Trimble (TRMB) 10-K risk factor changes: FY2025 vs FY2024

- imposition of [added: other] new and [removed: changing] [added: evolving] trade barriers, including trade sanctions, duties, [removed: tariffs,] and import or export licensing requirements or restrictions;

A significant trade disruption or the establishment or increase of any trade barrier in any area where we do [removed: business – such] [added: business—such] as through increased tariffs imposed on imports into the U.S. and any resulting retaliatory actions taken by other [removed: countries – could] [added: countries—could] increase the cost of our products, which could adversely impact the margin that we earn on sales, make our products more expensive for [removed: customers] [added: customers,] or create uncertainty around demand for certain types of products, which could make our products less competitive and reduce customer demand or result in supply chain delays.

If there were [removed: to be] a deterioration in the global economy, the economies of the countries or regions where our customers are located or do business, or the industries that we or our customers serve, the demand for our products and services would likely decrease.

[removed: The geopolitical conditions, such as the developments in the conflict between Russia and Ukraine and related events] [added: Geopolitical conditions] and their impact on our suppliers and [removed: on] international trade in [removed: general,] [added: 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.

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These disruptions had an adverse effect on our ability to meet customer [removed: demand and have] [added: demand, which] resulted in delays in shipping products to customers and dealers.

- [removed: third party] [added: third-party] interference in the integrity of the products sourced through the supply chain;

- severe weather conditions or natural disasters; [added: and]

- civil unrest, military conflicts, geopolitical developments, war, or [removed: terrorism; and][added: terrorism.]

Because our operations are [removed: geographically] diverse and complex, our personnel resources and infrastructure could become strained, and our reputation in the market and our ability to successfully manage and grow our business may be adversely affected.

- improving our operational, financial, and management controls; [removed: and]

- improving our information reporting systems and [removed: procedures.][added: procedures; and]

Pursuant to our Connect & Scale strategy, we are [removed: investing] [added: continuing to invest] substantial resources in integrating our product offerings and transitioning our businesses to common core services and systems to achieve economies of scale, simplify our operations, and improve the customer experience.

An increasing portion of our revenue is generated through [removed: software maintenance and] subscription revenue, which includes [removed: Software as a Service (“SaaS”)] [added: SaaS] and new subscription services for integrated solutions.

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

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

Customer satisfaction with our [added: products and] services is affected by a variety of factors, such as security, reliability, performance, concerns [added: about data privacy, current subscription terms, customer preference, and industry adoption.]

If customers do not renew their contracts for our products, our [removed: maintenance and] subscription revenue will decline, and our financial results will suffer.

In the course of preparing our consolidated financial statements as of and for the fiscal year ended December 29, 2023, as included in the Annual Report on Form 10-K for the period ended December 29, 2023 (the “2023 Form 10-K”), we had identified a material weakness related to [removed: the accounting for the Company’s] business combination [removed: of Transporeon, including lack of appropriate oversight of third-party valuation specialists and insufficient design and operating effectiveness of management review controls.][added: accounting.]

[removed: Subsequent to the] [added: After] filing [removed: of] the 2023 Form 10-K with the [removed: SEC on February 26, 2024,] [added: SEC,] management re-evaluated the effectiveness of our internal control over financial [added: reporting and identified additional material weaknesses in internal control over financial] reporting.

[removed: As previously disclosed, the] [added: The] Company [removed: had] delayed the filing of its Quarterly Reports on Form 10-Q for the first, second, and third quarters of 2024 until the assessment of the impacts [removed: of the matters described above] was complete.

[removed: Subsequently,] [added: Due to] the [added: time required to prepare and file the prior delayed reports, the] Company [removed: had] delayed the filing of [removed: this report] [added: its Annual Report on Form 10-K] for the fiscal year ended January 3, 2025 [removed: due to the time required to prepare and file the prior delayed reports.][added: (the “2024 Form 10-K”).]

[removed: After filing] [added: 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 [removed: subsequently, this report for] the [removed: fiscal year ended January 3, 2025 with the SEC, the Company has since regained compliance] [added: 2024 Form 10-K] with the [removed: Listing Rule.][added: SEC on April 25, 2025.]

As a result of our previous failure to timely meet our SEC reporting obligations, we are unable to use Form S-3 for [removed: the] twelve months after that [removed: date.][added: date, which will end in April 2026.]

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

If we are not able to successfully remediate these material weaknesses, there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be [removed: presented] [added: prevented] or detected on a timely basis.

[removed: Our] relationships with substantial industry participants such as Caterpillar, Nikon, Hilti, and AGCO are likely to evolve over time based upon the changing business needs and objectives of the parties.

As market conditions and our business strategies evolve, we must also evolve our distribution and [removed: go to market] [added: go-to-market] strategies.

We utilize dealer networks to market, sell, and service many of our [removed: products.][added: products in our Field Systems segment.]

From time to time, we have divested businesses, including the sale of our agricultural business to a joint venture with AGCO and the sale of our Mobility [removed: business.][added: business to Platform Science.]

We expect to undertake [removed: more] [added: additional] divestitures [added: from time to time] in the future.

We have limited control over such [removed: entities,] [added: entities] and the value of such equity stake could decline over time.

The testing of goodwill and intangibles for impairment under [removed: generally accepted accounting principles (“GAAP”)] [added: GAAP] requires us to make significant judgments and assumptions.

[removed: The contribution of Ag to] [added: We have non-controlling stakes and ongoing commercial relationships with businesses that we have divested, including] a [removed: newly formed] joint venture [removed: (JV), and the sale of a majority interest in the JV,] [added: (JV) with AGCO, which] are subject to [removed: substantial] [added: various] risks, including [added: the] failure to realize [removed: the] intended benefits, unanticipated challenges, and other uncertainties

In April 2024, we contributed our [removed: Ag business,] [added: precision agriculture business (“Ag”),] excluding certain [removed: GNSS] [added: Global Navigation Satellite System (“GNSS”)] and guidance technologies, to a JV with AGCO, of which we retained a 15% stake.

The risks and uncertainties associated with the [removed: 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 [removed: (specifically, a] [added: (including] long-term supply [removed: agreement, a technology transfer and license agreement, a trademark license agreement, and a transition services agreement)] [added: agreements)] will be dependent upon the JV’s ability to successfully [removed: develop and] [added: develop,] market [added: and distribute] products, (iii) unanticipated factors may arise that affect the cost of operating the JV as a standalone business, [removed: (iv) we may be unable to successfully integrate AGCO’s JCA Technologies business into the JV,] and [removed: (v)] [added: (iv)] the development of technology synergies will depend on the level of research and development spending and the success of future innovation.

These competitive developments may require us to rapidly adapt to technological and customer preference changes, including those related to cloud computing, mobile devices, new computing platforms, [removed: and] [added: and, increasingly,] AI technology.

Such competition [removed: has in the past resulted, and in the future may result,] [added: can result] in price reductions, reduced margins, or loss of market share, any of which could decrease our revenue and growth rates.

[added: In addition, to increase] revenues, we [removed: will] [added: may] be required to increase the size and productivity of our sales and channel management groups.

Competition for qualified employees in our major locations [removed: is] [added: can be] intense.

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

Uncertainty persists around the ongoing heightened trade tensions between the U.S. and its trading partners, the resulting threats and imposition of tariffs (including those intended for foreign policy objectives), and their impacts on the global economy.

We are also dependent on a number of suppliers as the sole source of certain materials.

In addition, substantial increases in demand for certain commodities and components by major AI companies, who are able to pay high prices and acquire significant portions of the available supply, have made it difficult and more expensive to obtain certain commodities and components, and such challenges could continue unless there are increases in supply or decreases in demand by such companies for the affected commodities and components.

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.

Catastrophic events, such as pandemics, acts of war, or natural disasters, and their resulting impacts can also cause shortfalls in available components, as we experienced during the global supply chain shortage in 2021 and 2022.

- successfully implementing AI initiatives, with proper controls, to assist with achieving these objectives.

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Those filings disclosed additional material weaknesses as described more fully therein.

After the filings, the Company regained compliance with the Listing Rule.

Our

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Continuing to develop and expand robust distribution channels is important for maintaining and increasing sales in our dynamic and evolving markets.

To do so successfully, we must, together with our partners, continue to invest in developing the sales, marketing, support, and infrastructure requirements for a robust distribution channel.

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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.

AI functionality is becoming increasingly important, and if we do not develop and expand our AI capabilities on pace with our competitors, our product offerings may fall behind.

Generative AI may also enable other parties to rapidly develop products and functionality that compete with our product offerings.

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The growing availability of AI tools has increased the sophistication of attacks, enabling more convincing phishing schemes, automated vulnerability discovery, and the rapid creation of novel malware.

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

AI functionality is becoming increasingly important, and we must continue to develop and expand our AI capabilities.

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Our use of AI exposes us to a unique and rapidly evolving set of risks, including the following:

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.

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our products, or withdraw products from the market.

The private party involved ultimately disclaimed any plans to implement such terrestrial operations, but this proposal or similar ones could be revived in the future and other countries have considered proposals for use of frequencies that could cause harmful interference to our products.

Such interference could degrade our product performance, damage our customer relationships, and require us to make expensive changes to our network of receivers.

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which we support in some products.

Given the complexity of these laws, there is a heightened risk that some provisions may be breached, either intentionally or inadvertently.

We operate in many parts of the world that have experienced significant governmental corruption to some degree.

In response to foreign corruption, some countries have adopted anti-corruption and anti-bribery laws, such as the U.S. Foreign Corrupt Practices Act (FCPA) and the U.K. Bribery Act.

Changes in any of these areas could increase our compliance burden, raise our operating costs, or require us to alter our business practices.

We collect, process, and store sensitive data, including personal information, for our customers and for our own business operations.

These include the EU Data Act, Europe's General Data Protection Regulation (GDPR), which carries fines of up to 4% of global annual revenue, and a growing number of comprehensive state-level privacy laws in the U.S., including the California Privacy Rights Act (CPRA) and similar legislation in other states.

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.

- 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;

The heightened trade tensions and related imposition of tariffs between the U.S. and its trading partners, the extent and duration of these tariffs, and their impact on global economic conditions remain uncertain and depend on various factors, including international negotiations, policy responses, potential exemptions, and shifts in global supply and demand.

- increases in wages that drive up prices of labor;

- transportation failures affecting the supply chain and shipment of materials and finished goods;

- disruptions in utility and other services.

This shift reflects an increasing use of subscription models for new products, and a transition for some existing products from perpetual license sales and distribution in favor of SaaS or other subscription offerings, as well as divestitures of some of our legacy businesses.

about data privacy, current subscription terms, customer preference, and industry adoption.

We had first identified material weaknesses in our internal control over financial reporting for the fiscal year ended December 29, 2023.

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.

To develop and expand our distribution channels, we must continue to expand and improve our processes and procedures that support our distribution channels, including our investment in systems and training, and those processes and procedures may become increasingly complex and difficult to manage.

In addition, to increase

The availability and use of AI-enabled technologies also increase the sophistication and threat posed by such actors.

by customers, vendors, or business partners.

This was negatively impacted, for example, by the global supply chain shortage in 2021 and 2022.

AI-related laws and regulations in the U.S.

The FCC’s action is subject to further review as well as potential legislative action.

If the FCC’s action continues in effect and terrestrial operations are implemented in the affected spectrum, these operations could create harmful interference to GNSS receivers in proximity to such operations and impose costs to retrofit or replace affected receivers.

Similarly, other countries have considered proposals for use of frequencies used by our products as well as adjacent bands that could cause harmful interference to our products.

Repair of damaged or malfunctioning satellites is currently not economically feasible.

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

These laws may also carry significant penalties for non-compliance, including substantial fines and private litigation.

Despite our efforts to comply with these obligations, our products, services, and operations may not fully comply with all applicable laws and regulations at all times.

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.

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.

Compliance with evolving product regulations in our major

For example, the Tax Cuts and Jobs Act of 2017 is set to expire in 2025.

- political, economic, or social uncertainty, such as the developments in the conflict between Russia and Ukraine;

We have claims and lawsuits against us that may result in adverse outcomes

As a result of the ongoing military conflict in Ukraine, the United States, the United Kingdom, and the European Union governments, among others, implemented a series of sanctions packages against Russia.

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

Damage to our reputation could significantly harm our businesses, competitive position, and prospects for growth

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.

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.

Climate change could disrupt or harm our business

While we seek to mitigate our business risks associated with climate change by establishing robust environmental programs and partnering with organizations who are also focused on mitigating their own climate-related risks, we recognize that there are inherent climate-related risks wherever business is conducted.

U.S. and international regulators, investors, and other stakeholders are increasingly focused on ESG matters.

Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and those listed under “Risk Factors.” This section of this report generally discusses [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] items and year-to-year comparisons between [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Discussions of [removed: 2022] [added: 2023] items and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] that are not included in this report can be found in “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K, for the year ended [removed: December 29, 2023.*][added: January 3, 2025.*]

Our representative customers include [removed: construction owners, contractors, engineering] [added: asset owners; general] and [removed: construction firms, surveying companies,] [added: specialty contractors; architects, engineers and designers; surveyors;] energy and utility [removed: companies, trucking companies,] [added: companies; transportation shippers] and [added: carriers, as well as] state, federal, and municipal governments.

Further information on our business is presented in Part I, [Item [removed: 1](#ib4438226abda4b508959e7ba6bb7621b_22)[,](#ib4438226abda4b508959e7ba6bb7621b_22) [“Business”](#ib4438226abda4b508959e7ba6bb7621b_22)] [added: 1, “Business”](#ic5de1ddd63384e2f851f76c9b719402b_22)] of this report.

- [removed: Execute] [added: Continue to execute] on our Connect & Scale strategy;

Our focus on these growth drivers has led [removed: over time] to [removed: growth in] [added: sustained] revenue and [removed: profitability] [added: profitability, evolving into a more streamlined] and [removed: an increasingly diversified] [added: resilient] business model.

