TNET

MKT CAP:$2B

TriNet Group, Inc.

Market Cap

$2B

Industrials·Staffing & Employment Services·🇺🇸 United States·NYSE

Industrials·Staffing·🇺🇸·NYSE

Stock Price

$41.28-$15.89 (-27.79%)

Apr 21, 2026

Company Details

TriNet Group, Inc. provides human resources (HR) solutions, payroll services, employee benefits, and employment risk mitigation services for small and midsize businesses in the United States. The company offers multi-state payroll processin...

CEO

Michael Quinn Simonds

IPO Date

Mar 27, 2014

Website

www.trinet.com

Key Metrics TTM

Revenue

$5.0B

-1.7% YoY

Net Income

$155M

EPS (Diluted)

$3.16

Free Cash Flow

$271M

Revenue / Share

$104.38

Gross Margin

17.4%

Operating Margin

5.3%

Net Margin

3.1%

FCF Margin

5.4%

P/S

0.4x

P/E

12.2x

Earnings Reports

FY 2025

Feb 12, 2026

$5.0B-0.9%EPS $3.16

Q4 2025

Feb 12, 2026

$1.2B-5.9%EPS -$0.02

Q3 2025

Oct 29, 2025

$1.2BEPS $0.71

Q2 2025

Jul 25, 2025

$1.2B-0.4%EPS $0.76

Q1 2025

Apr 25, 2025

$1.3B+0.8%EPS $1.71

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$1.2B	$220M	$91M
Q1 22	$1.2B	$325M	$204M
Q2 22	$1.2B	$272M	$119M
Q3 22	$1.2B	$290M	$120M
Q4 22	$1.2B	$232M	$56M
Q1 23	$1.2B	$316M	$169M
Q2 23	$1.2B	$262M	$97M
Q3 23	$1.2B	$274M	$116M
Q4 23	$1.2B	$231M	$87M
Q1 24	$1.3B	$296M	$122M
Q2 24	$1.2B	$252M	$80M
Q4 24	$1.3B	$225M	$27M
Q1 25	$1.3B	$279M	$129M
Q2 25	$1.2B	$220M	$66M
Q3 25	$1.2B	$216M	$50M
Q4 25	$1.2B	$155M	$21M

Valuation

Quarter	P/S	P/E
Q4 21	1.4x	18.5x
Q1 22	1.3x	16.5x
Q2 22	1.0x	12.7x
Q3 22	0.9x	12.2x
Q4 22	0.9x	12.2x
Q1 23	1.0x	14.1x
Q2 23	1.1x	16.1x
Q3 23	1.2x	16.6x
Q4 23	1.2x	16.3x
Q1 24	1.4x	20.2x
Q2 24	1.0x	16.2x
Q4 24	0.9x	23.3x
Q1 25	0.8x	18.6x
Q2 25	0.7x	22.5x
Q3 25	0.6x	24.6x
Q4 25	0.6x	18.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$234M	$223M
Q1 22	$214M	$203M
Q2 22	-$89M	-$104M
Q3 22	-$49M	-$62M
Q4 22	$486M	$469M
Q1 23	-$77M	-$94M
Q2 23	$144M	$127M
Q3 23	-$110M	-$130M
Q4 23	$582M	$561M
Q1 24	$91M	$73M
Q2 24	-$123M	-$140M
Q4 24	$555M	$537M
Q1 25	$95M	$96M
Q2 25	$75M	$77M
Q3 25	$72M	$55M
Q4 25	$61M	$43M

