AXON · 10-Q · 2026Q2 · Full report

Operating Cash Flow Trends

AXON ENTERPRISE, INC. · 2026-08-06 · Importance 51 · Surprise 64 · Matches filing data

Net cash used in operating activities improved to $11.4 million for the six months ended June 30, 2026, compared with $65.9 million used in the prior-year period. The 2026 operating cash outflow included $198.7 million of net income, $176.2 million of net non-cash add-backs, and a $386.4 million net change in operating assets and liabilities. Stock-based compensation contributed $278.7 million to non-cash adjustments, while fair-value gains on strategic investments and marketable securities reduced the adjustments by $197.9 million. Receivables and contract assets increased operating assets by $256.9 million, primarily reflecting higher sales and the timing of invoicing and collections.

Key facts

• Net cash used in operating activities: $11.4 million for the six months ended June 30, 2026 compared to net cash used in operating activities of $65.9 million for the six months ended June 30, 2025. source
• The net operating cash outflow for the six months ended June 30, 2026 includes net income of $198.7 million, a net add-back of non-cash income statement items of $176.2 million and a $386.4 million net change in operating assets and liabilities. source
• Cash paid for interest during the six months ended June 30, 2026: $54,124 (in thousands). source
• Net cash used in operating activities for the six months ended June 30, 2026: $(11,440) (in thousands). source
• Net cash used in operating activities for the six months ended June 30, 2026 was $(11,440) thousand. source

Impact estimates