Siemens vs Trimble: Revenue, Profit and Business Model
Siemens had ~$89.2B of annual revenue in FY2025 and ~$10.9B of net income. Trimble had $3.6B of annual revenue in FY2025 and $424M of net income.
Latest financial snapshot
Financial summary
Siemens
Revenue grew from ~$70.4B (EUR62.3B) in FY2021 to ~$89.2B (EUR78.9B) in FY2025, and net income reached a record ~$11.8B (EUR10.4B) in FY2025, the third straight annual high. FY2026 started with stable reported revenue (Q2: ~$22.4B (EUR19.8B), hit by currency effects) but strong orders, then a record Q3 with ~$23.5B (EUR20.8B) revenue, ~$3.95B (EUR3.5B) industrial profit, a 17.3% industrial business margin and ~$4.63B (EUR4.1B) free cash flow. Nine-month net income was ~$7.91B (EUR7.0B), down year over year only because FY2025 included gains from the Innomotics sale. Siemens AG is a colossal German multinational technology conglomerate and the absolute largest industrial manufacturing company in Europe, maintaining a market valuation generally exceeding $130 billion.
Trimble
Trimble reported FY2025 revenue of $3.587 billion (down 2.6% as reported because of the Mobility and agriculture divestitures, up about 10% on an organic basis per management) and GAAP net income of $424 million. ARR ended 2025 at $2.39 billion, up 14% organically. In Q2 2026, revenue rose 11% to $972.0 million and ARR reached $2.509 billion, but a $562.0 million goodwill impairment in the Transportation & Logistics segment produced a GAAP net loss of $471.7 million; non-GAAP net income was $200.3 million. Management raised FY2026 revenue guidance to $3.90-$3.95 billion and the board approved a new $1.0 billion share repurchase authorization.
Revenue and profit by year
Siemens
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$89.2B | ~$10.9B | 12.2% | +3.9% | Source |
| FY2024 | ~$85.8B | ~$9.4B | 10.9% | +1.4% | Source |
| FY2023 | ~$84.6B | ~$9B | 10.6% | +4.0% | Source |
| FY2022 | ~$81.3B | ~$4.2B | 5.2% | +15.6% | Source |
| FY2021 | ~$70.4B | ~$7B | 9.9% | +9.0% | Source |
| FY2020 | ~$64.6B | — | — | — | Source |
Trimble
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $3.6B | $424M | 11.8% | -2.6% | Source |
| FY2024 | $3.7B | $1.5B | 40.8% | -3.0% | Source |
| FY2023 | $3.8B | $311.3M | 8.2% | +3.3% | Source |
| FY2022 | $3.7B | $449.7M | 12.2% | +0.5% | Source |
| FY2021 | $3.7B | $492.7M | 13.5% | +16.1% | Source |
| FY2020 | $3.2B | $389.9M | 12.4% | -3.6% | Source |
| FY2019 | $3.3B | $514.3M | 15.7% | +4.4% | Source |
| FY2018 | $3.1B | $282.8M | 9.0% | +18.0% | Source |
| FY2017 | $2.7B | $118.4M | 4.5% | +12.4% | Source |
| FY2016 | $2.4B | $132.4M | 5.6% | — | Source |
Where the revenue comes from
Siemens
- Digital Industries~23%
Factory automation, drives, controls, PLM, simulation and manufacturing software.
- Smart Infrastructure~29%
Electrical distribution, building automation, data-center infrastructure and digital services.
- Mobility~16%
Rolling stock, rail automation, signaling and long-term service.
- Siemens Healthineers~30%
Medical imaging, diagnostics, advanced therapies and oncology exposure.
- Financial Services
Small but strategic
Financing products that support industrial customers and Siemens projects.
Trimble
- AECO Software and Services
Largest segment
Subscriptions, term licenses and services for SketchUp, Tekla, Viewpoint, e-Builder, Trimble Connect and Trimble Construction One. AECO is the main ARR driver; Q2 2026 segment revenue was $389 million, up 9%.
