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TRMBTrimble Inc.

Technology · Measuring Instruments · Nasdaq

Trimble is a leading technology solutions and platform provider, enabling office professionals and field workers to connect their workflows and industry lifecycles, driving a more productive, efficient, and sustainable future. 10-K, Item 1

TRMB quote by TradingView
Employees
11,500
Headquarters
Westminster, CO
CEO
Robert G. Painter
Next results
around Feb 9, 2027
Compare with peers → Embed

10-K 0000864749-26-000015 (2026-02-25) vs 10-K 0000864749-25-000090 (2025-04-25)

SectionCompared textWords nowChanged
Risk FactorsItem 1A10,839 21.4%
MD&AItem 75,948 25.4%
Legal ProceedingsItem 3, via Note 11 – COMMITMENTS AND CONTINGENCIES57 not compared
Accounting PoliciesItem 8, Note 1 – DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES3,710 12.9%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 162 words changed in this paragraph; it is 38% similar to last year's version.
Data privacy and data security laws and regulations may lack clarity and depend on regulators implementing further rules and guidance, which are often significantly delayed. Some countries are considering or have passed legislation that requires local storage and processing of data, including geospatial data, which could impact our ability to deliver cloud-based solutions in an efficient manner. International transfers of personal data present ongoing compliance challenges and complicate our business transactions and operations. In addition, the California Consumer Privacy Rights Act, as amended, gives California residents expanded rights to access and delete their personal information, opt out of certain personal information sharing, and receive detailed information about how their personal information is used. Other U.S. states and the U.S. Congress have introduced, and a number of states have enacted, data privacy legislation, which may impact our business. Such legislation, amendments, Amendments and revisions to existing data privacy legislation, and other developments impacting data privacy and data protection may contain unclear and conflicting requirements, and may require us to modify our data processing practices and policies, increase the complexity of providing our products and services, services and cause us to incur substantial costs in an effort to comply. Failure to comply may lead to significant fines and business interruption. with these data privacy

Source: Item 1A, 10-K 0000864749-26-000015 vs Item 1A, 10-K 0000864749-25-000090

Accounting Policies 140 words changed in this paragraph; it is 31% similar to last year's version.
In December 2023, July 2025, the FASB issued ASU 2023-09, Income Taxes 2025-05, Credit Losses (Topic 740): Improvements to Income Tax Disclosures. 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU updates allows a practical expedient election to simplify the annual income tax disclosures expected credit loss estimation for short-term accounts receivable and contract assets by requiring (i) specific categories and greater disaggregation assuming conditions as of information in the rate reconciliation, (ii) income taxes paid disaggregated by taxing authority and jurisdiction, and (iii) disclosures balance sheet date do not change for the remaining life of pretax income (or loss) and income tax expense (or benefit). Additionally, certain existing disclosure requirements are removed. the asset. The ASU is effective for our Annual Report on Form 10-K interim and annual reports beginning in 2025 and is applied prospectively. Early 2026 on a prospective basis, with early adoption and retrospective application are permitted. We are currently evaluating the impact of do not expect material changes from adopting this ASU on our financial reporting disclosures. ASU.

Source: Item 8, Note 1 – DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES, 10-K 0000864749-26-000015 vs Item 8, Note 1 – DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES, 10-K 0000864749-25-000090

MD&A 100 words changed in this paragraph; it is 38% similar to last year's version.
In the second quarter of 2024, we completed the Ag divestiture and received $1.9 billion of cash proceeds, subject to working capital adjustments. Approximately half of the proceeds were used in 2024 to pay down debt and make a tax payment of $122.0 million related to the divestiture transaction. The total remaining proceeds were used in 2025 to repurchase stock and pay the remaining $277.4 million final tax payment for the transaction is $367.8 million, Ag divestiture, which was made during the second quarter of which $122.0 million was paid in 2024, with the remaining amount to be paid in 2025. We used a portion of the proceeds to repay $1.0 billion of term loans and expect to use the majority of the remaining proceeds after tax to repurchase stock.

Source: Item 7, 10-K 0000864749-26-000015 vs Item 7, 10-K 0000864749-25-000090

Every change, by type

Sentences and paragraphs of TRMB's Risk Factors and MD&A, 10-K 2026-02-25 against 10-K 2025-04-25. Each links to the text at sec.gov.

