TriNet Group, Inc. (TNET) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.93	$1.55	+66.7%	—	$1.2B	—
Q1 26	$1.86	$2.48	+33.3%	—	$1.2B	—
Q3 25	$0.78	$1.11	+42.3%	—	$1.2B	—
Q2 25	$1.03	$1.15	+11.7%	—	$1.2B	—
Q1 25	$1.6	$1.99	+24.4%	—	$1.3B	—
Q4 24	$0.24	$0.44	+83.3%	—	$1.3B	—
Q3 24	$1.32	$1.17	-11.4%	—	$1.2B	—
Q2 24	$1.3	$1.53	+17.7%	—	$1.2B	—
Q1 24	$2.41	$2.18	-9.5%	—	$1.3B	—
Q4 23	$1.18	$1.6	+35.6%	—	$1.2B	—
Q3 23	$1.39	$1.91	+37.4%	—	$1.2B	—
Q2 23	$1.35	$1.74	+28.9%	—	$1.2B	—
Q1 23	$2	$2.49	+24.5%	—	$1.2B	—
Q4 22	$0.36	$1.11	+208.3%	—	$1.2B	—
Q3 22	$1.02	$1.64	+60.8%	—	$1.2B	—
Q2 22	$1.15	$1.72	+49.6%	—	$1.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.2	—	—	$5B	—
FY24	—	$3.47	—	—	$5.1B	—
FY23	—	$6.61	—	—	$4.9B	—
FY22	—	$5.66	—	—	$4.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.1B	$3.3B	$3.5B	$3.9B	$4B	$4.5B	$4.9B	$4.9B	$5.1B	$5B
YoY change	+15.1%	+7.03%	+6.96%	+10.1%	+4.62%	+12.5%	+7.6%	+0.76%	+2.66%	-0.85%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.1B	3.3B	3.5B	3.9B	4B	4.5B	4.9B	4.9B	5.1B	5B
Cost of revenue	2.6B	2.7B	2.8B	3.2B	3.2B	3.6B	3.8B	3.8B	4.1B	4.1B
Gross profit	456M	596M	664M	684M	793M	937M	1.1B	1.1B	952M	886M
Gross margin	14.9%	18.2%	19%	17.7%	19.7%	20.6%	22.9%	22.4%	18.8%	17.7%
Research & development	31M	45M	49M	43M	40M	50M	73M	65M	68M	71M
Selling, general & administrative	266M	301M	324M	327M	338M	378M	483M	496M	521M	476M
Operating expenses	297M	346M	373M	370M	378M	428M	556M	561M	589M	547M
Operating income	124M	217M	251M	268M	368M	455M	499M	469M	288M	273M
Operating margin	4.05%	6.63%	7.17%	6.95%	9.12%	10%	10.2%	9.53%	5.7%	5.45%
Non-operating income, net	751K	3M	—	—	—	—	—	—	—	—
Pretax income	104M	200M	241M	270M	357M	441M	482M	501M	226M	217M
Income tax	43M	22M	49M	58M	85M	103M	127M	126M	53M	62M
Net income	61M	178M	192M	212M	272M	338M	355M	375M	173M	155M
Net margin	1.99%	5.44%	5.48%	5.5%	6.74%	7.44%	7.27%	7.62%	3.42%	3.09%
EBITDA	163M	255M	309M	364M	460M	555M	610M	622M	374M	346M
EPS	0.88	2.57	2.72	3.04	4.03	5.13	5.66	6.61	3.47	3.2
Diluted EPS	0.85	2.49	2.65	2.99	3.99	5.07	5.61	6.56	3.43	3.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.2B	1.2B	1.3B	1.2B	1.2B	1.3B	1.3B	1.2B	1.2B	1.2B	1.2B	1.2B
Cost of revenue	948M	995M	986M	991M	1B	1.1B	1B	1B	1B	1.1B	926M	932M
Gross profit	274M	250M	278M	235M	214M	225M	279M	220M	216M	171M	300M	246M
Gross margin	22.4%	20.1%	22%	19.2%	17.3%	17%	21.6%	17.8%	17.5%	13.7%	24.5%	20.9%
Research & development	15M	16M	18M	17M	17M	16M	20M	17M	18M	16M	19M	17M
Selling, general & administrative	126M	128M	120M	119M	120M	163M	113M	120M	119M	124M	128M	122M
Operating expenses	141M	144M	138M	136M	137M	179M	133M	137M	137M	140M	147M	139M
Operating income	116M	87M	122M	80M	58M	27M	129M	66M	63M	15M	136M	88M
Operating margin	9.49%	6.99%	9.65%	6.53%	4.69%	2.04%	9.98%	5.33%	5.11%	1.2%	11.1%	7.47%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	124M	85M	124M	81M	58M	-37M	115M	51M	50M	1M	123M	74M
Income tax	30M	18M	33M	21M	13M	-14M	30M	14M	16M	2M	34M	21M
Net income	94M	67M	91M	60M	45M	-23M	85M	37M	34M	-1M	89M	53M
Net margin	7.69%	5.38%	7.2%	4.89%	3.64%	-1.73%	6.58%	2.99%	2.76%	-0.08%	7.26%	4.5%
EBITDA	154M	125M	160M	117M	93M	4M	148M	83M	82M	33M	155M	109M
EPS	1.65	1.33	1.8	1.21	0.9	-0.46	1.72	0.77	0.7	-0.01	1.9	1.16
Diluted EPS	1.63	1.31	1.78	1.2	0.89	-0.46	1.71	0.77	0.7	-0.01	1.9	1.15

