{"schemaVersion":1,"research":true,"symbol":"trmb","name":"Trimble","topic":"moat","path":"/stock/trmb/moat","status":"published","version":5,"updatedAt":"2026-10-19T16:43:54.264Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Trimble has a narrow moat from embedded industry workflows, shared project data and recurring software relationships that create plausible switching friction. Multi-year organic recurring-revenue growth and contracted obligations support a current advantage, although migration costs and renewal rates are not quantified. Exclusive technology supply and licensing arrangements provide additional protection in a limited application. Pricing power is weakly evidenced: older filings disclose realized competitive pressure, while recent margin improvements do not establish price realization. Network effects and AI data advantages remain management claims rather than demonstrated additional moats.","advantages":[{"mechanism":"switching_costs","claim":"Software integrated into customized business processes, enterprise systems and shared office-to-field project workflows creates switching friction. Recurring-revenue growth and outstanding contractual obligations corroborate continuing demand, but do not directly measure customer lock-in.","durability":"Supported by reported 14% organic ARR compound annual growth since 2020 and approximately $2.0 billion of remaining performance obligations at the second quarter of 2026. Durability beyond existing contracts depends on maintaining workflow value; typical subscription terms are one to three years.","risks":"Customers can decline renewal. Open interfaces can facilitate adoption while also reducing technical isolation. AI substitution, established software suppliers and alternative positioning technologies could weaken differentiation. Historical competition has produced adverse pricing, margin or market-share outcomes.","invalidation":"Sustained organic recurring-revenue contraction accompanied by customer departures, evidence of inexpensive migration to equivalent workflows, or repeated competitive losses requiring material concessions would undermine the switching-cost thesis.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10"]},{"mechanism":"intangible_assets","claim":"Retained GNSS and guidance technology supports a disclosed seven-year exclusive supply arrangement, with limited exceptions, and associated technology licensing and royalty provisions in agriculture. This establishes specific contractual protection rather than portfolio-wide technology superiority.","durability":"The disclosed renewable supply term and post-expiration royalty provisions support protection over a defined commercial relationship. The passages do not establish its economic materiality or confirm subsequent amendments.","risks":"Protection is limited to the disclosed application and counterparties. Exceptions, contract expiration and alternative positioning technology constrain its breadth. Royalty terms alone do not demonstrate attractive realized returns.","invalidation":"Termination or material weakening of exclusivity, substitution of competing guidance technology, or failure of the disclosed licensing arrangements to generate continuing demand would invalidate this limited advantage.","competitors":[],"evidenceIds":["e11","e12"],"counterEvidenceIds":["e9"]}],"evidence":[{"id":"e1","sourceId":"filing-5","location":"Business: enterprise integration and customized workflows","excerpt":"Ranging from embedded, real-time firmware to software that integrates data with large-scale enterprise back-office systems, many of our solutions are extensible and can be tailored by users for customized business processes and workflows."},{"id":"e2","sourceId":"filing-1","location":"Business strategy: shared project model and office-to-field collaboration","excerpt":"For example, our flagship design and construction platform solution, Trimble Connect, enables entire project teams to collaborate in real-time between the office and the field to make efficient decisions around 1 Table of Contents the same data-rich design model enhanced by our cloud capabilities."},{"id":"e3","sourceId":"filing-3","location":"Company performance highlights: portfolio transactions and organic ARR growth since 2020","excerpt":"Since 2020, Trimble has completed 23 divestitures and 13 acquisitions, while achieving 14% organic compound annual growth of annualized recurring revenue (“ARR”), and an increase of 4 percentage points in our adjusted EBITDA margin."