All 144 Added 24Removed 23Reworded 93Quiet changes 4

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
•imposition of new and changing tariffs, which can increase supply costs, create difficulties in forecasting, and affect our business operations;

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedRisk Factors
Further, certain components used in our products require long lead times for ordering, and if we do not accurately forecast the need for such components, we may end up with component shortages or excess inventory.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedRisk Factors
We also maintain a minority, non-controlling interest in Platform Science, a private company that acquired our Mobility business in February 2025, and we continue to provide products and services to Platform Science under various commercial relationships. The value of our minority equity interest in Platform Science, as well as the commercial benefits that we may realize from our commercial relationships, will depend upon the performance of Platform Science and the Mobility business, which we do not control.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedRisk Factors
If we fail to navigate these challenges effectively, we could suffer reputational, technical, or competitive harm and our business and results of operations could be negatively affected.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedRisk Factors
Many of our products use satellite signals available globally from the Russian GLONASS, China’s BeiDou, and the European Galileo GNSS Systems. Other countries have developed regional GNSS systems, such as India’s NavIC and Japan's QZSS,

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedRisk Factors
As a global company, our business is subject to a complex and evolving set of international and U.S. laws and regulations, including export control laws, import and trade restrictions or sanctions, anti-bribery laws, anti-competition regulations, data privacy requirements, labor relations laws, and tax laws.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedRisk Factors
Changes in any of these areas could increase our compliance burden, raise our operating costs, or require us to alter our business practices. Violations of these diverse regulatory systems could result in financial penalties or operational disruptions and could harm our brand, our international expansion efforts, our ability to attract and retain employees, and our business, financial condition and results of operations.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedRisk Factors
In addition, our use of AI and machine learning relies on access to large datasets, which creates novel data privacy challenges. Evolving laws and regulations governing AI may impose new restrictions on how we collect and use data to train our models, potentially limiting our ability to innovate.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedRisk Factors
Amendments and revisions to existing data privacy legislation, and other developments impacting data privacy and data protection may require us to modify our data processing practices and policies, increase the complexity of providing our products and services and cause us to incur substantial costs in an effort to comply. Failure to comply with these data privacy

Read it in 10-K 2026-02-25 at sec.gov ↗

RemovedRisk Factors
•inadequate infrastructure and other disruptions, such as supply chain interruptions and large-scale outages or unreliable provision of services from utilities, transportation, data hosting, or telecommunications providers;

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedRisk Factors
These disruptions had an adverse effect on our ability to meet customer demand and have resulted in delays in shipping products to customers and dealers.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedRisk Factors
Subsequent to the filing of the 2023 Form 10-K with the SEC on February 26, 2024, management re-evaluated the effectiveness of our internal control over financial reporting. Based on this re-evaluation, we had identified additional material weaknesses related to certain information technology general controls (“ITGCs”), undue reliance on controls over IT interfaces, and the evaluation of standalone selling prices utilized in the accounting for revenue, all of which support the Company’s financial reporting processes.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedRisk Factors
Additionally, we rely on our Americas Regional Fulfillment Center (“ARFC”) in Dayton, Ohio to support our hardware product sales in the U.S. and internationally, and we typically maintain a significant concentration of inventory at this location. Any disruption or damage to our facility, operations, or inventory at our ARFC, whether as a result of a natural disaster or other

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedRisk Factors
catastrophic event, could significantly impair our ability to fulfill orders for our hardware products, including into Europe, which would negatively affect our results of operations.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedRisk Factors
In addition, we are committed to aligning our purpose, culture, and corporate strategy with sustainability. Any perceived change in our dedication to these commitments could harm our reputation and could adversely impact our business. Our disclosures on these matters, and standards we set for ourselves or a failure to meet these standards, may influence our reputation and the value of our brand.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedRisk Factors
For example, we have elected to share publicly our commitments and ongoing efforts in our Sustainability Report, where we address the importance of sustainability matters to our stakeholders and our Company. Our business may face increased scrutiny related to these activities, including from the investment community, and our failure to achieve progress in these areas on a timely basis, or at all, could adversely affect our reputation, growth, business, financial condition, and results of operations.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedRisk Factors
U.S. and international regulators, investors, and other stakeholders are increasingly focused on ESG matters. New domestic and international laws and regulations relating to ESG matters, including human capital, climate change, and cybersecurity are under consideration or being adopted, which may include specific, target-driven disclosure requirements or obligations. We communicate certain sustainability-related initiatives, goals, and/or other matters in our annual Sustainability Report, on our website, in our filings with the SEC, and elsewhere. For example, in 2022, we established science-based targets for Scope 1, 2, and 3 greenhouse gas emissions, certain commitments on sourcing renewable energy, and the goal to engage 70% of our suppliers in setting their own science-based targets. Implementation of our goals and targets may require capital improvements. Our ability to achieve any stated commitment, goal, target, or objective is subject to many factors and conditions, some of which are outside of our control, including the pace of changes in technology and the cooperation and/or availability of suppliers that can meet our sustainability standards. If we fail to achieve, are perceived to have failed or been delayed in achieving, or improperly report our progress toward achieving our publicly stated goals and commitments or compliance with U.S. and international ESG laws and regulations, our business reputation and our financial condition, and results of operations may be negatively impacted.

