Axon Enterpri

Axon combines tollbooth-like subscriptions with multi-year hardware and service bundles. The company delivered four consecutive years of greater than 30 percent annual revenue growth through 2025, carries 1.3 billion dollars ARR, and closed the year with 14.4 billion dollars of future contracted bookings.

Management’s 2026 outlook calls for 27 to 30 percent revenue growth, and a 2028 target of 6 billion dollars revenue with 28 percent adjusted EBITDA margin.

These are supported by strong bookings, premium-plan adoption and a growing product surface area across TASER, cameras, Fusus, ALPR and 911. Geographic and end-market diversification is improving with international, corrections and federal wins, though US municipal budgets remain the core exposure.

Key uncertainties are regulatory shifts and procurement timing, but the backlog, ARR and NRR create unusually high visibility.