Revenue growth remains inconsistent, ranging from -12.4% to 11.8% over the last ten quarters, even as the firm successfully elevated gross margins to 65.9% in 2026Q1 through a shift toward software-centric offerings.
| Metric | TTM | Jan'26 | Jan'25 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.69B | 3.59B | 3.68B | 3.8B | 3.68B | 3.66B | 3.15B | 3.26B | 3.11B | 2.65B | 2.36B | 2.29B | 2.4B | 2.29B | 2.04B | 1.64B | 1.29B | 1.13B | 1.33B | 1.22B | 940.15M | 774.91M | 668.81M | 540.9M | 466.6M | 475.29M | 369.8M | 271.4M | 260.3M | 272.3M | 233.7M |
| Revenue Growth % | 3.25% | -2.61% | -3.04% | 3.33% | 0.47% | 16.25% | -3.57% | 5.02% | 17.11% | 12.36% | 3.13% | -4.39% | 4.69% | 12.16% | 24.09% | 27.06% | 14.89% | -15.27% | 8.75% | 30.01% | 21.32% | 15.86% | 23.65% | 15.92% | -1.83% | 28.53% | 36.26% | 4.26% | -4.41% | 16.52% | -0.72% |
| Cost of Goods Sold | 1.18B | 1.14B | 1.29B | 1.47B | 1.57B | 1.62B | 1.39B | 1.48B | 1.43B | 1.26B | 1.12B | 1.09B | 1.1B | 1.08B | 993.94M | 814.48M | 648.44M | 576.39M | 680.1M | 609.37M | 479.07M | 385.11M | 344M | 272.87M | 232.17M | 238.06M | 165.72M | 118M | 122.2M | 119.9M | 102.5M |
| COGS % of Revenue | - | 31.68% | 34.94% | 38.59% | 42.73% | 44.39% | 44.25% | 45.44% | 45.92% | 47.53% | 47.59% | 47.51% | 46.11% | 47.39% | 48.72% | 49.54% | 50.11% | 51.18% | 51.16% | 49.86% | 50.96% | 49.7% | 51.43% | 50.45% | 49.76% | 50.09% | 44.81% | 43.48% | 46.95% | 44.03% | 43.86% |
| Gross Profit | 2.51B | 2.45B | 2.4B | 2.33B | 2.11B | 2.03B | 1.75B | 1.78B | 1.68B | 1.39B | 1.24B | 1.2B | 1.29B | 1.2B | 1.05B | 829.58M | 645.5M | 549.87M | 649.14M | 612.9M | 461.08M | 389.81M | 324.81M | 268.03M | 234.43M | 237.24M | 204.07M | 153.4M | 138.1M | 152.4M | 131.2M |
| Gross Margin % | 68.06% | 68.32% | 65.06% | 61.41% | 57.27% | 55.61% | 55.75% | 54.56% | 54.08% | 52.47% | 52.41% | 52.49% | 53.89% | 52.61% | 51.28% | 50.46% | 49.89% | 48.82% | 48.84% | 50.14% | 49.04% | 50.3% | 48.57% | 49.55% | 50.24% | 49.91% | 55.19% | 56.52% | 53.05% | 55.97% | 56.14% |
| Gross Profit Growth % | - | 2.27% | 2.72% | 10.79% | 3.48% | 15.94% | -1.46% | 5.94% | 20.71% | 12.49% | 2.98% | -6.87% | 7.23% | 15.07% | 26.11% | 28.52% | 17.39% | -15.29% | 5.91% | 32.93% | 18.29% | 20.01% | 21.18% | 14.33% | -1.18% | 16.25% | 33.03% | 11.08% | -9.38% | 16.16% | -6.82% |
| Operating Expenses | 1.85B | 1.84B | 1.94B | 1.88B | 1.59B | 1.47B | 1.34B | 1.41B | 1.35B | 1.14B | 1.05B | 1.04B | 1.03B | 946.13M | 831.38M | 670.89M | 516.31M | 457.66M | 460.95M | 429.5M | 323.79M | 263.48M | 238.63M | 212.08M | 199.51M | 237.05M | 177.86M | 132.9M | 150.9M | 142M | 141.3M |
| OpEx % of Revenue | - | 51.38% | 52.55% | 49.6% | 43.38% | 40.27% | 42.42% | 43.04% | 43.5% | 42.94% | 44.26% | 45.25% | 42.92% | 41.35% | 40.75% | 40.81% | 39.9% | 40.64% | 34.68% | 35.14% | 34.44% | 34% | 35.68% | 39.21% | 42.76% | 49.88% | 48.1% | 48.97% | 57.97% | 52.15% | 60.46% |
| Selling, General & Admin | 1.16B | 1.13B | 1.15B | 1.07B | 975.8M | 875.9M | 767.9M | 834.8M | 829.6M | 706.5M | 633.6M | 629.9M | 634.69M | 564.98M | 509.49M | 425.18M | 333.48M | 290.69M | 290.31M | 279.07M | 212.04M | 172.35M | 152.75M | 137.12M | 129.98M | 141.19M | 110.42M | 87.3M | 93.6M | 89.1M | 94.5M |
