Trimble Announces Second Quarter 2025 Results and Raises Full Year Guidance
Trimble (NASDAQ:TRMB) reported strong second quarter 2025 results, with revenue reaching $875.7 million, up 1% year-over-year and 8% organically. The company achieved record annualized recurring revenue (ARR) of $2.21 billion, representing a 5% increase year-over-year and 13% organic growth.
Key financial metrics include GAAP operating income of $127.8 million (14.6% of revenue), non-GAAP operating income of $222.6 million (25.4% of revenue), and adjusted EBITDA of $239.9 million (27.4% of revenue). The company reported GAAP EPS of $0.37 and non-GAAP EPS of $0.71.
Following strong performance, Trimble raised its full-year 2025 guidance, projecting revenue between $3,480-$3,560 million and non-GAAP EPS of $2.90-$3.06. The company also completed a $50.0 million share repurchase in Q2, with year-to-date repurchases totaling $677.4 million.
Trimble (NASDAQ:TRMB) ha riportato risultati solidi per il secondo trimestre 2025, con un fatturato che ha raggiunto i 875,7 milioni di dollari, in crescita dell'1% rispetto all'anno precedente e dell'8% a livello organico. L'azienda ha raggiunto un ricavo ricorrente annualizzato (ARR) record di 2,21 miliardi di dollari, con un aumento del 5% su base annua e una crescita organica del 13%.
I principali indicatori finanziari includono un reddito operativo GAAP di 127,8 milioni di dollari (14,6% del fatturato), un reddito operativo non-GAAP di 222,6 milioni di dollari (25,4% del fatturato) e un EBITDA rettificato di 239,9 milioni di dollari (27,4% del fatturato). L'azienda ha riportato un utile per azione GAAP di 0,37 dollari e un utile per azione non-GAAP di 0,71 dollari.
A seguito delle solide performance, Trimble ha rivisto al rialzo le previsioni per l'intero anno 2025, prevedendo un fatturato compreso tra 3.480 e 3.560 milioni di dollari e un utile per azione non-GAAP tra 2,90 e 3,06 dollari. Inoltre, la societ脿 ha completato un riacquisto di azioni per 50,0 milioni di dollari nel secondo trimestre, portando il totale degli acquisti da inizio anno a 677,4 milioni di dollari.
Trimble (NASDAQ:TRMB) report贸 s贸lidos resultados en el segundo trimestre de 2025, con ingresos que alcanzaron los 875,7 millones de d贸lares, un aumento del 1% interanual y un crecimiento org谩nico del 8%. La compa帽铆a logr贸 un ingreso recurrente anualizado (ARR) r茅cord de 2,21 mil millones de d贸lares, lo que representa un aumento del 5% respecto al a帽o anterior y un crecimiento org谩nico del 13%.
Las principales m茅tricas financieras incluyen un ingreso operativo GAAP de 127,8 millones de d贸lares (14,6% de los ingresos), un ingreso operativo no GAAP de 222,6 millones de d贸lares (25,4% de los ingresos) y un EBITDA ajustado de 239,9 millones de d贸lares (27,4% de los ingresos). La compa帽铆a report贸 un beneficio GAAP por acci贸n de 0,37 d贸lares y un beneficio no GAAP por acci贸n de 0,71 d贸lares.
Tras un desempe帽o s贸lido, Trimble elev贸 su gu铆a para todo el a帽o 2025, proyectando ingresos entre 3.480 y 3.560 millones de d贸lares y un beneficio por acci贸n no GAAP de 2,90 a 3,06 d贸lares. La compa帽铆a tambi茅n complet贸 una recompra de acciones por 50,0 millones de d贸lares en el segundo trimestre, con recompras acumuladas en el a帽o por un total de 677,4 millones de d贸lares.
Trimble (NASDAQ:TRMB)鞚� 2025雲� 2攵勱赴 臧曤牓頃� 鞁れ爜鞚� 氤搓碃頄堨溂氅�, 毵れ稖鞎§潃 8鞏� 7,570毵� 雼煬鞐� 雼暣 鞝勲厔 雽�牍� 1%, 鞙犼赴鞝� 靹膘灔毳犾潃 8% 歃濌皜頄堨姷雼堧嫟. 須岇偓電� 鞐瓣皠 氚橂车 靾橃澋(ARR) 靷儊 斓滉碃旃橃澑 22鞏� 1觳滊 雼煬毳� 雼劚頄堨溂氅�, 鞚措姅 鞝勲厔 雽�牍� 5% 歃濌皜頃橁碃 鞙犼赴鞝� 靹膘灔毳犾潃 13%鞛呺媹雼�.
欤检殧 鞛 歆�響滊電� GAAP 鞓侅梾鞚挫澋 1鞏� 2,780毵� 雼煬(毵れ稖鞚� 14.6%), 牍�-GAAP 鞓侅梾鞚挫澋 2鞏� 2,260毵� 雼煬(毵れ稖鞚� 25.4%), 臁办爼 EBITDA 2鞏� 3,990毵� 雼煬(毵れ稖鞚� 27.4%)臧� 韽暔霅╇媹雼�. 須岇偓電� GAAP 旮办 欤茧嫻靾滌澊鞚�(EPS) 0.37雼煬, 牍�-GAAP 旮办 欤茧嫻靾滌澊鞚� 0.71雼煬毳� 氤搓碃頄堨姷雼堧嫟.