Read it in 10-K 2025-04-25 at sec.gov ↗

RewordedRisk Factors
The To the extent that the licensed software or technology is embedded in our products, the loss of licenses to, or inability to support, maintain, a substantial increase in the cost of the license for, or the lack of support and enhance, any maintenance of, such third-party software or technology could result in increased costs, or delays in software releases or updates, or suspension of sales, until such issues have been resolved.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedRisk Factors
The risks and uncertainties associated with the new JV include that (i) we may fail to realize the anticipated benefits of our non-controlling stake in the JV, (ii) the benefits from the various agreements entered into concurrently with forming the JV (specifically, a (including long-term supply agreement, a technology transfer and license agreement, a trademark license agreement, and a transition services agreement) agreements) will be dependent upon the JV’s ability to successfully develop develop, market and market distribute products, (iii) unanticipated factors may arise that affect the cost of operating the JV as a standalone business, and (iv) we may be unable to successfully integrate AGCO’s JCA Technologies business into the JV, and (v) the development of technology synergies will depend on the level of research and development spending and the success of future innovation.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedRisk Factors
The uncertain nature, magnitude, Geopolitical tensions and duration of hostilities stemming from military conflicts, including the developments in the conflict between Russia and Ukraine, including effects of significant trade barriers and sanctions on the world economy and markets, possible retaliatory cyber-attacks, and supply chain disruptions, have contributed to increased market volatility and uncertainty, and could have an adverse impact on adversely affect our business and could renew the prior supply chain challenges that we had faced. have faced in the past.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedRisk Factors
Changing market dynamics, global policy developments, and the The increasing frequency and impact of extreme weather events on critical infrastructure in the U.S. and elsewhere, each elsewhere have the potential to disrupt our business, the business of our third-party suppliers, and the business of our customers, which could negatively affect our financial condition and may cause us to experience higher attrition, losses, and additional costs to maintain or resume results of operations.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedRisk Factors
After filing The Company filed its Amendment No. 1 on Form 10-K/A to the 2023 Form 10-K and its Quarterly Reports on Form 10-Q for the first, second, and third quarters of 2024 with the SEC on January 16, 2025, and subsequently, this report for the fiscal year ended January 3, 2025 2024 Form 10-K with the SEC, the Company has since regained compliance with the Listing Rule. SEC on April 25, 2025.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedRisk Factors
Given the high level of complexity of these laws, there is a heightened risk that some provisions may be inadvertently breached, either intentionally or intentionally breached, for example through fraudulent or negligent behavior of individual employees, our failure to comply with certain formal documentation requirements, or otherwise. inadvertently.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedRisk Factors
Our ability to attract and retain investors, customers, and employees could be adversely affected by damage to our reputation resulting from various events, events including environmental, social, and governance (“ESG”) related issues; employee misconduct, litigation, litigation or regulatory outcomes; outcomes, as well as failure to deliver minimum standards of service service, quality, and quality; security; compliance failures; employee misconduct or unethical behavior; unintended breach of confidential information; and or the activities of our customers and commercial partners.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedRisk Factors
Additionally, our Our management, under the oversight of the Audit Committee, has been taking actions to address remediate the material weaknesses in our internal control over financial reporting for the fiscal year ended January 3, 2025 and implement our remediation plan, in each case, reporting; as described more fully in Part II, Item 9A, “Controls and Procedures” of this report.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedRisk Factors
The geopolitical conditions, such as the developments in the conflict between Russia and Ukraine and related events Geopolitical conditions and their impact on our suppliers and on international trade in general, general have previously led to shortfalls in available components we need to make products as well as increased costs to obtain components, to make products, and to transport components and products.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedRisk Factors
Our customers have no obligation to renew their agreements for our software maintenance or subscription services after the expiration of their initial contract period, which typically ranges from one to three years. years, so we must continually provide compelling solutions, improvements, and customer support to retain customer subscriptions.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedRisk Factors
We operate in many parts of the world that have experienced significant governmental corruption to some degree and, in In certain circumstances, strict compliance with anti-bribery laws may conflict with local customs and practices.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedRisk Factors
Our customer acquisition and renewal rates may decline or fluctuate as a result of a number of factors, including customer preferences and budgetary constraints, overall economic conditions, the health of their businesses, competitive products and emerging AI offerings, and customer satisfaction or dissatisfaction with our products and services.

