Trimble Inc.
Industrial Technology — PositioningFounded 1978- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
Trimble Inc.
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$3.59B
Market Cap
$17.4B
Net Income
$1.2B
Employees
12,700
The most important financial number at Trimble is not the $3.59 billion in total fiscal 2025 revenue but the $1.11 billion in total segment operating income, which produces a blended segment operating margin of approximately 31% — a profitability level that traditional industrial hardware companies do not reach. That margin reflects the software and subscription content in the revenue mix rather than hardware sales, which carry lower margins regardless of how specialized the hardware is. Revenue has been essentially flat: $3.676 billion in fiscal 2022, $3.799 billion in fiscal 2023, $3.680 billion in fiscal 2024, and $3.590 billion in fiscal 2025. The 2024 divestiture of the agriculture business accounts for much of the decline from the fiscal 2023 peak — on an organic basis, the retained business segments have been growing. The Mobility telematics business sale to Platform Science in 2025, in exchange for a 32.5% equity stake, further concentrates the portfolio. Net income of $1.2 billion on $3.59 billion in revenue in fiscal 2025 represents a 33% net margin — notably high, and partially influenced by the income before taxes figure of $1.51 billion that reflects gains from portfolio transactions rather than purely operating profitability. The $17.43 billion market capitalization prices the company at approximately 4.9 times fiscal 2025 revenue, consistent with a software-weighted industrial technology company transitioning toward higher recurring revenue. The path to the $2.5 billion ARR and 35% adjusted EBITDA margin targets by 2027 requires continued SaaS conversion in the AECO segment, ARR growth in Field Systems as hardware-attached subscription software penetrates the surveying and machine control customer base, and margin expansion in Transportation and Logistics. The construction industry's digital adoption is accelerating, which provides tailwind — but competing against Autodesk in construction software requires continuous product investment.
Revenue Trend Analysis
YoY Change
-2.4%
18-Year CAGR
+7.4%
Peak Year
2023
Trend
Mostly Growing
Trimble Inc. has reported revenue across 5 fiscal years, compounding at +7.4% annually over 18 years. The most recent year saw a 2.4% decline versus the prior year. Revenue peaked in 2023 at $3.8B. Out of 4 reported periods, 2 showed growth and 2 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $3.6B | — | -2.4% |
| FY2024 | $3.7B | $1.2B | -3.1% |
| FY2023 | $3.8B | — | +3.3% |
| FY2022 | $3.7B | — | +267.6% |
| FY2007 | $1.0B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Trimble reported full-year 2024 revenue of approximately $3.68 billion, a slight decline year over year on a reported basis primarily because the 2024 PTx Trimble joint venture removed the agriculture hardware business from consolidated results from April 1, 2024 onward. On an organic basis, adjusting for divestitures and the joint venture, revenue grew in the low single digits with annualized recurring revenue growing at a low-double-digit pace. ARR surpassed $2.1 billion in 2024, up from roughly $1.85 billion a year earlier. Reported gross margin reached the upper 60s percent range, reflecting the shift toward software and subscription mix, while non-GAAP operating margin expanded into the low 20s percent. Trimble has guided to mid-single-digit revenue growth and mid-teens ARR growth in 2025 as the company benefits from a higher software mix, the AGCO partnership cash, and ongoing operating leverage. The PTx Trimble transaction also generated approximately $2 billion in cash that strengthened Trimble's balance sheet and capital flexibility.
Trimble trades on the Nasdaq Global Select Market under the ticker TRMB and carries a market capitalization of approximately $17 billion in late 2024. The company went public on July 11, 1990, raising about $24 million at a split-adjusted price under $2 per share. Through three decades of acquisitions, organic growth in GPS-based markets, and software diversification, the stock has compounded substantially, peaking above $90 in 2021 during the software multiple expansion of the era. Trimble does not pay a quarterly dividend, choosing instead to deploy cash for acquisitions, debt repayment, and share repurchases. In 2024 the company used part of the $2 billion of PTx Trimble proceeds to retire debt and authorized a meaningful share repurchase program. Trimble has been a component of the S&P 500 since 2018, reflecting the size and diversification it achieved through the Sectra Communications, Viewpoint, and other acquisitions of the 2010s and early 2020s.
Trimble's profitability has improved markedly over the last decade as software and subscription have come to dominate the revenue mix. Non-GAAP gross margin has risen from the mid-50s percent range in the early 2010s to the high 60s percent range in 2024, with software gross margins above 80 percent partially offset by lower hardware margins in geospatial and transportation. Non-GAAP operating margin has expanded into the low 20s percent, supported by operating leverage on a relatively fixed engineering cost base and ongoing reductions in legacy hardware overhead. Free cash flow conversion is typically above 100 percent of non-GAAP net income, reflecting the working capital advantages of subscription billing. The 2024 PTx Trimble joint venture is expected to lift consolidated margins further because the agriculture hardware business carried below-average margins. Management's medium-term targets call for gross margins approaching the low 70s percent, operating margins in the mid-20s percent, and ARR growth in the mid-teens, the financial profile of a hybrid software-hardware company.
Trimble's capital allocation prioritizes organic R&D investment, strategic acquisitions, debt reduction, and opportunistic share repurchases rather than dividends. The company spends roughly 15 percent of revenue on research and development, supporting a deep portfolio of GNSS, software, and machine control patents. Acquisitions have historically been the largest discretionary use of cash, including Sectra Communications in 2017 for $1.2 billion, Viewpoint in 2018 for $1.2 billion, and dozens of smaller bolt-ons. In 2024, the PTx Trimble joint venture delivered approximately $2 billion of upfront cash and 15.4 million AGCO shares, materially strengthening Trimble's balance sheet. Net debt fell from a peak above $1.4 billion to a much lower level, and the company has authorized share repurchases to absorb dilution and return excess capital. Trimble has not paid a regular dividend in its history, citing the higher expected return on reinvested capital from M&A and R&D versus the cash yield of a dividend, a stance consistent with its growth orientation.
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CorpDigest. "Trimble Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/trimble/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Trimble Inc. reported $4B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/trimble/financials" target="_blank" rel="noopener">CorpDigest — Trimble Inc. financials</a></div>