TriNet Announces Fourth Quarter, Fiscal Year 2025 Results, and Full Year 2026 Guidance
TriNet reported FY2025 revenue of $5.010B (-1% YoY), with average WSEs down 5% to 333,886. Adjusted EBITDA reached $425M (8.5% margin) and Free Cash Flow rose 16% to $234M. FY2026 revenue guidance: $4.75B–$4.90B. Stock repurchase authorization expanded to $400M.
DUBLIN, Calif., Feb. 12, 2026 – TriNet Group, Inc. (NYSE: TNET), a leading provider of comprehensive and flexible human capital management (HCM) solutions for small and medium-size businesses (SMBs), today announced financial results for the fourth quarter and full year ended December 31, 2025. The fourth quarter and full year highlights below include non-GAAP financial measures which are reconciled later in this release.
“We closed out 2025 by delivering earnings at the top-end of our guidance,” said Mike Simonds, TriNet’s President and CEO. “In 2025, we successfully repriced our business, grew free cash flow by 16%, and returned over $200 million in capital to shareholders through share repurchases and dividends.”
Simonds continued, “As we enter 2026, we have a clear strategy in place, with several initiatives launching in support of our strategy, including AI-powered TriNet Assistant for customer service, expansion of our broker channel, and several new exciting partnerships, just to name a few. Momentum is building, and we expect our results to reflect this as we work our way through 2026.”
Fourth quarter highlights include:
Total revenues decreased 2% to $1.2 billion compared to the same period last year.
Professional service revenues decreased 7% to $169 million compared to the same period last year.
Net loss was $1 million, or $(0.01) loss per share, compared to net loss of $23 million, or $(0.46) loss per share, in the same period last year.
Adjusted Net Income was $21 million, or $0.46 per diluted share, compared to Adjusted Net Income of $22 million, or $0.44 per diluted share, in the same period last year.
Adjusted EBITDA was $57 million, representing an Adjusted EBITDA Margin of 4.7%, compared to Adjusted EBITDA of $60 million, representing an Adjusted EBITDA Margin of 4.7% in the same period last year.
Average Worksite Employees (WSEs) decreased 9% as compared to the same period last year and decreased 3% as compared to the previous quarter, to approximately 324,000.
Full year highlights include:
Total revenues decreased 1% to $5.0 billion as compared to 2024.
Professional service revenues decreased 6% to $719 million as compared to 2024.
Net income was $155 million or $3.20 per diluted share, compared to net income of $173 million or $3.43 per diluted share, in 2024.
Adjusted Net income was $230 million or $4.73 per diluted share, compared to net income of $269 million or $5.32 per diluted share, in 2024.
Adjusted EBITDA was $425 million, representing an Adjusted EBITDA Margin of 8.5%, compared to Adjusted EBITDA of $485 million, representing an Adjusted EBITDA Margin of 9.6% in 2024.
Average Worksite Employees (WSEs) decreased by 5% compared to 2024, to approximately 334,000.
Stock Repurchase Program:
TriNet stock repurchase program increased by $336 million to bring the total available for repurchase to $400 million as of February 6, 2026, to be deployed subject to market conditions.
Annual Report on Form 10-K
We anticipate filing our Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission (SEC) and making it available at https://www.trinet.com on or about February 12, 2026. This press release should be read in conjunction with the Form 10-K and the related Notes to Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in the Form 10-K.
Earnings Conference Call and Audio Webcast
TriNet will host a conference call at 5:30 a.m. PT today to discuss its fourth quarter and year end results for 2025 and provide full-year financial guidance for 2026. TriNet encourages participants to pre-register for the webcast. The live webcast of the conference call can be accessed on the Investor Relations section of TriNet’s website at https://investor.trinet.com. Participants can pre-register for the webcast by going to: https://events.q4inc.com/attendee/808309156. Callers can pre-register for the conference call by going to: https://dpregister.com/sreg/10206352/10338348330. For those who would like to join the call but have not pre-registered, they can do so by dialing +1 (412) 317-5426 and requesting the “TriNet Conference Call.” A replay of the webcast will be available on this website for approximately one year. A telephonic replay will be available for two weeks following the conference call at +1 (412) 317-0088 conference ID:
About TriNet
TriNet is a leading provider of Human Resources solutions for small and medium size businesses, offering advanced 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. For more information, please visit TriNet.com or follow us on Facebook, LinkedIn and Instagram.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to TriNet’s financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section titled “Non-GAAP Financial Measures.”
