# TRINET GROUP, INC. (TNET)

Informational only - not investment advice.

CIK: 0000937098
SIC: 7389 Services-Business Services, NEC
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7389 Services-Business Services, NEC](/industry/7389/)
Latest 10-K filed: 2026-02-12
SEC page: https://www.sec.gov/edgar/browse/?CIK=937098
Filing source: https://www.sec.gov/Archives/edgar/data/937098/000093709826000010/tnet-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-12 · accession 0000937098-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000937098.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 5,010,000,000 USD | 2025 | verified |
| Net income | 155,000,000 USD | 2025 | verified |
| Assets | 3,797,000,000 USD | 2025 | verified |
| Free cash flow | 234,000,000 USD | 2025 | computed |
| Net margin | 3.09% | 2025 | computed |
| Revenue YoY | -0.85% | 2025 | computed |
| ROE | 287.04% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | TNET | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 3.1% | 5.8% | 38 | 59 |
| Revenue growth | -0.9% | 8.4% | 12 | 58 |
| FCF margin | 4.7% | 14.2% | 21 | 58 |
| ROE | 287.0% | 8.7% | 100 | 52 |
| ROA | 4.1% | 2.9% | 57 | 59 |
| Liabilities / equity | 69.31 | 1.52 | 98 | 54 |
| Current ratio | 1.09 | 1.34 | 29 | 57 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7389 Services-Business Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 5010000000 | USD | 2025 | 2026-02-12 |
| Net income | 155000000 | USD | 2025 | 2026-02-12 |
| Assets | 3797000000 | USD | 2025 | 2026-02-12 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000937098.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 1,644,275,000 | 2,193,531,000 | 2,659,000,000 | 3,060,000,000 | 3,275,000,000 | 917,000,000 |  |  |  | 4,907,000,000 | 4,994,000,000 | 5,053,000,000 | 5,010,000,000 |
| Net income |  |  |  | 61,000,000 | 178,000,000 | 192,000,000 | 212,000,000 | 272,000,000 | 338,000,000 | 355,000,000 | 375,000,000 | 173,000,000 | 155,000,000 |
| Diluted EPS |  |  |  | 0.85 | 2.49 | 2.65 | 2.99 | 3.99 | 5.07 | 5.61 | 6.56 | 3.43 | 3.20 |
| Operating cash flow |  |  |  | 192,000,000 | 606,000,000 | -104,000,000 | 471,000,000 | 546,000,000 | 218,000,000 | 497,000,000 | 539,000,000 | 279,000,000 | 303,000,000 |
| Capital expenditures |  |  |  | 40,000,000 | 38,000,000 | 43,000,000 | 45,000,000 | 36,000,000 | 40,000,000 | 56,000,000 | 75,000,000 | 78,000,000 | 69,000,000 |
| Dividends paid |  |  |  |  |  |  |  |  |  | 0.00 | 0.00 | 37,000,000 | 52,000,000 |
| Share buybacks |  |  |  | 72,000,000 | 44,000,000 | 61,000,000 | 140,000,000 | 178,000,000 | 94,000,000 | 523,000,000 | 1,122,000,000 | 183,000,000 | 183,000,000 |
| Assets |  |  |  | 2,095,000,000 | 2,593,000,000 | 2,435,000,000 | 2,748,000,000 | 3,043,000,000 | 3,309,000,000 | 3,443,000,000 | 3,693,000,000 | 4,119,000,000 | 3,797,000,000 |
| Liabilities |  |  |  | 2,060,000,000 | 2,387,000,000 | 2,060,000,000 | 2,273,000,000 | 2,436,000,000 | 2,428,000,000 | 2,668,000,000 | 3,615,000,000 | 4,050,000,000 | 3,743,000,000 |
| Stockholders' equity |  |  |  | 35,000,000 | 206,000,000 | 375,000,000 | 475,000,000 | 607,000,000 | 881,000,000 | 775,000,000 | 78,000,000 | 69,000,000 | 54,000,000 |
| Cash and cash equivalents |  |  |  | 184,000,000 | 336,000,000 | 228,000,000 | 213,000,000 | 301,000,000 | 612,000,000 | 354,000,000 | 287,000,000 | 360,000,000 | 287,000,000 |
| Free cash flow |  |  |  | 152,000,000 | 568,000,000 | -147,000,000 | 426,000,000 | 510,000,000 | 178,000,000 | 441,000,000 | 464,000,000 | 201,000,000 | 234,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  | 1.99% | 5.44% | 20.94% |  |  |  | 7.23% | 7.51% | 3.42% | 3.09% |
| Return on equity |  |  |  | 174.29% | 86.41% | 51.20% | 44.63% | 44.81% | 38.37% | 45.81% | 480.77% | 250.72% | 287.04% |
| Return on assets |  |  |  | 2.91% | 6.86% | 7.89% | 7.71% | 8.94% | 10.21% | 10.31% | 10.15% | 4.20% | 4.08% |
| Liabilities / equity |  |  |  | 58.86 | 11.59 | 5.49 | 4.79 | 4.01 | 2.76 | 3.44 | 46.35 | 58.70 | 69.31 |
| Current ratio |  |  |  | 1.11 | 1.13 | 1.16 | 1.14 | 1.16 | 1.40 | 1.17 | 1.05 | 1.07 | 1.09 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/TNET/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000937098.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2016-Q4 | 2016-12-31 | 811,071,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2017-Q1 | 2017-03-31 | 807,610,000 |  |  | reported discrete quarter |
| 2017-Q2 | 2017-06-30 | 800,541,000 |  |  | reported discrete quarter |
| 2017-Q3 | 2017-09-30 | 819,293,000 |  |  | reported discrete quarter |
| 2017-Q4 | 2017-12-31 | 847,556,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2018-Q1 | 2018-03-31 | 861,000,000 |  |  | reported discrete quarter |
| 43646-Q2 | 2019-06-30 |  |  | 0.64 | reported discrete quarter |
| 43738-Q3 | 2019-09-30 |  |  | 0.78 | reported discrete quarter |
| 43921-Q1 | 2020-03-31 |  |  | 1.31 | reported discrete quarter |
| 44012-Q2 | 2020-06-30 |  |  | 1.87 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 |  | 94,000,000 |  | reported discrete quarter |
| 2023-Q4 | 2023-12-31 |  | 67,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 |  | 91,000,000 | 1.78 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 |  | 60,000,000 | 1.20 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 |  | 45,000,000 | 0.89 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 |  | -23,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,292,000,000 | 85,000,000 | 1.71 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,238,000,000 | 37,000,000 | 0.77 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,232,000,000 | 34,000,000 | 0.70 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,248,000,000 | -1,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,226,000,000 | 89,000,000 | 1.90 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 1,178,000,000 | 53,000,000 | 1.15 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from TNET's latest 10-K: [/company/TNET/business/](/company/TNET/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from TNET's latest 10-K: [/company/TNET/risk-factors/](/company/TNET/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/937098/000093709826000050/tnet-20260630.htm

