Defence &amp; Aerospace

Last updated: 12 May 2026. All financial figures sourced from Archer Aviation press releases and SEC filings.

Archer Aviation Inc. (NYSE: ACHR) is a US eVTOL (electric vertical take-off and landing) company developing its Midnight air taxi — a piloted, all-electric aircraft designed to carry four passengers plus a pilot at speeds up to 150 mph over distances of up to 60 miles. On 11 May 2026, Archer reported Q1 2026 results showing $1.6M in revenue and a $217.7M net loss, while announcing a historic regulatory milestone: becoming the first eVTOL manufacturer to close Phase 3 of the FAA's four-phase Type Certification process. With $1.78B in liquidity, the company is simultaneously pursuing commercial air taxi operations in the US and UAE, a hybrid military aircraft programme with Anduril Industries, and AI-driven autonomy partnerships with NVIDIA, Palantir, and Starlink.

1. Company Snapshot

Field	Value
Full name	Archer Aviation Inc.
Ticker / Exchange	ACHR / NYSE
Sector / Industry	Industrials / Aerospace & Defense — Urban Air Mobility (eVTOL)
Founded	2018, Palo Alto, California
Headquarters	San Jose, California, USA
CEO	Adam Goldstein (Co-Founder & CEO since founding)
Employees	~1,000 (as of early 2026)
Market cap (May 2026)	~$4.97B
Revenue (FY 2025)	$0.3M (pre-revenue / early-revenue stage)
Net loss (FY 2025)	$618.2M
Cash & short-term investments (Q1 2026)	$1,775.9M + $7.3M restricted cash
Long-term debt	~$42.4M
Website	archer.com

2. Bull Case vs Bear Case

Distilled from the full report below — factual only, no ratings.

Bull Case

FAA certification lead: Archer is the first eVTOL company to close Phase 3 of the FAA's four-phase Type Certification process (announced 11 May 2026), placing it ahead of all peers on the path to full US commercial certification.
Substantial liquidity runway: With $1.78B in cash and short-term investments at end of Q1 2026, and only ~$42M in long-term debt, Archer has significant capital to fund operations while certification completes — management projects multi-year runway at current burn rates.
Dual revenue streams emerging: Beyond civil air taxis, Archer's strategic partnership with Anduril Industries (announced December 2024, backed by $430M in funding) targets DoD programmes of record for a hybrid VTOL military aircraft, diversifying away from a single commercial aviation bet.
High-profile commercial commitments: Archer has been selected as the official air taxi provider for the LA28 Olympic and Paralympic Games and holds a partnership with United Airlines to develop vertiport infrastructure at major US airports.
UAE regulatory breakthrough (May 2026): The UAE GCAA transitioned Midnight into its Restricted Type Certificate programme on 7 May 2026 — the first eVTOL manufacturer on this specific track — clearing a faster path to revenue-generating operations in Abu Dhabi ahead of the US.

Bear Case

Accelerating cash burn: Net losses widened from $536.8M (FY 2024) to $618.2M (FY 2025), and Q1 2026 alone consumed $217.7M — the burn rate is increasing as Archer ramps manufacturing, defense programmes, and AI infrastructure simultaneously.
Revenue essentially zero: Total revenue was just $0.3M in FY 2025 and $1.6M in Q1 2026. The company has no established revenue-generating product and all commercial operations depend on achieving and maintaining FAA Type Certification, the timeline for which remains uncertain.
FAA Phase 4 and full certification still outstanding: Closing Phase 3 does not mean certification is imminent. Phase 4 requires Midnight to demonstrate full compliance with all airworthiness standards through formal testing and analysis; some external observers have suggested full certification may not arrive until 2028.
High short interest: Approximately 14–22% of the float was held short as of May 2026, reflecting substantial scepticism among market participants about the commercialisation timeline and valuation.
Execution risk across multiple simultaneous programmes: Civil air taxi certification, UAE commercial launch, Anduril defence aircraft development, AI/autonomy stack build-out, and LA28 Olympics preparation are running concurrently, creating significant operational complexity and cost pressure.

3. What Does This Company Actually Do?

Archer Aviation designs, certifies, and operates electric vertical take-off and landing (eVTOL) aircraft for urban air mobility. Its production aircraft, Midnight, carries four passengers and one pilot using 12 electric motors and a tilted-rotor design that transitions between hover and high-speed forward flight. The company's strategy covers three areas: civil air taxi services in US and international cities, a military VTOL programme through Archer Defense, and an aviation software and AI stack co-developed with NVIDIA, Palantir, and Starlink.

Segment	% of revenue	What it is
Civil air taxi (Midnight eVTOL)	Pre-revenue — N/A	Piloted electric air taxi: 4 passengers + pilot, 60-mile range, 150 mph. Targeting US cities and Abu Dhabi for initial operations in 2026.
Archer Defense (Hybrid VTOL)	Pre-revenue — N/A	Hybrid-propulsion military VTOL aircraft co-developed with Anduril Industries, targeting DoD programmes of record. Phased government awards expected in 2026.
Aviation software / AI	Pre-revenue — N/A	Autonomy and connectivity stack built with NVIDIA, Palantir, and Starlink, intended to support future autonomous operations and government missions.

Note: Archer is at an early-revenue stage. The $1.6M Q1 2026 revenue relates to initial test and service activity. All three segments above reflect planned primary revenue streams and are not yet generating material income. The segment table uses N/A for revenue share accordingly.

4. The Business Model

How an eVTOL air taxi company makes money. Archer's primary civil revenue model is a direct-to-consumer and B2B air taxi service, charging per seat or per trip on urban routes. Pricing is targeted to be broadly comparable to a premium ground taxi on equivalent routes, enabled by the low operating cost of an electric powertrain versus a conventional helicopter. Archer will operate its own fleet initially, with plans to expand through operator partnerships including Abu Dhabi Aviation in the UAE and United Airlines at US airports.

Unit economics. Midnight is optimised for back-to-back 20-mile trips with a ~10-minute recharge between them, enabling high daily utilisation. The aircraft's 12-engine fault-tolerant design targets FAA certification at airliner-equivalent safety levels, which is a prerequisite for commercial operations. Archer has not yet published per-aircraft economics publicly, but management has highlighted the low variable cost of electric propulsion versus jet fuel or turbine maintenance.

Defence revenue. Archer Defense, the company's partnership with Anduril, targets government contracts (programmes of record) for a hybrid-propulsion VTOL military aircraft. This segment provides a non-correlated revenue stream to the civil air taxi business and is expected to receive initial phased government awards in 2026.

Moat. Archer's competitive position rests on three factors: its lead in the FAA type certification process (Phase 3 closed as of May 2026, first eVTOL to do so), its manufacturing partnership with Stellantis (providing automotive-grade production capacity), and its ecosystem of strategic investors and partners including United Airlines, Abu Dhabi Aviation, Anduril, NVIDIA, Palantir, and Starlink.

Subsidy / regulatory credit dependency. Archer is not currently dependent on government subsidies for its civil business, though the White House's eVTOL Integration Pilot Program (eIPP) provides regulatory facilitation for initial US operations. The Anduril defence programme is expected to be funded through DoD contract awards, which by definition are government spending. The company has raised capital primarily through equity issuances and strategic investor rounds rather than grants.

5. Financial Health

Note: Archer is pre-revenue / early-revenue. Revenue figures below reflect minimal service activity. All losses are primarily R&D, manufacturing ramp, and G&A. EPS figures are GAAP basic/diluted.

Fiscal year	Revenue	YoY %	GAAP EPS (diluted)	Adj. EBITDA loss	Dividend/share	Long-term debt (YE)
FY 2022	$0M	—	—	—	$0	$0
FY 2023	$0M	—	—	-$305M	$0	~$7M
FY 2024	~$0M	—	~-$0.92	—	$0	~$64M
FY 2025	$0.3M	NM	—	—	$0	~$42M

FY 2022–2023 per-share figures not consolidated from available filings. FY 2024 net loss: $536.8M; FY 2025 net loss: $618.2M. Total operating expenses FY 2025: $729.6M ($493.9M R&D + $235.4M G&A). FY 2025 cash at year-end: $2.0B.

Quarter	Revenue	YoY %	Key metrics
Q1 2026	$1.6M	+1,600% vs $0.1M Q1 2025	Net loss $217.7M; GAAP EPS -$0.28; Adj. EBITDA loss $172.5M; Cash $1,775.9M
Q4 2025	$0.3M	NM	Net loss $188.9M; FY 2025 total revenue $0.3M; cash at YE $2.0B
Q3 2025	—	—	Net loss ~$130M
Q2 2025	—	—	Net loss $206.0M; liquidity topped $1.7B
Q1 2025	~$0.1M	—	Net loss $93.4M (comp. period for Q1 2026)
FY 2025 total	$0.3M	—	Net loss $618.2M; cash YE $2.0B; LT debt ~$42M

6. Valuation & Market Data

Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Trailing P/E (GAAP)	— (negative earnings)
P/E (forward)	— (negative earnings expected)
P/S (TTM)	— (revenue immaterial; TTM revenue ~$1.9M vs ~$5B market cap)
EV/EBITDA (TTM)	~-3.7x to -6.2x (negative EBITDA; enterprise value ~$1.78B)
P/FCF	— (negative free cash flow)
Enterprise value	~$1.78B (cash-rich: market cap offset by ~$1.78B net cash)
Market cap	~$4.97B (as of 11 May 2026 at ~$6.54/share)
52-week high	$14.62
52-week low	$4.80
Short interest (% of float)	~14.2–21.7% (sources vary by settlement date; ~91.9M or ~51.8M shares short)
Days to cover	—
Dividend yield	Nil
Data date	11–12 May 2026

7. What Are They Building / What's Coming?

Midnight eVTOL (production aircraft). Midnight is Archer's flagship product: a six-tilt-rotor, all-electric aircraft with 12 motors providing full fault tolerance. Key specifications: 4 passengers + 1 pilot; range up to 60 miles; cruise speed up to 150 mph (241 km/h); payload over 1,000 lbs; optimised for back-to-back 20-mile urban trips with ~10-minute recharges. Midnight is built for certification at airliner-equivalent safety levels under FAA Special Class certification rules for powered-lift aircraft.