Read it in 10-K 2026-02-25 at sec.gov ↗

Quiet changesRisk Factors
We use AI and generative AI tools in certain of our products, services, and operations, including customer service, data analytics, product development, and code creation.

Read it in 10-K 2026-02-25 at sec.gov ↗

Quiet changesRisk Factors
Some In addition, some countries are considering or have passed legislation that requires local storage and processing of data, including geospatial data, which could impact our ability to deliver cloud-based solutions in an efficient manner.

Read it in 10-K 2026-02-25 at sec.gov ↗

Quiet changesRisk Factors
Management may not adequately reserve for a contingent liability, or may suffer unforeseen liabilities, which could then impact adversely affect the results of a financial period.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
Trimble is a leading technology solutions and platform provider, enabling office professionals and field workers to connect their workflows and industry lifecycles, driving a more productive, efficient, and sustainable future. With a focus on the industries that build, maintain, and move the world, the comprehensive depth and breadth of our solutions are transforming the way the world works, making it easier for Trimble customers to focus on what matters—getting the job done right.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
Our representative customers include asset owners; general and specialty contractors; architects, engineers and designers; surveyors; energy and utility companies; transportation shippers and carriers, as well as state, federal, and municipal governments. Further information on our business is presented in Part I, Item 1, “Business” of this report.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
On April 1, 2024, we completed the sale and contribution of our Ag business to AGCO in exchange for $1.9 billion of cash proceeds and an equity ownership interest in PTx Trimble, a JV that was formed by Trimble and AGCO, with a fair value of $275.6 million. The fair value was based on a combination of the equity value, primarily the transaction price, and an option pricing model for a put and call option. Following the closing of the transaction, we own 15% of the JV.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
Note that the fiscal year of 2025 began on January 4, 2025 compared to the fiscal year of 2024, which began on December 30, 2023. This significantly impacted overall Company year-over-year comparisons, particularly for AECO organic subscription and services, due to: (a) the recognition in the first quarter of 2024 for January 1 annual software term license renewals (“January 1 software renewals”), and (b) the recognition of an additional week of subscription and services revenue in the fourth quarter of 2024, resulting from the 53-week year. For the total Company, the organic impact of the software renewals and additional week in 2024 was an approximate 2% negative impact on revenue growth for 2025.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
Organic product revenue slightly decreased due to lower demand in surveying and positioning products, partially offset by strong end-user demand for Civil Construction solutions.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
The OBBBA, signed into law on July 4, 2025, includes changes to U.S. federal tax regulations. We have accounted for its tax implications during 2025 based on our current interpretation of the legislation, and the impact to our 2025 tax rate is immaterial. The Company continues to evaluate the impact of the OBBBA and currently believes it will not have a material impact on our future effective income tax rate.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
Organic revenue increased primarily due to strong end-user demand and competitive wins for Civil Construction solutions. The increase was partially offset by lower demand in Surveying.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
Organic revenue increased primarily driven by MAPS and Transporeon subscription revenue growth, partially offset by the impact from the prior year’s additional week. The impact of the additional week was an approximate 1% negative impact on segment revenue growth for 2025.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
The recently enacted OBBBA permanently repeals the domestic R&D capitalization requirement. As a result, we expect cash tax reductions of approximately $53 million in 2025 and approximately $53 million in 2026.