},{"id":"e4","sourceId":"filing-2","location":"Note 11: deferred revenue and remaining performance obligations","excerpt":"NOTE 11. DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS Deferred Revenue Changes in our deferred revenue during the second quarter of 2026 and 2025 were as follows: Second Quarter of First Two Quarters of (In millions) 2026 2025 2026 2025 Beginning balance of the period $ 970.7 $ 892.8 $ 998.7 $ 896.0 Revenue recognized from prior year-end (231.1) (218.5) (592.0) (546.0) Billings net of revenue recognized from current year and other 207.5 207.9 540.4 532.2 Ending balance of the period $ 947.1 $ 882.2 $ 947.1 $ 882.2 Remaining Performance Obligations At the end of the second quarter of 2026, approximately $2.0 billion of revenue was expected to be recognized from remaining performance obligations for which goods or services had not been delivered, primarily subscription, software, and software maintenance, and to a lesser extent, hardware and professional services contracts."},{"id":"e5","sourceId":"filing-1","location":"MD&A: organic subscription and services growth across segments","excerpt":"Organic subscription and services revenue increased primarily due to strong software term license and subscription growth across all segments, particularly in AECO."},{"id":"e6","sourceId":"filing-1","location":"Risk factors: subscription duration and absence of renewal obligation","excerpt":"Our customers have no obligation to renew their agreements for our subscription services after the expiration of their initial contract period, which typically ranges from one to three years, so we must continually provide compelling solutions, improvements, and customer support to retain customer subscriptions."},{"id":"e7","sourceId":"filing-5","location":"Business: open interfaces and vendor environment","excerpt":"We generally have an open application programming interface philosophy and open vendor environment, which leads to increased adoption of our software and analytics offerings."},{"id":"e8","sourceId":"filing-1","location":"Competition risks: generative AI and competing functionality","excerpt":"Generative AI may also enable other parties to rapidly develop products and functionality that compete with our product offerings."},{"id":"e9","sourceId":"filing-1","location":"Competition risks: alternative location technologies","excerpt":"Our products, which commonly use GNSS for basic location information, may be subject to competition from alternative location technologies such as simultaneous location and mapping technology."},{"id":"e10","sourceId":"filing-4","location":"Competition risks: historical and potential adverse competitive outcomes","excerpt":"Such competition has in the past resulted, and in the future may result, in price reductions, reduced margins, or loss of market share, any of which could decrease our revenue and growth rates."},{"id":"e11","sourceId":"filing-4","location":"Ag divestiture arrangements: seven-year exclusive technology supply","excerpt":"•a seven-year renewable supply agreement (the “Supply Agreement”) through which we will provide key GNSS and guidance technologies to PTx Trimble for use in professional agriculture machines sold by AGCO, on an exclusive basis with limited exceptions;"},{"id":"e12","sourceId":"filing-4","location":"Ag divestiture arrangements: retained technology licensing and royalties","excerpt":"•a technology transfer and license agreement to govern the licensing of certain non-divested intellectual property and technology for use by PTx Trimble in the agriculture field and, upon expiration of the Supply Agreement, to govern fixed and variable royalty payments made to us by PTx Trimble;"},{"id":"e13","sourceId":"filing-1","location":"MD&A: gross-margin improvement from mix, amortization and divestitures","excerpt":"30 Table of Contents Gross Margin Gross margin and gross margin as a percentage of revenue increased due to the improved mix of higher margin subscription and software term license sales, lower intangible amortization expense due to fully amortized intangibles, as well as the divestiture of lower margin businesses."