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Axon Enterprise cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$18.9M in Q3 2026 · $80.9M over twelve months

Operating cash flow$19.7M
Capital spending−$38.6M
Free cash flow−$18.9M
Cash / net income0.3×

Analysis

In Q3 2026, Axon Enterprise generated $19.7M of operating cash flow and spent $38.6M on capital projects, leaving free cash flow of −$18.9M. That is $52.3M less than in Q3 2025 ($33.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $225M; the largest uses were acquisitions ($1.2B), taxes on employees’ shares ($309M), capital spending ($145M); besides operations, cash came from net borrowing (+) / repaid (−) ($867M), other investing ($476M); the cash balance rose by $35.9M.

Operating cash flow was $19.7M against net income of $57.0M — 0.3× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$156M, deferred revenue +$121M, inventory −$93.0M.

Free cash flow

Axon Enterprise: free cash flow by quarterAxon Enterprise: free cash flow by quarter$225MQ4 2024$932KQ1 2025−$115MQ2 2025$33.4MQ3 2025$155MQ4 2025−$54.6MQ1 2026−$972KQ2 2026−$18.9MQ3 2026
Operating cash flow less capital spending.
Axon Enterprise: operating cash flow against capital spendingAxon Enterprise: operating cash flow against capital spendingOperating cash flowCapital spending$250M$24.8MQ4 2024$25.8M$24.9MQ1 2025−$91.7M$23.0MQ2 2025$60.0M$26.6MQ3 2025$217M$61.8MQ4 2025−$31.5M$23.1MQ1 2026$20.1M$21.0MQ2 2026$19.7M$38.6MQ3 2026
Latest (Q3 2026): Operating cash flow $19.7M, Capital spending $38.6M.

Capital allocation, year by year

Axon Enterprise: where the cash came from (up) and went (down), by fiscal yearAxon Enterprise: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $124MFY2021: Shares issued $157MFY2021: Asset sales $43KFY2021: Capital spending −$49.9MFY2021: Acquisitions −$22.4M$282MFY2021FY2022: Operating cash flow $235MFY2022: Net borrowing $674MFY2022: Asset sales $287KFY2022: Capital spending −$55.8MFY2022: Acquisitions −$2.1M$909MFY2022FY2023: Operating cash flow $189MFY2023: Shares issued $54.5MFY2023: Asset sales $98KFY2023: Capital spending −$59.6MFY2023: Acquisitions −$21.1M$244MFY2023FY2024: Operating cash flow $408MFY2024: Shares issued $14.6MFY2024: Capital spending −$78.8MFY2024: Acquisitions −$622M$423MFY2024FY2025: Operating cash flow $211MFY2025: Net borrowing $1.1BFY2025: Capital spending −$136MFY2025: Acquisitions −$647M$1.4BFY2025
Over these 5 years operating cash flow totalled $1.2B; the largest uses were acquisitions ($1.3B) and capital spending ($380M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debt$2.9B
Net debt$1.2B

Axon Enterprise funds itself: free cash flow was $80.9M over the last twelve months, and $1.6B of cash and investments stands against $2.9B of debt.

Axon Enterprise: debt maturities by year (FY2025)Axon Enterprise: debt maturities by year (FY2025)$81.1MYear 2$1.0BYear 5$750MAfter year 5
Principal due in each year as disclosed in the annual report, against $1.6B of cash and investments now.

Where the cash came from and went

Axon Enterprise: sources (+) and uses (−) of cash, Q3 2026Axon Enterprise: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$1.1BCash drawn (+) / kept (−)−$862MOther financing−$130MOther investing−$114MCapital spending−$38.6MTaxes on employees’ shares−$27.0MOperating cash flow$19.7MExchange rates$2.2MAcquisitions−$425K
Axon Enterprise: sources (+) and uses (−) of cash, TTM to Q3 2026Axon Enterprise: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$1.2BNet borrowing (+) / repaid (−)$867MOther investing$476MTaxes on employees’ shares−$309MOperating cash flow$225MCapital spending−$145MOther financing$95.9MCash drawn (+) / kept (−)−$35.9MExchange rates$229K

From profit to cash

Axon Enterprise: net income to operating cash flow, Q3 2026Axon Enterprise: net income to operating cash flow, Q3 2026Net income$57.0MDepreciation & amortization$33.2MStock-based pay$156MDeferred taxes$24.6MGains on investments−$59.7MInventory−$93.0MPayables$3.3MDeferred revenue$121MPrepaid and other assets−$55.6MOperating cash flow$19.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$19.7M−$38.6M−$425K$1.1B—−$862M−$18.9M
Q2 2026$20.1M−$21.0M−$1.9M——−$138M−$972K
Q1 2026−$31.5M−$23.1M−$550M−$81.1M—$742M−$54.6M
Q4 2025$217M−$61.8M−$624M−$201M—$223M$155M
Q3 2025$60.0M−$26.6M−$19.0M−$19K—−$809M$33.4M
Q2 2025−$91.7M−$23.0M−$3.8M——$477M−$115M
Q1 2025$25.8M−$24.9M—$1.3B—−$638M$932K
Q4 2024$250M−$24.8M−$384M—$4.9M$231M$225M

Axon Enterprise: income statement and cash flow

Axon Enterprise, Q3 2026: revenue $909M (+28% year over year), operating margin 4.6%. The chart follows the revenue to costs, profit and cash.

Axon Enterprise: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.