Axon Enterprise, Inc. (AXON) Cash Flow Statement
Where AXON’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $211.3M −48.2% vs 2024
- Capital expenditures
- $136.3M 4.9% of revenue
- Free cash flow
- $75.1M 2.7% margin
- Returned to shareholders
- —
- Change in cash
- $746.6M cash at year-end $1.21B
Cash from operations
$211.3M
Capital expenditures
−$136.3M
Investments (net)
+$58.3M
Acquisitions & other
−$646.9M
Net borrowing (repayment)
+$1.75B
Shares issued
+$489.6M
Other financing
−$987.1M
Currency & other
+$7.8M
Change in cash
$746.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AXON operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AXON cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $17.9M2016 | $211.3M2025 | +31.5%/yr | |
| Capital expenditures | $8.5M2016 | $136.3M2025 | +36.2%/yr | |
| Free cash flow | $9.5M2016 | $75.1M2025 | +25.9%/yr | |
| Free cash flow margin | 3.5%2016 | 2.7%2025 | −0.8 pts | |
| Operating cash flow / net income | 1.042016 | 1.702025 | +0.66 | |
| Stock-based compensation | $9.4M2016 | $634.2M2025 | +59.7%/yr | |
| Dividends paid | $02016 | $603.0M2022 | — | |
| Share buybacks (net) | $33.7M2016 | $107.9M2023 | +18.1%/yr | |
| Capex / revenue | 3.2%2016 | 4.9%2025 | +1.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AXON cash flow by activity
OperatingInvestingFinancingChange in cash
AXON net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AXON cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $124.7M | $377.0M | $174.2M | $147.1M | −$60.0M | −$1.7M | $882,000 | $29.2M | $5.2M | $17.3M |
| Depreciation & amortization | $83.2M | $48.4M | $19.3M | $24.4M | $18.7M | $12.5M | $11.4M | $10.6M | $8.0M | $3.7M |
| Stock-based compensation | $634.2M | $382.6M | $131.4M | $106.2M | $303.3M | $133.6M | $78.5M | $21.9M | $15.6M | $9.4M |
| Change in working capital | −$481.7M | −$72.7M | −$118.4M | $19.1M | −$43.3M | −$100.8M | −$24.6M | $2.2M | −$14.8M | −$8.2M |
| Other non-cash items | −$149.0M | −$327.1M | −$17.3M | −$61.4M | −$94.2M | −$5.1M | −$467,000 | $6,000 | $4.4M | −$4.2M |
| Cash from operating activities | $211.3M | $408.3M | $189.3M | $235.4M | $124.5M | $38.5M | $65.7M | $63.9M | $18.5M | $17.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$136.3M | −$78.8M | −$59.6M | −$56.1M | −$50.3M | −$72.9M | −$16.3M | −$11.7M | −$11.4M | −$8.5M |
| Investments (net) | $58.3M | −$490.6M | −$569.7M | −$831.0M | $356.1M | −$276.7M | −$224.4M | $6.8M | $41.1M | $8.9M |
| Acquisitions & other investing | −$646.9M | $78.8M | $641.8M | $56.1M | −$53.3M | −$7.0M | $0 | −$5.0M | −$10.6M | −$3.5M |
| Cash from investing activities | −$724.9M | −$490.6M | $12.5M | −$831.0M | $252.6M | −$356.5M | −$240.7M | −$9.9M | $19.1M | −$3.0M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$603.0M | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | — | — | −$107.9M | −$74,000 | −$331.3M | −$7.8M | −$4.1M | $235.8M | −$3.5M | −$33.7M |
| Net borrowing (repayment) | $1.75B | $0 | $0 | $478.8M | $478.8M | $478.8M | $478.8M | — | −$34,000 | −$107,000 |
| Shares issued | $489.6M | $0 | $94.7M | $0 | $105.5M | $306.8M | $306.8M | $234.0M | $0 | $0 |
| Other financing | −$987.1M | −$45.4M | $54.5M | $722.4M | −$427.2M | −$478.5M | −$785.4M | −$250.4M | −$367,000 | −$808,000 |
| Cash from financing activities | $1.25B | −$45.4M | $41.3M | $598.1M | −$174.2M | $299.3M | −$3.9M | $219.3M | −$3.9M | −$34.7M |
| Summary | ||||||||||
| Net change in cash | $746.6M | −$133.9M | $245.1M | −$886,000 | $200.9M | −$16.8M | −$178.7M | $272.6M | $34.5M | −$18.9M |
| Cash at end of period | $1.21B | $466.8M | $600.7M | $355.6M | $356.4M | $155.6M | $172.4M | $351.0M | $75.1M | $40.7M |
| Free cash flow | $75.1M | $329.5M | $129.0M | $179.3M | $74.2M | −$34.4M | $49.3M | $52.2M | $7.0M | $9.5M |
| Free cash flow margin | 2.7% | 15.8% | 8.3% | 15.1% | 8.6% | −5.0% | 9.3% | 12.4% | 2.0% | 3.5% |
| Capex / revenue | 4.9% | 3.8% | 3.8% | 4.7% | 5.8% | 10.7% | 3.1% | 2.8% | 3.3% | 3.2% |