臧曤牓頃� 鞁れ爜鞐� 頌橃瀰鞏� Trimble鞚� 2025雲� 鞐瓣皠 臧�鞚措崢鞀るゼ 靸來枼 臁办爼頃橃棳 毵れ稖鞎§潉 34鞏� 8觳滊 雼煬鞐愳劀 35鞏� 6觳滊 雼煬 靷澊搿�, 牍�-GAAP 欤茧嫻靾滌澊鞚奠潉 2.90雼煬鞐愳劀 3.06雼煬 靷澊搿� 鞝勲頄堨姷雼堧嫟. 霕愴暅 須岇偓電� 2攵勱赴鞐� 5,000毵� 雼煬 攴滊鞚� 鞛愳偓欤� 毵れ瀰鞚� 鞕勲頄堨溂氅�, 鞐办磮攵�韯� 順勳灛旯岇 齑� 毵れ瀰鞎§潃 6鞏� 7,740毵� 雼煬鞐� 鞚措雼堧嫟.
Trimble (NASDAQ:TRMB) a publi茅 de solides r茅sultats pour le deuxi猫me trimestre 2025, avec un chiffre d'affaires atteignant 875,7 millions de dollars, en hausse de 1 % par rapport 脿 l'ann茅e pr茅c茅dente et de 8 % en croissance organique. La soci茅t茅 a atteint un revenu r茅current annualis茅 (ARR) record de 2,21 milliards de dollars, repr茅sentant une augmentation de 5 % en glissement annuel et une croissance organique de 13 %.
Les principaux indicateurs financiers comprennent un r茅sultat op茅rationnel GAAP de 127,8 millions de dollars (14,6 % du chiffre d'affaires), un r茅sultat op茅rationnel non-GAAP de 222,6 millions de dollars (25,4 % du chiffre d'affaires) et un EBITDA ajust茅 de 239,9 millions de dollars (27,4 % du chiffre d'affaires). La soci茅t茅 a d茅clar茅 un BPA GAAP de 0,37 $ et un BPA non-GAAP de 0,71 $.
Suite 脿 cette solide performance, Trimble a relev茅 ses pr茅visions pour l'ensemble de l'ann茅e 2025, projetant un chiffre d'affaires compris entre 3 480 et 3 560 millions de dollars et un BPA non-GAAP de 2,90 脿 3,06 $. La soci茅t茅 a 茅galement r茅alis茅 un rachat d'actions de 50,0 millions de dollars au deuxi猫me trimestre, portant le total des rachats depuis le d茅but de l'ann茅e 脿 677,4 millions de dollars.
Trimble (NASDAQ:TRMB) meldete starke Ergebnisse f眉r das zweite Quartal 2025 mit einem Umsatz von 875,7 Millionen US-Dollar, was einem Anstieg von 1 % gegen眉ber dem Vorjahr und einem organischen Wachstum von 8 % entspricht. Das Unternehmen erreichte einen rekordverd盲chtigen annualisierten wiederkehrenden Umsatz (ARR) von 2,21 Milliarden US-Dollar, was einem Anstieg von 5 % gegen眉ber dem Vorjahr und einem organischen Wachstum von 13 % entspricht.
Zu den wichtigsten Finanzkennzahlen geh枚ren ein GAAP-Betriebsergebnis von 127,8 Millionen US-Dollar (14,6 % des Umsatzes), ein non-GAAP-Betriebsergebnis von 222,6 Millionen US-Dollar (25,4 % des Umsatzes) und ein bereinigtes EBITDA von 239,9 Millionen US-Dollar (27,4 % des Umsatzes). Das Unternehmen meldete einen GAAP-Gewinn je Aktie von 0,37 US-Dollar und einen non-GAAP-Gewinn je Aktie von 0,71 US-Dollar.
Nach starken Ergebnissen hob Trimble seine Prognose f眉r das Gesamtjahr 2025 an und erwartet einen Umsatz zwischen 3.480 und 3.560 Millionen US-Dollar sowie einen non-GAAP-Gewinn je Aktie von 2,90 bis 3,06 US-Dollar. Das Unternehmen schloss zudem im zweiten Quartal einen Aktienr眉ckkauf im Wert von 50,0 Millionen US-Dollar ab, womit die R眉ckk盲ufe seit Jahresbeginn insgesamt 677,4 Millionen US-Dollar betragen.
- Record annualized recurring revenue (ARR) of $2.21 billion, up 13% organically
- Strong organic revenue growth of 8% year-over-year
- Robust non-GAAP operating margin of 25.4%
- Significant share repurchases totaling $677.4 million year-to-date
- Raised full-year 2025 guidance reflecting business momentum
- Relatively modest 1% overall revenue growth before organic adjustments
- Lower GAAP operating margin at 14.6% compared to non-GAAP margin
Insights
Trimble delivers solid Q2 with record ARR, expanding margins, and raised 2025 guidance despite modest topline growth.
