NYSE : TNET
TriNet Group, Inc. — Financial statements
Industrials · Staffing & Employment Services · United States
Last price 63.7 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.92B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
TriNet Group, Inc. (TNET) reported revenue of 4.77B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 4.77B | 4.94B | 4.99B | 4.92B | 4.88B | 4.54B |
| Cost of Revenue | 3.92B | 4.12B | 4.10B | 3.82B | 3.77B | 3.60B |
| Gross Profit | 856.00M | 819.00M | 888.00M | 1.10B | 1.12B | 937.00M |
| Selling, General & Admin | 480.00M | 465.00M | 472.00M | 479.00M | 446.00M | 378.00M |
| Research & Development | 72.00M | 71.00M | 68.00M | 65.00M | 73.00M | 50.00M |
| Operating Expenses | 621.00M | 602.00M | 615.00M | 616.00M | 583.00M | 475.00M |
| Operating Income | 235.00M | 217.00M | 273.00M | 486.00M | 536.00M | 462.00M |
| Interest Expense | -53.00M | -56.00M | -62.00M | -40.00M | -22.00M | -20.00M |
| Interest & Investment Income | 53.00M | 67.00M | 64.00M | 72.00M | 22.00M | 6.00M |
| EBT Excluding Unusual Items | 235.00M | 228.00M | 275.00M | 518.00M | 536.00M | 448.00M |
| Merger & Restructuring Charges | -19.00M | -11.00M | -49.00M | -17.00M | -37.00M | |
| Gain (Loss) on Sale of Investments | -17.00M | |||||
| Asset Writedown | -7.00M | |||||
| Pretax Income | 237.00M | 217.00M | 226.00M | 501.00M | 482.00M | 441.00M |
| Income Tax Expense | 65.00M | 62.00M | 53.00M | 126.00M | 127.00M | 103.00M |
| Net Income | 172.00M | 155.00M | 173.00M | 375.00M | 355.00M | 338.00M |
| Net Income to Common | 172.00M | 155.00M | 173.00M | 375.00M | 355.00M | 338.00M |
| Shares Outstanding (Basic) | 45.75M | 48.00M | 50.00M | 57.00M | 63.00M | 66.00M |
| Shares Outstanding (Diluted) | 47.50M | 49.00M | 50.00M | 57.00M | 64.00M | 67.00M |
| EPS (Basic) | 3.76 | 3.23 | 3.46 | 6.58 | 5.63 | 5.12 |
| EPS (Diluted) | 3.67 | 3.20 | 3.43 | 6.56 | 5.61 | 5.07 |
| Free Cash Flow | 286.00M | 234.00M | 201.00M | 464.00M | 441.00M | 178.00M |
| Free Cash Flow Per Share | 6.02 | 4.78 | 4.02 | 8.14 | 6.89 | 2.66 |
| Dividend Per Share | 1.15 | 1.10 | 1.00 | |||
| Gross Margin | 17.93% | 16.57% | 17.80% | 22.39% | 22.91% | 20.64% |
| Operating Margin | 4.92% | 4.39% | 5.47% | 9.87% | 10.97% | 10.18% |
| Profit Margin | 3.60% | 3.14% | 3.47% | 7.62% | 7.27% | 7.45% |
| Free Cash Flow Margin | 5.99% | 4.73% | 4.03% | 9.43% | 9.03% | 3.92% |
| EBITDA | 257.00M | 236.00M | 307.00M | 525.00M | 565.00M | 492.00M |
| EBITDA Margin | 5.38% | 4.77% | 6.15% | 10.67% | 11.57% | 10.84% |
| D&A For EBITDA | 22.00M | 19.00M | 34.00M | 39.00M | 29.00M | 30.00M |
| EBIT | 235.00M | 217.00M | 273.00M | 486.00M | 536.00M | 462.00M |
| EBIT Margin | 4.92% | 4.39% | 5.47% | 9.87% | 10.97% | 10.18% |
| Effective Tax Rate | 27.43% | 28.57% | 23.45% | 25.15% | 26.35% | 23.36% |
| Revenue as Reported | 4.83B | 5.01B | 5.05B | 4.99B | 4.91B | 4.54B |
