Trinet Group, Inc. (TNET)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$4.9B

Revenue growth

-3.4%

Net income, last twelve months

$175.0M

Earnings per share

$3.74

Net margin

3.6%

Free cash flow

$288.0M

Return on equity

140.0%

Market value

$3.2B

Price to earnings

18.8x

Dividend yield

0.4%

Cash

$358.0M

Debt

$896.0M

Debt to equity

7.17

Shares outstanding

46.0M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of fiscal 2026 results, filed 29 October 2026.

• Revenue fell 5% in quarter. Total revenues were $1,175 million, down from $1,232 million a year earlier. Nine-month total revenues were $3,579 million against $3,762 million.
• Diluted EPS was $0.65. Net income was $31 million, or $0.65 per diluted share, against $34 million, or $0.70. Nine-month net income was $173 million against $156 million.
• Adjusted EPS was $0.94. Adjusted Net Income was $44 million, or $0.94 per diluted share, against $55 million, or $1.11, a year earlier. Adjusted EBITDA was $89 million against $100 million.
• Income before tax and tax provision lower. Income before tax was $39 million against $50 million. Income taxes were $8 million against $16 million for the quarter.
• Insurance service revenue declined. Insurance service revenues were $1,005 million against $1,046 million a year earlier. Nine-month insurance service revenues were $3,035 million against $3,159 million.
• Professional service revenue down 7%. Professional service revenues were $157 million against $169 million for the quarter. Nine-month professional service revenues were $505 million against $550 million.
• Interest income fell. Interest income was $13 million against $17 million for the quarter, and $39 million against $53 million for the nine months.
• Insurance cost ratio lowered. The insurance cost ratio was 89% for the quarter against 90% a year earlier, and 86% for the nine months against 90%. Insurance costs were $894 million against $943 million.
• Adjusted EBITDA margin was 7.6%. Adjusted EBITDA margin was 7.6% for the quarter against 8.2% a year earlier. For the nine months it was 11.3% against 9.8%.
• Operating cost lines moved. Cost of providing services was $68 million against $73 million. Sales and marketing was $72 million against $68 million, and general and administrative was $53 million against $51 million.
• Restructuring costs nil in quarter. Restructuring costs were nil in the quarter against $2 million. Nine-month restructuring costs were $13 million against $5 million, and acquisition and integration costs were $2 million.
• Operating cash flow rose 11%. Net cash provided by operating activities was $80 million for the quarter, up 11% from $72 million a year earlier.
• Free cash flow and conversion. Free Cash Flow was $53 million against $55 million, with a conversion ratio of 60% against 55%. Nine-month Free Cash Flow was $243 million against $191 million.
• Cash and equity at quarter end. Cash and cash equivalents were $328 million at September 30, 2026, up from $287 million at December 31, 2025. Debt was $896 million, and stockholders’ equity was $133 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 124 held.

Every filing

The newest filings with the SEC of 289 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

307 funds held it at 30 Jun 2026: 140 added and 84 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Visa Inc. (V): revenue $44.5B, market value $761.1B
• Mastercard Inc. (MA): revenue $35.1B, market value $539.5B
• Alibaba Group Holding Limited (BABA): revenue $144.2B, market value $234.6B
• Accenture plc (ACN): revenue $74.2B, market value $147.6B
• Uber Technologies, Inc. (UBER): revenue $55.2B, market value $133.2B
• PDD Holdings Inc. (PDD): revenue $60.1B, market value $110.3B
• MercadoLibre, Inc. (MELI): revenue $35.2B, market value $84.8B
• DoorDash, Inc. (DASH): revenue $15.9B, market value $74.5B
• RELX PLC (RELX): revenue $12.7B, market value $70.5B
• Ebay Inc. (EBAY): revenue $12.0B, market value $52.5B

What the company does

TriNet provides human resources services to small and medium-sized businesses (SMBs) in the United States. The company was founded in 1988 and offers benefits such as health insurance and retirement plans, payroll and payroll tax administration, risk mitigation, and compliance consulting. At the end of 2025 it supported approximately 323,200 worksite employees (WSEs) and 39,700 ASO Users, with about 3,400 colleagues.