- Field Systems
Second-largest segment
GNSS receivers, total stations, laser scanners, machine control and correction services, sold largely through dealers such as SITECH. Software and services now make up more than half of segment revenue, according to management.
- Transportation and Logistics
Smallest segment
Mostly recurring software including Transporeon and transportation management tools. The Mobility telematics unit was sold to Platform Science in 2025, and the segment took a $562.0 million goodwill impairment in Q2 2026.
Business model and strategy
Siemens
How it makes money
Siemens makes money by selling industrial hardware, software and long-term service to businesses and public operators. Digital Industries sells SIMATIC controllers, drives and the Xcelerator software portfolio (NX, Teamcenter, Simcenter, Altair and EDA tools), increasingly as subscriptions.
Growth strategy
The ONE Tech Company strategy focuses Siemens on automation, digitalization and electrification. Key moves include the roughly $10B Altair Engineering acquisition and the $5.1B Dotmatics deal in 2025 to deepen simulation and life-science software, shifting software customers to subscription and SaaS, industrial AI copilots built with partners such as Nvidia and Microsoft, and further portfolio simplification through…
Competitive advantage
Siemens' edge is breadth across the industrial lifecycle. Few rivals can sell both the design and simulation software used to engineer a product or plant and the automation hardware that runs it on the factory floor.
Trimble
How it makes money
Trimble earns revenue from three segments: AECO (architecture, engineering, construction and owner software such as SketchUp, Tekla, Viewpoint and Trimble Construction One), Field Systems (GNSS receivers, total stations, laser scanners, machine control and correction services such as Trimble RTX), and Transportation & Logistics (Transporeon and other freight software). Hardware gets Trimble onto job sites;
Growth strategy
Trimble's growth strategy is focused on recurring software, connected construction, transportation workflow data, geospatial positioning, portfolio simplification, and operating margin expansion. The company is pruning lower-fit assets while using its installed base to attach cloud software and workflow data to customer operations.
Competitive advantage
Trimble's advantage comes from positioning expertise, installed field hardware, vertical software, industry workflows, dealer relationships, and customer data integration.
Questions about Siemens vs Trimble
Which company has higher revenue — Siemens AG or Trimble Inc.?
Siemens AG had ~$89.2B (FY2025), while Trimble Inc. had $3.6B (FY2025). By latest annual revenue, Siemens AG is the larger business, with Trimble Inc. showing a smaller revenue base.
What is the market cap of Siemens AG vs Trimble Inc.?
Siemens AG's market capitalisation stands at $237.0B, while Trimble Inc.'s is $13.8B. Siemens AG carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Trimble Inc..
How does revenue per employee compare for Siemens AG and Trimble Inc.?
Siemens AG has $280k / employee in revenue per employee, while Trimble Inc. has $312k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Siemens AG and Trimble Inc. make money?
Siemens AG and Trimble Inc. generate revenue in fundamentally different ways. Siemens AG: Siemens makes money by selling industrial hardware, software and long-term service to businesses and public operators. Trimble Inc.: Trimble earns revenue from three segments: AECO (architecture, engineering, construction and owner software such as SketchUp, Tekla, Viewpoint and Trimble Construction One), Field Systems (GNSS receivers, total stations, laser scanners, machine control and correction services such as Trimble RTX), and Transportation & Logistics (Transporeon and other freight software).
Which company is valued higher relative to revenue — Siemens AG or Trimble Inc.?
On a price-to-sales (P/S) basis, Siemens AG trades at 2.7x P/S and Trimble Inc. at 3.9x P/S. Trimble Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Siemens AG. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Siemens AG bigger than Trimble Inc.?
By last reported revenue, Siemens AG (~$89.2B (FY2025)) is the larger company compared to Trimble Inc. ($3.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Siemens vs Trimble overview