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Side-by-side financial comparison of Axon Enterprise (AXON) and DONALDSON Co INC (DCI). Click either name above to swap in a different company.
DONALDSON Co INC is the larger business by last-quarter revenue ($935.4M vs $796.7M, roughly 1.2× Axon Enterprise). DONALDSON Co INC runs the higher net margin — 12.2% vs 0.3%, a 11.8% gap on every dollar of revenue. On growth, Axon Enterprise posted the faster year-over-year revenue change (38.9% vs 3.9%). Axon Enterprise produced more free cash flow last quarter ($155.4M vs $111.2M). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs 3.3%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
Donaldson Company, Inc. is a filtration company engaged in the production and marketing of filtration products used in a variety of industry sectors, including commercial/industrial, aerospace, chemical, alternative energy (windmills), food & beverage, and pharmaceuticals. Also the company's research division, located in Minneapolis, Minn., participated in defense-related projects for various military applications.
AXON vs DCI — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $935.4M |
| Net Profit | $2.7M | $113.9M |
| Gross Margin | 57.9% | 35.2% |
| Operating Margin | -6.3% | 16.0% |
| Net Margin | 0.3% | 12.2% |
| Revenue YoY | 38.9% | 3.9% |
| Net Profit YoY | -98.0% | 15.1% |
| EPS (diluted) | $0.02 | $0.97 |
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 | $935.4M | ||
| Q3 25 | $710.6M | $980.7M | ||
| Q2 25 | $668.5M | $940.1M | ||
| Q1 25 | $603.6M | $870.0M | ||
| Q4 24 | $573.4M | $900.1M | ||
| Q3 24 | $544.3M | $935.4M | ||
| Q2 24 | $504.1M | $927.9M | ||
| Q1 24 | $460.7M | $876.7M |
| Q4 25 | $2.7M | $113.9M | ||
| Q3 25 | $-2.2M | $114.3M | ||
| Q2 25 | $36.1M | $57.8M | ||
| Q1 25 | $88.0M | $95.9M | ||
| Q4 24 | $136.0M | $99.0M | ||
| Q3 24 | $67.0M | $109.7M | ||
| Q2 24 | $40.8M | $113.5M | ||
| Q1 24 | $133.2M | $98.7M |
| Q4 25 | 57.9% | 35.2% | ||
| Q3 25 | 60.1% | 34.5% | ||
| Q2 25 | 60.4% | 34.2% | ||
| Q1 25 | 60.6% | 35.2% | ||
| Q4 24 | 60.5% | 35.5% | ||
| Q3 24 | 60.8% | 35.8% | ||
| Q2 24 | 60.3% | 35.6% | ||
| Q1 24 | 56.4% | 35.2% |
| Q4 25 | -6.3% | 16.0% | ||
| Q3 25 | -0.3% | 15.5% | ||
| Q2 25 | -0.2% | 9.3% | ||
| Q1 25 | -1.5% | 14.4% | ||
| Q4 24 | -2.6% | 14.5% | ||
| Q3 24 | 4.4% | 15.6% | ||
| Q2 24 | 6.5% | 15.5% | ||
| Q1 24 | 3.5% | 14.8% |
| Q4 25 | 0.3% | 12.2% | ||
| Q3 25 | -0.3% | 11.7% | ||
| Q2 25 | 5.4% | 6.1% | ||
| Q1 25 | 14.6% | 11.0% | ||
| Q4 24 | 23.7% | 11.0% | ||
| Q3 24 | 12.3% | 11.7% | ||
| Q2 24 | 8.1% | 12.2% | ||
| Q1 24 | 28.9% | 11.3% |
| Q4 25 | $0.02 | $0.97 | ||
| Q3 25 | $-0.03 | $0.97 | ||
| Q2 25 | $0.44 | $0.48 | ||
| Q1 25 | $1.08 | $0.79 | ||
| Q4 24 | $1.68 | $0.81 | ||
| Q3 24 | $0.86 | $0.90 | ||
| Q2 24 | $0.53 | $0.92 | ||
| Q1 24 | $1.73 | $0.81 |
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 | $210.7M |
| Total DebtLower is stronger | $1.8B | $671.5M |
| Stockholders' EquityBook value | $3.2B | $1.5B |
| Total Assets | $7.0B | $3.0B |
