Axon Enterprise stock holds near record levels as revenue and margins rise

Axon Enterprise (US05464C1018) stock is supported by a recent revenue base that reached $2.07 billion in 2025, after $1.58 billion in 2024, while annual gross margin improved to 62.0% from 59.3% in the prior year. The company also reported adjusted EBITDA of $507 million in 2025, up from $318 million in 2024, according to its investor materials on Axon Enterprise investor relations.

Revenue up 31.0%

The year-over-year increase to $2.07 billion in 2025 from $1.58 billion in 2024 equals growth of 31.0%, a pace that matters because it came alongside a margin gain rather than a margin trade-off. That combination points to a business mix still benefiting from recurring software and connected-device revenue.

Axon Enterprise stock is also tied to a business that said annual net revenue retention was 122% in 2025, a useful sign for the subscription side of the model. For investors, the 62.0% gross margin in 2025 is the cleaner indicator than headline growth alone.

EBITDA climbs 59.6%

Adjusted EBITDA rose to $507 million in 2025 from $318 million in 2024, an increase of 59.6% that outpaced revenue growth. That spread suggests operating leverage, which is often what supports a premium multiple in a hardware-plus-software model.

Management also pointed to continued expansion in product and service breadth, with the company now building around public-safety hardware, cloud software, and connected services. Those segments matter because they can diversify revenue away from one-off device sales and toward recurring contract value.

Treasury and scale

Axon Enterprise ended 2025 with $2.07 billion in revenue, $507 million in adjusted EBITDA, and a 62.0% gross margin, giving the market a compact set of numbers to judge the company’s scale. The gap versus 2024 is clear in every key line item: revenue up $491 million, EBITDA up $189 million, and margin up 270 basis points.

That profile helps explain why the stock can stay sensitive to report quality even when the broader market is choppy. A company growing revenue by 31.0% while expanding margin tends to invite a closer valuation debate than a simple sales story.

Axon products drive mix

The product portfolio remains centered on Tasers, body-worn cameras, and cloud software, with the software element increasingly important to the annual mix. The 122% net revenue retention figure for 2025 suggests that existing customers continued to expand their spend, which is a practical indicator of product stickiness.

Body-worn video and cloud evidence management are the more strategically valuable parts of the line-up because they can attach recurring revenue to hardware deployments. That is the most investable part of the story, not the device count alone.

Stock around the numbers

Axon Enterprise stock traded on Nasdaq, and the company’s latest annual figures give the share story its current frame: $2.07 billion revenue in 2025, $507 million adjusted EBITDA, and 62.0% gross margin. Those are the numbers the market will keep pricing against when the next report arrives.

Nasdaq: AXON is the listed symbol for a business whose latest annual disclosure still shows growth and leverage working together. The stock line is therefore shaped less by a single day’s move than by whether those 2025 trends extend into the next quarter.