AXON · 10-Q · 2026Q2 · Full report

Liquidity and Cash Position

AXON ENTERPRISE, INC. · 2026-08-06 · Importance 81 · Surprise 64 · Matches filing data

Cash and cash equivalents declined $603.4 million to $597.7 million at June 30, 2026, while available-for-sale investments declined $429.7 million to $75.7 million, reducing total cash and investments by $1.033 billion to $673.4 million. Axon had $290.9 million of available borrowing under its credit agreement after $9.1 million of outstanding letters of credit. The company had $1.75 billion of Senior Notes outstanding, with no subsidiary guarantees. Six-month operating cash flow was negative $11.4 million, an improvement of $54.5 million from negative $65.9 million in the prior-year period, while investing cash outflows were $465.8 million.

Key facts

• As of June 30, 2026, we had $597,704 thousand of cash and cash equivalents, a decrease of $603,443 thousand from December 31, 2025. source
• Total cash and available-for-sale investments at June 30, 2026 were $673,407 thousand compared to $1,706,564 thousand at December 31, 2025, a decrease of $1,033,157 thousand. source
• Net cash used in investing activities: $465.8 million for the six months ended June 30, 2026 compared to $1.1 billion for the six months ended June 30, 2025. source
• As of June 30, 2026, under our Credit Agreement we had letters of credit outstanding of approximately $9.1 million and available borrowing of $290.9 million. source
• As of June 30, 2026, we had $75,703 thousand of available-for-sale investments, a decrease of $429,714 thousand from December 31, 2025. source
• Net change in cash and cash equivalents for the six months ended June 30, 2026: $(603,769) (in thousands); beginning of period cash and cash equivalents and restricted cash $1,213,393; end of period $609,624. source
• Net decrease in cash and cash equivalents and restricted cash for the six months ended June 30, 2026 was $(603,769) thousand. source
• The cash outflow was partially offset by $434.3 million of proceeds from calls, maturities and sales of available-for-sale and marketable securities investments. source

Impact estimates