| SG&A % of Revenue | - | 31.47% | 31.27% | 28.18% | 26.54% | 23.94% | 24.4% | 25.57% | 26.69% | 26.62% | 26.82% | 27.5% | 26.49% | 24.69% | 24.97% | 25.86% | 25.77% | 25.81% | 21.84% | 22.83% | 22.55% | 22.24% | 22.84% | 25.35% | 27.86% | 29.7% | 29.86% | 32.17% | 35.96% | 32.72% | 40.44% |
| Research & Development | 641.7M | 630.7M | 662.3M | 664.3M | 542.1M | 536.6M | 475.9M | 469.7M | 446.1M | 370.2M | 349.6M | 336.7M | 317.99M | 299.42M | 256.46M | 197.01M | 150.09M | 136.64M | 148.26M | 131.47M | 103.84M | 84.28M | 77.56M | 67.64M | 61.23M | 62.88M | 46.52M | 36.5M | 44.8M | 40.7M | 36.7M |
| R&D % of Revenue | - | 17.58% | 17.98% | 17.49% | 14.75% | 14.66% | 15.12% | 14.39% | 14.35% | 13.95% | 14.8% | 14.7% | 13.27% | 13.09% | 12.57% | 11.98% | 11.6% | 12.13% | 11.15% | 10.76% | 11.04% | 10.88% | 11.6% | 12.51% | 13.12% | 13.23% | 12.58% | 13.45% | 17.21% | 14.95% | 15.7% |
| Other Operating Expenses | 2M | 84.7M | 121.6M | 149.2M | 76.8M | 61.2M | 91.3M | 100.5M | 1.3M | 5.3M | 5.9M | 4.9M | 16.59M | -1.02M | 11.01M | 48.7M | 32.74M | 30.34M | 22.38M | 18.97M | 7.91M | 6.86M | 8.33M | 7.31M | 8.3M | 32.99M | 20.92M | 9.1M | 12.5M | 12.2M | 10.1M |
| Operating Income | 656.9M | 607.5M | 460.7M | 448.8M | 510.9M | 561M | 419.8M | 375.9M | 320.7M | 246M | 181M | 154.4M | 260.82M | 251.74M | 212.57M | 156.4M | 127.6M | 85.82M | 185.46M | 178.27M | 135.37M | 124.94M | 85.63M | 53.94M | 33.82M | 181K | 26.22M | 20.5M | -12.8M | 10.4M | -10.1M |
| Operating Margin % | 17.82% | 16.93% | 12.51% | 11.81% | 13.9% | 15.33% | 13.34% | 11.52% | 10.32% | 9.27% | 7.66% | 6.74% | 10.89% | 11% | 10.42% | 9.51% | 9.86% | 7.62% | 13.95% | 14.58% | 14.4% | 16.12% | 12.8% | 9.97% | 7.25% | 0.04% | 7.09% | 7.55% | -4.92% | 3.82% | -4.32% |
| Operating Income Growth % | - | 31.86% | 2.65% | -12.16% | -8.93% | 33.64% | 11.68% | 17.21% | 30.37% | 35.91% | 17.23% | -40.8% | 3.61% | 18.43% | 35.91% | 22.57% | 48.69% | -53.73% | 4.04% | 31.69% | 8.34% | 45.92% | 58.76% | 59.46% | 18586.74% | -99.31% | 27.9% | 260.16% | -223.08% | 202.97% | -175.37% |
| EBITDA | 842.9M | 787.4M | 692.7M | 699.4M | 682.7M | 740.9M | 640.1M | 583.1M | 559.5M | 450.7M | 368.8M | 353.5M | 452.46M | 441.31M | 361.97M | 262.07M | 203.44M | 157.29M | 249.74M | 234.44M | 162.33M | 143.91M | 103.5M | 74.23M | 52.98M | 41.7M | 47.14M | 29.6M | -300K | 22.6M | 0 |
| EBITDA Margin % | 22.86% | 21.95% | 18.81% | 18.41% | 18.57% | 20.25% | 20.34% | 17.86% | 18% | 16.98% | 15.61% | 15.43% | 18.89% | 19.29% | 17.74% | 15.94% | 15.72% | 13.97% | 18.79% | 19.18% | 17.27% | 18.57% | 15.47% | 13.72% | 11.35% | 8.77% | 12.75% | 10.91% | -0.12% | 8.3% | - |
| EBITDA Growth % | 26.37% | 13.67% | -0.96% | 2.45% | -7.86% | 15.75% | 9.78% | 4.22% | 24.14% | 22.21% | 4.33% | -21.87% | 2.53% | 21.92% | 38.12% | 28.82% | 29.34% | -37.02% | 6.53% | 44.42% | 12.8% | 39.04% | 39.43% | 40.12% | 27.03% | -11.53% | 59.26% | 9966.67% | -101.33% | - | -100% |