| Debt / EquityLower = less leverage | 0.56× | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $210.7M | ||
| Q3 25 | $2.4B | $180.4M | ||
| Q2 25 | $2.1B | $178.5M | ||
| Q1 25 | $2.2B | $189.1M | ||
| Q4 24 | $788.1M | $221.2M | ||
| Q3 24 | $1.0B | $232.7M | ||
| Q2 24 | $968.9M | $223.7M | ||
| Q1 24 | $964.1M | $193.8M |
| Q4 25 | $1.8B | $671.5M | ||
| Q3 25 | $2.0B | $630.4M | ||
| Q2 25 | $2.0B | $638.8M | ||
| Q1 25 | $2.0B | $514.7M | ||
| Q4 24 | $680.3M | $538.6M | ||
| Q3 24 | — | $483.4M | ||
| Q2 24 | — | $481.8M | ||
| Q1 24 | — | $352.0M |
| Q4 25 | $3.2B | $1.5B | ||
| Q3 25 | $3.0B | $1.5B | ||
| Q2 25 | $2.7B | $1.5B | ||
| Q1 25 | $2.6B | $1.5B | ||
| Q4 24 | $2.3B | $1.5B | ||
| Q3 24 | $2.1B | $1.5B | ||
| Q2 24 | $1.9B | $1.5B | ||
| Q1 24 | $1.8B | $1.4B |
| Q4 25 | $7.0B | $3.0B | ||
| Q3 25 | $6.7B | $3.0B | ||
| Q2 25 | $6.2B | $3.0B | ||
| Q1 25 | $6.1B | $3.0B | ||
| Q4 24 | $4.5B | $3.0B | ||
| Q3 24 | $4.0B | $2.9B | ||
| Q2 24 | $3.7B | $2.9B | ||
| Q1 24 | $3.6B | $2.8B |
| Q4 25 | 0.56× | 0.44× | ||
| Q3 25 | 0.66× | 0.43× | ||
| Q2 25 | 0.73× | 0.44× | ||
| Q1 25 | 0.79× | 0.33× | ||
| Q4 24 | 0.29× | 0.35× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.26× |
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 | $125.4M |
| Free Cash FlowOCF − Capex | $155.4M | $111.2M |
| FCF MarginFCF / Revenue | 19.5% | 11.9% |
| Capex IntensityCapex / Revenue | 7.8% | 1.5% |
| Cash ConversionOCF / Net Profit | 79.14× | 1.10× |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | $403.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $217.2M | $125.4M | ||
| Q3 25 | $60.0M | $167.8M | ||
| Q2 25 | $-91.7M | $87.7M | ||
| Q1 25 | $25.8M | $90.4M | ||
| Q4 24 | $250.2M | $72.9M | ||
| Q3 24 | $91.3M | $126.0M | ||
| Q2 24 | $82.8M | $141.5M | ||
| Q1 24 | $-15.9M | $87.0M |
| Q4 25 | $155.4M | $111.2M | ||
| Q3 25 | $33.4M | $147.5M | ||
| Q2 25 | $-114.7M | $73.0M | ||
| Q1 25 | $932.0K | $71.5M | ||
| Q4 24 | $225.4M | $47.9M | ||
| Q3 24 | $64.8M | $106.2M | ||
| Q2 24 | $71.4M | $120.2M | ||
| Q1 24 | $-32.1M | $65.7M |
| Q4 25 | 19.5% | 11.9% | ||
| Q3 25 | 4.7% | 15.0% | ||
| Q2 25 | -17.2% | 7.8% | ||
| Q1 25 | 0.2% | 8.2% | ||
| Q4 24 | 39.3% | 5.3% | ||
| Q3 24 | 11.9% | 11.4% | ||
| Q2 24 | 14.2% | 13.0% | ||
| Q1 24 | -7.0% | 7.5% |
| Q4 25 | 7.8% | 1.5% | ||
| Q3 25 | 3.7% | 2.1% | ||
| Q2 25 | 3.4% | 1.6% | ||
| Q1 25 | 4.1% | 2.2% | ||
| Q4 24 | 4.3% | 2.8% | ||
| Q3 24 | 4.9% | 2.1% | ||
| Q2 24 | 2.2% | 2.3% | ||
| Q1 24 | 3.5% | 2.4% |
| Q4 25 | 79.14× | 1.10× | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | -2.54× | 1.52× | ||
| Q1 25 | 0.29× | 0.94× | ||
| Q4 24 | 1.84× | 0.74× | ||
| Q3 24 | 1.36× | 1.15× | ||
| Q2 24 | 2.03× | 1.25× | ||
| Q1 24 | -0.12× | 0.88× |
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% |
DCI
| Aftermarket Products | $447.1M | 48% |
| Industrial Filtration Solutions Products | $222.6M | 24% |
| Off Road Products | $86.5M | 9% |
| Life Sciences Segment | $80.0M | 9% |
| Other | $39.1M | 4% |
| Aerospace And Defense Products | $37.1M | 4% |
| On Road Products | $23.0M | 2% |
