vs
Side-by-side financial comparison of Axon Enterprise (AXON) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Axon Enterprise is the larger business by last-quarter revenue ($796.7M vs $425.9M, roughly 1.9× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 0.3%, a 35.4% gap on every dollar of revenue. On growth, Axon Enterprise posted the faster year-over-year revenue change (38.9% vs 1.7%). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs 12.1%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
AXON vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $425.9M |
| Net Profit | $2.7M | $152.0M |
| Gross Margin | 57.9% | — |
| Operating Margin | -6.3% | 81.5% |
| Net Margin | 0.3% | 35.7% |
| Revenue YoY | 38.9% | 1.7% |
| Net Profit YoY | -98.0% | — |
| EPS (diluted) | $0.02 | $1.59 |
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 | — | $425.9M | ||
| Q4 25 | $796.7M | $637.9M | ||
| Q3 25 | $710.6M | $443.1M | ||
| Q2 25 | $668.5M | $527.4M | ||
| Q1 25 | $603.6M | $734.8M | ||
| Q4 24 | $573.4M | $513.8M | ||
| Q3 24 | $544.3M | $310.0M | ||
| Q2 24 | $504.1M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $2.7M | $181.6M | ||
| Q3 25 | $-2.2M | $107.3M | ||
| Q2 25 | $36.1M | $149.8M | ||
| Q1 25 | $88.0M | $216.4M | ||
| Q4 24 | $136.0M | $45.0M | ||
| Q3 24 | $67.0M | $-167.6M | ||
| Q2 24 | $40.8M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 57.9% | 86.6% | ||
| Q3 25 | 60.1% | — | ||
| Q2 25 | 60.4% | 94.7% | ||
| Q1 25 | 60.6% | 81.6% | ||
| Q4 24 | 60.5% | 87.3% | ||
| Q3 24 | 60.8% | — | ||
| Q2 24 | 60.3% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | -6.3% | 43.3% | ||
| Q3 25 | -0.3% | 40.6% | ||
| Q2 25 | -0.2% | 43.7% | ||
| Q1 25 | -1.5% | 43.2% | ||
| Q4 24 | -2.6% | 16.8% | ||
| Q3 24 | 4.4% | -63.4% | ||
| Q2 24 | 6.5% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 0.3% | 28.5% | ||
| Q3 25 | -0.3% | 24.2% | ||
| Q2 25 | 5.4% | 28.4% | ||
| Q1 25 | 14.6% | 29.4% | ||
| Q4 24 | 23.7% | 8.8% | ||
| Q3 24 | 12.3% | -54.1% | ||
| Q2 24 | 8.1% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $0.02 | $1.98 | ||
| Q3 25 | $-0.03 | $1.18 | ||
| Q2 25 | $0.44 | $1.64 | ||
| Q1 25 | $1.08 | $2.37 | ||
| Q4 24 | $1.68 | $0.49 | ||
| Q3 24 | $0.86 | $-1.81 | ||
| Q2 24 | $0.53 | $-0.59 |
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 | $300.0M |
| Stockholders' EquityBook value | $3.2B | — |
| Total Assets | $7.0B | $9.1B |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $271.4M | ||
| Q3 25 | $2.4B | $43.2M | ||
| Q2 25 | $2.1B | $39.3M | ||
| Q1 25 | $2.2B | $40.0M | ||
| Q4 24 | $788.1M | $48.7M | ||
| Q3 24 | $1.0B | $38.2M | ||
| Q2 24 | $968.9M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $1.8B | $2.7B | ||
| Q3 25 | $2.0B | $2.7B | ||
| Q2 25 | $2.0B | $2.7B | ||
| Q1 25 | $2.0B | $2.7B | ||
| Q4 24 | $680.3M | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $3.2B | $3.6B | ||
| Q3 25 | $3.0B | $3.1B | ||
| Q2 25 | $2.7B | $3.0B | ||
| Q1 25 | $2.6B | $2.8B | ||
| Q4 24 | $2.3B | $-76.2M | ||
| Q3 24 | $2.1B | $-15.5M | ||
| Q2 24 | $1.9B | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $7.0B | $9.2B | ||
| Q3 25 | $6.7B | $8.7B | ||
| Q2 25 | $6.2B | $8.4B | ||
| Q1 25 | $6.1B | $8.5B | ||
| Q4 24 | $4.5B | $8.3B | ||
| Q3 24 | $4.0B | $8.3B | ||
| Q2 24 | $3.7B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.56× | 0.75× | ||
| Q3 25 | 0.66× | 0.87× | ||
| Q2 25 | 0.73× | 0.90× | ||
| Q1 25 | 0.79× | 0.99× | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $155.4M | — |
| FCF MarginFCF / Revenue | 19.5% | — |
| Capex IntensityCapex / Revenue | 7.8% | 117.0% |
| Cash ConversionOCF / Net Profit | 79.14× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $217.2M | $274.9M | ||
| Q3 25 | $60.0M | $237.8M | ||
| Q2 25 | $-91.7M | $388.4M | ||
| Q1 25 | $25.8M | $253.8M | ||
| Q4 24 | $250.2M | $220.1M | ||
| Q3 24 | $91.3M | $197.9M | ||
| Q2 24 | $82.8M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $155.4M | $-2.7M | ||
| Q3 25 | $33.4M | $-47.8M | ||
| Q2 25 | $-114.7M | $195.3M | ||
| Q1 25 | $932.0K | $59.9M | ||
| Q4 24 | $225.4M | $-20.3M | ||
| Q3 24 | $64.8M | $-49.1M | ||
| Q2 24 | $71.4M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 19.5% | -0.4% | ||
| Q3 25 | 4.7% | -10.8% | ||
| Q2 25 | -17.2% | 37.0% | ||
| Q1 25 | 0.2% | 8.2% | ||
| Q4 24 | 39.3% | -4.0% | ||
| Q3 24 | 11.9% | -15.8% | ||
| Q2 24 | 14.2% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 7.8% | 43.5% | ||
| Q3 25 | 3.7% | 64.4% | ||
| Q2 25 | 3.4% | 36.6% | ||
| Q1 25 | 4.1% | 26.4% | ||
| Q4 24 | 4.3% | 46.8% | ||
| Q3 24 | 4.9% | 79.7% | ||
| Q2 24 | 2.2% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 79.14× | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | -2.54× | 2.59× | ||
| Q1 25 | 0.29× | 1.17× | ||
| Q4 24 | 1.84× | 4.89× | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 2.03× | — |
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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