Read it in 10-K 2026-02-25 at sec.gov ↗

RemovedMD&A
We are a leading provider of technology solutions that enable professionals and field mobile workers to improve or transform their work processes. Our comprehensive work process solutions are used across a range of industries including architecture, building construction, civil engineering, geospatial, survey and mapping, natural resources, utilities, transportation, and government. Our representative customers include construction owners, contractors, engineering and construction firms, surveying companies, energy and utility companies, trucking companies, and state, federal, and municipal governments. Further information on our business is presented in Part I, Item 1, “Business” of this report.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedMD&A
On September 28, 2023, we executed a Sale and Contribution Agreement with AGCO that provided for the formation of a joint venture, called PTx Trimble, that operates in the mixed fleet precision agriculture market. The agreement was amended and restated on March 31, 2024, and the transaction closed on April 1, 2024. Under the terms of the agreement, we contributed our Ag business, excluding certain GNSS and guidance technologies, in exchange for $1.9 billion in cash proceeds, subject to working capital adjustments. Following the closing of this transaction, we own 15% and AGCO owns 85% of PTx Trimble. In addition to forming PTx Trimble, the parties concurrently entered into agreements that include the following: (i) long-term supply agreement for key GNSS and guidance technologies, (ii) technology transfer and license agreement, (iii) trademark license agreement, (iv) master sale and distribution agreement for positioning services, and (v) transition services agreement. Ag was reported as a part of our Field Systems segment.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedMD&A
The formation of PTx Trimble is expected to better serve farmers with factory fit and aftermarket applications in the mixed fleet precision agriculture market to help farmers drive productivity, efficiency, and sustainability. Additionally, the transaction is expected to (i) simplify our Connect & Scale strategy, (ii) reduce risk of channel transition in the agriculture market, and (iii) enhance our financial profile and flexibility with a resulting higher mix of software, services, and recurring revenue.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedMD&A
We repaid $1.0 billion of our variable-rate debt through use of the net proceeds and expect to use the majority of the remaining proceeds after tax to repurchase stock.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedMD&A
determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedMD&A
Organic product revenue decreased due to lower Ag demand in the first quarter and higher U.S. federal government sales of Surveying hardware in the prior year.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedMD&A
Non-operating income, net increased primarily due to the Ag divestiture gain and lower interest expense. These increases were partially offset by lower joint-venture profitability, including $52.7 million of our proportionate share of PTx Trimble’s goodwill impairment and a prior year foreign currency hedging gain associated with the acquisition of Transporeon that was included in Other (loss) income, net.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedMD&A
additional week of subscription and term license revenue in the fourth quarter, including Structures annual term license renewals on January 1, 2025.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedMD&A
Organic revenue decreased primarily due to higher U.S. federal government sales of Surveying products in the prior year, partially offset by Civil Construction and Advanced Positioning sales growth in the current year. Additionally, the decrease was due to slower Ag demand in the first quarter of 2024, before the business was divested in the second quarter of 2024.

Read it in 10-K 2025-04-25 at sec.gov ↗

RemovedMD&A
Organic revenue increased primarily driven by Transporeon, MAPS, and Enterprise subscription revenue growth, partially offset by lower Mobility sales.

Read it in 10-K 2025-04-25 at sec.gov ↗

RewordedMD&A
At the End of Year 2025 2024 2023 Dollar Change % Change (In millions, except percentages) Cash and cash equivalents (1) $ 253.4 $ 747.8 $ 238.9 $ 508.9 213% (494.4) (66)% As a percentage of total assets 2.7 % 7.9 % 2.5 % Principal balance of outstanding debt $ 1,400.0 $ 3,080.4 1,400.0 $ (1,680.4) (55)% — —% Years 2025 2024 2023 Dollar Change % Change (In millions) Net cash provided by operating activities $ 386.2 $ 531.4 $ 597.1 $ (65.7) (11)% Net cash provided by (used in) investing activities 1,861.1 (2,068.1) 3,929.2 (190)% (145.2) (27)% Net cash (used in) provided by investing activities (37.0) 1,861.1 (1,898.1) (102)% Net cash used in financing activities (868.4) (1,864.2) 1,431.5 (3,295.7) (230)% 995.8 (53)% Effect of exchange rate changes on cash and cash equivalents 24.8 (19.4) 7.4 (26.8) (362)% 44.2 (228)% Net (decrease) increase (decrease) in cash and cash equivalents $ (494.4) $ 508.9 $ (32.1)

