Filing Flows › Axon Enterprise (AXON) › Q2 2026 › vs Q2 2025
Axon Enterprise (AXON) Q2 2026 vs Q2 2025 (year over year)
Axon Enterprise's revenue rose $236M (+35%) from $669M in Q2 2025 to $904M in Q2 2026. The biggest changes: Product +$130M (+35%); Service +$106M (+36%). Gross margin 60.4% against 60.4% (+0.0 pts).
Axon Enterprise, Q2 2026: revenue $904M (+35% year over year), operating margin 5.2%, net earnings $29.4M, operating cash flow $20.1M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 60.4% | 60.4% | +0.0 pts |
| Operating margin | 5.2% | -0.2% | +5.3 pts |
| Net margin | 3.3% | 5.4% | -2.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| TASER | $261M | $216M | $45.1M | +21% |
| Platform Solutions | $150M | $67.3M | $82.5M | +123% |
| Personal Sensors | $95.4M | $92.8M | $2.6M | +3% |
| Product | $507M | $376M | $130M | +35% |
| Service | $398M | $292M | $106M | +36% |
| Revenue | $904M | $669M | $236M | +35% |
| Gross profit | $546M | $404M | $143M | +35% |
| Cost of revenue | $358M | $265M | $93.1M | +35% |
| Operating profit | $46.8M | −$1.0M | $47.8M | — |
| Operating expenses | $500M | $405M | $94.9M | +23% |
| Pre-tax earnings | $32.7M | −$38.9M | $71.6M | — |
| Other expense, net | $14.1M | $37.8M | −$23.8M | -63% |
| Research & development | $209M | $163M | $46.1M | +28% |
| SG&A | $291M | $242M | $48.8M | +20% |
| Net earnings | $29.4M | $36.1M | −$6.7M | -19% |
| Income tax | $3.3M | −$75.0M | $78.3M | — |
| Operating cash sources | $206M | $193M | $13.4M | +7% |
| Depreciation & amortization | $32.5M | $17.2M | $15.3M | +89% |
| Share-based compensation | $144M | $139M | $4.8M | +3% |
| Working capital & other | $186M | $284M | −$98.4M | -35% |
| Operating cash flow | $20.1M | −$91.7M | $112M | — |
| Capital expenditures | $21.0M | $23.0M | −$1.9M | -8% |
| Negative free cash flow (OCF − capex) | $972K | $115M | −$114M | -99% |
Questions
How much did Axon Enterprise's revenue grow year over year in Q2 2026?
Axon Enterprise's revenue rose $236M (+35%) from $669M in Q2 2025 to $904M in Q2 2026.
What drove Axon Enterprise's revenue change in Q2 2026?
Product +$130M (+35%); Service +$106M (+36%).