Trimble's Q2 results demonstrate the company's successful execution of its Connect & Scale strategy, with record ARR of
While overall revenue growth was modest at just
The company's robust share repurchase program continues, with
Most significantly, Trimble's decision to raise full-year 2025 guidance signals strong business momentum and management's increasing confidence in execution capabilities. The guidance increase comes despite completing the Mobility divestiture in February 2025, which likely created some revenue headwinds but appears to be supporting margin expansion as Trimble refocuses on its core, higher-margin operations.
The
- Record second quarter annualized recurring revenue, reflecting ongoing execution of the Connect & Scale strategy
- Record second quarter gross margin
- Second quarter results exceeded expectations
- Raising full year 2025 guidance
Second Quarter听2025 Financial Highlights
- Revenue of
$875.7 million - Annualized recurring revenue ("ARR") was
$2.21 billion - GAAP operating income was
$127.8 million $222.6 million - GAAP net income was
$89.2 million $169.4 million - Diluted earnings per share ("EPS") was
$0.37 $0.71 - Adjusted EBITDA was
$239.9 million - Share repurchase of
$50.0 million $677.4 million
Executive Quote
"In the second quarter, the Trimble team delivered record annualized recurring revenue of
Forward-Looking Guidance
For the full-year 2025, Trimble expects to report revenue between
For the third quarter of 2025, Trimble expects to report revenue between
Full-year 2025 guidance reflects the closing of the Mobility divestiture, which closed on February 8, 2025. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached.
Investor Conference Call / Webcast Details
Trimble will hold a conference call on August听6, 2025 at 8:00 a.m. ET to review its second quarter of 2025 results. An accompanying slide presentation will be made available on the "Investors" section of the Trimble website, , under the subheading "Events & Presentations." The call will be broadcast live on the web at . Investors and participants who wish to dial into the call may do so by first registering at . Upon registration, dial-in details will be sent via email to the registrant. A replay will also be available on the web at the address above.
About Trimble
Trimble is a global technology company that connects the physical and digital worlds, transforming the ways work gets done. With relentless innovation in precise positioning, modeling and data analytics, Trimble enables essential industries including construction, geospatial and transportation. Whether it's helping customers build and maintain infrastructure, design and construct buildings, optimize global supply chains or map the world, Trimble is at the forefront, driving productivity and progress. For more information about Trimble (Nasdaq: TRMB), visit: .
Safe Harbor
Certain statements made in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include expectations about our future financial and operational results and expectations regarding the execution, impact and potential of the Connect and Scale strategy. These forward-looking statements are subject to change, and actual results may materially differ due to certain risks and uncertainties. The Company's results may be adversely affected if the Company is unable to market, manufacture and ship new products, obtain new customers, effectively integrate new acquisitions or consummate divestitures in a timely manner, or get the benefits it is expecting from its joint ventures and partnerships, including with AGCO and Platform Science. The Company's results could also be negatively impacted due to weakness and deterioration in the
FTRMB
听
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited) | |||||||
Second Quarter of | First Two Quarters of | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenue: | |||||||
Product | $听听听听听听听听听听听听听 292.8 | $听听听听听听听听听听听听听 320.4 | $听听听听听听听听听听听听听 564.4 | $听听听听听听听听听听听听听 687.5 | |||
Subscription and services | 582.9 | 550.4 | 1,151.9 | 1,136.6 | |||
Total revenue | 875.7 | 870.8 | 1,716.3 | 1,824.1 | |||
Cost of sales: | |||||||
Product | 144.4 | 176.5 | 288.1 | 384.0 | |||
Subscription and services | 117.3 | 120.4 | 237.0 | 244.8 | |||
Amortization of purchased intangible assets | 16.1 | 28.0 | 32.5 | 55.8 | |||
