Trimble (TRMB) FY2024 results: revenue $3.7 billion, down 3.0% on the year

Trimble Inc. (TRMB) reported revenue of $3.7 billion for fiscal 2024, the year ended 3 January 2025, down 3.0% on the year before. Net income was $1.5 billion, up 383.3%, and diluted earnings per share $6.09. The figures are the company's own, from the 10-K it filed with the SEC on 25 April 2025.

Revenue

$3.7 billion

-3.0% on the year

FY2017FY2024

Operating margin

12.5%

11.8% a year earlier

FY2017FY2024

Net income

$1.5 billion

+383.3% on the year

FY2017FY2024

Diluted EPS

$6.09

+387.2% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	3,683	3,799	3,676	-3.0%
Cost of revenue	1,287	1,466	1,571	-12.2%
Gross profit	2,396	2,333	2,106	+2.7%
Gross margin	65.1%	61.4%	57.3%
Research and development	662	664	542	-0.3%
Operating income	461	449	511	+2.7%
Operating margin	12.5%	11.8%	13.9%
Interest expense	90.7	161	n/a	-43.7%
Pre-tax income	2,006	357	569	+461.9%
Income tax	502	45.7	119	+997.4%
Effective tax rate	25.0%	12.8%	21.0%
Net income	1,504	311	450	+383.3%
Net margin	40.8%	8.2%	12.2%
Diluted EPS	$6.09	$1.25	$1.80	+387.2%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	531	597	391	-11.0%
Capital expenditure	33.6	42.0	43.2	-20.0%
Free cash flow	498	555	348	-10.3%
Free cash flow margin	13.5%	14.6%	9.5%
Cash from investing	1,861	-2,068	-226
Cash from financing	-1,864	1,432	-199
Depreciation and amortisation	232	251	172	-7.4%
Share-based compensation	159	145	120	+9.1%
Buybacks	175	100	395	+75.0%
Diluted shares, weighted	247m	249m	250m	-0.8%
Shares outstanding at period end	246m	246m	247m	-0.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	5,745	4,500	4,050	+27.7%
Debt	1,391	3,067	1,520	-54.7%
Operating lease liabilities	123	122	105	+1.2%
Other liabilities	2,229	1,851	1,594	+20.4%
Total liabilities and equity	9,488	9,539	7,269	-0.5%
Fixed assets	188	202	219	-7.0%
Goodwill	4,988	5,351	4,138	-6.8%
Intangible assets	998	1,244	498	-19.7%
Cash and equivalents	739	230	271	+221.5%
Receivables	726	707	643	+2.7%
Inventory	194	236	402	-17.6%
Other assets	1,654	1,571	1,097	+5.3%
Total assets	9,488	9,539	7,269	-0.5%

10-K for the year ended 3 January 2025, filed 25 April 2025: the filing.