Axon Enterprise (AXON) Q2 FY2026 earnings: revenue $904 million, up 35.3% on the year

Axon Enterprise, Inc. (AXON) reported revenue of $904 million for Q2 FY2026, the quarter ended 30 June 2026, up 35.3% on the same quarter a year earlier. Net income was $29 million, down 18.5% on the year, and diluted earnings per share $0.36. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue

$904 million

+35.3% on the year · +12.0% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

5.2%

-0.2% a year earlier

Q3 FY2024Q2 FY2026

Net income

$29 million

-18.5% on the year · -82.6% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.36

-18.2% on the year · -82.4% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 1 new, 3 kept.

Revenue grew 35% to $904 million: Net sales were $904 million, up 35% year over year, the tenth consecutive quarter of revenue growth above 30%.
Adjusted EBITDA up over 40%: Adjusted EBITDA was $242 million, a 26.8% margin, up more than 40% year over year on higher revenue and tariff refunds.
Tariff refunds received this quarter: Cash from tariff refunds totaled $47 million, of which $18 million related to 2025 expenses; the rest was largely tied to inventory and property and equipment.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	904	807	669	+12.0%	+35.3%
Cost of revenue	358	330	265	+8.4%	+35.2%
Gross profit	546	477	404	+14.5%	+35.3%
Gross margin	60.4%	59.1%	60.4%
Research and development	209	189	163	+10.4%	+28.4%
Selling, general and administrative	291	259	242	+12.3%	+20.1%
Operating income	46.8	29.2	-1.0	+60.0%
Operating margin	5.2%	3.6%	-0.2%
Interest expense	28.1	28.6	28.7	-1.9%	-2.0%
Pre-tax income	32.7	200	-38.9	-83.7%
Income tax	3.3	30.9	-75.0	-89.5%
Effective tax rate	10.0%	15.4%	n/a
Net income	29.4	169	36.1	-82.6%	-18.5%
Net margin	3.3%	21.0%	5.4%
Diluted EPS	$0.36	$2.05	$0.44	-82.4%	-18.2%

$ 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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	20.1	-31.5	-91.7
Capital expenditure	21.0	23.1	23.0	-9.0%	-8.3%
Free cash flow	-1.0	-54.6	-115
Free cash flow margin	-0.1%	-6.8%	-17.2%
Cash from investing	151	-617	-387
Cash from financing	-30.3	-92.3	-4.4
Depreciation and amortisation	32.5	30.4	17.2	+6.9%	+89.2%
Share-based compensation	144	135	139	+6.9%	+3.4%
Diluted shares, weighted	83m	82m	82m	+0.1%	+0.6%
Shares outstanding at period end	81m	81m	79m	+0.8%	+3.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	3,675	3,534	2,732	+4.0%	+34.5%
Debt	1,732	1,731	2,008	+0.0%	-13.7%
Operating lease liabilities	102	97.2	43.6	+4.6%	+133.0%
Other liabilities	1,973	1,705	1,431	+15.8%	+37.8%
Total liabilities and equity	7,481	7,067	6,215	+5.9%	+20.4%
Fixed assets	342	336	271	+1.5%	+25.9%
Goodwill	1,899	1,894	762	+0.2%	+149.1%
Intangible assets	282	295	163	-4.6%	+73.2%
Investments	75.7	260	1,471	-70.9%	-94.9%
Cash and equivalents	598	459	615	+30.2%	-2.9%
Inventory	487	408	308	+19.3%	+57.7%
Other assets	3,799	3,414	2,624	+11.3%	+44.8%
Total assets	7,481	7,067	6,215	+5.9%	+20.4%

Questions

What was Axon Enterprise's revenue in Q2 FY2026?

Axon Enterprise (AXON) reported revenue of $904 million for Q2 FY2026, the quarter ended 30 June 2026, up 35.3% on the same quarter a year earlier.

How much did Axon Enterprise earn in Q2 FY2026?

Net income for Q2 FY2026 was $29 million, down 18.5% on the year, and diluted earnings per share $0.36.

When did Axon Enterprise report Q2 FY2026 results?

Axon Enterprise filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 6 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	218	256	286	312	336	344	373	414	430	461	504	544	573	604	669	711	797	807	904	909
Cost of revenue	82.5	101	112	118	130	140	142	157	166	201	197	214	229	238	265	283	335	330	358	394
Gross profit	135	156	174	193	206	204	230	257	264	259	306	331	346	366	404	427	461	477	546	515
Gross margin	62%	61%	61%	62%	61%	59%	62%	62%	61%	56%	61%	61%	60%	61%	60%	60%	58%	59%	60%	57%
R&D	50.7	48.4	57.5	59.1	68.7	70.9	71.9	76.9	84.0	91.1	101	114	135	151	163	177	194	189	209	192
SG&A	111	90.1	95.0	102	114	116	119	122	137	151	171	192	227	224	242	253	317	259	291	280
Operating income	-27.1	17.2	21.4	32.1	22.5	17.6	39.1	57.4	42.7	16.5	33.8	24.1	-15.8	-8.8	-1.0	-2.1	-50.1	29.2	46.8	42.1
Operating margin	-12%	7%	7%	10%	7%	5%	10%	14%	10%	4%	7%	4%	-3%	-1%	-0%	-0%	-6%	4%	5%	5%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	1.8	1.9	1.6	1.8	7.8	28.7	28.9	28.8	28.6	28.1	28.3
Pre-tax income	-37.2	72.5	68.4	20.9	34.7	42.9	-13.3	71.7	55.7	166	51.5	79.6	84.7	108	-38.9	15.7	-66.2	200	32.7	78.9
Tax rate	n/a	24%	26%	42%	16%	-7%	n/a	15%	-2%	20%	19%	16%	-60%	19%	n/a	114%	n/a	15%	10%	28%
Net income	-13.5	54.9	51.0	12.1	29.2	45.9	11.5	61.3	57.1	133	41.5	67.0	135	88.0	36.1	-2.2	2.7	169	29.4	57.0
Net margin	-6%	21%	18%	4%	9%	13%	3%	15%	13%	29%	8%	12%	24%	15%	5%	-0%	0%	21%	3%	6%
Diluted EPS	-$0.19	$0.76	$0.71	$0.17	$0.40	$0.61	$0.16	$0.81	$0.75	$1.73	$0.53	$0.86	$1.67	$1.08	$0.44	-$0.03	$0.03	$2.05	$0.36	$0.68
Operating cash flow	12.9	44.0	19.4	40.9	131	-56.3	42.7	62.9	140	-15.9	82.8	91.3	250	25.8	-91.7	60.0	217	-31.5	20.1	19.7
Capital expenditure	13.4	17.1	12.7	14.4	11.6	8.5	13.1	14.0	24.0	16.2	11.3	26.5	24.8	24.9	23.0	26.6	61.8	23.1	21.0	38.6
Free cash flow	-0.5	26.9	6.6	26.5	120	-64.8	29.5	48.9	116	-32.1	71.4	64.8	225	0.9	-115	33.4	155	-54.6	-1.0	-18.9
Shares outstanding	71m	71m	71m	71m	71m	74m	75m	75m	75m	75m	76m	76m	77m	78m	79m	79m	80m	81m	81m	81m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 6 August 2026: the filing.