We continue to experience a shift toward a more significant mix of recurring revenue as demonstrated by our success in driving annualized recurring revenue (“ARR”) of [removed: $2,257.8] [added: $2,392.3] million, which represents growth of [removed: 14%] [added: 6%] year-over-year at the end of [removed: 2024.][added: 2025.]

Our software, services, and recurring revenue represented [removed: 76%] [added: 79%] and [removed: 67%] [added: 76%] of total revenue for [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

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

For a full definition of ARR, organic ARR, and organic revenue growth as used in this discussion and analysis, refer to the [“Supplemental Disclosure of Non-GAAP Financial Measures and Annualized Recurring [removed: Revenue”](#ib4438226abda4b508959e7ba6bb7621b_127)] [added: Revenue”](#ic5de1ddd63384e2f851f76c9b719402b_127)] found later in this Item 7.

This is demonstrated by the [removed: 12] [added: 13] acquisitions and 23 divestitures that we have completed since [removed: 2020, including the Transporeon acquisition, the Ag divestiture, and the Mobility divestiture.][added: 2020.]

The [removed: approximate] fair value was [removed: determined] based on unobservable inputs, including discounted cash flow projections, market comparables, and an option pricing model.

[Table of [removed: Contents](#ib4438226abda4b508959e7ba6bb7621b_16)][added: Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)]

[added: to acquire, 32.5% of Platform Science’s expanded business comprised of (i) shares of preferred stock, with] certain liquidation preferences, that represent 28.5% [removed: of Platform Science’s expanded business] [added: ownership,] and (ii) [added: common stock] warrants allowing us the rights to acquire 4% of [removed: Platform Science’s expanded business.][added: additional ownership.]

The combined [removed: businesses aim] [added: business aims] to enhance driver experience, fleet safety, efficiency, and compliance by combining two cutting-edge in-cab commercial vehicle [removed: ecosystems, which gives customers access to more applications and offerings.][added: ecosystems.]

Following the closing of [removed: this] [added: the] transaction, we own 15% [removed: and AGCO owns 85%] of [removed: PTx Trimble.][added: the JV.]

The heightened trade tensions and related imposition of tariffs [added: and export control restrictions] between the United States and its trading partners, the extent and duration of these tariffs, and their impact on global economic conditions remain uncertain and depend on various factors, including international negotiations, policy responses, potential exemptions, and shifts in global supply and demand.

We consider the accounting [removed: polices] [added: policies] described below to be our critical accounting policies.

Our accounting policies are more fully described in [Note 1 “Description of Business and Accounting [removed: Policies”](#ib4438226abda4b508959e7ba6bb7621b_163)] [added: Policies”](#ic5de1ddd63384e2f851f76c9b719402b_163)] in Item 8 of this report.

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations; however, [added: determining whether promised products or services are accounted for as separate performance obligations may require significant judgment.]

We are a [removed: U.S. based] [added: U.S.-based] multinational company operating in multiple U.S. and foreign jurisdictions.

[removed: Business Combinations,] [added: Goodwill,] Divestitures, and [removed: Goodwill and Purchased] Intangible Assets

[removed: For business combinations,] [added: When acquiring a business,] we allocate the purchase consideration to the assets acquired [added: (including intangible assets)] and liabilities assumed based on their fair values at the acquisition date.

Qualitative factors [removed: include] [added: include,] but are not limited [removed: to] [added: to,] macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, or other relevant company-specific events.

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | Dollar Change | | | | | | % Change | | |

| Subscription and services | | | [removed: 2,399.3] [added: 2,452.1] | | | | | | [removed: 2,027.0] [added: 2,399.3] | | | | | | [removed: 372.3] [added: 52.8] | | | | | | [removed: 18%] [added: 2%] | | |

| Total revenue | | | $ | [removed: 3,683.3] [added: 3,587.3] | | | | | $ | [removed: 3,798.7] [added: 3,683.3] | | | | | $ | [removed: (115.4)] [added: (96.0)] | | | | | (3)% | | |

| Gross margin | | | $ | [removed: 2,396.3] [added: 2,477.9] | | | | | $ | [removed: 2,332.8] [added: 2,396.3] | | | | | $ | [removed: 63.5] [added: 81.6] | | | | | 3% | | |

| Gross margin as a % of revenue | | | [removed: 65.1] [added: 69.1] | | % | | | | [removed: 61.4] [added: 65.1] | | % | | | | | | | | | | | | |

| [removed: Operating] [added: Consolidated operating] income | | | [removed: $ | 460.7 | | | | | $ | 448.8 | | | | | $] [added: 592.0] | [removed: 11.9] | | | | | [removed: 3%] [added: 460.7] | | |

| Operating income as a % of revenue | | | [removed: 12.5] [added: 16.5] | | % | | | | [removed: 11.8] [added: 12.5] | | % | | | | | | | | | | | | |

| Diluted earnings per share | | | $ | [removed: 6.09] [added: 1.76] | | | | | $ | [removed: 1.25] [added: 6.09] | | | | | $ | [removed: 4.84] [added: (4.33)] | | | | | [removed: 387%] [added: (71)%] | | |

| Non-GAAP operating income (1) | | | $ | [removed: 937.2] [added: 988.1] | | | | | $ | [removed: 934.7] [added: 937.2] | | | | | $ | [removed: 2.5] [added: 50.9] | | | | | [removed: —%] [added: 5%] | | |

| Non-GAAP operating income as a % of [removed: revenue (1)] [added: revenue(1)] | | | [removed: 25.4] [added: 27.5] | | % | | | | [removed: 24.6] [added: 25.4] | | % | | | | | | | | | | | | |

| Non-GAAP diluted earnings per share (1) | | | $ | [removed: 2.85] [added: 3.13] | | | | | $ | [removed: 2.66] [added: 2.85] | | | | | $ | [removed: 0.19] [added: 0.28] | | | | | [removed: 7%] [added: 10%] | | |

| Annualized Recurring Revenue (“ARR”) (1) | | | $ | [removed: 2,257.8] [added: 2,392.3] | | | | | $ | [removed: 1,982.3] [added: 2,257.8] | | | | | $ | [removed: 275.5] [added: 134.5] | | | | | [removed: 14%] [added: 6%] | | |

(1) Refer to [“Supplemental Disclosure of Non-GAAP Financial Measures and Annualized Recurring [removed: Revenue”](#ib4438226abda4b508959e7ba6bb7621b_127)] [added: Revenue”](#ic5de1ddd63384e2f851f76c9b719402b_127)] of this report for definitions.

We use a [removed: 52–53 week] [added: 52 to 53-week] fiscal year ending on the Friday nearest to December 31, which for [removed: 2024] [added: 2025] was January [removed: 3, 2025.][added: 2, 2026.]

[removed: 2024] [added: 2025] was a [removed: 53\-week year] [added: 52\-week year,] and [removed: 2023] [added: 2024] was a [removed: 52\-week] [added: 53\-week] year.

[removed: 2025] [added: 2026] will be a 52-week year.

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.

On February 8, 2025, we completed the sale of our Mobility business to Platform Science in exchange for equity ownership interests with a fair value of $253.9 million.

Following the closing of the transaction, we own, or have rights

Upon closing of the transaction, we deconsolidated $277.3 million of net assets including $145.3 million of goodwill, and we recorded our equity investment at its fair value under the measurement alternative election, which represents a non-cash investing activity.

As a result, we recognized a cumulative, pre-tax loss of $30.6 million from the held for sale date in the third quarter of 2024 to the closing date.

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.

Upon closing of the transaction, we deconsolidated $457.3 million of net assets, including $357.4 million of goodwill, and we recorded our equity investment at its fair value under the equity method of accounting, which represents a non-cash investing activity.

As a result, we recognized a pre-tax gain of $1.7 billion in the second quarter of 2024, which includes the gain for our retained 15% ownership interest in the JV.

The sale and contribution of the Ag business excluded certain GNSS and guidance technologies.

If there was a deterioration in the global economy, the economies of the countries or regions where our customers are located or do business, or the industries that we or our customers serve, the demand for our products and services may decrease.

We are closely monitoring global trade developments.

Our strategy to shift away from a hardware-centric businesses towards a more significant mix of recurring revenue is intended to mitigate any potential negative impacts on our business operations.

Judgment is also required to determine standalone selling prices (“SSP”) for promised goods or services.

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| Product | | | $ | 1,135.2 | | | | | $ | 1,284.0 | | | | | $ | (148.8) | | | | | (12)% | | |

| Operating income | | | $ | 592.0 | | | | | $ | 460.7 | | | | | $ | 131.3 | | | | | 29% | | |

2025 Compared to 2024

| | | | | | | 2025 | | | | | | | | | | | | | | |

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.

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.

The increase was partially offset by the impact from the January 1 software renewals and the additional week.

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In addition to organic revenue and gross margin expansion, operating income as a percentage of revenue was favorably impacted by the loss of lower margin divestiture income.

| Total | | | $ | 1,759.8 | | | | | $ | 1,814.0 | | | | | $ | (54.2) | | | | | (3)% | | |

R&D expense decreased primarily due to divestitures, partially offset by increased compensation expenses.

G&A expense decreased primarily due to higher consulting and transaction expenses in the prior year and the impact of the divestitures, partially offset by additional software and technology expenses to support our Connect & Scale strategy and higher compensation expense.

| | | | 2025 | | | | | | 2024 | | | | | | Dollar Change | | | | | | % Change | | |

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| | | | 2025 | | | | | | 2024 | | | | | | Dollar Change | | | | | | % Change | | |

| Other loss, net | | | (11.0) | | | | | | (3.9) | | | | | | (7.1) | | | | | | 182% | | |

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.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | | | | | Dollar Change | | | | | | % Change | | |

| Segment revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,498.6 | | | | | $ | 1,358.6 | | | | | $ | 140.0 | | | | | 10% | | |

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.

On September 14, 2024, we entered into a definitive agreement with Platform Science to sell our Mobility business.

Subsequent to the end of the year 2024, the transaction closed on February 8, 2025 resulting in our ownership, or rights to acquire ownership of 32.5% of Platform Science’s expanded business with an approximate fair value of $248.7 million.

We received (i) shares of preferred stock of Platform Science, with

The assets and liabilities of Mobility were classified as held for sale beginning in the third quarter of 2024.

A valuation allowance was established to reduce the carrying value of the disposal group assets to the approximate fair value of the consideration we would receive.

As a result, we recorded a pre-tax loss of approximately $32.9 million included within Divestitures gain, net in our Consolidated Statements of Income in 2024.

Upon the closing of the transaction in the first quarter of 2025, we derecognized the assets and liabilities that were transferred and recorded our equity investment at its cost.

See [Note](#ib4438226abda4b508959e7ba6bb7621b_178) [4](#ib4438226abda4b508959e7ba6bb7621b_178) [“Divestitures”](#ib4438226abda4b508959e7ba6bb7621b_178) in Item 8 of this report.

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.

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.

Upon closing of the transaction in the second quarter of 2024, we recognized a pre-tax gain of $1.7 billion.

The gain included $275.6 million for our retained 15% ownership interest in PTx Trimble, an LLC, which is reported as an equity method investment.

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.

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.

These evolving dynamics may have a negative impact on our business operations.

In response, we are closely monitoring global trade developments and considering ways to mitigate potential impacts on our business.

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

Judgment is required to determine stand-alone selling price (“SSP”) for each performance obligation.

When determining the fair values, we make significant estimates and assumptions, especially concerning intangible assets.

Critical estimates when valuing intangible assets include expected future cash flows based on consideration of revenue and revenue growth rates and margins, customer attrition rates, future changes in technology and brand awareness, loyalty and position, and discount rates.

| Product | | | $ | 1,284.0 | | | | | $ | 1,771.7 | | | | | $ | (487.7) | | | | | (28)% | | |

Year 2024 Compared with Year 2023

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.

Gross margin increased due to the organic growth of higher margin software and subscription sales, including the impact of the additional week, partially offset by the divestiture of Ag margin hardware sales.

The increase was partially offset by the Ag divestiture and higher acquisition and divestiture transaction costs.

| Total | | | $ | 1,814.0 | | | | | $ | 1,734.8 | | | | | $ | 79.2 | | | | | 5% | | |

R&D expense decreased primarily due to the impact of the divestiture, partially offset by expense related to Transporeon, and to a lesser extent, the impact of the additional week.

G&A expense increased primarily due to divestiture transaction costs, and to a lesser extent, investments related to our Connect & Scale strategy and the impact of the additional week.

| Other (loss) income, net | | | (3.9) | | | | | | 31.9 | | | | | | (35.8) | | | | | | (112)% | | |

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.

Our provision for income taxes in 2024 increased by $455.8 million compared to 2023, primarily due to the gain from the Ag divestiture.

| Segment revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,358.6 | | | | | $ | 1,110.5 | | | | | $ | 248.1 | | | | | 22% | | |

| Segment revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 788.8 | | | | | $ | 720.3 | | | | | $ | 68.5 | | | | | 10% | | |

| | | | 2024 | | | | | | 2023 | | |

| Consolidated operating income | | | 460.7 | | | | | | 448.8 | | |

All financial instruments are used in accordance with policies approved by [removed: our board] [added: the Board] of [removed: directors.][added: Directors.]

We operate in international [removed: markets, which] [added: markets that] expose us to market risk associated with foreign currency exchange rate fluctuations between the U.S. Dollar and various foreign currencies, the most significant of which is the Euro.

We enter into foreign currency forward contracts to minimize the short-term impact of foreign currency exchange rate fluctuations on cash, debt, and certain trade and intercompany receivables and [removed: payables,] [added: payables that are] primarily denominated in Euro, [removed: Canadian Dollars,] New Zealand Dollars, [removed: British Pound,] [added: Canadian Dollars, Brazilian Real,] and Australian Dollars.