FAA Type Certification (Phase 4 in progress). Having closed Phase 3 in Q1 2026 — the first eVTOL to do so — Archer is now in Phase 4, which involves formal compliance testing and analysis to demonstrate Midnight meets all applicable FAA airworthiness standards. Management expects initial US operations to begin in 2026 under the White House's eVTOL Integration Pilot Program (eIPP), though full type certification may extend into 2027–2028.

US commercial launch and eIPP. Archer was selected for the eVTOL Integration Pilot Program, which facilitates early limited commercial operations in US cities before full certification. Hawthorne Airport in Los Angeles is Archer's primary operational testbed, with the company preparing vertiport infrastructure across LA in preparation for the LA28 Olympic and Paralympic Games in 2028. Archer has been named the official air taxi provider for LA28, with planned vertiport hubs at Santa Monica, Inglewood, the LA Memorial Coliseum, and LAX.

UAE commercial launch. The UAE GCAA's transition of Midnight to the Restricted Type Certificate programme (7 May 2026) opens a faster path to limited commercial operations in Abu Dhabi with Abu Dhabi Aviation as the local operating partner. Eight workstreams are advancing simultaneously: aircraft certification, operations, maintenance, flight crew training, airspace, vertiports, security, and oversight.

Archer Defense — hybrid VTOL military aircraft. In December 2024, Archer announced an exclusive strategic partnership with Anduril Industries to co-develop a hybrid-propulsion VTOL aircraft for US DoD programmes of record. The effort — branded Archer Defense — is led by Joseph Pantalone, a 30-year veteran of Lockheed Martin and Sikorsky. UK expansion is also planned: GKN Aerospace is a manufacturing partner addressing British Army requirements. Phased government awards are expected during 2026.

AI and autonomy stack. Archer is building an AI stack with NVIDIA (computing), Palantir (data/mission software), and Starlink (connectivity) to support future autonomous flight capabilities, initially targeting defence applications and longer-term autonomous civil air taxi operations.

Management guidance. Q2 2026 adjusted EBITDA loss guidance: -$170M to -$200M. Revenue expected to grow in Q2 2026 as operations at Hawthorne expand. No full-year revenue guidance has been issued given the dependence on certification timelines.

8. Competitive Landscape

The eVTOL urban air mobility sector is pre-commercial, with several well-funded manufacturers racing through regulatory certification processes. The primary competition is from Joby Aviation (JOBY), which has the highest market cap and farthest-advanced passenger flight programme, and from Lilium (which relaunched after a 2024 bankruptcy). Boeing's Wisk subsidiary is pursuing a fully autonomous approach. Archer's differentiators are its FAA Phase 3 lead, its dual civil/defence strategy, and its manufacturing partnership with Stellantis.

Peer	Market cap (May 2026)	Notable KPI
Joby Aviation (JOBY)	~$8.7B	Q1 2026 revenue $24.2M; cash ~$2.5B; first eVTOL flying in NYC trials; Delta Airlines partnership
Lilium (relaunched)	~$0.45B	Jet-powered eVTOL; relaunched post-2024 bankruptcy
Wisk Aero (Boeing subsidiary)	Private (Boeing-backed)	Pursuing fully autonomous (pilotless) eVTOL certification with FAA
Vertical Aerospace (EVTL)	~$0.2B	UK-focused; partnership with American Airlines for orders

9. Leadership and Ownership

Adam Goldstein — Co-Founder, CEO & Chairman. Goldstein co-founded Archer in 2018 and has led the company through its SPAC listing in 2021 and subsequent growth to nearly $5B market cap. He holds approximately 2.15M shares (worth ~$14M at May 2026 prices) after a partial sale of 3.0M shares in November 2024 for ~$15M.

Mark Mesler — Chief Financial Officer. Responsible for financial strategy, capital markets, and investor relations.

Tosha Perkins — Chief People & Partnerships Officer. Leads human capital and strategic partnership development.

Joseph Pantalone — Head of Advanced Projects (Archer Defense). A 30-year aerospace veteran with experience at Lockheed Martin and Sikorsky, leading the Anduril military VTOL programme.

Institutional ownership. BlackRock, Inc. disclosed a 6.9% stake (51.09M shares) in April 2026, making it the largest disclosed institutional holder. Alpine Global Management disclosed 2.39M shares (~$22.5M) in February 2026. Institutions collectively hold approximately 60% of the float. Strategic investors include Stellantis, United Airlines, Wellington Management, Abu Dhabi's 2PointZero, NVIDIA, and Palantir.

Name	Date	Type	Shares	Price	Value	Plan Type
Adam D. Goldstein (CEO)	Jul 2025	Award (RSU grant)	360,231	$0.00	—	Deferred RSU; settles in Class A shares in calendar 2030 (or earlier on trigger events); vests 1/12 quarterly from Aug 2025
Adam D. Goldstein (CEO)	21 Nov 2024	Sale	3,007,178	~$4.99	~$15.0M	Open market sale

Source: SEC Form 4 filings. Only material transactions in the last 12 months are shown. Additional routine RSU vesting transactions may have been filed; investors should check the full Form 4 history at SEC EDGAR for completeness.

10. Risks and Challenges

FAA certification delay (Regulatory): Phase 4 of the FAA's type certification process involves demonstrating compliance across all airworthiness standards through formal testing. This phase has no published completion deadline and external observers suggest full certification may not arrive until 2027–2028, pushing first commercial US revenue further out.
Cash burn rate (Financial): Operating cash outflow was $149.1M in Q1 2026 alone, and net losses are widening year-over-year ($618.2M in FY 2025 vs $536.8M in FY 2024). Although $1.78B in liquidity provides multi-year runway, sustained losses without revenue could eventually require further dilutive equity raises.
Pre-revenue stage (Commercial): Despite years of development and nearly $5B in market cap, Archer generated only $1.6M in revenue in Q1 2026 and $0.3M for all of FY 2025. Any significant delay in commercial launch directly impacts the investment thesis.
Technology and certification risk (Technical): eVTOL aircraft represent a new certification category for the FAA. Powered-lift aircraft with distributed electric propulsion have limited prior certification precedent, introducing the possibility of additional requirements, redesigns, or delays.
Competition from Joby Aviation (Competitive): Joby (JOBY) is conducting revenue-generating operations and passenger demonstration flights in multiple US cities with $8.7B market cap and ~$2.5B cash. Joby's deeper commercialisation progress could attract key infrastructure partners, airline deals, and vertiport locations ahead of Archer.
Defence programme execution (Execution): The Anduril hybrid VTOL programme is in early development stages. DoD programmes of record are subject to government budget cycles, political priorities, and lengthy procurement processes. There is no guarantee of contract awards on the expected 2026 timeline.
Short interest and sentiment risk (Market): With 14–22% of float sold short, ACHR is a heavily shorted stock. Negative news on certification or cash burn could trigger forced selling and sharp price declines, while a short squeeze on positive news can create extreme volatility in either direction.
Vertiport infrastructure dependency (Infrastructure): Commercial air taxi operations require purpose-built or converted vertiport facilities with charging infrastructure, ground crew, and airspace integration. Build-out of this infrastructure at scale is dependent on third-party landlords, airports, and local government approvals — all outside Archer's direct control.
Regulatory risk in UAE (International): While the UAE GCAA RTC programme is a positive step, Archer must satisfy GCAA Design Organisation Approval (DOA) and Production Organisation Approval (POA) requirements before commercial flights in Abu Dhabi can commence. These approval processes involve extensive regulatory review and are not guaranteed to proceed on schedule.
Key-person dependency (Governance): Adam Goldstein is the co-founder, CEO, and Chairman, making him central to the company's strategic vision and investor relationships. Loss of or reduced involvement from Goldstein would represent a significant risk to the business.
Dilution risk (Financial): Archer has raised capital through multiple equity rounds and will likely need to do so again before achieving sustained profitability. Future share issuances will dilute existing shareholders; the extent and timing are uncertain.

