Filing Flows › Axon Enterprise (AXON) › Q3 2026 › vs Q3 2025
Axon Enterprise (AXON) Q3 2026 vs Q3 2025 (year over year)
Axon Enterprise's revenue rose $198M (+28%) from $711M in Q3 2025 to $909M in Q3 2026. The biggest changes: Service +$132M (+43%); Product +$66.1M (+16%). Gross margin 56.7% against 60.1% (-3.5 pts).
Axon Enterprise, Q3 2026: revenue $909M (+28% year over year), operating margin 4.6%, net earnings $57.0M, operating cash flow $19.7M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 56.7% | 60.1% | -3.5 pts |
| Operating margin | 4.6% | -0.3% | +4.9 pts |
| Net margin | 6.3% | -0.3% | +6.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| TASER | $233M | $238M | −$4.9M | -2% |
| Platform Solutions | $125M | $60.8M | $64.2M | +106% |
| Personal Sensors | $114M | $107M | $6.9M | +6% |
| Product | $472M | $405M | $66.1M | +16% |
| Service | $437M | $305M | $132M | +43% |
| Revenue | $909M | $711M | $198M | +28% |
| Gross profit | $515M | $427M | $87.6M | +21% |
| Cost of revenue | $394M | $283M | $110M | +39% |
| Other income, net | $36.8M | $17.8M | $19.0M | +107% |
| Operating profit | $42.1M | −$2.1M | $44.2M | — |
| Operating expenses | $473M | $429M | $43.4M | +10% |
| Pre-tax earnings | $78.9M | $15.7M | $63.2M | +403% |
| Research & development | $192M | $177M | $15.7M | +9% |
| SG&A | $280M | $253M | $27.7M | +11% |
| Net earnings | $57.0M | −$2.2M | $59.2M | — |
| Income tax | $21.9M | $17.9M | $4.0M | +22% |
| Operating cash sources | $247M | $164M | $83.0M | +51% |
| Depreciation & amortization | $33.2M | $19.6M | $13.6M | +70% |
| Share-based compensation | $156M | $146M | $10.2M | +7% |
| Working capital & other | $227M | $104M | $123M | +119% |
| Operating cash flow | $19.7M | $60.0M | −$40.3M | -67% |
| Capital expenditures | $38.6M | $26.6M | $12.0M | +45% |
| Negative free cash flow (OCF − capex) | $18.9M | −$33.4M | $52.3M | — |
Questions
How much did Axon Enterprise's revenue grow year over year in Q3 2026?
Axon Enterprise's revenue rose $198M (+28%) from $711M in Q3 2025 to $909M in Q3 2026.
What drove Axon Enterprise's revenue change in Q3 2026?
Service +$132M (+43%); Product +$66.1M (+16%).