Axon Enterprise (AXON) FY2024 results: revenue $2.1 billion, up 33.2% on the year

Axon Enterprise, Inc. (AXON) reported revenue of $2.1 billion for fiscal 2024, the year ended 31 December 2024, up 33.2% on the year before. Net income was $377 million, up 114.5%, and diluted earnings per share $4.80. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2025.

Revenue

$2.1 billion

+33.2% on the year

FY2017FY2024

Operating margin

2.8%

10.0% a year earlier

FY2017FY2024

Net income

$377 million

+114.5% on the year

FY2017FY2024

Diluted EPS

$4.80

+106.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,083	1,563	1,187	+33.2%
Cost of revenue	841	605	461	+39.0%
Gross profit	1,241	955	726	+29.9%
Gross margin	59.6%	61.1%	61.2%
Research and development	442	304	234	+45.4%
Selling, general and administrative	741	495	399	+49.8%
Operating income	58.5	157	93.0	-62.7%
Operating margin	2.8%	10.0%	7.8%
Interest expense	7.1	7.0	n/a	+1.5%
Pre-tax income	382	157	197	+142.9%
Income tax	4.5	-18.7	49.4
Effective tax rate	1.2%	-11.9%	25.1%
Net income	377	176	147	+114.5%
Net margin	18.1%	11.2%	12.4%
Diluted EPS	$4.80	$2.33	$2.03	+106.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	408	189	235	+115.7%
Capital expenditure	78.8	59.6	55.8	+32.1%
Free cash flow	330	130	180	+154.2%
Free cash flow margin	15.8%	8.3%	15.1%
Cash from investing	-491	12.5	-831
Cash from financing	-45.4	41.3	598
Depreciation and amortisation	48.4	19.3	23.1	+150.7%
Share-based compensation	383	131	106	+191.3%
Diluted shares, weighted	79m	75m	73m	+4.1%
Shares outstanding at period end	77m	75m	71m	+1.8%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,328	1,616	1,268	+44.1%
Debt	680	677	674	+0.5%
Operating lease liabilities	41.4	33.5	37.1	+23.3%
Other liabilities	1,425	1,083	872	+31.6%
Total liabilities and equity	4,475	3,409	2,852	+31.3%
Fixed assets	247	201	170	+23.3%
Goodwill	757	57.9	45.0	+1,206.1%
Intangible assets	175	19.5	12.2	+796.4%
Investments	333	644	738	-48.3%
Cash and equivalents	455	599	354	-24.0%
Inventory	265	270	202	-1.7%
Other assets	2,242	1,619	1,331	+38.5%
Total assets	4,475	3,409	2,852	+31.3%

10-K for the year ended 31 December 2024, filed 28 February 2025: the filing.