TriNet (TNET) financial statements
TriNet reported revenue of $5.0B in fiscal 2025, up 5.6% a year over 9 years.
Net income was $155M.
Free cash flow was $234M, and the company returned $52M in dividends and $183M in net buybacks.
The diluted share count fell 32% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TriNet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.1B | $3.3B | $3.5B | $3.9B | $4.0B | $4.5B | $4.9B | $4.9B | $5.1B | $5.0B |
| Cost of revenue | $190M | $213M | $229M | $245M | — | — | — | — | — | — |
| Gross profit | $2.9B | $3.1B | $3.3B | $3.6B | — | — | — | — | — | — |
| Research and development | $31M | $45M | $49M | $43M | $40M | $50M | $73M | $65M | $68M | $71M |
| Selling, general and admin | $266M | $301M | $324M | $327M | $338M | $378M | $483M | $496M | $521M | $476M |
| Operating income | $124M | $217M | $251M | $268M | $368M | $455M | $499M | $469M | — | — |
| Interest expense | $20M | $20M | $22M | $21M | $21M | $20M | $39M | — | — | — |
| Pre-tax income | $104M | $200M | $241M | $270M | $357M | $441M | $482M | $501M | $226M | $217M |
| Income tax | $43M | $22M | $49M | $58M | $85M | $103M | $127M | $126M | $53M | $62M |
| Net income | $61M | $178M | $192M | $212M | $272M | $338M | $355M | $375M | $173M | $155M |
| EPS (diluted) | $0.85 | $2.49 | $2.65 | $2.99 | $3.99 | $5.07 | $5.61 | $6.56 | $3.43 | $3.20 |
| Diluted shares | 72M | 71M | 72M | 71M | 68M | 67M | 64M | 57M | 50M | 49M |
| Gross margin | 93.8% | 93.5% | 93.5% | 93.6% | — | — | — | — | — | — |
| Operating margin | 4.1% | 6.6% | 7.2% | 7.0% | 9.1% | 10.0% | 10.2% | 9.5% | — | — |
| Net margin | 2.0% | 5.4% | 5.5% | 5.5% | 6.7% | 7.4% | 7.3% | 7.6% | 3.4% | 3.1% |
Balance sheet
Fiscal years, from TriNet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $184M | $336M | $282M | $281M | $358M | $747M | $430M | $352M | $360M | $287M |
| Receivables | $5M | $21M | $11M | $9M | $18M | $15M | $19M | $18M | $32M | $20M |
| Total current assets | $1.5B | $2.0B | $1.6B | $1.9B | $2.2B | $2.4B | $2.3B | $2.6B | $3.2B | $2.9B |
| Property, plant and equipment | $59M | $70M | $79M | $85M | $79M | $24M | $24M | $17M | $10M | $11M |
| Goodwill | $289M | $289M | $289M | $289M | $294M | $294M | $462M | $462M | $461M | $461M |
| Total assets | $2.1B | $2.6B | $2.4B | $2.7B | $3.0B | $3.3B | $3.4B | $3.7B | $4.1B | $3.8B |
| Total current liabilities | $1.4B | $1.8B | $1.4B | $1.6B | $1.9B | $1.7B | $2.0B | $2.5B | $3.0B | $2.6B |
| Long-term debt | $422M | — | $391M | $369M | $348M | $495M | $496M | $984M | $908M | $895M |
| Total liabilities | $2.1B | $2.4B | $2.1B | $2.3B | $2.4B | $2.4B | $2.7B | $3.6B | $4.0B | $3.7B |
| Shareholders' equity | $35M | $206M | $375M | $475M | $607M | $881M | $775M | $78M | $69M | $54M |
| Net debt | $238M | -$296M | $185M | $178M | $69M | -$117M | $142M | $697M | $548M | $608M |
Cash flow
Fiscal years, from TriNet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $192M | $606M | -$104M | $471M | $546M | $218M | $497M | $539M | $279M | $303M |
| Capital spending | $40M | $38M | $43M | $45M | $36M | $40M | $56M | $75M | $78M | $69M |
| Free cash flow | $152M | $568M | -$147M | $426M | $510M | $178M | $441M | $464M | $201M | $234M |
| Stock-based compensation | $26M | $32M | $44M | $41M | $43M | $50M | $62M | $59M | $65M | $65M |
| Dividends paid | — | — | — | — | — | — | $0 | $0 | $37M | $52M |
| Share buybacks (net) | -$72M | -$44M | -$61M | -$140M | -$178M | -$94M | -$523M | -$1.1B | -$183M | -$183M |
| Net borrowing | -$37M | -$38M | -$22M | -$22M | -$22M | -$370M | $0 | $0 | — | — |
| Free cash flow margin | 5.0% | 17.3% | -4.2% | 11.0% | 12.6% | 3.9% | 9.0% | 9.4% | 4.0% | 4.7% |
| Dividends per share | — | — | — | — | — | — | — | — | $0.74 | $1.06 |
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Open TNET in InvestinglyQuestions
What was TriNet's revenue in 2025?
$5.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does TriNet generate?
$234M in fiscal 2025 (operating cash flow minus capital spending).
From TriNet's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.