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Axon Enterprise, Inc. (AXON) reported a 39.6% year-over-year revenue increase in its Software & Services segment for the first nine months of 2025, fueled by a growing user base on the Axon network. The company projects total revenues of approximately $2.74 billion for 2025, up from previous guidance of $2.65-$2.73 billion, indicating an estimated growth of 31% year-over-year.
Demand for premium subscription plans and products such as TASER devices and virtual reality training is bolstering Axon’s growth. In comparison, Teledyne Technologies reported a 2.2% revenue increase in its Digital Imaging segment for Q3 2025, while Woodward, Inc. saw 10.6% growth in its Industrial business segment for Q4 fiscal 2025.
Despite the positive financial outlook, Axon’s shares have decreased by 16% over the past year against an industry growth of 13.9%. The company is currently trading at a forward price-to-earnings ratio of 70.1X, above the industry average of 43.4X.
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