Total cost of sales | 277.8 | 324.9 | 557.6 | 684.6 | |||
Gross margin | 597.9 | 545.9 | 1,158.7 | 1,139.5 | |||
Gross margin (%) | 68.3听% | 62.7听% | 67.5听% | 62.5听% | |||
Operating expense: | |||||||
Research and development | 163.3 | 161.5 | 321.8 | 331.7 | |||
Sales and marketing | 158.4 | 142.5 | 311.6 | 289.3 | |||
General and administrative | 117.6 | 148.7 | 239.1 | 282.8 | |||
Restructuring | 4.0 | 5.1 | 8.5 | 11.7 | |||
Amortization of purchased intangible assets | 26.8 | 26.5 | 52.4 | 53.2 | |||
Total operating expense | 470.1 | 484.3 | 933.4 | 968.7 | |||
Operating income | 127.8 | 61.6 | 225.3 | 170.8 | |||
Non-operating (expense) income, net: | |||||||
Divestitures gain, net | 2.6 | 1,714.1 | 4.8 | 1,717.6 | |||
Interest expense, net | (19.4) | (18.1) | (35.0) | (63.3) | |||
Income from equity method investments, net | 2.3 | 4.3 | 3.3 | 9.9 | |||
Other income, net | 鈥� | 0.1 | 1.3 | 鈥� | |||
Total non-operating (expense) income, net | (14.5) | 1,700.4 | (25.6) | 1,664.2 | |||
Income before taxes | 113.3 | 1,762.0 | 199.7 | 1,835.0 | |||
Income tax provision | 24.1 | 445.6 | 43.8 | 461.4 | |||
Net income | $听听听听听听听听听听听听听听听 89.2 | $听听听听听听听听听听 1,316.4 | $听听听听听听听听听听听听听 155.9 | $听听听听听听听听听听 1,373.6 | |||
Earnings per share: | |||||||
Basic | $听听听听听听听听听听听听听听听 0.37 | $听听听听听听听听听听听听听听听 5.37 | $听听听听听听听听听听听听听听听 0.65 | $听听听听听听听听听听听听听听听 5.60 | |||
Diluted | $听听听听听听听听听听听听听听听 0.37 | $听听听听听听听听听听听听听听听 5.34 | $听听听听听听听听听听听听听听听 0.64 | $听听听听听听听听听听听听听听听 5.56 | |||
Shares used in calculating earnings per share: | |||||||
Basic | 238.1 | 245.1 | 240.7 | 245.3 | |||
Diluted | 239.6 | 246.4 | 242.9 | 246.9 | |||
听
CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) | |||
As of | |||
Second Quarter of | Year听End | ||
2025 | 2024 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 265.9 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 738.8 | |
Accounts receivable, net | 539.5 | 725.8 | |
Inventories | 179.7 | 194.3 | |
Prepaid expenses | 109.6 | 103.3 | |
Other current assets | 194.9 | 196.2 | |
Assets held for sale | 鈥� | 312.0 | |
Total current assets | 1,289.6 | 2,270.4 | |
Property and equipment, net | 186.9 | 188.4 | |
Goodwill | 5,247.6 | 4,988.4 | |
Other purchased intangible assets, net | 1,014.8 | 998.1 | |
Deferred income tax assets | 300.2 | 294.4 | |
Equity investments | 630.7 | 361.0 | |
Other non-current assets | 429.4 | 387.6 | |
Total assets | $听听听听听听听听听听听听听听听听听听听听听听听听听听听 9,099.2 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听 9,488.3 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Short-term debt | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 71.0 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 鈥� | |
Accounts payable | 160.4 | 161.6 | |
Accrued compensation and benefits | 169.2 | 227.2 | |
Deferred revenue | 781.2 | 800.4 | |
Income taxes payable | 18.8 | 325.0 | |
Other current liabilities | 176.5 | 211.2 | |
Liabilities held for sale | 鈥� | 62.6 | |
Total current liabilities | 1,377.1 | 1,788.0 | |
Long-term debt | 1,441.4 | 1,390.6 | |
Deferred revenue, non-current | 101.0 | 95.6 | |
Deferred income tax liabilities | 211.7 | 199.9 | |
Other non-current liabilities | 279.9 | 268.9 | |
Total liabilities | 3,411.1 | 3,743.0 | |
Stockholders' equity: | |||
Common stock | 0.2 | 0.2 | |
Additional paid-in-capital | 2,364.8 | 2,369.4 | |
Retained earnings | 3,293.6 | 3,757.6 | |
Accumulated other comprehensive income (loss) | 29.5 | (381.9) | |
Total stockholders' equity | 5,688.1 | 5,745.3 | |
Total liabilities and stockholders' equity | $听听听听听听听听听听听听听听听听听听听听听听听听听听听 9,099.2 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听 9,488.3 | |
听
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) | |||
First Two Quarters of | |||
2025 | 2024 | ||
Cash flow from operating activities: | |||
Net income | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 155.9 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听 1,373.6 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 98.8 | 125.8 | |
Deferred income taxes | (19.5) | 50.4 | |
Stock-based compensation | 76.3 | 73.8 | |
Divestitures gain, net | (4.8) | (1,717.6) | |
Other, net | 41.4 | 8.7 | |
(Increase) decrease in assets: | |||
Accounts receivable, net | 202.7 | 114.8 | |
Inventories | 12.6 | 14.1 | |
Other current and non-current assets | (6.4) | (5.9) | |
Increase (decrease) in liabilities: | |||
