We present a combined direct numerical simulation and hot-wire anemometry study of an axisymmetric turbulent wake. The data lead to a revised theory of axisymmetric turbulent wakes which relies on the mean streamwise momentum and turbulent kinetic energy equations, self-similarity of the mean flow, turbulent kinetic energy, Reynolds shear stress and turbulent dissipation profiles, non-equilibrium dissipation scalings and an assumption of constant anisotropy. This theory is supported by the present data up to a distance of 100 times the wake generator’s size, which is as far as these data extend.