| Advertising Expenses | 19.00M | 20.00M | 37.00M | 29.00M | 21.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 328.00M | 287.00M | 360.00M | 287.00M | 354.00M | 612.00M |
| Short-Term Investments | 50.00M | 65.00M | 76.00M | 135.00M | ||
| Cash & Short-Term Investments | 378.00M | 287.00M | 360.00M | 352.00M | 430.00M | 747.00M |
| Accounts Receivable | 7.00M | 20.00M | 32.00M | 18.00M | 394.00M | 339.00M |
| Other Receivables | 371.00M | 264.00M | 349.00M | 447.00M | ||
| Receivables | 378.00M | 284.00M | 381.00M | 465.00M | 394.00M | 339.00M |
| Prepaid Expenses | 47.00M | 82.00M | 64.00M | 67.00M | 71.00M | 67.00M |
| Restricted Cash | 1.05B | 1.59B | 1.30B | 1.15B | 1.15B | 1.10B |
| Other Current Assets | 574.00M | 629.00M | 1.07B | 540.00M | 278.00M | 189.00M |
| Total Current Assets | 2.43B | 2.87B | 3.18B | 2.58B | 2.33B | 2.44B |
| Property, Plant & Equipment | 74.00M | 47.00M | 34.00M | 41.00M | 55.00M | 66.00M |
| Long-Term Investments | 143.00M | 151.00M | 168.00M | |||
| Goodwill | 465.00M | 461.00M | 461.00M | 462.00M | 462.00M | 294.00M |
| Other Intangible Assets | 176.00M | 153.00M | 156.00M | 172.00M | 163.00M | 61.00M |
| Other Long-Term Assets | 247.00M | 268.00M | 288.00M | 297.00M | 286.00M | 281.00M |
| Total Assets | 3.39B | 3.80B | 4.12B | 3.69B | 3.44B | 3.31B |
| Accounts Payable | 90.00M | 86.00M | 89.00M | 87.00M | 98.00M | 86.00M |
| Accrued Expenses | 1.99B | 2.48B | 2.73B | 2.19B | 1.77B | 1.54B |
| Short-Term Debt | 109.00M | |||||
| Current Portion of Long-Term Debt | 75.00M | |||||
| Current Portion of Leases | 11.00M | 10.00M | 13.00M | 14.00M | 15.00M | 11.00M |
| Other Current Liabilities | 45.00M | 57.00M | 76.00M | 65.00M | 106.00M | 97.00M |
| Total Current Liabilities | 2.14B | 2.64B | 2.98B | 2.46B | 1.99B | 1.74B |
| Long-Term Debt | 896.00M | 895.00M | 908.00M | 984.00M | 496.00M | 495.00M |
| Long-Term Leases | 56.00M | 37.00M | 26.00M | 30.00M | 41.00M | 41.00M |
| Long-Term Deferred Tax Liabilities | 51.00M | 55.00M | 11.00M | 13.00M | 8.00M | 11.00M |
| Other Long-Term Liabilities | 121.00M | 119.00M | 124.00M | 125.00M | 135.00M | 142.00M |
| Total Liabilities | 3.26B | 3.74B | 4.05B | 3.62B | 2.67B | 2.43B |
| Common Stock | 1.19B | 1.14B | 1.06B | 976.00M | 899.00M | 808.00M |
| Retained Earnings | -1.05B | -1.08B | -984.00M | -896.00M | -119.00M | 74.00M |
| Comprehensive Income & Other | -6.00M | -3.00M | -2.00M | -5.00M | -1.00M | |
| Shareholders' Equity | 133.00M | 54.00M | 69.00M | 78.00M | 775.00M | 881.00M |
| Total Liabilities & Equity | 3.39B | 3.80B | 4.12B | 3.69B | 3.44B | 3.31B |
| Total Debt | 963.00M | 942.00M | 1.02B | 1.14B | 552.00M | 547.00M |
| Net Cash (Debt) | -585.00M | -655.00M | -662.00M | -642.00M | 29.00M | 368.00M |
| Net Cash Per Share | -12.32 | -13.37 | -13.24 | -11.26 | 0.45 | 5.49 |
| Filing Date Shares Outstanding | 45.81M | 47.30M | 49.53M | 50.57M | 59.98M | 65.70M |
