TRINET GROUP (TNET) Company Report

TriNet's President and CEO, Mike Simonds, highlighted the company's strategic refocus on SMB-focused PEO and ASO businesses, having exited the SaaS-only segment and trimmed others during a "transition year".
The company is confident in its insurance cost ratio (ICR) guidance of 90%-92% for 2025, expecting to finish the current year at the favorable end of the range, with a long-term target of 88%-90%.
Despite double-digit health fee increases, TriNet anticipates client retention to be at or slightly better than its historical 80% rate for the current year, with expectations to return to the 87%-90% long-term range next year, following the final "catch-up renewal" on January 1 , ,.
TriNet is investing in its ASO business, which has seen more favorable demand than expected, and in AI-based solutions to enhance efficiency and client experience ,.
The company aims for revenue growth of 4%-6% and a 10%-11% EBITDA margin improvement, while also announcing that Mala Murthy will join as the new CFO, replacing Kelly Tuminelli ,.

Nov 18, 2025, 6:20 PM

Transcript

TriNet Discusses Strategic Transition, Financial Outlook, and New CFO at J.P. Morgan Conference

TNET

CFO Change

Guidance Update

New Projects/Investments

TriNet has completed a strategic transition, exiting the SaaS-only business and other segments to focus on its SMB-focused PEO and ASO businesses.
The company guided to a 90%-92% insurance cost ratio (ICR) for 2025, expecting to track towards the favorable end, and aims for a long-term range of 88%-90%.
Client retention is forecast to be around the historical 80% rate or slightly better, despite double-digit health fee increases, with health fees being the single largest reason for churn.
Demand for the ASO business has been more favorable than expected, providing a solution for clients who outgrow the PEO model and enhancing sales flexibility.
Mala Murthy will join as the new CFO in a couple of weeks, succeeding Kelly Tuminelli.

Nov 18, 2025, 6:20 PM

Transcript

TriNet Discusses Strategic Refocus, Financial Outlook, and CFO Transition at JPMorgan Conference

TNET

CFO Change

Guidance Update

New Projects/Investments

TriNet has undergone a transition year, exiting the SaaS-only business and trimming other segments to focus on its SMB-focused PEO and ASO businesses. Demand for the ASO model has been more favorable than expected, allowing TriNet to retain clients who outgrow the PEO model and offer more flexible solutions.
The company guided to a 90%-92% insurance cost ratio for 2025, expecting to finish at the favorable end, with a long-term target of 88%-90%. Despite double-digit health fee increases, client retention rates are at or slightly better than the historical 80% level, with expectations to reach the 87%-90% long-term range next year.
TriNet expects operating expenses to grow year-over-year in the medium term, but with two to three points of daylight between OpEx and revenue growth. Capital allocation priorities include organic investments in technology and sales, potential tuck-in M&A, and shareholder-friendly actions.
Mala Murthy will be joining TriNet as the new CFO in a couple of weeks, succeeding Kelly Tuminelli.

Nov 18, 2025, 6:20 PM

Transcript

TriNet (TNET) Announces Q3 2025 Results and CFO Transition

TNET

Earnings

CFO Change

Guidance Update

Mala Murthy has been appointed as TriNet's new Chief Financial Officer, effective November 28, succeeding Kelly Tuminelli.
For Q3 2025, total revenue declined 2% year over year, with GAAP earnings per share at $0.70 and adjusted earnings per diluted share at $1.11. Adjusted EBITDA was $100 million, representing an 8.2% margin.
TriNet expects full-year 2025 total revenues to be approximately $5 billion, near the midpoint of its guidance. This outlook comes despite a decline in WSE volumes, which were 332,000 total WSEs (down 7% year over year) in Q3.
The company is making progress towards its medium-term adjusted EBITDA margin target of 10-11% and aims to return the insurance cost ratio to 87-90% in 2026. In Q3, $45 million was returned to shareholders through stock repurchases and dividends.

