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TNET

TriNet Group, Inc.

TNET

TriNet Group, Inc. • NYSE
$58.60 ▲ 0.19% (+0.11)
Market Cap $2.81 B
52w High $97.02
52w Low $54.22
Dividend Yield 1.07%
P/E 21.31
Volume 126.55K
Outstanding Shares 48.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.232B ▼ $166M ▲ $34M ▼ 2.76% ▼ $0.7 ▼ $82M ▼
Q2-2025 $1.238B ▼ $154M ▲ $37M ▼ 2.989% ▼ $0.77 ▼ $83M ▼
Q1-2025 $1.292B ▼ $150M ▼ $85M ▲ 6.579% ▲ $1.73 ▲ $148M ▲
Q4-2024 $1.326B ▲ $198M ▲ $-23M ▼ -1.735% ▼ $-0.46 ▼ $4M ▼
Q3-2024 $1.237B $156M $45M 3.638% $0.9 $93M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $321M ▼ $3.425B ▼ $3.315B ▼ $110M ▲
Q2-2025 $1.508B ▲ $3.688B ▼ $3.581B ▼ $107M ▲
Q1-2025 $349M ▼ $3.775B ▼ $3.712B ▼ $63M ▼
Q4-2024 $360M ▲ $4.119B ▲ $4.05B ▲ $69M ▼
Q3-2024 $301M $3.729B $3.6B $129M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $34M ▼ $72M ▼ $-20M ▼ $-132M ▼ $-80M ▼ $55M ▼
Q2-2025 $37M ▼ $75M ▼ $1M ▲ $66M ▲ $135M ▲ $77M ▼
Q1-2025 $85M ▲ $95M ▼ $-8M ▼ $-494M ▼ $-407M ▼ $96M ▼
Q4-2024 $-23M ▼ $555M ▲ $178M ▲ $10M ▲ $743M ▲ $537M ▲
Q3-2024 $44M $-31M $24M $-39M $-46M $-56M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Insurance Services
Insurance Services
 $1.08Bn ▲$1.06Bn ▼$1.05Bn ▼$1.05Bn ▲
Professional Services
Professional Services
 $180.00M ▲$210.00M ▲$170.00M ▼$170.00M ▲

Five-Year Company Overview

Income Statement

Income Statement TriNet’s revenue has inched up over the past five years, but not dramatically, so this is more of a steady, mature top line than a high‑growth story. Profitability, however, has come under pressure: margins peaked a couple of years ago and have since narrowed, with the most recent year showing meaningfully lower earnings than the prior two. The company is still solidly profitable, but with less cushion than at its earnings peak, suggesting sensitivity to claims costs, pricing, or general cost inflation in its HR and benefits offerings.

Balance Sheet

Balance Sheet The balance sheet shows a business that has grown gradually while becoming more financially leveraged. Total assets have crept higher, but debt has climbed faster and shareholders’ equity has been reduced to a relatively thin layer, likely reflecting share repurchases and capital returns. Cash on hand is reasonable but not oversized, so the company appears to be relying more on its recurring cash generation than on cash reserves as a safety net. Overall, the structure is efficient but leaves less balance‑sheet buffer if conditions turn adverse.

Cash Flow

Cash Flow TriNet consistently generates positive cash flow from its operations, which is a key strength for a services and benefits platform like this. Because the business doesn’t require heavy investment in physical assets, most of that operating cash flow turns into free cash flow. That said, cash generation has been somewhat up and down year to year, indicating exposure to interest rates, employment trends, and benefits utilization. Even with that volatility, the company looks capable of funding its investments, servicing debt, and returning capital without stretching its resources.

Competitive Edge

Competitive Edge TriNet holds a solid niche in the HR outsourcing and PEO market by combining scale, specialized industry focus, and sticky long‑term relationships. Its co‑employment model and deep involvement in payroll, benefits, and compliance create high switching costs for clients, which supports recurring revenue and customer loyalty. The ability to bundle “big‑company” benefits for smaller businesses is a meaningful draw, especially in talent‑competitive sectors like technology and life sciences. However, the company still operates in a crowded space with large, well‑funded rivals, so continued differentiation through service quality and technology remains essential.

Innovation and R&D

Innovation and R&D TriNet is leaning heavily into technology and AI to deepen its moat and broaden its reach. Recent efforts include a modern, mobile‑first HR platform, AI‑driven tools for benefits support and HR decision‑making, and data‑rich dashboards designed to make workforce management simpler for small and mid‑sized businesses. Acquisitions like Zenefits and Clarus R+D have expanded both its technology stack and its service offering, notably in HR software and R&D tax credit advisory. The key execution risks are successful integration of these tools, maintaining reliability and compliance, and actually turning these innovations into higher customer satisfaction and cross‑selling over time.

Summary

TriNet today looks like a mature, cash‑generative HR and PEO platform with modest growth, a strong but competitive market position, and a more leveraged balance sheet than in the past. Revenue has been steady rather than fast‑growing, while earnings have come down from prior peaks, signaling some margin compression and greater earnings volatility. On the positive side, the business model is capital‑light, generates consistent free cash flow, and benefits from sticky customer relationships and scale in benefits purchasing. The main things to watch are: how well the company manages profitability in a changing benefits and rate environment, how much balance‑sheet risk it is willing to carry, and whether its AI‑driven and platform initiatives under new leadership translate into renewed growth and stronger margins over time.

NEWS

November 17, 2025 · 8:00 AM UTC

TriNet to Participate at Upcoming Conferences

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November 10, 2025 · 9:15 AM UTC

TriNet Unveils 2025 State of the Workplace Report

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October 29, 2025 · 7:05 AM UTC

TriNet Appoints Mala Murthy as Chief Financial Officer, Succeeding Kelly Tuminelli

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October 29, 2025 · 7:00 AM UTC

TriNet Announces Third Quarter 2025 Results & Reaffirms Full Year 2025 Guidance

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October 22, 2025 · 9:15 AM UTC

TriNet to Launch AI-Powered Suite of Offerings to Empower SMBs with Personalized, Data-Driven HR Support

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