| D&A (Non-Cash Add-back) | 186M | 179.9M | 232M | 250.6M | 171.8M | 179.9M | 220.3M | 207.2M | 238.8M | 204.7M | 187.8M | 199.1M | 191.64M | 189.58M | 149.4M | 105.67M | 75.84M | 71.47M | 64.28M | 56.17M | 26.96M | 18.96M | 17.87M | 20.3M | 19.15M | 41.52M | 20.92M | 9.1M | 12.5M | 12.2M | 10.1M |
| EBIT | 628.7M | 583.8M | 2.1B | 518M | 575.6M | 640M | 472.6M | 427.2M | 351.2M | 273.4M | 202M | 177.1M | 284.7M | 270.45M | 245.78M | 176.09M | 141.76M | 89.43M | 194.2M | 183.4M | 137.3M | 126.32M | 86.18M | 55.95M | 34.92M | 181K | 26.22M | 20.5M | -13.7M | 18.7M | -4.6M |
| Net Interest Income | -78.3M | -74.4M | -90.7M | -161M | -71.1M | -65.4M | -77.6M | -82.4M | -73.2M | -25.2M | -25.9M | -25.6M | -18.7M | -17.6M | -16.36M | -7.28M | -669K | -1.03M | -716K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.36M | 1.08M | 783K | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 78.3M | 74.4M | 90.7M | 161M | 71.1M | 65.4M | 77.6M | 82.4M | 73.2M | 25M | 25.9M | 25.6M | 18.68M | 17.58M | 16.36M | 8.64M | 1.75M | 1.81M | 2.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -102.6M | -98.1M | 1.55B | -91.8M | 58.2M | 13.6M | -24.8M | -31.1M | -42.7M | -72.5M | -4.3M | -2.6M | 5.21M | 1.16M | -22.31M | 11.05M | 13.48M | 1.8M | 5.98M | 5.49M | 12.73M | -156K | -10.7M | -18.35M | -20M | -21.77M | -10.46M | 300K | -12.3M | 1.2M | 4.2M |
| Pretax Income | 554.3M | 509.4M | 2.01B | 357M | 569.1M | 574.6M | 395M | 344.8M | 278M | 259.1M | 176.7M | 151.8M | 266.01M | 252.86M | 229.42M | 167.45M | 141.09M | 87.62M | 191.96M | 183.76M | 148.09M | 124.79M | 74.92M | 35.59M | 13.82M | -21.59M | 15.76M | 20.8M | -25.2M | 11.6M | -11.6M |
| Pretax Margin % | 15.04% | 14.2% | 54.46% | 9.4% | 15.48% | 15.7% | 12.55% | 10.56% | 8.94% | 9.76% | 7.48% | 6.63% | 11.1% | 11.05% | 11.25% | 10.19% | 10.9% | 7.78% | 14.44% | 15.03% | 15.75% | 16.1% | 11.2% | 6.58% | 2.96% | -4.54% | 4.26% | 7.66% | -9.68% | 4.26% | -4.96% |
| Income Tax | 98.1M | 85.4M | 501.5M | 45.7M | 119.4M | 81.8M | 4.4M | -169.7M | -5.3M | 137.9M | 44.5M | 31.1M | 52.13M | 34.7M | 39.71M | 18.55M | 37.47M | 23.66M | 50.49M | 66.38M | 44.43M | 39.93M | 7.24M | -2.9M | 3.5M | 1.9M | 1.57M | 2.1M | 1.4M | 2.3M | -300K |
| Effective Tax Rate % | 17.7% | 16.76% | 25% | 12.8% | 20.98% | 14.24% | 1.11% | -49.22% | -1.91% | 53.22% | 25.18% | 20.49% | 19.6% | 13.72% | 17.31% | 11.07% | 26.56% | 27% | 26.3% | 36.13% | 30% | 32% | 9.67% | -8.15% | 25.32% | -8.8% | 9.99% | 10.1% | -5.56% | 19.83% | 2.59% |
| Net Income | 456.2M | 424M | 1.5B | 311.3M | 449.7M | 492.8M | 389.9M | 514.3M | 282.8M | 121.1M | 132.4M | 121.1M | 214.12M | 218.85M | 191.06M | 150.75M | 103.66M | 63.45M | 141.47M | 117.37M | 103.66M | 84.86M | 67.68M | 38.48M | 10.32M | -22.88M | 14.19M | 21.6M | -53.4M | 9.3M | -11.3M |
| Net Margin % | 12.37% | 11.82% | 40.84% | 8.19% | 12.23% | 13.47% | 12.39% | 15.76% | 9.1% | 4.56% | 5.6% | 5.29% | 8.94% | 9.56% | 9.37% | 9.17% | 8.01% | 5.63% | 10.64% | 9.6% | 11.03% | 10.95% | 10.12% | 7.12% | 2.21% | -4.81% | 3.84% | 7.96% | -20.51% | 3.42% | -4.84% |