Extracted from a later financial-section MD&A body after Item 2 boundaries were low-confidence.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Executive Summary

Overview

TriNet is a leading provider of HR solutions for SMBs. We offer a comprehensive suite of technology-enabled services through our PEO and ASO models including human capital expertise, employee benefits such as health insurance and retirement plans, payroll and payroll tax administration, risk mitigation, and compliance consulting.

We deliver a comprehensive suite of services that help our clients administer and manage various HR-related needs and functions, such as compensation, benefits, payroll processing, tax credit support, employee data, health insurance, workers' compensation, EPLI and other employment risk mitigation programs, employee performance management and training, on-boarding and off-boarding, and other transactional HR needs using our technology platform and benefits and compliance expertise.

We deliver our services primarily through our PEO services, which comprise our most complete HCM solution within our co-employment model.

In addition, our ASO services, which include our “HR Plus” product, consist of a SaaS solution with a significant service component, including payroll processing, benefits management, HR administration and compliance management to provide HCM solutions that our clients can tailor dynamically over time based on their specific needs. Unlike our PEO services, ASO services do not include co-employment.

Operational Highlights

Our consolidated results for the first half of 2026 reflect our continuing efforts to enhance our client experience, improve our sales performance, and manage client attrition, through product development and investments in our platform, as well as operational and process improvements.

