olivLaw · US equity research
Trimble Inc. TRMB
Measuring & Controlling Devices, NEC · SIC 3829 · Vertical: Measuring & Controlling Devices, NEC (SIC 3829)
Trimble is a technology and platform provider for construction, geospatial, utilities and transportation that links office and field work through subscription software and data. In the second quarter of 2026 revenue rose 11 percent to 972.0 million USD and ARR reached 2.51 billion USD, showing the company's shift toward recurring revenue. However, a 562.0 million USD goodwill impairment tied to the transportation and logistics segment produced a GAAP net loss in the same quarter.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Trimble Inc. (TRMB) stock was 54.25 USD (−17.31% on the day), with market capitalisation 12.4 bn USD, beta 1.24, 52-week range 48.87–83.52 USD. Latest reported quarter (Q3 2027): revenue of 966.8 m USD (+7.3% YoY), net income of 59.1 m USD (−47.0% YoY), diluted EPS 0.25 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 31.8
- weak (30–45)
- Bollinger (20, 2)
- 56.22 – 67.58
- below the lower band · %B -0.17 · band width 18.4%
- SMA 50 / 200
- 59.94 / 60.64
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.85 / 1.29
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.8% | −1.1% | −6.7 pp | — |
| 3 months | −7.4% | −0.5% | −6.9 pp | — |
| 6 months | −14.5% | +4.4% | −18.9 pp | — |
| Year to date | −30.8% | +12.3% | −43.1 pp | — |
| 1 year | −31.0% | +13.5% | −44.5 pp | −30.9% |
| 3 years | +27.9% | +76.4% | −48.5 pp | −9.9% |
| 5 years | −37.2% | +63.7% | −100.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2027 · 02 Oct 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 | Q3 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 983.4 m | 840.6 m | 875.7 m | 901.2 m | 969.8 m | 939.9 m | 972.0 m | 966.8 m |
| Cost of revenue | 302.2 m | 279.8 m | 277.8 m | 280.1 m | 271.7 m | 293.6 m | 297.1 m | 307.7 m |
| Gross profit | 681.2 m | 560.8 m | 597.9 m | 621.1 m | 698.1 m | 646.3 m | 674.9 m | 659.1 m |
| Research & development | 175.0 m | 158.5 m | 163.3 m | 152.9 m | 156.0 m | 169.5 m | 177.1 m | 162.9 m |
| Operating income | 173.5 m | 97.5 m | 127.8 m | 150.5 m | 216.2 m | 144.0 m | 132.0 m | 142.0 m |
| Depreciation & amortisation | 52.8 m | 48.9 m | 49.9 m ≈ | 50.5 m ≈ | 50.6 m | 49.9 m | 51.1 m ≈ | 50.7 m ≈ |
| Interest expense | 13.3 m | 15.6 m | 19.4 m | 20.7 m | 18.7 m | 19.5 m | 20.9 m | 20.4 m |
| Pre-tax income | 97.8 m | 86.4 m | 113.3 m | 125.1 m | 184.6 m | 131.3 m | -444.8 m | 121.3 m |
| Income tax | 7.6 m | 19.7 m | 24.1 m | 13.6 m | 28.0 m | 32.4 m | 26.9 m | 62.2 m |
| Net income | 90.2 m | 66.7 m | 89.2 m | 111.5 m | 156.6 m | 98.9 m | -471.7 m | 59.1 m |
| Diluted EPS | 0.36 ≈ | 0.27 | 0.37 | 0.46 | 0.65 ≈ | 0.42 | -2.02 | 0.25 |
| Operating cash flow | 115.1 m | 155.6 m | -53.5 m ≈ | 123.8 m ≈ | 160.3 m | 274.7 m | 240.3 m ≈ | 149.7 m ≈ |
| Capex | 6.1 m | 6.6 m | 5.9 m ≈ | 7.2 m ≈ | 5.6 m | 6.1 m | 7.1 m ≈ | 7.9 m ≈ |
| Share repurchases | 0 | 627.4 m | 50.0 m ≈ | 50.0 m ≈ | 136.0 m | 322.8 m | 6.2 m ≈ | 223.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2017 | 2018 | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.7 bn | 3.1 bn | 3.3 bn | 3.7 bn | 3.7 bn | 3.8 bn | 3.7 bn | 3.6 bn |
| Revenue YoY | +12.4% | +18.0% | unavailable | +11.9% | +0.5% | +3.3% | unavailable | −2.6% |
| Net income | 118.4 m | 282.8 m | 514.3 m | 492.7 m | 449.7 m | 311.3 m | 1.5 bn | 424.0 m |
| Net income YoY | −10.6% | +138.9% | unavailable | −4.2% | −8.7% | −30.8% | unavailable | −71.8% |
| Diluted EPS | 0.46 | 1.12 | 2.03 | 1.94 | 1.80 | 1.25 | 6.09 | 1.76 |
| Diluted EPS YoY | −11.5% | +143.5% | unavailable | −4.4% | −7.2% | −30.6% | unavailable | −71.1% |
| net % | 4.5% | 9.0% | 15.7% | 13.5% | 12.2% | 8.2% | 40.8% | 11.8% |