},{"id":"e14","sourceId":"filing-2","location":"Unaudited statements of operations: revenue, expenses, operating income and goodwill impairment","excerpt":"5 Table of Contents TRIMBLE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Second Quarter of First Two Quarters of (In millions, except per share amounts) 2026 2025 2026 2025 Revenue: Product $ 331.4 $ 292.8 $ 642.6 $ 564.4 Subscription and services 640.6 582.9 1,269.3 1,151.9 Total revenue 972.0 875.7 1,911.9 1,716.3 Cost of sales: Product 160.1 144.4 318.3 288.1 Subscription and services 120.1 117.3 239.4 237.0 Amortization of purchased intangible assets 16.9 16.1 33.0 32.5 Total cost of sales 297.1 277.8 590.7 557.6 Gross margin 674.9 597.9 1,321.2 1,158.7 Operating expense: Research and development 177.1 163.3 346.6 321.8 Sales and marketing 176.3 158.4 352.4 311.6 General and administrative 149.7 117.6 276.4 239.1 Restructuring 12.6 4.0 15.5 8.5 Amortization of purchased intangible assets 27.2 26.8 54.3 52.4 Total operating expense 542.9 470.1 1,045.2 933.4 Operating income 132.0 127.8 276.0 225.3 Non-operating (expense) income, net: Goodwill impairment (562.0) — (562.0) — Interest expense, net (20.9) (19.4) (40.4) (35.0) Income from equity method investments, net 2.6 2.3 3.4 3.3 Other income, net 3.5 2.6 9.5 6.1 Total non-operating expense, net (576.8) (14.5) (589.5) (25.6) (Loss) income before taxes (444.8) 113.3 (313.5) 199.7 Income tax provision 26.9 24.1 59.3 43.8 Net (loss) income $ (471.7) $ 89.2 $ (372.8) $ 155.9 Loss (earnings) per share: Basic $ (2.02) $ 0.37 $ (1.60) $ 0.65 Diluted $ (2.02) $ 0.37 $ (1.60) $ 0.64 Shares used in calculating (loss) earnings per share: Basic 233.0 238.1 233.7 240.7 Diluted 233.0 239.6 233.7 242.9 See accompanying Notes to the Condensed Consolidated Financial Statements."},{"id":"e15","sourceId":"filing-2","location":"MD&A: second-quarter operating-margin decline","excerpt":"Operating income as a percentage of revenue decreased for the second quarter due to higher operating expenses."},{"id":"e16","sourceId":"filing-2","location":"Field Systems: organic growth, end-user demand and competitive wins","excerpt":"Field Systems Second Quarter of 2026 First Two Quarters of 2026 Change versus the corresponding period in 2025 % Change % Change Change in Revenue - Field Systems 13 % 13 % Foreign currency exchange 1 % 1 % Organic growth 12 % 12 % Organic revenue increased for the second quarter and first two quarters primarily driven by hardware sales growth in Civil Construction and Surveying solutions due to strong end-user demand and competitive wins, and to a lesser extent, term license growth."},{"id":"e17","sourceId":"filing-2","location":"Transportation and Logistics: organic growth and subscription demand","excerpt":"T&L Second Quarter of 2026 First Two Quarters of 2026 Change versus the corresponding period in 2025 % Change % Change Change in Revenue - T&L 6 % 1 % Divestitures — % (8) % Foreign currency exchange 1 % 3 % Organic growth 5 % 6 % Organic revenue increased for the second quarter and first two quarters primarily driven by subscription revenue growth from Transporeon."},{"id":"e18","sourceId":"filing-2","location":"Liquidity and capital resources: operating cash flow, debt and cash","excerpt":"25 Table of Contents LIQUIDITY AND CAPITAL RESOURCES As of Second Quarter of Year End 2026 2025 Dollar Change % Change (In millions, except percentages) Cash and cash equivalents $ 214.4 $ 253.4 $ (39.0) (15) % As a percentage of total assets 2.5 % 2.7 % Principal balance of outstanding debt $ 1,466.4 $ 1,400.0 $ 66.4 5 % First Two Quarters of 2026 2025 Dollar Change % Change (In millions) Net cash provided by operating activities $ 515.0 $ 102.1 $ 412.9 404 % Net cash used in investing activities (245.3) (27.2) (218.1) 802 % Net cash used in financing activities (302.4) (582.6) 280.2 (48) % Effect of exchange rate changes on cash and cash equivalents (6.3) 25.8 (32.1) (124) % Net decrease in cash and cash equivalents $ (39.0) $ (481.9) Operating Activities The increase in cash provided by operating activities was primarily driven by lower cash taxes paid and higher operating income."},{"id":"e19","sourceId":"filing-2","location":"Note 2: actual first-half 2026 stock repurchases","excerpt":"During the first two quarters of 2026, we repurchased approximately 4.7 million shares of common stock in open market purchases at an average price of $67.59 per share for a total of $316.9 million, excluding related excise taxes."},{"id":"e20","sourceId":"filing-2","location":"Note 3: Document Crunch acquisition consideration","excerpt":"(“Document Crunch”) for consideration of $246.4 million for 100% of the equity interests in Document Crunch."},{"id":"e21","sourceId":"filing-2","location":"Note 3: acquisition financing through credit facilities","excerpt":"We financed the acquisition by borrowing from our credit facilities (see Note 9, Debt)."},{"id":"e22","sourceId":"filing-2","location":"Non-GAAP reconciliation: Transportation and Logistics goodwill impairment","excerpt":"(E).Goodwill Impairment. Non-GAAP non-operating expense, net excludes the goodwill impairment charge related to our T&L segment."