TriNet Group Inc【TNET】株式ニュース

TriNet Announces Fourth Quarter, Fiscal Year 2025 Results, and Full Year 2026 GuidanceFebruary 12, 2026 7:00 AM
PR Newswire (US)

TriNet Stock Repurchase Program Authorized up to $400 million DUBLIN, Calif., Feb. 12, 2026 /PRNewswire/ -- 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.Full-Year 2026 GuidanceIn addition to announcing our fourth quarter 2025 results, we provide our full-year 2026 guidance. Non-GAAP financial measures are reconciled later in this release.

Full Year 2026(dollars in millions, except for per share amounts)

Low
HighTotal Revenues

$       4,750
$       4,900Professional Service Revenues

$ 625
$ 645Insurance Cost Ratio

90.75 %
89.25 %Adjusted EBITDA Margin

7.5 %
8.7 %Diluted net income per share of common stock

$ 2.15
$ 3.05Adjusted Net Income per share – diluted

$ 3.70
$ 4.70Annual 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 WebcastTriNet 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 TriNetTriNet 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 MeasuresReconciliations 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 StatementsThis 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.Contacts:
Investors:Media:Alex BauerRenee Brotherton / Josh GrossTriNetTriNetInvestorrelations@TriNet.comRenee.Brotherton@TriNet.com(510) 875-7201Josh.Gross@TriNet.com
(408) 646-5103Key Financial and Operating MetricsWe regularly review certain key financial and operating metrics to evaluate growth trends, measure our performance and make strategic decisions. These key financial and operating metrics may change over time. Our key financial and operating metrics for the periods presented were as follows:
Three Months Ended December 31,
Year Ended December 31,(in millions, except per share and Operating Metrics data)2025
2024
% Change
2025
2024
%
ChangeIncome Statement Data:

Total revenues$      1,248
$ 1,277
(2)%
$         5,010
$         5,053
(1)%Income (loss) before tax1
(37)
(103)

217
226
(4)
Net income (loss)(1)
(23)
(96)

155
173
(10)
Diluted net income (loss) per share of common stock(0.01)
(0.46)
(98)

3.20
3.43
(7)
Non-GAAP measures (1):

Adjusted EBITDA 57
60
(5)

425
485
(12)
Adjusted Net income 21
22
(5)

230
269
(14)
Free Cash Flow

234
201
16
Operating Metrics:

Insurance Cost Ratio94 %
95 %
(1)%
91 %
90 %
1
Average WSEs323,555
355,157
(9)

333,886
352,681
(5)%Total WSEs323,206
360,681
(10)

323,206
360,681
(10)

(1)Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading "Non-GAAP Financial Measures" (in millions)December 31,
2025
December 31,
2024
%
Change
Balance Sheet Data:

Cash and cash equivalents$               287
$               360
(20)%Working capital231
199
16
Total assets3,797
4,119
(8)
Debt895
983
(9)
Total stockholders' equity54
69
(22)

Year Ended December 31,(in millions)2025
2024
% ChangeCash Flow Data:

Net cash provided by operating activities$             303
$                279
9%Net cash provided by (used in) investing activities(43)
153
(128)
Net cash used in financing activities(49)
(207)
(76)
TRINET GROUP, INC.CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)

Three Months Ended
December 31,
Year Ended December 31,(in millions except per share data)20252024
20252024Professional service revenues$                   169$                   181
$                   719$                   765Insurance service revenues1,0651,081
4,2244,224Interest income1415
6764Total revenues1,2481,277
5,0105,053Insurance costs1,0031,025
3,8353,797Cost of providing services7476
289304Sales and marketing6671
269289General and administrative5892
207232Systems development and programming1616
7168Depreciation and amortization of intangible assets1619
6675Interest expense, bank fees and other1415
5662Total costs and operating expenses1,2471,314
4,7934,827Income (loss) before tax1(37)
217226Income taxes (benefit)2(14)
6253Net income (loss)$                      (1)$                    (23)
$                   155$                   173Other comprehensive income, net of income taxes—(5)
3(1)Comprehensive income$                      (1)$                    (28)
$                   158$                   172Net income per share:

Basic$ (0.01)$ (0.46)
$                  3.20$                  3.47Diluted$ (0.01)$ (0.46)
$                  3.20$                  3.43Weighted average shares:

Basic4850
4850Diluted4850
4950 TRINET GROUP, INC.CONSOLIDATED BALANCE SHEETS (Unaudited)

