Tariffs and trade policymixed · 4 filings
“The increase in gross margin and adjusted gross margin was primarily driven by tariff refunds, partially offset by increased mix to counter-drone equipment.”10-Q · Aug 6, 2026 ↗
Axon Enterprise, Inc.
AXON
Market read
Axon Enterprise, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 31 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
What changed
- Revenue increased 35.3% versus the comparable filing period.
- Net income decreased 18.5% versus the comparable filing period.
Company+0.1% todayVolume comparison unavailable
Market group0 of 31 activeMixed Multi-Sector · unavailable
Disclosed network0 of 3 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Total net interest income (expense) reported a swing to $(18,032)k for the three months ended March 31, 2026 vs $2,783k in 2025; filing attributes higher interest expense to issuance of Senior Notes.
Invalidation: The isolated read changes if AXON's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 31 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 35.3% versus the comparable filing period.
- Operating margin improved 5.3 percentage points.
Evidence that challenges
- Net income decreased 18.5% versus the comparable filing period.
- Net margin fell 2.1 percentage points.
What would clarify the read
- Total net interest income (expense) reported a swing to $(18,032)k for the three months ended March 31, 2026 vs $2,783k in 2025; filing attributes higher interest expense to issuance of Senior Notes.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements141
Verified relationships3
Evidence supporting the case
- Latest annual revenue changed +33.5% year over year.
- Operating cash flow covered net income at 1.70x in the latest annual period.
Evidence challenging the case
- Operating margin changed -5.0 percentage points in the latest annual period.
- Net margin changed -13.6 percentage points in the latest annual period.
- Diluted shares increased 4.9% in the latest annual period.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 11, 2026
479.436m-4.0%12m-35.9%24m+35.1%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$863.4M+26.8%$-0.91+7.1%
2022-12-31$1.2B+37.5%$2.03+9.6%
2023-12-31$1.6B+31.5%$2.33+4.0%
2024-12-31$2.1B+33.4%$4.80+4.1%
2025-12-31$2.8B+33.5%$1.51+4.9%
What management says matters
Persistent and emerging business drivers
Product pipeline and R&Dmixed · 3 filings
“The decrease in gross margin and adjusted gross margin was primarily driven by a higher mix of professional services revenue and scaling new product offerings.”10-Q · Aug 6, 2026 ↗
Demand and volumemixed · 2 filings
“Open purchase orders represent both cancellable and non-cancellable purchase orders with key vendors, which are included in this table due to our strategic relationships with these vendors.”10-K · Feb 25, 2026 ↗
Input and raw-material costspositive · 2 filings
“The change in operating assets and liabilities includes $256.9 million of receivables and contract assets primarily due to increased sales, as well as the timing of invoicing and cash collections, $39.6 million of inventory and accounts payable primarily driv…”10-Q · Aug 6, 2026 ↗
Valuation discipline
Peer-relative valuation withheld
Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
479.43+0.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for AXON. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
Fundamentals strengthened in the latest filing
10-Q filed 2026-08-06 against the comparable filing from 2025-08-05.
OperationsconstructiveEvidence score +2
liquidityneutralEvidence score 0
valuationpremium
Capital and cash conversion
Cash conversion improved
Capital-spending intensity declined while free-cash-flow margin improved.
- Capital spending YoY
- -7.6%
- Capital spending / revenue
- +2.6%
- Free-cash-flow margin
- -3.2%
- FCF margin change
- +5.7 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 35.3% versus the comparable filing period.
- Operating margin improved 5.3 percentage points.
What weakened
- Net income decreased 18.5% versus the comparable filing period.
- Net margin fell 2.1 percentage points.
Filing receipts
“The decrease in gross margin and adjusted gross margin was primarily driven by a higher mix of professional services revenue and scaling new product offerings, partially offset by tariff refunds received in the quarter.”
“The decrease in gross margin and adjusted gross margin was primarily due to a higher mix of professional services revenue and scaling new product offerings, partially offset by tariff refunds received in the quarter.”
“The change in operating assets and liabilities includes $256.9 million of receivables and contract assets primarily due to increased sales, as well as the timing of invoicing and cash collections, $39.6 million of inventory and accounts payable primarily driven by advanced raw material purchases for TASER 10 CEDs and counter-drone equipment, and $35.3 million of deferred revenue.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind AXON
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depended on by
MSIMotorola Solutions, Inc.competitorFeb 12, 2026 ▾
“Our major competitors within our MCN, Video and Command Center technologies include the following companies: Technology Competitor MCN Airbus, BK Technologies, DTC, Doodle Labs, Hytera, iCOM, JVCKenwood Corporation, L3Harris Technologies, Persistent Systems,…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 9 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
AXON is currently a Participant in the organic co-movement group Mixed Multi-Sector. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 1 filing-linked name are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for AXON; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.