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Edge21 Feb 2025
Axon: Making Bullets Obsolete
Axon transformed the TASER from a struggling invention into a $50B public safety giant, redefining policing with tech-driven solutions.
Axon Enterprise
Axon Enterprise (AXON) investor relations material
Axon Enterprise Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Full-year 2025 revenue reached $2.8 billion, up 33% year-over-year, with Q4 revenue at $797 million, up 39% year-over-year.
Record bookings of $7.4 billion in 2025, with future contracted bookings totaling $14.4 billion, up 43%, supporting high visibility into future revenue.
Annual recurring revenue surpassed $1.3 billion, up 35% year-over-year, with 95%+ of revenue tied to customers on subscription plans.
Net revenue retention stood at 125%, reflecting strong customer expansion and retention.
Major product launches and strategic acquisitions, including Prepared, Carbyne, Dedrone, and Fūsus, expanded the AI-driven ecosystem and real-time operations capabilities.
Financial highlights
Adjusted gross margin for 2025 was 62.6%, with Q4 at 61.1%, down sequentially due to tariffs and product mix.
Adjusted EBITDA for 2025 was $710 million (25.5% margin); Q4 Adjusted EBITDA was $206 million (25.9% margin).
Operating cash flow for 2025 was $217 million; free cash flow was $155 million, with conversion on Adjusted EBITDA impacted by inventory investments and timing.
Non-GAAP net income for 2025 was $564 million, with non-GAAP EPS of $6.85.
Software & Services segment delivered a 77.5% adjusted gross margin and accounted for a growing share of total revenue.
Outlook and guidance
Fiscal year 2026 revenue guidance projects 27–30% year-over-year growth, with Adjusted EBITDA margin expected at 25.5%.
2028 targets: $6 billion in annual revenue, 28% Adjusted EBITDA margin, and 60% free cash flow conversion.
Capital expenditures for 2026 projected at $185–$215 million; stock-based compensation expense expected at $590–$620 million.
Q1 is typically the slowest for bookings and free cash flow due to seasonality, with ramp-up expected through the year.
No material M&A included in forecast; focus remains on organic growth and tuck-in acquisitions.
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Next Axon Enterprise earnings date
Morgan Stanley Technology, Media & Telecom Conference 20263 Mar, 2026
Axon Enterprise
Next Axon Enterprise earnings date
Morgan Stanley Technology, Media & Telecom Conference 20263 Mar, 2026
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Frequently asked questions
Axon Enterprise, Inc. develops, manufactures, and sells conducted energy devices under the TASER brand in the United States and internationally. The company operates through two segments, TASER Weapons and Software and Sensors. It offers TASER X26P and TASER X2 smart weapons, which are electrical shock devices that incapacitate dangerous, combative, or high-risk subjects who pose a risk to law enforcement officers, innocent citizens, or themselves. Axon Enterprise, Inc. was incorporated in 1993 and is headquartered in Scottsdale, Arizona.
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