Accounts payable | (12.5) | 12.9 | |
Accrued compensation and benefits | (65.5) | (18.5) | |
Deferred revenue | (31.8) | 55.5 | |
Income taxes payable | (308.5) | 265.7 | |
Other current and non-current liabilities | (36.6) | (31.9) | |
Net cash provided by operating activities | 102.1 | 321.4 | |
Cash flow from investing activities: | |||
Divestiture of businesses, net of cash divested | (7.3) | 1,927.0 | |
Acquisitions of businesses, net of cash acquired | (4.4) | (21.8) | |
Purchases of property and equipment | (12.5) | (21.1) | |
Other, net | (3.0) | (13.0) | |
Net cash (used in) provided by investing activities | (27.2) | 1,871.1 | |
Cash flow from financing activities: | |||
Issuance of common stock, net of tax withholdings | (23.1) | (22.2) | |
Repurchases of common stock | (677.4) | (175.0) | |
Proceeds from debt and revolving credit lines | 348.3 | 521.2 | |
Payments on debt and revolving credit lines | (227.3) | (1,799.3) | |
Other, net | (3.1) | (4.6) | |
Net cash used in financing activities | (582.6) | (1,479.9) | |
Effect of exchange rate changes on cash and cash equivalents | 25.8 | (7.4) | |
Net (decrease) increase in cash and cash equivalents | (481.9) | 705.2 | |
Cash and cash equivalents - beginning of period (1) | 747.8 | 238.9 | |
Cash and cash equivalents - end of period | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 265.9 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 944.1 | |
Supplemental cash flow disclosure: | |||
Cash paid for income taxes, excluding tax for the Ag divestiture | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 87.9 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 49.5 | |
Cash tax paid for the Ag divestiture | 277.4 | 50.0 | |
________________________________________________________ | |||
(1) Includes |
听
REPORTING SEGMENTS (In millions) (Unaudited) | ||||||
Reporting Segments | ||||||
AECO | Field Systems | T&L | ||||
Second Quarter of 2025 | ||||||
Segment revenue | $听听听听听听听听听听听听听听听听听听 350.3 | $听听听听听听听听听听听听听听听听听听 392.7 | $听听听听听听听听听听听听听听听听听听 132.7 | |||
Cost of sales | 59.7 | 161.9 | 33.6 | |||
Operating expense | 184.2 | 109.8 | 70.5 | |||
Operating income | $听听听听听听听听听听听听听听听听听听 106.4 | $听听听听听听听听听听听听听听听听听听 121.0 | $听听听听听听听听听听听听听听听听听听听听 28.6 | |||
Operating income % | 30.4听% | 30.8听% | 21.6听% | |||
Second Quarter of 2024 | ||||||
Segment revenue | $听听听听听听听听听听听听听听听听听听 299.7 | $听听听听听听听听听听听听听听听听听听 379.3 | $听听听听听听听听听听听听听听听听听听 191.8 | |||
Cost of sales | 53.4 | 168.5 | 69.3 | |||
Operating expense | 167.2 | 101.0 | 86.6 | |||
Operating income | $听听听听听听听听听听听听听听听听听听听听 79.1 | $听听听听听听听听听听听听听听听听听听 109.8 | $听听听听听听听听听听听听听听听听听听听听 35.9 | |||
Operating income % | 26.4听% | 28.9听% | 18.7听% | |||
Reporting Segments | ||||||
AECO | Field Systems | T&L | ||||
First Two Quarters of 2025 | ||||||
Segment revenue | $听听听听听听听听听听听听听听听听听听 685.7 | $听听听听听听听听听听听听听听听听听听 751.9 | $听听听听听听听听听听听听听听听听听听 278.7 | |||
Cost of sales | 118.6 | 316.1 | 78.2 | |||
Operating expense | 369.1 | 208.2 | 145.8 | |||
Operating income | $听听听听听听听听听听听听听听听听听听 198.0 | $听听听听听听听听听听听听听听听听听听 227.6 | $听听听听听听听听听听听听听听听听听听听听 54.7 | |||
Operating income % | 28.9听% | 30.3听% | 19.6听% | |||
First Two Quarters of 2024 | ||||||
Segment revenue | $听听听听听听听听听听听听听听听听听听 638.8 | $听听听听听听听听听听听听听听听听听听 798.5 | $听听听听听听听听听听听听听听听听听听 386.8 | |||
Cost of sales | 108.7 | 364.4 | 142.8 | |||
Operating expense | 324.3 | 226.0 | 171.8 | |||
Operating income | $听听听听听听听听听听听听听听听听听听 205.8 | $听听听听听听听听听听听听听听听听听听 208.1 | $听听听听听听听听听听听听听听听听听听听听 72.2 | |||
Operating income % | 32.2听% | 26.1听% | 18.7听% | |||
听
GAAP TO NON-GAAP RECONCILIATION (Dollars in millions, except per share data) (Unaudited) | |||||||||||||||
Second Quarter of | First Two Quarters of | ||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | ||||||||
REVENUE: | |||||||||||||||
GAAP revenue: | $听听听 875.7 | $听听听 870.8 | |||||||||||||
GROSS MARGIN: | |||||||||||||||
GAAP gross margin: | $听听听 597.9 | 68.3听% | $听听听 545.9 | 62.7听% | 67.5听% | 62.5听% | |||||||||
Amortization of purchased intangible assets | (A) | 16.1 | 28.0 | 32.5 | 55.8 | ||||||||||
Stock-based compensation / deferred compensation | (C) | 4.2 | 4.2 | 8.5 | 8.5 | ||||||||||
Restructuring and other costs | (D) | 0.4 | 0.6 | 0.6 | 2.0 | ||||||||||
Non-GAAP gross margin: | $听听听 618.6 | 70.6听% | $听听听 578.7 | 66.5听% | 69.9听% | 66.1听% | |||||||||
