Axon Enterprise, Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,035 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Holdings side is empty by design, a sourced finding. The latest 10-Q (period ended 30 Jun 2026, filed 6 Aug 2026) and the latest 10-K (fiscal year ended 31 Dec 2025, filed 25 Feb 2026) were both searched for 'equity method', 'non-marketable', 'strategic investment', 'unconsolidated', 'noncontrolling interest', 'joint venture' and named-investee candidates ('Skydio', 'Dedrone', 'Fusus'). Axon runs a large and growing strategic-investments program (Note 6 of the 10-Q, Note 7 of the 10-K) but discloses it ONLY as combined balances and describes activity using generic phrases like 'an existing strategic investee' or 'a separate existing strategic investee' without ever naming a single investee in either filing. As of 30 Jun 2026 the 10-Q reports: non-marketable equity securities $848.1 million, non-marketable debt securities $5.7 million, total strategic investments $853.8 million (up from $416.8 million at 31 Dec 2025); of the equity-securities balance, $24.5 million is carried under the full equity method of accounting and the rest under the ASC 321 measurement alternative (cost, less impairment, plus/minus observable price changes). During H1 2026 Axon closed transactions to acquire additional equity interests in 'an existing strategic investee' for $189.8 million and recognized a $158.8 million gain from an observable price change in 'the same strategic investee', both concentrated in one unnamed holding. Separately, the 10-Q also discloses $126.1 million of carrying value in variable interest assets held through 'unconsolidated non-public variable interest entities' (up from $9.4 million at 31 Dec 2025), again with no entity named. Per the brief's rule, a combined balance sizes no individual investee: every figure above is recorded here in notes/unknowns rather than assigned to any named holding, and `holdings` is correctly an empty array rather than a guess.
• Dedrone Holdings, Inc. and Fusus, Inc., named in the 10-K's XBRL business-combination tags, are wholly owned acquisitions (Dedrone closed 1 Oct 2024, Fusus closed Jan 2024), not equity-method or minority stakes, so they are excluded per the brief. No 'noncontrolling interest' or 'joint venture' language appears anywhere in either the 10-K or the 10-Q.
• Marketable securities and short-term investments are treasury management, explicitly excluded here. As of 30 Jun 2026 Axon's balance sheet showed $597.7 million cash and cash equivalents, $75.7 million short-term investments, and $19.1 million marketable securities (all current assets), consistent throughout the filing's MD&A with funding operations and liquidity, not with strategic stakes in other companies. None of this is treated as a holding in this file.
• Convertible notes are debt, not shares, and are excluded from every share count. Axon has issued 0.50% Convertible Senior Notes due 2033 (the '2033 Notes'), carried on the 30 Jun 2026 balance sheet; it also issued 0.50% Convertible Senior Notes due 2027 (the '2027 Notes', $690.0 million aggregate principal issued Dec 2022 in a private offering), which the 10-K confirms were fully redeemed with no 2027 Notes remaining outstanding following an early-repurchase and redemption process completed by 2026. Neither instrument was added to `company.shares_outstanding` or to any register row.
• Share basis: 81,237,415 shares outstanding is the 10-Q cover-page figure 'as of July 31, 2026', close to stockanalysis.com's 81.24 million shares outstanding figure as of 18 Aug 2026, so no dilution correction was needed. No stock split was found: the 10-Q was searched for 'stock split', 'forward split' and 'reverse split' with zero hits.
• Share price sanity check, done explicitly per the brief rather than assumed: as of 30 Jun 2026, eight independently filed fresh Q2 2026 13F rows (BlackRock, State Street, Baillie Gifford, FMR, Wellington and Franklin Resources at CUSIP-line granularity, plus the rescaled T. Rowe Price and the summed Vanguard family) imply a per-share price clustered tightly between $558.65 and $560.63. stockanalysis.com shows a live closing price of $619.85 on 18 Aug 2026 (up 2.57% that day, after Axon's 5 Aug 2026 Q2 earnings release), a plausible roughly 10.6% rise over seven weeks for a high-growth, high-multiple industrials/software name, not a data or scaling error. Axon's genuinely high per-share price (implied market cap about $50.4 billion on 81.2 million shares) is treated as correct throughout, the same reasoning pattern used for AutoZone, Comfort Systems, Emcor, Monolithic Power, TransDigm and Martin Marietta.
