vs
Side-by-side financial comparison of Axon Enterprise (AXON) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
Axon Enterprise is the larger business by last-quarter revenue ($796.7M vs $430.0M, roughly 1.9× PEGASYSTEMS INC). PEGASYSTEMS INC runs the higher net margin — 7.6% vs 0.3%, a 7.3% gap on every dollar of revenue. On growth, Axon Enterprise posted the faster year-over-year revenue change (38.9% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $155.4M). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs 10.7%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
Pegasystems Inc. (Pega) is a global software company based in Waltham, Massachusetts, in the United States, and founded in 1983. The company has been publicly traded since 1996 as PEGA (NASDAQ). Pega is a low-code platform for workflow automation and generative AI-powered decision-making for businesses.
AXON vs PEGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $430.0M |
| Net Profit | $2.7M | $32.8M |
| Gross Margin | 57.9% | 75.2% |
| Operating Margin | -6.3% | 8.6% |
| Net Margin | 0.3% | 7.6% |
| Revenue YoY | 38.9% | -9.6% |
| Net Profit YoY | -98.0% | — |
| EPS (diluted) | $0.02 | $0.18 |
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 | — | $430.0M | ||
| Q4 25 | $796.7M | $504.3M | ||
| Q3 25 | $710.6M | $381.4M | ||
| Q2 25 | $668.5M | $384.5M | ||
| Q1 25 | $603.6M | $475.6M | ||
| Q4 24 | $573.4M | $490.8M | ||
| Q3 24 | $544.3M | $325.1M | ||
| Q2 24 | $504.1M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $2.7M | $234.6M | ||
| Q3 25 | $-2.2M | $43.4M | ||
| Q2 25 | $36.1M | $30.1M | ||
| Q1 25 | $88.0M | $85.4M | ||
| Q4 24 | $136.0M | $119.1M | ||
| Q3 24 | $67.0M | $-14.4M | ||
| Q2 24 | $40.8M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | 57.9% | 79.5% | ||
| Q3 25 | 60.1% | 72.2% | ||
| Q2 25 | 60.4% | 71.5% | ||
| Q1 25 | 60.6% | 78.5% | ||
| Q4 24 | 60.5% | 79.1% | ||
| Q3 24 | 60.8% | 70.2% | ||
| Q2 24 | 60.3% | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | -6.3% | 20.7% | ||
| Q3 25 | -0.3% | 3.8% | ||
| Q2 25 | -0.2% | 4.5% | ||
| Q1 25 | -1.5% | 26.7% | ||
| Q4 24 | -2.6% | 29.1% | ||
| Q3 24 | 4.4% | -3.6% | ||
| Q2 24 | 6.5% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 0.3% | 46.5% | ||
| Q3 25 | -0.3% | 11.4% | ||
| Q2 25 | 5.4% | 7.8% | ||
| Q1 25 | 14.6% | 18.0% | ||
| Q4 24 | 23.7% | 24.3% | ||
| Q3 24 | 12.3% | -4.4% | ||
| Q2 24 | 8.1% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $0.02 | $0.81 | ||
| Q3 25 | $-0.03 | $0.24 | ||
| Q2 25 | $0.44 | $0.17 | ||
| Q1 25 | $1.08 | $0.91 | ||
| Q4 24 | $1.68 | $1.35 | ||
| Q3 24 | $0.86 | $-0.17 | ||
| Q2 24 | $0.53 | $0.07 |
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 | $270.0M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.2B | $705.9M |
| Total Assets | $7.0B | $1.6B |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $1.7B | $425.8M | ||
| Q3 25 | $2.4B | $351.4M | ||
| Q2 25 | $2.1B | $411.6M | ||
| Q1 25 | $2.2B | $371.7M | ||
| Q4 24 | $788.1M | $740.0M | ||
| Q3 24 | $1.0B | $703.0M | ||
| Q2 24 | $968.9M | $665.1M |
| Q1 26 | — | — | ||
| 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 26 | — | $705.9M | ||
| Q4 25 | $3.2B | $787.4M | ||
| Q3 25 | $3.0B | $596.8M | ||
| Q2 25 | $2.7B | $624.5M | ||
| Q1 25 | $2.6B | $611.3M | ||
| Q4 24 | $2.3B | $585.5M | ||
| Q3 24 | $2.1B | $473.0M | ||
| Q2 24 | $1.9B | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $7.0B | $1.6B | ||
| Q3 25 | $6.7B | $1.3B | ||
| Q2 25 | $6.2B | $1.3B | ||
| Q1 25 | $6.1B | $1.3B | ||
| Q4 24 | $4.5B | $1.8B | ||
| Q3 24 | $4.0B | $1.6B | ||
| Q2 24 | $3.7B | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 0.29× | — | ||
| 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 | $206.5M |
| FCF MarginFCF / Revenue | 19.5% | 48.0% |
| Capex IntensityCapex / Revenue | 7.8% | — |
| Cash ConversionOCF / Net Profit | 79.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $217.2M | $158.4M | ||
| Q3 25 | $60.0M | $56.3M | ||
| Q2 25 | $-91.7M | $86.3M | ||
| Q1 25 | $25.8M | $204.2M | ||
| Q4 24 | $250.2M | $95.2M | ||
| Q3 24 | $91.3M | $30.5M | ||
| Q2 24 | $82.8M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $155.4M | $152.4M | ||
| Q3 25 | $33.4M | $51.8M | ||
| Q2 25 | $-114.7M | $84.1M | ||
| Q1 25 | $932.0K | $202.3M | ||
| Q4 24 | $225.4M | $92.4M | ||
| Q3 24 | $64.8M | $27.4M | ||
| Q2 24 | $71.4M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 19.5% | 30.2% | ||
| Q3 25 | 4.7% | 13.6% | ||
| Q2 25 | -17.2% | 21.9% | ||
| Q1 25 | 0.2% | 42.5% | ||
| Q4 24 | 39.3% | 18.8% | ||
| Q3 24 | 11.9% | 8.4% | ||
| Q2 24 | 14.2% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 7.8% | 1.2% | ||
| Q3 25 | 3.7% | 1.2% | ||
| Q2 25 | 3.4% | 0.6% | ||
| Q1 25 | 4.1% | 0.4% | ||
| Q4 24 | 4.3% | 0.6% | ||
| Q3 24 | 4.9% | 0.9% | ||
| Q2 24 | 2.2% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 79.14× | 0.68× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | -2.54× | 2.87× | ||
| Q1 25 | 0.29× | 2.39× | ||
| Q4 24 | 1.84× | 0.80× | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 2.03× | 6.06× |
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% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
