A month has gone by since the last earnings report for Trimble Navigation (TRMB Quick QuoteTRMB - Free Report) . Shares have added about 4.4% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Trimble due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Trimble Inc. before we dive into how investors and analysts have reacted as of late.

Trimble Q3 Earnings Beat Estimates, Revenues Increase Y/Y

Trimble reported third-quarter 2025 non-GAAP earnings of 81 cents per share, which surpassed the Zacks Consensus Estimate by 12.5% and increased 15.7% on a year-over-year basis.

Revenues of $901.2 million beat the Zacks Consensus Estimate by 3.41% and increased 3% year over year (up 10% on an organic basis). Organic growth benefited from strong revenues from the AECO (Architecture, Engineering, Construction, and Owners) segment and Field Systems with Transportation & Logistics continued to grow in a challenging freight market.

Product revenues (33.6% to total revenues) totaled $302.5 million, down 1.7% on a year-over-year basis. Subscription and services revenues (66.4% of total revenues) increased 5.4% year over year to $598.7 million.

Annualized Recurring Revenues (ARR) of $2.31 billion increased 6% on a year-over-year basis (up 14% on an organic basis).

TRMB Q3 Top-line Details

The AECO (Architecture, Engineering, Construction, and Owners) segment revenues (39.8% of total revenues) were $358.5 million, up 17.2% year over year. The AECO segment delivered 17% year-over-year organic growth in ARR.

Field Systems revenues (45.4% of total revenues) of $408.7 million increased 8% year over year on an organic basis and 9.1% on a reported basis. The segment saw 18% organic ARR growth in the reported quarter. 

Transportation & Logistics (T&L) revenues (14.9% of total revenues) of $134 million declined 31.4% year over year. The segment registered 7% adjusted organic ARR growth.

TRMB’s Q3 Operating Details

In the third quarter of 2025, non-GAAP gross margin was 71.2%, expanding 280 basis points (bps) year over year.

Adjusted EBITDA was $269.4 million with adjusted EBITDA margin of 29.9%, up 160 bps year over year.

On a non-GAAP basis, operating expenses accounted for 43% of revenues, up 20 bps year over year.

Non-GAAP operating margin was 28.2%, which expanded 250 bps year over year. 

AECO operating margin of 31.8% expanded 270 bps year over year. Field Systems operating margin expanded 40 bps year over year to 33.4%. T&L operating margin expanded 10 bps year over year to 25.8% in the reported quarter.

TRMB’s Balance Sheet Details

At the end of third-quarter 2025, cash and cash equivalents were $232.7 million, down from $265.9 million at the end of second-quarter 2025.

Total debt was $1.39 billion at the end of the third quarter compared with $1.51 billion at the second-quarter end.

The company bought shares worth $50 million in the reported quarter. TRMB currently has $273 million under its current repurchase authorization.

TRMB Offers Positive Guidance

For the fourth quarter of 2025, Trimble expects revenues to be in the range of $927-$967 million. The company expects non-GAAP earnings to be in the band of 91-99 cents per share. 

For 2025, Trimble expects revenues to be between $3.545 billion and $3.585 billion. The company expects 2025 non-GAAP earnings to be in the range of $3.04-$3.12 per share. 

For 2026, Trimble expects revenues to be in the mid- to-high single-digit range. For 2027, Trimble currently expects $3 billion in ARR, $4 billion in revenues and 30% EBITDA.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in fresh estimates.

VGM Scores

Currently, Trimble has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. Charting a somewhat similar path, the stock has a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Trimble has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Trimble is part of the Zacks Manufacturing - General Industrial industry. Over the past month, RBC Bearings (RBC Quick QuoteRBC - Free Report) , a stock from the same industry, has gained 2.6%. The company reported its results for the quarter ended September 2025 more than a month ago.

RBC Bearings reported revenues of $455.3 million in the last reported quarter, representing a year-over-year change of +14.4%. EPS of $2.88 for the same period compares with $2.29 a year ago.

RBC Bearings is expected to post earnings of $2.83 per share for the current quarter, representing a year-over-year change of +20.9%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for RBC Bearings. Also, the stock has a VGM Score of F.