Foreign currency contracts outstanding at the end of [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] are summarized as follows:

| | | | At the End of [removed: 2024] [added: 2025] | | | | | | | | | | | | At the End of [removed: 2023] [added: 2024] | | | | | | | | |

| Purchased | | | $ | [removed: (624.0)] [added: (269.7)] | | | | | $ | [removed: (8.2)] [added: (1.2)] | | | | | $ | [removed: (120.3)] [added: (624.0)] | | | | | $ | [removed: 0.3] [added: (8.2)] | |

[Table of [removed: Contents](#ib4438226abda4b508959e7ba6bb7621b_16)][added: Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)]

[Index to [removed: Financial Statements](#ib4438226abda4b508959e7ba6bb7621b_133)][added: Financial](#ic5de1ddd63384e2f851f76c9b719402b_136) [Statements](#ic5de1ddd63384e2f851f76c9b719402b_136)]

In 2025, revenue was favorably impacted by $22.8 million, and operating income was unfavorably impacted by $4.1 million.

| Sold | | | 60.8 | | | | | | (0.4) | | | | | | 24.0 | | | | | | — | | |

In 2024, changes in foreign currency exchange rates had a favorable impact of $2.7 million on revenue and $5.9 million on operating income.

| Sold | | | 24.0 | | | | | | — | | | | | | 50.8 | | | | | | (0.3) | | |

Trimble is a leading technology solutions [removed: provider that enables] [added: and platform provider, enabling] office [added: professionals] and field [removed: professionals] [added: workers] to connect their workflows and [removed: asset lifecycles to drive] [added: industry lifecycles, driving] a more productive, [added: efficient, and] sustainable future.

With a focus on the industries that build, [removed: move,] [added: maintain,] and [removed: feed] [added: move] the world, the comprehensive depth and breadth of our solutions [removed: is] [added: are] transforming the way the world works, making it easier for Trimble customers to focus on what matters—getting the job done right.

We innovate at the intersection of the digital and physical worlds with solutions that span the world’s foundational industries, including building, civil and infrastructure construction, geospatial, [removed: survey and mapping,] natural resources, utilities, [removed: transportation,] and [removed: government.][added: transportation.]

We exist to empower our customers: asset [removed: owners,] [added: owners;] general and specialty [removed: contractors, engineers] [added: contractors; architects, engineers,] and [removed: designers, surveyors,] [added: designers; surveyors;] energy and utility [removed: companies, trucking companies] [added: companies; transportation shippers] and [removed: drivers,] [added: carriers;] as well as state, federal, and municipal governments.

This has driven Trimble to move increasingly from point solutions to [added: connected] workflows [added: and] to industry ecosystems enabled by [removed: seamless data] [added: our industry platforms] and [removed: artificial intelligence (“AI”).][added: access to industry data—all boosted by our AI capabilities.]

Trimble offers a diverse range of coherent capabilities that connect applications, data, workflows, and mobile technologies to more efficiently orchestrate work, often in mixed [added: stakeholder, mixed user, and mixed] fleet environments.

We focus on integrating our software application and cloud capabilities to create vertically-focused, system-wide [added: platform-enabled] solutions that transform how work is done.

The integration of [removed: sensors,] [added: data,] software, [removed: hardware,] and [removed: data] [added: hardware] in our portfolio gives us a unique ability to provide detailed insights for our customers [added: across the physical and digital worlds] to improve their specific workflows.

Our strategy is centered on [removed: the concept of] [added: two] open industry [removed: clouds] [added: cloud platforms, one in construction] and [added: one in transportation and logistics, and] underlying common data environments as the nucleus of our connected solutions, allowing all stakeholders to collaborate and make decisions based on the same information.

Trimble software capabilities include extensive three-dimensional (“3D”) modeling, analysis, planning and design solutions, [added: and] AI capabilities, as well as a large suite of domain-specific software applications used across industries including construction, geospatial, utilities, and transportation.

Our software is sold as subscription services, [added: including consumption,] term licenses, or perpetual licenses, and is hosted as Software as a Service (“SaaS”), or can be provisioned for [removed: on-premise.][added: on-premise usage.]

We [removed: are extending] [added: have extended] our capabilities to run in multi-cloud environments while delivering our unique value via domain-specific workflows and lifecycle management in our target industries.

Our global operations include major research, development, manufacturing, and logistics operations in the United States, the Netherlands, India, Germany, [removed: Finland, Canada, New Zealand,] the United Kingdom, [added: New Zealand, Finland, Canada,] and Sweden.

[removed: - Execute on our Connect & Scale strategy. We continue to focus] [added: Our growth remains centered] on executing our multi-year [added: Connect & Scale] platform strategy.

This strategy contains two [removed: elements.][added: elements:]

[Table of [removed: Contents](#ib4438226abda4b508959e7ba6bb7621b_16)][added: Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)]

[removed: ◦The] [added: - The] first element, Connect, is [removed: about connecting] [added: a platform strategy to connect] more customer workflows, industry lifecycles, and solution [removed: offerings] [added: offerings,] so that we can continue to transform the way our customers work.

This includes integrating more of our customers’ data through cloud offerings, making more of our solutions available on a subscription basis, and [added: further] incorporating AI capabilities.

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 [removed: the same data-rich design model enhanced by our cloud capabilities.]

Our [removed: cloud based] [added: cloud-based] solutions in construction create a connected data environment for online collaboration; workflows which connect the digital and physical worlds; and the power to dynamically orchestrate design coordination in the cloud from wherever project stakeholders may be.

[removed: Meanwhile] [added: Additionally,] in our Transportation business, the Trimble Transportation [removed: Cloud, for example,] [added: Cloud] provides shippers and carriers with the critical information they need to make more informed bid and contract award decisions, while our Transporeon business creates a marketplace for shippers, forwarders, carriers, and retailers to connect online and digitize their end-to-end transportation management processes.

[removed: ◦The second element, Scale, is about investing in the people, processes, and technologies that are necessary to] [added: They] streamline and standardize our internal processes, providing a seamless experience for our customers as they engage with our connected solutions, and enabling us to continue to grow our business efficiently and effectively for many years into the future.

This network effect also means that the willingness of developers, partners, [removed: or] [added: and] end users to engage increases as the number of network participants grows, which further enhances the platform experience and end-user value.

By delivering productivity and efficiency gains, avoiding [removed: rework,] [added: re-work,] and enabling more sustainable designs, Trimble solutions [removed: also] deliver sustainability advantages for our customers, reducing the use of fuels and other inputs, which delivers both reduced cost and lower carbon emissions.

- [removed: Focus] [added: Focus] on [removed: software] [added: platforms, software, services,] and [removed: services.] [added: data.] Software and services targeted for the needs of vertical end markets are fundamental elements of our solutions and are core to our growth strategy.

Our software is connecting stakeholders [added: and their data] across [added: workflows and across] the industry lifecycle continuums of our served industries.

[removed: Our core industries, such as construction and transportation, are each multitrillion-dollar] [added: We serve multi-trillion-dollar] global industries that operate in demanding environments with technology adoption in the [removed: early] [added: earlier] phases relative to other industries.

With the growth in mobile and cloud computing capabilities, [removed: the] increasing technological know-how of end users, and compelling return on investment, we believe many of our markets continue to be attractive for substituting Trimble’s technology and solutions in place of traditional operating methods.

- Capitalize on domain knowledge and technological innovation that benefit a diverse customer base. [removed: We] [added: Over time, we] have [removed: over time] redefined our technological focus from hardware-driven point solutions to integrated work process solutions [added: and] to industry ecosystems by developing domain expertise and heavily reinvesting in research and development (“R&D”) and acquisitions.

We [removed: currently] have over 1,000 unique patents reflective of our technology portfolio and deep domain knowledge to deliver specific, targeted solutions quickly and cost-effectively to each of the vertical markets we serve.

We [removed: look for] [added: continue to seek] opportunities where the [removed: opportunity] [added: potential] for technological change is high and [removed: that have a requirement for] [added: require] the integration of multiple technologies into complete vertical solutions.

Products are sold in more than [removed: 170] [added: 160] countries through dealers, joint ventures, original equipment manufacturers (“OEMs”), and other channels throughout the world, as well as direct sales to end users.

These go-to-market capabilities include: [added: direct sales to end users;] independent dealers; joint ventures, including with Caterpillar, [removed: AGCO,] [added: AGCO Corporation (“AGCO”), Hilti,] and Nikon; OEM arrangements; [added: and] distribution alliances with key [removed: partners; and direct sales to end users.][added: partners.]

[removed: This] combination of channels provides us with broad market reach and localization capabilities to effectively serve our markets.

[removed: Subsequent to the end of the year 2024, the transaction closed on] [added: On] February 8, [removed: 2025] [added: 2025, we completed the sale of our global transportation telematics (“Mobility”) business to Platform Science, Inc. (“Platform Science”)] resulting in our ownership, or rights to acquire ownership of 32.5% of Platform Science’s expanded business with an approximate fair value of [removed: $248.7] [added: $253.9] million.

[removed: To] [added: In addition, to] further grow and position Trimble, we [added: continue to] partner with leaders in various fields by investing in early-to-growth stage companies through our venture fund and through strategic formation of joint ventures.

We report our financial performance, including revenue and operating income, based on three reportable segments: Architects, Engineers, [removed: Construction] [added: Construction,] and Owners (“AECO”), Field Systems, and Transportation and Logistics (“T&L”).

For further financial information about our segments, see [Note [removed: 7 “Reporting Segment] [added: 8 “Segment] and Geographic [removed: Information”](#ib4438226abda4b508959e7ba6bb7621b_187)] [added: Information”](#ic5de1ddd63384e2f851f76c9b719402b_187)] in Item 8 of this report.

The AECO segment primarily serves [removed: customers working in] [added: organizations across] architecture, engineering, construction, [removed: design, asset management, operations,] and [removed: maintenance.][added: asset ownership through a connected lifecycle solution.]

Within this segment, our most substantial product portfolios are focused on [added: architectural and interior] design, [added: structural and civil] engineering, building and [removed: civil] [added: infrastructure] construction, [removed: capital planning,] and [removed: asset management.][added: the operations and maintenance of assets.]

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.

the same data-rich design model enhanced by our cloud capabilities.

- The second element, Scale, is about investing in the core people, processes, and technologies that allow the platforms to scale.

In executing our Connect & Scale platform strategy, we continue to focus on the following key priorities:

Together, our software and services solutions integrate and optimize workflows through data and AI, improving productivity across our subscriptions, maintenance, and support offerings.

These data and AI empowered workflows also provide us with enhanced business visibility and competitive advantage over time.

This

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We continue to opportunistically divest businesses that no longer fit within our strategy.

Products are sold through a multi-channel approach, including direct, indirect, and digital channels.

*Building Information Modeling (“BIM”), Engineering, and Virtual Design and Construction Software.* Maximizes precision and productivity between engineering design and project delivery through AI-assisted modeling reducing re-work.

*Construction Software.* Designed to reduce risk and improve office and field productivity, this software provides capabilities for estimating and takeoff, project management, modular fabrication, financial management, business operations, and supply chain management, delivered globally.

Contractors of all types, including general contractors, construction managers, design-build and specialty contractors, utilize this software, enabling them to deliver high quality services and efficiently run their businesses.

*Owner Software.* After completion of a construction project, the owner is the steward of what was designed and built by their architect, engineer, and construction partners.

The asset lifecycle management solution lowers the total cost of ownership through the lifecycle of an asset, from planning to maintenance, and is designed specifically for facility and asset owners across private and public organizations.

At our core, we bridge the gap between the office and the field, which enables our customers to turn guesswork into reality, data points into decisions, and 3D scans into multi-dimensional success for the entire ecosystem.

We provide a common data environment that connects intra- and intercompany workflows and data sharing to facilitate collaboration across the stakeholder ecosystem.

Our software boosts productivity and reduces risk from manual data re-entry.

As the collaborative hub, this capability offers data integration between Trimble capabilities and the broader ecosystem of independent software vendors and competitors through open standards.

In 2025, Trimble accelerated its Connect & Scale strategy across its AECO software portfolio, improving productivity and boosting customer confidence.

Highlights include (i) AI-assisted daily reports in construction management; (ii) job-site materials procurement connected to enterprise resource planning (“ERP”); (iii) AI-powered model rendering and synchronous

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collaboration in architectural design; (iv) generative AI for fabrication models in BIM engineering; and (v) synchronous model authoring in MEP BIM.

Additional highlights are government cloud offerings for geographic information system (GIS)-centric asset lifecycle management for public and private owners.

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We maintain a joint venture, PTx Trimble, with AGCO to develop the next generation of advanced electronic guidance and control products for agriculture.

During 2025, we announced several new developments in Field Systems, including (i) Trimble data collector devices, such as TS510, TS710 controllers, and T110 tablet designed for integration in demanding field operations and (ii) Trimble Earthworks grade control technology for compactors and towed scrapers.

We expanded the Trimble Reality capture platform service, an extension within Trimble Connect, introducing additional AI-based data classification and point cloud to model inspection tools enabling construction quality assurance and control in the cloud.

The T&L segment provides a suite of solutions for shippers, carriers, retailers, and intermediaries globally, maintaining a substantial footprint within the truckload freight market while expanding platform capabilities to connect the broader freight ecosystem.

Our solutions are designed to create a connected supply chain by integrating all forms of transportation, drivers, back-office management, and freight operations to build a safer, simpler, and more efficient global supply chain.

Our product portfolio is organized into the following primary areas: carrier transportation management software (“TMS”) and maintenance (Enterprise); shipper TMS, dock and yard and marketplace (Transporeon), and mapping and routing (MAPS).

*Enterprise.* Our carrier TMS and maintenance solutions manage core transportation operations and maintenance workflows, act as a single source of truth repository of transport data, and automate mission-critical business processes.

