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Axon Enterprise (AXON) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Axon Enterprise (AXON) Q3 2026 earnings results →
Q3 2026 Revenue up 28% year over year to $909M · 6¢ of every $1 of revenue kept as net profit · operating margin 4.6%
Axon Enterprise made $909M in Q3 2026 (+28% Y/Y): Product $472M, Service $437M. Operating margin 4.6%, net earnings $57.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $908.6M in Q3 2026, up 28% year over year and roughly flat from the previous quarter. Service was the largest line at 48% of revenue. Service added $131.8M year over year (up 43%), 67% of the total change. TASER declined 2%.
Gross margin was 56.7%, down 3.5 points from a year earlier. Operating profit was $42.1M, a 4.6% margin (up 4.9 points year over year). Operating expenses grew 10% against revenue growth of 28%. The fastest-growing cost line was SG&A (+11%). Net earnings were $57.0M. The effective tax rate was 27.8%. Non-operating items added $36.8M, 47% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $19.7M (down 67% year over year), 35% of net earnings. Non-cash charges added back $33.2M of depreciation and amortization and $156.4M of share-based compensation. Working capital and other items used $226.9M. Capital expenditures of $38.6M exceeded it, leaving free cash flow of −$18.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $909M | +28% | 4.6% | $57.0M | $19.7M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $904M | +35% | 5.2% | $29.4M | $20.1M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Axon Enterprise
Axon Enterprise, Inc. (“Axon,” the “Company,” “we” or “us”) is a technology company that provides integrated hardware and software solutions. Founder-led since 1993, Axon began with a mission to protect life and has grown into a global technology company serving a range of customers. Our products and services allow customers across the public and private sector to capture and use critical data to support fully-connected operational workflows. Our trusted network seamlessly integrates software and hardware with a range of connected devices, including TASER energy devices, cameras and sensors, drones and robotics, cloud-based evidence management, records management, real-time operations software, critical incident and emergency response systems, immersive training, and productivity tools – all enhanced by artificial intelligence (“AI”).
In its own words, from its 10-K, filed Feb 25, 2026.
Axon Enterprise against its Ordnance & Accessories, (No Vehicles/Guided Missiles) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +28% against the peers' median +28%. Operating margin: 4.6% against the peers' median 4.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AXON Axon Enterprise | Q3 2026 | $909M | +28% | 4.6% |
| RGR Sturm Ruger | Q3 2026 | $148M | +16% | 4.1% |
| NPK National Presto Industries | Q3 2026 | $144M | +25% | 13.8% |
| SWBI Smith & Wesson Brands | Q1 FY27 | $113M | +32% | 3.7% |
| WRAP Wrap Technologies | Q2 2026 | $2.1M | +103% | -109.7% |
| FBDT First Breach | Q2 2026 | $95K | +0.1% | n/m |
Source: Axon Enterprise 10-Q on SEC EDGAR · CIK 1069183 · Ordnance & Accessories, (No Vehicles/Guided Missiles)
Guidance and outlook
13F: who owns AXON and who is buying
More on AXON
- How Axon Enterprise makes money: revenue by segment
- Axon Enterprise next earnings date and what analysts expect
- Axon Enterprise stock forecast, price target and fair value
- Who owns Axon Enterprise stock: holders, funds and Congress trades
- Axon Enterprise guidance and outlook
- Is Axon Enterprise a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results