So far in 2026, we:

•continued to execute on our medium-term strategy, reflecting significant progress in our efforts to reset the rates of our health benefits services,

•launched our new AI tool, TriNet Assistant, enabling customers to ask and receive answers to HR questions, with corresponding privacy and security safeguards and controls, by directly accessing TriNet’s HR knowledge library,

•through initiative with key partners, launched tools to assist our clients with IT automation, global workforce management and retirement plan connectivity to TriNet’s platform,

•completed the purchase of Cocoon, a leading provider of leave management technology that we are integrating into TriNet’s platform.

•made enhancements to our ASO services, including new tools to enable benefits administration and automated support for common employee requests,

•continued to invest in our sales resources, including expanding our partnership with brokers,

•continued to demonstrate disciplined expense management while making investments into our growth and efficiency efforts, and

•paid common stock dividends of $0.275 per share in January and $0.29 per share in April and July.

[[GREPCENT_TABLE]]
[["TRINET","7","2026 Q2 FORM 10-Q"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["MANAGEMENT'S DISCUSSION AND ANALYSIS","Table of Contents"]]
[[/GREPCENT_TABLE]]

Performance Highlights

Our results for the quarter ended June 30, 2026 when compared to the same period of 2025, are noted below:

Q2 2026

[[GREPCENT_TABLE]]
[["","$1.2B","","$74M","","86%"],["","Total revenues","","Income before tax","","Insurance cost ratio"],["","(5)%","decrease","","45%","increase","","(4)%","decrease"],["","$53M","","$1.15","","$72M"],["","Net income","","Diluted EPS","","Adjusted Net income *"],["","43%","increase","","50%","increase","","31%","increase"],["","297,615","","299,655"],["","Average WSEs","","Total WSEs"],["","(11)%","decrease","","(12)%","decrease"],["","* Non-GAAP measure. See definitions and reconciliations to the nearest GAAP measure below under the heading \"Non-GAAP Financial Measures\"."]]
[[/GREPCENT_TABLE]]

Our total revenue decreased in the second quarter of 2026, compared to the same period in 2025, primarily driven by lower co-employed Average WSEs partially offset by higher rates charged for our services.

During the second quarter of 2026, our Average WSEs decreased by 11% and Total WSEs decreased by 12% compared to the same period in 2025, primarily due to WSE decreases in our Technology, Professional Services, and Main Street verticals, which were partially attributable to repricing of our health benefits services.

Our results are highly influenced by health care cost and utilization trends. Our ICR in the second quarter of 2026 decreased compared to the same period in 2025, primarily driven by lower claims development and one time recovery of costs of $21 million from prior years. It also reflects the cumulative results of our repricing efforts over the past year to align our insurance services rates with the current insurance cost trend.

Lower insurance costs, partially offset by lower revenue, resulted in increases of net income and Adjusted Net Income of 43% and 31%, respectively, in the second quarter of 2026, as compared to the same period in 2025.

YTD 2026

[[GREPCENT_TABLE]]
[["","$2.4B","","$197M","","85%"],["","Total revenues","","Income before tax","","Insurance cost ratio"],["","(5)","%","decrease","","19","%","increase","","(4)","%","decrease"],["","$142M","","$3.05","","$188M"],["","Net income","","Diluted EPS","","Adjusted Net income *"],["","16","%","increase","","23","%","increase","","22","%","increase"],["","298,916","","299,655"],["","Average WSEs","","Total WSEs"],["","(12)","%","decrease","","(12)","%","decrease"],["","Non-GAAP measure. See definitions below under the heading \"Non-GAAP Financial Measures\"."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["TRINET","8","2026 Q2 FORM 10-Q"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["MANAGEMENT'S DISCUSSION AND ANALYSIS","Table of Contents"]]
[[/GREPCENT_TABLE]]

Results of Operations

The following table summarizes our results of operations for the second quarter ended June 30, 2026, when compared to the same period of 2025. For details of the critical accounting judgments and estimates that could affect our Results of Operations, see the Critical Accounting Judgments and Estimates section within the MD&A in Item 7 of our 2025 Form 10-K.

