TRINET GROUP, INC. TNET
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3.20 | 3.47 | 6.61 | 5.66 | 5.13 | 4.03 | 3.04 | 2.72 | 2.57 | 0.88 |
| EPS, diluted | 3.20 | 3.43 | 6.56 | 5.61 | 5.07 | 3.99 | 2.99 | 2.65 | 2.49 | 0.85 |
| Shares, diluted (wtd. avg.) | $49.0M | $50.0M | $57.0M | $64.0M | $67.0M | $68.0M | $71.0M | $72.0M | $71.0M | $72.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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