Axon Enterprise debt and dilution25

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$1,731.817M

Cash & equivalents

USD millions

$597.704M

Net debt

USD millions

$1,134.113M

Debt / equity

0.47×

Debt / assets

23.15%

Net debt / EBITDA

× · TTM

8.52×

Debt / FCF

× · TTM

13×

Interest coverage

× · TTM

0.21×

Current ratio

2.15×

Diluted shares

Million shares

82.54M shares

Basic shares

Million shares

80.57M shares

Share count growth

3.3%

Share repurchases

USD millions

—

Quarterly data

Axon Enterprise capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	1,731.82	597.7	1,134.11	0.47×	23.15%	8.52×	13×	0.21×	2.15×	82.54	80.57	3.3%	—
FY 2026 Q1	Mar 31, 2026	1,730.99	458.92	1,272.07	0.49×	24.49%	18.16×	88.74×	-0.21×	2.27×	82.48	80.15	4.24%	—
FY 2025 Q4	Dec 31, 2025	1,810.72	1,201.15	609.58	0.56×	25.87%	28.91×	24.12×	-0.66×	2.53×	82.82	78.99	3.45%	—
FY 2025 Q3	Sep 30, 2025	2,008.93	1,423.87	585.05	0.66×	30.18%	12.67×	13.85×	-0.41×	3.12×	78.42	78.42	3.59%	—
FY 2025 Q2	Jun 30, 2025	2,007.82	615.5	1,392.33	0.73×	32.3%	23.61×	11.38×	-0.04×	2.95×	82.06	78	3.29%	—
FY 2025 Q1	Mar 31, 2025	2,006.71	1,092.94	913.77	0.79×	32.99%	10.3×	5.53×	2.46×	2.83×	81.48	76.89	2.04%	—
FY 2024 Q4	Dec 31, 2024	680.29	454.84	225.45	0.29×	15.2%	2.11×	2.06×	8.25×	2.3×	81.37	76.36	1.73%	—
FY 2024 Q3	Sep 30, 2024	—	695.14	—	—	—	—	—	—	2.96×	78.08	75.7	1.16%	—
FY 2024 Q2	Jun 30, 2024	—	566.45	—	—	—	—	—	—	2.88×	77.55	75.51	1.73%	—
FY 2024 Q1	Mar 31, 2024	—	403.87	—	—	—	—	—	—	2.91×	77.13	75.36	3.74%	—
FY 2023 Q4	Dec 31, 2023	677.11	598.55	78.57	0.42×	19.7%	0.42×	5.22×	22.13×	3×	76.18	75.06	5.31%	—
FY 2023 Q3	Sep 30, 2023	—	406.04	—	—	—	—	—	—	3.15×	75.95	74.83	5.23%	—
FY 2023 Q2	Jun 30, 2023	—	474.2	—	—	—	—	—	—	3.38×	75.78	74.22	4.48%	—
FY 2023 Q1	Mar 31, 2023	—	263.41	—	—	—	—	—	—	3.33×	73.88	72.64	2.38%	—
FY 2022 Q4	Dec 31, 2022	—	353.68	—	—	—	—	—	—	3×	72.97	71.27	2.83%	—
FY 2022 Q3	Sep 30, 2022	—	147.71	—	—	—	—	—	—	2.79×	72.53	71.11	7.43%	—
FY 2022 Q2	Jun 30, 2022	—	212.82	—	—	—	—	—	—	2.7×	72.28	71.04	9.01%	—
FY 2022 Q1	Mar 31, 2022	—	386.37	—	—	—	—	—	—	2.44×	72.35	70.95	10.8%	—
FY 2021 Q4	Dec 31, 2021	—	356.33	—	—	—	—	—	—	2.65×	69.31	69.31	8.92%	—
FY 2021 Q3	Sep 30, 2021	—	281.69	—	—	—	—	—	—	2.96×	72.44	66.19	4.25%	—
FY 2021 Q2	Jun 30, 2021	—	266.37	—	—	—	—	—	—	3.96×	65.17	65.17	7.99%	—
FY 2021 Q1	Mar 31, 2021	—	154.82	—	—	—	—	—	—	4.11×	64.04	64.04	7.43%	—
FY 2020 Q4	Dec 31, 2020	—	155.44	—	—	—	—	—	—	3.83×	63.64	63.64	7.18%	—
FY 2020 Q3	Sep 30, 2020	—	176	—	—	—	—	—	—	3.39×	63.5	63.5	7.12%	—
FY 2020 Q2	Jun 30, 2020	—	319.25	—	—	—	—	—	—	3.65×	60.35	60.35	1.96%	—
FY 2020 Q1	Mar 31, 2020	—	156.54	—	—	—	—	—	—	3.17×	60.39	59.61	1.18%	—
