Trimble reported strong fourth-quarter and full-year 2024 results, highlighting record annualized recurring revenue and gross margin as the company continues executing its Connect & Scale strategy. The company also completed its Mobility divestiture and authorized a $1 billion share repurchase program.

For the fourth quarter, revenue increased 5% year-over-year to $983.4 million, with organic growth of 17%. Annualized recurring revenue reached $2.26 billion, up 14%. GAAP operating income was $173.5 million (17.6% of revenue), while non-GAAP operating income was $283.6 million (28.8% of revenue). GAAP net income was $90.2 million, while non-GAAP net income reached $221.5 million. Diluted earnings per share were $0.36 on a GAAP basis and $0.89 on a non-GAAP basis. Adjusted EBITDA was $298.1 million, representing 30.3% of revenue.

For the full year, revenue was $3.68 billion, down 3% year-over-year but up 5% on an organic basis. GAAP operating income was $460.7 million (12.5% of revenue), and non-GAAP operating income was $937.2 million (25.4% of revenue). GAAP net income was $1.50 billion, while non-GAAP net income reached $704.4 million. Diluted earnings per share were $6.09 on a GAAP basis and $2.85 on a non-GAAP basis. Adjusted EBITDA was $1.00 billion, representing 27.2% of revenue. During the year, the company repurchased approximately 2.9 million shares for $175 million.

For 2025, Trimble expects full-year revenue between $3.37 billion and $3.47 billion. GAAP earnings per share are projected between $1.46 and $1.67, while non-GAAP earnings per share are expected to range from $2.76 to $2.98. First-quarter revenue is expected between $794 million and $824 million, with GAAP earnings per share between $0.21 and $0.27 and non-GAAP earnings per share between $0.55 and $0.61. These projections reflect the impact of the Mobility divestiture, which was completed on February 8, 2025.