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Trimble (TRMB) FY2025 results: revenue $3.6 billion, down 2.6% on the year

Trimble Inc. (TRMB) reported revenue of $3.6 billion for fiscal 2025, the year ended 2 January 2026, down 2.6% on the year before. Net income was $424 million, down 71.8%, and diluted earnings per share $1.76. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$3.6 billion
-2.6% on the year
FY2018FY2025
Operating margin
16.5%
12.5% a year earlier
FY2018FY2025
Net income
$424 million
-71.8% on the year
FY2018FY2025
Diluted EPS
$1.76
-71.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 12 new.

  • Fourth-quarter revenue down 1 percent: Revenue was $969.8 million, down 1 percent year over year and up 4 percent on an organic basis. Organic revenue excludes foreign currency translation and acquisitions and divestitures closed in the prior 12 months.
  • Full-year revenue down 3 percent: Revenue for 2025 was $3,587.3 million, down 3 percent year over year and up 6 percent on an organic basis. GAAP net income was $424.0 million against $1,504.4 million in 2024, which included a divestiture gain.
  • Subscription revenue rose, product fell: Subscription and services revenue was $701.5 million against $694.5 million; product revenue was $268.3 million against $288.9 million. Full-year subscription and services revenue was $2,452.1 million.
  • Annualized recurring revenue reached $2.39 billion: ARR was $2.39 billion, up 6 percent year over year and up 14 percent on an organic basis. The release links ARR to ongoing execution of the Connect and Scale strategy.
  • Fourth-quarter gross margin reached 72.0 percent: GAAP gross margin was 72.0 percent against 69.3 percent; non-GAAP gross margin was 74.6 percent against 71.7 percent. Full-year GAAP gross margin was 69.1 percent against 65.1 percent.
Read the Q4 FY2025 earnings call summary

From this 10-K

Trimble sells software, hardware and services that connect what happens in an office with what happens on a site or in a vehicle. Its markets are building, civil and infrastructure construction, geospatial, natural resources, utilities and transportation, and its customers are asset owners, general and specialty contractors, architects, engineers and designers, surveyors, energy and utility companies, shippers and carriers, and governments. The strategy rests on two industry cloud platforms, one in construction and one in transportation and logistics, with common data environments underneath. Research, development, manufacturing and logistics operations sit in the United States, the Netherlands, India, Germany, the United Kingdom, New Zealand, Finland, Canada and Sweden. There are three reportable segments.

Trimble Inc., the 10-K for 2026

Trimble sells software, hardware and services that connect what happens in an office with what happens on a site or in a vehicle. Its markets are building, civil and infrastructure construction, geospatial, natural resources, utilities and transportation, and its customers are asset owners, general and specialty contractors, architects, engineers and designers, surveyors, energy and utility companies, shippers and carriers, and governments. The strategy rests on two industry cloud platforms, one in construction and one in transportation and logistics, with common data environments underneath. Research, development, manufacturing and logistics operations sit in the United States, the Netherlands, India, Germany, the United Kingdom, New Zealand, Finland, Canada and Sweden. There are three reportable segments.

Architects, Engineers, Construction and Owners

Software across the life of a building or asset. Architecture and interior design software includes SketchUp for design, visualisation, 3D modelling and construction documentation. Building information modelling and engineering software covers structural, mechanical, electrical and plumbing, and civil and infrastructure modelling. Construction software covers estimating and takeoff, project management, modular fabrication, financial management, business operations and supply chain management for contractors of all kinds. Owner software handles asset lifecycle management from planning through maintenance for facility and asset owners in the private and public sectors. The segment sells through direct, indirect and digital channels, including a network of independent distributors and BuildingPoint dealers for building construction.

