TRINET GROUP, INC. TNET

Industrials SIC 7389 - Services-Business Services, NEC NAICS Administrative and Support and Waste Management and Remediation Services › Administrative and Support Services derived NYSE

TriNet is a leading provider of HR solutions for SMBs. We offer technology-enabled services that include human capital expertise, employee benefits such as health insurance and retirement plans, payroll and payroll tax administration, risk mitigation, and compliance consulting. Our long-term objective is to be the premier provider of HR services for a broad range of SMBs through industry-leading benefits, sales distribution excellence, and a world-class services delivery model.

Since our founding in 1988, TriNet has served, and continues to serve, thousands of SMBs. We are the largest publicly traded company in the U.S. that focuses primarily on the PEO business, in terms of market capitalization as of December 31, 2025. In 2025, we processed $70 billion in payroll and payroll taxes for our clients and ended the year with approximately 323,200 WSEs.

Last close 75.78 2026-10-23
Market cap $3.48B 2026-06-30 share count
52-week range 33.60 - 76.59

Valuation FY2025 figures against the last close

P/S0.7x
P/E23.7x
P/FCF14.9x
EV/EBITDA—
Dividend yield1.5%
Diluted EPS3.20

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $5.01B$5.05B$4.99B$4.91B$4.54B$4.03B$3.86B$3.50B$3.27B$3.06B
Cost of revenue ————————$213.0M$190.0M
Gross profit ————————$3.06B$2.87B
R&D $71.0M$68.0M$65.0M$73.0M$50.0M$40.0M$43.0M$49.0M$45.0M$31.0M
SG&A $207.0M$232.0M$211.0M$241.0M$176.0M$152.0M$137.0M$142.0M$114.0M$92.0M
Total operating expenses ——$4.45B$4.39B$4.08B$3.67B$3.59B$3.25B$3.06B$2.94B
Operating income ——$469.0M$499.0M$455.0M$368.0M$268.0M$251.0M$217.0M$124.0M
Interest expense ———————$12.0M$3.0M$0
Pre-tax income $217.0M$226.0M$501.0M$482.0M$441.0M$357.0M$270.0M$241.0M$200.0M$104.0M
Income tax $62.0M$53.0M$126.0M$127.0M$103.0M$85.0M$58.0M$49.0M$22.0M$43.0M
Net income $155.0M$173.0M$375.0M$355.0M$338.0M$272.0M$212.0M$192.0M$178.0M$61.0M
EPS, basic 3.203.476.615.665.134.033.042.722.570.88
EPS, diluted 3.203.436.565.615.073.992.992.652.490.85
Shares, diluted (wtd. avg.) 49.0M50.0M57.0M64.0M67.0M68.0M71.0M72.0M71.0M72.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $287.0M$360.0M$1.47B$1.54B$1.74B$1.64B$1.46B$1.35B$1.74B$1.23B
Short-term investments —$0$65.0M$76.0M$135.0M$57.0M$68.0M$54.0M$0—
Receivables $20.0M$32.0M$18.0M$19.0M$15.0M$18.0M$9.0M$11.0M$21.0M—
Total current assets $2.87B$3.18B$2.58B$2.33B$2.44B$2.16B$1.87B$1.65B$1.99B$1.53B
Property, plant and equipment $11.0M$10.0M$17.0M$24.0M$24.0M$79.0M$85.0M$79.0M$70.0M$59.0M
Goodwill $461.0M$461.0M$462.0M$462.0M$294.0M$294.0M$289.0M$289.0M$289.0M$289.0M
Other intangibles $153.0M$156.0M$172.0M$163.0M$61.0M$18.0M$15.0M$21.0M$26.0M$31.0M
Total assets $3.80B$4.12B$3.69B$3.44B$3.31B$3.04B$2.75B$2.44B$2.59B$2.10B
Accounts payable ————————$45.0M$23.0M
Short-term debt ————$0$22.0M$22.0M$22.0M$40.0M—
Total current liabilities $2.64B$2.98B$2.46B$1.99B$1.74B$1.87B$1.64B$1.43B$1.76B$1.38B
Long-term debt $895.0M$908.0M$984.0M$496.0M$495.0M$348.0M$369.0M$391.0M——
Total liabilities $3.74B$4.05B$3.62B$2.67B$2.43B$2.44B$2.27B$2.06B$2.39B$2.06B
Retained earnings -$1.08B-$984.0M-$896.0M-$119.0M$74.0M-$144.0M-$219.0M-$266.0M-$377.0M-$500.0M
Total equity $54.0M$69.0M$78.0M$775.0M$881.0M$607.0M$475.0M$375.0M$206.0M$35.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $303.0M$279.0M$539.0M$497.0M$218.0M$546.0M$471.0M-$104.0M$606.0M$192.0M
Depreciation and amortisation $5.0M$7.0M$9.0M$10.0M$9.0M$9.0M$41.0M$35.0M$28.0M$19.0M
Stock-based compensation $65.0M$65.0M$59.0M$62.0M$50.0M$43.0M$41.0M$44.0M$32.0M$26.0M
Capital expenditure $69.0M$78.0M$75.0M$56.0M$40.0M$36.0M$45.0M$43.0M$38.0M$40.0M
Investing cash flow -$43.0M$153.0M-$70.0M-$226.0M-$135.0M-$151.0M-$188.0M-$200.0M-$24.0M-$27.0M
Financing cash flow -$49.0M-$207.0M-$540.0M-$471.0M$12.0M-$208.0M-$176.0M-$85.0M-$77.0M-$104.0M
Dividends paid $52.0M$37.0M$0$0——————
Buybacks $183.0M$183.0M$1.12B$523.0M$94.0M$178.0M$140.0M$61.0M$44.0M$72.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000937098-26-000018.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B Revenue, FY2016: 3.1B Gross profit, FY2016: 2.9B Net income, FY2016: 61M Revenue, FY2017: 3.3B Gross profit, FY2017: 3.1B Net income, FY2017: 178M Revenue, FY2018: 3.5B Net income, FY2018: 192M Revenue, FY2019: 3.9B Net income, FY2019: 212M Revenue, FY2020: 4B Net income, FY2020: 272M Revenue, FY2021: 4.5B Net income, FY2021: 338M Revenue, FY2022: 4.9B Net income, FY2022: 355M Revenue, FY2023: 5B Net income, FY2023: 375M Revenue, FY2024: 5.1B Net income, FY2024: 173M Revenue, FY2025: 5B Net income, FY2025: 155M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.06B $3.27B $3.50B $3.86B $4.03B $4.54B $4.91B $4.99B $5.05B $5.01B
Gross profit $2.87B $3.06B — — — — — — — —
Net income $61.0M $178.0M $192.0M $212.0M $272.0M $338.0M $355.0M $375.0M $173.0M $155.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event Item 8.01
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 7389

TickerCompanyMarket capP/ERevenue growth
MA Mastercard Inc $550.02B 37.7x 16.4%
ACN Accenture plc $152.67B 20.5x 7.4%
UBER Uber Technologies, Inc $136.24B 14.1x 18.3%
MELI MERCADOLIBRE INC $91.77B 45.9x 34.3%
DASH DoorDash, Inc. $77.93B 84.2x 27.9%
EBAY EBAY INC $54.03B 28.0x 7.9%
PYPL PayPal Holdings, Inc. $50.30B 10.5x 4.3%
MSCI MSCI Inc. $44.76B 39.2x 9.7%