AXON FINANCIAL STATEMENTS

Axon Enterprise Inc. — balance sheet, income statement and cash flow trends

AXONAxon Enterprise Inc.

🇺🇸 USA · US · Industrials · Aerospace & Defense

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue3 B $+34.0%

Gross Profit1.8 B $+31.2%

Operating Income44.2 M $+27.7%

EBITDA386.2 M $-1.2%

Net Income206.2 M $-37.8%

Peer Comparison· Aerospace & Defense

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
AXON	34.0%	59.3%	12.9%	6.9%
HO	7.6%	26.4%	14.3%	7.6%
RHM	-8.7%	45.9%	22.7%	7.6%
ASELS	20.6%	31.9%	29.5%	17.3%
SAAB-B	26.3%	21.7%	13.4%	7.9%
KOG	-10.6%	—	—	16.2%
Industry median	12.2%	24.2%	13.1%	6.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
AXON	34.0%	59.3%	12.9%	6.9%
HEI	18.8%	40.1%	27.9%	16.1%
LHX	5.8%	25.3%	17.1%	7.7%
RKLB	45.8%	36.6%	-22.4%	-26.9%
HEI-A	18.8%	40.1%	27.9%	16.1%
NOC	5.0%	20.5%	18.2%	10.8%
Industry median	12.2%	24.2%	13.1%	6.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity3.5 B $50%
Current Liabilities1.2 B $17%
Long-term Liabilities2.3 B $33%

Key Figures

YoY change

Total Assets7.1 B $+16.2%

Total Liabilities3.5 B $+0.2%

Total Equity3.5 B $+38.3%

Cash & ST Investments718.9 M $-69.6%

Total Debt1.8 B $-10.7%

Net Debt1.4 B $+43.6%

Peer Comparison· Aerospace & Defense

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
AXON	2.27	51.7%	2.87	50.0%
HO	0.84	76.9%	0.52	20.4%
RHM	1.05	40.4%	0.38	27.2%
ASELS	1.54	18.8%	0.39	58.3%
SAAB-B	1.28	32.3%	0.03	35.9%
KOG	1.20	—	—	28.3%
Industry median	1.75	48.4%	0.88	44.2%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
AXON	2.27	51.7%	2.87	50.0%
HEI	2.92	54.2%	1.74	49.7%
LHX	1.03	57.7%	2.80	47.6%
RKLB	4.47	6.1%	8.19	80.3%
HEI-A	2.92	54.2%	1.74	49.7%
NOC	1.14	99.8%	1.95	34.2%
Industry median	1.75	48.4%	0.88	44.2%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow154 M $-65.8%

Capital Expenditures134.5 M $+53.8%

Free Cash Flow19.5 M $-94.6%

Dividends Paid——

Peer Comparison· Aerospace & Defense

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
AXON	5.2%	0.7%	4.5%	74.7%
HO	15.0%	11.8%	3.3%	198.4%
RHM	17.9%	8.8%	9.1%	236.8%
ASELS	26.3%	2.0%	23.4%	152.2%
SAAB-B	15.4%	6.6%	8.8%	196.1%
KOG	42.2%	13.4%	12.4%	261.1%
Industry median	11.1%	5.8%	3.8%	110.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
AXON	5.2%	0.7%	4.5%	74.7%
HEI	20.3%	18.9%	1.4%	126.3%
LHX	13.6%	11.5%	2.1%	176.3%
RKLB	-23.8%	-46.5%	22.8%	88.5%
HEI-A	20.3%	18.9%	1.4%	126.3%
NOC	11.0%	7.8%	3.2%	102.0%
Industry median	11.1%	5.8%	3.8%	110.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.