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["(in millions, except operating metrics data)","2026","2025","% Change","","2026","2025","% Change"],["Income Statement Data:"],["Professional service revenues","$","159","","$","172","","(8)","%","","$","348","","$","381","","(9)","%"],["Insurance service revenues","1,007","","1,048","","(4)","","","2,030","","2,113","","(4)"],["Interest income","12","","18","","(33)","","","26","","36","","(28)"],["Total revenues","1,178","","1,238","","(5)","","","2,404","","2,530","","(5)"],["Insurance costs","867","","947","","(8)","","","1,723","","1,889","","(9)"],["Operating expenses","223","","225","","(1)","","","457","","446","","2"],["Interest expense, bank fees and other","14","","15","","(7)","","","27","","29","","(7)"],["Total costs and operating expenses","1,104","","1,187","","(7)","","","2,207","","2,364","","(7)"],["Income before tax","74","","51","","45","","","197","","166","","19"],["Income taxes","21","","14","","50","","","55","","44","","25"],["Net income","$","53","","$","37","","43","%","","$","142","","$","122","","16","%"],["Cash Flow Data:"],["Net cash provided by operating activities","","","","","237","","170","","39","%"],["Net cash used in investing activities","","","","","(84)","","(7)","","1,100"],["Net cash used in financing activities","","","","","(757)","","(428)","","77"],["Non-GAAP measures (1):"],["Adjusted EBITDA","128","","105","","22","%","","314","","268","","17","%"],["Adjusted Net income","72","","55","","31","","","188","","154","","22"],["Operating Metrics:"],["Insurance Cost Ratio","86","%","90","%","(4)","%","","85","%","89","%","(4)","%"],["Average WSEs","297,615","","336,010","(11)","","","298,916","","338,377","","(12)"],["Total WSEs","299,655","","338,900","(12)","","","299,655","","338,900","","(12)"]]
[[/GREPCENT_TABLE]]

(1)    Refer to Non-GAAP measures definitions and reconciliations to the nearest GAAP measures under the heading "Non-GAAP Financial Measures".

The following table summarizes our balance sheet data as of June 30, 2026 compared to December 31, 2025.

[[GREPCENT_TABLE]]
[["(in millions)","June 30, 2026","","December 31, 2025","","% Change"],["Balance Sheet Data:"],["Cash and cash equivalents","$","358","","","$","287","","","25","%"],["Working capital","275","","","231","","","19"],["Total assets","3,346","","","3,797","","","(12)"],["Debt","896","","","895","","","\u2014"],["Total stockholders\u2019 equity","125","","","54","","","131"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["TRINET","9","2026 Q2 FORM 10-Q"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["MANAGEMENT'S DISCUSSION AND ANALYSIS","Table of Contents"]]
[[/GREPCENT_TABLE]]

Non-GAAP Financial Measures

In addition to financial measures presented in accordance with GAAP, we monitor other non-GAAP financial measures that we use to manage our business, to make planning decisions, to allocate resources and to use as performance measures in our executive compensation plan. These key financial measures provide an additional view of our operational performance over the long-term and provide information that we use to maintain and grow our business.

The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation from, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

[[GREPCENT_TABLE]]
[["Non-GAAP Measure","Definition","How We Use The Measure"],["Adjusted EBITDA","\u2022 Net income, excluding the effects of: - income tax provision, - stock based compensation expense- interest expense, bank fees and other,- depreciation, - amortization of intangible assets, - amortization of cloud computing arrangements, - restructuring costs, and- transaction and integration costs.","\u2022 Provides period-to-period comparisons on a consistent basis and an understanding as to how our management evaluates the effectiveness of our business strategies by excluding certain non-recurring costs, which include restructuring costs and transaction and integration costs, as well as certain non-cash charges such as depreciation and amortization, and stock-based compensation and certain impairment charges recognized based on the estimated fair values. We believe these charges are either not directly resulting from our core operations or not indicative of our ongoing operations. \u2022 Enhances comparisons to the prior period and, accordingly, facilitates the development of future projections and earnings growth prospects. \u2022 Provides a measure, among others, used in the determination of incentive compensation for management. \u2022 We also sometimes refer to Adjusted EBITDA margin, which is the ratio of Adjusted EBITDA to total revenues."],["Adjusted Net Income","\u2022 Net income, excluding the effects of: - effective income tax rate (1), - stock based compensation expense, - amortization of intangible assets, net,- non-cash interest expense, - restructuring costs- transaction and integration costs, and- the income tax effect (at our effective tax rate (1) of these pre-tax adjustments.)","\u2022 Provides information to our stockholders and board of directors to understand how our management evaluates our business, to monitor and evaluate our operating results, and analyze profitability of our ongoing operations and trends on a consistent basis by excluding certain non-cash charges."]]
[[/GREPCENT_TABLE]]

