Trimble Inc.

What they do

Trimble sells technology solutions and platforms that connect office and field workflows across construction, civil infrastructure, geospatial, natural resources, utilities, and transportation. Its strategy centers on two open industry cloud platforms — one in construction and one in transportation and logistics — plus common data environments. Software is sold as subscription services, SaaS, term or perpetual licenses, and on-premise, alongside hardware. Major R&D, manufacturing, and logistics operations are in the United States, the Netherlands, India, Germany, the United Kingdom, New Zealand, Finland, Canada, and Sweden.

Revenue drivers

• Construction and AECO software — Trimble connects design, build, and operational phases for asset owners, contractors, architects, and engineers. The AECO segment now includes Document Crunch, acquired April 4, 2026 for $246.4 million, a construction-specific AI document analysis and risk management platform.
• Transportation and Logistics — Connected supply chain solutions for shippers and carriers, providing tools for fuel efficiency, safety, transparency, and sustainability. This segment recorded a $562.0 million goodwill impairment in the second quarter of 2026.
• Geospatial and utilities — Domain-specific software, 3D modeling, analysis, planning and design applications, and positioning hardware for surveyors, energy, and utility customers.
• Recurring software, services, and cloud — Annualized recurring revenue reached $2.51 billion at the end of the second quarter of 2026, up 14% year-over-year and 12% organically. Software, services, and recurring revenue represented 77% of total revenue in the quarter and first half of 2026.

Recent performance

Second quarter 2026 revenue was $972.0 million, up 11% year-over-year and 10% organically. GAAP operating income was $132.0 million (13.6% of revenue) and non-GAAP operating income was $260.6 million (26.8%). GAAP net loss was $(471.7) million, or $(2.02) diluted per share, driven largely by a $562.0 million goodwill impairment in the Transportation and Logistics segment; non-GAAP net income was $200.3 million, or $0.86 diluted per share. Adjusted EBITDA was $278.0 million, 28.6% of revenue.

Strategy

Trimble is executing a multi-year Connect & Scale platform strategy built around two open industry cloud platforms and common data environments, aimed at connecting customer workflows and industry lifecycles. The company is emphasizing recurring revenue, platforms, software, services, and data, and deploying AI, Generative AI, machine learning, and computer vision across its segments. It pursues targeted acquisitions and divestitures, having completed 14 acquisitions and 25 divestitures since 2020. The Board authorized a new $1.0 billion share repurchase program in August 2026, replacing the prior authorization.

Risks

• Transportation and Logistics impairment risk — Trimble recorded a $562.0 million goodwill impairment in its Transportation and Logistics segment in the second quarter of 2026, indicating pressure on that segment's carrying value.
• International and trade exposure — Trimble operates in many countries with significant non-U.S. revenue, and cites tariffs, trade sanctions, duties, and import/export restrictions among factors that can raise supply costs and disrupt forecasting.
• Cyclical end markets — Results depend on the strength of engineering, construction, and transportation markets and on commodity demand and cost, which are outside the company's control.
• Geopolitical and currency volatility — Volatile geopolitical conditions, including regional military conflicts, and currency rate fluctuations can adversely affect operations and results.

Outlook

For full-year 2026, Trimble guides revenue of $3,900 million to $3,950 million, GAAP loss per share of $0.07 to $0.12, and non-GAAP earnings per share of $3.60 to $3.70. The GAAP guidance assumes a 145.0% tax rate and non-GAAP guidance assumes 17.3%, on approximately 234 million shares outstanding. For the third quarter of 2026, guidance is revenue of $953 million to $978 million, GAAP EPS of $0.39 to $0.44, and non-GAAP EPS of $0.83 to $0.88.