December 31,
December 31,(in millions, except share and per share data)
2025
2024Assets

Current assets:

Cash and cash equivalents
$                    287
$                    360Restricted cash, cash equivalents and investments
1,694
1,413Accounts receivable, net
20
32Payroll funds receivable
264
349Prepaid expenses, net
82
64Other payroll assets
474
916Other current assets
47
46Total current assets
2,868
3,180Restricted cash, cash equivalents and investments, noncurrent
128
145Property and equipment, net
11
10Operating lease right-of-use asset
36
24Goodwill
461
461Software and other intangible assets, net
153
156Other assets
140
143Total assets
$                 3,797
$                 4,119Liabilities and stockholders' equity

Current liabilities:

Accounts payable and other current liabilities
$                      86
$                      89Revolving credit agreement borrowings
—
75Client deposits and other client liabilities
57
76Accrued wages
555
580Accrued health insurance costs, net
207
189Accrued workers' compensation costs, net
42
44Payroll tax liabilities and other payroll withholdings
1,671
1,906Operating lease liabilities
10
13Insurance premiums and other payables
9
9Total current liabilities
2,637
2,981Long-term debt, noncurrent
895
908Accrued workers' compensation costs, noncurrent, net
106
110Deferred taxes
55
11Operating lease liabilities, noncurrent
37
26Other non-current liabilities
13
14Total liabilities
3,743
4,050Total stockholders' equity
54
69Total liabilities & stockholders' equity
$                 3,797
$                 4,119 TRINET GROUP, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Year Ended December 31,(in millions)202520242023Operating activities

Net income$        155$        173$        375Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization of intangible assets667572Amortization of deferred costs494440Amortization of ROU asset, lease modification, impairment, and abandonment7119Stock based compensation656559Deferred income taxes45(2)5Impairment of intangibles and other5287Changes in operating assets and liabilities:

Accounts receivable, net—(2)(3)Prepaid expenses, net(12)(18)4Other payroll assets—3(3)Other assets(42)(52)(35)Accounts payable and other liabilities(4)—(11)Client deposits and other client liabilities(3)(10)23Accrued wages(2)(5)7Accrued health insurance costs, net1(2)7Accrued workers' compensation costs, net(4)(11)(8)Payroll taxes payable and other payroll withholdings(10)(3)8        Operating lease liabilities(13)(15)(17)Net cash provided by operating activities303279539Investing activities

Purchases of marketable securities(78)(190)(276)Proceeds from sale and maturity of marketable securities103421286Acquisitions of property and equipment and software(69)(78)(75)Proceeds from sale of business1——Other Investments——(5)Net cash provided by (used in) investing activities(43)153(70)Financing activities

Change in WSE and TriNet Trust related assets and liabilities, net2811396Repurchase of common stock(183)(183)(1,122)Proceeds from issuance of common stock 111215Payment of long-term financing costs and debt issuance costs——(9)Proceeds from issuance of 2031 Notes——400Proceeds from revolving credit agreement borrowings ——695Repayment of revolving credit agreement borrowings(90)(110)(495)Awards effectively repurchased for required employee withholding taxes(16)(28)(30)Dividends paid(52)(37)—Net cash used in financing activities(49)(207)(540)Effect of exchange rate changes on cash and cash equivalents———Net increase (decrease) in cash and cash equivalents, unrestricted and restricted211225(71)Cash and cash equivalents, unrestricted and restricted:

Beginning of period1,6911,4661,537End of period$     1,902$     1,691$     1,466Supplemental disclosures of cash flow information

Interest paid$          52$          59$          25Income taxes paid, net2776114Supplemental schedule of noncash investing and financing activities

