Axon Enterprise Inc
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+ FollowMarket Cap$34.75B
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Earnings Call Q2 2026
August 5, 2026 - AI Summary
Strong execution + raised guidance (what’s good):
- Q2 revenue: $904M (+35% YoY); 10th consecutive quarter >30% growth.
- Software & services: $398M (+36% YoY); more than one-third of software revenue now comes from newer offerings beyond Axon Evidence (real-time ops, productivity, AI Era Plan, counter-drone software, Axon 911).
- AI Era Plan growth: ~+700% YoY; together the “beyond Evidence” bucket grew ~70% YoY.
- Full-year revenue guidance raised to $32%–$34% growth (from 30%–32%).
- Adjusted EBITDA margin target ~25.5% (consistent with prior view), with Q3 pressured by memory component cost, then improvement expected in Q4 (seasonality + tariff refund laps).
Demand momentum across segments (what’s good):
- Bookings: Q2 gross bookings up ~20% YoY; on a five-year normalized basis bookings up >30% (helps reflect shorter deal durations in newer markets like international/enterprise).
- Company expects normalized bookings finish the year in the ~30% range (and thus demand visibility in 2H remains strong).
- Future contracted bookings: $15.1B (+40% YoY)—a key indicator of backlog/demand durability.
- Net revenue retention: 126%; ARR: $1.6B (+39%)—high stickiness from installed base + cross-sell.
Device + platform growth driven by newer products (what’s good/surprising):
- Connected devices revenue: $507M (+35% YoY) driven by Dedrone, Counter-drone, TASER 10, Axon Body 4.
- Platform solutions revenue: $150M (+123% YoY), largely Dedrone; company frames counter-drone as a validated acquisition/category ramp (added end of 2024, now meaningful and scaling).
- TASER 10 momentum is unusually strong: company said Q2-to-date TASER 10 units already exceed lifetime TASER 7 units, highlighting significant remaining market opportunity.
- Body camera shipments expectation: management expects Q3 body camera shipments +20% to +30% sequentially and +15% to +20% QoQ; note bookings-seasonality is the main driver of shipment timing.
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$86.38
79.6% downside
Current Fair Value
79.6% downsideOvervalued by 79.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $34.75 Billion |
|---|---|
| Enterprise Value | $36.66 Billion |
| Earnings per Share | $1.6 |
| Beta | 1.44 |
| Outstanding Shares | 80,363,000 |
Return
| Return on Equity | 5.43% |
|---|---|
| Return on Assets | 2.67% |
| Return on Invested Capital | 2.77% |
Valuation & Multiples
| P/E Ratio | 172.34 |
|---|---|
| PEG | -930.41 |
| Price to Sales | 10.6 |
| Price to Book Ratio | 9.43 |
| Enterprise Value to Revenue | 11.39 |
| Enterprise Value to EBIT | 217.6 |
| Enterprise Value to Net Income | 183 |
| Total Debt to Enterprise | 0.07 |
| Debt to Equity | 0.68 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS Estimate
$1.90
Consensus analyst estimateRevenue Estimate
$937.77 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.71, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.7080▼ 57.26% |
|---|---|
| Total Calls | 41,100▼ 97.74% |
| Total Puts | 29,100▼ 98.75% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.64%▼ 87.43% |
|---|---|
| Total Invested | $1.22B▼ 97.02% |
| Investors Holding | 378▼ 814.00% |
About Axon Enterprise Inc
6,300 employees
CEO: Patrick Smith
Axon Enterprise, Inc. is a globally operating company known for developing, manufacturing, and selling conducted energy devices (CEDs) under its prominent TASER brand. The company's business is segmented into two core areas: TASER, and S...