Axon Enterprise, Inc. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$2.8B
Gross margin	59.7%
Operating income	−$62.1M
Net income	$124.7M
Diluted EPS	$1.51
Cash & equivalents	$1.2B
Total assets	$7.0B
Long-term debt	$1.8B

Key takeaway

Axon reported an operating loss of $62.1 million despite $2.78 billion in revenue and a 59.7% gross margin, suggesting heavy investment or one-off charges below the gross profit line.

🔒 4 more takeaways in the full analysis

Beneath the surface

Net debt is understated by the headline figure alone: against $1.81 billion in long-term debt, the company holds $1.2 billion cash plus a $416.8 million non-marketable equity stake, narrowing the gap versus a simple debt read.

🔒 4 more insights a headline reader would miss