(1)    Non-GAAP effective tax rate is 25.5% and 25% of 2026 and 2025, respectively, which excludes the income tax impact from stock-based compensation, chang

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/937098/000093709826000010/tnet-20251231.htm
Complete FY 2025 MD&A: /company/TNET/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-12
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Operational Highlights

Our consolidated results for 2025 reflect our continuing efforts to serve our clients, attract new clients and invest in our platform.

During 2025 we:

•made progress on our medium-term strategy focusing our business on our core value proposition, improving the efficiency and effectiveness of our operations, which has helped us realize all time high net promoter scores,

•continued to grow our ASO services product and completed the sale of TriNet Clarus R+D,

•achieved significant repricing of our insurance services rates in light of rising insurance costs,

•made progress in growing our sales force and broker channel partnerships,

•demonstrated disciplined expense management in line with our expectations,

•opened our new corporate center in Atlanta and made significant progress building out our India operations, and

•paid common stock dividends of $0.25 per share in January and $0.275 per share in April, July, and October. Together with common stock repurchases of $182 million, we returned $235 million to stockholders.

Performance Highlights

Our results for 2025 when compared to 2024 are noted below:

[[GREPCENT_TABLE]]
[["","$5.0B","","$217M","","91%"],["","Total revenues","","Income before tax","","Insurance cost ratio"],["","(1)","%","decrease","","(4)","%","decrease","","1","%","increase"],["","$155M","","$3.20","","$230M"],["","Net income","","Diluted EPS","","Adjusted Net income *"],["","(10)","%","decrease","","(7)","%","decrease","","(14)","%","decrease"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","333,886","","323,206"],["","Average WSE","","Total WSE"],["","(5)","%","decrease","","(10)","%","decrease"],["*","Non-GAAP measure. See definitions below under the heading \"Non-GAAP Financial Measures\"."]]
[[/GREPCENT_TABLE]]

Our total revenues decreased 1%, primarily driven by lower co-employed Average WSEs partially offset by higher rates charged for our services. Average WSEs and Total WSEs decreased 5% and 10%, respectively, compared to the same period in 2024, primarily due to WSE decreases in our Technology, Professional Services, and Main Street verticals, which were partially attributable to repricing of our health benefits services.

Our results are highly influenced by health care cost and utilization trends. Our ICR was 1 percent higher compared to the same period in 2024, driven by insurance costs outpacing the growth in insurance services revenues.

Higher insurance costs and lower revenues, resulted in decreases of net income and Adjusted Net income of 10% and 14%, respectively, as compared to the same period in 2024.

[[GREPCENT_TABLE]]
[["TRINET","33","2025 FORM 10-K"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["MANAGEMENT'S DISCUSSION AND ANALYSIS","Table of Contents"]]
[[/GREPCENT_TABLE]]

Results of Operations

The following table summarizes our results of operations for the three years ended December 31, 2025, 2024 and 2023. For details of the critical accounting judgments and estimates that could affect the Results of Operations, see the Critical Accounting Judgments and Estimates section within MD&A.

