Trimble (TRMB) FY2023 results: revenue $3.8 billion, up 3.3% on the year

Trimble Inc. (TRMB) reported revenue of $3.8 billion for fiscal 2023, the year ended 29 December 2023, up 3.3% on the year before. Net income was $311 million, down 30.8%, and diluted earnings per share $1.25. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue

$3.8 billion

+3.3% on the year

FY2016FY2023

Operating margin

11.8%

13.9% a year earlier

FY2016FY2023

Net income

$311 million

-30.8% on the year

FY2016FY2023

Diluted EPS

$1.25

-30.6% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,799	3,676	3,659	+3.3%
Cost of revenue	1,466	1,571	1,624	-6.7%
Gross profit	2,333	2,106	2,035	+10.8%
Gross margin	61.4%	57.3%	55.6%
Research and development	664	542	537	+22.5%
Operating income	449	511	561	-12.2%
Operating margin	11.8%	13.9%	15.3%
Interest expense	161	n/a	n/a
Pre-tax income	357	569	575	-37.3%
Income tax	45.7	119	81.8	-61.7%
Effective tax rate	12.8%	21.0%	14.2%
Net income	311	450	493	-30.8%
Net margin	8.2%	12.2%	13.5%
Diluted EPS	$1.25	$1.80	$1.94	-30.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	597	391	750	+52.6%
Capital expenditure	42.0	43.2	46.1	-2.8%
Free cash flow	555	348	704	+59.5%
Free cash flow margin	14.6%	9.5%	19.2%
Cash from investing	-2,068	-226	-204
Cash from financing	1,432	-199	-448
Depreciation and amortisation	251	172	92.2	+45.9%
Share-based compensation	145	120	123	+20.8%
Buybacks	100	395	180	-74.7%
Diluted shares, weighted	249m	250m	254m	-0.4%
Shares outstanding at period end	246m	247m	251m	-0.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	4,500	4,050	3,945	+11.1%
Non-controlling interest	n/a	n/a	0.0
Debt	3,067	1,520	1,293	+101.8%
Operating lease liabilities	122	105	121	+16.0%
Other liabilities	1,851	1,594	1,740	+16.1%
Total liabilities and equity	9,539	7,269	7,100	+31.2%
Fixed assets	202	219	233	-7.5%
Goodwill	5,351	4,138	3,982	+29.3%
Intangible assets	1,244	498	507	+149.6%
Cash and equivalents	230	271	326	-15.2%
Receivables	707	643	625	+9.8%
Inventory	236	402	363	-41.4%
Other assets	1,571	1,097	1,064	+43.1%
Total assets	9,539	7,269	7,100	+31.2%

10-K for the year ended 29 December 2023, filed 26 February 2024: the filing.