TRINET GROUP, INC.

Listed Company

TNETCIK 0000937098NYSELarge AcceleratedServices-Business Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$5.01B

Net Income

$155.00M

Total Assets

$3.80B

Equity

$54.00M

Shares Out

45.94M

Op. Cash Flow

$303.00M

Business

TRINET GROUP, INC. provides comprehensive technology-enabled human capital management and HR solutions to small and medium-sized businesses, primarily through its professional employer organization (PEO) services. It offers integrated services including payroll and payroll tax administration, employee benefits and TriNet-sponsored health plans, HR consulting, risk mitigation, workers’ compensation and EPLI, payroll tax credit support, and a cloud-based HR technology platform. Its key business segments are PEO services (co-employment model) and ASO/HR Plus services (SaaS combined with service). TriNet distributes its solutions mainly across the United States through a direct salesforce, broker and channel partnerships, and digital marketing and events.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	67	64	72	22	—
Total revenues	5,010	5,053	4,994	4,907	—
Insurance costs	3,835	3,797	3,513	3,463	3,339
Cost of providing services	289	304	307	303	264
Sales and marketing	269	289	285	242	202
General and administrative	207	232	211	241	176
Systems development and programming	71	68	65	73	50
Depreciation and amortization of intangible assets	66	75	72	64	54
Interest expense, bank fees and other	56	62	40	39	−20
Income before tax	217	226	501	482	441
Income taxes	62	53	126	127	103
Net income	155	173	375	355	338
Other comprehensive (loss) income, net of income taxes	3	−1	3	−4	−5
Comprehensive income	158	172	378	351	333
Basic (in dollars per share)	3.2	3.47	6.61	5.66	5.13
Diluted (in dollars per share)	3.2	3.43	6.56	5.61	5.07
Basic (in shares)	48	50	57	63	66
Diluted (in shares)	49	50	57	64	67

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	287	360	287	354	612
Restricted cash, cash equivalents and investments	1,694	1,413	1,269	1,263	1,195
Accounts receivable, net	20	32	18	19	15
Payroll funds receivable	264	349	447	375	324
Prepaid expenses, net	82	64	67	71	67
Other payroll assets	474	916	381	122	50
Other current assets	47	46	44	46	41
Total current assets	2,868	3,180	2,578	2,326	2,439
Restricted cash, cash equivalents and investments, noncurrent	128	145	158	153	166
Property and equipment, net	11	10	17	24	24
Operating lease right-of-use asset	36	24	24	31	42
Goodwill	461	461	462	462	294
Software and other intangible assets, net	153	156	172	163	61
Other assets	140	143	139	133	115
Total assets	3,797	4,119	3,693	3,443	3,309
Accounts payable and other current liabilities	86	89	87	98	86
Revolving credit agreement borrowings	0	75	109	0	—
Client deposits and other client liabilities	57	76	65	106	97
Accrued wages	555	580	515	437	369
Accrued health insurance costs, net	207	189	175	174	174
Accrued workers' compensation costs, net	42	44	50	54	55
Payroll tax liabilities and other payroll withholdings	1,671	1,906	1,438	1,087	929
Operating lease liabilities	10	13	14	15	11
Insurance premiums and other payables	9	9	10	17	18
Total current liabilities	2,637	2,981	2,463	1,988	1,739
Long-term debt, noncurrent	895	908	984	496	495
Accrued workers' compensation costs, noncurrent, net	106	110	120	128	135
Deferred taxes	55	11	13	8	11
Operating lease liabilities, noncurrent	37	26	30	41	41
Other non current liabilities	13	14	5	7	7
Total liabilities	3,743	4,050	3,615	2,668	2,428
Commitments and contingencies (see Note 9)	—	—	—	—	—
Preferred stock, ($0.000025 par value per share; 20,000,000 shares authorized; no shares issued or outstanding at December 31, 2025 and 2024)	0	0	0	0	0
Common stock and additional paid-in capital, ($0.000025 par value per share; 750,000,000 shares authorized; 47,377,950 and 49,527,506 shares issued and outstanding at December 31, 2025 and 2024, respectively)	1,135	1,056	976	899	808
Retained earnings (Accumulated deficit)	−1,081	−984	−896	−119	74
Accumulated other comprehensive loss	0	−3	−2	−5	−1
Total stockholders' equity	54	69	78	775	881
Total liabilities & stockholders' equity	3,797	4,119	3,693	3,443	3,309

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of intangible assets	66	75	72	64	54
Amortization of deferred costs	49	44	40	38	31
Amortization of ROU asset, lease modification, impairment, and abandonment	7	11	9	25	12
Stock based compensation	65	65	59	62	50
Deferred income taxes	45	−2	5	−22	−9
Impairment of intangibles and other	5	28	7	—	—
Accounts receivable, net	0	−2	−3	4	3
Prepaid expenses, net	−12	−18	4	19	−5
Other payroll assets	0	3	−3	0	10
Other assets	−42	−52	−35	−54	−60
Accounts payable and other liabilities	−4	0	−11	−13	33
Client deposits and other client liabilities	−3	−10	23	0	−37
Accrued wages	−2	−5	7	14	60
Accrued health insurance costs, net	1	−2	7	0	2
Accrued workers' compensation costs, net	−4	−11	−8	−7	−7
Payroll taxes payable and other payroll withholdings	−10	−3	8	2	−166
Operating lease liabilities	−13	−15	−17	−17	—
Net cash provided by operating activities	303	279	539	497	218
Purchases of marketable securities	−78	−190	−276	−410	−444
Proceeds from sale and maturity of marketable securities	103	421	286	469	349
Acquisitions of property and equipment and software	−69	−78	−75	−56	−40
Proceeds from sale of business	1	0	0	—	—
Other Investments	0	0	−5	0	0
Net cash provided by (used in) investing activities	−43	153	−70	−226	−135
Change in WSE and TriNet Trust related assets and liabilities, net	281	139	6	65	—
Repurchase of common stock	−183	−183	−1,122	−523	−94
Proceeds from issuance of common stock	11	12	15	11	11
Payment of long-term financing costs and debt issuance costs	0	0	−9	0	−9
Proceeds from issuance of 2031 Notes	0	0	400	0	500
Proceeds from revolving credit agreement borrowings	0	0	695	0	0
Repayment of revolving credit agreement borrowings	−90	−110	−495	0	0
Awards effectively repurchased for required employee withholding taxes	−16	−28	−30	−24	−26
Dividends paid	−52	−37	0	0	—
Net cash used in financing activities	−49	−207	−540	−471	12
Effect of exchange rate changes on cash and cash equivalents	0	0	0	−1	0
Net increase (decrease) in cash and cash equivalents, unrestricted and restricted	211	225	−71	−201	95
Interest paid	52	59	25	18	12
Income taxes paid, net	27	76	114	128	129
Payable for purchase of property and equipment	3	2	4	6	3
Receivable from sale of business	6	0	0	—	—

Filings

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