TRMB US S&P 500Russell 1000 Earnings call · transcribed from the recording
Trimble Inc. (TRMB) · Q3 2026 results and valuation
Share price: $56.48 · 2026-11-11
Results Q3 2026 vs Q2 2026 · previous quarter · published 4 Nov 2026 and 12 Aug 2026
Net income turned to a profit from a loss last quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned profit
Net income vs Q2 2026
Outlook given
Net income 59.1M vs -471.7M
Revenue −0.5%
2 · How management spoke
Typical
Less upbeat than 55% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Guidance
Trimble maintains its EBITDA margin guidance of approximately 30%.
Valuation
Is Trimble Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2026-01-02), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −0.8% growth a year (3-year revenue growth), the model's fair value is $9.05 a share — the stock trades 524% above it. Today's price assumes 17.6% growth a year.
Current price
$56.48
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+17.6% for 10 yrs
Fair value / share
$9.05
Buy below
$6.79
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
-
Key theme
Named user license with the ability
Source quote
“and we talk about a hybrid model where we believe we'll monetize AI usage at the intersection of the named user license... With respect to monetization of those API calls, you're going to see more and more of that from us over time.”
-
Guidance
Trimble expects free cash flow to be approximately.9 times non-GAAP net income, and it continues to expect free cash flow to be greater than non-GAAP net income over the long term.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Our full year guidance points to greater than 9% organic revenue growth, EBITDA margins expanding to approximately 30%, and EPS growth in the mid to high teens, all of which...”
“AECO delivered another strong quarter with the record $1.636 billion of ARR, posting 13% ARR growth and 9% revenue growth for the quarter.”
“I'm confident and energized by the progress we are making to accelerate our right to win, excited about the customer engagement we are building across our platform, and inspired by...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-10-02)
| Metric | Q3 2026period end 2026-10-02 | Q2 2026period end 2026-07-03 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 966.8M | 972.0M | −0.5% | 901.2M | +7.3% |
| Gross profit | 659.1M | 674.9M | −2.3% | 621.1M | +6.1% |
| Operating income | 142.0M | 132.0M | +7.6% | 150.5M | −5.6% |
| Net income | 59.1M | -471.7M | Turned profit | 111.5M | −47.0% |
| EPS | 0.25 | -2.02 | Turned profit | 0.46 | −45.7% |
| P/E | 12-mo loss | 12-mo loss | — | 55.3 | — |
Topics
Most discussed now
- In the quarter, Trimble delivered both revenue and EPS in line and above the midpoint of its guidance range, against...
- Field Systems ARR was up 5% and revenue was up 7% and quarter with continued strength in civil construction and...
- If Trimble takes, for example, the SketchUp business, specifically architecture design business, and it has a hybrid model for the...
- Trimble thinks about quantifying value delivery and then getting its fair share of that value capture.
- You can see order of magnitude improvements as you transcend from what Trimble calls a point solution productivity into workflow,...
Faded since Q2 2026
- Fading Total organic ARR grew 12% with AECO up 14%, Field Systems up 12% and Transportation up 7%.
- Fading Building on a connected data foundation, Trimble is deploying agentic workflows that unlock step function productivity for its customers…
- Fading If you think about a project life cycle, it often starts with capital program management, the owner of making a...
- Fading Once you have that work, you now need to send that digital model into a set of engineering and construction...
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Results of operations; Other events · SEC 8-K
- Shareholder vote results; Other events · SEC 8-K
- Director or officer change; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K