| Free cash flow | 386.0 m | 419.1 m | 516.0 m | 704.4 m | 348.0 m | 555.1 m | 497.8 m | 360.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 02 Jan 2026
- Cash
- 253.4 m USD
- Financial debt
- 1.4 bn USD
- Net debt
- 1.1 bn USD
- Equity
- 5.8 bn USD
- Total assets
- 9.3 bn USD
- Debt / equity
- 0.24x
- Current ratio
- 1.09x
- ROE
- 7.3%
- ROA
- 4.5%
- FCF margin
- 10.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.3 bn | 3.7 bn | 3.7 bn | 3.8 bn | 3.7 bn | 3.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 1.5 bn | 1.6 bn | 1.6 bn | 1.5 bn | 1.3 bn | 1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 1.8 bn | 2.0 bn | 2.1 bn | 2.3 bn | 2.4 bn | 2.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Research & development | 469.7 m | 536.6 m | 542.1 m | 664.3 m | 662.3 m | 630.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 375.9 m | 561.0 m | 510.9 m | 448.8 m | 460.7 m | 592.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | — | — | 171.8 m | 250.6 m | 232.0 m | 199.9 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | — | — | 682.7 m ≈ | 699.4 m ≈ | 692.7 m ≈ | 791.9 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | — | — | — | 161.0 m | 90.7 m | 74.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 344.8 m | 574.6 m | 569.1 m | 357.0 m | 2.0 bn | 509.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | -169.7 m | 81.8 m | 119.4 m | 45.7 m | 501.5 m | 85.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 514.3 m | 492.7 m | 449.7 m | 311.3 m | 1.5 bn | 424.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 2.03 | 1.94 | 1.80 | 1.25 | 6.09 | 1.76 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 252.9 m | 254.3 m | 250.2 m | 249.1 m | 247.2 m | 241.5 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 189.2 m | 325.7 m | 271.0 m | 229.8 m | 738.8 m | 253.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 608.2 m | 624.8 m | 643.3 m | 706.6 m | 725.8 m | 856.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 312.1 m | 363.3 m | 402.5 m | 235.7 m | 194.3 m | 186.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 1.2 bn | 1.5 bn | 1.5 bn | 1.8 bn | 2.3 bn | 1.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 241.4 m | 233.2 m | 219.0 m | 202.5 m | 188.4 m | 182.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 3.7 bn | 4.0 bn | 4.1 bn | 5.4 bn | 5.0 bn | 5.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 678.7 m | 506.6 m | 498.1 m | 1.2 bn | 998.1 m | 924.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 6.6 bn | 7.1 bn | 7.3 bn | 9.5 bn | 9.5 bn | 9.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 159.3 m | 207.3 m | 175.5 m | 165.3 m | 161.6 m | 168.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 219.0 m | 0 | 300.0 m | 530.4 m | 0 | 0 | SEC (XBRL)· 06 May 2026verified |
| Long-term debt | 1.6 bn | 1.3 bn | 1.2 bn | 2.5 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 1.2 bn | 1.2 bn | 1.5 bn | 1.8 bn | 1.8 bn | 1.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 3.5 bn | 3.2 bn | 3.2 bn | 5.0 bn | 3.7 bn | 3.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 3.1 bn | 3.9 bn | 4.1 bn † | 4.5 bn † | 5.7 bn † | 5.8 bn † | SEC (XBRL)· 25 Feb 2026verified |
| Shares outstanding at year end | — | — | — | — | 245.8 m | — | SEC (XBRL)· 16 Jan 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 585.0 m | 750.5 m | 391.2 m | 597.1 m | 531.4 m | 386.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 69.0 m | 46.1 m | 43.2 m | 42.0 m | 33.6 m | 25.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 516.0 m ≈ | 704.4 m ≈ | 348.0 m ≈ | 555.1 m ≈ | 497.8 m ≈ | 360.9 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -275.3 m | -203.5 m | -226.3 m | -2.1 bn | 1.9 bn | -37.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -292.6 m | -447.7 m | -199.0 m | 1.4 bn | -1.9 bn | -868.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 179.8 m | 180.0 m | 394.7 m | 100.0 m | 175.0 m | 863.4 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 51 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 12.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation36
