TriNet Group, Inc. provides comprehensive human capital management services for small and medium-sized businesses in the United States. The company offers multi-state payroll processing and tax administration; employee benefits programs, including health insurance and retirement plans; workers' compensation insurance and claims management; employment and benefits law compliance; and other HR related services. It also provides a technology platform, an online and mobile tool that allows users to store, view, and manage HR information and administer various HR transactions, such as payroll processing, tax administration and credits, employee onboarding and termination, employee performance, time and attendance, compensation reporting, expense management, and benefits enrollment and administration, as well as incorporated workforce analytics and allows professional employer organization and administrative services offering clients to generate HR data, payroll, compensation, and other custom reports. The company serves clients in various industries, including technology, professional services, financial services, life sciences, and not-for-profit. It sells its solutions through its direct sales organization. TriNet Group, Inc. was incorporated in 1988 and is headquartered in Dublin, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.0B | $346M | $155M | $234M | 287.0% | -0.9% | -10.4% |
| 2024 | $5.1B | $374M | $173M | $201M | 250.7% | 1.2% | -53.9% |
| 2023 | $5.0B | $622M | $375M | $464M | 480.8% | 1.8% | 5.6% |
| 2022 | $4.9B | $610M | $355M | $441M | 45.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 4,907 | 4,994 | 5,053 | 5,010 |
| Cost Of Revenue | 3,766 | 3,820 | 4,101 | 4,124 |
| Gross Profit | 1,141 | 1,174 | 952 | 886 |
| Operating Expense | 620 | 633 | 664 | 613 |
| Operating Income | 521 | 541 | 288 | 273 |
| EBITDA | 610 | 622 | 374 | 346 |
| EBIT | 521 | 541 | 288 | 273 |
| Pretax Income | 482 | 501 | 226 | 217 |
| Tax Provision | 127 | 126 | 53 | 62 |
| Net Income | 355 | 375 | 173 | 155 |
| Net Income Common Stockholders | 355 | 375 | 173 | 155 |
| Total Expenses | 4,386 | 4,453 | 4,765 | 4,737 |
| Interest Expense | 39 | 40 | 62 | 56 |
| Interest Income | 22 | 72 | 0 | 0 |
| Research And Development | 73 | 65 | 68 | 71 |
| Selling General And Administration | 483 | 496 | 521 | 476 |
| Normalized EBITDA | 610 | 622 | 374 | 346 |
| Normalized Income | 355 | 375 | 173 | 155 |
| Basic EPS | 5.66 | 6.61 | 3.47 | 3.20 |
| Diluted EPS | 5.61 | 6.56 | 3.43 | 3.20 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.26 | 0.25 | 0.23 | 0.29 |
| Net Income From Continuing Operation Net Minority Interest | 355 | 375 | 173 | 155 |
| Reconciled Depreciation | 89 | 81 | 86 | 73 |
| Reconciled Cost Of Revenue | 3,741 | 3,811 | 4,090 | 4,117 |
| Net Interest Income | -39 | -40 | -62 | -56 |
| Net Income From Continuing And Discontinued Operation | 355 | 375 | 173 | 155 |
| Total Operating Income As Reported | 499 | 469 | 0 | 0 |
| Diluted Average Shares | 64 | 57 | 50 | 49 |
| Basic Average Shares | 63 | 57 | 50 | 48 |
| Diluted NI Availto Com Stockholders | 355 | 375 | 173 | 155 |
| Net Income Including Noncontrolling Interests | 355 | 375 | 173 | 155 |
| Net Income Continuous Operations | 355 | 375 | 173 | 155 |
| Net Non Operating Interest Income Expense | -39 | -40 | -62 | -56 |
| Interest Expense Non Operating | 39 | 40 | 62 | 56 |
| Interest Income Non Operating | 22 | 72 | 0 | 0 |
| Depreciation Amortization Depletion Income Statement | 64 | 72 | 75 | 66 |
| Depreciation And Amortization In Income Statement | 64 | 72 | 75 | 66 |
| Selling And Marketing Expense | 242 | 285 | 289 | 269 |
| General And Administrative Expense | 241 | 211 | 232 | 207 |
| Other Gand A | 241 | 211 | 232 | 207 |
| Operating Revenue | 4,907 | 4,994 | 5,053 | 5,010 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| TriNet Group, Inc.this co. | TNET | $2.0B | 13.39β discount | 37.59 | 287.0% | 11.36 |
| Custom Truck One Source, Inc. | CTOS | $2.1B | - | 2.57 | -3.8% | 21.79 |
| Ducommun Incorporated | DCO | $2.1B | - | 3.12 | -5.1% | 21.40 |
| V2X, Inc. | VVX | $2.1B | 26.78 | 1.89 | 7.2% | 9.34 |
| Cimpress plc | CMPR | $2.0B | 83.08 |
| -3.74 |
| -2.7% |
| 10.51 |
| Thermon Group Holdings, Inc. | THR | $1.9B | 33.51 | 3.62 | 10.8% | 19.03 |
| Costamare Inc. | CMRE | $1.9B | 5.71 | 0.93 | 16.9% | 5.11 |
| The Gorman-Rupp Company | GRC | $1.9B | 32.58 | 4.53 | 12.8% | 16.92 |
| Enerpac Tool Group Corp. | EPAC | $1.9B | 20.04 | 4.28 | 21.4% | 12.96 |
| Peer Median | - | 29.68 | 2.85 | 9.0% | 14.94 | |