Oct 29, 2025, 11:45 AM

Transcript

TriNet Reports Q3 2025 Results, Updates Full-Year Outlook, and Announces New CFO

TNET

Earnings

Guidance Update

CFO Change

TriNet reported Q3 2025 results with total revenue down 2% year-over-year and professional services revenue declining 8%. The company ended the quarter with approximately 332,000 total WSEs, a 7% decrease year-over-year.
Adjusted earnings per diluted share for Q3 2025 was $1.11, and adjusted EBITDA was $100 million, representing an 8.2% margin. Operating expenses declined 2% year-over-year.
For the full year 2025, TriNet expects total revenues to be approximately $5 billion, near the midpoint of its guidance, with adjusted EBITDA margin in the top half and adjusted EPS closer to the top end of its originally disclosed range.
The company announced that Mala Murthy will become TriNet's Chief Financial Officer effective November 28, succeeding Kelly Tuminelli.
TriNet deployed $45 million in capital to shareholders in Q3 2025, including a $27.50 dividend per share (a 10% increase year-over-year) and approximately $31 million in share repurchases.

Oct 29, 2025, 11:45 AM

Transcript

TriNet Group, Inc. Announces Q3 2025 Results, Reaffirms Full-Year Guidance, and Appoints New CFO

TNET

Earnings

CFO Change

Guidance Update

TriNet Group, Inc. reported Q3 2025 total revenues of $1.2 billion, a 2% decrease year-over-year, with net income of $34 million, or $0.70 per diluted share.
Adjusted Net Income for Q3 2025 was $55 million, or $1.11 per diluted share, and Adjusted EBITDA was $100 million.
The company reaffirmed its full-year 2025 guidance, projecting total revenues between $4,950 million and $5,140 million and diluted net income per share between $1.90 and $3.40, and is "tracking towards the high end of our full-year earnings guidance range".
Mala Murthy has been appointed Chief Financial Officer, effective November 28, 2025, succeeding Kelly Tuminelli.

Oct 29, 2025, 11:20 AM

8-K

TriNet Announces Third Quarter 2025 Results & Reaffirms Full Year 2025 Guidance

TNET

Earnings

Guidance Update

Demand Weakening

TriNet Group, Inc. reported total revenues of $1.2 billion for the third quarter ended September 30, 2025, representing a 2% decrease compared to the same period last year.
For Q3 2025, net income was $34 million, or $0.70 per diluted share, and Adjusted Net Income was $55 million, or $1.11 per diluted share.
Adjusted EBITDA for the third quarter was $100 million, with an 8.2% margin.
The company reaffirmed its full-year 2025 guidance, projecting total revenues between $4,950 million and $5,140 million and Adjusted Net Income per share – diluted between $3.25 and $4.75.
Average Worksite Employees (WSEs) decreased 6% to approximately 335,000 in Q3 2025, indicating a challenged broader SMB business environment.

Oct 29, 2025, 11:00 AM

Press Release

TriNet Announces Quarterly Dividend

TNET

Dividends

TriNet's Board of Directors approved a quarterly dividend of $0.275 per share of the company's common stock.
The record date and ex-dividend date for this dividend are both October 1, 2025.
The payout date for the dividend is October 27, 2025.

Sep 17, 2025, 8:34 PM

8-K

TriNet Group Inc. Reports Q2 2025 Results and Reaffirms Full-Year Outlook

TNET

Earnings

Guidance Update

Demand Weakening

TriNet Group Inc. reported Q2 2025 results, with flat total revenue year-over-year, $1.15 adjusted earnings per diluted share, and $105 million adjusted EBITDA.
The company reiterated its full-year 2025 outlook, projecting total revenues between $4.9 billion and $5.1 billion and adjusted earnings per diluted share between $3.25 and $4.75. Earnings are currently tracking modestly above the midpoint of the projected range.
Operational highlights include a 9% year-over-year increase in health fees per enrolled member in Q2, while co-employed WSEs declined 8% to 309,000. Customer hiring improved in Q2, but overall WSE volume declined due to higher attrition than new sales.
TriNet deployed $117 million to shareholders in the first half of 2025 through dividends and share repurchases, including a 10% increase in its Q2 dividend to $0.275 per share.

Jul 25, 2025, 7:10 PM

TriNet Group Declares Quarterly Dividend

TNET

Dividends

TriNet Group (NYSE: TNET) Board approved a $0.275 per share dividend on its common stock .
Record and ex-dividend date is set for July 1, 2025 with a payment date of July 28, 2025 .
Dividend was announced via Form 8-K filed on June 12, 2025 .
TriNet brings over 30 years of experience providing comprehensive HR solutions for SMBs .