Axon Enterprise — Feb 24, 2026 release

IR@axon.com Axon reports Q4 2025 revenue of $797 million, up 39% year over year • Software & Services revenue grows 40% to $343 million • Net income of $3 million supports non-GAAP net income of $178 million and Adjusted EBITDA of $206 million • Company establishes 2026 outlook of 27% to 30% revenue growth and a 25.5% Adjusted EBITDA margin • Introduces new 2028 targets of $6 billion in annual revenue and 28% A djusted EBITDA margin Fellow shareholders, Axon completed another record year in pursuit of our mission to protect life. Revenue grew 33% year over year, marking our fourth consecutive year of annual growth above 30% as demand for our ecosystem continues to build. We delivered a full-year net income margin of 4.5% alongside Adjusted EBITDA margin of 25.5% and maintained a Rule of 40 metric above 55, even as we continued investing in our products and expanding our customer base. Together, we believe our 2025 results reflect disciplined execution of our strategy and are a strong foundation for our longer-term guidance. Key operational milestones in 2025 are as follows: • Delivered $2.8 billion in annual revenue, up 33% year over year • Surpassed $1.3 billion in annual recurring revenue, up 35% year over year • Generated annual bookings of $7.4 billion, up 46% year over year • Reached total future contracted bookings of $14.4 billion, an increase of 43% year over year • Achieved a full-year net income margin of 4.5% alongside a 25.5% Adjusted EBITDA margin • Introduced major product expansi