Forward-Looking Statements
This press release contains, and statements made during the above referenced conference call will contain, statements that are not historical in nature, are predictive in nature, or that depend upon or refer to future events or conditions or otherwise contain forward-looking statements within the meaning of Section 21 of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including, among other things, TriNet’s expectations and assumptions regarding: TriNet’s financial guidance for the full-year 2026 and the underlying assumptions; TriNet’s mid-term outlook and the underlying assumptions; TriNet’s development, launch and on-going support of initiatives including AI-powered TriNet Assistant; expansion of our broker channel and new partnerships; TriNet’s ability to build momentum in its business; and TriNet’s ability to execute on our strategy. Forward-looking statements are often identified by the use of words such as, but not limited to, “ability,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “goal,” “guidance,” “impact,” “intend,” “may,” “objective,” “plan,” “project,” “should,” “strategy,” “support,” “target,” “value,” “will,” “would” and similar expressions or variations intended to identify forward-looking statements. These statements are not guarantees of future performance but are based on management’s expectations as of the date hereof and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from our current expectations and any past or future results, performance or achievements expressed or implied by the forward-looking statements. Investors are cautioned not to place undue reliance upon any forward-looking statements.
Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include: our ability to manage unexpected changes in workers’ compensation and health insurance claims and costs, including by WSEs; our ability to mitigate the distinct business risks we face as a co-employer; the effects of volatility in the financial and economic environment on the businesses that make up our client base; our inability to realize or sustain the expected benefits from our business realignment initiatives, and any associated increases in costs as a result of these initiatives; loss of clients for reasons beyond our control and the short-term contracts we typically use with our clients; the impact of regional or industry-specific economic and health factors on our operations; the impact of failures or limitations in the business systems and centers we rely upon; changes in our insurance coverage or our relationships with key insurance carriers; our ability to improve our services and technology to satisfy client and regulatory expectations, including with respect to artificial intelligence; our ability to effectively integrate businesses we have acquired or may acquire in the future; our ability to effectively manage and improve our operational effectiveness and resiliency; our ability to price our services at rates that our clients continue to find attractive; our ability to attract and retain qualified personnel; the effects of increased competition and our ability to compete effectively; the impact on our business of cyber-attacks, breaches, disclosures and other data-related incidents; our ability to comply with evolving data privacy, artificial intelligence and security laws; our ability to manage changes in, uncertainty regarding, or adverse application of the complex laws and regulations that govern our business; changing laws and regulations governing health insurance and employee benefits; our ability to keep pace with changes in technology or provide timely enhancements to our solutions and support, including with respect to artificial intelligence; risks associated with our international operations, including potential political or economic risks; our ability to operate a business subject to numerous complex laws; changing laws and regulations governing health insurance and other traditional employee benefits at the federal, state, and local levels; our ability to be recognized as an employer of worksite employees and for our benefits plans to satisfy all requirements under federal and state regulations; changes in the laws and regulations that govern what it means to be an employer, employee or independent contractor; the impact of new and changing laws regarding remote work; our ability to comply with the licensing requirements that govern our solutions; the failure of third-party service providers performing their functions; the failure to comply with anti-corruption laws and regulations, economic and trade sanctions, and similar laws; the outcome of existing and future legal and tax proceedings; fluctuation in our results of operations, stock price and maintenance of performance measures year over year due to factors outside of our control; our ability to comply with the restrictions of our indebtedness and meet our debt obligations; the need for additional capital or to restructure our existing debt; the continuation of our stock repurchase program; and the impact of concentrated ownership in our stock by Atairos and other large stockholders and the anti-takeover provisions in our charter documents and under Delaware law. Any of these factors could cause our actual results to differ materially from our anticipated results.
Further information on risks that could affect TriNet’s results is included in our filings with the SEC, including under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on our investor relations website at https://investor.trinet.com and on the SEC website at https://www.sec.gov. Copies of these filings are also available by contacting TriNet Corporation’s Investor Relations Department at (510) 875-7201. Except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements in this press release, and any forward-looking statements in this press release speak only as of the date of this press release. In addition, we do not assume any obligation, and do not intend, to update any of our forward-looking statements, except as required by law.
