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Side-by-side financial comparison of Axon Enterprise (AXON) and Calumet, Inc. (CLMT). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $796.7M, roughly 1.3× Axon Enterprise). Axon Enterprise runs the higher net margin — 0.3% vs -3.6%, a 3.9% gap on every dollar of revenue. Axon Enterprise produced more free cash flow last quarter ($155.4M vs $103.8M).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
Calumet, Inc. is a U.S.-headquartered specialty products firm that manufactures and distributes high-value hydrocarbon and specialty chemical products. Its offerings include specialty oils, lubricants, waxes, and renewable fuel solutions, serving industrial, consumer, and transportation segments across North America.
AXON vs CLMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $1.0B |
| Net Profit | $2.7M | $-37.3M |
| Gross Margin | 57.9% | -0.3% |
| Operating Margin | -6.3% | -6.2% |
| Net Margin | 0.3% | -3.6% |
| Revenue YoY | 38.9% | — |
| Net Profit YoY | -98.0% | — |
| EPS (diluted) | $0.02 | $-0.43 |
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.
| Q4 25 | $796.7M | $1.0B | ||
| Q3 25 | $710.6M | $1.1B | ||
| Q2 25 | $668.5M | $1.0B | ||
| Q1 25 | $603.6M | $993.9M | ||
| Q4 24 | $573.4M | — | ||
| Q3 24 | $544.3M | $1.1B | ||
| Q2 24 | $504.1M | $1.1B | ||
| Q1 24 | $460.7M | — |
| Q4 25 | $2.7M | $-37.3M | ||
| Q3 25 | $-2.2M | $313.4M | ||
| Q2 25 | $36.1M | $-147.9M | ||
| Q1 25 | $88.0M | $-162.0M | ||
| Q4 24 | $136.0M | — | ||
| Q3 24 | $67.0M | $-100.6M | ||
| Q2 24 | $40.8M | $-39.1M | ||
| Q1 24 | $133.2M | — |
| Q4 25 | 57.9% | -0.3% | ||
| Q3 25 | 60.1% | 34.7% | ||
| Q2 25 | 60.4% | -4.2% | ||
| Q1 25 | 60.6% | -8.2% | ||
| Q4 24 | 60.5% | — | ||
| Q3 24 | 60.8% | 0.4% | ||
| Q2 24 | 60.3% | 5.6% | ||
| Q1 24 | 56.4% | — |
| Q4 25 | -6.3% | -6.2% | ||
| Q3 25 | -0.3% | 30.0% | ||
| Q2 25 | -0.2% | -9.8% | ||
| Q1 25 | -1.5% | -4.9% | ||
| Q4 24 | -2.6% | — | ||
| Q3 24 | 4.4% | -5.2% | ||
| Q2 24 | 6.5% | 0.5% | ||
| Q1 24 | 3.5% | — |
| Q4 25 | 0.3% | -3.6% | ||
| Q3 25 | -0.3% | 29.1% | ||
| Q2 25 | 5.4% | -14.4% | ||
| Q1 25 | 14.6% | -16.3% | ||
| Q4 24 | 23.7% | — | ||
| Q3 24 | 12.3% | -9.1% | ||
| Q2 24 | 8.1% | -3.4% | ||
| Q1 24 | 28.9% | — |
| Q4 25 | $0.02 | $-0.43 | ||
| Q3 25 | $-0.03 | $3.61 | ||
| Q2 25 | $0.44 | $-1.70 | ||
| Q1 25 | $1.08 | $-1.87 | ||
| Q4 24 | $1.68 | — | ||
| Q3 24 | $0.86 | $-1.18 | ||
| Q2 24 | $0.53 | $-0.48 | ||
| Q1 24 | $1.73 | — |
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 | $125.1M |
| Total DebtLower is stronger | $1.8B | $2.1B |
| Stockholders' EquityBook value | $3.2B | $-732.7M |
| Total Assets | $7.0B | $2.7B |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $125.1M | ||
| Q3 25 | $2.4B | $94.6M | ||
| Q2 25 | $2.1B | $110.6M | ||
| Q1 25 | $2.2B | $123.4M | ||
| Q4 24 | $788.1M | — | ||
| Q3 24 | $1.0B | $34.6M | ||
| Q2 24 | $968.9M | $7.0M | ||
| Q1 24 | $964.1M | — |
| Q4 25 | $1.8B | $2.1B | ||
| Q3 25 | $2.0B | $2.1B | ||
| Q2 25 | $2.0B | $2.1B | ||
| Q1 25 | $2.0B | $2.3B | ||
| Q4 24 | $680.3M | — | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.2B | $-732.7M | ||
| Q3 25 | $3.0B | $-695.3M | ||
| Q2 25 | $2.7B | $-1.0B | ||
| Q1 25 | $2.6B | $-862.3M | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.1B | $-672.2M | ||
| Q2 24 | $1.9B | $-566.4M | ||
| Q1 24 | $1.8B | — |
| Q4 25 | $7.0B | $2.7B | ||
| Q3 25 | $6.7B | $2.7B | ||
| Q2 25 | $6.2B | $2.8B | ||
| Q1 25 | $6.1B | $2.8B | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.0B | $2.6B | ||
| Q2 24 | $3.7B | $100 | ||
| Q1 24 | $3.6B | — |
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $116.5M |
| Free Cash FlowOCF − Capex | $155.4M | $103.8M |
| FCF MarginFCF / Revenue | 19.5% | 10.0% |
| Capex IntensityCapex / Revenue | 7.8% | 1.2% |
| Cash ConversionOCF / Net Profit | 79.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $217.2M | $116.5M | ||
| Q3 25 | $60.0M | $23.5M | ||
| Q2 25 | $-91.7M | $-1.8M | ||
| Q1 25 | $25.8M | $-29.3M | ||
| Q4 24 | $250.2M | — | ||
| Q3 24 | $91.3M | $-15.5M | ||
| Q2 24 | $82.8M | — | ||
| Q1 24 | $-15.9M | — |
| Q4 25 | $155.4M | $103.8M | ||
| Q3 25 | $33.4M | $15.1M | ||
| Q2 25 | $-114.7M | $-15.4M | ||
| Q1 25 | $932.0K | $-46.9M | ||
| Q4 24 | $225.4M | — | ||
| Q3 24 | $64.8M | $-32.2M | ||
| Q2 24 | $71.4M | — | ||
| Q1 24 | $-32.1M | — |
| Q4 25 | 19.5% | 10.0% | ||
| Q3 25 | 4.7% | 1.4% | ||
| Q2 25 | -17.2% | -1.5% | ||
| Q1 25 | 0.2% | -4.7% | ||
| Q4 24 | 39.3% | — | ||
| Q3 24 | 11.9% | -2.9% | ||
| Q2 24 | 14.2% | — | ||
| Q1 24 | -7.0% | — |
| Q4 25 | 7.8% | 1.2% | ||
| Q3 25 | 3.7% | 0.8% | ||
| Q2 25 | 3.4% | 1.3% | ||
| Q1 25 | 4.1% | 1.8% | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 4.9% | 1.5% | ||
| Q2 24 | 2.2% | 2.2% | ||
| Q1 24 | 3.5% | — |
| Q4 25 | 79.14× | — | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | -2.54× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 1.84× | — | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 2.03× | — | ||
| Q1 24 | -0.12× | — |
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% |
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