},{"id":"e23","sourceId":"filing-2","location":"Goodwill impairment: disclosed triggering circumstances","excerpt":"The impairment was triggered by a sustained decline in market capitalization and stock price reflecting heightened macroeconomic uncertainty and lower market multiples for software businesses."},{"id":"e24","sourceId":"filing-3","location":"2025 long-term compensation: granted performance awards and three-year goals","excerpt":"•PRSUs. The People & Compensation Committee determined that PRSU awards granted in 2025 would be based on achievement of goals for relative TSR, to align outcomes to the market, and goals for annualized recurring revenue, to align outcomes to driving business results, with equal weighting between these goals, and both goals measured over three years."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation policies: stock ownership requirement","excerpt":"Maintain a stock ownership policy. We maintain a stock ownership policy that requires our Named Executive Officers and other key executives to maintain a significant ownership level of our common stock."},{"id":"e26","sourceId":"filing-3","location":"Executive compensation policies: hedging and pledging prohibition","excerpt":"We prohibit our executive officers, the members of our Board, and other employees from hedging or pledging our equity securities."},{"id":"e27","sourceId":"filing-3","location":"2025 compensation results: Transportation and Logistics performance against targets","excerpt":"(Dollars in millions) Threshold (0.5x) ($) Target (1x) ($) Maximum (2x) ($) Results ($) Payout rates T&L sector targets weight Bookings (annual contract value) 25% 76 84 92 88 1.47 Operating Income 40% 119 125 136 119 0.50 ARR 35% 477 497 522 483 0.63 weight Combined sector payout rate (weighted average of T&L payout rates) 0.790 60% Combined corporate payout rate (from Corporate targets table above) 1.386 40% Weighted average of T&L sector payout rate and corporate payout rate 1.028 The following table shows the results against targets in 2025 for the AECO sector performance metrics, applicable to Mr."},{"id":"e28","sourceId":"filing-1","location":"Independent auditor report: adverse internal-control opinion dated February 25, 2026","excerpt":"We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of January 2, 2026, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 25, 2026 expressed an adverse opinion on the effectiveness of the Company’s internal control over financial reporting."},{"id":"e29","sourceId":"filing-1","location":"Controls and procedures: no material 2025 misstatement from identified deficiencies","excerpt":"The control deficiencies did not result in a material misstatement to the consolidated financial statements as of and for the year ended January 2, 2026."},{"id":"e30","sourceId":"filing-2","location":"Controls and procedures: remediation remains subject to operating-effectiveness testing","excerpt":"The material weaknesses will not be considered remediated until the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively."},{"id":"e31","sourceId":"filing-3","location":"Governance: compensation committee independence","excerpt":"All People & Compensation Committee members are independent as defined by applicable Nasdaq rules and listing standards."},{"id":"e32","sourceId":"filing-3","location":"Governance: audit committee oversight responsibilities","excerpt":"The Audit Committee has oversight of the Company’s financial matters, internal controls, financial reporting, and internal investigations relating to financial misconduct."},{"id":"e33","sourceId":"filing-3","location":"Strategy: management assertion of network effects","excerpt":"This network effect also means that the willingness of developers, partners, and end users to engage increases as the number of network participants grows, which further enhances the platform experience and end-user value."},{"id":"e34","sourceId":"filing-1","location":"Business: management assertion of an AI data advantage","excerpt":"This data estate based in the physical world creates a unique competitive advantage as a primary source that empowers Trimble AI solutions for our customers."},{"id":"e35","sourceId":"filing-1","location":"Competition risks: established software suppliers without individual names","excerpt":"In our software and subscription services businesses, we face competition from a group of large, well-established companies, particularly in the areas of design software, enterprise resource planning (“ERP”) solutions, and collaboration and project management offerings."