What is the primary revenue source for Axon Enterprise (AXON)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze AXON's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Axon Enterprise's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Axon Enterprise Makes Money: AXON Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin improved by 3.67 percentage points year over year.

Revenue: USD 1.71B
Largest revenue segment share (Software and Services): 43.95%
Cost of revenue: USD 688.00M
Selling, general and administrative: USD 550.08M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueNet sales · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of sales · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Software and Services)Software and Services · segment_value / revenue * 100
Operating marginIncome (loss) from operations · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Goodwill: USD 1.90B
Accounts receivable: USD 768.64M
Cash and cash equivalents: USD 597.70M
Total liabilities: USD 3.81B
Shareholder equity: USD 3.67B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Shareholder equityTotal stockholders’ equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableAccounts and notes receivable, net of allowance of $4,949 and $4,198 as of june 30, 2026 and december 31, 2025, respectively · AccountsNotesAndLoansReceivableNetCurrent
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Watch

Net income is positive while operating cash flow is negative, so reported profit has not become cash.

Free cash flow is negative after capital expenditure.

Net income: USD 198.74M
Operating cash flow: USD −11.44M
Cash conversion: -5.76%
Free cash flow: USD −55.61M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Neutral

There was no material cash return; earnings stayed in the business without significant dilution.

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?