11. Recent Developments

11–12 May 2026 (last 48 hours): — Archer reported Q1 2026 earnings on 11 May 2026. Revenue came in at $1.6M, beating the consensus estimate of ~$0.9M — $1.54M. GAAP net loss was $217.7M (-$0.28 per share), beating the consensus estimate of -$0.30. Adjusted EBITDA loss was $172.5M, within the guided range of -$160M to -$180M. Q2 2026 guidance: adjusted EBITDA loss of -$170M to -$200M. The company announced it had closed Phase 3 of the FAA's four-phase Type Certification process for Midnight — the first eVTOL manufacturer to reach this milestone — and is now advancing Phase 4 compliance testing. Management stated that initial US commercial operations are expected in 2026. ACHR stock rose approximately 6–13% on the earnings day.
7 May 2026: — The UAE General Civil Aviation Authority (GCAA) transitioned Archer's Midnight aircraft into its Restricted Type Certificate (RTC) programme, making Archer the first eVTOL manufacturer on this specific GCAA certification track. Archer and the GCAA have advanced work across eight commercial readiness workstreams: aircraft certification, operations, maintenance, flight crew training, airspace, vertiports, security, and oversight. Midnight is planned to enter service in Abu Dhabi with Abu Dhabi Aviation as the local operating partner.
Early May 2026: — Archer confirmed that its AI stack partnerships with NVIDIA, Palantir, and Starlink are advancing, with the stack designed to support both autonomy for defence missions and future autonomous civil operations. Management indicated that Hawthorne Airport in Los Angeles is being expanded as Archer's primary US operational testbed, with revenue expected to grow in Q2 2026 as these operations scale.
April 2026: — BlackRock, Inc. disclosed a 6.9% stake (51.09M shares) in Archer Aviation in a Schedule 13G/A filing, confirming significant institutional investor interest. Archer's stock had declined over 24% year-to-date by late April 2026, creating what some observers characterised as a valuation reset ahead of the Phase 3 certification catalyst.
February 2026: — Alpine Global Management disclosed the acquisition of 2.39M shares (~$22.5M) of ACHR.
March 2026: — Archer became the first eVTOL company to receive 100% FAA acceptance of its Means of Compliance — a precursor to closing Phase 3.
December 2024: — Archer and Anduril Industries announced their exclusive strategic partnership to jointly develop a hybrid-propulsion VTOL military aircraft. Simultaneously, Archer raised $430M in additional funding from Stellantis, United Airlines, Wellington Management, and Abu Dhabi's 2PointZero. GKN Aerospace was named as a UK manufacturing partner addressing British Army requirements.
November 2025: — Archer acquired a Los Angeles airport as a strategic air taxi network hub and AI testbed, deepening its infrastructure footprint ahead of the LA28 Olympics.

12. Key Dates Coming Up

06 Aug 2026 — Q2 2026 earnings report (After Close, confirmed). Q2 adjusted EBITDA loss guidance: -$170M to -$200M.
H2 2026 — Expected commencement of initial US air taxi operations under the White House eVTOL Integration Pilot Program (eIPP), subject to FAA Phase 4 progress. Specific city and date not yet announced.
H2 2026 — Expected initial commercial operations in Abu Dhabi with Abu Dhabi Aviation under the UAE GCAA Restricted Type Certificate programme, subject to completion of GCAA DOA and POA approvals.
2026 — Phased DoD government awards from the Archer Defense / Anduril hybrid VTOL military programme, per management guidance.
FAA Phase 4 completion (date TBD) — Formal demonstration of Midnight's compliance with all FAA airworthiness requirements through testing and analysis. Management targets completion ahead of full commercial operations; external timelines suggest possible 2027–2028 completion.
Summer 2028 (Jul–Sep 2028) — LA28 Olympic and Paralympic Games in Los Angeles. Archer is the official air taxi provider; Midnight operations planned across multiple LA vertiport hubs.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

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Last Updated: 24 April 2026

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The Boeing Company (NYSE: BA) is a Dow 30 aerospace and defence prime contractor now two years into CEO Kelly Ortberg’s turnaround. Q1 2026 results released on 22 April 2026 showed the recovery is real but unfinished: revenue $22.2bn (+14% YoY), 143 commercial deliveries, record total backlog $695bn (>6,100 commercial aircraft), net loss narrowed to $7m (from $31m), Commercial Airplanes operating margin −6.1% (vs −6.6%), Defense margin 3.1% (up 60bp) and Global Services margin 18.1%. Consolidated debt fell from $54.1bn to $47.2bn during Q1 as Boeing retired maturities; cash and marketable securities $20.9bn; $10bn undrawn revolver. 737 MAX has stabilised at 42/month with FAA’s hard production cap removed in March 2026, the Spirit AeroSystems acquisition closed 8 December 2025, and management reiterated 2026 free-cash-flow guidance of $1–$3bn. 777X first delivery has slipped to 2027. This report pulls FY2025 full-year results, Q1 2026 numbers, segment mix, valuation, DOJ non-prosecution agreement, the 737 MAX production trajectory and last-48-hour news entirely from Boeing SEC filings, Boeing press releases and FAA/DOJ/NASA statements — no analyst opinions, no price targets. For live charts and watchlists see our live charts, the economic calendar, and the community forum.

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1. Company Snapshot

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Name	The Boeing Company
Ticker	NYSE: BA (Dow Jones Industrial Average constituent); ISIN US0970231058
Sector	Aerospace & Defence — Commercial Airplanes, Defense/Space & Security, Global Services
Headquarters	929 Long Bridge Drive, Arlington, Virginia 22202 (relocated from Chicago in May 2022)
Heritage	Founded 15 July 1916 by William E. Boeing as Pacific Aero Products; renamed Boeing Airplane Company 1917. McDonnell Douglas merger 1 August 1997; Rockwell International aerospace & defence businesses acquired December 1996; Jeppesen acquired 2000; ViaSat commercial aviation services acquired 2023; Spirit AeroSystems commercial/aftermarket operations acquired 8 December 2025.
CEO	Robert Kelly Ortberg (President & CEO since 8 August 2024; ex-Rockwell Collins CEO 2013, ex-Collins Aerospace COO to 2021, retired before Boeing recall)
CFO	Jesus “Jay” Malave (EVP & CFO since 15 August 2025; Brian West transitioned to senior advisor to the CEO)
Chair	Steven M. Mollenkopf (Independent Chair since 25 March 2024; ex-CEO Qualcomm; Board member since 2020)
Employees	~172,000 globally (pre-Spirit); ~187,000 post-Spirit integration (adds ~15,000 at Wichita, Tulsa, Dallas and Prestwick)
FY2025 revenue	$89.5bn (+35% YoY vs $66.5bn FY2024)
FY2025 net income	$1,872m (includes $9.6bn Jeppesen/Digital Aviation Solutions gain; prior year loss $(11.8)bn)
Q1 2026 revenue	$22.2bn (+14%); net loss $(7)m; 143 commercial deliveries
Total backlog (31 Mar 2026)	Record $695bn (>6,100 commercial aircraft; BDS backlog $86bn; BGS backlog $33bn)
Market cap (23 Apr 2026)	~$182bn at ~$231 per share
Website	boeing.com

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2. Bull Case vs Bear Case

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Bull Case

Record $695bn total backlog: Record $695bn total backlog at 31 March 2026 (>6,100 commercial aircraft) provides ~8 years of commercial production visibility; BDS $86bn backlog, BGS $33bn backlog — both records.
737 MAX production stabilised: 737 MAX production stabilised at 42/month (FAA’s 38/month hard cap removed March 2026 once sustained rate achieved); Ortberg stated 22 April that “all systems are go” for step to 47/month this summer and 53/month by year-end 2026; new Everett North Line activated April 2026 to support higher rates.
Spirit AeroSystems acquisition closed: Spirit AeroSystems acquisition closed 8 December 2025 ($4.7bn equity + ~$4bn assumed debt = $8.3bn total): re-integrates ~70% of 737 fuselage content, brings ~15,000 teammates in-house, ends the two-party quality-escape dynamic that caused the January 2024 door-plug incident.
Global Services (BGS) is the: Global Services (BGS) is the profit engine: Q1 2026 operating margin 18.1%, revenue $5.4bn (+6%); record $33bn services backlog — capital-light aftermarket counterweight to BCA/BDS losses.
Defense margin recovery underway: Defense margin recovery underway: BDS Q1 2026 margin 3.1% (+60bp), revenue $7.6bn (+21%); KC-46 RVS 2.0 now scheduled summer 2027, USAF ordering 75 more KC-46 to bridge to NGAS; F-15EX production resuming post-strike; MQ-25 first flight in 2026.
Ortberg turnaround credibility: Ortberg turnaround credibility: 737 rate climbed 38 → 42, Spirit closed, FAA cap removed, DOJ case dismissed (Nov 2025), strike ended (Nov 2025), 600 commercial deliveries in FY25 vs 348 in FY24; Q1 2026 operating cash flow improved sharply to $(179)m vs $(1.6)bn YoY.
Consolidated debt fell $6.9bn: Consolidated debt fell $6.9bn in Q1 2026 alone (from $54.1bn to $47.2bn); $20.9bn cash; $10bn undrawn revolver; Moody’s affirmed Baa3 (investment grade) with stable outlook; Boeing management reiterated 2026 FCF guidance $1–$3bn and a longer-term path to $10bn+.

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Bear Case

FY2025 profit driven by divestiture gain: FY2025 GAAP net income $1,872m was flattered by a $9.6bn Jeppesen/Digital Aviation Solutions gain; underlying operations remained deeply loss-making; BCA Q1 2026 operating margin still negative 6.1%; Q1 FCF approximately $(1.5)bn on a reported non-GAAP basis.
Debt burden remains large: Debt burden remains large: $47.2bn consolidated debt end-Q1 2026; total debt due 2025 and 2026 maturities required significant refinancing; interest expense a structural drag on earnings.
777X first delivery slipped: 777X first delivery slipped again to 2027 (Q4 2025 announcement); additional charges of $2.5–4bn taken; 33 orders removed from backlog; Type Inspection Authorization Phase 4A only reached in March 2026 with Phases 4B and 5 still ahead.
KC-46 took a fresh: KC-46 took a fresh $565m loss in Q4 2025 (announced Jan 2026); Remote Vision System 2.0 slipped again to summer 2027; Air Force briefly paused KC-46 acceptances in Feb 2026 after aileron hinge cracks; T-7A still pre-production; Starliner reclassified Type A mishap February 2026 — first crewed rotation deferred, uncrewed Starliner-1 targeted NET April 2026 then delayed.
FAA oversight continues post-Alaska Airlines: FAA oversight continues post-Alaska Airlines door-plug: even though the 38/month hard cap is gone, FAA has moved to performance-based oversight, meaning production can be throttled again if quality-escape events recur. Boeing is still redesigning cockpit alerting systems under active FAA supervision.
DOJ non-prosecution agreement (May: DOJ non-prosecution agreement (May 2025, judge dismissed case Nov 2025) was controversial with crash-victim families; reputational overhang persists and any subsequent safety event could reopen regulatory/political exposure.
IAM District 837 St: IAM District 837 St. Louis defence strike lasted 101 days (Aug–Nov 2025), delaying F-15EX deliveries into 2026; labour-relations risk remains across BCA and BDS negotiating cycles.
No dividend — suspended: No dividend — suspended since March 2020 to conserve cash during COVID/MAX crisis; management has not signalled reinstatement timing; October 2024 equity raise added ~100m new shares diluting existing holders.