| Total Common Shares Outstanding | 45.82M | 47.38M | 49.53M | 50.66M | 60.56M | 65.97M |
| Working Capital | 295.00M | 231.00M | 199.00M | 115.00M | 338.00M | 700.00M |
| Book Value Per Share | 2.90 | 1.14 | 1.39 | 1.54 | 12.80 | 13.35 |
| Tangible Book Value | -508.00M | -560.00M | -548.00M | -556.00M | 150.00M | 526.00M |
| Tangible Book Value Per Share | -11.09 | -11.82 | -11.06 | -10.97 | 2.48 | 7.97 |
| Machinery | 27.00M | 32.00M | 51.00M | 52.00M | 48.00M | |
| Construction In Progress | 1.00M | 2.00M | 4.00M | 1.00M | ||
| Leasehold Improvements | 12.00M | 15.00M | 19.00M | 18.00M | 25.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 172.00M | 155.00M | 173.00M | 375.00M | 355.00M | 338.00M |
| Depreciation & Amortization | 30.00M | 26.00M | 45.00M | 48.00M | 54.00M | 42.00M |
| Other Amortization | 104.00M | 101.00M | 92.00M | 82.00M | 73.00M | 64.00M |
| Loss (Gain) From Sale of Assets | 6.00M | |||||
| Asset Writedown & Restructuring Costs | 5.00M | 5.00M | 28.00M | 7.00M | ||
| Loss (Gain) From Sale of Investments | 18.00M | |||||
| Stock-Based Compensation | 67.00M | 65.00M | 65.00M | 59.00M | 62.00M | 50.00M |
| Provision & Write-off of Bad Debts | 2.00M | |||||
| Other Operating Activities | 46.00M | 40.00M | -9.00M | -4.00M | -20.00M | -16.00M |
| Change in Accounts Receivable | -2.00M | -3.00M | 4.00M | -75.00M | ||
| Change in Accounts Payable | 5.00M | -4.00M | -11.00M | -13.00M | 33.00M | |
| Change in Other Net Operating Assets | -51.00M | -85.00M | -113.00M | -14.00M | -44.00M | -218.00M |
| Operating Cash Flow | 378.00M | 303.00M | 279.00M | 539.00M | 497.00M | 218.00M |
| Capital Expenditures | -92.00M | -69.00M | -78.00M | -75.00M | -56.00M | -40.00M |
| Cash Acquisitions | -22.00M | -229.00M | ||||
| Divestitures | 1.00M | |||||
| Investment in Securities | -5.00M | 59.00M | -95.00M | |||
| Other Investing Activities | -71.00M | 25.00M | 231.00M | 10.00M | ||
| Investing Cash Flow | -185.00M | -43.00M | 153.00M | -70.00M | -226.00M | -135.00M |
| Long-Term Debt Issued | 1.09B | 500.00M | ||||
| Total Debt Issued | 1.09B | 500.00M | ||||
| Long-Term Debt Repaid | -90.00M | -110.00M | -495.00M | -370.00M | ||
| Total Debt Repaid | -90.00M | -110.00M | -495.00M | -370.00M | ||
| Net Debt Issued (Repaid) | -90.00M | -110.00M | 600.00M | 130.00M | ||
| Issuance of Common Stock | 10.00M | 11.00M | 12.00M | 15.00M | 11.00M | 11.00M |
| Repurchase of Common Stock | -169.00M | -199.00M | -211.00M | -1.15B | -547.00M | -120.00M |
| Common Dividends Paid | -53.00M | -52.00M | -37.00M | |||
| Other Financing Activities | 55.00M | 281.00M | 139.00M | -3.00M | 65.00M | -9.00M |
| Financing Cash Flow | -157.00M | -49.00M | -207.00M | -540.00M | -471.00M | 12.00M |
| Foreign Exchange Rate Adjustments | -1.00M | |||||
| Net Cash Flow | 36.00M | 211.00M | 225.00M | -71.00M | -201.00M | 95.00M |