We offer capabilities for long-haul trucking and fleet maintenance customers, focusing on business intelligence, safety, compliance, and efficiency.

Following the introduction of advanced planning capabilities in 2025, we repositioned Transporeon as a global shipper TMS, making Trimble a unique provider of both shipper and carrier TMS solutions.

*MAPS.* Our mapping and routing solutions, such as PC*Miler and CoPilot, provide the industry standard for truck-specific routing, mileage, and navigation.

These solutions enable the transportation industry to achieve greater fleet utilization and improve safety through precise, commercial-grade routing while ensuring compliance with regulatory requirements.

On February 8, 2025, Trimble completed the sale of our Mobility business to Platform Science, transitioning from an owner to a strategic shareholder in its expanded business.

This divestiture enables a narrower focus on our core software and platform strategies.

Additionally, in the fourth quarter of 2025, we introduced our next-gen Trimble TMS along with a suite of new AI agents and workflows, confirming market demand for cloud-native, modular systems and offering predictive network load balance insights.

To lead the industry's AI transformation, we support autonomous logistics where agents collaborate via APIs to solve complex problems with minimal oversight.

More than that, our products enable reduced environmental impact in our markets, ranging from reduced greenhouse gas (“GHG”) emissions to improved water stewardship.

Our advanced positioning and autonomous guidance capabilities enable increased precision with large equipment, including equipment used in construction and civil engineering.

We offer integrated systems that track and manage fleets of vehicles, improve the driver experience, and provide real-time logistical analytics and insights back to the office.

Our connected reality capture systems enable the management of large amounts of geo-referenced information, and our software solutions connect all aspects of a fleet, a farm, or a lane, while our collaborative building information modeling (“BIM”) solutions are used throughout the design, build, and operation of the built environment.

Our growth strategy is centered on multiple elements:

Together, our software and services solutions integrate and optimize additional workflows for our customers, with increasing use of AI, thereby improving their work productivity, and in the case of subscription, maintenance, and support services, also provide us with enhanced business visibility over time.

We entered into a definitive agreement with Platform Science on September 14, 2024 to sell our Mobility business.

We received (i) shares of preferred stock of Platform Science, with certain liquidation preferences, that represent 28.5% of Platform Science’s expanded business and (ii) warrants allowing us the rights to acquire 4% of Platform Science’s expanded business.

On April 1, 2024, we contributed our Ag business, excluding certain GNSS and guidance technologies, to a newly formed joint venture with AGCO named PTx Trimble, of which we retain a 15% ownership stake.

Our Ag business was part of our Field Systems segment.

Trimble and AGCO’s shared vision is to create a global leader in mixed fleet smart farming and autonomy solutions that delivers on our collective strategy to better serve farmers with factory fit and aftermarket applications in the mixed fleet precision agriculture market.

*Engineering Software.* Transforms workflows with precision by focusing on enhancing accuracy, productivity, and profitability.

*Construction Software.* Designed to optimize connected workflows, this software supports comprehensive project management through enterprise resource planning (“ERP”) and operations solutions.

Its capabilities span preconstruction and estimating, prefabrication, project and operations management, finance and human capital management, and digital supply chain management.

Our construction portfolio also enables civil contractors to align operational efficiency from bidding to project execution through estimating, scheduling, field tracking, equipment maintenance, and reporting and analyses.

*Owner Software.* As architects, engineers, and contractors collaborate to deliver projects, our asset lifecycle management (“ALM”) portfolio centralizes data from capital planning, design, construction, and commissioning and unlocks its value into the operations and maintenance phases of the completed asset.

This owner-centric technology speeds decision-making, progress measurement, and payment for the AEC providers while improving the owner’s asset stewardship maintenance for years across the public and private sectors.

At our core, we are able to bridge the gap between office and field by integrating detailed design models and project tracking capabilities with field hardware (GNSS receivers and laser scanners), and ERP solutions in real-time.

This drives tremendous efficiencies in seamless workflows, error reduction, and process automation for the spectrum of construction users.

Our solutions enhance productivity and foster collaboration by improving data sharing across architects, designers, general contractors, subcontractors, and engineers.

The Trimble Connect collaboration platform streamlines and integrates workflows and ensures interoperability between Trimble’s solutions as well as software tools from the broader construction ecosystem and marketplaces.

Through automation and innovation, our solutions reduce costs, waste, and rework, enhance worker safety, expedite project timelines, improve decision-making, and enhance quality control.

These technologies contribute to sustainability by fostering resource efficiency and environmental responsibility across the building construction industry.

In 2024, Trimble advanced its Connect & Scale strategy with significant AECO software updates.

Highlights include (i) AppXchange for ERP; (ii) Tekla 2024; and (iii) enhanced visualization for Sketchup.

New AI-based capabilities were released in 2024, which included (i) LiveCount AI Takeoff; (ii) AI Driven 3D Model Search; (iii) Sketchup Diffusion and Assistant; and (iv) AI-driven project management workflows in ProjectSight.

Additionally, Trimble Unity launched, empowering public infrastructure owners with centralized data and connected digital workflows for ALM.

through enhanced situational awareness, data flow, data-driven insights and decision support, and project collaboration.

This includes data from site positioning and machine control systems, construction asset management equipment and services, and various software applications.

During 2024, we announced several new developments in Field Systems, including: (i) the Trimble R980 GNSS receiver, our new flagship model featuring industry-leading ProPoint and IonoGuard technology; (ii) the configurable Trimble X9 3D laser scanning system, available with perpetual and term-based licensing options; and (iii) Trimble Reality Capture platform service, an extension within Trimble Connect, unlocking the potential of scan data in the cloud.

We further expanded our reality capture portfolio with (i) the new Trimble MX90 and Trimble MX60 mobile mapping systems and (ii) an update to our Trimble SiteVision augmented reality software, which now also includes scanning capabilities.

The T&L segment provides a suite of solutions for shippers, carriers, and intermediaries globally.

Within this segment, our most substantial product portfolio addresses the truckload freight market.

*Transportation.* Our transportation solutions provide capabilities for the long-haul trucking and freight shipper markets to create a connected supply chain and integrate all forms of transportation, drivers, back-office management, shippers, and freight.

We provide enterprise and mobility solutions focused on business intelligence and data analytics, safety and regulatory compliance, navigation and routing, freight brokerage, AI-powered transportation procurement, supply chain visibility and final mile, and transportation management and fleet maintenance.

In the transportation market, we offer a suite of solutions that provides comprehensive fleet and transportation management systems, analytics, routing, mapping, reporting, and predictive modeling solutions to enable the transportation industry to achieve greater overall operational efficiency, fleet utilization, including greater fuel efficiency and reduced carbon emissions,

and profitability while ensuring regulatory compliance.

In addition to cloud-hosted solutions, we also integrate our applications and services directly into the customer’s IT infrastructure.

The transportation management system serves as a central hub from which the core operations of transportation organizations are managed, data is stored and analyzed, and mission-critical business processes are automated.

Our enterprise transportation management system automates business processes spanning the entire transportation lifecycle for shippers, carriers, and intermediaries, delivering visibility, control, and decision support for the intricate relationships and complex processes involved in the movement of freight.

There are no material legal proceedings.

From time to time, we are involved in litigation arising in the ordinary course of our business.

There are no material legal proceedings, other than ordinary routine litigation incidental to the business, to which we or any of our subsidiaries is a party or of which any of our or our subsidiaries’ property is subject.

[Table of [removed: Contents](#ib4438226abda4b508959e7ba6bb7621b_16)][added: Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)]

[removed: ][added: ]

| | | | For the fiscal year ended January [removed: 3, 2025] [added: 2, 2026] | | |

As of [removed: June 28, 2024,] [added: July 4, 2025,] the aggregate market value of the common stock held by non-affiliates of the registrant was approximately [removed: $13.7] [added: $18.7] billion based on the closing price as reported on the NASDAQ Global Select Market.

| Common stock, $0.001 par value | | | | | | [removed: 238,583,485] [added: 233,929,408] | | | shares | | |

Some of the information required by Part III of this report is incorporated by reference from the proxy statement relating to the registrant’s [removed: 2025] [added: 2026] annual meeting of stockholders (the “Proxy Statement”), to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.

- general global macroeconomic outlook, including [added: heightened trade tensions and related imposition of tariffs and export control restrictions between the United States and its trading partners, and associated supply chain disruptions,] slowing growth, inflationary pressures, and [removed: increases] [added: fluctuations] in interest [removed: rates as well as trade policy including the implementation of global tariffs;][added: rates;]

- economic disruptions caused by the potential impact of volatility and conflict in the political and economic environment, including [removed: developments in the conflict between Russia and Ukraine;][added: geopolitical tensions;]

- our shift towards a more significant mix of recurring [removed: revenue;][added: revenue and the impact on our business;]

- any anticipated benefits or impact to our results of operations and financial conditions from our [removed: acquisitions and our ability to successfully integrate the acquired businesses;][added: acquisitions;]

- our [removed: commitments] [added: commitment] to sustainability matters; [removed: and]

- our ability to maintain effective internal controls over financial reporting, including our ability to remediate our material weaknesses in our internal control over financial [removed: reporting.][added: reporting; and]

The forward-looking statements regarding future events and the future results of Trimble Inc. [removed: (“Trimble,”] [added: (“Trimble”,] the [removed: “Company,”] [added: “Company”] or [removed: “we,”] [added: “we”] or [removed: “our,”] [added: “our”] or “us”) are based on current expectations and the beliefs and assumptions of our management that are subject to risks and uncertainties.

Forward-looking statements generally can be identified by words such as “may,” “will,” “should,” “could,” [removed: “predicts,”] “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions.

[removed: 2024] [added: 2025] FORM 10-K ANNUAL REPORT

| Item 1 | | | [removed: [Business](#ib4438226abda4b508959e7ba6bb7621b_22)] [added: [Business](#ic5de1ddd63384e2f851f76c9b719402b_22)] | | | [removed: [1](#ib4438226abda4b508959e7ba6bb7621b_22)] [added: [1](#ic5de1ddd63384e2f851f76c9b719402b_22)] | | |

| Item 1A | | | [Risk [removed: Factors](#ib4438226abda4b508959e7ba6bb7621b_61)] [added: Factors](#ic5de1ddd63384e2f851f76c9b719402b_58)] | | | [removed: [11](#ib4438226abda4b508959e7ba6bb7621b_61)] [added: [10](#ic5de1ddd63384e2f851f76c9b719402b_58)] | | |

| Item 1B | | | [Unresolved Staff [removed: Comments](#ib4438226abda4b508959e7ba6bb7621b_79)] [added: Comments](#ic5de1ddd63384e2f851f76c9b719402b_76)] | | | [removed: [24](#ib4438226abda4b508959e7ba6bb7621b_79)] [added: [23](#ic5de1ddd63384e2f851f76c9b719402b_76)] | | |

| Item 1C | | | [removed: [Cybersecurity](#ib4438226abda4b508959e7ba6bb7621b_82)] [added: [Cybersecurity](#ic5de1ddd63384e2f851f76c9b719402b_79)] | | | [removed: [24](#ib4438226abda4b508959e7ba6bb7621b_82)] [added: [23](#ic5de1ddd63384e2f851f76c9b719402b_79)] | | |

| Item 2 | | | [removed: [Properties](#ib4438226abda4b508959e7ba6bb7621b_85)] [added: [Properties](#ic5de1ddd63384e2f851f76c9b719402b_82)] | | | [removed: [25](#ib4438226abda4b508959e7ba6bb7621b_85)] [added: [24](#ic5de1ddd63384e2f851f76c9b719402b_82)] | | |

| Item 3 | | | [Legal [removed: Proceedings](#ib4438226abda4b508959e7ba6bb7621b_88)] [added: Proceedings](#ic5de1ddd63384e2f851f76c9b719402b_85)] | | | [removed: [26](#ib4438226abda4b508959e7ba6bb7621b_88)] [added: [24](#ic5de1ddd63384e2f851f76c9b719402b_85)] | | |

| Item 4 | | | [Mine Safety [removed: Disclosures](#ib4438226abda4b508959e7ba6bb7621b_91)] [added: Disclosures](#ic5de1ddd63384e2f851f76c9b719402b_88)] | | | [removed: [26](#ib4438226abda4b508959e7ba6bb7621b_91)] [added: [24](#ic5de1ddd63384e2f851f76c9b719402b_88)] | | |

| Item 5 | | | [Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#ib4438226abda4b508959e7ba6bb7621b_97)] [added: Securities](#ic5de1ddd63384e2f851f76c9b719402b_94)] | | | [removed: [27](#ib4438226abda4b508959e7ba6bb7621b_97)] [added: [25](#ic5de1ddd63384e2f851f76c9b719402b_94)] | | |

| Item 7 | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ib4438226abda4b508959e7ba6bb7621b_103)] [added: Operations](#ic5de1ddd63384e2f851f76c9b719402b_103)] | | | [removed: [28](#ib4438226abda4b508959e7ba6bb7621b_103)] [added: [27](#ic5de1ddd63384e2f851f76c9b719402b_103)] | | |

| Item 7A | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#ib4438226abda4b508959e7ba6bb7621b_130)] [added: Risk](#ic5de1ddd63384e2f851f76c9b719402b_130)] | | | [removed: [40](#ib4438226abda4b508959e7ba6bb7621b_130)] [added: [40](#ic5de1ddd63384e2f851f76c9b719402b_130)] | | |

| Item 8 | | | [Financial Statements and Supplementary [removed: Data](#ib4438226abda4b508959e7ba6bb7621b_133)] [added: Data](#ic5de1ddd63384e2f851f76c9b719402b_136)] | | | [removed: [41](#ib4438226abda4b508959e7ba6bb7621b_133)] [added: [41](#ic5de1ddd63384e2f851f76c9b719402b_136)] | | |