FY 2019 Q4	Dec 31, 2019	—	172.25	—	—	—	—	—	—	3.17×	60.26	59.37	1.49%	—
FY 2019 Q3	Sep 30, 2019	—	202.55	—	—	—	—	—	—	3.13×	60.06	59.28	1.61%	—
FY 2019 Q2	Jun 30, 2019	—	219.72	—	—	—	—	—	—	3.51×	60	59.19	6.59%	—
FY 2019 Q1	Mar 31, 2019	—	223.64	—	—	—	—	—	—	3.46×	59.75	58.91	10.91%	—
FY 2018 Q4	Dec 31, 2018	—	349.46	—	—	—	—	—	—	3.36×	59.9	58.5	10.56%	—
FY 2018 Q3	Sep 30, 2018	—	324.37	—	—	—	—	—	—	3.71×	59.81	58.34	10.43%	—
FY 2018 Q2	Jun 30, 2018	—	307.51	—	—	—	—	—	—	4.03×	57.05	55.53	5.29%	—
FY 2018 Q1	Mar 31, 2018	—	92.33	—	—	—	—	—	—	2.01×	54.53	53.12	1.34%	—
FY 2017 Q4	Dec 31, 2017	—	75.11	—	—	—	—	—	—	1.9×	54.3	52.91	1.18%	0
FY 2017 Q3	Sep 30, 2017	—	43.47	—	—	—	—	—	—	1.89×	53.84	52.83	1.2%	0
FY 2017 Q2	Jun 30, 2017	—	28.04	—	—	—	—	—	—	2.01×	53.77	52.74	0.49%	0
FY 2017 Q1	Mar 31, 2017	—	41.97	—	—	—	—	—	—	1.99×	53.68	52.42	-2.37%	0
FY 2016 Q4	Dec 31, 2016	—	40.65	—	—	—	—	—	—	2.27×	53.18	52.3	-2.55%	0
FY 2016 Q3	Sep 30, 2016	—	50.6	—	—	—	—	—	—	2.49×	53.14	52.21	-2.8%	0
FY 2016 Q2	Jun 30, 2016	—	37.31	—	—	—	—	—	—	2.95×	53.29	52.48	-2.17%	24.78
FY 2016 Q1	Mar 31, 2016	—	53.37	—	—	—	—	—	—	3.4×	54.5	53.69	0.99%	8.96
FY 2015 Q4	Dec 31, 2015	0.17	59.53	-59.36	0×	0.07%	-1.54×	0×	—	4.23×	54.54	53.66	1.72%	0
FY 2015 Q3	Sep 30, 2015	—	45.89	—	—	—	—	—	—	4.55×	54.69	53.71	2.35%	7.56
FY 2015 Q2	Jun 30, 2015	—	40.35	—	—	—	—	—	—	4.77×	54.8	53.64	0.49%	0
FY 2015 Q1	Mar 31, 2015	—	46.85	—	—	—	—	—	—	4.75×	54.51	53.17	-0.04%	0
FY 2014 Q4	Dec 31, 2014	0.07	48.37	-48.3	0×	0.04%	-1.31×	0×	—	4.37×	54.35	52.76	0.81%	0
FY 2014 Q3	Sep 30, 2014	—	38.62	—	—	—	—	—	—	5.18×	53.82	52.48	2.21%	2.89
FY 2014 Q2	Jun 30, 2014	—	25.94	—	—	—	—	—	—	5.04×	54.76	53.38	4.45%	—
FY 2014 Q1	Mar 31, 2014	—	45.13	—	—	—	—	—	—	4.63×	55.12	53.19	0.84%	—
FY 2013 Q4	Dec 31, 2013	—	42.27	—	—	—	—	—	—	4.21×	55.66	52.33	26.39%	0
FY 2013 Q3	Sep 30, 2013	—	35.01	—	—	—	—	—	—	4.36×	53.32	51.34	-2.22%	0
FY 2013 Q2	Jun 30, 2013	—	19.08	—	—	—	—	—	—	3.8×	52.85	51.11	-6.26%	19.65
FY 2013 Q1	Mar 31, 2013	—	38.58	—	—	—	—	—	—	4.79×	54.6	52.75	-5.3%	5.35
FY 2012 Q4	Dec 31, 2012	—	36.13	—	—	—	—	—	—	4.37×	43.52	41.41	-25.96%	0
FY 2012 Q3	Sep 30, 2012	—	25.97	—	—	—	—	—	—	3.64×	53.11	52.51	-10.68%	3.86
FY 2012 Q2	Jun 30, 2012	—	17.97	—	—	—	—	—	—	3.87×	55.17	54.52	-10.04%	—
FY 2012 Q1	Mar 31, 2012	—	24.35	—	—	—	—	—	—	4.66×	56.36	55.7	—	—
FY 2011 Q4	Dec 31, 2011	—	21.3	—	—	—	—	—	—	3.89×	55.93	55.93	—	7.61
FY 2011 Q3	Sep 30, 2011	—	24.57	—	—	—	—	—	—	4.29×	60.04	58.79	—	12.39
FY 2011 Q2	Jun 30, 2011	—	27.72	—	—	—	—	—	—	5.11×	60.61	60.61	—	7.44

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · AXON, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.