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Axon Enterprise, Inc. AXON Connected Devices — Adjusted gross margin

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Other financials

Income statement

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Revenue$807.3M+33.7%
Gross profit$477.3M+30.5%
Operating income$29.2M+433%
Net income$169.3M+92.4%
EPS (diluted)$2.05+89.8%

Balance sheet

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Cash & equivalents$458.9M-58.0%
Total debt$1.8B-10.7%
Total equity$3.5B+38.3%
Total assets$7.1B+16.2%

Cash flow

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Operating cash flow-$31.5M-222%
CapEx$23.1M-7.0%
Free cash flow-$54.6M-5,963%

Valuation

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Market cap$37.47B-39.4%
Enterprise value$38.84B-38.6%
P/E181.9×-7.6×
P/S12.6×-13.3×

Profitability

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Gross margin59.3%-1.3pp
Operating margin-0.8%
Net margin6.9%-8.0pp
FCF margin0.7%-15.6pp

Returns & leverage

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Return on equity6.8%-8.4pp
Debt / equity0.5×-0.3×
Current ratio2.3×-0.6×

Where this comes from

Reported directly by Axon Enterprise, Inc. in its filing.

Tagged under the XBRL concept axon:AdjustedGrossMargins.

The official record: Axon Enterprise, Inc.’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Axon Enterprise, Inc.'s connected devices — adjusted gross margin?
Axon Enterprise, Inc. (AXON) reported connected devices — adjusted gross margin of $228.32M in Q1 2026.
How has Axon Enterprise, Inc.'s connected devices — adjusted gross margin changed year-over-year?
Axon Enterprise, Inc.'s connected devices — adjusted gross margin increased by 26.7% year-over-year, from $180.14M to $228.32M.
What is the long-term trend for Axon Enterprise, Inc.'s connected devices — adjusted gross margin?
Over 2 years (2023 to 2025), Axon Enterprise, Inc.'s connected devices — adjusted gross margin has grown at a 24.7% compound annual growth rate (CAGR), from $519.55M to $807.57M.
What does connected devices — adjusted gross margin mean?
Measures the profitability of the segment after accounting for direct production costs, often excluding certain non-cash items to reflect core operational performance. It provides a clearer view of the segment's ability to generate profit from its hardware sales. This is a key indicator of pricing power and cost control.