10-K · February 12, 2026
TriNet positions itself as the largest publicly traded PEO-focused HR services provider, processing $70 billion in payroll in 2025 and serving ~323,200 worksite employees (WSEs). The company is executing a…
Earnings analysis · 10-Q
TNET earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
TriNet (TNET) reported strong Q1 2026 results with revenues of $1.226 billion and EPS of $1.90, both exceeding expectations. The company continues to face challenges, notably a 12% decline in average worksite employees…
Read full summary
TriNet (TNET) reported strong Q1 2026 results with revenues of $1.226 billion and EPS of $1.90, both exceeding expectations. The company continues to face challenges, notably a 12% decline in average worksite employees (WSEs) impacting revenue streams, yet net income increased 5% year-over-year, showcasing effective management of expenses and operational efficiencies.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.9
What stood out
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Significant EPS Beat
Reported EPS was $1.90, exceeding estimates by 36.3%.
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Strong Revenue Performance
Revenue of $1.226 billion was 2.78% above expectations, although down 5% YoY.
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Increased Net Income
Net income rose 5% from $85 million in Q1 2025 to $89 million.
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Improved Operating Cash Flow
Operating cash flow increased to $149 million from $95 million year-over-year.
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Lower Insurance Costs
Insurance costs decreased to $856 million, down from $942 million, reflecting better claims development.
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Strong Capital Position
Cash and cash equivalents increased by 18% to $340 million compared to $287 million at year-end.
What to watch
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Decreased Worksite Employees
Average WSEs declined by 12% from 340,744 in Q1 2025 to 300,215 in Q1 2026.
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Revenue Decline
Total revenues decreased by 5% YoY from $1.292 billion to $1.226 billion.
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Operational Adjustments and Costs
Incurred $14 million in restructuring costs, indicating ongoing adjustments in the workforce.
Management's outlook
Management reiterated full-year guidance, expecting revenues between $4.75 billion and $4.9 billion, and diluted EPS guidance of $2.15 to $3.05.
Earlier filings 4
10-Q · October 29, 2025
TriNet reported Q3 2025 total revenues of $1,232 million and diluted EPS of $0.70. Revenue was down 2% year-over-year while net income fell 24% to $34 million; however, operating cash flow strengthened to $242 million…
10-Q · July 25, 2025
TriNet reported essentially flat revenue of $1,238 million in Q2 2025 (vs. $1,243M in Q2 2024) while profitability weakened: net income fell 38% to $37 million and diluted EPS declined to $0.77. Insurance cost pressure…
10-Q · April 26, 2024
TriNet reported Q1 total revenues of $1,264 million, up 1% year-over-year, driven by rate increases and higher Average WSEs. Profitability weakened: operating income fell 28% to $122 million and net income fell 31% to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.