AXON · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Axon Enterprise

26 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. law enforcement agencies

earns fromnamed as a risk

Our largest customer vertical is U.S. federal, state and local law enforcement.Risk factors (Item 1A)

Suppliers

TASER 10 CED raw material suppliers

depends onnamed as a risk

Because of the unique requirements of TASER 10 CEDs, we cannot change suppliers easily.Risk factors (Item 1A)

Partners and platforms

Third-party cloud service providers

depends onnamed as a risk

We rely on third party cloud service providers located in the United States and other countries to deliver our cloud services.Risk factors (Item 1A)

Also named by CBOE, PANW, PDFS, U

Other companies

TASER conducted energy devices (CEDs)

earns fromnamed as a risk

We derive a significant portion of our revenues from sales of CEDs and related products and services, whether sold individually or as part of a subscription plan offering.Risk factors (Item 1A)

U.S. government shutdowns

earns fromnamed as a risk

Federal agencies, in particular, are vulnerable to broader governmental challenges, such as funding and debt limit constraints, including government shutdowns, such as the latest shutdown in 2025 and similar funding disruptions.Risk factors (Item 1A)

Three depository institutions

concentrated innamed as a risk

We hold the majority of our cash and cash equivalents accounts at three depository institutions.Risk factors (Item 1A)

Carbyne

Furthermore, our acquisition of Carbyne, a provider of cloud-native emergency communications platforms that combine NG911 call-handling, location and multimedia capabilities with AI and rich data integrations, extends our offerings more deeply into the core call-handling layer of the NG911 workflow.Business (Item 1)

Competitors

Motorola Solutions

competes with

Our competition in this space includes CentralSquare Technologies (Vertex NG911 Call Handling), Hexagon AB (call-handling capabilities within its public safety platforms such as I/CAD and OnCall), Intrado Life & Safety (including its VIPER and Power 911 offerings), Motorola Solutions (including its VESTA 9-1-1, its other NG911 call-handling solutions and its Rave 911 suite), RapidSOS, Versaterm, and Zetron (MAX Call Taking), among other providers of NG911 call-handling, data and analytics platforms.Business (Item 1)

Flock Safety

competes with

Our competition in this area includes Flock Safety, Genetec (AutoVu), Jenoptik, Motorola Solutions (including its Vigilant and fixed LPR solutions), Neology (including its PIPS Technology business), NDI Recognition Systems, PlateSmart Technologies, and Rekor Systems.Business (Item 1)

Places

China

depends onnamed as a risk

In addition, increased use by the PRC of foreign “entity lists,” modeled in part on U.S. and other Western trade controls, could restrict Axon’s ability to import components or materials sourced from the PRC.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Arizona

concentrated in

We perform manufacturing, final assembly and final test operations at our facilities in Arizona and own substantially all of the equipment required to develop, prototype, manufacture and assemble our finished products.Business (Item 1)

Also named by ABR, AMKR, BBSI, BRK/B, DJCO, ELS, ENSG, GDDY and 5 more

Commodities and inputs

SOFR

exposed to its price · $300.0 million line of credit

Additionally, we have access to a $300.0 million line of credit borrowing facility which bears interest at SOFR plus 1.25 to 1.75% per year determined in accordance with a pricing grid based on our net leverage ratio and consolidated interest coverage ratio.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, BGC, BR, CCC and 82 more

Semiconductors

depends onnamed as a risk

For example, there have been and may continue to be disruptions in the semiconductor supply chain that could negatively impact our ability to make our products.Risk factors (Item 1A)

Also named by AAPL, AIOT, ARW, CARR, CAT, CIEN, CSCO, GD and 16 more

Petroleum-based materials

exposed to its pricenamed as a risk

A significant number of our raw materials or components comprise petroleum-based products or incur some form of landed cost associated with transporting the raw materials or components.Risk factors (Item 1A)

Also named by KMB, PHM

Regulators

U.S. Department of Commerce

subject tonamed as a risk

Our CEDs are classified as “crime control” products by the U.S. Department of Commerce (“DOC”), and exports from the U.S. generally require a DOC export license, except for sales to Canada.Business (Item 1)

Also named by AIR, ALAB, AMKR, DELL, DLTR, ENTG, FSLR, INTC and 9 more

Consumer Product Safety Commission

subject tonamed as a risk

Under certain circumstances, the Consumer Products Safety Commission or comparable foreign agencies could require us to repurchase or recall one or more of our products.Risk factors (Item 1A)

Also named by ASO, BBW, CHD, DORM, GNRC, HAS, KVUE, PG and 8 more

Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF)

subject tonamed as a risk

If we fail to comply with ATF rules and regulations, the ATF may limit our activities or growth related to the TASER 10 CED, fine us, or, ultimately, suspend our ability to produce and sell the TASER 10 CED product line.Risk factors (Item 1A)

Also named by ASO, CDRE, EZPW

Laws and programs

EU General Data Protection Regulation (GDPR)

subject tonamed as a risk

For example, the European Union’s (“EU”) General Data Protection Regulation and AI Act impose compliance obligations relating to personal data and AI system deployment.Business (Item 1)

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, BAX and 61 more

EU AI Act

subject tonamed as a risk

For example, the AI Act in the European Union imposes compliance requirements on a variety of AI uses by law enforcement, as well as on the companies that develop those products, including us.Risk factors (Item 1A)

Also named by ACN, ADBE, AMD, CGNX, CRM, CRWD, CTSH, DOCN and 36 more

Federal Acquisition Regulation (FAR)

subject tonamed as a risk

This subjects us to various statutes and regulations applicable to companies doing business with governments, including the Federal Acquisition Regulation (“FAR”).Risk factors (Item 1A)

Also named by ACN, AIR, ALSN, ASTS, BWXT, CACI, CDRE, CLS and 12 more

California Privacy Rights Act

subject tonamed as a risk

In the U.S., laws such as the California Privacy Rights Act provide enhanced consumer protections and create private rights of action for certain data breaches.Business (Item 1)

Also named by CDW, CSCO, DHI, DPZ, NFLX, SFM

U.S. tariffs on imports from China, Mexico and Canada

exposed to its pricenamed as a risk

It has also imposed or has indicated its intent to impose increased tariffs on foreign imports into the United States, particularly from the People’s Republic of China (“PRC”), Mexico, and Canada.Risk factors (Item 1A)

Also named by EXEL, GNTX, LFUS

H-1B visa program

depends onnamed as a risk

Many of our technical personnel are foreign nationals entering the United States on work visas, primarily under the H-1B visa classification.Risk factors (Item 1A)

Also named by ACN, NTAP

Radio spectrum regulation

subject tonamed as a risk

Changes in spectrum allocation, licensing requirements, equipment authorization standards, operating restrictions, or regulatory interpretations could delay product certification or deployment, require product modification or recertification, increase compliance costs, limit functionality, or restrict sales in certain jurisdictions, which could adversely affect our business and financial results.Business (Item 1)

Also named by MSI

Gun Control Act of 1968

subject tonamed as a risk

However, the TASER 10 CED is classified as a firearm under the Gun Control Act of 1968 due to its propulsion design.Business (Item 1)

National Firearms Act of 1934

subject tonamed as a risk

The TASER 10 CED is primarily regulated by the Bureau of Alcohol, Tobacco, Firearms and Explosives (the “ATF”), which regulates the manufacture, sale and import of firearms in the United States primarily under the National Firearms Act of 1934, the Gun Control Act of 1968, and the Firearms Owners’ Protection Act of 1986, each as amended from time to time.Risk factors (Item 1A)