| Free Cash Flow | 286.00M | 234.00M | 201.00M | 464.00M | 441.00M | 178.00M |
| Free Cash Flow Margin | 5.99% | 4.73% | 4.03% | 9.43% | 9.03% | 3.92% |
| Free Cash Flow Per Share | 6.02 | 4.78 | 4.02 | 8.14 | 6.89 | 2.66 |
| Levered Free Cash Flow | 232.75M | 196.62M | 214.88M | 429.75M | 495.25M | 393.25M |
| Unlevered Free Cash Flow | 265.88M | 231.62M | 253.62M | 454.75M | 509.00M | 405.75M |
| Cash Interest Paid | 49.00M | 52.00M | 59.00M | 25.00M | 18.00M | 12.00M |
| Cash Income Tax Paid | 17.00M | 27.00M | 76.00M | 114.00M | 128.00M | 129.00M |
| Change in Working Capital | -46.00M | -89.00M | -115.00M | -28.00M | -53.00M | -260.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.94B | 2.84B | 4.50B | 6.01B | 4.10B | 6.26B |
| Enterprise Value | 3.53B | 3.46B | 5.17B | 6.75B | 3.96B | 6.13B |
| Last Close Price | 64.28 | 57.78 | 87.45 | 113.78 | 64.86 | 91.13 |
| PE Ratio | 17.51 | 18.32 | 26.01 | 16.02 | 11.54 | 18.53 |
| Forward PE | 14.20 | 12.43 | 18.24 | 17.27 | 13.07 | 21.48 |
| PS Ratio | 0.62 | 0.57 | 0.90 | 1.22 | 0.84 | 1.38 |
| PB Ratio | 22.14 | 52.59 | 65.22 | 77.01 | 5.29 | 7.11 |
| P/TBV Ratio | 27.32 | 11.91 | ||||
| P/FCF Ratio | 10.30 | 12.14 | 22.39 | 12.95 | 9.29 | 35.19 |
| P/OCF Ratio | 7.79 | 9.37 | 16.13 | 11.14 | 8.24 | 28.73 |
| PEG Ratio | 0.92 | 0.92 | 0.92 | 0.92 | 0.99 | |
| EV/Sales Ratio | 0.74 | 0.70 | 1.04 | 1.37 | 0.81 | 1.35 |
| EV/EBITDA Ratio | 13.73 | 14.67 | 16.83 | 12.87 | 7.01 | 12.47 |
| EV/EBIT Ratio | 15.02 | 15.95 | 18.93 | 13.90 | 7.38 | 13.28 |
| EV/FCF Ratio | 12.34 | 14.79 | 25.71 | 14.56 | 8.98 | 34.46 |
| Debt / Equity Ratio | 7.24 | 17.44 | 14.81 | 14.58 | 0.71 | 0.62 |
| Debt / EBITDA Ratio | 3.61 | 3.80 | 3.17 | 2.12 | 0.95 | 1.08 |
| Debt / FCF Ratio | 3.37 | 4.03 | 5.08 | 2.45 | 1.25 | 3.07 |
| Net Debt / Equity Ratio | 4.40 | 12.13 | 9.59 | 8.23 | -0.04 | -0.42 |
| Net Debt / EBITDA Ratio | 2.28 | 2.77 | 2.16 | 1.22 | -0.05 | -0.75 |
| Net Debt / FCF Ratio | 2.04 | 2.80 | 3.29 | 1.38 | -0.07 | -2.07 |
| Asset Turnover | 1.40 | 1.25 | 1.28 | 1.38 | 1.45 | 1.43 |
| Quick Ratio | 0.35 | 0.22 | 0.25 | 0.33 | 0.41 | 0.62 |
| Current Ratio | 1.14 | 1.09 | 1.07 | 1.05 | 1.17 | 1.40 |
| Return on Equity (ROE) | 141.56% | 252.03% | 235.37% | 87.92% | 42.87% | 45.43% |
| Return on Assets (ROA) | 4.31% | 3.43% | 4.37% | 8.51% | 9.92% | 9.09% |
| Return on Invested Capital (ROIC) | 23.77% | 21.53% | 26.22% | 41.34% | 50.03% | 52.07% |
| Return on Capital Employed (ROCE) | 18.70% | 18.70% | 24.00% | 39.50% | 36.80% | 29.40% |
| Earnings Yield | 5.71% | 5.46% | 3.84% | 6.24% | 8.66% | 5.40% |
| FCF Yield | 9.71% | 8.24% | 4.47% | 7.72% | 10.76% | 2.84% |
| Dividend Yield | 1.80% | 1.84% | 1.10% | |||
| Payout Ratio | 31.60% | 33.55% | 21.39% | |||
| Buyback Yield / Dilution | 3.55% | 2.00% | 12.28% | 10.94% | 4.48% | 1.47% |
| Total Shareholder Return | 5.36% | 3.84% | 13.38% | 10.94% | 4.48% | 1.47% |