OPERATING EXPENSES: | |||||||||||||||
GAAP operating expenses: | $听听听 470.1 | 53.7听% | $听听听 484.3 | 55.6听% | $听听听 933.4 | 54.4听% | $听听听 968.7 | 53.1听% | |||||||
Amortization of purchased intangible assets | (A) | (26.8) | (26.5) | (52.4) | (53.2) | ||||||||||
Acquisition / divestiture items | (B) | (2.7) | (33.9) | (11.6) | (57.8) | ||||||||||
Stock-based compensation / deferred compensation | (C) | (36.6) | (33.9) | (69.8) | (68.4) | ||||||||||
Restructuring and other costs | (D) | (8.0) | (5.7) | (20.1) | (12.3) | ||||||||||
Non-GAAP operating expenses: | $听听听 396.0 | 45.2听% | $听听听 384.3 | 44.1听% | $听听听 779.5 | 45.4听% | $听听听 777.0 | 42.6听% | |||||||
OPERATING INCOME: | |||||||||||||||
GAAP operating income: | $听听听 127.8 | 14.6听% | $听听听听 61.6 | 7.1听% | $听听听 225.3 | 13.1听% | $听听听 170.8 | 9.4听% | |||||||
Amortization of purchased intangible assets | (A) | 42.9 | 54.5 | 84.9 | 109.0 | ||||||||||
Acquisition / divestiture items | (B) | 2.7 | 33.9 | 11.6 | 57.8 | ||||||||||
Stock-based compensation / deferred compensation | (C) | 40.8 | 38.1 | 78.3 | 76.9 | ||||||||||
Restructuring and other costs | (D) | 8.4 | 6.3 | 20.7 | 14.3 | ||||||||||
Non-GAAP operating income: | $听听听 222.6 | 25.4听% | $听听听 194.4 | 22.3听% | $听听听 420.8 | 24.5听% | $听听听 428.8 | 23.5听% | |||||||
NON-OPERATING (EXPENSE) INCOME, NET: | |||||||||||||||
GAAP non-operating (expense) income, net: | $听听听 (14.5) | $听听听 (25.6) | |||||||||||||
Acquisition / divestiture items | (B) | (2.6) | (1,716.1) | (7.9) | (1,719.5) | ||||||||||
Deferred compensation | (C) | (2.9) | (0.7) | (2.0) | (3.1) | ||||||||||
Restructuring and other costs | (D) | 2.8 | 5.4 | 2.9 | 5.4 | ||||||||||
Non-GAAP non-operating expense, net: | $听听听 (17.2) | $听听听 (11.0) | $听听听 (32.6) | $听听听 (53.0) | |||||||||||
听Tax Rate | Tax Rate | Tax Rate | Tax Rate | ||||||||||||
(G) | (G) | (G) | (G) | ||||||||||||
INCOME TAX PROVISION: | |||||||||||||||
GAAP income tax provision: | $听听听听 24.1 | 21.3听% | $听听听 445.6 | 25.3听% | $听听听听 43.8 | 21.9听% | $听听听 461.4 | 25.1听% | |||||||
Non-GAAP items tax effected | (E) | 19.6 | (399.4) | 41.6 | (373.6) | ||||||||||
Difference in GAAP and Non-GAAP tax rate | (F) | (7.7) | (14.7) | (18.0) | (23.0) | ||||||||||
Non-GAAP income tax provision: | $听听听听 36.0 | 17.5听% | $听听听听 31.5 | 17.2听% | $听听听听 67.4 | 17.4听% | $听听听听 64.8 | 17.2听% | |||||||
NET INCOME: | |||||||||||||||
GAAP net income: | $听听听听 89.2 | $听听听 155.9 | |||||||||||||
Amortization of purchased intangible assets | (A) | 42.9 | 54.5 | 84.9 | 109.0 | ||||||||||
Acquisition / divestiture items | (B) | 0.1 | (1,682.2) | 3.7 | (1,661.7) | ||||||||||
Stock-based compensation | (C) | 37.9 | 37.4 | 76.3 | 73.8 | ||||||||||
Restructuring and other costs | (D) | 11.2 | 11.7 | 23.6 | 19.7 | ||||||||||
Non-GAAP tax adjustments | (E) - (F) | (11.9) | 414.1 | (23.6) | 396.6 | ||||||||||
Non-GAAP net income: | $听听听 169.4 | $听听听 151.9 | $听听听 320.8 | $听听听 311.0 | |||||||||||
DILUTED NET INCOME PER SHARE: | |||||||||||||||
GAAP diluted net income per share: | $听听听听 0.37 | $听听听听 5.34 | $听听听听 0.64 | $听听听听 5.56 | |||||||||||
Amortization of purchased intangible assets | (A) | 0.18 | 0.22 | 0.35 | 0.45 | ||||||||||
Acquisition / divestiture items | (B) | 鈥� | (6.82) | 0.02 | (6.73) | ||||||||||
Stock-based compensation | (C) | 0.16 | 0.15 | 0.31 | 0.30 | ||||||||||
Restructuring and other costs | (D) | 0.05 | 0.05 | 0.10 | 0.08 | ||||||||||
Non-GAAP tax adjustments | (E) - (F) | (0.05) | 1.68 | (0.10) | 1.60 | ||||||||||
Non-GAAP diluted net income per share: | $听听听听 0.71 | $听听听听 0.62 | $听听听听 1.32 | $听听听听 1.26 | |||||||||||
ADJUSTED EBITDA: | |||||||||||||||
GAAP operating income: | $听听听 127.8 | 14.6听% | $听听听听 61.6 | 7.1听% | $听听听 225.3 | 13.1听% | $听听听 170.8 | 9.4听% | |||||||
Amortization of purchased intangible assets | (A) | 42.9 | 54.5 | 84.9 | 109.0 | ||||||||||
Acquisition / divestiture items | (B) | 2.7 | 33.9 | 11.6 | 57.8 | ||||||||||
Stock-based compensation | (C) | 40.8 | 38.1 | 78.3 | 76.9 | ||||||||||
Restructuring and other costs | (D) | 8.4 | 6.3 | 20.7 | 14.3 | ||||||||||
Non-GAAP operating income: | 222.6 | 25.4听% | 194.4 | 22.3听% | 420.8 | 24.5听% | 428.8 | 23.5听% | |||||||
Depreciation expense and cloud computing amortization | 12.3 | 12.1 | 24.3 | 23.0 | |||||||||||
Income from equity method investments, net | 5.0 | 7.5 | 6.9 | 13.1 | |||||||||||