- Returns79
- Quality48
- Balance sheet67
- Growth40
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 39.61 – 65.15 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)39.61 – 65.15 (Mid 49.37)WACC 8.8% · starting FCFF 865.1 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 1.7%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 51/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.0% | 46 (on a fixed band) | 13% |
| Net margin · Quality | -4.1% | 50 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -1.9% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 12.1% | 81 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | 1.6x | 69 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 8.0x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.9x | 11 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 16.4x | 0 (on a fixed band) | 13% |
| FCF yield · Valuation | 6.4% | 80 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 5.5% | 79 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet67/100 · 3/3 factors with a value
- Growth40/100 · 2/2 factors with a value
- Quality48/100 · 2/3 factors with a value
- Returns· partial79/100 · 1/2 factors with a value
- Valuation36/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TRIMBLE INC. (TRMB). Latest full fiscal year: 2026; data up to 2026-10-02.
Figures computed from the financial statements: revenue 3.6 bn USD in 2026; YoY growth -2.6%; net margin -4.1%; ROE -2.9%; net debt/EBITDA 1.6x.
The estimated value range is 39.61–65.15 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 49.37 USD, the price of 54.25 USD leaves a potential of -9.0% (value / price − 1) and a margin of safety of -9.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 51/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 12.1%
- Interest coverage: 8.0x
- FCF yield: 6.4%
- Shareholder yield (distributions): 5.5%
What contradicts it
- Revenue CAGR 3Y: -1.9%
- Current ratio: 0.9x
- EV/EBITDA: 16.4x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, P/E (TTM), Payout ratio (FCF).
Versus the vertical median
Measuring & Controlling Devices, NEC (SIC 3829) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TMOThermo Fisher Scientific Inc. | 261.6 bn | 37.3 | 13.4% | 14.9% | +3.9% | +20% / +42% |
| ROKRockwell Automation, Inc. | 49.3 bn | 41.6 | 34.5% | 13.4% | +0.9% | +12% / +61% |
| TRMBTrimble Inc. | 12.4 bn | — | -2.9% | -4.1% | −2.6% | −31% / +28% |
| ONTOOnto Innovation Inc. | 9.1 bn | 69.4 | 6.8% | 11.8% | unavailable | +29% / +31% |
| MIRMirion Technologies, Inc. | 336.9 m | 159.4 | 1.6% | 2.7% | +7.5% | −31% / +101% |
| OWLTOwlet, Inc. | 132.4 m | — | — | -7.7% | +35.4% | −66% / −10% |
| GEOSGeospace Technologies Corp | 51.0 m | — | -34.4% | -43.1% | −18.3% | −70% / −67% |
| BCHTBirchtech Corp. | 28.9 m | — | -134.4% | -21.7% | +1.3% | −75% / −78% |
| QSIQuantum-Si Incorporated | — | — | -49.1% | -6,138.3% | −20.3% | −9% / −20% |
| NIKINiki BioSolutions, Inc. | — | — | -6.2% | — | −66.7% | −87% / −90% |
1- and 3-year price returns: for TRMB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 12 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Trimble is a technology and platform provider for construction, geospatial, utilities and transportation that links office and field work through subscription software and data. In the second quarter of 2026 revenue rose 11 percent to 972.0 million USD and ARR reached 2.51 billion USD, showing the company's shift toward recurring revenue. However, a 562.0 million USD goodwill impairment tied to the transportation and logistics segment produced a GAAP net loss in the same quarter.
