AXON on Nasdaq

Axon Enterprise

Logo: Axon Enterprise, Public domain, via Wikimedia Commons4

American munitions and defense contractor

Axon Enterprise, Inc. (formerly TASER International) is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

Sep 1993Founded1

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  • TickerAXON on Nasdaq1
  • Industryweapons industry1
  • HeadquartersScottsdale1
  • Founded inScottsdale1
  • Websitewww.axon.com
  • Legal formpublic company1
  • Incorporated inDE5
  • Business address17800 N. 85Th St., Scottsdale, Az 852555
  • Filer categoryLarge accelerated filer5

Axon Enterprise, Inc. (formerly TASER International) is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

59.7%Gross margin7
-2.2%Operating margin7
4.5%Net margin7
33.5%Revenue growth, 20257
3.8%Return on equity7
0.53×Debt to equity7
$75.1MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Software And Services brought in 43% of the revenue Axon Enterprise broke down this way in fiscal 2025.

  1. Software And Services$1.2B743%up 40% from 2024
  2. TASER Devices (Professional)$913.9M733%up 22% from 2024
  3. Personal Sensors$397.0M714%up 25% from 2024
  4. Platform Solutions$265.9M710%up 72% from 2024
Products and services by year
Products and services202320242025
Software And Services$596.7M$861.2M$1.2B
TASER Devices (Professional)$573.2M$750.1M$913.9M
Personal Sensors$242.6M$316.9M$397.0M
Platform Solutions$148.2M$154.2M$265.9M

Business segments

Connected Devices brought in 40% of the revenue Axon Enterprise broke down this way in fiscal 2025.

  1. Connected Devices$1.6B740%up 29% from 2024
  2. Software And Sensors$1.2B730%up 40% from 2024
  3. Software and Services$1.2B730%up 40% from 2024
Business segments by year
Business segments202320242025
Connected Devices$964.0M$1.2B$1.6B
Software And Sensors$596.7M$861.2M$1.2B
Software and Services$596.7M$861.2M$1.2B

Regions

United States brought in 83% of the revenue Axon Enterprise broke down this way in fiscal 2025.

  1. United States$2.3B783%up 30% from 2024
  2. Outside the United States$474.5M717%up 54% from 2024
Regions by year
Regions202320242025
United States$1.3B$1.8B$2.3B
Outside the United States$225.2M$307.3M$474.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue37¢$1.1B
  • Research and development22¢$684.3M
  • Selling, general and admin34¢$1.0B
  • Income tax3¢$105.7M
  • Profit4¢$124.7M

Out of $2.8B in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending64¢$136.3M
  • Kept or used elsewhere36¢$75.1M

Out of $211.3M of cash from operations.7

Financial statements

Revenue8910117$2.8B in 2025+424% since 2019
0$1.0B$2.0B$3.0B2019: $530.9M$530.9M20192020: $681.0M$681.0M2020+28%2021: $865.6M$865.6M2021+27%2022: $1.2B$1.2B2022+37%2023: $1.6B$1.6B2023+31%2024: $2.1B$2.1B2024+33%2025: $2.8B$2.8B2025+33%
Gross profit8910117$1.7B in 2025+440% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $307.3M$307.3M20192020: $416.3M$416.3M2020+35%2021: $545.7M$545.7M2021+31%2022: $726.1M$726.1M2022+33%2023: $955.5M$955.5M2023+32%2024: $1.2B$1.2B2024+30%2025: $1.7B$1.7B2025+34%
Operating income8910117-$62.1M in 2025+871% since 2019
-$200.0M-$100.0M0$100.0M$200.0M2019: -$6.4M-$6.4M20192020: -$14.2M-$14.2M2020+121%2021: -$163.1M-$163.1M2021+1053%2022: $93.0M$93.0M20222023: $156.8M$156.8M2023+69%2024: $58.5M$58.5M2024−63%2025: -$62.1M-$62.1M2025
Net income8910117$124.7M in 2025+14033% since 2019
-$200.0M0$200.0M$400.0M2019: $882.0K$882.0K20192020: -$1.7M-$1.7M20202021: -$56.3M-$56.3M2021+3168%2022: $146.9M$146.9M20222023: $175.8M$175.8M2023+20%2024: $377.0M$377.0M2024+114%2025: $124.7M$124.7M2025−67%

