AXON ENTERPRISE, INC.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
AXON$302.54-0.2%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $255,745 | $121,911 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Stock-based compensation | 435,062 | 425,635 |
| Gain on strategic investments and marketable securities, net | (257,616) | (134,647) |
| Debt inducement expense | — | 28,584 |
| Depreciation and amortization | 96,059 | 56,216 |
| Provision for bad debts and inventory | 7,208 | 8,828 |
| Deferred income taxes | 36,093 | (53,696) |
| Noncash lease expense | 10,962 | 7,026 |
| Other noncash items | 27,913 | 8,904 |
| Change in assets and liabilities: | ||
| Receivables and contract assets | (448,926) | (366,053) |
| Inventory | (238,141) | (58,177) |
| Deferred revenue | 85,227 | 21,556 |
| Accounts payable, accrued and other liabilities | 108,786 | 44,730 |
| Prepaid expenses and other assets | (110,125) | (116,713) |
| Net cash provided by (used in) operating activities | 8,247 | (5,896) |
| Cash flows from investing activities: | ||
| Purchases of investments | (490,743) | (2,045,738) |
| Business combinations, net of cash acquired | (552,018) | (22,809) |
| Proceeds from call, maturity, and sale of investments | 509,430 | 1,644,556 |
| Purchases of property and equipment | (82,762) | (74,450) |
| Other, net | (2,201) | (49) |
| Net cash used in investing activities | (618,294) | (498,490) |
| Cash flows from financing activities: | ||
| Net proceeds from equity offering | 100,259 | 362,241 |
| Proceeds from issuance of notes | 1,150,000 | 1,750,000 |
| Purchase of capped calls related to the 2031 convertible senior notes | (114,885) | — |
| Principal payments for conversion and redemption of convertible debt | (81,110) | (407,472) |
| Income and payroll tax payments for net-settled stock awards | (167,156) | (209,631) |
| Payments to third parties for debt issuance, amendments, conversion, redemption and capped call activity | (17,311) | (26,888) |
| Other, net | 671 | (226) |
| Net cash provided by financing activities | 870,468 | 1,468,024 |
| Effect of exchange rate changes on cash and cash equivalents | (1,786) | 5,741 |
| Net change in cash and cash equivalents | 258,635 | 969,379 |
| Cash and cash equivalents and restricted cash, beginning of period | 1,213,393 | 466,763 |
| Cash and cash equivalents and restricted cash, end of period | $1,472,028 | $1,436,142 |
| Supplemental disclosures: | ||
| Cash and cash equivalents | $1,458,817 | $1,423,871 |
| Restricted cash (Note 1) | 13,211 | 12,271 |
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $1,472,028 | $1,436,142 |
| Cash paid for interest | $108,187 | $56,468 |
| Non-cash transactions: | ||
| Leased assets obtained in exchange for new operating lease liabilities | $10,634 | $51,780 |
| Property and equipment purchases in accounts payable and accrued liabilities | $4,323 | $3,432 |
| Expense for induced conversion of convertible debt, debt offering, revolver modifications and capped calls | $2,607 | $31,570 |
| Taxes withheld on stock-based awards included in accrued expenses | $105 | $10,510 |
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