How the business is organised

TriNet delivers its services through two models. PEO services are its core business and run on a co-employment model, in which employment responsibilities are split by contract between TriNet and each client. Each PEO client signs a client service agreement that sets out the services, the fees and who does what. TriNet pays WSEs from its own bank accounts, acts as employer of record for payroll taxes, and provides workers' compensation insurance and access to TriNet-sponsored benefit plans.

ASO services, which include a product called HR Plus, are a software solution with a service component. They cover payroll processing, benefits management, HR administration and compliance management. ASO services do not involve co-employment, and ASO clients do not get TriNet-sponsored health plans. At the end of 2025 TriNet had about 18,600 legacy HRIS Users, and it is moving clients from the older HRIS product to ASO.

What it provides

- HR consulting: teams of HR, benefits, payroll, risk and compliance staff advise clients on topics such as talent management, immigration and visas, and employment compliance. - Benefits: TriNet sponsors group health, dental, vision, disability and life insurance plans, along with flexible spending accounts, health savings accounts, retirement benefits and COBRA benefits. PEO clients can instead keep their own broker-obtained health plans through the OMS product family. - Payroll: multi-state payroll processing, payroll tax administration, tax credit services, and time and expense tools. - Risk mitigation: workers' compensation insurance and employment practices liability insurance (EPLI) coverage bought from third-party carriers. TriNet bears claim costs up to a deductible, which for workers' compensation is $1 million per claim occurrence. - Technology: online and mobile tools for HR transactions and reporting, a contractor payments application, and payroll and HR support for non-US employees through international employer of record partners.

How it makes money

TriNet's revenue has three parts. Professional service revenues are fees for processing payroll transactions, access to HR expertise and technology, compliance services, tax credit filing and cloud-based ASO services. They are generally billed per WSE or ASO User per month per transaction. Insurance service revenues are insurance billings and administrative fees collected from PEO clients and withheld from WSE pay for workers' compensation and health plans. Interest income comes mainly from client cash held because clients prefund payroll and related taxes.

TriNet sets its insurance fees in advance for fixed benefit periods, so its results depend on how claims costs compare with its pricing. About 88% of its group health insurance costs relate to risk-based plans. In those plans TriNet reimburses carriers for claims paid within an agreed per-person deductible layer, up to a maximum aggregate exposure limit.

Who it sells to and where

Clients are SMBs across many industries. The main targeted verticals are technology, financial services, life sciences, nonprofit, professional services and main street. PEO contracts are annual and renew automatically, and either side can generally cancel with 30 days' notice. ASO contracts have monthly or annual terms.

The top five PEO markets are California, New York, Florida, Texas and Massachusetts, which account for approximately 64% of WSE paid wages. Nearly all revenues are generated within the United States and its territories.

TriNet sells through a direct sales force organised by industry vertical and through brokers and other channel partners. New PEO clients tend to join and leave in January, when payroll tax and benefits years begin.

How it competes

They include the TotalSource unit of Automatic Data Processing, the PEO operations of Paychex and Insperity, and many smaller PEOs. TriNet also competes with payroll processing agents, other HCM providers, in-house HR teams, and insurance brokers whose platforms connect to third-party HR systems. Because ASO services involve neither co-employment nor TriNet health plans, they compete with a wider range of HCM companies outside the PEO industry.

The company says it differentiates itself through technology-enabled service for employee-centric SMBs, a high-touch HR advisory experience, and a risk-based model for managing benefits costs.

TriNet also operates under extensive regulation. Nearly all states license or register PEOs, and the IRS runs a voluntary federal certification program. ERISA, HIPAA and state health plan and privacy rules also affect the business.

Its people

About 3,400 colleagues work primarily in the United States, with others in India and Canada. None were covered by a collective bargaining agreement at 31 December 2025. TriNet offers remote, hybrid and on-site roles. Its primary on-site centers are in Hyderabad, India; Atlanta, Georgia; and Dublin, California.

*From TriNet's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/937098/000093709826000010/tnet-20251231.htm)*

From the company's 10-K.