Trinet Group Inc

Latest Results (05.04.2026):

TriNet Group, Inc. reported results for the fourth quarter of 2025 (and full-year 2025). For Q4 2025 total revenue was $1.248 billion (-2% year-over-year), GAAP net loss was $1 million (‑$0.01 per diluted share) while Adjusted Net Income was $21 million ($0.46 per diluted share). Adjusted EBITDA for the quarter was $57 million (4.7% margin). For full-year 2025, total revenue was $5.01 billion (-1%), GAAP net income was $155 million ($3.20 diluted EPS), Adjusted EBITDA was $425 million (8.5% margin), and Free Cash Flow grew 16% to $234 million. The company increased its stock repurchase authorization and provided full-year 2026 guidance.

Revenue

Q4 2025 total revenues: $1.248B, down 2% YoY. Full-year 2025 revenues: $5.01B, down 1% YoY. Professional services revenues declined (Q4: $169M, -7% YoY; FY: $719M, -6% YoY). Insurance service revenues were essentially flat year-to-year for the full year.

GAAP vs. Non‑GAAP Profitability

GAAP Q4 2025: net loss of $1M (‑$0.01/sh). Q4 Adjusted Net Income: $21M ($0.46/sh). Q4 Adjusted EBITDA: $57M (4.7% margin), unchanged margin YoY. FY 2025 GAAP net income: $155M ($3.20 diluted EPS); FY Adjusted EBITDA: $425M (8.5% margin), down from $485M (9.6%) in 2024.

Workforce / Client Scale (WSEs)

Average Worksite Employees (WSEs) were ~324k in Q4 2025, down 9% YoY and down ~3% sequentially. Full-year average WSEs were ~334k, a 5% decline versus 2024—reflecting reduced client scale vs. prior year.

Cash Flow and Capital Return

Net cash from operations for 2025 was $303M; Free Cash Flow was $234M (+16% YoY). TriNet returned capital via share repurchases and dividends (over $200M in 2025) and repurchased $183M of stock in 2025 per cash flow table.

Stock Repurchase Program

Board authorized increases to the repurchase program, bringing available authorization to $400M as of Feb 6, 2026, to be executed subject to market conditions.

Balance Sheet and Liquidity

As of Dec 31, 2025 cash and cash equivalents were $287M (down 20% YoY); restricted and unrestricted combined cash and investments totaled $1.902B. Total debt was $895M (down ~9% YoY). Total stockholders’ equity was $54M (down vs. $69M in 2024).

2026 Guidance

Full‑year 2026 guidance: total revenues $4.75B–$4.90B; professional services $625M–$645M; insurance cost ratio ~90.75%–89.25%; Adjusted EBITDA margin 7.5%–8.7%; diluted GAAP EPS $2.15–$3.05; Adjusted Net Income per diluted share $3.70–$4.70.