---
title: "Axon Q2 2026: ten straight quarters above 30% — revenue $904M, AI up ~700%, guidance raised again"
description: "Axon's filed Q2 2026: revenue up 35% to $904M — the tenth consecutive quarter above 30% — with ARR up 39% to $1.6B, AI Era revenue growing ~700%, Dedrone past $100M, and full-year guidance raised to 32-34%. The stock-comp line under the 3.3% net margin is the part worth reading."
canonical: https://evidinvest.com/blog/axon-q2-2026-earnings-results-ten-quarters-thirty-percent-2026-08-05
date: "2026-08-05"
last_updated: "2026-08-05"
author: "EvidInvest Team"
publisher: "EBD Sweden AB (EvidInvest)"
tags: ["AXON", "Axon", "Q2 2026", "earnings", "AI", "counter-drone", "SaaS", "SEC filings", "Aether"]
---

# Axon Q2 2026: ten straight quarters above 30% — revenue $904M, AI up ~700%, guidance raised again

- Published: 2026-08-05
- Author: EvidInvest Team, EvidInvest (published by EBD Sweden AB)
- Canonical URL: https://evidinvest.com/blog/axon-q2-2026-earnings-results-ten-quarters-thirty-percent-2026-08-05
- Research, not investment advice.

> Axon's filed Q2 2026: revenue up 35% to $904M — the tenth consecutive quarter above 30% — with ARR up 39% to $1.6B, AI Era revenue growing ~700%, Dedrone past $100M, and full-year guidance raised to 32-34%. The stock-comp line under the 3.3% net margin is the part worth reading.

*Figures trace to Axon's Q2 2026 shareholder letter, filed August 5, 2026 as
Exhibit 99.1 to Form 8-K (accession `0001628280-26-053363`), with Q1
baselines from the May 6 letter (accession `0001628280-26-031285`).
Research, not investment advice.*

Our [Monday preview](https://evidinvest.com/blog/aug4-2026-healthcare-adjacent-earnings-unh-axon-it-2026-08-03)
left [Axon](https://evidinvest.com/valuation/AXON) (**[$AXON](https://evidinvest.com/valuation/AXON)**) one question to
answer: does the streak of 30%-plus quarters — nine straight as of Q1's $807
million — survive a tenth print? It did, with room. **Revenue of $904
million, up 35% year over year**, which the letter itself calls "our 10th
consecutive quarter of revenue growth above 30%." (Axon reported a day later
than our preview expected — the filing came August 5.)

The subscription engine underneath is compounding faster than the headline:
**annual recurring revenue up 39% to $1.6 billion** with net revenue
retention at **126%** — existing customers alone grew more than a quarter
before a single new logo. Software & Services grew 36% to $398 million, and
the letter's growth callouts stack up: **AI Era revenue up nearly 700%**,
Platform Solutions up 123% to $150 million, and **Dedrone — the counter-drone
business — past $100 million** in quarterly revenue. Connected Devices did
$507 million, up 35%, on Dedrone, TASER 10 and Axon Body 4.

The line worth slowing down for is profitability. Net income was **$29
million — a 3.3% net margin** — against a 26.8% adjusted EBITDA margin and
non-GAAP net income of $155 million. The bridge between those numbers is
mostly stock-based compensation, and the letter itemizes it: $11 million in
COGS, **$71 million in SG&A, $62 million in R&D** — roughly $144 million of
stock comp in one quarter, about 16% of revenue. Cash improved but stayed
thin: operating cash flow of $20 million (versus a $92 million outflow a
year ago) and free cash flow of essentially zero, with $685 million of cash
and short-term investments on hand.

Guidance went up for the second quarter running: full-year revenue growth
now **32% to 34%**, from the 30-32% range set in May, with the adjusted
EBITDA margin held at about 25.5%.

So the preview's question is settled — the streak is real, ten quarters
deep, and accelerating segments (AI, counter-drone) are taking over from the
taser cycle as its engine. What the filing prices less clearly is the
gap between the growth story and the GAAP margin — the
[valuation page](https://evidinvest.com/valuation/AXON) has the multiples and the DCF pre-filled
from the filings if you want to test what 30%-plus growth is worth when 16%
of revenue is paid in stock.

*Every figure above traces to accession `0001628280-26-053363`
([sec.gov](https://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm)).
Research, not investment advice.*

---

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