TRIMBLE (TRMB) Company Report

Trimble’s “Connect and Scale” model now spans three segments—Transportation & Logistics, Field Systems and AECO—driving the business to 65% recurring revenue and >70% gross margin in 2025.
The company targets significant growth in under-penetrated markets, with a $72 billion total addressable market (25% penetrated) and a $49 billion AECO TAM (20% penetrated), supporting a low- to mid-teens EPS growth outlook.
AI is positioned as an extension of existing solutions, using Trimble’s industry domain knowledge and customers’ private and public data to deliver tailored insights and process automation.
Capital allocation focuses on high-ROI organic ARR expansion, tuck-in M&A and returning ~1/3 of free cash flow to shareholders via share buybacks, while evaluating larger construction-software acquisitions as opportunities arise.

Nov 12, 2025, 4:50 PM

Transcript

Trimble reports Q3 2025 results

TRMB

Earnings

Share Buyback

Guidance Update

Trimble delivered $901 million revenue (+11% y/y), ARR of $2.31 billion (+15%) and EPS of $0.81 (+16%) in Q3 2025.
Full-year 2025 guidance was raised: revenue midpoint increased by $45 million to $3.565 billion, EPS midpoint to $3.08, and organic ARR growth midpoint maintained at 14%.
AECO segment ARR reached $1.42 billion (+17%) with revenue of $358 million (+17%); Field Systems posted $409 million revenue (+8%) and ARR of $386 million (+18%).
Repurchased $50 million of shares in Q3 2025, with $273 million remaining under authorization and a long-term plan to use ≥ 33% of free cash flow for buybacks.

Nov 5, 2025, 1:00 PM

Transcript

Trimble reports Q3 2025 results

TRMB

Earnings

Guidance Update

Share Buyback

Q3 revenue of $901 million, up 11%, with ARR of $2.31 billion (+15%) and EPS of $0.81 (+16%)
AECO segment: ARR $1.42 billion and revenue $358 million, both +17%; Field Systems: revenue $409 million (+8%) and ARR $386 million (+18%)
Margins improved: gross margin 71.2% (+90 bps) and EBITDA margin 29.9% (+160 bps)
Capital return: $50 million share repurchase in Q3, $273 million remaining authorization; YTD free cash flow $206 million; leverage ratio 1.2×
Raised FY25 revenue guidance by $45 million to $3.565 billion, increased EPS midpoint to $3.08, and maintained organic ARR growth midpoint at 14%

Nov 5, 2025, 1:00 PM

Transcript

Trimble reports Q3 2025 earnings beat and raises guidance

TRMB

Earnings

Guidance Update

Share Buyback

Delivered $901 million in Q3 revenue (up 11% YoY), $2.31 billion in ARR (up 15%) and $0.81 EPS (up 16%) on a non-GAAP organic basis.
Expanded gross margin to 71.2% (+90 bps) and EBITDA margin to 29.9% (+160 bps) year-over-year.
Segment highlights: AECO ARR reached $1.42 billion (growth +17%); Field Systems revenue +8% with ARR +18%; Transportation & Logistics revenue +4% and ARR +7%.
Repurchased $50 million of stock in the quarter (≈$273 million authorization remaining); YTD free cash flow of $206 million; net leverage ratio at 1.2x.
Raised FY2025 revenue guidance by $45 million to $3.565 billion, EPS to $3.08 and maintained 14% organic ARR growth midpoint, with full-year cash flow targeted at ~1× net income.

Nov 5, 2025, 1:00 PM

Transcript

Trimble reports Q3 2025 results

TRMB

Earnings

Guidance Update

Trimble’s Q3 2025 revenue was $901 million, up 11% organic, and ARR reached $2.31 billion, up 15% organic, both above guidance.
Non-GAAP gross margin expanded to 71.2% (+90 bps) and operating margin to 28.2% (+140 bps) year-over-year.
Operating cash flow was $226 million and free cash flow $206 million; net debt of $1.159 billion represents 1.2 x TTM EBITDA.
Updated FY 2025 outlook: as-adjusted revenue of $3.522 billion to $3.562 billion (+13% to +15% organic), non-GAAP EPS of $3.04 to $3.12, and free cash flow ~0.6 x net income.