},{"id":"e36","sourceId":"filing-4","location":"Liquidity: actual debt repayment following acquisition financing","excerpt":"The increase in cash used in financing activities was primarily driven by the $1.7 billion repayment of debt in the current year, as 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."},{"id":"e37","sourceId":"filing-3","location":"Organic revenue reconciliation: 2025 growth and portfolio effects","excerpt":"2025 Change versus 2024 % Change Change in revenue (3) % Acquisitions 1 % Divestitures (10) % Organic growth 6 % Annualized Recurring Revenue (ARR) ARR represents the estimated annualized value of recurring revenue."},{"id":"completion-df09f913e273-e1","sourceId":"filing-10","location":"Section 2.1, Quotes, Validity of Orders","excerpt":"2. General\n2.1 Quotes, Validity of Orders: Our quotations are non-binding unless otherwise expressly stipulated in writing."},{"id":"completion-df09f913e273-e2","sourceId":"filing-10","location":"Section 2.2, Basic Order Terms","excerpt":"2.2 Basic Order Terms: All orders must include the following information: (i) the Products and Software ordered and quantities, (ii) Trimble part number(s), (iii) prices, and (iv) delivery instructions, (collectively, “Basic Order Terms”)."},{"id":"completion-df09f913e273-e3","sourceId":"filing-10","location":"Section 2.2, accepted order terms","excerpt":"All Basic Order Terms are fixed and final upon our acceptance of the order."},{"id":"completion-df09f913e273-e4","sourceId":"filing-10","location":"Section 6.2, credit and payment terms","excerpt":"6.2 We have the continuing right to review your credit and change your payment terms, and may at any time demand advance payment, satisfactory security (such as, but not limited to, a confirmed, irrevocable letter of credit acceptable to us), or a guarantee of prompt payment prior to shipment or service activation."},{"id":"completion-df09f913e273-e5","sourceId":"filing-10","location":"Scope exclusion for Service Agreements","excerpt":"These Terms do not apply to Service Agreements which have their own terms and conditions."},{"id":"completion-df09f913e273-e6","sourceId":"filing-10","location":"Precedence of software User Agreements","excerpt":"If there is a conflict or inconsistency between these Terms and those of a User Agreement, the terms of the User Agreement will control."}],"changes":["Retain the previous narrow verdict, with switching friction inferred from integration and corroborated by operating and contractual evidence.","Replace the previous characterization of pricing as wholly unproven with a weak realized-pricing assessment: the older filing explicitly reports historical adverse competitive outcomes, although it does not separate price reductions from margin or market-share losses.","Recognize limited contractual protection from the agriculture technology supply and licensing arrangements without extrapolating it across Trimble.","Add explicit management assessments using actual compensation disclosures, cash deployment, acquisition financing, goodwill impairment and unresolved internal-control weaknesses."],"limitations":["Assessments use only supplied passages. Source dates are filing dates: February 26, 2024; April 25, 2025; February 25, April 9, May 6 and August 12, 2026. They are not retrieval or independently established publication dates.","No individual product-market competitors are identified as such. Named directors' employers, transaction counterparties and compensation-peer descriptions do not establish named competitive coverage; competitor arrays therefore remain empty.","Integration benefits, network effects and proprietary-data advantages are issuer assertions. Operating results corroborate demand but do not isolate causation, migration costs, market share or platform liquidity.","No customer renewal rates, cohort retention, measured implementation costs or quantified switching costs are supplied. Retention is assessed indirectly from recurring demand and contractual obligations.","Historical adverse competition is disclosed collectively as price reductions, margin reductions or market-share loss; the passages do not identify which occurred, their magnitude or affected products. Recent price realization and repricing rights are not disclosed.","The proxy provides actual incentive design, but supplied passages do not establish executive ownership quantities, ownership-policy compliance or realized vesting outcomes. Proposed employee purchase-plan amendments are not treated as adopted.","The goodwill impairment is an actual adverse valuation outcome, but its disclosed market-based trigger does not by itself establish customer losses or operational moat erosion."