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Motivated by the recent interest in models of guarded (co-)recursion we study its equational properties. We formulate axioms for guarded fixpoint operators generalizing the axioms of iteration theories of Bloom and Esik. Models of these axioms include both standard (e.g., cpo-based) models of iteration theories and models of guarded recursion such as complete metric spaces or the topos of trees studied by Birkedal et al. We show that the standard result on the satisfaction of all Conway axiomsdoi:10.4204/eptcs.126.6 fatcat:jij5vglkhrcxrgxobnufoj6i54