Nov 5, 2025, 1:00 PM

Presentation

Trimble announces Q3 2025 results and raises full-year guidance

TRMB

Earnings

Guidance Update

Share Buyback

Revenue of $901.2 million, up 3% year-over-year (10% organic growth).
Annualized recurring revenue of $2.31 billion, up 6% year-over-year (14% organic).
GAAP operating income of $150.5 million (16.7% margin) and non-GAAP operating income of $254.2 million (28.2% margin); GAAP EPS $0.46, non-GAAP EPS $0.81.
Share repurchases of $50.0 million in Q3 (YTD $727.4 million).
Full-year 2025 guidance raised to revenue of $3.545–3.585 billion, GAAP EPS of $1.69–1.77, and non-GAAP EPS of $3.04–3.12.

Nov 5, 2025, 12:03 PM

8-K

Trimble reports Q3 2025 results and raises full-year guidance

TRMB

Earnings

Guidance Update

Share Buyback

Third quarter revenue of $901.2 million (+3% y/y; +10% organic) and ARR of $2.31 billion (+6% y/y; +14% organic).
Q3 GAAP operating income of $150.5 million (16.7% margin) and GAAP EPS of $0.46, with non-GAAP operating income of $254.2 million (28.2% margin) and non-GAAP EPS of $0.81.
Share repurchase of $50 million in Q3 and $727.4 million year-to-date.
Raised full-year 2025 guidance to revenue of $3,545–$3,585 million, GAAP EPS of $1.69–$1.77, and non-GAAP EPS of $3.04–$3.12.

Nov 5, 2025, 11:55 AM

Press Release

Trimble outlines Connect and Scale strategy and 2027 financial targets

TRMB

Guidance Update

Revenue Acceleration/Inflection

After 22 divestitures since 2020, Trimble is now ~80% software with ~66% recurring revenue and >70% gross margin, enhancing financial visibility.
The Connect and Scale strategy focuses on integrating workflows and data across AECO, field systems and transportation, leveraging Trimble Connect as a single source of truth and applying AI to improve decision-making.
Long-term targets include $3 billion ARR, $4 billion revenue, and 30% EBITDA margin by 2027, with strong H1 performance underpinning progress.
AECO segment targets a $50 billion addressable market (~20% penetrated) and a $1 billion cross-sell opportunity, driven by a unified sales model and Trimble Construction One contracts.
Field systems ARR growth accelerated into the mid-20s% through converting perpetual licenses to subscriptions, launching subscription-first products (e.g., Catalyst GNSS), and 100% attaching satellite-based corrections.

Sep 11, 2025, 3:30 PM

Transcript

Trimble outlines Connect and Scale strategy at Growth Frontiers Conference

TRMB

Guidance Update

Trimble has simplified its portfolio through 22 divestitures since 2020, is now 80% software with ~66% recurring revenue and >70% gross margin, positioning for platform and ecosystem plays.
Resegmented into three core businesses—AECO (construction software), Field Systems (hardware + software), and Transportation (long-haul trucking software)—with overlapping workflows and a focus on connectivity via Trimble Connect.
Introduced “Connect and Scale” to integrate digital workflows and field data, leveraging in-house scanners and AI to create a unified data ecosystem for architects, engineers, contractors, and owners.
Established long-term financial targets of $3 billion ARR, $4 billion revenue, and 30% EBITDA margin by 2027, reaffirmed by strong H1 execution across businesses.
Accelerated Field Systems ARR growth into the mid-20s% by converting perpetual licenses, launching new subscriptions (e.g., Catalyst GNSS) and subscription bundles like WorksPlus, expanding addressable markets and new logo acquisitions.

Sep 11, 2025, 3:30 PM

Transcript

Trimble outlines Connect and Scale strategy at Piper Sandler conference

TRMB

Guidance Update

Revenue Acceleration/Inflection

Trimble has simplified its portfolio via divesting its agribusiness and mobility units, now deriving ~80% of revenue from software, with ~67% recurring revenue and gross margins north of 70%.
The company introduced its Connect and Scale strategy, using Trimble Connect to integrate digital-physical workflows across AECO, field systems, and transportation, and applying AI to field-collected data for proactive decision-making.
Trimble reaffirmed its 2027 targets of $3 billion ARR, $4 billion total revenue, and 30% EBITDA margin, noting a strong first-half performance despite headwinds in freight transportation.
In AECO, Trimble sees a $50 billion addressable market at 20% penetration with a $1 billion cross-sell opportunity, and has reorganized sales under the “Trimble Construction One” bundle; in Field Systems, ARR growth accelerated through subscription conversions and new offerings (e.g., Catalyst GNSS, satellite-based corrections), unlocking new logos.

Sep 11, 2025, 3:30 PM

Transcript

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