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Arphra AIPlain-English read on Axon Enterprise, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $863.38M | $1.19B | $1.56B | $2.08B | $2.78B | $3.66B | $4.73B | $6.08B |
| Cost of revenue | $332.3M | $461.3M | $605.25M | $841.15M | $1.12B | $1.47B | $1.9B | $2.41B |
| Gross profit | $531.09M | $728.64M | $955.45M | $1.24B | $1.66B | $2.16B | $2.87B | $3.76B |
| Gross margin | +61.51% | +61.23% | +61.22% | +59.61% | +59.65% | +58.97% | +60.67% | +61.75% |
| Operating | ||||||||
| Research & development | $194.03M | $233.81M | $303.72M | $441.59M | $684.31M | $806.59M | $1.02B | $1.32B |
| Selling, general & administrative | $503.88M | $401.58M | $492.28M | $741.25M | $1.03B | $1.24B | $1.65B | $2.09B |
| Total operating expenses | $697.91M | $635.39M | $796M | $1.18B | $1.72B | $2.03B | $2.74B | $3.45B |
| Operating income | -$166.82M | $93.25M | $159.45M | $58.54M | -$62.08M | $132.1M | $170.73M | $217.86M |
| Operating margin | -19.32% | +7.84% | +10.22% | +2.81% | -2.23% | +3.61% | +3.61% | +3.58% |
| EBITDA | -$117.11M | $227.62M | $183.37M | $437.03M | $196.37M | $471.71M | $633.76M | $783.87M |
| EBIT | -$141.38M | $196.52M | $164.06M | $388.6M | $113.21M | $399.19M | $517.36M | $682.07M |
| Below the line | ||||||||
| Interest expense | $0 | $0 | $7M | $7.1M | $94.24M | $50.28M | $66.74M | $82.27M |
| Interest income | $30.95M | $4.8M | $49.11M | $43.69M | $75.43M | $94.7M | $126.97M | $158.95M |
| Other income / expense | $25.45M | $103.27M | -$2.39M | $322.96M | $81.05M | — | — | — |
| Pre-tax income | -$141.38M | $196.52M | $157.06M | $381.5M | $18.97M | $361.46M | $453.39M | $574.15M |
| Income tax expense | -$81.36M | $49.38M | -$18.72M | $4.47M | -$105.68M | $4.27M | $5.43M | $7M |
| Earnings | ||||||||
| Net income | -$60.02M | $147.14M | $175.78M | $377.03M | $124.91M | $134.46M | $172.55M | $224.46M |
| Net income · continuing ops | -$60.02M | $147.14M | $175.78M | $377.03M | $124.66M | $411.96M | $536.12M | $688.42M |
| Net margin | -6.95% | +12.37% | +11.26% | +18.10% | +4.49% | +3.67% | +3.65% | +3.69% |
| EPS · basic | $-0.91 | $2.07 | $2.37 | $4.98 | $1.60 | $7.96 | $10.97 | $14.37 |
| EPS · diluted | $-0.91 | $2.03 | $2.33 | $4.80 | $1.51 | $7.69 | $10.64 | $13.89 |
| EPS · low estimate | — | — | — | — | — | $6.37 | $9.19 | $5.73 |
| EPS · high estimate | — | — | — | — | — | $8.92 | $11.89 | $18.14 |
| Shares · basic | 66.19M | 71.09M | 74.2M | 75.75M | 80.4M | 80.29M | 79.85M | 80.5M |
| Shares · diluted | 66.19M | 72.53M | 75.46M | 78.56M | 100M | 100.76M | 100.66M | 100.8M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 14 | 10 |
| Analysts (EPS) | — | — | — | — | — | 12 | 12 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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