An axial indexing well tool comprises a tubular mandrel having an axial bore therein and first and second profiled projections from a substantially cylindrical outside surface thereof. A sleeve is coaxially assembled about the mandrel and confined to axial displacement along the mandrel between first and second axially separated positions along the mandrel. A spring is positioned to bias the sleeve along the mandrel toward the first position. A plurality of longitudinal slots is in the sleeve distributed around the sleeve perimeter to define longitudinal collet fingers therebetween. The collet fingers have axially separated, peripheral segments respective to both large and small internal diameters. The collet fingers also have axially separated, peripheral segments respective to both large and small external diameters. A cylindrical cam profile on the sleeve has operative cooperation with the second profiled projection from the mandrel whereby an axial stroking of the sleeve relative to the mandrel partially rotates the sleeve about the axis to a selected axial index position.