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3. What Does Boeing Actually Do?

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Boeing is organised into three reportable operating segments plus the small Boeing Capital Corp financing arm. FY2025 total revenue $89.5bn.

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Boeing Commercial Airplanes (BCA) — ~46% of FY2025 revenue. FY2025 revenue $41.5bn (+82% YoY from $22.9bn FY2024 as deliveries rebounded from 348 to 600 jets). Produces the 737 MAX family (-7, -8, -8-200, -9, -10), 767 (Freighter + KC-46 military derivative), 777/777F, 777X (-8, -9; not yet in service), 787 Dreamliner (-8, -9, -10). BCA still reports an operating loss (Q1 2026 margin −6.1%); production rate economics (fixed-cost absorption) drive near-term profitability.
Boeing Defense, Space & Security (BDS) — ~22% of FY2025 revenue. FY2025 revenue $19.8bn (+7%). Programs span fighters (F-15EX, F/A-18 Super Hornet line closure, EA-18G Growler), rotorcraft (AH-64 Apache, CH-47 Chinook), tankers (KC-46 Pegasus), trainers (T-7A Red Hawk), unmanned (MQ-25 Stingray, MQ-28 Ghost Bat), satellites (commercial & government), space (Starliner CST-100, Space Launch System core-stage via NASA contract), B-21 Raider engineering support (prime contractor Northrop), X-37B, and classified programs. Q1 2026 operating margin 3.1% recovering from prior-period fixed-price-contract losses.
Boeing Global Services (BGS) — ~26% of FY2025 revenue. FY2025 record services backlog $30bn; Q1 2026 revenue $5.4bn (+6%) at 18.1% operating margin. Covers commercial services (Jeppesen navigation, spare parts, MRO, training, digital aviation solutions) and government services (logistics, training, modifications, sustainment).
Boeing Capital Corporation provides customer financing for aircraft deliveries. Not a standalone reportable segment; portfolio of a few billion dollars.

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Segment	% of revenue	What it is
Commercial Airplanes (BCA)	~46% (~$41.5bn, FY2025)	Design, assembly and delivery of commercial jetliners (737, 767, 777, 787 Dreamliner); 600 aircraft delivered FY2025 (+82% YoY) after strike resolution
Defense, Space & Security (BDS)	~27% (~$24.4bn, FY2025)	Military aircraft (F/A-18, KC-46 tanker, P-8), missiles, satellites, space systems (SLS, Starliner) and cyber/intelligence programmes for US DoD and allied governments
Global Services (BGS)	~27% (~$23.6bn, FY2025)	MRO, modifications, upgrades, crew training and logistics for commercial and defence customers worldwide; Digital Aviation Solutions partially divested ($9.6bn gain) Q4 2025

4. The Business Model

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Boeing is an aircraft and defence OEM with a backlog-funded production model, a growing aftermarket services franchise and a mid-size space business. How it makes money:

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Commercial aircraft sales (BCA). Airlines, lessors and governments place firm orders years ahead of delivery (typical lead times 3–8 years for narrow-bodies, longer for wide-bodies). Boeing accepts progress payments as work progresses and takes the remaining balance at delivery. Program-accounting historically smoothed profit over the accounting quantity; current 737 MAX, 777X and 787 are not on favourable program accounting after repeated charges. Near-term BCA profitability is driven primarily by production rate (fixed-cost absorption) and mix.
Defence prime contracts (BDS). Mix of cost-plus (lower risk), fixed-price-incentive (medium risk) and fixed-price-development (highest risk) US DoD contracts, plus foreign military sales and commercial derivatives. The last decade’s fixed-price-development contracts (KC-46, T-7A, MQ-25, Starliner CCtCap) have driven multi-billion-dollar losses as Boeing accepted cost overruns. The US federal government is the largest single customer: USAF, US Navy, NASA and DoD-wide agencies. US government (direct prime + indirect via primes) is estimated around 25% of total Boeing revenue in FY2025 (BDS ~22% plus a portion of BGS government services).
Aftermarket services (BGS). Spare parts, modifications, MRO, training, digital-aviation data products (Jeppesen), landing-gear exchange, rotable-pool leasing. Capital-light, recurring, highest-margin segment. 2025 BGS operating margin ran in the mid-to-high teens, with Q1 2026 at 18.1%.

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Supply chain. GE Aerospace/CFM International provide engines for 737 MAX (LEAP-1B) and 777X (GE9X); Rolls-Royce (Trent 1000) and GE Aerospace (GEnx) for 787; Raytheon/RTX (Pratt & Whitney) for KC-46 (PW4000-based). Titanium historically sourced in part from Russian supplier VSMPO-Avisma — progressively diversified since 2022. Composite structures from Spirit AeroSystems (now in-house post Dec 2025), Mitsubishi, Kawasaki, Subaru (787 wings & fuselage barrels). Aluminium and fasteners from multiple North American mills.

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Subsidy & regulatory-credit dependency. Boeing does not receive EV-style subsidies. Public support is largely indirect: (a) US government defence procurement (a major customer — BDS revenue alone is ~$19.8bn FY25 and a large portion of BGS government services); (b) US Export-Import Bank financing guarantees for foreign-airline deliveries; (c) historical state tax incentives (notably Washington State engineering/R&D credits) — Washington repealed the preferential B&O tax rate on commercial airplane manufacturers in 2020 under WTO pressure; (d) long history of R&D contracts with DoD, NASA and DARPA that accelerate dual-use technology. None of these are line-item credits booked to operating profit in the way EV tax credits appear at e.g. Tesla.

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5. Financial Health

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Five-year revenue, loss, cash-flow and share-count trend (US GAAP; source: Boeing 10-K filings and quarterly press releases)

\n\n\n \n \n \n \n \n \n \n \n \n

Metric ($m unless stated)	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	62,286	66,608	77,794	66,517	89,463
Operating loss/earnings	(2,902)	(3,547)	(773)	(10,707)	~(16,400)
Net income / (loss)	(4,290)	(4,935)	(2,242)	(11,829)	1,872
Free cash flow (non-GAAP)	(4,400)	2,290	4,430	(14,300)	~(6,000)
Cash & marketable securities	16,236	17,225	16,001	26,296	26,300 est.
Total consolidated debt	58,100	57,200	52,300	53,900	54,100
Diluted shares outstanding (wtd avg)	586m	595m	604m	~630m	~780m (post-Oct 2024 equity raise)
Commercial deliveries	340	480	528	348	600

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Boeing issued ~112m new shares in an October 2024 equity raise at $143 per share (raising ~$16bn) together with $5bn of depositary shares convertible into common stock. Share count subsequently stepped up to ~780m for FY25 weighted-average and ~788m outstanding at April 2026. Boeing suspended its dividend in March 2020 at the onset of the COVID pandemic; it has not been reinstated. The company has not conducted share repurchases since 2019.

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Quarterly revenue & operating margin (total company) — last 5 reported quarters:

\n\n\n \n \n \n \n \n \n

Quarter	Revenue ($bn)	Operating margin (total co.)	Commercial deliveries
Q1 2025	19.5	0.9%	130
Q2 2025	22.7	~(10.8)% (charges)	150
Q3 2025	23.3	~3.0%	160
Q4 2025	23.9	~(17)% (KC-46 $565m charge; BCA inventory)	160
Q1 2026	22.2	2.0%	143

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6. Valuation & Market Data

\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Metric	Value	Notes / source date
Share price	~$231.28	Close area 22–23 April 2026 (post-Q1 results)
Market cap	~$182bn	22 April 2026 (~788m shares × ~$231)
Enterprise value	~$208bn	Market cap + $47.2bn debt − $20.9bn cash & securities (Q1 2026 close)
Trailing P/E (GAAP)	~97x	FY2025 GAAP net income $1,872m; ~762m diluted shares → EPS ~$2.46
P/S (TTM)	~2.0x	$182bn / ~$92bn TTM revenue
Price / book	Negative / N/M	Stockholders’ equity has been negative since 2019; book value is unusable as a valuation metric
Price / FCF (FY25)	N/M	FY25 FCF ~$(6)bn (negative)
Price / FY26 FCF mid-point guide	~91x	Management reiterated FY26 FCF $1–$3bn; mid $2bn / $182bn market cap
52-week high	$254.35	27 January 2026
52-week low	$156.47	21 April 2025
Shares outstanding	~788.3m	Post Oct 2024 equity raise and depositary-share conversions
Short interest	14.93m shares / 1.98% of float	Latest reporting (Apr 2026); fell from 16.58m prior period
Days to cover	1.62 days	At ~9.22m average daily volume
Put/call open-interest ratio	1.1	5-day avg; 52-week avg 0.9
Dividend	$0.00 — suspended since March 2020	Not reinstated; no guidance from management on timing
Credit rating (senior unsecured)	Baa3 / BBB- / BBB-	Moody’s / S&P / Fitch — all at lowest investment grade; Moody’s stable outlook (affirmed 2025)

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7. What Are They Building / What’s Coming?

