterprise had 84M diluted shares in the quarter ended Sep 2026, 6.7% more than a year earlier, and 5.4% more each year on average since Jun 2020.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.5, no pressure to repay short-term debt; debt-to-equity 0.6, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 6 funds whose copy leaves AXON out (on the exchange, not in the app yet): Stony Point Capital, Baillie Gifford &, Rob Bresnahan, Norges Bank, Swiss National Bank, Mirae Asset Global Investments and 1 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 12 held AXON at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 4 cut, 2 sold all and 2 held the same. The largest of them is Baillie Gifford &, 3.11M shares worth $1.3B at Sep 30, 2026, 1.7% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of AXON at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $122M of AXON on the open market in the 12 months to Nov 11, 2026; none bought. 62% of the sales were made under 10b5-1 plans, set up in advance. The largest was Patrick W Smith (Chief Executive Officer; director), who sold $54.3M in 116 sales.

From the Form 4s filed with the SEC about Axon Enterprise, Inc. (83 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 65 other transactions (grants, shares withheld for tax and gifts).