Axon Enterprise, Inc.

NasdaqGS-AXON

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	257.1	326.3	331	377	298.1	292.2
Net Income
Depreciation & Amortization	73.9	67.3	63.1	48.4	44	29.7
Depreciation and Amortization
Share-Based Compensation Expense	556.5	512.2	447.7	382.6	286.8	215.1
Stock-Based Compensation
Other Adjustments	-298.4	-345.3	-391.6	-327.1	-181.4	-137
Gain on Strategic Investments and Marketable Securities, Net
Bond Amortization
Provision for Bad Debts and Inventory
Deferred Income Taxes
Noncash Lease Expense
Provision for Expected Credit Losses
Amortization of Debt Issuance Costs
Purchase Accounting Adjustments to Goodwill
Loss on Disposal and Abandonment of Intangible Assets
Loss on Disposal and Impairment of Property, Equipment, and Other Assets, Net
Unrecognized Tax Benefits
Tax Benefit from Stock-Based Compensation
Other Noncash Items
Changes in Trade Receivables	-385.1	-381.6	-251.7	-245.8	-202.6	-137.3
Receivables and Contract Assets
Changes in Inventories	-45.9	-30.5	-6.8	0.6	-15.3	-42.2
Inventory
Changes in Accounts Payable	89	119.2	147.9	54.5	62.7	58.2
Accounts Payable, Accrued and Other Liabilities
Changes in Unearned Revenue	120.5	113	164.8	155.6	96.6	64.9
Deferred Revenue
Customer Deposits
Changes in Other Operating Activities	-151.8	-133.6	-73	-37.6	-49.3	-53.6
Prepaid Expenses and Other Assets
Cash from Operating Activities	215.7	246.9	431.4	408.3	339.7	290

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-99.3	-99.1	-87.5	-78.8	-78	-65.5
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from Disposal of Property and Equipment
Purchases of Intangible Assets	—	—	—	—	—	—
Purchases of Intangible Assets
Purchases of Investments	-2,223.7	-2,096.3	-1,554.5	-793.4	-657.8	-732
Purchases of Investments
Strategic Investments
Proceeds from Sale of Investments	1,789.6	1,095.7	1,074.7	1,003.4	1,054.5	940.7
Proceeds from Call, Maturity, and Sale of Investments
Proceeds from Sale of Strategic Investments
Payments for Business Acquisitions	-406.8	-387.8	-384	-621.8	-237.8	-237.9
Business Combinations, Net of Cash Acquired
Other Investing Activities	-0	0.1	0	0.1	—	—
Other, Net
Cash from Investing Activities	-940.2	-1,487.4	-1,018.7	-490.6	4.3	-160.7
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	—	—	—	—	—	—
Net Proceeds from Issuance of Convertible Senior Notes
Repayments of Long-Term Debt	—	—	—	—	—	—
Payments on Capital Lease Obligation
Payments on Notes Payable
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	—	—	—
Issuance of Common Shares	—	—	—	14.6	—	-0.1
Net Proceeds from Equity Offering
Proceeds from Options Exercised
Proceeds from Issuance of Warrants
Repurchases of Common Shares	-245.5	-246.1	-60.5	-58.2	-26.1	-15.7
Repurchase of Common Stock
Income and Payroll Tax Payments for Net-Settled Stock Awards
Net Issuance / (Repurchases) of Common Shares	-245.5	-246.1	-60.5	-43.6	-26.1	-15.8
Other Financing Activities	-2.1	-1.9	-1.9	-1.8	—	—
Payment of Contingent Consideration for Business Acquisitions
Excess Tax Benefit from Stock-Based Compensation
Purchase of Convertible Note Hedge
Other, Net
Cash from Financing Activities	1,435.2	1,268.3	1,270.5	-45.4	-16.4	-15.8
Net Cash Provided by Financing Activities