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737 MAX family. MAX 8, MAX 9 in service. MAX 7 and MAX 10 certification targeted 2026; first deliveries 2027. Production stabilised at 42/month Q1 2026; new Everett North Line (4th FAL) opened April 2026; target 47/month summer 2026, 53/month year-end 2026. FAA’s 38/month cap removed March 2026 — replaced with performance-based oversight.
787 Dreamliner. 787-8, -9, -10 in service. Production ramp continuing; mid-single-digit monthly rate moving higher.
777X. Certification campaign in progress. FAA authorised Type Inspection Authorization Phase 4A in March 2026; Phases 4B and 5 remain before Function & Reliability (F&R). Boeing set April 2026 target for first flight of the first production 777-9. First delivery slipped to 2027 (announced Q4 2025), with $2.5–4bn of additional charges booked; 33 orders removed from backlog.
KC-46 Pegasus. 14 tankers delivered in 2025; plan 19 in 2026. RVS 2.0 (remote vision system) slipped to summer 2027. USAF announced 1 April 2026 an order for 75 additional KC-46 airframes to bridge to NGAS in the mid-2030s. Fresh $565m loss booked Q4 2025.
T-7A Red Hawk. USAF updated acquisition approach Jan 2026 allowing Boeing to deliver a production-ready configuration prior to Low-Rate Initial Production. BDS HQ relocating from Arlington back to St Louis (announced Feb 2026) to put leadership closer to the factory floor.
F-15EX Eagle II. Production resuming post-strike at St Louis; USAF programme of record 104 aircraft plus foreign military sales.
MQ-25 Stingray. Carrier-based uncrewed refueller. Navy confirmed first flight slipped to 2026 (from 2025). Programme continues.
B-21 Raider support. Boeing is a subcontractor to prime Northrop Grumman on the stealth bomber programme (classified; Boeing scope includes select structures & systems).
Starliner CST-100. NASA and Boeing modified the Commercial Crew Contract in Nov 2025. Starliner-1 was targeted NET April 2026 uncrewed-cargo; the pre-Starliner-1 propulsion upgrades follow the Feb 2026 reclassification of Crew Flight Test as a Type A mishap. Four total missions now contracted (cut from six); first crewed rotation deferred.
Space Launch System (SLS). Core stage prime contractor for NASA Artemis programme.
X-37B / hypersonics / classified. Continues under BDS.
Cockpit alerting re-design. Following the Jan 2024 Alaska door-plug event, Boeing is rebuilding alert prioritisation and automation traceability under FAA supervision (confirmed via aviation-industry reporting 23 April 2026).
Partnerships. Long-standing engine partnerships with GE Aerospace/CFM (LEAP-1B, GEnx, GE9X), Rolls-Royce (Trent 1000), RTX/Pratt & Whitney (KC-46 PW4062); avionics with Honeywell, Collins Aerospace. In-sourced Spirit AeroSystems fuselage content December 2025.
Ortberg turnaround plan. Factory stability (One Company, One Team), FAA-certified Safety Management System rollout, production-rate discipline (dwell-time metrics), debt paydown from improving FCF, portfolio simplification (ViaSat integration, SAS re-integration).

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8. Competitive Landscape

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Boeing operates in two very different duopolies/oligopolies: (i) large commercial aircraft, which is effectively a Boeing/Airbus duopoly with emerging challengers COMAC and Embraer; and (ii) US defence prime contracting, which is a four-firm oligopoly (Boeing, Lockheed Martin, RTX, Northrop Grumman) plus General Dynamics. BAE Systems is the major international peer.

\n\n

Commercial large civil aircraft — 2025 deliveries:

\n\n\n \n \n \n \n \n

Manufacturer	2025 deliveries	Notes
Airbus	~766	Retained global delivery lead for 7th consecutive year; A320neo family cumulative deliveries passed 12,500 late 2025, overtaking 737 as best-selling jetliner in history
Boeing	600	Best year since 2018; +72% YoY from 348; narrowbody share trailing Airbus ~40% to ~60%
COMAC (China)	~15 (C919)	Chinese domestic OEM; 1,000+ backlog; C929 wide-body in development with UAC partnership
Embraer	~215	Regional jets (E-Jets E1/E2) + executive + defence; dominant sub-150-seat segment

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Narrow-body (A320 family vs 737 MAX) share of 2025 deliveries: Airbus ~60% / Boeing ~40% (A320 family 607 / 737 MAX ~400 est.).

Wide-body: Boeing retains leadership with 787 volumes (777 legacy winding down, 777X not yet in service); Airbus A350 is the primary competitor, A330neo a secondary.

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Defence competitors (US primes, most recent reported revenue): Lockheed Martin (F-35, missiles, Skunk Works — ~$71bn revenue); RTX (formerly Raytheon Technologies; Pratt & Whitney engines, Raytheon missiles, Collins Aerospace avionics — ~$81bn revenue); Northrop Grumman (B-21 Raider prime, Sentinel ICBM, space systems — ~$41bn revenue); General Dynamics (Gulfstream, combat systems, Electric Boat submarines — ~$47bn revenue); BAE Systems (UK prime — ~£26bn revenue).

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Boeing’s strongest competitive position is wide-body commercial (787 + eventual 777X), tankers (KC-46 vs Airbus A330 MRTT), rotorcraft (Apache, Chinook), uncrewed refuelling (MQ-25 is sole-source Navy programme) and commercial aftermarket services. Weakest positions: narrow-body (40% delivery share), fighters (F-15EX is a capable but non-stealth niche vs Lockheed F-35), and launch vehicles (SLS is cost-disadvantaged vs SpaceX Starship/Falcon Heavy).

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9. Leadership and Ownership

\n\n

Executive leadership. Kelly Ortberg (President & CEO since 8 August 2024) — engineer, spent 35+ years at Rockwell Collins (CEO 2013–2018), was COO of Collins Aerospace after the RTX tie-up, retired 2021, returned from retirement to lead Boeing. Jesus “Jay” Malave (EVP & CFO since 15 August 2025) — ex-CFO of Lockheed Martin, L3Harris and Triumph Group. Brian West (previous CFO) transitioned to senior advisor to Ortberg in August 2025. Stephanie F. Pope (COO and President & CEO of Boeing Commercial Airplanes since 2024). Ted Colbert (ex-CEO BDS; removed Sep 2024 during Ortberg reset). Stephen Parker (Interim then permanent CEO of BDS). Chris Raymond (CEO Boeing Global Services).

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Board chair. Steven M. Mollenkopf (Independent Chair since 25 March 2024); previously CEO of Qualcomm 2014–2021; Boeing board member since 2020; led the CEO search that produced Ortberg.

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Largest institutional holders (most recent 13F filings):

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Holder	Approx stake (%)	Notes
The Vanguard Group	~8.9%	Largest institutional holder; ~70m shares post Oct 2024 raise adjusting for dilution
BlackRock, Inc.	~7.2%	Second-largest
Newport Trust Company	~5–6%	Trustee of Boeing Voluntary Investment Plan (employee 401(k)); reported as beneficial owner
State Street Corporation	~4%
Capital World Investors	~2–3%	American Funds / Capital Group
FMR LLC (Fidelity)	~2–3%
Wellington Management	~1–2%

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Recent insider activity (last 6 months, from SEC Form 4 filings). The most material recent disclosure is the 17 February 2026 Form 4 for CEO Kelly Ortberg receiving two equity grants: 41,498 performance-based restricted stock units (vesting Feb 2027, Feb 2028, Feb 2029) and a separate 16,599 time-based RSU grant (vesting Feb 2029). Both are long-term compensation awards, not open-market activity. Following these awards Ortberg directly holds 140,944.508 Boeing shares. Ortberg’s 2025 total compensation was $23.58m (up 22% vs 2024 estimate of $18.39m). Form 4 discretionary insider purchases (i.e. open-market buys) have been minimal across the senior team in the last six months; equity activity has predominantly been programmatic grant vestings, tax-withholding sales tied to vestings (net-share settlement), and the standard Rule 10b5-1 patterns. There has been no large cluster of discretionary insider selling or buying.

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\n \n \n \n

\n\n

Source: SEC Form 4 filings via openinsider.com. 12 months ending April 2026. Open-market buys/sales only; Rule 10b5-1 plan status is not tagged in the Form 4 feed and is shown as em-dash unless explicitly disclosed in the filing.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Name	Date	Type	Shares	Price	Value	Plan Type
Buckley Mortimer J (Dir)	2026-03-03	Buy	+2,230	$224.20	+$499,966	—
Amuluru Uma M (EVP, CHRO)	2026-02-24	Sale	1,503	$233.79	$351,484	—
Schmidt Ann M (SVP, Chief Com, Brand Officer)	2026-02-17	Sale	6,281	$243.37	$1,528,613	—
McKenzie Howard E (Chief Engineer, EVP, ET, T)	2026-02-05	Sale	10,497	$233.99	$2,456,150	—
Amuluru Uma M (EVP, CHRO)	2026-02-04	Sale	2,731	$236.00	$644,598	—
Deasy Dana S (CIDO, SVP IDT, S)	2025-11-24	Buy	+554	$178.89	+$99,102	—
Amuluru Uma M (EVP, CHRO)	2025-11-06	Sale	1,366	$197.66	$270,009	—
Buckley Mortimer J (Dir)	2025-08-19	Buy	+2,200	$226.10	+$497,420	—
Raymond David Christopher (EVP, Pres, CEO, BGS)	2025-08-08	Sale	3,771	$229.95	$867,069	—
Nelson Brendan J. (SVP, Pres, Boeing Global)	2025-05-15	Sale	640	$206.28	$132,019	—
Shockey Jeffrey S (EVP, Gov Ops, GPP, CS)	2025-05-13	Sale	3,205	$202.87	$650,198	—
Cleary Michael J (Controller)	2025-05-06	Sale	3,000	$186.00	$558,009	—
Raymond David Christopher (EVP, Pres, CEO, BGS)	2025-05-02	Sale	3,899	$187.01	$729,164	—
Cleary Michael J (Controller)	2025-05-01	Sale	2,000	$184.01	$368,018	—
Pope Stephanie F (EVP, Pres, CEO, BCA)	2025-05-01	Sale	16,768	$183.78	$3,081,580	—

Net 12-month insider activity: Mixed (both buys and sales) (3 buys / 12 sales over 15 open-market transactions).