| Net Income Growth % | -69.87% | -71.82% | 383.26% | -30.78% | -8.75% | 26.39% | -24.19% | 81.86% | 133.53% | -8.53% | 9.33% | -43.44% | -2.16% | 14.55% | 26.74% | 45.43% | 63.38% | -55.15% | 20.53% | 13.23% | 22.16% | 25.38% | 75.86% | 272.77% | 145.12% | -261.29% | -34.33% | 140.45% | -674.19% | 182.3% | -200% |
| Net Income (Continuing) | 456.2M | 424M | 1.5B | 311.3M | 449.7M | 492.8M | 390.6M | 514.5M | 283.3M | 118.5M | 132.2M | 120.7M | 213.89M | 218.17M | 189.72M | 148.91M | 103.61M | 63.96M | 140.93M | 117.37M | 103.66M | 84.86M | 67.68M | 38.48M | 10.32M | -23.49M | 14.19M | 18.7M | -27.4M | 17.4M | -5.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1.7M | 1.4M | 400K | 0 | -100K | 900K | 11.84M | 13.08M | 16.07M | 19.61M | 19.54M | 4.64M | 3.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.93 | 1.75 | 6.09 | 1.25 | 1.80 | 1.94 | 1.55 | 2.03 | 1.12 | 0.47 | 0.52 | 0.47 | 0.81 | 0.84 | 0.75 | 0.60 | 0.42 | 0.26 | 0.57 | 0.47 | 0.45 | 0.38 | 0.31 | 0.19 | 0.06 | -0.15 | 0.09 | 0.16 | -0.40 | 0.07 | -0.09 |
| EPS Growth % | -69% | -71.26% | 387.2% | -30.56% | -7.22% | 25.16% | -23.65% | 81.25% | 138.3% | -9.62% | 10.64% | -41.98% | -3.57% | 12% | 25% | 42.86% | 61.54% | -54.39% | 21.28% | 4.44% | 18.42% | 22.58% | 63.16% | 216.67% | 140% | -262.16% | -42.19% | 140% | -699.7% | 177.74% | -197.06% |
| EPS (Basic) | - | 1.77 | 6.13 | 1.26 | 1.81 | 1.96 | 1.56 | 2.05 | 1.13 | 0.48 | 0.53 | 0.47 | 0.82 | 0.85 | 0.76 | 0.62 | 0.43 | 0.27 | 0.59 | 0.49 | 0.47 | 0.40 | 0.33 | 0.20 | 0.06 | -0.15 | 0.10 | 0.16 | -0.40 | 0.07 | -0.09 |
| Diluted Shares Outstanding | 236.9M | 239.8M | 247.2M | 249.1M | 250.2M | 254.3M | 252.3M | 252.9M | 253.4M | 256.7M | 253.9M | 258.5M | 264.46M | 261.21M | 256.77M | 252.27M | 247.6M | 244.42M | 248.47M | 248.82M | 232.14M | 227.28M | 219.79M | 200.05M | 174.31M | 148.36M | 155.86M | 137.11M | 134.82M | 139.43M | 131.7M |
| Basic Shares Outstanding | 234.5M | 237.4M | 245.5M | 247.9M | 248.6M | 251.4M | 250.5M | 250.8M | 250M | 252.1M | 250.5M | 255.8M | 260.1M | 256.65M | 251.13M | 245.45M | 240.7M | 239.63M | 241.43M | 238.56M | 220.09M | 212.86M | 204.65M | 190.02M | 171.44M | 148.36M | 141.61M | 134.54M | 134.82M | 132.79M | 131.7M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical construction spending sensitivity
According to reported financial statements, Trimble's revenue trajectory remains inconsistent, fluctuating between -12.4% and 11.8% growth over the last ten quarters as the firm navigates a complex transition from legacy hardware sales toward a more predictable, subscription-based recurring revenue model across its core operating segments.
The volatility in top-line performance appears to be a byproduct of the strategic shift toward ARR, which often creates temporary revenue troughs during the conversion of perpetual licenses. Investors should monitor whether the recent 11.8% growth in 2026Q1 signals a sustainable recovery or merely a seasonal anomaly in infrastructure demand.
Based on the provided income statement data, Trimble has successfully expanded its gross margin from 61.9% in 2023Q4 to 65.9% in 2026Q1, reflecting a shift in product mix toward higher-margin software and services that effectively decouple the firm from pure hardware manufacturing commoditization risks.
