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Axon Enterprise, Inc. AXON

Three-pass checkedFresh as companies report

Axon has $15.1B of future contracted bookings against $904M of quarterly revenue, and customers spend 126% of what they spent a year ago.

It also earned $29M of GAAP operating profit on that $904M, a 5.2% margin, because stock compensation consumes most of it.

AXON · price with moving averages

Daily · 6MWeekly · 3Y
$135$325$515$705$895 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Axon sells the equipment police departments carry and the software that stores what it records. TASER weapons and body cameras are the hardware; Evidence.com holds the footage, and increasingly artificial-intelligence tools write the reports from it. Dedrone, acquired last year, detects and defeats drones.

The model is the interesting part. Agencies buy on multi-year subscription plans covering hardware refreshes and software together, which is why a company selling weapons has software economics and a backlog measured in years.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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