| Item 9 | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ib4438226abda4b508959e7ba6bb7621b_223)] [added: Disclosure](#ic5de1ddd63384e2f851f76c9b719402b_226)] | | | [removed: [70](#ib4438226abda4b508959e7ba6bb7621b_223)] [added: [72](#ic5de1ddd63384e2f851f76c9b719402b_226)] | | |

| Item 9A | | | [Controls and [removed: Procedures](#ib4438226abda4b508959e7ba6bb7621b_226)] [added: Procedures](#ic5de1ddd63384e2f851f76c9b719402b_229)] | | | [removed: [70](#ib4438226abda4b508959e7ba6bb7621b_226)] [added: [72](#ic5de1ddd63384e2f851f76c9b719402b_229)] | | |

| Item 9B | | | [Other [removed: Information](#ib4438226abda4b508959e7ba6bb7621b_229)] [added: Information](#ic5de1ddd63384e2f851f76c9b719402b_232)] | | | [removed: [71](#ib4438226abda4b508959e7ba6bb7621b_229)] [added: [73](#ic5de1ddd63384e2f851f76c9b719402b_232)] | | |

| Item 9C | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ib4438226abda4b508959e7ba6bb7621b_235)] [added: Inspections](#ic5de1ddd63384e2f851f76c9b719402b_238)] | | | [removed: [71](#ib4438226abda4b508959e7ba6bb7621b_235)] [added: [73](#ic5de1ddd63384e2f851f76c9b719402b_238)] | | |

| Item 10 | | | [Directors, Executive Officers, and Corporate [removed: Governance](#ib4438226abda4b508959e7ba6bb7621b_241)] [added: Governance](#ic5de1ddd63384e2f851f76c9b719402b_244)] | | | [removed: [72](#ib4438226abda4b508959e7ba6bb7621b_241)] [added: [74](#ic5de1ddd63384e2f851f76c9b719402b_244)] | | |

| Item 11 | | | [Executive [removed: Compensation](#ib4438226abda4b508959e7ba6bb7621b_244)] [added: Compensation](#ic5de1ddd63384e2f851f76c9b719402b_247)] | | | [removed: [72](#ib4438226abda4b508959e7ba6bb7621b_244)] [added: [74](#ic5de1ddd63384e2f851f76c9b719402b_247)] | | |

| Item 12 | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ib4438226abda4b508959e7ba6bb7621b_247)] [added: Matters](#ic5de1ddd63384e2f851f76c9b719402b_250)] | | | [removed: [72](#ib4438226abda4b508959e7ba6bb7621b_247)] [added: [74](#ic5de1ddd63384e2f851f76c9b719402b_250)] | | |

| Item 13 | | | [Certain Relationships, Related Transactions, and Director [removed: Independence](#ib4438226abda4b508959e7ba6bb7621b_250)] [added: Independence](#ic5de1ddd63384e2f851f76c9b719402b_253)] | | | [removed: [72](#ib4438226abda4b508959e7ba6bb7621b_250)] [added: [74](#ic5de1ddd63384e2f851f76c9b719402b_253)] | | |

| Item 14 | | | [Principal Accountant Fees and [removed: Services](#ib4438226abda4b508959e7ba6bb7621b_253)] [added: Services](#ic5de1ddd63384e2f851f76c9b719402b_256)] | | | [removed: [72](#ib4438226abda4b508959e7ba6bb7621b_253)] [added: [74](#ic5de1ddd63384e2f851f76c9b719402b_256)] | | |

| Item 15 | | | [Exhibits and Financial Statement [removed: Schedules](#ib4438226abda4b508959e7ba6bb7621b_259)] [added: Schedules](#ic5de1ddd63384e2f851f76c9b719402b_262)] | | | [removed: [73](#ib4438226abda4b508959e7ba6bb7621b_259)] [added: [75](#ic5de1ddd63384e2f851f76c9b719402b_262)] | | |

| Item 16 | | | [Form 10-K [removed: Summary](#ib4438226abda4b508959e7ba6bb7621b_262)] [added: Summary](#ic5de1ddd63384e2f851f76c9b719402b_265)] | | | [removed: [73](#ib4438226abda4b508959e7ba6bb7621b_262)] [added: [75](#ic5de1ddd63384e2f851f76c9b719402b_265)] | | |

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

| Class | | | | | | Outstanding at February 20, 2026 | | | | | |

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

- our growth strategy and its impact on our revenue mix, growth, and profitability;

- our expectations regarding the impact, benefits, and risks of artificial intelligence (“AI”) and AI-related developments;

- any anticipated benefits associated with the minority interests and ongoing commercial relationships that we established in connection with certain divestitures;

- our expectations regarding the impact (including tax implications) of the One Big Beautiful Bill Act (the “OBBBA”).

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

| Item 6 | | | [\[Reserved\]](#ic5de1ddd63384e2f851f76c9b719402b_100) | | | [26](#ic5de1ddd63384e2f851f76c9b719402b_100) | | |

| | | | [Signatures](#ic5de1ddd63384e2f851f76c9b719402b_271) | | | [78](#ic5de1ddd63384e2f851f76c9b719402b_271) | | |

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

| Class | | | | | | Outstanding at April 18, 2025 | | | | | |

- the cyclical nature of our hardware revenue;

- risks associated with our growth strategy, focusing on historically underserved large markets;

- any anticipated benefits associated with the sale of our global transportation telematics business (“Mobility”) to Platform Science, Inc. (“Platform Science”) and our associated investment;

- any anticipated benefits associated with the contribution of our precision agriculture business (“Ag”), excluding Global Navigation Satellite System (“GNSS”) and guidance technologies, to a newly formed joint venture, PTx Trimble, and the sale of the majority interest in PTx Trimble to AGCO Corporation (“AGCO”);

- our expectation to use a majority of the remaining proceeds from the Ag divestiture, after tax, to repurchase stock;

- our belief that our gross unrecognized tax benefits will not materially change in the next twelve months;

| Item 6 | | | [\[R](#ib4438226abda4b508959e7ba6bb7621b_100)[eserve](#ib4438226abda4b508959e7ba6bb7621b_100)[d\]](#ib4438226abda4b508959e7ba6bb7621b_100) | | | [27](#ib4438226abda4b508959e7ba6bb7621b_100) | | |

| | | | [Signatures](#ib4438226abda4b508959e7ba6bb7621b_268) | | | [76](#ib4438226abda4b508959e7ba6bb7621b_268) | | |

We have an information security training program, including an annual program of general [added: security awareness for all employees and developer training throughout the year.]

[Table of [removed: Contents](#ib4438226abda4b508959e7ba6bb7621b_16)][added: Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)]

[removed: Over 100 of our products are certified to ISO/IEC] 27001:2013, which addresses secure information, resilience to cyber-attacks, existence of a centrally managed framework, organization-wide protection, responses to evolving security threats, and protection of data.

Along with the rest of the Company, the cybersecurity team, led by the CISO, sets goals for cybersecurity risk management that are [removed: then] periodically tracked and reported back to the cybersecurity team and to our CEO and Audit Committee.

To date, risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected, and the Company is not aware of a basis to believe that such risks are reasonably likely to materially [removed: affect,] [added: affect] the Company, including its business strategy, results of operations, or financial condition.

Over 100 of our products are certified to ISO/IEC

security awareness for all employees and developer training throughout the year.

These facilities are used by all [removed: reporting] [added: reportable] segments.

For financial information regarding leases, refer to [Note [removed: 9](#ib4438226abda4b508959e7ba6bb7621b_196) [“Leases”](#ib4438226abda4b508959e7ba6bb7621b_196)] [added: 10 “Leases”](#ic5de1ddd63384e2f851f76c9b719402b_196)] in Item 8 of this report.

[Table of Contents](#ib4438226abda4b508959e7ba6bb7621b_16)

[Table of [removed: Contents](#ib4438226abda4b508959e7ba6bb7621b_16)][added: Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)]

An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our common stock and in each of the indexes on the last trading date of Trimble’s fiscal year [removed: 2019.][added: 2020.]

[removed: ][added: ]

On [removed: January 28, 2024, our] [added: December 3, 2025, the] Board of Directors approved a new stock repurchase program [removed: (the “2024 Stock Repurchase Program”) authorizing] [added: for] up to [removed: $800.0 million] [added: $1.0 billion] in repurchases of our common [removed: stock.][added: stock (the “December 2025 Program”).]

As of [removed: April 18, 2025,] [added: February 20, 2026,] there were approximately [removed: 449] [added: 433] registered holders of record of our common stock.

Holders

On February 18, 2025, the Board of Directors approved a repurchase program of up to $1.0 billion in repurchases of our common stock (the “February 2025 Program”), which replaced and cancelled the prior 2024 stock repurchase program approved in January 2024.

The stock repurchase authorization does not have an expiration date and replaces the February 2025 Program, of which $199 million was remaining but is now cancelled.

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

Issuer Purchase of Equity Securities

The following table provides information relating to our purchases of equity securities for the fourth quarter of 2025:

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | Total Number of Shares Purchased | | | | | | Average Price Paid per Share | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Program | | | | | | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| February 2025 Program | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| October 4, 2025 – November 7, 2025 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 272,642,563 | | | | |

| November 8, 2025 – December 5, 2025 | | | | | | 950,777 | | | | | | $ | 76.99 | | | | | 950,777 | | | | | | $ | 199,445,944 | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| December 2025 Program | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| December 6, 2025 – January 2, 2026 | | | | | | 943,488 | | | | | | $ | 79.37 | | | | | 943,488 | | | | | | $ | 925,119,568 | | | | |

| Total | | | | | | 1,894,265 | | | | | | | | | | | | 1,894,265 | | | | | | | | | | | |

The 2024 Stock Repurchase Program replaced the prior stock repurchase program, which was approved in August 2021 and has been cancelled.

At the end of 2024, there were remaining authorized funds of $625.0 million.

The stock repurchase authorization does not have an expiration date.

There were no stock repurchases during the fourth quarter of 2024.

During 2024, we repurchased approximately 2.9 million shares of common stock in open market purchases at an average price of $60.97 per share for a total of $175.0 million.

Subsequent to the end of the year 2024, the Board of Directors authorized a common stock repurchase authorization of up to $1.0 billion, which replaces the existing 2024 Stock Repurchase Program in the first quarter of 2025.

The timing and actual number of any stock repurchased will depend on a variety of factors, including market conditions, our stock price, other available uses of capital, applicable legal requirements, and other factors.

This program may be suspended, modified, or discontinued at any time without prior notice.

[Table of [removed: Contents](#ib4438226abda4b508959e7ba6bb7621b_16)][added: Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)]

| [Consolidated Balance [removed: Sheets](#ib4438226abda4b508959e7ba6bb7621b_139)] [added: Sheets](#ic5de1ddd63384e2f851f76c9b719402b_139)] | | | [removed: [42](#ib4438226abda4b508959e7ba6bb7621b_139)] [added: [42](#ic5de1ddd63384e2f851f76c9b719402b_139)] | | |

| [Consolidated Statements of [removed: Income](#ib4438226abda4b508959e7ba6bb7621b_145)] [added: Income](#ic5de1ddd63384e2f851f76c9b719402b_145)] | | | [removed: [43](#ib4438226abda4b508959e7ba6bb7621b_145)] [added: [43](#ic5de1ddd63384e2f851f76c9b719402b_145)] | | |

| [Consolidated Statements of [removed: Comprehensive](#ib4438226abda4b508959e7ba6bb7621b_148) [Income](#ib4438226abda4b508959e7ba6bb7621b_148)] [added: Comprehensive](#ic5de1ddd63384e2f851f76c9b719402b_148) [Income](#ic5de1ddd63384e2f851f76c9b719402b_148)] | | | [removed: [44](#ib4438226abda4b508959e7ba6bb7621b_148)] [added: [44](#ic5de1ddd63384e2f851f76c9b719402b_148)] | | |

| [Consolidated Statements of Stockholders’ [removed: Equity](#ib4438226abda4b508959e7ba6bb7621b_154)] [added: Equity](#ic5de1ddd63384e2f851f76c9b719402b_154)] | | | [removed: [45](#ib4438226abda4b508959e7ba6bb7621b_154)] [added: [45](#ic5de1ddd63384e2f851f76c9b719402b_154)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ib4438226abda4b508959e7ba6bb7621b_157)] [added: Flows](#ic5de1ddd63384e2f851f76c9b719402b_157)] | | | [removed: [46](#ib4438226abda4b508959e7ba6bb7621b_157)] [added: [46](#ic5de1ddd63384e2f851f76c9b719402b_157)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ib4438226abda4b508959e7ba6bb7621b_160)] [added: Statements](#ic5de1ddd63384e2f851f76c9b719402b_160)] | | | [removed: [47](#ib4438226abda4b508959e7ba6bb7621b_160)] [added: [47](#ic5de1ddd63384e2f851f76c9b719402b_160)] | | |

| [Note 1. Description of Business and Accounting [removed: Policies](#ib4438226abda4b508959e7ba6bb7621b_163)] [added: Policies](#ic5de1ddd63384e2f851f76c9b719402b_163)] | | | [removed: [47](#ib4438226abda4b508959e7ba6bb7621b_163)] [added: [47](#ic5de1ddd63384e2f851f76c9b719402b_163)] | | |

| [Note 2. Earnings per [removed: Share](#ib4438226abda4b508959e7ba6bb7621b_172)] [added: Share](#ic5de1ddd63384e2f851f76c9b719402b_172)] | | | [removed: [52](#ib4438226abda4b508959e7ba6bb7621b_172)] [added: [52](#ic5de1ddd63384e2f851f76c9b719402b_172)] | | |

| [Note 3. [removed: Acquisitions](#ib4438226abda4b508959e7ba6bb7621b_175)] [added: Acquisitions](#ic5de1ddd63384e2f851f76c9b719402b_175)] | | | [removed: [52](#ib4438226abda4b508959e7ba6bb7621b_175)] [added: [52](#ic5de1ddd63384e2f851f76c9b719402b_175)] | | |

