trmb-20250404

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 4, 2025
			or
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____

Commission file number: 001-14845

TRIMBLE INC.

(Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization)						94-2802192 (I.R.S. Employer Identification Number)

10368 Westmoor Drive, Westminster, CO 80021

(Address of principal executive offices) (Zip Code)

(720) 887-6100

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):


Large Accelerated Filer	ý	Accelerated Filer	¨
Non-accelerated Filer	¨	Smaller Reporting Company	☐
		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	TRMB	NASDAQ Global Select Market

As of May 7, 2025, there were 238,586,919 shares of Common Stock, par value $0.001 per share, outstanding.

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SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. These statements include, among other things:

•general global macroeconomic outlook, including heightened trade tensions and related imposition of tariffs between the United States and its trading partners, slowing growth, inflationary pressures and fluctuations in interest rates;

•economic disruptions caused by the potential impact of volatility and conflict in the political and economic environment, including geopolitical tensions;

•fluctuations in foreign currency exchange rates;

•our ability to convert backlog to revenue;

•the portion of our revenue expected to come from sales to customers located in countries outside of the U.S.;

•our plans to continue to invest in research and development for the active development and introduction of new products and to deliver targeted solutions to the markets we serve;

•our shift towards a more significant mix of recurring revenue and the impact on our business;

•our belief that increases in recurring revenue will provide us with enhanced business visibility over time;

•our growth strategy and its impact on our revenue mix, growth, and profitability;

•our expectations regarding the execution and impact of the Connect & Scale strategy;

•any anticipated benefits or impact to our results of operations and financial conditions from our acquisitions;

•any anticipated benefits associated with the sale of our global transportation telematics business (“Mobility”) to Platform Science, Inc. (“Platform Science”) and our associated investment;

•any anticipated benefits associated with the contribution of our precision agriculture business (“Ag”), excluding Global Navigation Satellite System (“GNSS”) and guidance technologies, to the joint venture, PTx Trimble, and the sale of the majority interest in PTx Trimble to AGCO Corporation (“AGCO”);

•our ability to conduct, suspend, or discontinue our stock repurchase program subject to the discretion of our management;

•our belief that our cash and cash equivalents and borrowings, along with cash provided by operations, will be sufficient in the foreseeable future to meet our anticipated operating cash needs, including expenditures related to our Connect & Scale strategy, debt service, stock repurchases, and any acquisitions;

•our commitment to sustainability matters; and

•our ability to maintain effective internal controls over financial reporting, including our ability to remediate our material weaknesses in our internal control over financial reporting.

The forward-looking statements regarding future events and the future results of Trimble Inc. (“Trimble”, the “Company” or “we” or “our” or “us”) are based on current expectations and the beliefs and assumptions of our management that are subject to risks and uncertainties. Discussions containing such forward-looking statements may be found in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of this report. Forward-looking statements generally can be identified by words such as “may,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These forward-looking statements involve certain risks and uncertainties that could cause actual results, levels of activity, performance, achievements, and events to differ materially from those implied by such forward-looking statements, including but not limited to those discussed in this report under the section entitled “Risk Factors” and elsewhere, and in other reports we file with the Securities and Exchange Commission (the “SEC”), specifically the most recent Annual Report on Form 10-K for 2024 filed with the SEC on April 25, 2025 (the “2024 Form 10-K”), and in other reports we file with the SEC, each as it may be amended from time to time. These forward-looking statements are made as of the date of this report. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

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TRIMBLE INC.

Form 10-Q for the Quarter Ended April 4, 2025

TABLE OF CONTENTS


		Page
PART I.	FINANCIAL INFORMATION

ITEM 1.	Financial Statements (Unaudited)	4







ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	29

ITEM 4.	Controls and Procedures	30


PART II.	OTHER INFORMATION

ITEM 1.	Legal Proceedings	31

ITEM 1A.	Risk Factors	31

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

ITEM 3.	Defaults Upon Senior Securities	31

ITEM 4.	Mine Safety Disclosures	31

ITEM 5.	Other Information	31

ITEM 6.	Exhibits	32


SIGNATURES		33

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PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Index
			Page


