📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

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.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding TNET

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	575.0K	$20.9M	0.03%	Mar 2026
Jim Simons Renaissance Technologies LLC	226.0K	$8.2M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly stated they are 'on track', 'pleased with results', and 'confident in the team's ability to execute'. They provided specific figures like 9% health fee increase, 1.5pp retention decline, and reiterated full-year guidance with modestly above mid-point tracking.

Q3 2025

Confident Specific

Management uses definitive language like 'Momentum is clearly building', 'we are quite pleased', and 'we are making progress' while backing statements with specific metrics (NPS all-time high, 10.5% health plan increase per member, $3M catch-up interest). Acknowledgement of headwinds is balanced with concrete execution milestones.

Q4 2025

Mixed

Management confidently highlighted progress on controllable actions (pricing, sales force, service scores) while candidly acknowledging persistent macro headwinds (high medical costs, low hiring) that limited revenue and retention.

Q1 2026 latest

Confident Specific

Management repeatedly cited specific metrics (adjusted EPS up 25%, ICR 84%, attrition due to health pricing down 30% in Q2) and gave clear guidance range reaffirmations, while acknowledging but framing challenges as temporary or resolved.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears slightly stronger after this call. Key positive: repricing cycle is behind, retention is improving from Q2, and ICR outperformance provides earnings tailwind. The company is investing in product (Cocoon, AI) and sales capacity (Ascend program, broker channel) while managing costs. However, WSE counts are still declining 12% YoY, and the macroeconomic environment remains volatile with extended sales cycles. The full-year guidance reiteration with earnings tracking to the top half adds credibility. Next quarter's key watch items: WSE stabilization trajectory, continued retention improvement, and whether broker RFP growth converts to closed deals in the fall selling season.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED TriNet Q1 adjusted EPS up 25% to $2.48; revenue $1.2B, down 5% YoY

Revenue & Profitability

Total revenues were $1.2 billion, down 5% year-over-year. Professional services revenue declined 10% to $189 million. Insurance services revenue declined 4%, and interest revenue fell 22% to $14 million. GAAP EPS was $1.90, and adjusted EPS was $2.48, up 25% year-over-year. Adjusted EBITDA was $186 million with a 15.2% margin. Free cash flow was $123 million.

Outlook

Management sees a volatile macro environment with extended sales cycles (15% longer in March) but expects solid full-year sales growth due to pipeline strength and pricing normalization. Health cost trends are stable, and AI is viewed as a positive opportunity rather than a threat. They anticipate full-year retention to improve year-over-year despite Q1 headwinds from repricing.

Growth Drivers

Growth levers include broker channel expansion (RFPs up 12% year-over-year in Q1, accelerating in Q2), the Ascend training program (first class to represent >10% of fall sales focus), and new benefit bundles rolling out in Q2. The ASO business ARR doubled year-over-year. AI initiatives like TriNet Assistant are expected to improve service productivity and client outcomes.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Q1 adjusted EBITDA margin was 15.2%, with full-year guidance maintained at 7.5%-8.7%. Insurance cost ratio (ICR) improved to 84% in Q1, with full-year ICR guidance of 89.25%-90.75% tracking to the lower half. Operating expenses grew 6% year-over-year including a $14 million restructuring charge. Management expects earnings to be in the top half of the full-year guidance range.

Key Risks

Risks include continued macro volatility extending sales cycles, potential for adverse health cost trends despite Q1 favorability, and the impact of AI on SMB demand (though seen as positive). Retention was hurt by repricing actions, with attrition about 2 points worse in January renewals. Management flagged uncertainty in forecasting insurance claims and the need for disciplined pricing going forward.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Q2 saw improved retention, disciplined pricing, and strong insurance performance, leading to raised full-year earnings guidance. Investments in AI, sales force expansion, and benefits innovation are driving operational gains, while free cash flow and margins improved year-over-year.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 saw strong adjusted EPS growth and improved profitability despite a 5% revenue decline, driven by disciplined pricing and expense management. AI initiatives and the Cocoon acquisition are expected to boost retention and future growth, with guidance reiterated at the top end of the range.

Q4 2025 Q4 2025 2026-02-12

Solid financial results were achieved despite a tough SMB environment, with disciplined expense management, improved pricing, and strong ASO growth. 2026 guidance anticipates stable margins, improved retention, and continued investment in sales and technology.

Q3 2025 Q3 2025 2025-10-29

Q3 revenue declined 2% YoY due to lower WSE volumes, but disciplined pricing and cost control drove adjusted EPS and EBITDA margins to the top end of guidance. Strategic initiatives, including AI-powered HR tools and benefit bundles, are supporting growth and margin expansion.

Q2 2025 Q2 2025 2025-07-25

Q2 results met expectations with flat revenue, strong insurance repricing, and disciplined expense management. Guidance for 2025 is unchanged, with earnings tracking above the midpoint and positive trends in customer hiring and broker channel momentum.

📊 Analysis Methodology

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