Axon (NASDAQ: AXON) reported Q1 EPS of $1.61, $0.01 better than the analyst estimate of $1.60. Revenue for the quarter came in at $807.35 million versus the consensus estimate of $778.45 million.

2026 Outlook

The following forward-looking statements reflect Axon\'s expectations as of May 6, 2026 and are subject to risks and uncertainties. Please refer to \"Forward-Looking Statements\" below for additional information.

2026 Revenue: Axon expects full-year 2026 revenue growth in a range of 30% to 32%, an increase from 27% to 30% previously.

2026 Adjusted EBITDA: Axon expects full-year 2026 Adjusted EBITDA margin of 25.5%, in line with prior margin guidance.

We provide Adjusted EBITDA guidance, rather than net income guidance, due to the inherent difficulty of forecasting certain types of expenses and gains such as income tax expenses and gains or losses on marketable securities and strategic investments, which affect net income but not Adjusted EBITDA. We are unable to reasonably estimate the impact of such expenses, which could be material, on net income. Accordingly, we do not provide a reconciliation of projected net income to projected Adjusted EBITDA.

2026 Stock-based compensation: Axon expects full-year 2026 stock-based compensation expenses to be approximately $590 million to $620 million, consistent with prior guidance.

Full-year 2026 stock-based compensation expense includes approximately $230 million related to the broad-based Employee XSP and the CEO Performance Award, primarily within SG&A and R&D. These performance-based incentive programs are tied to stock price, operational, and time-based requirements.

2026 CapEx: Axon expects 2026 CapEx to be in the range of $160 million to $190 million. Our 2026 capital expenditure plans include long-term R&D investment projects, continued capacity expansion, global facility build-outs and new product development costs. Expected capital expenditures do not include costs related to investments in a new headquarters.

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