Condensed Consolidated Balance Sheets			5
Condensed Consolidated Statements of Income			6
Condensed Consolidated Statements of Comprehensive Income (Loss)			7
Condensed Consolidated Statements of Stockholders’ Equity			8
Condensed Consolidated Statements of Cash Flows			9
Notes to Condensed Consolidated Financial Statements (Unaudited):			10
Note 1. Overview and Accounting Policies			10
Note 2. Common Stock Repurchase			11
Note 3 . Divestitures			11
Note 4. Equity Investments			12
Note 5. Intangible Assets and Goodwill			12
Note 6. Inventories			13
Note 7. Segment Information			13
Note 8. Debt			15
Note 9. Fair Value Measurements			15
Note 10. Deferred Revenue and Remaining Performance Obligations			16
Note 11. Earnings per Share			16
Note 12. Income Taxes			16
Note 13. Commitments and Contingencies			17
Note 14. Subsequent Events			17

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TRIMBLE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	As of
	First Quarter of		Year End
	2025		2024

(In millions, except par value)
ASSETS
Current assets:
Cash and cash equivalents	$	290.0	$	738.8
Accounts receivable, net	530.4		725.8
Inventories	187.2		194.3
Prepaid expenses	115.5		103.3
Other current assets	159.5		196.2
Assets held for sale	—		312.0
Total current assets	1,282.6		2,270.4
Property and equipment, net	186.8		188.4
Goodwill	5,106.6		4,988.4
Other purchased intangible assets, net	988.7		998.1
Deferred income tax assets	314.3		294.4
Equity investments	619.1		361.0
Other non-current assets	400.8		387.6
Total assets	$	8,898.9	$	9,488.3
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:

Accounts payable	$	170.9	$	161.6
Accrued compensation and benefits	110.8		227.2
Deferred revenue	795.0		800.4
Income taxes payable	275.7		325.0
Other current liabilities	168.2		211.2
Liabilities held for sale	—		62.6
Total current liabilities	1,520.6		1,788.0
Long-term debt	1,391.0		1,390.6
Deferred revenue, non-current	97.8		95.6
Deferred income tax liabilities	202.5		199.9


Other non-current liabilities	267.9		268.9
Total liabilities	3,479.8		3,743.0
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.001 par value; 3.0 shares authorized; none issued and outstanding	—		—
Common stock, $0.001 par value; 360.0 shares authorized; 237.2 and 245.8 shares issued and outstanding at the end of the first quarter of 2025 and year end 2024	0.2		0.2
Additional paid-in-capital	2,333.8		2,369.4
Retained earnings	3,283.5		3,757.6
Accumulated other comprehensive loss	(198.4)		(381.9)


Total stockholders’ equity	5,419.1		5,745.3
Total liabilities and stockholders’ equity	$	8,898.9	$	9,488.3

See accompanying Notes to the Condensed Consolidated Financial Statements.

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TRIMBLE INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


	First Quarter of
(In millions, except per share amounts)	2025		2024

Revenue:
Product	$	271.6	$	367.1
Subscription and services	569.0		586.2
Total revenue	840.6		953.3
Cost of sales:
Product	143.7		207.5
Subscription and services	119.7		124.4
Amortization of purchased intangible assets	16.4		27.8
Total cost of sales	279.8		359.7
Gross margin	560.8		593.6
Operating expense:
Research and development	158.5		170.2
Sales and marketing	153.2		146.8
General and administrative	121.5		134.1
Restructuring	4.5		6.6
Amortization of purchased intangible assets	25.6		26.7
Total operating expense	463.3		484.4
Operating income	97.5		109.2
Non-operating income (expense), net:
Interest expense, net	(15.6)		(45.2)

Income from equity method investments, net	1.0		5.6
Other income, net	3.5		3.4
Total non-operating expense, net	(11.1)		(36.2)
Income before taxes	86.4		73.0
Income tax provision	19.7		15.8
Net income	$	66.7	$	57.2


Earnings per share:
Basic	$	0.27	$	0.23
Diluted	$	0.27	$	0.23
Shares used in calculating earnings per share:
Basic	243.3		245.5
Diluted	246.2		247.4

See accompanying Notes to the Condensed Consolidated Financial Statements.

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TRIMBLE INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)


	First Quarter of
	2025		2024

(In millions)
Net income	$	66.7	$	57.2
Other comprehensive income (loss), net of tax

SEC Form 10-Q filed by Trimble Inc.