We derive Floquet theory from quantum geometry. We identify quasienergy folding as a consequence of a broken gauge group of the adiabatic gauge potential
U(1)↦Z. Fixing instead the gauge freedom using the parallel-transport gauge uniquely decomposes Floquet dynamics into a purely geometric and a purely dynamical evolution. The dynamical average-energy operator provides an unambiguous sorting of the quasienergy spectrum, identifying a Floquet ground state and suggesting a way to define the filling of Floquet-Bloch bands. We exemplify the features of geometric Floquet theory using an exactly solvable
XY model and a nonintegrable kicked Ising chain. We elucidate the geometric origin of inherently nonequilibrium effects, like the
π-quasienergy splitting in discrete time crystals or
π-edge modes in anomalous Floquet topological insulators. The spectrum of the average-energy operator is a susceptible indicator for both heating and spatiotemporal symmetry-breaking transitions. Last, we demonstrate that the periodic lab-frame Hamiltonian generates transitionless counterdiabatic driving for Floquet eigenstates. This work directly bridges seemingly unrelated areas of nonequilibrium physics.