vs
Side-by-side financial comparison of Axon Enterprise (AXON) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
Axon Enterprise is the larger business by last-quarter revenue ($796.7M vs $101.1M, roughly 7.9× FORRESTER RESEARCH, INC.). Axon Enterprise runs the higher net margin — 0.3% vs -33.5%, a 33.9% gap on every dollar of revenue. On growth, Axon Enterprise posted the faster year-over-year revenue change (38.9% vs -6.5%). Axon Enterprise produced more free cash flow last quarter ($155.4M vs $-4.3M). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs 0.5%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
AXON vs FORR — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $101.1M |
| Net Profit | $2.7M | $-33.9M |
| Gross Margin | 57.9% | 56.7% |
| Operating Margin | -6.3% | -36.6% |
| Net Margin | 0.3% | -33.5% |
| Revenue YoY | 38.9% | -6.5% |
| Net Profit YoY | -98.0% | -7941.4% |
| EPS (diluted) | $0.02 | $-1.75 |
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 | $101.1M | ||
| Q3 25 | $710.6M | $94.3M | ||
| Q2 25 | $668.5M | $111.7M | ||
| Q1 25 | $603.6M | $89.9M | ||
| Q4 24 | $573.4M | $108.0M | ||
| Q3 24 | $544.3M | $102.5M | ||
| Q2 24 | $504.1M | $121.8M | ||
| Q1 24 | $460.7M | $100.1M |
| Q4 25 | $2.7M | $-33.9M | ||
| Q3 25 | $-2.2M | $-2.1M | ||
| Q2 25 | $36.1M | $3.9M | ||
| Q1 25 | $88.0M | $-87.3M | ||
| Q4 24 | $136.0M | $432.0K | ||
| Q3 24 | $67.0M | $-5.8M | ||
| Q2 24 | $40.8M | $6.3M | ||
| Q1 24 | $133.2M | $-6.7M |
| Q4 25 | 57.9% | 56.7% | ||
| Q3 25 | 60.1% | 60.0% | ||
| Q2 25 | 60.4% | 55.5% | ||
| Q1 25 | 60.6% | 55.9% | ||
| Q4 24 | 60.5% | 58.8% | ||
| Q3 24 | 60.8% | 60.5% | ||
| Q2 24 | 60.3% | 57.3% | ||
| Q1 24 | 56.4% | 54.9% |
| Q4 25 | -6.3% | -36.6% | ||
| Q3 25 | -0.3% | 4.7% | ||
| Q2 25 | -0.2% | 6.2% | ||
| Q1 25 | -1.5% | -97.5% | ||
| Q4 24 | -2.6% | -0.5% | ||
| Q3 24 | 4.4% | -0.7% | ||
| Q2 24 | 6.5% | 9.3% | ||
| Q1 24 | 3.5% | -9.3% |
| Q4 25 | 0.3% | -33.5% | ||
| Q3 25 | -0.3% | -2.3% | ||
| Q2 25 | 5.4% | 3.5% | ||
| Q1 25 | 14.6% | -97.1% | ||
| Q4 24 | 23.7% | 0.4% | ||
| Q3 24 | 12.3% | -5.7% | ||
| Q2 24 | 8.1% | 5.2% | ||
| Q1 24 | 28.9% | -6.7% |
| Q4 25 | $0.02 | $-1.75 | ||
| Q3 25 | $-0.03 | $-0.11 | ||
| Q2 25 | $0.44 | $0.20 | ||
| Q1 25 | $1.08 | $-4.62 | ||
| Q4 24 | $1.68 | $0.02 | ||
| Q3 24 | $0.86 | $-0.30 | ||
| Q2 24 | $0.53 | $0.33 | ||
| Q1 24 | $1.73 | $-0.35 |
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 | $63.3M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.2B | $126.5M |
| Total Assets | $7.0B | $404.0M |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $63.3M | ||
| Q3 25 | $2.4B | $65.1M | ||
| Q2 25 | $2.1B | $67.8M | ||
| Q1 25 | $2.2B | $75.6M | ||
| Q4 24 | $788.1M | $56.1M | ||
| Q3 24 | $1.0B | $62.8M | ||
| Q2 24 | $968.9M | $58.9M | ||
| Q1 24 | $964.1M | $61.4M |
| 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 24 | — | — |
| Q4 25 | $3.2B | $126.5M | ||
| Q3 25 | $3.0B | $157.7M | ||
| Q2 25 | $2.7B | $159.5M | ||
| Q1 25 | $2.6B | $147.4M | ||
| Q4 24 | $2.3B | $229.5M | ||
| Q3 24 | $2.1B | $234.3M | ||
| Q2 24 | $1.9B | $237.1M | ||
| Q1 24 | $1.8B | $230.9M |
| Q4 25 | $7.0B | $404.0M | ||
| Q3 25 | $6.7B | $414.2M | ||
| Q2 25 | $6.2B | $436.0M | ||
| Q1 25 | $6.1B | $439.8M | ||
| Q4 24 | $4.5B | $503.9M | ||
| Q3 24 | $4.0B | $505.3M | ||
| Q2 24 | $3.7B | $524.2M | ||
| Q1 24 | $3.6B | $555.7M |
| 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 | $-3.2M |
| Free Cash FlowOCF − Capex | $155.4M | $-4.3M |
| FCF MarginFCF / Revenue | 19.5% | -4.2% |
| Capex IntensityCapex / Revenue | 7.8% | 1.1% |
| Cash ConversionOCF / Net Profit | 79.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $217.2M | $-3.2M | ||
| Q3 25 | $60.0M | $1.2M | ||
| Q2 25 | $-91.7M | $-3.6M | ||
| Q1 25 | $25.8M | $26.7M | ||
| Q4 24 | $250.2M | $-1.8M | ||
| Q3 24 | $91.3M | $264.0K | ||
| Q2 24 | $82.8M | $-2.9M | ||
| Q1 24 | $-15.9M | $611.0K |
| Q4 25 | $155.4M | $-4.3M | ||
| Q3 25 | $33.4M | $524.0K | ||
| Q2 25 | $-114.7M | $-4.2M | ||
| Q1 25 | $932.0K | $26.1M | ||
| Q4 24 | $225.4M | $-2.5M | ||
| Q3 24 | $64.8M | $-223.0K | ||
| Q2 24 | $71.4M | $-3.7M | ||
| Q1 24 | $-32.1M | $-815.0K |
| Q4 25 | 19.5% | -4.2% | ||
| Q3 25 | 4.7% | 0.6% | ||
| Q2 25 | -17.2% | -3.8% | ||
| Q1 25 | 0.2% | 29.0% | ||
| Q4 24 | 39.3% | -2.3% | ||
| Q3 24 | 11.9% | -0.2% | ||
| Q2 24 | 14.2% | -3.1% | ||
| Q1 24 | -7.0% | -0.8% |
| Q4 25 | 7.8% | 1.1% | ||
| Q3 25 | 3.7% | 0.7% | ||
| Q2 25 | 3.4% | 0.5% | ||
| Q1 25 | 4.1% | 0.7% | ||
| Q4 24 | 4.3% | 0.6% | ||
| Q3 24 | 4.9% | 0.5% | ||
| Q2 24 | 2.2% | 0.7% | ||
| Q1 24 | 3.5% | 1.4% |
| Q4 25 | 79.14× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -2.54× | -0.93× | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 1.84× | -4.24× | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 2.03× | -0.46× | ||
| 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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