This margin expansion suggests that the company's software-centric strategy is gaining traction, potentially providing a buffer against cyclical hardware demand. However, the sustainability of these levels remains contingent on the company's ability to maintain pricing power in its specialized geospatial and construction software ecosystems.
As indicated by the quarterly income statement figures, operating margins have struggled to scale consistently, oscillating between 7.1% and 22.3% over the past ten quarters, which suggests that heavy R&D and SG&A investments continue to weigh on the company's ability to translate gross profit into operating income.
The lack of clear operating leverage implies that the company is still in a heavy investment phase, likely driven by the integration of recent acquisitions like Transporeon. Analysts should investigate whether these elevated operating expenses are permanent structural costs or temporary integration-related outflows that will eventually subside.
Financial filings reveal significant volatility in net income, highlighted by an outlier of $1.3 billion in 2024Q2, which suggests that reported earnings are frequently impacted by non-operating items, divestitures, or accounting adjustments that obscure the underlying profitability of the firm's core operational activities.
The presence of substantial stock-based compensation, reaching $70.2 million in 2025Q4, further complicates the assessment of true earnings quality. Investors should focus on normalized metrics to strip away these non-recurring impacts and better understand the company's actual cash-generating capability.
While management emphasizes the transition to recurring revenue, the persistent reliance on hardware-linked segments suggests that Trimble remains vulnerable to cyclical downturns in construction and agriculture, potentially undermining the valuation premium typically afforded to pure-play software companies in the current high-interest rate environment.
Short-term revenue volatility and the complexity of the PTx Trimble joint venture may lead to continued valuation discounts if the market perceives the business as a cyclical industrial entity rather than a software platform. The reliance on North American infrastructure spending warrants caution regarding potential exposure to federal budget cycles.
Quick answers to the most common questions about buying TRMB stock.
For fiscal year 2025, Trimble Inc. (TRMB) reported total revenue of $3.59B. This represents a 1435.0% increase compared to $233.7M in 1996.
Trimble Inc. (TRMB) is profitable, generating $424.0M in net income for the fiscal year ending 2025 with a net profit margin of 11.8%.
Trimble Inc. (TRMB) reported an operating income of $607.5M, resulting in an operating profit margin of 16.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Trimble Inc. (TRMB) generated $2.45B in gross profit for the year, representing a gross profit margin of 68.3%. This demonstrates the company's core pricing power and production efficiency.