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Customized enterprise integration and shared project workflows support switching friction; exclusive technology supply adds limited contractual protection. Direct evidence of migration difficulty or broad technological exclusivity is absent.","evidenceIds":["e1","e2","e11","e12"]},{"criterion":"durability","grade":2,"rationale":"Multi-year organic ARR growth and contracted obligations support persistence, but subscriptions typically expire after one to three years and renewal is optional. The seven-year supply arrangement protects only a specific relationship.","evidenceIds":["e3","e4","e6","e11"]},{"criterion":"customer_dependency","grade":2,"rationale":"Integration into customized workflows and continuing subscription demand indicate operational relevance. Dependency is inferred; neither renewal rates nor the cost of replacement is measured.","evidenceIds":["e1","e2","e4","e5"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Recent competitive wins and subscription growth show resilience, balanced against historical adverse competition and plausible AI and positioning substitutes. Generic substitution risks are not treated as realized losses.","evidenceIds":["e8","e9","e10","e16","e17"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"The older filing acknowledges historical competitive outcomes involving price reductions, reduced margins or lost share, supporting a weak assessment rather than missing evidence alone. The alternatives are not disaggregated, and current net pricing is undisclosed. Recent gross-margin gains are attributed to mix, amortization and divestitures.","evidenceIds":["e10","e13"]},{"criterion":"retention","grade":2,"rationale":"Organic ARR growth, subscription growth and contractual obligations provide indirect evidence of continuing demand. New sales and subscription conversion may contribute, so these are not renewal-rate measurements; customers remain free not to renew.","evidenceIds":["e3","e4","e5","e6"]},{"criterion":"margin_resilience","grade":2,"rationale":"Annual margin improvement and higher first-half operating income demonstrate operating resilience, while second-quarter operating margin declined with higher expenses. Mix and portfolio changes materially affect the comparison, limiting attribution to pricing.","evidenceIds":["e13","e14","e15"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Mixed contractual freedom: quotations are generally non-binding, and Trimble expressly retains rights to change payment terms and demand advance payment or security. However, accepted order terms, including prices, are fixed and final, constraining repricing. These terms exclude Service Agreements and defer to conflicting software User Agreements; subscription repricing rights and escalators remain undisclosed in the supplied evidence.","evidenceIds":["completion-df09f913e273-e1","completion-df09f913e273-e2","completion-df09f913e273-e3","completion-df09f913e273-e4","completion-df09f913e273-e5","completion-df09f913e273-e6"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual debt repayment and $515.0 million of first-half 2026 operating cash flow provide positive evidence, although lower cash taxes aided cash generation. Against this stand $316.9 million of repurchases, a $246.4 million credit-financed acquisition, higher outstanding debt and a $562.0 million goodwill impairment. Acquisition returns and repurchase value creation remain unestablished.","evidenceIds":["e36","e18","e19","e20","e21","e14","e22","e23"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 performance awards use equally weighted relative TSR and ARR goals measured over three years. Ownership requirements and prohibitions on hedging and pledging reinforce alignment. This supports strong incentive design, without establishing actual ownership compliance or eventual vesting outcomes.","evidenceIds":["e24","e25","e26"]},{"criterion":"execution","grade":2,"rationale":"Multi-year organic ARR growth, 6% organic revenue growth in 2025 and recent competitive wins demonstrate commercial execution. Transportation and Logistics missed its 2025 ARR and operating-income targets, while reporting-control remediation remains incomplete. 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