Capital Expenditures

Quarter	CapEx
Q4 21	$11M
Q1 22	$11M
Q2 22	$15M
Q3 22	$13M
Q4 22	$17M
Q1 23	$17M
Q2 23	$17M
Q3 23	$20M
Q4 23	$21M
Q1 24	$18M
Q2 24	$17M
Q4 24	$18M
Q1 25	$1M
Q2 25	$2M
Q3 25	$17M
Q4 25	$18M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+15.9%	+10.5%
Q1 22	+14.9%	+10.0%
Q2 22	+9.1%	+10.4%
Q3 22	+8.1%	+7.5%
Q4 22	-0.5%	+2.5%
Q1 23	+2.3%	+6.2%
Q2 23	+0.8%	+2.9%
Q3 23	-1.5%	-1.3%
Q4 23	+1.5%	-1.0%
Q1 24	+2.9%	+7.7%
Q2 24	+2.8%	+4.6%
Q4 24	+8.5%	+17.5%
Q1 25	+3.8%	+0.4%
Q2 25	-3.4%	+1.0%
Q3 25	-0.9%	+1.6%
Q4 25	-5.9%	-5.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$13M	1.1%
Q1 22	$12M	1.0%
Q2 22	$0	0.0%
Q3 22	$16M	1.3%
Q4 22	$16M	1.3%
Q1 23	$11M	0.9%
Q2 23	$17M	1.4%
Q3 23	$15M	1.2%
Q4 23	$0	0.0%
Q1 24	$20M	1.6%
Q2 24	$18M	1.4%
Q4 24	$12M	0.9%
Q1 25	$13M	1.0%
Q2 25	$18M	1.5%
Q3 25	$17M	1.4%
Q4 25	$17M	1.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$14M	$48M	$55M
Q1 22	$16M	$47M	$45M
Q2 22	$20M	$48M	$62M
Q3 22	$18M	$63M	$72M
Q4 22	$19M	$76M	$63M
Q1 23	$17M	$43M	$69M
Q2 23	$17M	$60M	$70M
Q3 23	$15M	$51M	$75M
Q4 23	$16M	$57M	$71M
Q1 24	$18M	$48M	$72M
Q2 24	$17M	$47M	$72M
Q4 24	$16M	$92M	$71M
Q1 25	$20M	$46M	$67M
Q2 25	$17M	$52M	$68M
Q3 25	$18M	$51M	$68M
Q4 25	$16M	$58M	$60M

Revenue Segments

Quarter	Insurance Services	Professional Services
Q4 21	$1.1B	$174M
Q1 22	$1.0B	$194M
Q2 22	$1.0B	$182M
Q3 22	$1.1B	$189M
Q4 22	$1.0B	$189M
Q1 23	$1.0B	$205M
Q2 23	$1.0B	$177M
Q3 23	$1.0B	$185M
Q4 23	$1.1B	$189M
Q1 24	$1.1B	$214M
Q2 24	$1.0B	$186M
Q4 24	$1.1B	$181M
Q1 25	$1.1B	$209M
Q2 25	$1.0B	$172M
Q3 25	$1.0B	$169M
Q4 25	$1.1B	$169M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$235M	$154M	$389M
Q2 22	$336M	$120M	$456M
Q3 22	$454M	$95M	$549M
Q4 22	$354M	$76M	$430M
Q1 23	$707M	$89M	$796M
Q2 23	$482M	$69M	$551M
Q3 23	$170M	$75M	$245M
Q4 23	$287M	$65M	$352M
Q1 24	$298M	$85M	$383M
Q2 24	$177M	$72M	$249M
Q3 24	$251M	$50M	$301M
Q4 24	$360M	$0	$360M
Q1 25	$349M	$0	$349M
Q2 25	$1.5B	$0	$1.5B
Q3 25	$321M	$0	$321M
Q4 25	$2.0B	$0	$2.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	67M	0.0%	0.0%
Q1 22	66M	-1.5%	-1.5%
Q2 22	63M	-4.5%	-6.0%
Q3 22	63M	0.0%	-6.0%
Q4 22	62M	-1.6%	-7.5%
Q1 23	60M	-3.2%	-9.1%
Q2 23	60M	0.0%	-4.8%
Q3 23	58M	-3.3%	-7.9%
Q4 23	51M	-12.1%	-17.7%
Q1 24	51M	0.0%	-15.0%
Q2 24	51M	0.0%	-15.0%
Q4 24	50M	-2.0%	-13.8%
Q1 25	49M	-2.0%	-3.9%
Q2 25	49M	0.0%	-3.9%
Q3 25	48M	-2.0%	-5.9%
Q4 25	48M	0.0%	-4.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$3.4K	365K
Q1 22	$3.3K	365K
Q2 22	$3.3K	365K
Q3 22	$3.4K	365K
Q4 22	$3.5K	349K
Q1 23	$3.6K	349K
Q2 23	$3.5K	349K
Q3 23	$3.5K	349K
Q4 23	$3.6K	348K
Q1 24	$3.7K	348K
Q2 24	$3.6K	348K
Q4 24	$3.7K	361K
Q1 25	$3.6K	361K
Q2 25	$3.4K	361K
Q3 25	$3.4K	361K
Q4 25	$367.1K	3K

Revenue / Employee