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedMD&A
GAAP diluted net income: income per share: $ 1,504.4 1.76 $ 311.3 6.09 Amortization of purchased intangible assets (A) 199.0 212.3 0.71 0.80 Acquisition / divestiture items (B) (1,606.9) 35.9 0.11 (6.50) Stock-based compensation (C) 158.6 145.3 0.61 0.64 Restructuring and other costs (D) 96.5 51.4 0.25 0.39 Non-GAAP tax adjustments (E) - (F) 352.8 (92.5) (0.31) 1.43 Non-GAAP diluted net income: income per share: $ 704.4 3.13 $ 663.7 DILUTED NET INCOME PER SHARE: 2.85

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedMD&A
The increase decrease in cash used in financing activities was primarily driven by the $1.7 billion repayment of debt in the current prior year, as offset by $688.4 million higher cash paid in repurchases of common stock compared to the prior year’s $2.0 billion of proceeds from the issuance of debt for the acquisition of Transporeon, partially offset by the $500.0 million repayment of debt. year.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedMD&A
We define Non-GAAP non-GAAP income tax provision as the GAAP income tax provision, provision adjusted for the tax effects of the non-GAAP pre-tax adjustments (A) through (D), excluding certain tax charges and benefits such as net deferred tax impacts resulting from the tax amortization related to a non-U.S. intercompany transfer of intellectual property, property and certain acquisitions, deferred tax impacts from global intangible low-taxed income, and significant reserve releases upon the expiration of statute of limitations expirations. and audit closures, and tax law changes.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedMD&A
Gross margin and gross margin as a percentage of revenue increased due to the organic growth improved mix of higher margin subscription and software and subscription sales and term license sales, lower intangible amortization expense due to fully amortized intangibles, as well as the divestiture of Ag’s lower margin hardware sales. businesses.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedMD&A
Subsequent to the end of the year 2024, In December 2025, the Board of Directors authorized a approved the December 2025 Program to repurchase our common stock repurchase authorization of up to $1.0 billion, which replaces the existing 2024 Stock Repurchase prior February 2025 Program approved in the first quarter of 2025.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedMD&A
GAAP operating income: $ 592.0 16.5% $ 460.7 12.5% $ 448.8 11.8% Amortization of purchased intangible assets (A) 172.0 199.0 212.3 Acquisition / divestiture items (B) 19.1 81.6 72.4 Stock-based compensation / deferred compensation (C) 151.5 163.5 151.1 Restructuring and other costs (D) 53.5 32.4 50.1 Non-GAAP operating income: 988.1 27.5% 937.2 25.4% 934.7 24.6% Depreciation expense and cloud computing amortization 48.8 49.3 46.9 Income from equity method investments, net 9.3 13.9 28.1 Adjusted EBITDA $ 1,046.2 29.2% $ 1,000.4 27.2% $ 1,009.7 26.6%

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedMD&A
Additionally, we continue to maintain focus on increasing our mix of higher margin recurring revenue, which is was accelerated by the Transporeon acquisition that closed in the second quarter of 2023 and the Ag divestiture that closed in the second quarter of 2024. 2024 and the Mobility divestiture that closed in the first quarter of 2025.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedMD&A
The decrease in cash provided by operating activities was primarily driven by higher tax payments associated with related to the Ag divestiture gain, divestiture, and to a lesser extent, higher accounts receivable due to the impact of the additional week in the fourth quarter of 2024. incentive bonus payments.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedMD&A
Organic subscription and services revenue increased primarily due to strong growth in subscription and software term licenses in license and subscription growth across all segments, primarily AECO, and to a lesser extent, the impact of the additional week. particularly in AECO.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedMD&A
Organic total Total organic revenue increased due to the increased mix of subscription and services revenue growth, partially offset by the January 1 software renewals and the impact of the additional week in fiscal 2024. week.

Read it in 10-K 2026-02-25 at sec.gov ↗

RewordedMD&A
In 2024, 2025, total amortization expense of purchased intangibles decreased primarily due to the expiration of prior years’ acquisition amortization, partially offset by the amortization of intangibles acquired from the Transporeon acquisition, which was not applicable in the first quarter of 2023. amortization.

Read it in 10-K 2026-02-25 at sec.gov ↗

Work on TRMB in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/TRMB/export.csv") into a cell.