• Founder and CEO structure: Patrick 'Rick' Smith co-founded the company in 1993 (originally Air Taser, Inc., later TASER International, renamed Axon Enterprise in 2017) and has served continuously as CEO and a director since founding; he is not the Board Chair (Michael Garnreiter chairs the Board). His 2,789,952 actually-owned shares (3.43% of shares outstanding) are recorded in `shares`; his separate CEO Performance Award, a 2024 shareholder-approved grant of performance-contingent XSUs with a Compensation-Committee-set notional value of about $150 million, vesting only on achievement of stock-price AND operational hurdles plus service conditions, is unvested, contingent, performance-based equity and was deliberately kept OUT of `shares` and out of any dollar valuation, recorded only in the row's `method_note`. There is no separate Smith family or founder holding vehicle sitting outside the officers-and-directors group (unlike the Walmart Walton or Marriott JWM Family Enterprises patterns the brief warns about); the 15 individually named rows in the 2026 proxy's beneficial-ownership table, including Smith's, sum exactly to the disclosed group total with no unexplained gap, so Smith's row is marked as rolling up fully into 'All directors and executive officers as a group'.
• Voting power: no dual-class structure or supervoting stock was found. Axon has a single class of common stock (CUSIP 05464C101); the 10-Q and 10-K were searched for 'Class A', 'Class B' and 'depositary shares' with no relevant hits. Smith's influence over the company runs through his role as founder/CEO/director and the size of his performance-based compensation program rather than through concentrated voting rights in a dual-class structure.
• Fresh Q2 2026 13F versus proxy 13G reconciliation: the 2026 proxy's 'Beneficial Owners of More than 5%' table quotes stale Schedule 13G/A figures for BlackRock (7,486,272 shares, 9.3%, per a 13G/A filed 21 Jan 2026) and The Vanguard Group (9,314,070 shares, 11.6%, per a 13G/A filed 30 Oct 2025, further affected by a 12 Jan 2026 internal realignment disaggregating Vanguard's subsidiaries into separate reporters). Per this project's rule to prefer the freshest institutional filing, both figures were superseded here by fresh Q2 2026 13F-HR data: BlackRock 8,334,551 shares (10.26%) and the eight-entity Vanguard family sum of 9,648,636 shares (11.88%), both dated 30 Jun 2026, more recent than either 13G/A quoted in the proxy.
• Capital Group family check (mandated): all three CIKs, Capital World Investors (0001422849), Capital International Investors (0001562230) and Capital Research Global Investors (0001422848), were checked against their own fresh Q2 2026 13F-HR filings and NONE holds any Axon position as of 30 Jun 2026 (zero CUSIP 05464C101 lines in all three). This project's own 31-Mar-2026 baseline register (data/registers/AXON.json) had shown Capital World Investors holding 781,518 AXON shares at that earlier date, so this reads as an exit or a drop below reporting size during Q2 2026 rather than an omission; no Capital Group row is included in this register.
• Self-gate, computed with the chart's own arithmetic (member rows at full value, the aggregate reduced to its residual) on this final file: 11 register rows (9 fresh-13F institutional rows plus 2 proxy insider rows). Patrick Smith counted at full value (2,789,952 shares) and the officers-and-directors group reduced to its residual (3,365,363 minus 2,789,952 = 575,411 shares) because his row rolls up into it. Sum: 9,648,636 + 8,334,551 + 3,885,570 + 3,059,487 + 3,024,957 + 2,312,765 + 2,103,142 + 1,871,812 + 701,731 + 2,789,952 + 575,411 = 38,308,014 shares against 81,237,415 shares outstanding, or 47.16 percent. This sits a little above the brief's typical 25-to-45-percent band but well below its 55-percent hard-alarm threshold, and is attributed to genuinely dense institutional ownership at a large-cap growth stock (nine institutions alone total roughly 35.5 million shares, 43.7 percent) rather than to a double-counted holder or mixed instrument basis: every institutional row above was individually re-verified as single-CUSIP (05464C101) common stock in a fresh Q2 2026 13F, the implied per-share price is consistent within about half a percent across eight independently filed 13Fs, and the Vanguard family sum was cross-checked entity by entity against the parent's 13F-NT rather than assumed.