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.8B	3.1B	3B	4B	5.4B	6.3B	4.3B	6.8B	—	2.8B	2.9B
Enterprise value	2.1B	3.2B	3.1B	4.1B	5.5B	6.1B	4.4B	7.6B	—	3.5B	3.5B
Shares outstanding	70.2M	69.2M	70.4M	70M	67M	66M	63M	57M	50M	48M	48M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	29.5	17.2	15.4	18.7	19.9	18.6	12	18.1	—	18.3	17.3
P/S	0.59	0.94	0.84	1.03	1.34	1.38	0.87	1.38	—	0.57	0.6
P/B	51.4	14.9	7.87	8.34	8.9	7.14	5.51	86.9	—	52.6	35.2
EV/EBITDA	12.7	12.4	9.98	11.4	11.9	11	7.2	12.2	—	10.1	13.1
EV/Sales	0.68	0.96	0.88	1.07	1.36	1.34	0.9	1.54	—	0.7	0.72
Earnings yield	3.39%	5.8%	6.5%	5.35%	5.04%	5.38%	8.31%	5.53%	—	5.46%	5.79%
FCF yield	8.46%	18.5%	-4.98%	10.8%	9.44%	2.83%	11.8%	6.93%	—	8.24%	8.64%
PEG	—	—	—	—	—	—	—	—	—	—	0.34