Adjusted EBITDA: | $听听听 239.9 | 27.4听% | $听听听 214.0 | 24.6听% | $听听听 452.0 | 26.3听% | $听听听 464.9 | 25.5听% | |||||||
First Two Quarters of | |||||||||||||||
2025 | 2024 | ||||||||||||||
FREE CASH FLOW: | |||||||||||||||
Net cash provided by operating activities | $听听听听听听听听听听听听听听听听听听听 102.1 | $听听听听听听听听听听听听听听听听听听听 321.4 | |||||||||||||
Capital expenditures | 12.5 | 21.1 | |||||||||||||
Free cash flow | $听听听听听听听听听听听听听听听听听听听听听 89.6 | $听听听听听听听听听听听听听听听听听听听 300.3 | |||||||||||||
Third Quarter of 2025 | Year 2025 | ||||||||||||||
Low End | High End | Low End | High End | ||||||||||||
FORECASTED DILUTED NET INCOME PER SHARE: | |||||||||||||||
Forecasted GAAP diluted net income per share: | $听听听听 0.34 | $听 0.43 | $听听听听 1.55 | $听 1.70 | |||||||||||
Amortization of purchased intangible assets | (A) | 0.18 | 0.18 | 0.71 | 0.71 | ||||||||||
Acquisition / divestiture items | (B) | 0.02 | 0.02 | 0.05 | 0.05 | ||||||||||
Stock-based compensation | (C) | 0.15 | 0.15 | 0.61 | 0.61 | ||||||||||
Restructuring and other costs | (D) | 0.04 | 0.04 | 0.17 | 0.17 | ||||||||||
Non-GAAP tax adjustments | (E) - (F) | (0.06) | (0.07) | (0.19) | (0.18) | ||||||||||
Forecasted non-GAAP diluted net income per share: | $听听听听 0.67 | $听 0.75 | $听听听听 2.90 | $听 3.06 | |||||||||||
FOOTNOTES TO GAAP TO NON-GAAP RECONCILIATION
This press release includes GAAP financial measures as well as non-GAAP financial measures, which are not meant to be considered in isolation or as a substitute for comparable GAAP measures. We believe non-GAAP financial measures provide useful information to investors and others in understanding our "core operating performance", which excludes (i) the effect of non-cash items and certain variable charges not expected to recur and (ii) transactions that are not meaningful in comparison to our past operating performance or not reflective of ongoing financial results. Lastly, we believe that our core operating performance offers a supplemental measure for period-to-period comparisons and can be used to evaluate our historical and prospective financial performance, as well as our performance relative to competitors.
The non-GAAP definitions and explanations to the adjustments to comparable GAAP measures are included below:
Non-GAAP Definitions
Non-GAAP gross margin
We define Non-GAAP gross margin as GAAP gross margin, excluding the effects of amortization of purchased intangible assets, stock-based compensation, deferred compensation, and restructuring and other costs.听 We believe our investors benefit by understanding our non-GAAP gross margin as a way of understanding how product mix, pricing decisions, and manufacturing costs influence our business.
Non-GAAP operating expenses
We define Non-GAAP operating expenses as GAAP operating expenses, excluding the effects of amortization of purchased intangible assets, acquisition/divestiture items, stock-based compensation, deferred compensation, and restructuring and other costs.听 We believe this measure is important to investors evaluating our non-GAAP spending in relation to revenue.
Non-GAAP operating income
We define Non-GAAP operating income as GAAP operating income, excluding the effects of amortization of purchased intangible assets, acquisition/divestiture items, stock-based compensation, deferred compensation, and restructuring and other costs.听 We believe our investors benefit by understanding our non-GAAP operating income trends, which are driven by revenue, gross margin, and spending.
Non-GAAP non-operating expense, net
We define Non-GAAP non-operating expense, net as GAAP non-operating (expense) income, net, excluding acquisition/divestiture items, deferred compensation, and restructuring and other costs.听 We believe this measure helps investors evaluate our non-operating expense trends.
Non-GAAP income tax provision
We define Non-GAAP income tax provision as GAAP income tax provision, excluding charges and benefits such as net deferred tax impacts resulting from the non-
Non-GAAP net income
We define Non-GAAP net income as GAAP net income, excluding the effects of amortization of purchased intangible assets, acquisition/divestiture items, stock-based compensation, restructuring and other costs, and non-GAAP tax adjustments.听 This measure provides a supplemental view of net income trends, which are driven by non-GAAP income before taxes and our non-GAAP tax rate.