| [Note 4. [removed: Divestitures](#ib4438226abda4b508959e7ba6bb7621b_178)] [added: Divestitures](#ic5de1ddd63384e2f851f76c9b719402b_178)] | | | [removed: [53](#ib4438226abda4b508959e7ba6bb7621b_178)] [added: [53](#ic5de1ddd63384e2f851f76c9b719402b_178)] | | |

| [Note [removed: 5.] [added: 6.] Intangible Assets and [removed: Goodwill](#ib4438226abda4b508959e7ba6bb7621b_181)] [added: Goodwill](#ic5de1ddd63384e2f851f76c9b719402b_181)] | | | [removed: [55](#ib4438226abda4b508959e7ba6bb7621b_181)] [added: [54](#ic5de1ddd63384e2f851f76c9b719402b_181)] | | |

| [Note [removed: 6.] [added: 7.] Certain Balance Sheet [removed: Components](#ib4438226abda4b508959e7ba6bb7621b_184)] [added: Components](#ic5de1ddd63384e2f851f76c9b719402b_184)] | | | [removed: [56](#ib4438226abda4b508959e7ba6bb7621b_184)] [added: [55](#ic5de1ddd63384e2f851f76c9b719402b_184)] | | |

| [Note [removed: 7. Reporting] [added: 8.] Segment and Geographic [removed: Information](#ib4438226abda4b508959e7ba6bb7621b_187)] [added: Information](#ic5de1ddd63384e2f851f76c9b719402b_187)] | | | [removed: [56](#ib4438226abda4b508959e7ba6bb7621b_187)] [added: [55](#ic5de1ddd63384e2f851f76c9b719402b_187)] | | |

| [Note [removed: 8. Debt](#ib4438226abda4b508959e7ba6bb7621b_190)] [added: 9. Debt](#ic5de1ddd63384e2f851f76c9b719402b_190)] | | | [removed: [59](#ib4438226abda4b508959e7ba6bb7621b_190)] [added: [57](#ic5de1ddd63384e2f851f76c9b719402b_190)] | | |

| [Note [removed: 9. Leases](#ib4438226abda4b508959e7ba6bb7621b_196)] [added: 10. Leases](#ic5de1ddd63384e2f851f76c9b719402b_196)] | | | [removed: [60](#ib4438226abda4b508959e7ba6bb7621b_196)] [added: [58](#ic5de1ddd63384e2f851f76c9b719402b_196)] | | |

| [removed: [Note 10.] Commitments and [removed: Contingencies](#ib4438226abda4b508959e7ba6bb7621b_199)] [added: contingencies (Note 11)] | | | [removed: [61](#ib4438226abda4b508959e7ba6bb7621b_199)] | | | [added: | | | | | |]

[removed: | [Note 11. Fair Value Measurements](#ib4438226abda4b508959e7ba6bb7621b_202) | | | [61](#ib4438226abda4b508959e7ba6bb7621b_202) | | |][added: NOTE 12: FAIR VALUE MEASUREMENTS]

[removed: | [Note 12. Deferred Revenue and Remaining Performance Obligations](#ib4438226abda4b508959e7ba6bb7621b_205) | | | [61](#ib4438226abda4b508959e7ba6bb7621b_205) | | |][added: NOTE 13: DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS]

[removed: | [Note 13. Income Taxes](#ib4438226abda4b508959e7ba6bb7621b_208) | | | [62](#ib4438226abda4b508959e7ba6bb7621b_208) | | |][added: NOTE 14: INCOME TAXES]

[removed: | [Note 14. Employee Stock Benefit Plans](#ib4438226abda4b508959e7ba6bb7621b_211) | | | [64](#ib4438226abda4b508959e7ba6bb7621b_211) | | |][added: NOTE 15: EMPLOYEE STOCK BENEFIT PLANS]

[removed: | [Note 15. Common Stock Repurchase](#ib4438226abda4b508959e7ba6bb7621b_214) | | | [66](#ib4438226abda4b508959e7ba6bb7621b_214) | | |][added: NOTE 16: COMMON STOCK REPURCHASE]

| [Reports of Independent Registered Public Accounting [removed: Firm](#ib4438226abda4b508959e7ba6bb7621b_220)] [added: Firm](#ic5de1ddd63384e2f851f76c9b719402b_223)] (PCAOB ID: [removed: 42)] [added: 185)] | | | [removed: [67](#ib4438226abda4b508959e7ba6bb7621b_220)] [added: [67](#ic5de1ddd63384e2f851f76c9b719402b_223)] | | |

[Table of [removed: Contents](#ib4438226abda4b508959e7ba6bb7621b_16)][added: Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)]

[Index to [removed: Financial Statements](#ib4438226abda4b508959e7ba6bb7621b_133)][added: Financial](#ic5de1ddd63384e2f851f76c9b719402b_136) [Statements](#ic5de1ddd63384e2f851f76c9b719402b_136)]

| At the End of Year | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Cash and cash equivalents | | | $ | [removed: 738.8] [added: 253.4] | | | | | $ | [removed: 229.8] [added: 738.8] | |

| Accounts receivable, net | | | [removed: 725.8] [added: 856.0] | | | | | | [removed: 706.6] [added: 725.8] | | |

| Inventories | | | [removed: 194.3] [added: 186.3] | | | | | | [removed: 235.7] [added: 194.3] | | |

| Prepaid expenses | | | [removed: 103.3] [added: 102.7] | | | | | | [removed: 89.8] [added: 103.3] | | |

| Other current assets | | | [removed: 196.2] [added: 233.5] | | | | | | [removed: 147.8] [added: 196.2] | | |

| Assets held for sale | | | [removed: 312.0] [added: —] | | | | | | [removed: 421.2] [added: 312.0] | | |

| Total current assets | | | [removed: 2,270.4] [added: 1,631.9] | | | | | | [removed: 1,830.9] [added: 2,270.4] | | |

| Property and equipment, net | | | [removed: 188.4] [added: 182.8] | | | | | | [removed: 202.5] [added: 188.4] | | |

| Operating lease right-of-use assets | | | [removed: 123.5] [added: 35.0] | | | | | | [removed: 124.0] [added: 29.7] | | |

| Goodwill | | | [removed: 4,988.4] [added: 5,239.7] | | | | | | [removed: 5,350.6] [added: 4,988.4] | | |

| Other purchased intangible assets, net | | | [removed: 998.1] [added: 924.1] | | | | | | [removed: 1,243.5] [added: 998.1] | | |

| Deferred income tax assets | | | [removed: 294.4] [added: 260.0] | | | | | | [removed: 412.3] [added: 294.4] | | |

| Equity investments | | | [removed: 361.0] [added: 610.8] | | | | | | [removed: 127.7] [added: 361.0] | | |

| Other non-current assets | | | [removed: 264.1] [added: 462.7] | | | | | | [removed: 247.8] [added: 387.6] | | |

| Total assets | | | $ | [removed: 9,488.3] [added: 9,312.0] | | | | | $ | [removed: 9,539.3] [added: 9,488.3] | |

| [Note 5. Equity Investments](#ic5de1ddd63384e2f851f76c9b719402b_1594) | | | [53](#ic5de1ddd63384e2f851f76c9b719402b_1594) | | |

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

[Index to Financial](#ic5de1ddd63384e2f851f76c9b719402b_136) [Statements](#ic5de1ddd63384e2f851f76c9b719402b_136)

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

[Index to Financial](#ic5de1ddd63384e2f851f76c9b719402b_136) [Statements](#ic5de1ddd63384e2f851f76c9b719402b_136)

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

[Index to Financial](#ic5de1ddd63384e2f851f76c9b719402b_136) [Statements](#ic5de1ddd63384e2f851f76c9b719402b_136)

| Other comprehensive income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 392.4 | | | | | | 392.4 | | | | | | | | | | | | | | |

| Stock repurchases | | | (12.2) | | | | | | — | | | | | | (127.0) | | | | | | (755.1) | | | | | | — | | | | | | (882.1) | | | | | | | | | | | | | | |

| Balance at the end of 2025 | | | 236.0 | | | | | | $ | 0.2 | | | | | $ | 2,437.9 | | | | | $ | 3,387.6 | | | | | $ | 10.5 | | | | | $ | 5,836.2 | | | | | | | | | | | | | |

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

[Index to Financial](#ic5de1ddd63384e2f851f76c9b719402b_136) [Statements](#ic5de1ddd63384e2f851f76c9b719402b_136)

| Net income | | | $ | 424.0 | | | | | $ | 1,504.4 | | | | | $ | 311.3 | | | | | | | | | | |

| Divestitures of businesses, net of cash divested | | | (4.4) | | | | | | 1,923.4 | | | | | | 17.0 | | | | | | | | | | | |

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

[Index to Financial](#ic5de1ddd63384e2f851f76c9b719402b_136) [Statements](#ic5de1ddd63384e2f851f76c9b719402b_136)

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.

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.

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

[Index to Financial](#ic5de1ddd63384e2f851f76c9b719402b_136) [Statements](#ic5de1ddd63384e2f851f76c9b719402b_136)

Each reporting period, we evaluate the collectability of our trade accounts receivable based on a number of factors, such as age of the

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

[Index to Financial](#ic5de1ddd63384e2f851f76c9b719402b_136) [Statements](#ic5de1ddd63384e2f851f76c9b719402b_136)

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

[Index to Financial](#ic5de1ddd63384e2f851f76c9b719402b_136) [Statements](#ic5de1ddd63384e2f851f76c9b719402b_136)

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

[Index to Financial](#ic5de1ddd63384e2f851f76c9b719402b_136) [Statements](#ic5de1ddd63384e2f851f76c9b719402b_136)

In September 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Topic 350-40): *Targeted Improvements to the Accounting for Internal-Use Software.* The ASU removes references to software development stages and requires software costs to be capitalized when (i) management authorizes and commits to funding a software project, and (ii) the project is probable of completion.

The ASU is effective for interim and annual reports beginning in 2028, with early adoption permitted.

The ASU may be applied on a prospective, modified prospective, or retrospective basis.

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

[Index to Financial](#ic5de1ddd63384e2f851f76c9b719402b_136) [Statements](#ic5de1ddd63384e2f851f76c9b719402b_136)

In July 2025, the FASB issued ASU 2025-05, Credit Losses (Topic 326): *Measurement of Credit Losses for Accounts Receivable and Contract Assets*.

The ASU allows a practical expedient election to simplify the expected credit loss estimation for short-term accounts receivable and contract assets by assuming conditions as of the balance sheet date do not change for the remaining life of the asset.

The ASU is effective for interim and annual reports beginning in 2026 on a prospective basis, with early adoption permitted.

We do not expect material changes from adopting this ASU.

The ASU may be applied either prospectively or retrospectively.

We are currently evaluating the impact of adopting this ASU.

We adopted the ASU in the fourth quarter of 2025 on a prospective basis.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| Short-term debt | | | $ | — | | | | | $ | 530.4 | |

| | | | | | | | | | | | | | | | | | |

| Balance at the end of 2021 | | | 250.9 | | | | | | $ | 0.3 | | | | | $ | 1,935.6 | | | | | $ | 2,170.5 | | | | | $ | (161.7) | | | | | $ | 3,944.7 | | | | | | | | | | | | | |

| Other comprehensive loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (73.2) | | | | | | (73.2) | | | | | | | | | | | | | | |

| Stock repurchases | | | (6.0) | | | | | | (0.1) | | | | | | (47.6) | | | | | | (347.0) | | | | | | — | | | | | | (394.7) | | | | | | | | | | | | | | |

| Proceeds from divestitures | | | 1,923.4 | | | | | | 17.0 | | | | | | 215.4 | | | | | | | | | | | |

We are a leading provider of technology solutions that enable professionals and field mobile workers to improve or transform their work processes.

We focus on transforming the way the world works by delivering products and services that connect the physical and digital worlds.

As a result of the Ag divestiture and our Chief Operating Decision Maker’s (“CODM”) revised organizational structure, effective in the first quarter of 2024, we reorganized our businesses under a new segment structure.

This structure brings similar businesses together, which is expected to enhance our ability to achieve scale and growth consistent with our strategy.

Prior years’ information have been adjusted to reflect the change in segment reporting.

we perform a quantitative analysis.

likely than not that such assets will not be realized.

total amount of selling expenses.

Early adoption is permitted.

The ASU should be applied prospectively.

Retrospective application is permitted for all prior periods presented in the financial statements.

Additionally, certain existing disclosure requirements are removed.

The ASU is effective for our Annual Report on Form 10-K beginning in 2025 and is applied prospectively.

Early adoption and retrospective application are permitted.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): *Improvements to Reportable Segment Disclosures*.

The ASU updates reportable segment disclosure requirements primarily through (i) enhanced disclosures about significant segment expenses and (ii) optional disclosures of more than one measure of segment profit or loss if the CODM uses those measures to assess segment performance and allocate resources.

We adopted the ASU in the fourth quarter of 2024 retrospectively to all our prior periods presented since the beginning of 2022.

See [Note 7 “Reporting Segment and Geographic Information”](#ib4438226abda4b508959e7ba6bb7621b_187) in Item 8 of this report for additional disclosure, including significant segment expenses.

In 2023, we acquired Transporeon GmbH in an all-cash transaction.

Transporeon is a Germany-based company and leading cloud-based transportation management software platform that connects key stakeholders across the industry lifecycle to positively impact the optimization of global supply chains, which aligns with our Connect & Scale strategy.

debt of $339.6 million.

In addition to Transporeon, we acquired two businesses in 2023 with total purchase consideration of $47.0 million.

In 2022, we acquired two businesses, with total purchase consideration of $379.5 million.

The largest acquisition was Bid2Win Software, LLC, a leading provider of estimating and operations solutions for the heavy civil construction industry.