10. Risks and Challenges

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FAA production-rate oversight. Even with the hard 38/month cap removed in March 2026, FAA oversight is performance-based — any quality-escape events can trigger a re-imposed cap. Boeing is still redesigning cockpit alerting architecture post-January 2024 Alaska door-plug incident.
777X certification timing. First delivery has already slipped to 2027 (a seven-year delay from the original 2020 target) with $2.5–4bn of related charges booked Q4 2025. Phase 4B and 5 of Type Inspection Authorization remain, plus Function & Reliability testing.
Fixed-price development programme overruns. KC-46 ($7bn+ cumulative charges including $565m Q4 2025; RVS 2.0 slipping to summer 2027), T-7A (pre-production delays), Starliner (Type A mishap reclassification Feb 2026), Commercial Crew Contract cut to 4 missions. Each remaining fixed-price-development contract carries ongoing overrun risk.
Debt & credit rating. $47.2bn consolidated debt at 31 March 2026 (down from $54.1bn opening). Senior unsecured Baa3 / BBB- / BBB- at Moody’s, S&P and Fitch — the lowest investment-grade notch. Any downgrade to non-investment grade would raise refinancing costs materially.
DOJ regulatory overhang. May 2025 non-prosecution agreement replaced the rejected 2024 plea; federal judge dismissed the 737 MAX criminal case in November 2025 at DOJ’s request. Crash-victim families continue to pursue civil matters; reputational risk persists.
Strike exposure. IAM District 751 (Puget Sound) struck 33,000 workers in 2024 (ended November 2024). IAM District 837 (St Louis defence) struck 3,200 workers 4 Aug–13 Nov 2025 — 101-day stoppage delayed F-15EX. The Puget Sound contract expires again in 2028; future bargaining cycles carry material risk.
Cyclical airline demand. Airlines defer or cancel orders in downturns; a global recession would hit BCA order intake. Crucially, 737 and 787 backlog already spans ~8 years so near-term production is insulated.
China. Political tensions and tariff dynamics have previously stalled 737/787 deliveries to Chinese airlines. COMAC C919 is a domestic Chinese substitute; government procurement policy could favour COMAC over Boeing.
Tariffs. US and foreign tariffs on aerospace imports/exports can raise input costs (titanium, aluminium, fasteners) and complicate foreign deliveries. Boeing is structurally a net exporter of finished aircraft.
Supply chain. GE Aerospace LEAP-1B engine lead times, titanium sourcing, composite capacity. Even with Spirit integration, upstream supplier fragility persists.
Space programme losses. Starliner, SLS and commercial satellites have been a chronic loss-making area; divestiture or further restructuring cannot be ruled out.
No dividend. Dividend suspended March 2020; not reinstated; this removes a source of total return for income-focused investors.

\n\n

11. Recent Developments

\n\n

23 April 2026 — Cockpit redesign reporting. Aviation-industry press detailed Boeing’s “explainable automation” doctrine being developed under FAA supervision: warning prioritisation, redundant sensor cross-checks, traceable automation. Extends the post-door-plug safety-culture reset.
22 April 2026 — Q1 2026 results. Revenue $22.2bn (+14%); net loss $(7)m; EPS $(0.11) vs $(0.29) estimate; Op margin 2.0%. BCA revenue $9.2bn (+13%), op margin −6.1% (vs −6.6%), 143 deliveries (vs 130). BDS revenue $7.6bn (+21%), op margin 3.1% (+60bp), record $86bn backlog. BGS revenue $5.4bn (+6%), op margin 18.1%, record $33bn backlog. Total backlog record $695bn (>6,100 commercial). Operating cash flow $(179)m (vs $(1.6)bn); reported non-GAAP FCF ~$(1.5)bn. Consolidated debt $47.2bn (from $54.1bn). Cash $20.9bn. Ortberg reiterated 2026 FCF guidance $1–$3bn. Q1 orders: 140 net commercial including 50 737 MAX (Aviation Capital Group), 30 787-10 (Delta Air Lines), 20 737-8 (Air India). Stock rose 1.23% on the day.
22 April 2026 — Ortberg commentary. Told CNBC “all systems are go” for 47/month 737 rate this summer; said customer quality feedback was improving; noted no order-book slowdown following February 2026 Middle East war flare-up; highlighted that 25 MAX affected by a Q1 wiring nonconformance have all been reworked, shifting those deliveries into Q2.
9 April 2026 — Everett 4th FAL opened. Boeing opened a new 737 MAX production line at the Everett factory — first time the MAX has been built outside the traditional Renton FAL.
7 April 2026 — KC-46 support contract. USAF awarded Boeing a $101m KC-46 support contract.
1 April 2026 — USAF to order 75 more KC-46. Air Force announced plans to order an additional 75 KC-46 to bridge to NGAS in the mid-2030s.
February 2026 — Starliner Crew Flight Test reclassified Type A mishap (NASA’s most severe category). Uncrewed Starliner-1 targeted NET April 2026 pending completion of test & certification activity.
February 2026 — BDS HQ relocation. Boeing announced Defense, Space & Security HQ moves from Arlington VA back to St Louis MO — put leadership closer to factory floor.
February 2026 — KC-46 aileron-hinge pause. USAF briefly paused KC-46 deliveries after hinge cracks discovered on two aircraft; not a fleet-wide grounding.
28 January 2026 — FY2025 results. Full-year revenue $89.5bn (+35%); 600 commercial deliveries; net income $1,872m (FY2025 GAAP positive due to $9.6bn Jeppesen/Digital Aviation Solutions divestiture gain; prior year loss $(11.8)bn); record $521bn commercial backlog entering FY26.
8 December 2025 — Spirit AeroSystems acquisition completed ($4.7bn equity + ~$4bn assumed debt = $8.3bn). ~15,000 teammates join Boeing at Wichita, Tulsa, Dallas & Prestwick.
13 November 2025 — IAM District 837 strike ends. 68–32% vote to ratify Boeing’s fifth offer after 101-day stoppage; 8% year-1 wage increase and $6,000 ratification bonus.
6 November 2025 — DOJ criminal case dismissed. Federal judge dismissed the 737 MAX criminal case at DOJ request under the May 2025 non-prosecution agreement; Boeing paid ~$1.1bn total package including $444.5m additional victim compensation on top of $500m previously paid.
October 2025 — FAA raised 737 MAX production cap from 38 to 42/month; sustained rate achieved; performance-based oversight model put in place March 2026 replacing the hard numerical cap.

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12. Key Dates Coming Up

\n\n

April 2026 — first flight of first production 777-9 targeted (per Feb 2026 Boeing announcement); Starliner-1 uncrewed mission targeted NET April 2026 (may slip further).
May 2026 (2nd Tuesday 12 May) — Annual General Meeting (virtual/Arlington).
15–21 June 2026 — Paris Air Show (Le Bourget); major order-book and programme-update window.
Summer 2026 — targeted step-up of 737 MAX production from 42 to 47/month.
~23 July 2026 — Q2 2026 earnings release (typical reporting cadence; date to be confirmed).
Second half 2026 — 737-7 and 737-10 certification target (first deliveries 2027); continued 777X certification progress (Phase 4B, 5, Function & Reliability).
Year-end 2026 — 737 MAX target of 53/month production.
End-2026/2027 — 777X first customer delivery (Lufthansa slated as launch).
Summer 2027 — KC-46 RVS 2.0 scheduled entry into service.
2028 — IAM District 751 (Puget Sound) next contract negotiations.

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For live charts and watchlists, see our live charts. US macro data, Fed decisions and defence-budget headlines move BA — they’re on the economic calendar. Discuss this report in the community forum, and browse more company research on the blog.

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Disclaimer: Research only — not investment advice. All figures from Boeing SEC filings and press releases, NASA, FAA and DOJ statements. Always do your own research.

Last Updated: 23 April 2026

Axon Enterprise, Inc. (NASDAQ: AXON) — the company formerly known as TASER International — is the dominant US public-safety platform across conducted electrical weapons, body-worn cameras, in-car cameras, drones, robotics, counter-UAS and a fast-growing cloud SaaS stack (digital evidence, records management, real-time operations, AI). FY2025 results released 24 February 2026 showed revenue $2.78bn (+33%), Software & Services $1.20bn (+40%), Connected Devices $1.58bn (+29%), ARR $1.35bn (+35%) at 125% net retention, future contracted bookings $14.4bn (+43%) and a fresh long-range target of ~$6bn revenue with ~28% adjusted EBITDA margin by 2028. FY2026 guidance: revenue growth 27–30% (~$3.5–3.6bn) and 25.5% adjusted EBITDA margin. Axon Week 2026 (Nashville, 7 April) launched three new AI products — Axon Vision (live-video AI triage), Axon Assistant (CJIS-compliant officer copilot) and Axon 911 (cloud 911 platform combining Prepared and Carbyne). The stock has compressed sharply from its 52-week high of $885.92 to $404.92 on 21 April 2026 (−54% from the high; −27% over 52 weeks), and Q1 2026 earnings hit on 6 May 2026. This research pulls together segment mix, financials, competitive position and the latest 48-hour news entirely from Axon’s own SEC filings, earnings releases and press releases — no analyst opinions, no price targets. For live charts and watchlists see our live charts, the economic calendar, and the community forum.