[[GREPCENT_TABLE]]
[["","Year Ended December 31,","% Change"],["(in millions, except operating metrics data)","2025","2024","2023","2025 vs. 2024","2024 vs. 2023"],["Income Statement Data:"],["Professional service revenues","$","719","","$","765","","$","756","","(6)","%","1","%"],["Insurance service revenues","4,224","","4,224","","4,166","","\u2014","","1"],["Interest income","67","","64","","72","","5","","(11)"],["Total revenues","5,010","","5,053","","4,994","","(1)","","1"],["Insurance costs","3,835","","3,797","","3,513","","1","","8"],["Operating expenses","902","","968","","940","","(7)","","3"],["Interest expense, bank fees and other","56","","62","","40","","(10)","","55"],["Total costs and expenses","4,793","","4,827","","4,493","","(1)","","7"],["Income before tax","217","","226","","501","","(4)","","(55)"],["Income taxes","62","","53","","126","","17","","(58)"],["Net income","$","155","","$","173","","$","375","","(10)","%","(54)","%"],["Cash Flow Data:"],["Net cash provided by operating activities","303","","279","","539","","9","%","(48)","%"],["Net cash provided by (used in) investing activities","(43)","","153","","(70)","","(128)","","(319)"],["Net cash used in financing activities","(49)","","(207)","","(540)","","(76)","","(62)"],["Non-GAAP measures (1):"],["Adjusted EBITDA","425","","485","","697","","(12)","%","(30)","%"],["Adjusted Net income","230","","269","","446","","(14)","","(40)"],["Operating Metrics:"],["Insurance Cost Ratio","91","%","90","%","84","%","1","%","6","%"],["Average WSEs","333,886","","352,681","","331,423","","(5)","","6"],["Total WSEs","323,206","","360,681","","347,542","","(10)","","4"]]
[[/GREPCENT_TABLE]]

(1)    Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading "Non-GAAP Financial Measures".

The following table summarizes our balance sheet data as of December 31, 2025, 2024 and 2023.

[[GREPCENT_TABLE]]
[["","Year Ended December 31,","% Change"],["(in millions)","2025","2024","2023","2025 vs. 2024","2024 vs. 2023"],["Balance Sheet Data:"],["Cash and cash equivalents","$","287","","$","360","","$","287","","(20)","%","25","%"],["Working capital","231","","199","","115","","16","%","73","%"],["Total assets","3,797","","4,119","","3,693","","(8)","%","12","%"],["Debt","895","","983","","1,093","","(9)","%","(10)","%"],["Total stockholders\u2019 equity","54","","69","","78","","(22)","%","(12)","%"]]
[[/GREPCENT_TABLE]]

A discussion regarding our financial condition and results of operations for 2024 compared to 2023 can be found under Part II, Item 7. Management's Discussion and Analysis in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 13, 2025.

[[GREPCENT_TABLE]]
[["TRINET","34","2025 FORM 10-K"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["MANAGEMENT'S DISCUSSION AND ANALYSIS","Table of Contents"]]
[[/GREPCENT_TABLE]]

Non-GAAP Financial Measures

In addition to financial measures presented in accordance with GAAP, we monitor other non-GAAP financial measures that we use to manage our business, to make planning decisions, to allocate resources and to use as performance measures in our executive compensation plan. These key financial measures provide an additional view of our operational performance over the long-term and provide information that we use to maintain and grow our business. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation from, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

[[GREPCENT_TABLE]]
[["Non-GAAP Measure","Definition","How We Use The Measure"],["Adjusted EBITDA","\u2022 Net income, excluding the effects of: - income tax provision, - interest expense, bank fees and other, - depreciation, - amortization of intangible assets, - stock based compensation expense, - amortization of cloud computing arrangements, - transaction and integration costs, and - restructuring costs.","\u2022 Provides period-to-period comparisons on a consistent basis and an understanding as to how our management evaluates the effectiveness of our business strategies by excluding certain non-recurring costs, which include restructuring costs, as well as certain non-cash charges such as depreciation and amortization, and stock-based compensation and certain impairment charges recognized based on the estimated fair values. We believe these charges are either not directly resulting from our core operations or not indicative of our ongoing operations. \u2022 Enhances comparisons to the prior period and, accordingly, facilitates the development of future projections and earnings growth prospects. \u2022 Provides a measure, among others, used in the determination of incentive compensation for management. \u2022 We also sometimes refer to Adjusted EBITDA margin, which is the ratio of Adjusted EBITDA to total revenues."],["Adjusted Net Income","\u2022 Net income, excluding the effects of: - effective income tax rate (1), - stock based compensation expense, - amortization of intangible assets, net, - non-cash interest expense, - restructuring costs, and - the income tax effect (at our effective tax rate (1) of these pre-tax adjustments.)","\u2022 Provides information to our stockholders and board of directors to understand how our management evaluates our business, to monitor and evaluate our operating results, and analyze profitability of our ongoing operations and trends on a consistent basis by excluding certain non-cash charges."]]
[[/GREPCENT_TABLE]]

(1)     Non-GAAP effective tax rate is 25.0% for 2025, and 25.6% for 2024, which excludes the income tax impact from stock-based compensation, changes in uncertain tax positions, and nonrecurring benefits or expenses from federal legislative changes.

