Companies · TNET
TriNet
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Latest analysis
Updated Jul 30, 2026
TriNet raises FY2026 earnings guidance at midyear as insurance cost ratio improves and retention recovers, though WSE volumes remain down 12% year-over-year.
TriNet's Q2 2026 results reflect meaningful execution progress on the two levers that matter most: insurance cost ratio returned to the targeted 86%-90% range, delivering a 4-point year-over-year improvement, and total attrition declined 36% year-over-year, with health-fee-pricing-driven attrition down 58%. On the strength of these results, management raised both adjusted EBITDA margin guidance (now 8.5%-9.0%) and adjusted EPS guidance (now $4.50-$5.10), while total revenue guidance was held flat at $4.75B-$4.90B as lower WSE volumes continue to offset pricing gains. The path to WSE stabilization and eventual growth depends on three sequential milestones management has now clearly articulated: pricing outpacing volume decline to restore revenue growth, followed by retention improvements arresting WSE decline, followed by new sales acceleration converting distribution investments into net new volume.
Tone: mixedRevenue
$5B
TNET 10-K · FY 2025
Employees
3,400
Revenue FY2024
$5.1B
Founded
1988
Profile
TNET 10-K Item 1 · Feb 12, 2026TriNet Group, Inc. is the largest publicly traded U.S. company focused primarily on the professional employer organization (PEO) business, providing technology-enabled HR solutions to small and medium-sized businesses (SMBs). Its core offerings span human capital management, employee benefits, payroll processing, tax administration, risk mitigation, and compliance consulting delivered through a co-employment model. The company also offers administrative services organization (ASO) services, including its HR Plus SaaS product, for clients seeking a less comprehensive outsourced HR solution.
Read filing description ↓ Collapse description ↑
TriNet is a leading provider of HR solutions for SMBs. We offer 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. Since our founding in 1988, TriNet has served, and continues to serve, thousands of SMBs. We are the largest publicly traded company in the U.S. that focuses primarily on the PEO business, in terms of market capitalization as of December 31, 2025. In 2025, we processed $70 billion in payroll and payroll taxes for our clients and ended the year with approximately 323,200 WSEs. We aim to differentiate ourselves from other PEOs in three substantive areas. First, we offer a high-quality, technology-enabled service solution that is tailored to employee-centric SMBs. Our primary targeted industry verticals include technology, financial services, life sciences, nonprofit, professional services, and main street. Second, we offer our clients a premium HR advisory experience featuring high-touch services and efficient issue resolution, to yield a high level of customer satisfaction and retention. Finally, we believe our risk-based model allows our clients to better manage their benefits costs over the long term. Our medium-term strategy includes taking actions to increase revenue growth through improved benefits options and risk management capabilities, expanded sales force scale, tenure, and productivity, as well as expanded distribution channels.
Primary products
- PEO Services
- ASO Services
- HR Plus
- TriNet Assistant
- OMS (Own Medical Sponsor)
- Contractor Payments Application
Business segments
End markets
Geographies
Named competitors
“We are the largest publicly traded company in the U.S. that focuses primarily on the PEO business, in terms of market capitalization as of December 31, 2025.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues decreased 1% in 2025 versus 2024, primarily driven by lower co-employed Average WSEs, partially offset by higher rates charged for services.
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