1. Company Snapshot

Name	Axon Enterprise, Inc.
Ticker	NASDAQ: AXON (CIK 1069183)
Sector	Public-safety technology — law-enforcement hardware (CEW, cameras, drones, robotics) and cloud software (DEMS / RMS / RTCC / AI / 911)
Headquarters	17800 N. 85th Street, Scottsdale, Arizona
Founded	1993 as TASER International by Patrick W. "Rick" Smith and brother Thomas P. Smith; renamed Axon Enterprise, Inc. April 2017
CEO / Founder	Patrick W. "Rick" Smith
COO & CFO	Brittany Bagley (CFO since August 2022, expanded to COO in 2023)
President	Josh Isner (since 2022; former CRO)
CTO & CPO	Jeff Kunins
Employees	~4,100 at 12/31/2024 per 10-K (third-party estimates 5,000+ post-Dedrone/Prepared/Carbyne)
FY2025 revenue	$2.78 billion (+33%)
FY2025 ARR	$1.35 billion (+35%)
Future contracted bookings	$14.4 billion (+43%) at year-end 2025
Adjusted EBITDA margin (FY25)	25.5% (~$710m)
Market cap (21 Apr 2026)	~$32.3–32.7 billion at $404.92
Website	axon.com \| IR: investor.axon.com

2. Bull Case vs Bear Case

Bull Case

Categorical leader across CEW: Categorical leader across CEW (~95% global share), US police body-worn cameras (~85% share in major US cities) and digital evidence (Axon Evidence is the category-defining product).
FY2025 revenue $2.78bn (+33%): FY2025 revenue $2.78bn (+33%) — third consecutive year of 30%+ growth. Software & Services +40%; Connected Devices +29%.
ARR $1.35bn (+35%); net: ARR $1.35bn (+35%); net revenue retention 125%; future contracted bookings $14.4bn (+43%) provide multi-year visibility.
FY2026 guide: FY2026 guide: revenue growth 27–30% (~$3.5–3.6bn); adjusted EBITDA margin 25.5%. 2028 target ~$6bn revenue at ~28% adj. EBITDA margin and ~60% EBITDA-to-FCF conversion.
AI ramp monetising: AI ramp monetising: Draft One (AI-drafted police-report narratives, launched April 2024) at $30+ ARPU/month; Axon Vision, Axon Assistant and Axon 911 launched at Axon Week April 2026.
Federal expansion accelerating: Federal expansion accelerating: ICE 5-year TASER procurement (up to $220m, 17,800 units) approved 2026; UK Home Office approved TASER 10 for UK policing in October 2025; growing footprint in DHS, U.S. Marshals.

Bear Case

Stock down ~54% from: Stock down ~54% from 52-week high ($885.92) to $404.92 on 21 April 2026 (−27% trailing 52 weeks; −12% over the trailing month).
Trailing GAAP P/E ~250–310x: Trailing GAAP P/E ~250–310x; multiples rich even after the drawdown; sensitive to any growth disappointment.
Connected Devices Q4 2025: Connected Devices Q4 2025 adjusted gross margin fell ~290bps YoY to 49.3% on "product mix and global tariffs" — hardware margin pressure is structural, not just timing.
Civil-liberties / political risk: Civil-liberties / political risk: ICE work has drawn public/municipal pushback. EFF report "Axon’s Draft One Is Designed to Defy Transparency" (July 2025); ACLU criticism; California SB 524 (2026) requires AI disclosure in police narratives. Lobbying spend tripled from $0.48m (2020) to $2.5m (2025).
Rapid M&A pace &mdash: Rapid M&A pace — Prepared (~$800m), Carbyne (~$625m), Dedrone, Sky-Hero, Fusus — elevates execution and goodwill risk.
Stock-based compensation guided to: Stock-based compensation guided to $590–620m in FY2026 — sizeable share-count dilution driver.
Founder/CEO key-person concentration on: Founder/CEO key-person concentration on Rick Smith.

3. What Does Axon Actually Do?

Axon sells an integrated public-safety ecosystem to law enforcement, corrections, federal agencies, military and private security. Two reportable segments:

Segment (FY2025)	Revenue	% of total	YoY growth
Connected Devices (hardware)	$1.58bn	56.8%	+29%
Software & Services (cloud SaaS)	$1.20bn	43.2%	+40%
Total	$2.78bn	100%	+33%

Connected Devices (hardware): TASER 10 conducted electrical weapon (flagship; ramping); Axon Body 4 body-worn camera (LTE streaming, Respond-ready); Axon Fleet 3 in-car / ALPR; Signal Sidearm holster sensor; Axon Air / Skydio drone partnership; Sky-Hero indoor tactical robotics (acquired 2024); Dedrone counter-UAS portfolio (DedroneCity, Portable, RapidResponse, DedroneDefender 2 — acquired 2024); VR training (TASER 10 simulator); Fusus real-time operations (acquired 2024).

Software & Services (cloud SaaS): Axon Evidence (formerly Evidence.com, the category-defining digital evidence management product); Axon Records (RMS); Axon Standards (early-warning / professional standards); Axon Dispatch; Axon Respond (real-time crime center / live streaming); Axon AI — Draft One (AI-drafted report narratives, launched 23 April 2024), Axon Assistant (CJIS-compliant officer copilot, expanded April 2026), Axon Vision (live-video AI triage, announced April 2026), Axon 911 (cloud 911 platform combining Prepared + Carbyne, announced April 2026).

Customer base: Axon serves the majority of US state/local law enforcement (~85% share in major US cities for body-worn cameras; near-universal share in CEWs). Federal footprint accelerating (ICE, DHS, FBI, DEA, US Marshals). International present in UK (TASER 10 approved Oct 2025), Australia, Canada, Germany and the Nordics. Geographic split (% international) not separately disclosed in FY2025 release; 10-K filed early 2026 contains the geographic note.

4. The Business Model

Razor / razorblade with 5-year enterprise contracts. Axon bundles hardware + software into multi-year "Officer Safety Plans" (OSP) and premium tiers (OSP 7, OSP 10, OSP Premier). Customers pay per-officer-per-month with hardware refresh cycles baked in.
ARR / subscription engine. FY2025 ARR $1.35bn (+35%); net revenue retention 125%. Subscription + services >60% of revenue.
Bookings leverage. FY2025 annual bookings $7.4bn (+46%); future contracted bookings $14.4bn (+43%) at year-end giving multi-year visibility.
Margin profile. Q4 2025 adjusted gross margin: Software & Services 76.7% (software-only >80%); Connected Devices 49.3% (down from 52.2% on mix and global tariffs).
TAM expansion vectors (explicit company framing): AI (Draft One, Assistant, Vision); communications/radios (Axon Body with integrated comms positioned to displace legacy LMR radios); drones & counter-drones (Skydio partner + owned Sky-Hero/Dedrone); real-time operations / 911 (Prepared ~$800m + Carbyne ~$625m acquired 2025); federal, corrections, international, private security.
Long-term targets (set at Q4 2025 release): ~$6bn revenue by 2028 with ~28% adjusted EBITDA margin and ~60% EBITDA-to-FCF conversion.

5. Financial Health

Annual revenue (GAAP, source: Axon earnings releases)

FY	Revenue	YoY
2020	$681m	—
2021	$863m	+27%
2022	$1.19bn	+38%
2023	$1.56bn	+31%
2024	$2.08bn (reported $2.1bn)	+33%
2025	$2.78bn	+33%

FY2025 full-year (released 24 February 2026): revenue $2.78bn (+33%); GAAP net income $124.7m (4.5% margin); non-GAAP net income $564m (20.3% margin); adjusted EBITDA $710m (25.5% margin); operating cash flow $217m in Q4; full-year free cash flow $155m; cash & short-term investments $1.7bn at 12/31/2025; ARR $1.35bn (+35%); NRR 125%; future contracted bookings $14.4bn (+43%).

Quarterly trend (2025 source: Axon earnings releases)

Quarter	Revenue	YoY	Software & Services	Connected Devices
Q1 2025	$604m	+31%	$263m (+39%)	$341m (+26%)
Q2 2025	$669m	+33%	$292m (+39%)	$376m (+29%)
Q3 2025	$711m	+31%	$305m (+41%)	$405m (+24%)
Q4 2025	$797m	+39%	$342.5m (+40%)	$454.2m (+38%)

Within Connected Devices (Q3 2025 disclosure): TASER ~$238m, Personal Sensors (cameras) ~$107m, Platform Solutions (Fleet/drones/VR/Dedrone/Fusus) ~$61m. Shares outstanding: ~82.4m as of early 2026.

6. Valuation & Market Data

Metric	Value	Notes / source date
Share price	$404.92	Close 21 April 2026
Market cap	~$32.3–32.7bn	21 April 2026
52-week high	$885.92
52-week low	$339.01
Trailing P/E (GAAP)	~250–310x	Modest GAAP NI ($124.7m FY25); high SBC and amortisation
P/E (forward)	~51x	Consensus 12-month forward
P/S (TTM)	~11–12x	$2.78bn revenue, ~$32.5bn cap
EV/EBITDA (TTM, GAAP)	~445x	Trailing GAAP basis; forward adj. EBITDA ~30–35x on FY26 guide
Dividend	None
Short interest	2.82m shares (~3.5% of float)	Days-to-cover ~3.9 (Jan 2026 filing date)
52-week price change	~−27%	Trailing month ~−12%

7. What Are They Building / What’s Coming?

FY2026 guidance (set at FY25 release): revenue growth 27–30% YoY (~$3.53–3.61bn); adjusted EBITDA margin 25.5% (~$900m); stock-based comp $590–620m; capex $185–215m.
2028 long-range target: ~$6bn revenue; ~28% adj. EBITDA margin; 60% EBITDA-to-FCF conversion.
AI product ramp: Draft One monetisation (Premier tier); Axon Assistant; Axon Vision; Axon 911 (Prepared + Carbyne integration). All three new AI products launched at Axon Week 2026 (7 April).
TASER 10 global ramp. UK Home Office approval (Oct 2025) opens UK policing deployment.
Counter-drone / Dedrone expansion into airports, stadiums, critical infrastructure; Sky-Hero tactical robotics rollout to US agencies.
Federal: ICE 5-year TASER program (up to $220m, 17,800 units) and ongoing DHS expansion.
Q1 2026 earnings: Wednesday 6 May 2026, after market close (Zoom webinar 5:00pm ET).