| Operating cash flow / net income | 1.70 | 1.08 | 1.09 | 1.60 | — | — | 74.46 | 2.19 | 3.55 | 1.04 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $29.4M | $169.3M | $2.7M | −$2.2M | $36.1M | $88.0M | $135.2M | $67.8M | $41.5M | $133.4M | $57.3M | $59.4M |
| Depreciation & amortization | $32.5M | $30.4M | $26.9M | $19.6M | $17.2M | $19.5M | $17.7M | $6.2M | $10.4M | $7.4M | $6.5M | $8.4M |
| Stock-based compensation | $144.0M | $134.7M | $208.6M | $146.2M | $139.2M | $140.2M | $130.9M | $101.8M | $74.8M | $75.1M | $35.1M | $30.0M |
| Change in working capital | −$184.0M | −$206.5M | −$7.1M | $365.0M | −$307.3M | −$71.2M | $101.3M | $128.0M | −$20.8M | −$116.9M | $56.6M | −$13.8M |
| Other non-cash items | −$1.8M | −$159.4M | −$14.0M | −$468.6M | $23.1M | −$150.7M | −$134.9M | −$212.5M | −$23.1M | −$114.9M | −$15.4M | −$21.2M |
| Cash from operating activities | $20.1M | −$31.5M | $217.2M | $60.0M | −$91.7M | $25.8M | $250.2M | $91.3M | $82.8M | −$15.9M | $140.0M | $62.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$21.0M | −$23.1M | −$61.8M | −$26.6M | −$23.0M | −$24.9M | −$24.8M | −$26.5M | −$11.3M | −$16.2M | −$24.1M | −$14.4M |
| Investments (net) | $174.1M | −$42.6M | $459.4M | $590.3M | −$386.5M | −$702.2M | −$441.7M | $43.1M | $82.1M | −$174.0M | $53.2M | −$122.0M |
| Acquisitions & other investing | −$1.9M | −$551.2M | −$624.1M | $26.6M | $23.0M | $24.9M | $24.8M | $26.5M | $11.3M | $16.2M | $24.1M | $14.4M |
| Cash from investing activities | $151.2M | −$616.9M | −$226.4M | $590.3M | −$386.5M | −$702.2M | −$441.7M | $43.1M | $82.1M | −$174.0M | $53.2M | −$122.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$130.0M | — | — | — | — | — | — | $4.9M | −$2.2M | −$2.7M | −$3.8M | −$101,000 |
| Net borrowing (repayment) | $0 | −$82.1M | $26.9M | $405.3M | −$525,000 | $1.32B | — | — | — | — | — | — |
| Shares issued | $100.5M | $0 | $127.3M | $178.3M | $184.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$825,000 | −$10.2M | −$369.8M | −$424.4M | −$187.8M | −$5.1M | −$32.8M | −$12.6M | $0 | $0 | $0 | −$7.0M |
| Cash from financing activities | −$30.3M | −$92.3M | −$215.6M | $159.2M | −$4.4M | $1.31B | −$32.8M | −$7.7M | −$2.2M | −$2.7M | −$3.8M | −$7.1M |
| Summary | ||||||||||||
| Net change in cash | $138.5M | −$742.2M | −$222.7M | $808.7M | −$477.3M | $638.0M | −$230.7M | $128.8M | $162.7M | −$194.7M | $192.6M | −$68.2M |
| Cash at end of period | $609.6M | $471.1M | $1.21B | $1.44B | $627.5M | $1.10B | $466.8M | $697.4M | $568.7M | $406.0M | $600.5M | $408.0M |
| Free cash flow | −$972,000 | −$54.6M | $155.4M | $33.4M | −$114.7M | $932,000 | $225.4M | $64.8M | $71.4M | −$32.1M | $116.0M | $48.5M |
| Free cash flow margin | −0.1% | −6.8% | 19.5% | 4.7% | −17.2% | 0.2% | 39.2% | 11.9% | 14.2% | −7.0% | 26.9% | 11.7% |
| Capex / revenue | 2.3% | 2.9% | 7.8% | 3.7% | 3.4% | 4.1% | 4.3% | 4.9% | 2.2% | 3.5% | 5.6% | 3.5% |
| Operating cash flow / net income | 0.68 | −0.19 | 79.14 | — | −2.54 | 0.29 | 1.85 | 1.35 | 2.00 | −0.12 | 2.45 | 1.06 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AXON cash generation
In fiscal 2025 (ended December 31, 2025), Axon generated $211.3 million of cash from operations (down 48.2%) and spent $136.3 million on capital expenditures, leaving free cash flow of $75.1 million, 2.7% of revenue. Cash and equivalents rose by $746.6 million over the year.
Related: AXON income statement, AXON balance sheet. See the AXON stock overview for the latest quote and news.
AXON cash flow FAQ
What is Axon's free cash flow?
Axon's free cash flow was $75.1 million in fiscal 2025: $211.3 million of operating cash flow minus $136.3 million of capital expenditures It was $329.5 million a year earlier..
How much cash does Axon generate from operations?
Axon generated $211.3 million of cash from operating activities in fiscal 2025, 1.70 times its net income of $124.7 million.
How much does Axon spend on capital expenditures?
Axon spent $136.3 million on capital expenditures in fiscal 2025, 4.9% of revenue, compared with $78.8 million the year before.