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	14.9%	18.2%	19%	17.7%	19.7%	20.6%	22.9%	22.4%	18.8%	17.7%	20.9%
Operating margin	4.05%	6.63%	7.17%	6.95%	9.12%	10%	10.2%	9.53%	5.7%	5.45%	6.43%
Net margin	1.99%	5.44%	5.48%	5.5%	6.74%	7.44%	7.27%	7.62%	3.42%	3.09%	3.62%
ROE	174.3%	86.4%	51.2%	44.6%	44.8%	38.4%	45.8%	480.8%	250.7%	287%	150.9%
ROA	2.91%	6.86%	7.89%	7.71%	8.94%	10.2%	10.3%	10.2%	4.2%	4.08%	4.35%
ROIC	23.5%	65.9%	39.5%	32.4%	41.3%	51.2%	41%	40.7%	30.2%	27.5%	29.7%
Return on tangible assets	4.19%	9.07%	10.6%	9.91%	11.2%	13%	16.2%	15.5%	6%	6.03%	8.45%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.11	1.13	1.16	1.14	1.16	1.4	1.17	1.05	1.07	1.09	1.13
Quick ratio	1.11	1.13	1.16	1.14	1.16	1.4	1.17	1.05	1.07	1.09	1.13
Debt / equity	13.1	2.05	1.1	0.96	0.71	0.62	0.71	14.6	14.8	17.4	7.6
Debt / assets	0.22	0.16	0.17	0.17	0.14	0.17	0.16	0.31	0.25	0.25	0.28
Net debt / EBITDA	1.69	0.34	0.42	0.48	0.16	-0.36	0.2	1.26	1.77	1.89	1.56
Interest coverage	6.2	11	12	13.9	18	23.1	13.4	13.5	4.65	4.88	5.59
Effective tax rate	41.3%	11%	20.3%	21.5%	23.8%	23.4%	26.3%	25.1%	23.5%	28.6%	29.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	43.6	47.3	49.8	55.1	60.2	68.8	77.5	86.4	101.1	104.4	103.8
EPS (basic)	0.88	2.57	2.72	3.04	4.03	5.13	5.66	6.61	3.47	3.2	3.2
EPS (diluted)	0.85	2.49	2.65	2.99	3.99	5.07	5.61	6.56	3.43	3.2	3.67
Book value per share	0.5	2.98	5.33	6.79	9.06	13.3	12.3	1.37	1.38	1.13	1.8
FCF per share	2.17	8.21	-2.09	6.09	7.61	2.7	8.03	8.25	4.02	4.88	6.26
Cash per share	2.62	4.86	4.01	4.01	5.34	11.3	6.83	6.18	7.2	5.98	7.8
Capex per share	0.57	0.55	0.61	0.64	0.54	0.61	0.89	1.32	1.56	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.31%	1.16%	1.23%	1.17%	0.89%	0.88%	1.15%	1.52%	1.54%	—	—
Capex / operating cash flow	14.3%	14.7%	20.5%	16.7%	8.02%	12.1%	17.3%	63%	26.7%	—	—
Payout ratio	—	—	—	—	—	—	—	—	21.4%	33.5%	30%
Dividend yield	—	—	—	—	—	—	—	—	—	1.83%	1.83%

Yield

1.83%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.29

ex-dividend Jul 1, 2026

Payout ratio

30%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 1, 2026	$0.29
Apr 1, 2026	$0.29
Jan 2, 2026	$0.275
Oct 1, 2025	$0.275
Jul 1, 2025	$0.275
Apr 1, 2025	$0.275
Jan 2, 2025	$0.25
Oct 1, 2024	$0.25