Every line of the income statement in the latest annual report, as filed.7

Period ending2025-12-312024-12-312023-12-31
Net sales$2.8B$2.1B$1.6B
Cost of sales$1.1B$841.1M$605.2M
Gross margin$1.7B$1.2B$955.5M
Selling, general and administrative$1.0B$741.2M$494.9M
Research and development$684.3M$441.6M$303.7M
Total operating expenses$1.7B$1.2B$798.6M
Income (loss) from operations-$62.1M$58.5M$156.8M
Interest income$75.4M$43.7M$49.1M
Interest expense-$94.2M-$7.1M-$7.0M
Other income (loss), net$99.9M$286.4M-$41.9M
Income before provision for income taxes$19.0M$381.5M$157.1M
Provision for (benefit from) income taxes-$105.7M$4.5M-$18.7M
Net income$124.7M$377.0M$175.8M
Basic (in dollars per share)$1.60$4.98$2.37
Diluted (in dollars per share)$1.51$4.80$2.33
Basic (in shares)78.1M shares75.7M shares74.2M shares
Diluted (in shares)82.4M shares78.6M shares75.5M shares
Foreign currency translation adjustments$6.3M-$7.9M-$4.4M
Unrealized gain on available-for-sale investments$113.0K$369.0K$852.0K
Comprehensive income$131.0M$369.5M$172.3M

Compare Axon Enterprise with another company

The story

In 1969, NASA researcher Jack Cover began to develop a non-lethal electric weapon to help police officers control suspects, as an alternative to firearms. By 1974, Cover had completed the device, which he named the Tom Swift Electric Rifle (TSER), referencing the 1911 novel Tom Swift and his Electric Rifle. Cover later added an A to the acronym to form TASER. The Taser Public Defender used gunpowder as its propellant, which led the Bureau of Alcohol, Tobacco and Firearms to classify it as a firearm in 1976, a decision that limited sales. Cover's company, Taser Systems Inc., collapsed due to low sales.

In 1993, Rick and Tom Smith (CEO Set Jet) formed AIR TASER, Inc. to, with Cover, design a version of the device that would use compressed nitrogen instead of gunpowder as a propellant. During development, the company faced competition from another vendor, Tasertron, whose product had become associated with its alleged ineffectiveness during the police confrontation of Rodney King.

After nearly going bankrupt marketing other products such as an electroshock-based anti-theft system for automobiles known as "Auto Taser" in 1997, the company, later renamed TASER International, introduced its TASER M26 weapon in 1999. In 2001, TASER International had an initial public offering with a $6.8 million deficit; its first ticker symbol was "TASR". The company began offering to pay police officers to train others on how to use their products. This marketing technique helped enhance the company's market share, reaching $24.5 million in net sales by 2003, and nearly $68 million in 2004.

TASER International acquired Tasertron. Patent lawsuits by TASER International led to the shutdown of Stinger Systems and its successor company, Karbon Arms; Robert Gruder founded both companies. Despite the controversies that have centered around the products (including deaths attributed to taser usage), the company maintained its dominant market position. TASER paid millions in settlements for the death of suspects who had been tased.

Pivot to bodycams and law enforcement technology

In 2005, TASER International began to offer an accessory for its taser products, TASER Cam, which added a grip-mounted camera that activated automatically when the safety was disengaged. By October 2010, at least 45,000 TASER Cams had been sold.

In 2008, the company unveiled its first body-worn camera, the Axon Pro. It was designed to be head-mounted, and upload footage for online storage on a web-based service known as Evidence.com. TASER's CEO Rick Smith explained that the products were designed to "help provide revolutionary digital evidence collection, storage and retrieval for law enforcement". The company piloted Axon Pro in various small cities and towns. In 2009, after prosecutor Daniel Shue exonerated Fort Smith police officer Brandon Davis based on footage from an Axon Pro camera, both Davis and Shue began to provide testimonials for the product in its marketing.

Especially in the wake of the Michael Brown shooting, the company's body-worn camera business saw significant growth. Smith argued that the company was "not just about weapons, but about providing transparency and solving related data problems." In April 2013, the Rialto Police Department released the results of a 12-month study on the impact of on-officer video using Axon Flex cameras. The study found an 88% drop in complaints filed against officers and nearly a 60% reduction in officer use-of-force incidents.

TASER opened an office in Seattle in 2013, and a foreign office in Amsterdam, Netherlands in May 2014. In June 2015, the company announced the formation of a new Seattle-based division known as Axon, which would encompass the company's technology businesses, including body-worn cameras, digital evidence management, and analytics. Rick Smith explained that the branch was inspired by Microsoft's use of the Xbox brand to branch into entertainment businesses, stating that "Axon was the name that we used for selling cameras historically, but we realized that brand had the room to grow and encompass all of our connected technologies." The Taser brand would still be used for the company's weapons products.

Read the full text

On April 5, 2017, TASER rebranded as Axon to reflect its expanded business. The company also announced an intent to offer free one-year trials of its body-worn camera products and Evidence.com services to U.S. law enforcement agencies. While the Taser product line still contributes to a significant portion of its revenue, the company's technologies business had seen major gains. As of 2017, they comprised a quarter of the company's business, while Axon cameras had a market share of 85% among police departments in the United States' major cities. The rebranding was also intended to help distance the company from the negative stigma surrounding the Taser brand, with Smith acknowledging that they were "a bit of a distraction" when recruiting employees for its technology business.

In May 2018, Axon acquired competitor VieVu for $4.6 million in cash and $2.5 million in common stock.

In 2022, an Ontario police officer was shot and killed with an Axon body-worn camera recording the death. This was the first case of a Canadian police officer being fatally shot while wearing a body camera.

Axon's cloud services division accounts for 40% of the company's 2024 revenue.

In November 2025, Axon agreed to acquire Carbyne for $625 million in cash, intending to integrate Carbyne's AI-powered 911 technology into Axon's public safety ecosystem to enhance connected response capabilities.

From Wikipedia’s article on Axon Enterprise, shared under CC BY-SA 4.0.6

Products and brands

  • Taser
  • body camera

Listed on Wikidata.1

Body-worn cameras

Taser's original body-worn camera, the Axon Pro, was introduced in 2009. The camera consists of three components, a head-mounted camera, a controller, and a monitor to review video recordings.

In addition to body-worn cameras, Axon also offers interview room and in-car video systems, known as Axon Interview and Axon Fleet respectively. These systems, like the body-worn cameras, integrate with the Evidence.com service.

Automated License Plate Readers

In April 2025, Axon announced it would begin offering pole-mounted automated license-plate reader (ALPR) systems, as well as a method for retrofitting streetlights with similar technology.

Following backlash to ALPRs produced by Flock Safety, some cities in the United States (such as Denver) have opted to cancel their contracts with Flock and opt for Axon manufactured ALPRs.

Read the full text

Evidence.com

Evidence.com is a cloud-based digital evidence management system that allows law enforcement agencies to manage, review, and share digital evidence, particularly video evidence captured with Axon-branded cameras. It includes an automated redaction tool, audit trails for chain of custody purposes, and integrated evidence sharing features. A free application is offered specifically for prosecutors to receive and manage digital evidence.

Draft One

Draft One uses GPT-4o to assist with the production of traditional written police reports. It uses an officer's body-worn audio recording to produce a transcript and summary of a reportable incident. The software allows departments to insert unrelated claims into police reports which officers are expected to remove. However, some departments disable this feature. Axon claims that Draft One does not hallucinate and saves 30-40% of police officers' time. Independent investigations have proven Draft One does hallucinate and challenged the reported time savings.

Axon mobile apps

Two mobile apps integrate with the Axon cameras and Evidence.com. Axon View can be paired with an Axon body-worn camera to review, tag, and stream videos from the camera. The app can give an officer instant replay and on the spot evidence. This evidence can be crucial for officers and prosecutors. A new feature they added was GPS tagging. Officers can automatically map video evidence with real-time tagging of metadata. Axon Capture is an app that can be used to capture audio, photo, and video evidence and upload it to Evidence.com using an officer's mobile phone.

Axon Signal

Axon Signal is a range of products that are designed to automatically trigger recordings on Axon cameras in response to certain events, such as Signal Vehicle (which can trigger after the opening of doors or activation of sirens), Signal Performance Power Magazine (a successor to the TASER Cam accessory that triggers recordings when a Taser is armed), and Signal Sidearm (a sensor for handgun holsters which triggers recording when the gun is removed).

Axon Citizen

Axon Citizen is a cloud-based software solution that allows non-law enforcement personnel to share and upload information, including photos and video, directly to a law enforcement agency. Agencies are able to send links to any user, allowing them to upload evidence remotely. This functionality is supported by Axon's Evidence.com evidence management system. The product is described as incident-based system that seeks to "structure" and "streamline" the collection of crowd-sourced evidence.

From Wikipedia’s article on Axon Enterprise, shared under CC BY-SA 4.0.6

Former names

  • TASER INTERNATIONAL INCMay 7, 2001 to Mar 23, 20175

Timeline

  1. Jan 2021Went public Listed on NASDAQ1
  2. Sep 1993Founded Founded in Scottsdale1

Recent filings

  1. Oct 2, 20264
  2. Sep 21, 20268-K
  3. Sep 17, 2026424B5
  4. Sep 16, 2026FWP
  5. Sep 15, 20268-K
  6. Sep 15, 2026424B5
  7. Sep 15, 2026305B2
  8. Sep 14, 20264
  9. Sep 11, 2026144
  10. Sep 10, 20264
  11. Sep 8, 2026144
  12. Sep 2, 20264
  13. Sep 2, 20264
  14. Sep 2, 20264
  15. Sep 2, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2