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Side-by-side financial comparison of Axon Enterprise (AXON) and Liberty Energy Inc. (LBRT). Click either name above to swap in a different company.
Liberty Energy Inc. is the larger business by last-quarter revenue ($1.0B vs $796.7M, roughly 1.3× Axon Enterprise). Liberty Energy Inc. runs the higher net margin — 2.2% vs 0.3%, a 1.9% gap on every dollar of revenue. On growth, Axon Enterprise posted the faster year-over-year revenue change (38.9% vs 4.5%). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs -6.2%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
AXON vs LBRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $1.0B |
| Net Profit | $2.7M | $22.6M |
| Gross Margin | 57.9% | — |
| Operating Margin | -6.3% | 2.2% |
| Net Margin | 0.3% | 2.2% |
| Revenue YoY | 38.9% | 4.5% |
| Net Profit YoY | -98.0% | 64.8% |
| EPS (diluted) | $0.02 | $0.14 |
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 | — | $1.0B | ||
| Q4 25 | $796.7M | $1.0B | ||
| Q3 25 | $710.6M | $947.4M | ||
| Q2 25 | $668.5M | $1.0B | ||
| Q1 25 | $603.6M | $977.5M | ||
| Q4 24 | $573.4M | $943.6M | ||
| Q3 24 | $544.3M | $1.1B | ||
| Q2 24 | $504.1M | $1.2B |
| Q1 26 | — | $22.6M | ||
| Q4 25 | $2.7M | $13.7M | ||
| Q3 25 | $-2.2M | $43.1M | ||
| Q2 25 | $36.1M | $71.0M | ||
| Q1 25 | $88.0M | $20.1M | ||
| Q4 24 | $136.0M | $51.9M | ||
| Q3 24 | $67.0M | $73.8M | ||
| Q2 24 | $40.8M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | 57.9% | 20.6% | ||
| Q3 25 | 60.1% | 18.7% | ||
| Q2 25 | 60.4% | 22.1% | ||
| Q1 25 | 60.6% | 22.1% | ||
| Q4 24 | 60.5% | 21.4% | ||
| Q3 24 | 60.8% | 26.2% | ||
| Q2 24 | 60.3% | 27.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | -6.3% | 1.9% | ||
| Q3 25 | -0.3% | -0.3% | ||
| Q2 25 | -0.2% | 3.6% | ||
| Q1 25 | -1.5% | 1.9% | ||
| Q4 24 | -2.6% | 2.6% | ||
| Q3 24 | 4.4% | 9.4% | ||
| Q2 24 | 6.5% | 12.2% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 0.3% | 1.3% | ||
| Q3 25 | -0.3% | 4.5% | ||
| Q2 25 | 5.4% | 6.8% | ||
| Q1 25 | 14.6% | 2.1% | ||
| Q4 24 | 23.7% | 5.5% | ||
| Q3 24 | 12.3% | 6.5% | ||
| Q2 24 | 8.1% | 9.3% |
| Q1 26 | — | $0.14 | ||
| Q4 25 | $0.02 | $0.08 | ||
| Q3 25 | $-0.03 | $0.26 | ||
| Q2 25 | $0.44 | $0.43 | ||
| Q1 25 | $1.08 | $0.12 | ||
| Q4 24 | $1.68 | $0.31 | ||
| Q3 24 | $0.86 | $0.44 | ||
| Q2 24 | $0.53 | $0.64 |
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 | $699.1M |
| Total DebtLower is stronger | $1.8B | $7.1M |
| Stockholders' EquityBook value | $3.2B | $1.9B |
| Total Assets | $7.0B | $4.4B |
| Debt / EquityLower = less leverage | 0.56× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $699.1M | ||
| Q4 25 | $1.7B | $27.6M | ||
| Q3 25 | $2.4B | $13.5M | ||
| Q2 25 | $2.1B | $19.6M | ||
| Q1 25 | $2.2B | $24.1M | ||
| Q4 24 | $788.1M | $20.0M | ||
| Q3 24 | $1.0B | $23.0M | ||
| Q2 24 | $968.9M | $30.0M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $1.8B | $246.6M | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $680.3M | $190.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $3.2B | $2.1B | ||
| Q3 25 | $3.0B | $2.1B | ||
| Q2 25 | $2.7B | $2.0B | ||
| Q1 25 | $2.6B | $2.0B | ||
| Q4 24 | $2.3B | $2.0B | ||
| Q3 24 | $2.1B | $2.0B | ||
| Q2 24 | $1.9B | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $7.0B | $3.6B | ||
| Q3 25 | $6.7B | $3.5B | ||
| Q2 25 | $6.2B | $3.4B | ||
| Q1 25 | $6.1B | $3.4B | ||
| Q4 24 | $4.5B | $3.3B | ||
| Q3 24 | $4.0B | $3.3B | ||
| Q2 24 | $3.7B | $3.2B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | 0.56× | 0.12× | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 0.29× | 0.10× | ||
| 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% | 13.1% |
| 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 | $195.4M | ||
| Q3 25 | $60.0M | $51.5M | ||
| Q2 25 | $-91.7M | $170.6M | ||
| Q1 25 | $25.8M | $192.1M | ||
| Q4 24 | $250.2M | $177.3M | ||
| Q3 24 | $91.3M | $244.5M | ||
| Q2 24 | $82.8M | $248.2M |
| Q1 26 | — | — | ||
| Q4 25 | $155.4M | $-10.0M | ||
| Q3 25 | $33.4M | $-67.2M | ||
| Q2 25 | $-114.7M | $33.1M | ||
| Q1 25 | $932.0K | $58.2M | ||
| Q4 24 | $225.4M | $-26.2M | ||
| Q3 24 | $64.8M | $77.9M | ||
| Q2 24 | $71.4M | $112.2M |
| Q1 26 | — | — | ||
| Q4 25 | 19.5% | -1.0% | ||
| Q3 25 | 4.7% | -7.1% | ||
| Q2 25 | -17.2% | 3.2% | ||
| Q1 25 | 0.2% | 6.0% | ||
| Q4 24 | 39.3% | -2.8% | ||
| Q3 24 | 11.9% | 6.8% | ||
| Q2 24 | 14.2% | 9.7% |
| Q1 26 | — | 13.1% | ||
| Q4 25 | 7.8% | 19.8% | ||
| Q3 25 | 3.7% | 12.5% | ||
| Q2 25 | 3.4% | 13.2% | ||
| Q1 25 | 4.1% | 13.7% | ||
| Q4 24 | 4.3% | 21.6% | ||
| Q3 24 | 4.9% | 14.6% | ||
| Q2 24 | 2.2% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | 79.14× | 14.28× | ||
| Q3 25 | — | 1.20× | ||
| Q2 25 | -2.54× | 2.40× | ||
| Q1 25 | 0.29× | 9.55× | ||
| Q4 24 | 1.84× | 3.42× | ||
| Q3 24 | 1.36× | 3.31× | ||
| Q2 24 | 2.03× | 2.29× |
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% |
LBRT
Segment breakdown not available.