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.2B	$1.2B	$1.3B	$1.2B	$1.2B	$1.3B	$1.3B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B
YoY change	-1.53%	+1.55%	+1.44%	+1.41%	+1.23%	+6.51%	+2.22%	+0.98%	-0.4%	-5.88%	-5.11%	-4.85%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	184M	336M	282M	281M	358M	747M	430M	352M	360M	287M
Receivables	—	21M	11M	9M	18M	15M	19M	18M	32M	20M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.5B	2B	1.6B	1.9B	2.2B	2.4B	2.3B	2.6B	3.2B	2.9B
Property, plant & equipment	59M	70M	79M	140M	130M	66M	55M	41M	34M	47M
Goodwill & intangibles	640M	630M	620M	608M	624M	710M	1.3B	1.3B	1.2B	1.2B
Total assets	2.1B	2.6B	2.4B	2.7B	3B	3.3B	3.4B	3.7B	4.1B	3.8B
Accounts payable	23M	59M	45M	31M	50M	86M	98M	87M	89M	86M
Short-term debt	37M	40M	22M	39M	33M	11M	15M	123M	88M	10M
Total current liabilities	1.4B	1.8B	1.4B	1.6B	1.9B	1.7B	2B	2.5B	3B	2.6B
Long-term debt	422M	383M	391M	417M	397M	536M	537M	1B	934M	932M
Total liabilities	2.1B	2.4B	2.1B	2.3B	2.4B	2.4B	2.7B	3.6B	4B	3.7B
Shareholders' equity	35M	206M	375M	475M	607M	881M	775M	78M	69M	54M
Total debt	459M	423M	413M	456M	430M	547M	552M	1.1B	1B	942M
Net debt	275M	87M	185M	243M	129M	-65M	198M	850M	662M	655M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	245M	—	383M	249M	301M	—	349M	407M	321M	287M	340M	358M
Receivables	21M	—	11M	15M	15M	—	21M	12M	10M	20M	7M	3M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.9B	—	2.8B	2.6B	2.6B	—	2.9B	2.8B	2.5B	2.9B	2.5B	2.4B
Property, plant & equipment	40M	51M	37M	35M	44M	32M	31M	49M	48M	47M	60M	67M
Goodwill & intangibles	1.3B	—	1.3B	1.3B	1.3B	—	1.2B	1.2B	1.2B	1.2B	1.2B	1.3B
Total assets	3B	—	4B	3.7B	3.7B	—	3.8B	3.7B	3.4B	3.8B	3.4B	3.3B
Accounts payable	109M	—	122M	85M	82M	—	82M	85M	89M	86M	89M	103M
Short-term debt	15M	—	123M	97M	90M	—	86M	93M	10M	10M	11M	10M
Total current liabilities	1.7B	—	2.7B	2.5B	2.4B	—	2.6B	2.5B	2.2B	2.6B	2.2B	2.1B
Long-term debt	1.1B	—	1B	1B	1B	—	933M	942M	933M	932M	935M	940M
Total liabilities	3B	—	3.8B	3.6B	3.6B	—	3.7B	3.6B	3.3B	3.7B	3.3B	3.2B
Shareholders' equity	10M	—	143M	100M	129M	—	63M	107M	110M	54M	83M	125M
Total debt	1.1B	—	1.1B	1.1B	1.1B	—	1B	1B	943M	942M	946M	950M
Net debt	966M	—	836M	928M	862M	—	670M	628M	622M	655M	606M	592M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	61M	178M	192M	212M	272M	338M	355M	375M	173M	155M
Depreciation & amortization	39M	35M	46M	73M	82M	94M	89M	81M	86M	73M
Stock-based compensation	26M	32M	44M	41M	43M	50M	62M	59M	65M	65M
Change in working capital	111M	38M	-73M	-66M	92M	-144M	-201M	-443M	-76M	-62M
Operating cash flow	279M	258M	210M	269M	449M	331M	323M	119M	292M	303M
Capital expenditure	-40M	-38M	-43M	-45M	-36M	-40M	-56M	-75M	-78M	—
Investing cash flow	-27.3M	-24M	-200M	-188M	-163M	-135M	-226M	-70M	153M	26M
Dividends paid	—	—	—	—	—	—	—	—	-37M	-52M
Share repurchases	-72M	-44M	-61M	-140M	-178M	-94M	-523M	-1.1B	-183M	-183M
Financing cash flow	-104M	-77M	-85M	-176M	-442M	12M	-536M	-1B	-317M	-139M
Net change in cash	147.7M	157M	-75M	-95M	-156M	208M	-439M	-992M	128M	190M
Free cash flow	152M	568M	-147M	426M	510M	178M	506M	470M	201M	234M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	34M	-1M	89M	53M
Depreciation & amortization	—	—	—	—	—	—	—	—	19M	18M	19M	21M
Stock-based compensation	—	—	—	—	—	—	—	—	17M	17M	16M	17M
Change in working capital	9M	-17M	24M	-32M	-5M	6M	-11M	6M	-11M	-21M	-11M	-10M
Operating cash flow	9M	-17M	24M	-32M	-5M	6M	-11M	6M	72M	61M	149M	88M
Capital expenditure	-20M	-21M	-18M	-17M	-25M	-18M	—	—	—	—	—	—
Investing cash flow	-20M	-21M	-18M	-17M	-25M	-18M	1M	0	-3M	2M	13M	-50M
Dividends paid	—	—	—	—	—	—	—	—	-13M	-13M	-13M	-13M
Share repurchases	—	—	—	—	—	—	—	—	-31M	-61M	-58M	-18M
Financing cash flow	—	—	—	—	—	—	—	—	-222M	511M	-645M	-117M
Net change in cash	-11M	-38M	6M	-49M	-30M	-12M	-10M	6M	-153M	574M	-483M	-79M
Free cash flow	—	—	—	—	—	—	—	—	55M	43M	123M	67M

TriNet Group, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement