TriNet Group
Provides co-employment, payroll, benefits, and HR services to smaller US businesses.
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Profile
Runs a PEO co-employment platform for small and medium-size US businesses, handling payroll, benefits, workers' compensation, and HR compliance. HR Plus offers a non-co-employment alternative, while insurance-related billings and administrative fees account for most revenue.
Provides HR solutions to small and medium-size businesses through TriNet PEO and the HR Plus administrative-services offering. The PEO model co-employs client workforces for specified administrative and regulatory purposes, combining payroll and tax administration, TriNet-sponsored benefits, workers' compensation, HR guidance, and compliance support. HR Plus delivers payroll, benefits administration, and HR and compliance services without co-employment.
Extends the core platform through Open Market Solutions, which lets PEO clients sponsor broker-sourced health benefits, and Cocoon leave-management software. Industry-focused sales and HR expertise support clients, while nearly all service revenue is generated in the United States.
Earns professional-service fees and insurance-related billings and administrative fees, with the latter providing most revenue. The model depends on third-party insurance carriers, health and workers' compensation claims experience, and federal and state employment, benefits, tax, and PEO licensing rules.
Company facts
Key statistics
Year to date +22.9% · Average volume (30d) 398.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Feb 13, 2026 | Stifel Nicolaus | Target | $75 | |||
| Dec 5, 2025 | Truist Financial | Target | $62 | |||
| Oct 30, 2025 | UBS | Reiterate | Neutral | $73 | $63 | |
| Oct 28, 2024 | Needham | Downgrade | Buy | Hold |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.93 | $1.55 | +66.1% | $1.18B | $1.18B | −0.3% | +2.05% |
| Apr 30, 2026Q1 FY26 | $1.84 | $2.48 | +34.8% | $1.08B | $1.23B | +13.3% | −2.86% |
| Feb 12, 2026Q4 FY25 | $0.37 | $0.46 | +24.3% | $248.3M | $1.25B | +402.5% | −1.31% |
| Oct 29, 2025Q3 FY25 | $0.72 | $1.11 | +54.2% | $251.6M | $1.23B | +389.7% | +4.47% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.29B | $1.24B | $1.23B | $1.25B | $1.23B | $1.18B | |
| Gross profit | $279.0M | $220.0M | $216.0M | $171.0M | $300.0M | $246.0M | |
| Operating income | $129.0M | $66.0M | $63.0M | $15.0M | $136.0M | $88.0M | |
| Net income | $85.0M | $37.0M | $34.0M | −$1.0M | $89.0M | $53.0M | |
| Diluted EPS | $1.71 | $0.76 | $0.71 | −$0.02 | $1.89 | $1.15 | |
| Gross margin | 21.6% | 17.8% | 17.5% | 13.7% | 24.5% | 20.9% | |
| Operating margin | 10.0% | 5.3% | 5.1% | 1.2% | 11.1% | 7.5% |
Fiscal years (4-quarter sums)FY21 $4.54B · FY22 $4.89B · FY23 $4.92B · FY24 $5.09B · FY25 $5.01B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $358.0M · Total debt $950.0M · Total assets $3.35B · Shareholders' equity $125.0M
Dividends
Last raised to $0.29 from $0.275 in Apr 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 1, 2026 | Jul 1 | Jul 27 | $0.29 | |
| Apr 1, 2026 | Apr 1 | Apr 27 | $0.29 | raised from $0.275 |
| Jan 2, 2026 | Jan 2 | Jan 26 | $0.275 | |
| Oct 1, 2025 | Oct 1 | Oct 27 | $0.275 | |
| Jul 1, 2025 | Jul 1 | Jul 28 | $0.275 | |
| Apr 1, 2025 | Apr 1 | Apr 28 | $0.275 | raised from $0.25 |
| Jan 2, 2025 | Jan 2 | Jan 27 | $0.25 | |
| Oct 1, 2024 | Oct 1 | Oct 28 | $0.25 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 45.90M · Float 45.09M · 98.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Atairos Group, Inc. | 18.09M | 39.40% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 2.59M | 5.64% | 13F | Aug 7, 2026 |
| Earnest Partners LLC | 1.54M | 3.35% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 1.31M | 2.86% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 1.18M | 2.56% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 20, 2026 | Sidney A. Majalya | officer: SVP, CLO and Secretary | −775 | $68.53 |
| Aug 19, 2026 | Anthony Shea Treadway | officer: SVP, Chief Revenue Officer | −1,068 | $69.80 |
| Aug 4, 2026 | Wayne B. Lowell | director | −5,773 | $68.71 |
| May 19, 2026 | Anthony Shea Treadway | officer: SVP, Chief Revenue Officer | −933 | $43.46 |
| Mar 4, 2026 | Brian C. Evanko | director | +5,000 | $37.70 |
Peers
- Insperity
Closest PEO peer; head-to-head on co-employment, benefits, and compliance.
- Paychex
Payroll-to-HCM giant with PEO co-employment and full HRIS stack for US SMBs.
- ADP
Global HCM leader; TotalSource PEO and ADP RUN compete for SMB co-employment.
- Paycom Software
Cloud HCM SaaS on a single database for SMBs; pure software, no co-employment.
- Paylocity
Cloud HCM/payroll SaaS for SMBs; $1.6B FY2025 revenue; no co-employment model.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TriNet Group | $70.27 | +0.01% | $3.23B | 18.8 | 16.6 | 0.7 | −4.9% |
| Insperity | $53.54 | +0.03% | $2.04B | — | 22.1 | 0.3 | +1.7% |
| Paychex | $127.04 | +0.02% | $45.19B | 26.0 | 21.3 | 6.9 | +12.5% |
| ADP | $286.34 | −0.36% | $114.92B | 26.3 | 23.4 | 5.2 | +6.8% |
| Paycom Software | $238.53 | +0.10% | $10.75B | 25.3 | 18.1 | 5.0 | +9.8% |
| Paylocity | $157.93 | +0.03% | $8.46B | 32.1 | 17.9 | 4.8 | +11.0% |
| Median | 26.1 | 21.3 | 5.0 | +9.8% |