Non-GAAP diluted net income per share
We define Non-GAAP diluted net income per share as GAAP diluted net income per share, excluding the effects of amortization of purchased intangible assets, acquisition/divestiture items, stock-based compensation, restructuring and other costs, and non-GAAP tax adjustments.听 We believe our investors benefit by understanding our non-GAAP operating performance as reflected in a per share calculation as a way of measuring non-GAAP operating performance by ownership in the Company.
Adjusted EBITDA
We define Adjusted EBITDA as non-GAAP operating income plus depreciation expense, cloud computing amortization, and income from equity method investments, net, excluding our proportionate share of items such as goodwill impairment, amortization of purchased intangibles, stock-based compensation, and restructuring costs.听 Other companies may define Adjusted EBITDA differently.听 Adjusted EBITDA is a performance measure that we believe offers a useful view of the overall operations of our business because it facilitates operating performance comparisons by removing potential differences caused by variations unrelated to operating performance, such as capital structures (interest expense), income taxes, depreciation, amortization of purchased intangibles and cloud computing costs, and income from equity method investments, net.听
Free Cash Flow
We define free cash flow as cash flow from operating activities minus capital expenditures. We believe this measure is important to investors evaluating our generation of cash flow.
Explanations of Non-GAAP adjustments
(A) | Amortization of purchased intangible assets.听 Non-GAAP gross margin and operating expenses exclude the amortization of purchased intangible assets, which primarily represents technology and/or customer relationships already developed. |
(B) | Acquisition / divestiture items.听 Non-GAAP gross margin and operating expenses exclude costs consisting of external and incremental costs resulting directly from acquisitions, divestitures, and strategic investment activities such as legal, due diligence, integration, and other closing costs, including the acceleration of acquisition stock awards and adjustments to the fair value of earn-out liabilities.听 Non-GAAP non-operating expense, net, excludes one-time acquisition/divestiture charges, including foreign currency exchange rate gains/losses related to an acquisition, divestiture gains/losses, and strategic investment gains/losses.听 These are one-time costs that vary significantly in amount and timing and are not indicative of our core operating performance. |
(C) | Stock-based compensation / deferred compensation.听 Non-GAAP gross margin and operating expenses exclude stock-based compensation and income or expense associated with movement in our non-qualified deferred compensation plan liabilities.听 Changes in non-qualified deferred compensation plan assets, included in non-operating expense, net, offset the income or expense in the plan liabilities.听 |
(D) | Restructuring and other costs.听 Non-GAAP gross margin and operating expenses exclude restructuring and other costs comprised of termination benefits related to reductions in employee headcount and closure or exit of facilities and incremental expenses resulting from the 2023 re-audit.听 Non-GAAP non-operating expense net, excludes our proportionate share of items recorded in income from equity method investment items, such as goodwill impairment, amortization of purchased intangibles, stock-based compensation, and restructuring costs.听 听 |
(E) | Non-GAAP items tax effected.听 This amount adjusts the provision for income taxes to reflect the effect of the non-GAAP items (A) through (D) on non-GAAP net income. 听 |
(F) | Difference in GAAP and non-GAAP tax rate.听 This amount represents the difference between the GAAP and non-GAAP tax rates applied to the non-GAAP operating income plus the non-GAAP non-operating expense, net. The non-GAAP tax rate excludes charges and benefits such as (i) deferred tax impacts from tax amortization relating to a non- |
(G) | Tax rate percentages.听 These percentages are defined as GAAP income tax provision as a percentage of GAAP income before taxes and non-GAAP income tax provision as a percentage of non-GAAP income before taxes. |
OTHER KEY METRICS
Annualized Recurring Revenue听
In addition to providing non-GAAP financial measures, Trimble provides an ARR performance measure in order to provide investors with a supplementary indicator of the value of the Company's current recurring revenue contracts. 听ARR represents the estimated annualized value of recurring revenue.听 ARR is calculated by taking our subscription and maintenance and support revenue for the current quarter and adding the portion of the contract value of all our term licenses attributable to the current quarter, then dividing that sum by the number of days in the quarter and then multiplying that quotient by 365.听 ARR should be viewed independently of revenue and deferred revenue as it is a performance measure and is not intended to be combined with or to replace either of those items.
Organic Annualized Recurring Revenue
Organic annualized recurring revenue refers to annualized recurring revenue excluding the impacts of (i) foreign currency translation, and (ii) acquisitions and divestitures that closed in the prior 12 months.
Organic Revenue
Organic revenue refers to revenue excluding the impacts of (i) foreign currency translation, and (ii) acquisitions and divestitures that closed in the prior 12 months.
听
听
View original content to download multimedia:
SOURCE Trimble
FAQ
What were Trimble's (TRMB) Q2 2025 earnings results?
What is Trimble's revenue guidance for full-year 2025?
How much did Trimble spend on share repurchases in Q2 2025?
What was Trimble's recurring revenue (ARR) in Q2 2025?
What is Trimble's Q3 2025 revenue guidance?