SWOT
Strengths
- The company has a broad portfolio of software, field data and cloud platforms that is hard for rivals selling only software or only hardware to replicate, supported by a large patent base 1.
- The share of recurring revenue has grown steadily, improving visibility and long-term profitability 13.
- Broad geographic reach, with sales in more than 160 countries and its own offices, gives a localization advantage 1.
Weaknesses
- The company recorded a significant goodwill impairment for the T&L segment, indicating that some acquisitions have not met expectations 3.
- Trimble identified material weaknesses in internal control over financial reporting and delayed filings in 2024 and 2025, which restricted access to capital markets 1.
- Product revenue fell in 2025, and dependence on a limited group of suppliers can slow shipments 1.
Opportunities
- Embedding AI in platforms and field workflows could open new subscription and service revenue 12.
- Expansion in international markets and cloud offerings for government owners could add further growth 1.
- If the integration of recent acquisitions succeeds, it could accelerate ARR and improve margins 23.
Threats
- Tariffs, export controls and trade tensions could raise costs and reduce demand in several countries 12.
- Large established construction software firms and new AI-driven offerings could erode market share and slow renewals 1.
- A prolonged Middle East conflict or a new inflation wave could weigh on customer capital spending 2.
Risks
- Goodwill impairment in T&Lhigh
The goodwill impairment in the second quarter of 2026 could signal that the segment's future performance does not support its carrying value, with effects on reported results 3.
- Internal controls with material weaknesseshigh
The company identified several material weaknesses and delayed reporting, and their remediation must be confirmed in future filings 1.
- Tariffs and supply chainsmedium
Tariffs and supply chain disruptions could raise component costs and delay hardware deliveries 12.
- Subscription renewalsmedium
Customers are not obliged to renew subscriptions after the initial period, so a drop in renewal rates could directly weigh on recurring revenue 1.
- Dependence on acquisitions and their integrationlow
A strategy built on acquisitions and divestitures can lead to integration difficulties and unexpected costs, especially where business models differ 13.
Investment thesis
What would need to be true (bull case)
- Growing recurring revenue and ARR support better business visibility, and record gross margins could keep rising if the trend holds 13.
- Integrated construction and transport platforms, enhanced with AI, could strengthen the company's position against rivals selling point products 1.
- The raised 2026 guidance and the new share repurchase program signal management confidence in cash generation 3.
What would break the thesis
- The goodwill impairment and the GAAP net loss in the second quarter suggest some acquisitions could be weaker than expected 3.
- Material weaknesses in internal controls and reporting delays could raise questions about financial information quality if remediation is incomplete 1.
- Product revenue has fallen, and trade tensions and tariffs could reduce demand in cost-sensitive markets 12.
What to watch
- ARR and subscription renewal trends after the Document Crunch acquisitionQ3 2026
- Whether remediation of internal control weaknesses is confirmed in future filingsnext 10-K
- Impact of tariffs and the Middle East conflict on demand and margins2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 12 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Trimble presents itself as a technology solutions and platform provider that aims to connect workflows and industry lifecycles for those who build, maintain and move the world. Its multi-year Connect & Scale strategy rests on two open cloud platforms, one for construction and one for transportation and logistics, plus a common data environment. The company said software, services and recurring revenue made up 79% of total revenue in 2025, up from 76% in 2024 1.
