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Side-by-side financial comparison of Axon Enterprise (AXON) and COMMERCE BANCSHARES INC (CBSH). Click either name above to swap in a different company.
Axon Enterprise is the larger business by last-quarter revenue ($796.7M vs $475.7M, roughly 1.7× COMMERCE BANCSHARES INC). COMMERCE BANCSHARES INC runs the higher net margin — 29.8% vs 0.3%, a 29.4% gap on every dollar of revenue. On growth, Axon Enterprise posted the faster year-over-year revenue change (38.9% vs 11.1%). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs 7.1%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
Commerce Bancshares, Inc. is a regional bank holding company headquartered in Missouri, with principal offices in Kansas City and St. Louis. It is the corporate parent of Commerce Bank, which offers a diversified line of financial services, including business and personal banking, wealth management and investments through its affiliated companies.
AXON vs CBSH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $475.7M |
| Net Profit | $2.7M | $141.6M |
| Gross Margin | 57.9% | — |
| Operating Margin | -6.3% | — |
| Net Margin | 0.3% | 29.8% |
| Revenue YoY | 38.9% | 11.1% |
| Net Profit YoY | -98.0% | 10.5% |
| EPS (diluted) | $0.02 | $0.96 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $475.7M | ||
| Q4 25 | $796.7M | $449.4M | ||
| Q3 25 | $710.6M | $441.0M | ||
| Q2 25 | $668.5M | $445.8M | ||
| Q1 25 | $603.6M | $428.1M | ||
| Q4 24 | $573.4M | $422.1M | ||
| Q3 24 | $544.3M | $421.4M | ||
| Q2 24 | $504.1M | $414.5M |
| Q1 26 | — | $141.6M | ||
| Q4 25 | $2.7M | $140.7M | ||
| Q3 25 | $-2.2M | $141.5M | ||
| Q2 25 | $36.1M | $152.5M | ||
| Q1 25 | $88.0M | $131.6M | ||
| Q4 24 | $136.0M | $136.1M | ||
| Q3 24 | $67.0M | $138.0M | ||
| Q2 24 | $40.8M | $139.6M |
| Q1 26 | — | — | ||
| Q4 25 | 57.9% | — | ||
| Q3 25 | 60.1% | — | ||
| Q2 25 | 60.4% | — | ||
| Q1 25 | 60.6% | — | ||
| Q4 24 | 60.5% | — | ||
| Q3 24 | 60.8% | — | ||
| Q2 24 | 60.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | -6.3% | 40.8% | ||
| Q3 25 | -0.3% | 41.9% | ||
| Q2 25 | -0.2% | 44.0% | ||
| Q1 25 | -1.5% | 39.2% | ||
| Q4 24 | -2.6% | 41.2% | ||
| Q3 24 | 4.4% | 42.4% | ||
| Q2 24 | 6.5% | 43.4% |
| Q1 26 | — | 29.8% | ||
| Q4 25 | 0.3% | 31.3% | ||
| Q3 25 | -0.3% | 32.1% | ||
| Q2 25 | 5.4% | 34.2% | ||
| Q1 25 | 14.6% | 30.7% | ||
| Q4 24 | 23.7% | 32.2% | ||
| Q3 24 | 12.3% | 32.8% | ||
| Q2 24 | 8.1% | 33.7% |
| Q1 26 | — | $0.96 | ||
| Q4 25 | $0.02 | $0.86 | ||
| Q3 25 | $-0.03 | $1.06 | ||
| Q2 25 | $0.44 | $1.14 | ||
| Q1 25 | $1.08 | $0.98 | ||
| Q4 24 | $1.68 | $0.83 | ||
| Q3 24 | $0.86 | $1.01 | ||
| Q2 24 | $0.53 | $1.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.7B | — |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.2B | $4.3B |
| Total Assets | $7.0B | $35.7B |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $788.1M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $968.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $680.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $4.3B | ||
| Q4 25 | $3.2B | $3.8B | ||
| Q3 25 | $3.0B | $3.8B | ||
| Q2 25 | $2.7B | $3.6B | ||
| Q1 25 | $2.6B | $3.5B | ||
| Q4 24 | $2.3B | $3.3B | ||
| Q3 24 | $2.1B | $3.4B | ||
| Q2 24 | $1.9B | $3.1B |
| Q1 26 | — | $35.7B | ||
| Q4 25 | $7.0B | $32.9B | ||
| Q3 25 | $6.7B | $32.3B | ||
| Q2 25 | $6.2B | $32.3B | ||
| Q1 25 | $6.1B | $32.4B | ||
| Q4 24 | $4.5B | $32.0B | ||
| Q3 24 | $4.0B | $31.5B | ||
| Q2 24 | $3.7B | $30.6B |
| Q1 26 | — | — | ||
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $217.2M | — |
| Free Cash FlowOCF − Capex | $155.4M | — |
| FCF MarginFCF / Revenue | 19.5% | — |
| Capex IntensityCapex / Revenue | 7.8% | — |
| Cash ConversionOCF / Net Profit | 79.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $217.2M | $645.1M | ||
| Q3 25 | $60.0M | $129.0M | ||
| Q2 25 | $-91.7M | $111.2M | ||
| Q1 25 | $25.8M | $138.6M | ||
| Q4 24 | $250.2M | $577.9M | ||
| Q3 24 | $91.3M | $431.7M | ||
| Q2 24 | $82.8M | $147.4M |
| Q1 26 | — | — | ||
| Q4 25 | $155.4M | $592.4M | ||
| Q3 25 | $33.4M | $113.3M | ||
| Q2 25 | $-114.7M | $100.5M | ||
| Q1 25 | $932.0K | $126.0M | ||
| Q4 24 | $225.4M | $531.7M | ||
| Q3 24 | $64.8M | $419.1M | ||
| Q2 24 | $71.4M | $138.9M |
| Q1 26 | — | — | ||
| Q4 25 | 19.5% | 131.8% | ||
| Q3 25 | 4.7% | 25.7% | ||
| Q2 25 | -17.2% | 22.5% | ||
| Q1 25 | 0.2% | 29.4% | ||
| Q4 24 | 39.3% | 126.0% | ||
| Q3 24 | 11.9% | 99.5% | ||
| Q2 24 | 14.2% | 33.5% |
| Q1 26 | — | — | ||
| Q4 25 | 7.8% | 11.7% | ||
| Q3 25 | 3.7% | 3.6% | ||
| Q2 25 | 3.4% | 2.4% | ||
| Q1 25 | 4.1% | 2.9% | ||
| Q4 24 | 4.3% | 10.9% | ||
| Q3 24 | 4.9% | 3.0% | ||
| Q2 24 | 2.2% | 2.1% |
| Q1 26 | — | — | ||
| Q4 25 | 79.14× | 4.59× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | -2.54× | 0.73× | ||
| Q1 25 | 0.29× | 1.05× | ||
| Q4 24 | 1.84× | 4.25× | ||
| Q3 24 | 1.36× | 3.13× | ||
| Q2 24 | 2.03× | 1.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXON
| Software And Sensors Segment | $342.5M | 43% |
| TASER Devices Professional | $264.2M | 33% |
| Personal Sensors | $109.1M | 14% |
| Platform Solutions | $80.9M | 10% |
CBSH
Segment breakdown not available.