Field Systems

Software, hardware and services for surveying and mapping professionals, civil construction, building construction field services and positioning systems, sold mainly through a global network of independent distribution partners and increasingly direct and digital. Geospatial products replace conventional surveying, mapping, modelling, monitoring and measurement, using high precision satellite positioning, robotic measurement systems, inertial positioning, 3D laser scanning, digital imaging and optical or laser measurement in the field, with office software for planning, processing, quality control, 3D modelling, feature extraction, deformation monitoring and reporting. The civil engineering and construction portfolio runs from feasibility, budgeting and design through construction, operation and maintenance, serving owners, design engineers, consultants, contractors and suppliers. Joint ventures with Nikon, which designs and manufactures surveying instruments in Japan, and with Hilti, on measuring solutions for building construction trades, sit in this part of the business.

Transportation and Logistics

Solutions for shippers, carriers, retailers and intermediaries, with a substantial position in the truckload freight market. The portfolio divides into carrier transportation management software and maintenance, sold as Enterprise; shipper transportation management, dock and yard and marketplace software, sold as Transporeon; and mapping and routing, sold as MAPS. The Trimble Transportation Cloud gives shippers and carriers information for bid and contract award decisions, and Transporeon runs a marketplace where shippers, forwarders, carriers and retailers connect and digitise their transportation management.

How the software is sold

Software is sold as subscription services, including consumption and term licences, or as perpetual licences, hosted as software as a service or provisioned for use on the customer's own premises, and the company has extended its capabilities to run in multi-cloud environments. Its offerings range from embedded real-time firmware to software that integrates data with large-scale enterprise back-office systems, and many are extensible so users can tailor them to their own processes. Going to market uses direct sales, independent dealers, joint ventures including with Caterpillar, AGCO, Hilti and Nikon, original equipment manufacturer arrangements and distribution alliances.

Strategy and people

The Connect & Scale strategy has two parts: Connect, joining more customer workflows and industry lifecycles, moving more of the offering to subscription and adding AI capabilities; and Scale, investing in the people, processes and technology that let the platforms grow, standardising internal processes. The company employed over 11,500 full-time and part-time people at the end of 2025, the overwhelming majority full-time, working in over 40 countries, with approximately 41% in North America, 35% in Europe, 21% in Asia-Pacific and 3% in the rest of the world.

From Trimble's annual report on Form 10-K for the year ended 2 January 2026. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue3,5873,6833,799-2.6%
Cost of revenue1,1091,2871,466-13.8%
Gross profit2,4782,3962,333+3.4%
Gross margin69.1%65.1%61.4%
Research and development631662664-4.8%
Operating income592461449+28.5%
Operating margin16.5%12.5%11.8%
Interest expense74.490.7161-18.0%
Pre-tax income5092,006357-74.6%
Income tax85.450245.7-83.0%
Effective tax rate16.8%25.0%12.8%
Net income4241,504311-71.8%
Net margin11.8%40.8%8.2%
Diluted EPS$1.76$6.09$1.25-71.1%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow386531597-27.3%
Capital expenditure25.333.642.0-24.7%
Free cash flow361498555-27.5%
Free cash flow margin10.1%13.5%14.6%
Cash from investing-37.01,861-2,068
Cash from financing-868-1,8641,432
Depreciation and amortisation200232251-13.8%
Share-based compensation146159145-7.6%
Buybacks863175100+393.4%
Diluted shares, weighted242m247m249m-2.3%
Shares outstanding at period end236m246m246m-4.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity5,8365,7454,500+1.6%
Debt1,3921,3913,067+0.1%
Operating lease liabilities141123122+14.3%
Other liabilities1,9422,2291,851-12.9%
Total liabilities and equity9,3129,4889,539-1.9%
Fixed assets183188202-3.0%
Goodwill5,2404,9885,351+5.0%
Intangible assets9249981,244-7.4%
Cash and equivalents253739230-65.7%
Receivables856726707+17.9%
Inventory186194236-4.1%
Other assets1,6701,6541,571+0.9%
Total assets9,3129,4889,539-1.9%

10-K for the year ended 2 January 2026, filed 25 February 2026: the filing.