[[GREPCENT_TABLE]]
[["TRINET","35","2025 FORM 10-K"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["MANAGEMENT'S DISCUSSION AND ANALYSIS","Table of Contents"]]
[[/GREPCENT_TABLE]]

Reconciliation of GAAP to Non-GAAP Measures

The table below presents a reconciliation of Net income to Adjusted EBITDA:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["(in millions)","2025","2024","2023"],["Net income","$","155","","$","173","","$","375"],["Provision for income taxes","62","","53","","126"],["Stock based compensation","65","","65","","59"],["Interest expense, bank fees and other","56","","62","","40"],["Depreciation and amortization of intangible assets","66","","75","","72"],["Amortization of cloud computing arrangements","10","","8","","8"],["Transaction and integration costs","\u2014","","\u2014","","17"],["Restructuring costs","11","","49","","\u2014"],["Adjusted EBITDA","$","425","","$","485","","$","697"],["Adjusted EBITDA Margin","8.5","%","9.6","%","14.0","%"]]
[[/GREPCENT_TABLE]]

The table below presents a reconciliation of Net income to Adjusted Net Income:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["(in millions)","2025","2024","2023"],["Net income","$","155","","$","173","","$","375"],["Effective income tax rate adjustment","8","","(5)","","(2)"],["Stock based compensation","65","","65","","59"],["Amortization of other intangible assets, net","10","","19","","20"],["Non-cash interest expense","3","","3","","2"],["Transaction and integration costs","\u2014","","\u2014","","17"],["Restructuring costs","11","","49","","\u2014"],["Income tax impact of pre-tax adjustments","(22)","","(35)","","(25)"],["Adjusted Net Income","$","230","","$","269","","$","446"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["TRINET","36","2025 FORM 10-K"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["MANAGEMENT'S DISCUSSION AND ANALYSIS","Table of Contents"]]
[[/GREPCENT_TABLE]]

Operating Metrics

Worksite Employees (WSE)

Average WSE change is a volume measure we use to monitor the performance of our PEO business. Our PEO clients generally change their payroll service providers at the beginning of the payroll tax and benefits enrollment year; as a result, we have historically experienced our highest volumes of new PEO clients joining and existing clients terminating in the month of January. PEO client attrition, new PEO client additions and changes in employment levels within our installed PEO client base all impact our Average WSEs and Total WSEs as we move through a calendar year.

We support WSEs from the date on which their co-employment with TriNet commences through the end of their co-employment with TriNet and also after their co-employment period. We define WSEs to include co-employees and other individuals receiving PEO services, such as individuals who receive COBRA benefits or are subj

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/TNET/mda/fy2025/
All MD&A years: /company/TNET/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/TNET/mda/fy2024/): filed 2025-02-13; accession 0000937098-25-000016 (https://www.sec.gov/Archives/edgar/data/937098/000093709825000016/tnet-20241231.htm)
- [FY 2023 MD&A](/company/TNET/mda/fy2023/): filed 2024-02-15; accession 0000937098-24-000025 (https://www.sec.gov/Archives/edgar/data/937098/000093709824000025/tnet-20231231.htm)
- [FY 2022 MD&A](/company/TNET/mda/fy2022/): filed 2023-02-15; accession 0000937098-23-000028 (https://www.sec.gov/Archives/edgar/data/937098/000093709823000028/tnet-20221231.htm)
- [FY 2021 MD&A](/company/TNET/mda/fy2021/): filed 2022-02-14; accession 0000937098-22-000048 (https://www.sec.gov/Archives/edgar/data/937098/000093709822000048/tnet-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7389 Services-Business Services, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/TNET.md · JSON record: /company/TNET.json · verified financials: /company/TNET/financials.json / /company/TNET/financials.csv · machine TOC for the whole site: /llms.txt