Cash dividend declared, but not yet paid$          13$          12$          —Payable for purchase of property and equipment$            3$            2$ 4Receivable from sale of business$            6$          —$          — Non-GAAP Financial MeasuresIn addition to the selected financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), we monitor other non-GAAP financial measures that we use to manage our business, to make planning decisions, to allocate resources and to use as performance measures in our executive compensation plan. These key financial measures provide an additional view of our operational performance over the long term and provide information that we use to maintain and grow our business.The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation from, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.Non-GAAP MeasureDefinitionHow We Use The MeasureAdjusted EBITDA• Net income, excluding the effects of: - income tax provision, - interest expense, bank fees and other,- depreciation, - amortization of intangible assets, - stock based compensation expense,- amortization of cloud computing arrangements,- transaction and integration costs, and- restructuring costs.• Provides period-to-period comparisons on a consistent basis and an understanding as to how our management evaluates the effectiveness of our business strategies by excluding certain non-recurring costs, which include restructuring costs, as well as certain non-cash charges such as depreciation and amortization, and stock-based compensation and certain impairment charges recognized based on the estimated fair values. We believe these charges are either not directly resulting from our core operations or not indicative of our ongoing operations.• Enhances comparisons to the prior period and, accordingly, facilitates the development of future projections and earnings growth prospects.• Provides a measure, among others, used in the determination of incentive compensation for management.• We also sometimes refer to Adjusted EBITDA margin, which is the ratio of Adjusted EBITDA to total revenues.Adjusted Net Income• Net income, excluding the effects of: - effective income tax rate (1), - stock based compensation expense, - amortization of intangible assets, net,- non-cash interest expense, - restructuring costs, and- the income tax effect (at our effective tax rate (1) of these pre-tax adjustments.)• Provides information to our stockholders and board of directors to understand how our management evaluates our business, to monitor and evaluate our operating results, and analyze profitability of our ongoing operations and trends on a consistent basis by excluding certain non-cash charges.Free Cash Flow• Net cash provided by operating activities reduced by capital expenditures• Provides information on the strength of our liquidity and available cash.• Provides management with a measure to assist in making planning decisions, evaluate our performance and allocate resources.• We also sometimes refer to Free Cash Flow Conversion ratio, which is the ratio of free cash flow to Adjusted EBITDA.
(1) Non-GAAP effective tax rate is 25.0% for 2025, and 25.6% for 2024, which excludes the income tax impact from stock-based compensation, changes in uncertain tax positions, and nonrecurring benefits or expenses from federal legislative changes. Reconciliation of GAAP to Non-GAAP MeasuresThe table below presents a reconciliation of Net (loss) income to Adjusted EBITDA:
Three Months Ended
December 31,
Year Ended December
31,(in millions)20252024
20252024Net income (loss)$            (1)$          (23)
$          155$          173Provision for income taxes2(14)
6253Stock based compensation1712
6565Interest expense, bank fees and other1415
5662Depreciation and amortization of intangible assets1619
6675Amortization of cloud computing arrangements32
108Restructuring costs649
1149Adjusted EBITDA$            57$            60
$          425$          485Adjusted EBITDA Margin4.7 %4.7 %
8.5 %9.6 %The table below presents a reconciliation of Net (loss) income to Adjusted Net Income and Adjusted Net Income per share - diluted:
Three Months Ended
December 31,
Year Ended December
31,(in millions, except per share data)20252024
20252024Net income (loss)$               (1)$             (23)
$               155$               173Effective income tax rate adjustment2(5)
8(5)Stock based compensation1712
6565Amortization of intangible assets35
1019Non-cash interest expense11
33Restructuring costs649
1149Income tax impact of pre-tax adjustments(7)(17)
(22)(35)Adjusted Net Income$               21$               22
$               230$               269GAAP weighted average shares of common stock - diluted4850
4950Adjusted Net Income per share - diluted$ 0.46$ 0.44
$              4.73$              5.32The table below presents a reconciliation of Net cash provided by operating activities to Free Cash Flow:
Year EndedDecember 31,(in millions)20252024Net cash provided by operating activities$          303$          279Acquisitions of property and equipment and software(69)(78)Free Cash Flow (a)$          234$          201Adjusted EBITDA (b)$          425$          485Free Cash Flow Conversion Ratio (a)/(b)55 %41 % Reconciliation of GAAP to Non-GAAP Measures for the full-year 2026 guidance.Low and high percentages represent increases (decreases) from the same period in the previous year.The table below presents a reconciliation of net income to Adjusted Net Income and Adjusted Net Income per share - diluted:
FY 2025
Year 2026 Guidance(in millions, except per share data)Actual
LowHighNet income $155
(34) %(6) %Effective income tax rate adjustment8
(30)28Stock based compensation65
33Amortization of intangible assets10
——Non-cash interest expense3
(100)(100)Restructuring costs11
3333Income tax impact of pre-tax adjustments(22)
66Adjusted Net Income$230
(23) %(3) %GAAP weighted average shares of common stock - diluted49

Adjusted Net Income per share - diluted$4.73
$3.70$4.70

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Original: TriNet Announces Fourth Quarter, Fiscal Year 2025 Results, and Full Year 2026 Guidance

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