8. Competitive Landscape

Axon is dominant in US law enforcement across every product line it plays in. Outside the US and in adjacent drone / 911 spaces the market is more fragmented.

Category	Axon	Closest competitors
Body-worn cameras (US LE)	~85% share in major US cities	Motorola Solutions (WatchGuard V300/V700) ~10–15%; Reveal Media, Getac, Visual Labs, Digital Ally low single digits
Conducted electrical weapons (CEW)	~95%+ global	Byrna Technologies (pepper-ball — adjacent); Wrap Technologies / BolaWrap (tethered restraint — niche)
Digital evidence management	Category-defining	Motorola Solutions CommandCentral; NICE Public Safety; Veritone; Genetec Clearance
In-car / fleet	Axon Fleet 3	Motorola WatchGuard; Coban (Safe Fleet); Digital Ally
Drones / counter-UAS	Skydio partner + Dedrone owned	Skydio (independent); DJI (US restricted); BRINC; Parrot; Anduril
911 / dispatch	Axon 911 (Prepared + Carbyne)	Motorola Solutions (VESTA, CallWorks); RapidDeploy (Motorola); Intrado

Closest pure-play public comparable: Motorola Solutions (NYSE: MSI).

9. Leadership and Ownership

Executive team: Rick Smith (Founder, Chairman, CEO — born 1969); Brittany Bagley (COO & CFO — joined Aug 2022 from Sonos, previously Bain Capital); Josh Isner (President since 2022 — former CRO); Jeff Kunins (Chief Product Officer & CTO).

Board: Director Matthew McBrady announced in April 2026 that he will not stand for re-election.

Recent insider activity (Form 4): Rick Smith reported sale of 10,000 shares on 9 March 2026 (~$6m proceeds). Brittany Bagley sold 4,266 shares at $550–$556 on 2 March 2026 (proceeds ~$2.36m); post-sale holdings 99,235 shares. Activity consistent with ongoing 10b5-1 plans rather than open-market discretionary purchases.

Holder	Approx stake	Notes
Vanguard Group	~10–11%	Largest disclosed institutional holder
BlackRock	~8–9%
State Street	top-10
Fidelity (FMR)	top-10
Geode Capital, Baillie Gifford, Sands Capital, Wellington, Invesco, T. Rowe Price, Capital Group	top-15
Rick Smith (Founder/CEO)	~3.85% direct	Mid-single-digit beneficial including options

Total institutional ownership ~80%. Shares outstanding ~82.4m.

Name	Date	Type	Shares	Price	Value	Plan Type
Williams Jeri (Dir)	2026-03-17	Sale	157	$490.00	$76,930	—
Nardini Erika (Dir)	2026-03-17	Sale	198	$506.58	$100,303	—
Smith Patrick W (CEO)	2026-03-09	Sale	10,000	$560.24	$5,602,394	—
Brooks Cameron (CHIEF REVENUE OFFICER)	2026-03-09	Sale	1,221	$565.51	$690,488	—
Mak Jennifer H (Chief Accounting Officer)	2026-03-02	Sale	1,500	$573.45	$860,175	—
Bagley Brittany (COO, CFO)	2026-03-02	Sale	4,266	$552.90	$2,358,680	—
Fields Isaiah (GC)	2026-02-27	Sale	2,000	$535.01	$1,070,017	—
Kalinowski Caitlin Elizabeth (Dir)	2026-02-27	Sale	930	$535.35	$497,879	—
Smith Patrick W (CEO)	2026-02-25	Sale	10,000	$500.24	$5,002,400	—
Smith Patrick W (CEO)	2026-01-07	Sale	10,000	$619.02	$6,190,146	—
Mak Jennifer H (Chief Accounting Officer)	2025-12-19	Sale	1,134	$600.00	$680,400	—
Bagley Brittany (COO, CFO)	2025-12-11	Sale	2,000	$580.00	$1,160,000	—
Smith Patrick W (CEO)	2025-12-08	Sale	10,000	$551.92	$5,519,164	—
Isner Joshua (Pres)	2025-12-08	Sale	20,000	$552.60	$11,052,007	—
Mak Jennifer H (Chief Accounting Officer)	2025-12-04	Sale	894	$550.00	$491,700	—

Net 12-month insider activity: Mixed (both buys and sales) (1 buys / 46 sales over 47 open-market transactions).

10. Risks and Challenges

Valuation / multiple compression. Stock −54% from 52-week high; trailing GAAP P/E ~250–310x; sensitive to growth disappointment given rich multiples.
TASER product liability. History of wrongful-death and excessive-force suits; continued litigation risk on CEW use.
AI / Draft One scrutiny. EFF "Axon’s Draft One Is Designed to Defy Transparency" (July 2025); ACLU criticism; California SB 524 (2026) requires AI disclosure in police narratives. No court ruling against Draft One identified as of 23 April 2026; regulatory risk is live.
Civil-liberties / political risk. Expansion into ICE work has drawn public and municipal pushback; lobbying spend tripled from $0.48m (2020) to $2.5m (2025).
Customer concentration. Dependence on municipal/state police budgets (recession-sensitive, politically exposed).
Tariffs & hardware mix. Connected Devices adjusted gross margin fell ~290bps YoY in Q4 2025 to 49.3% on "product mix and global tariffs."
Integration risk. Rapid M&A pace — Prepared (~$800m), Carbyne (~$625m), Dedrone, Sky-Hero, Fusus — elevates execution and goodwill risk.
Federal procurement volatility. ICE/DHS ramp is additive but politically exposed.
Competition from Motorola Solutions (deepest pockets / full stack) and international body-cam / counter-UAS upstarts.
Founder / key-person risk on Rick Smith.
Stock-based compensation guided to $590–620m in FY2026 — sizeable share-count dilution driver.

11. Recent Developments

22 April 2026 — "Axon to Release First Quarter 2026 Earnings on May 6, 2026." Q1 2026 earnings released after market close, 5:00pm ET Zoom webinar. Conference participation: Needham (12 May), BofA Industrials (13 May), J.P. Morgan TMC (19 May).
21 April 2026 — Stock close $404.92. −12% over the trailing month; −27% over the trailing 52 weeks; 52-week range $339.01–$885.92.
7 April 2026 — Axon Week 2026 (Nashville, ~3,000 attendees). Launched three AI products: Axon Vision (live-video AI triage for RTCC/911), Axon Assistant (CJIS-compliant officer copilot), Axon 911 (cloud 911 platform built on Prepared + Carbyne).
Early April 2026. Director Matthew McBrady announced he will not stand for re-election. Stock fell >7% in one session during Axon Week. OpenSecrets analysis flagged Axon’s 2025 lobbying spend at $2.5m (+68% YoY).
March 2026. ICE $220m, 5-year, 17,800-unit TASER procurement moved forward (Times of San Diego); Axon the sole-specification supplier.
9 March 2026 — Form 4: Rick Smith sold 10,000 shares (~$6m).
2 March 2026 — Form 4: Brittany Bagley sold 4,266 shares at $550–$556.62; post-sale holdings 99,235.
24 February 2026 — FY2025 / Q4 2025 earnings. Revenue $797m Q4 (+39%); full-year $2.78bn (+33%); ARR $1.35bn (+35%); future bookings $14.4bn; FY2026 guide 27–30% growth; 2028 target $6bn revenue.
4 November 2025 (Q3). Announced Carbyne acquisition (~$625m), following Prepared (~$800m, September 2025). Together these form Axon 911.
October 2025. UK Home Secretary approved TASER 10 for UK policing deployment.
2024–25. Completed acquisitions of Dedrone (counter-UAS), Sky-Hero (tactical robotics) and Fusus (real-time operations).

12. Key Dates Coming Up

6 May 2026 (Wed) — Q1 2026 earnings release, after market close; Zoom webinar 5:00pm ET.
12 May 2026 — Needham Technology, Media & Consumer Conference.
13 May 2026 — BofA Industrials, Transportation & Airlines Key Leaders Conference.
19 May 2026 — J.P. Morgan Global Technology, Media & Communications Conference.
~May 2026 — 2026 Annual Meeting of Stockholders (date not yet disclosed; historical pattern May).
~early August 2026 — Q2 2026 earnings (estimated).
~early November 2026 — Q3 2026 earnings (estimated).
~late February 2027 — FY2026 / Q4 2026 earnings (estimated).

For live charts and watchlists, see our live charts. US macro and Fed events that move high-multiple software/hardware names are on the economic calendar. Discuss this report in the community forum, and browse more company research on the blog.

Disclaimer: Research only. This article is for information and discussion purposes. It is not investment advice, not a recommendation to buy or sell any security, and does not take your personal circumstances into account. All financial figures come from Axon Enterprise SEC filings, earnings releases and press releases; market data is as of the dates stated. Always do your own research and consult a qualified adviser before making investment decisions.

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