In the aggregate, the businesses acquired contributed less than 1% of our total revenue during 2023.

Pro Forma Financial Information

The unaudited pro forma financial information presented in the following table was determined by combining the historical financial information of Trimble and Transporeon along with the effects from business combination accounting and the associated debt resulting from this acquisition as if the companies were combined beginning in the first quarter of 2022.

This information is presented for informational purposes only, and it is not necessarily indicative of the operating results that would have occurred if the acquisition had been consummated as of that date.

This information should not be used as a predictive measure of our future financial position, results of operations, or liquidity.

| | | | Year of | | | | | | | | |

| | | | 2023 | | | | | | 2022 | | |

| Total revenue | | | $ | 3,839.2 | | | | | $ | 3,831.2 | |

Management does not expect that [removed: the] internal control over financial reporting will prevent or detect all errors and all fraud.

A control system, no matter how well-designed and operated, can provide only reasonable, not absolute, assurance that the [removed: control system’s] objectives [added: of the control system] will be met.

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act [removed: Rule 13a-15(f).][added: Rules 13a-15(f) and 15d-15(f).]

Based on [removed: the assessment by management, it was] [added: this evaluation, management] determined that the Company’s internal control over financial reporting was not effective [removed: due to] [added: as a result of] the [added: following] material weaknesses [removed: described below.][added: in internal control over financial reporting, which exist as of January 2, 2026:]

[removed: - We] [added: Specifically, we] did not [removed: design and maintain (i) effective] [added: effectively design, implement and/or operate process-level manual] review [removed: controls, including the retention of evidence to support the design and operating effectiveness of] controls and [removed: (ii) effective] controls over the completeness and accuracy of information produced by the [removed: entity] [added: Company] utilized in the performance of controls, including the retention of relevant evidence to support the design and operating effectiveness of [added: the] controls.

[Table of [removed: Contents](#ib4438226abda4b508959e7ba6bb7621b_16)][added: Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)]

We believe the measures described above will remediate the [added: identified] control deficiencies [removed: we have identified] and strengthen our internal control over financial reporting.

The process of designing and implementing an effective financial reporting system is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments, and to expend [removed: significant] resources to maintain a financial reporting system that is adequate to satisfy our reporting obligations.

As we continue to evaluate and take actions to improve our internal control over financial reporting, we may determine to take additional actions to address control deficiencies or [removed: determine] to modify [removed: certain of] the remediation measures described above.

- We did not establish effective information technology general controls ("ITGCs") that support the consistent operation of the Company's IT systems.

Consequently, certain automated process-level controls and manual controls dependent upon information derived from those IT systems were ineffective.

- We did not effectively design, implement and operate process-level control activities related to revenue and related accounts, income taxes, and other financial reporting processes.

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.

Our independent registered public accounting firm, KPMG LLP, audited the consolidated financial statements included in this Annual Report on Form 10-K and issued an adverse opinion on the effectiveness of our internal control over financial reporting.

KPMG LLP’s report appears on page 69 of this Annual Report on Form 10-K.

We, with the oversight of the Audit Committee, made progress in the current year on our remediation plans for the material weaknesses identified in prior years.

For the previously identified material weaknesses that remain in the current year (as noted above), we continue to implement the remediation plans as follows:

- Designing and implementing certain ITGCs for business systems related to our financial reporting processes, and ensuring they are operating effectively to support process-level automated and manual control activities that are dependent upon information derived from IT systems.

- Enhancing the design of existing control activities including implementation of additional process-level control activities (including controls over revenue and related accounts, income taxes and other financial reporting processes) and ensuring they are properly evidenced and operating effectively.

- Augmenting the internal control capabilities of the Company’s personnel including defining clear responsibilities and accountability, and engaging third-party experts to assist in training personnel regarding control design and execution.

- Enhancing our risk assessment process and ensuring that controls are or will be implemented to mitigate identified risks, and monitoring the execution of internal control over financial reporting.

Except as listed below, there have been no changes in our internal control over financial reporting identified in connection with management’s evaluation required by paragraph (d) of Rules 13a - 15 and 15d - 15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

During 2025, we made the following changes in our internal control over financial reporting:

- Designed and implemented additional manual procedures and controls to enhance our internal control process through a combination of preventative and detective controls;

- Designed, implemented and operated effective ITGCs over certain of our IT systems, including our core ERP system, revenue management system and key reporting tool.

- We did not design and maintain effective controls over certain information technology general controls (“ITGCs”) for certain business systems related to the Company’s financial reporting processes.

Specifically, the Company did not design sufficient controls to (i) manage user access to systems, (ii) ensure that program changes made to systems were authorized and approved, or (iii) identify and resolve system issues impacting the financial reporting process.

Certain business process controls and IT interfaces that are dependent on the ineffective ITGCs, or that rely on data produced from systems impacted by the ineffective ITGCs, could have been adversely impacted, and were also deemed ineffective.

These deficiencies primarily affected controls over revenue and related accounts, income taxes and excess and obsolete inventory, and other controls as a part of our reporting and disclosure process.

- We did not design and maintain effective controls over the evaluation of standalone selling prices of performance obligations utilized in accounting for revenue, including review controls over the establishment and subsequent changes to standard pricing and discounting.

The effectiveness of our internal control over financial reporting at the end of 2024 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report.

Management, with the oversight of the Audit Committee, is currently taking actions to remediate the material weaknesses and is implementing additional processes and controls to address the underlying causes associated with the material weaknesses described above.

These efforts include:

- We are in the process of finalizing the design and implementation of controls of certain ITGCs for business systems related to the Company’s financial reporting processes.

- We are in the process of updating our policies and practices related to maintaining evidence of review of business process controls, including the review of information used in the performance of controls.

- We are in the process of finalizing the design and implementation of controls over the evaluation of standalone selling prices of performance obligations utilized in accounting for revenue, including review controls over pricing and discounting.

In addition to the identified material weaknesses noted above, we are implementing a customer relationship management tool across our businesses as a strategic initiative that will replace many legacy systems and that could materially affect our internal control over financial reporting (as such term is defined in Rules 13a - 15(f) and 15d - 15(f) under the Exchange Act).

Other than as described above, there have been no changes that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during the period for which this report relates.

During the fourth quarter of 2025, the following Section 16 officers and directors (as defined in Rule 16a-1(f) under the Exchange Act) adopted a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408(a) of Regulation S-K under the Exchange Act) intended to satisfy the affirmative defense of Rule 10b5-1(c):

- On November 7, 2025, Mark Schwartz, Senior Vice President, adopted a Rule 10b5-1 trading arrangement that provides for potential sales of up to 25,525 shares of our common stock between April 15, 2026 and May 29, 2026.

During the fourth quarter of 2024, none of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement.

We previously reported in our Quarterly Report on Form 10-Q for the quarter ended March 29, 2024, that Jennifer Allison had entered into a Rule 10b5-1 trading arrangement on February 29, 2024 for potential sales of 1,571 shares between June 3, 2024 and June 2, 2025.

The actual number of shares under that trading arrangement was 3,571 shares, which have all now been sold, as reported on a Form 4 filed on January 22, 2025.

[Table of [removed: Contents](#ib4438226abda4b508959e7ba6bb7621b_16)][added: Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)]

The information required by this item relating to executive officers is set forth above in Item 1 of this report under the caption “[Information about our Executive [removed: Officers](#ib4438226abda4b508959e7ba6bb7621b_58).”][added: Officers](#ic5de1ddd63384e2f851f76c9b719402b_55).”]

[removed: Code] [added: *Code] of [removed: Ethics][added: Ethics*]

[removed: Insider] [added: *Insider] Trading [removed: Policy][added: Policy*]

[Table of [removed: Contents](#ib4438226abda4b508959e7ba6bb7621b_16)][added: Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)]

The following consolidated financial statements required by this item are included in Part II, Item 8 of this report under the caption “Financial Statements and Supplementary [removed: Data”.][added: Data.”]

| [Consolidated Balance [removed: Sheets](#ib4438226abda4b508959e7ba6bb7621b_139)] [added: Sheets](#ic5de1ddd63384e2f851f76c9b719402b_139)] | | | [removed: [42](#ib4438226abda4b508959e7ba6bb7621b_139)] [added: [42](#ic5de1ddd63384e2f851f76c9b719402b_139)] | | |

| [Consolidated Statements of [removed: Income](#ib4438226abda4b508959e7ba6bb7621b_145)] [added: Income](#ic5de1ddd63384e2f851f76c9b719402b_145)] | | | [removed: [43](#ib4438226abda4b508959e7ba6bb7621b_145)] [added: [43](#ic5de1ddd63384e2f851f76c9b719402b_145)] | | |

| [Consolidated Statements of [removed: Comprehensive](#ib4438226abda4b508959e7ba6bb7621b_148) [Income](#ib4438226abda4b508959e7ba6bb7621b_148)] [added: Comprehensive](#ic5de1ddd63384e2f851f76c9b719402b_148) [Income](#ic5de1ddd63384e2f851f76c9b719402b_148)] | | | [removed: [44](#ib4438226abda4b508959e7ba6bb7621b_148)] [added: [44](#ic5de1ddd63384e2f851f76c9b719402b_148)] | | |

| [Consolidated Statements of Stockholders’ [removed: Equity](#ib4438226abda4b508959e7ba6bb7621b_154)] [added: Equity](#ic5de1ddd63384e2f851f76c9b719402b_154)] | | | [removed: [45](#ib4438226abda4b508959e7ba6bb7621b_154)] [added: [45](#ic5de1ddd63384e2f851f76c9b719402b_154)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ib4438226abda4b508959e7ba6bb7621b_157)] [added: Flows](#ic5de1ddd63384e2f851f76c9b719402b_157)] | | | [removed: [46](#ib4438226abda4b508959e7ba6bb7621b_157)] [added: [46](#ic5de1ddd63384e2f851f76c9b719402b_157)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ib4438226abda4b508959e7ba6bb7621b_160)] [added: Statements](#ic5de1ddd63384e2f851f76c9b719402b_160)] | | | [removed: [47](#ib4438226abda4b508959e7ba6bb7621b_160)] [added: [47](#ic5de1ddd63384e2f851f76c9b719402b_160)] | | |

| [Reports of Independent Registered Public Accounting [removed: Firm](#ib4438226abda4b508959e7ba6bb7621b_220)] [added: Firm](#ic5de1ddd63384e2f851f76c9b719402b_223)] | | | [removed: [67](#ib4438226abda4b508959e7ba6bb7621b_220)] [added: [67](#ic5de1ddd63384e2f851f76c9b719402b_223)] | | |

[Table of [removed: Contents](#ib4438226abda4b508959e7ba6bb7621b_16)][added: Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)]

| 2.1 | | | [Amended and Restated Sale and Contribution Agreement, dated March 31, 2024, by [removed: and](https://www.sec.gov/Archives/edgar/data/864749/000119312524083599/d800466dex101.htm) [](https://www.sec.gov/Archives/edgar/data/864749/000119312524083599/d800466dex101.htm)[among] [added: and among] the Company, PTx Trimble LLC, and AGCO Corporation](https://www.sec.gov/Archives/edgar/data/864749/000119312524083599/d800466dex101.htm) | | | Exh. 10.1 to Form 8-K filed Apr. 1, 2024 | | |

| 3.2 | | | [By-Laws of Trimble [removed: Inc.,](https://www.sec.gov/Archives/edgar/data/0000864749/000086474924000158/ex31trimblearbylawsmay2024.htm) [a](https://www.sec.gov/Archives/edgar/data/0000864749/000086474924000158/ex31trimblearbylawsmay2024.htm)[mended] [added: Inc., amended] as of [removed: May](https://www.sec.gov/Archives/edgar/data/0000864749/000086474924000158/ex31trimblearbylawsmay2024.htm) [30](https://www.sec.gov/Archives/edgar/data/0000864749/000086474924000158/ex31trimblearbylawsmay2024.htm)[,] [added: May 30,] 2024](https://www.sec.gov/Archives/edgar/data/0000864749/000086474924000158/ex31trimblearbylawsmay2024.htm) | | | Exh. 3.1 to Form 8-K filed May 31, 2024 | | |

| [removed: 4.2(B)] [added: 4.2(C)] | | | [Second Supplemental Indenture, dated October 1, 2016, between the Company and U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/864749/000134100416001666/ex4-2.htm) | | | Exh. 4.2 to Form 8-K filed Oct. 3, 2016 | | |

| [removed: 4.2(C)] [added: 4.2(D)] | | | [Third Supplemental Indenture, dated June 15, 2018, between the Company and U.S. Bank National Association (which includes Form of 4.150% Senior Note due 2023 and Form of 4.900% Senior Note due 2028)](https://www.sec.gov/Archives/edgar/data/864749/000119312518194378/d757275dex41.htm) | | | Exh. 4.1 to Form 8-K filed Jun. 15, 2018 | | |

| [removed: 4.2(D)] [added: 4.2(E)] | | | [Fourth Supplemental Indenture, dated March 9, 2023, between the Company and U.S. Bank National Association (which includes Form of 6.100% Senior Note due 2033)](https://www.sec.gov/Archives/edgar/data/864749/000119312523066227/d471542dex41.htm) | | | Exh. 4.1 to Form 8-K filed [removed: March] [added: Mar.] 9, 2023 | | |

| [removed: 10.1(A)] [added: 10.1] | | | [Credit Agreement, dated [removed: March 24, 2022,] [added: December 4, 2025,] by and among Trimble Inc., the borrowing subsidiaries party thereto, the lenders party thereto, and Bank of America, N.A., as administrative [removed: agent](https://www.sec.gov/Archives/edgar/data/864749/000086474922000064/a101trimblecreditagreement.htm)] [added: agen](https://www.sec.gov/Archives/edgar/data/864749/000086474925000307/trimble-revolvercreditagre.htm)[t](https://www.sec.gov/Archives/edgar/data/864749/000086474925000307/trimble-revolvercreditagre.htm)] | | | Exh. 10.1 to Form 8-K filed [removed: Mar. 30. 2022] [added: Dec. 5, 2025] | | |