Total revenue was 3587.3 million USD in 2025, down 3% from the prior year, a decline driven largely by divestitures while organic growth in subscription and services partly offset it 1. Trimble sells products in more than 160 countries through dealers, joint ventures, OEMs and direct sales, supported by its own offices in over 40 countries 13. The company said it completed 14 acquisitions and 25 divestitures since 2020 2.
On the capital side, the Board approved a new share repurchase authorization of up to 1.0 billion USD with no expiration date, replacing the prior authorization 3. The April 2026 acquisition of Document Crunch, an AI platform for construction document analysis, was placed in the AECO segment 2.
Segments
Architects, Engineers, Construction and Owners (AECO)
The AECO segment sells software for architecture, engineering, construction and asset ownership, from 3D and BIM modeling to construction management and ERP for contractors. It includes SketchUp and cloud offerings for government asset management 1.
Field Systems
Field Systems supplies hardware and software to surveyors, mapping professionals and builders, including GNSS positioning, laser scanning and office software. It includes joint ventures with Nikon and Hilti, and the Ag business was sold to AGCO in April 2024 1.
Transportation and Logistics (T&L)
The T&L segment covers the Trimble Transportation Cloud, the Transporeon marketplace and solutions for shippers and carriers. The Mobility telematics business was transferred to Platform Science in February 2025, and in the second quarter of 2026 the segment drove a 562.0 million USD goodwill impairment 13.
Market context
Trimble serves large global industries with still-early technology adoption, including construction, geospatial, utilities and transportation. The company believes these markets remain attractive for replacing traditional methods with digital solutions as mobile and cloud capabilities expand 1. Its revenue is sensitive to construction investment cycles and transport costs, and the 11% second-quarter 2026 growth was driven mainly by software 3.
Demand also depends on the global economy, tariffs and trade tensions between the US and its partners, as well as the Middle East conflict, which could add inflation and uncertainty 2. The company has already recovered part of a tariff refund through the CBP IEEPA program 2.
Trends
- Shift to subscriptions and recurring revenuetailwind
A rising share of subscription software and ARR supports revenue visibility and higher margins. If the trend continues, gross margins could rise over time, though renewals become critical because customers are not obliged to extend contracts 13.
- Artificial intelligence in productsmixed
Trimble is embedding generative AI, machine learning and computer vision in its construction and transport solutions, which could raise customer productivity. The same push requires continued investment and may face competition from new AI offerings 12.
- Trade tensions and tariffsheadwind
Tariffs and export controls could raise component costs and delay deliveries, and may also postpone customer investment decisions. The company said it is closely monitoring global trade developments 12.
- Consolidation through acquisitions and divestituresmixed
Trimble has sold businesses outside its core and bought assets that complement its platforms, from Ag and Mobility to Document Crunch. A more focused portfolio could improve margins, but integration and possible goodwill impairments remain risks 123.
Competitive position
In AECO, Trimble competes with large established companies offering comparable software for design and construction as it extends coverage across the construction lifecycle 1. In geospatial and field work, rivals include makers of surveying instruments and field software, while in transport it faces digital logistics platforms 1.
The company says it differentiates through innovation, differentiated products, domain expertise, service and geographic reach, and through linking field and office data, an advantage that competitors may find hard to match 1.
- AutodeskADSK
Referred to indirectly through the large established construction and design software firms that offer portfolios comparable to AECO 1.
- Platform Science
A private company in which Trimble holds an interest after the Mobility sale, and also a direct rival in in-cab commercial vehicle solutions 2.
- Surveying and mapping instrument makers
Suppliers of GNSS systems, scanners and field software selling to surveyors and builders in the Field Systems area 1.
- Digital transport and logistics platforms
Providers of marketplace and transport management solutions competing with Transporeon and the Trimble Transportation Cloud 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Trimble (TRMB) is Enhancing Efficiency with Advanced Operational SolutionsYahoo Finance — News · 04 Sept 2026 · EN
The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report03 Nov 2026Departure or appointment of officers
- Current report02 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Current report12 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Current report27 May 2026Shareholder vote · Other events
- Current report26 May 2026Departure or appointment of officers · Other events
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-01-02 · SEC / Trimble Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / Trimble Inc. · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Trimble Inc. · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.