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Side-by-side financial comparison of Axon Enterprise (AXON) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
Axon Enterprise is the larger business by last-quarter revenue ($796.7M vs $124.7M, roughly 6.4× SMITH & WESSON BRANDS, INC.). SMITH & WESSON BRANDS, INC. runs the higher net margin — 1.5% vs 0.3%, a 1.2% 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 $16.3M). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs -4.8%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
AXON vs SWBI — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $124.7M |
| Net Profit | $2.7M | $1.9M |
| Gross Margin | 57.9% | 24.3% |
| Operating Margin | -6.3% | 3.3% |
| Net Margin | 0.3% | 1.5% |
| Revenue YoY | 38.9% | -3.9% |
| Net Profit YoY | -98.0% | -53.6% |
| EPS (diluted) | $0.02 | $0.04 |
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 | $124.7M | ||
| Q3 25 | $710.6M | $85.1M | ||
| Q2 25 | $668.5M | $140.8M | ||
| Q1 25 | $603.6M | $115.9M | ||
| Q4 24 | $573.4M | $129.7M | ||
| Q3 24 | $544.3M | $88.3M | ||
| Q2 24 | $504.1M | $159.1M | ||
| Q1 24 | $460.7M | $137.5M |
| Q4 25 | $2.7M | $1.9M | ||
| Q3 25 | $-2.2M | $-3.4M | ||
| Q2 25 | $36.1M | $8.6M | ||
| Q1 25 | $88.0M | $2.1M | ||
| Q4 24 | $136.0M | $4.5M | ||
| Q3 24 | $67.0M | $-1.9M | ||
| Q2 24 | $40.8M | $27.9M | ||
| Q1 24 | $133.2M | $7.9M |
| Q4 25 | 57.9% | 24.3% | ||
| Q3 25 | 60.1% | 25.9% | ||
| Q2 25 | 60.4% | 28.8% | ||
| Q1 25 | 60.6% | 24.1% | ||
| Q4 24 | 60.5% | 26.6% | ||
| Q3 24 | 60.8% | 27.4% | ||
| Q2 24 | 60.3% | 35.5% | ||
| Q1 24 | 56.4% | 28.7% |
| Q4 25 | -6.3% | 3.3% | ||
| Q3 25 | -0.3% | -3.5% | ||
| Q2 25 | -0.2% | 9.3% | ||
| Q1 25 | -1.5% | 4.1% | ||
| Q4 24 | -2.6% | 5.8% | ||
| Q3 24 | 4.4% | -1.7% | ||
| Q2 24 | 6.5% | 17.4% | ||
| Q1 24 | 3.5% | 8.2% |
| Q4 25 | 0.3% | 1.5% | ||
| Q3 25 | -0.3% | -4.0% | ||
| Q2 25 | 5.4% | 6.1% | ||
| Q1 25 | 14.6% | 1.8% | ||
| Q4 24 | 23.7% | 3.5% | ||
| Q3 24 | 12.3% | -2.1% | ||
| Q2 24 | 8.1% | 17.5% | ||
| Q1 24 | 28.9% | 5.7% |
| Q4 25 | $0.02 | $0.04 | ||
| Q3 25 | $-0.03 | $-0.08 | ||
| Q2 25 | $0.44 | $0.19 | ||
| Q1 25 | $1.08 | $0.05 | ||
| Q4 24 | $1.68 | $0.10 | ||
| Q3 24 | $0.86 | $-0.04 | ||
| Q2 24 | $0.53 | $0.60 | ||
| Q1 24 | $1.73 | $0.17 |
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 | $22.4M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.2B | $363.2M |
| Total Assets | $7.0B | $548.6M |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $22.4M | ||
| Q3 25 | $2.4B | $18.0M | ||
| Q2 25 | $2.1B | $25.2M | ||
| Q1 25 | $2.2B | $26.7M | ||
| Q4 24 | $788.1M | $39.1M | ||
| Q3 24 | $1.0B | $35.5M | ||
| Q2 24 | $968.9M | $60.8M | ||
| Q1 24 | $964.1M | $47.4M |
| 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 | $363.2M | ||
| Q3 25 | $3.0B | $364.4M | ||
| Q2 25 | $2.7B | $372.5M | ||
| Q1 25 | $2.6B | $366.9M | ||
| Q4 24 | $2.3B | $371.5M | ||
| Q3 24 | $2.1B | $380.0M | ||
| Q2 24 | $1.9B | $399.9M | ||
| Q1 24 | $1.8B | $376.4M |
| Q4 25 | $7.0B | $548.6M | ||
| Q3 25 | $6.7B | $554.6M | ||
| Q2 25 | $6.2B | $559.6M | ||
| Q1 25 | $6.1B | $578.9M | ||
| Q4 24 | $4.5B | $587.4M | ||
| Q3 24 | $4.0B | $571.3M | ||
| Q2 24 | $3.7B | $577.4M | ||
| Q1 24 | $3.6B | $570.6M |
| 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 | $27.3M |
| Free Cash FlowOCF − Capex | $155.4M | $16.3M |
| FCF MarginFCF / Revenue | 19.5% | 13.1% |
| Capex IntensityCapex / Revenue | 7.8% | 8.8% |
| Cash ConversionOCF / Net Profit | 79.14× | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $217.2M | $27.3M | ||
| Q3 25 | $60.0M | $-8.1M | ||
| Q2 25 | $-91.7M | $40.8M | ||
| Q1 25 | $25.8M | $-9.8M | ||
| Q4 24 | $250.2M | $-7.4M | ||
| Q3 24 | $91.3M | $-30.8M | ||
| Q2 24 | $82.8M | $43.7M | ||
| Q1 24 | $-15.9M | $25.2M |
| Q4 25 | $155.4M | $16.3M | ||
| Q3 25 | $33.4M | $-12.4M | ||
| Q2 25 | $-114.7M | $33.5M | ||
| Q1 25 | $932.0K | $-16.1M | ||
| Q4 24 | $225.4M | $-10.7M | ||
| Q3 24 | $64.8M | $-35.5M | ||
| Q2 24 | $71.4M | $38.2M | ||
| Q1 24 | $-32.1M | $7.0M |
| Q4 25 | 19.5% | 13.1% | ||
| Q3 25 | 4.7% | -14.6% | ||
| Q2 25 | -17.2% | 23.8% | ||
| Q1 25 | 0.2% | -13.9% | ||
| Q4 24 | 39.3% | -8.3% | ||
| Q3 24 | 11.9% | -40.2% | ||
| Q2 24 | 14.2% | 24.0% | ||
| Q1 24 | -7.0% | 5.1% |
| Q4 25 | 7.8% | 8.8% | ||
| Q3 25 | 3.7% | 5.0% | ||
| Q2 25 | 3.4% | 5.2% | ||
| Q1 25 | 4.1% | 5.4% | ||
| Q4 24 | 4.3% | 2.5% | ||
| Q3 24 | 4.9% | 5.3% | ||
| Q2 24 | 2.2% | 3.5% | ||
| Q1 24 | 3.5% | 13.2% |
| Q4 25 | 79.14× | 14.22× | ||
| Q3 25 | — | — | ||
| Q2 25 | -2.54× | 4.73× | ||
| Q1 25 | 0.29× | -4.68× | ||
| Q4 24 | 1.84× | -1.63× | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 2.03× | 1.57× | ||
| Q1 24 | -0.12× | 3.20× |
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% |
SWBI
Segment breakdown not available.