| 10.3+ | | | [Board of Directors Compensation Policy, as [removed: amended](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex103boardcompensationpoli.htm) [November] [added: amended November] 19, 2024](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex103boardcompensationpoli.htm) | | | [removed: Filed herewith] [added: Exh. 10.3 to Form 10-K filed Apr. 25, 2025] | | |

| 10.6+ | | | [Age and Service Equity Vesting [removed: Program](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex106ageandserviceequityve.htm)[,] [added: Program](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex106ageandserviceequityve.htm)[,] as [removed: amended](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex106ageandserviceequityve.htm) [May](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex106ageandserviceequityve.htm) [1, 2024](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex106ageandserviceequityve.htm)] [added: amended](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex106ageandserviceequityve.htm) [December](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex106ageandserviceequityve.htm) [2](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex106ageandserviceequityve.htm)[, 2025](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex106ageandserviceequityve.htm)] | | | Filed herewith | | |

| 10.8(A)+ | | | [2002 Stock Plan, as [removed: amended](https://www.sec.gov/ix?doc=/Archives/edgar/data/864749/000086474924000093/trmb-20240416.htm) [S](https://www.sec.gov/ix?doc=/Archives/edgar/data/864749/000086474924000093/trmb-20240416.htm)[eptember] [added: amended September] 30, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/864749/000086474924000093/trmb-20240416.htm) | | | App. B of Form DEF 14A filed Apr. 16, 2024 | | |

| [removed: 10.8(B)+] [added: 10.8(E)+] | | | [2002 Stock Plan - Form of stock option agreement (officers, 2023 revision)](https://www.sec.gov/Archives/edgar/data/864749/000086474923000077/a1022002stockplan-formofst.htm) | | | Exh. 10.2 to Form 10-Q filed May 3, 2023 | | |

| [removed: 10.8(C)+] [added: 10.8(F)+] | | | [2002 Stock Plan - Form of global restricted stock [removed: unit](https://www.sec.gov/Archives/edgar/data/864749/000086474915000061/a1022015rsu.htm) [(RSU)](https://www.sec.gov/Archives/edgar/data/864749/000086474915000061/a1022015rsu.htm) [award] [added: unit award] agreement](https://www.sec.gov/Archives/edgar/data/864749/000086474915000061/a1022015rsu.htm) | | | Exh. 10.2 to Form 10-Q filed Nov. 10, 2015 | | |

| [removed: 10.8(D)+] [added: 10.8(L)+] | | | [2002 Stock Plan - Performance stock option agreement between the Company and Rob Painter issued January 4, 2020](https://www.sec.gov/Archives/edgar/data/864749/000086474920000029/ex109kpainterperfstock.htm) | | | Exh. 10.9(K) to Form 10-K filed Feb. 28, 2020 | | |

| [removed: 10.8(E)+] [added: 10.8(N)+] | | | [2002 Stock Plan - Form [removed: of](https://www.sec.gov/Archives/edgar/data/864749/000086474922000088/trmb-1stq2022xex101.htm) [PR](https://www.sec.gov/Archives/edgar/data/864749/000086474922000088/trmb-1stq2022xex101.htm)[SU](https://www.sec.gov/Archives/edgar/data/864749/000086474922000088/trmb-1stq2022xex101.htm) [award] [added: of performance RSU award] agreement [removed: (](https://www.sec.gov/Archives/edgar/data/864749/000086474922000088/trmb-1stq2022xex101.htm)[ARR](https://www.sec.gov/Archives/edgar/data/864749/000086474922000088/trmb-1stq2022xex101.htm)[\-TSR](https://www.sec.gov/Archives/edgar/data/864749/000086474922000088/trmb-1stq2022xex101.htm) [with modifier](https://www.sec.gov/Archives/edgar/data/864749/000086474922000088/trmb-1stq2022xex101.htm)[)](https://www.sec.gov/Archives/edgar/data/864749/000086474922000088/trmb-1stq2022xex101.htm)] [added: (ARR and TSR with P&P Modifier)](https://www.sec.gov/Archives/edgar/data/864749/000086474923000077/a1042002stockplan-formofpe.htm)] | | | Exh. [removed: 10.1] [added: 10.4] to Form 10-Q filed May [removed: 5, 2022] [added: 3, 2023] | | |

| [removed: 10.8(F)+] [added: 10.8(M)+] | | | [2002 Stock Plan - Form of [removed: PRSU] [added: performance RSU] award agreement (ARR with [removed: modifier)](https://www.sec.gov/Archives/edgar/data/864749/000086474923000077/a1032002stockplan-formofpe.htm)] [added: P&P Modifier)](https://www.sec.gov/Archives/edgar/data/864749/000086474923000077/a1032002stockplan-formofpe.htm)] | | | Exh. 10.3 to Form 10-Q filed May 3, 2023 | | |

| [removed: 10.8(G)+] [added: 10.8(I)+] | | | [2002 Stock Plan - Form of [removed: PRSU] [added: global performance stock unit] award agreement [removed: (ARR-TSR with modifier, 2023 revision)](https://www.sec.gov/Archives/edgar/data/864749/000086474923000077/a1042002stockplan-formofpe.htm)] [added: (Operating Income/Revenue)](https://www.sec.gov/Archives/edgar/data/864749/000086474917000066/a104trimble-performanceres.htm)] | | | Exh. 10.4 to Form 10-Q filed [removed: May 3, 2023] [added: Aug. 8, 2017] | | |

| 10.9+ | | | [Trimble OneBonus Plan Description](https://www.sec.gov/Archives/edgar/data/864749/000086474921000026/exh101top.htm) | | | Exh. 10.1 to Form [removed: 8-K] [added: 10-Q] filed [removed: Feb. 25, 2021] [added: Aug. 6, 2025] | | |

| 10.10+ | | | [Form of Change in Control Severance Agreement between the Company and certain Company officers](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex1010formofcicseveranceag.htm) | | | [removed: Filed herewith] [added: Exh. 10.10 to Form 10-K filed Apr. 25, 2025] | | |

| 10.11+ | | | [Form of Executive Severance Agreement between the Company and certain Company officers](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex1011formofexecseverancea.htm) | | | [removed: Filed herewith] [added: Exh. 10.11 to Form 10-K filed Apr. 25, 2025] | | |

| 19.1 | | | [Trimble Insider Trading [removed: Policy](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex191insidertradingpolicy.htm)] [added: Policy](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex191insidertradingpolicy1.htm)] | | | Filed herewith | | |

| 21.1 | | | [Subsidiaries of the [removed: Company](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex211202410k.htm)] [added: Company](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex211202510k.htm)] | | | Filed herewith | | |

| 23.1 | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex231202410k.htm)] [added: Firm (](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex231trimbleconsentkpmg.htm)[KPMG](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex231trimbleconsentkpmg.htm) [LLP)](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex231trimbleconsentkpmg.htm)] | | | Filed herewith | | |

| 31.1 | | | [Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex311202410k.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex311202510k.htm)] | | | Filed herewith | | |

| 31.2 | | | [Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex312202410k.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex312202510k.htm)] | | | Filed herewith | | |

| 32.1 | | | [Certification of CEO pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex321202410k.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex321202510k.htm)] | | | Furnished herewith | | |

| 32.2 | | | [Certification of CFO pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/864749/000086474925000090/ex322202410k.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex322202510k.htm)] | | | Furnished herewith | | |

| /s/ ROBERT G. PAINTER Robert G. Painter | | | | | | President, Chief Executive Officer, Director | | | | | | [removed: April] [added: February] 25, [removed: 2025] [added: 2026] | | |

| /s/ PHILLIP SAWARYNSKI Phillip Sawarynski | | | | | | Chief Financial Officer (Principal Financial Officer) | | | | | | [removed: April] [added: February] 25, [removed: 2025] [added: 2026] | | |

| /s/ JAMES C. DALTON James C. Dalton | | | | | | Director | | | | | | [removed: April] [added: February] 25, [removed: 2025] [added: 2026] | | |

| /s/ BORJE EKHOLM Börje Ekholm | | | | | | Director | | | | | | [removed: April] [added: February] 25, [removed: 2025] [added: 2026] | | |

| /s/ KAIGHAM (KEN) GABRIEL Kaigham (Ken) Gabriel | | | | | | Director | | | | | | [removed: April] [added: February] 25, [removed: 2025] [added: 2026] | | |

| /s/ MEAGHAN LLOYDMeaghan Lloyd | | | | | | Director | | | | | | [removed: April] [added: February] 25, [removed: 2025] [added: 2026] | | |

| /s/ RON NERSESIAN Ron Nersesian | | | | | | Director | | | | | | [removed: April] [added: February] 25, [removed: 2025] [added: 2026] | | |

| /s/ MARK S. PEEK Mark S. Peek | | | | | | Director | | | | | | [removed: April] [added: February] 25, [removed: 2025] [added: 2026] | | |

| /s/ KARA SPRAGUE Kara Sprague | | | | | | Director | | | | | | [removed: April] [added: February] 25, [removed: 2025] [added: 2026] | | |

| /s/ THOMAS W. SWEET Thomas W. Sweet | | | | | | Director | | | | | | [removed: April] [added: February] 25, [removed: 2025] [added: 2026] | | |

| /s/ JOHAN WIBERGH Johan Wibergh | | | | | | Director | | | | | | [removed: April] [added: February] 25, [removed: 2025] [added: 2026] | | |

| 4.2(B) | | | [First Supplemental Indenture, dated November 24, 2014, between the Company and U.S. Bank National Association (which includes Form of 4.750% Senior Note due 2024)](https://www.sec.gov/Archives/edgar/data/864749/000119312514423565/d826171dex41.htm) | | | Exh. 4.1 to Form 8-K filed Nov. 24, 2014 | | |

| 10.8(B)+ | | | [2002 Stock Plan - Form of stock option agreement (U.S. directors)](https://www.sec.gov/Archives/edgar/data/864749/000086474914000100/a102formofusdirectorstocko.htm) | | | Exh. 10.2 to Form 10-Q filed Nov. 7, 2014 | | |

| 10.8(C)+ | | | [2002 Stock Plan - Form of stock option agreement (non-U.S. directors)](https://www.sec.gov/Archives/edgar/data/864749/000086474914000100/a103formofnon-usdirectorst.htm) | | | Exh. 10.3 to Form 10-Q filed Nov. 7, 2014 | | |

| 10.8(D)+ | | | [2002 Stock Plan - Form of global stock option agreement (officers)](https://www.sec.gov/Archives/edgar/data/864749/000086474915000061/a1012015option.htm) | | | Exh. 10.1 to Form 10-Q filed Nov. 10, 2015 | | |

| 10.8(G)+ | | | [2002 Stock Plan - Form of global performance restricted stock unit award agreement](https://www.sec.gov/Archives/edgar/data/864749/000086474915000061/a1062015prsu.htm) | | | Exh. 10.6 to Form 10-Q filed Nov. 10, 2015 | | |

| 10.8(H)+ | | | [2002 Stock Plan - Form of global restricted stock unit award agreement (officers)](https://www.sec.gov/Archives/edgar/data/864749/000086474916000092/ex1030201510k.htm) | | | Exh. 10.30 to Form 10-K filed Feb. 24, 2017 | | |

| 10.8(J)+ | | | [2002 Stock Plan - Form of global performance stock unit award agreement (Total Stockholder Return)](https://www.sec.gov/Archives/edgar/data/864749/000086474917000066/a105trimble-performanceres.htm) | | | Exh. 10.5 to Form 10-Q filed Aug. 8, 2017 | | |

| 10.8(K)+ | | | [2002 Stock Plan - Form of global performance stock unit award agreement (officers)](https://www.sec.gov/Archives/edgar/data/864749/000086474919000132/trmb-2ndq2019xex101glo.htm) | | | Exh. 10.1 to Form 10-Q filed Aug. 2, 2019 | | |

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

| 23.2 | | | [Consent of Independent Registered Public Accounting Firm (Ernst & Young LLP)](https://www.sec.gov/Archives/edgar/data/864749/000086474926000015/ex232trimble10-kconsentey.htm) | | | Filed herewith | | |

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

February 25, 2026

[Table of Contents](#ic5de1ddd63384e2f851f76c9b719402b_16)

| /s/ KENNETH B. BEMENT Kenneth B. Bement | | | | | | Chief Accounting Officer (Principal Accounting Officer) | | | | | | February 25, 2026 | | |

| 10.1(B) | | | [Amendment No. 1, dated December 27, 2022, to Credit Agreement of March 24, 2022](https://www.sec.gov/Archives/edgar/data/864749/000086474922000205/exhibit102-amendedcreditag.htm) | | | Exh. 10.2 to Form 8-K filed Dec. 30, 2022 | | |

| 10.1(C) | | | [Amendment No. 2, dated April 28, 2023, to Credit Agreement of March 24, 2022](https://www.sec.gov/Archives/edgar/data/864749/000086474923000173/a101amend2tocreditagmt.htm) | | | Exh. 10.1 to Form 10-Q filed Aug. 4, 2023 | | |

| 10.14+ | | | [Offer Letter between the Company and Phillip Sawarynski dated January 29, 2024](https://www.sec.gov/Archives/edgar/data/864749/000086474924000011/ex101offerletter.htm) | | | Exh. 10.1 to Form 8-K filed Feb. 1, 2024 | | |

| | | | | | | April 25, 2025 | | |

| /s/ JULIE A. SHEPARD Julie A. Shepard | | | | | | Chief Accounting Officer (Principal Accounting Officer) | | | | | | April 25, 2025 | | |