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Specialty business services · Industrials · Fiscal year ends Dec 31
Trinet reported revenue of $5B in the fiscal year ended Dec 2025, down 0.9% from the year before. Net income was $155M. Operating cash flow of $303M less capital expenditure of $69M left free cash flow of $234M. Net debt was $608M.
Ranks among the 21 specialty business services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,540 | 4,885 | 4,922 | 5,053 | 5,010 |
| Research & development | 50.0 | 73.0 | 65.0 | 68.0 | 71.0 |
| Selling, general & admin | 378 | 483 | 496 | 521 | 476 |
| Operating income | 455 | 499 | 469 | – | – |
| Interest expense | 20.0 | 39.0 | – | – | – |
| Pre-tax income | 441 | 482 | 501 | 226 | 217 |
| Income tax | 103 | 127 | 126 | 53.0 | 62.0 |
| Net income | 338 | 355 | 375 | 173 | 155 |
| Diluted EPS | 5.07 | 5.61 | 6.56 | 3.43 | 3.20 |
| Diluted shares | 67.0 | 64.0 | 57.0 | 50.0 | 49.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 612 | 354 | 287 | 360 | 287 |
| Receivables | 15.0 | 19.0 | 18.0 | 32.0 | 20.0 |
| Current assets | 2,439 | 2,326 | 2,578 | 3,180 | 2,868 |
| Net PP&E | 24.0 | 24.0 | 17.0 | 10.0 | 11.0 |
| Goodwill | 294 | 462 | 462 | 461 | 461 |
| Total assets | 3,309 | 3,443 | 3,693 | 4,119 | 3,797 |
| Deferred revenue | 97.0 | 106 | 65.0 | 76.0 | 57.0 |
| Current liabilities | 1,739 | 1,988 | 2,463 | 2,981 | 2,637 |
| Short-term debt | 0.0 | – | – | – | – |
| Long-term debt | 495 | 496 | 984 | 908 | 895 |
| Total liabilities | 2,428 | 2,668 | 3,615 | 4,050 | 3,743 |
| Shareholders' equity | 881 | 775 | 78.0 | 69.0 | 54.0 |
| Backlog (remaining obligations) | 48.0 | 75.0 | 7.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 218 | 497 | 539 | 279 | 303 |
| Capital expenditure | 40.0 | 56.0 | 75.0 | 78.0 | 69.0 |
| Free cash flow | 178 | 441 | 464 | 201 | 234 |
| Depreciation & amortisation | 9.0 | 10.0 | 9.0 | 7.0 | 5.0 |
| Stock-based compensation | 50.0 | 62.0 | 59.0 | 65.0 | 65.0 |
| Acquisitions | 0.0 | 229 | 0.0 | 0.0 | – |
| Share buybacks | 94.0 | 523 | 1,122 | 183 | 183 |
| Dividends paid | – | 0.0 | 0.0 | 37.0 | 52.0 |
| Dividend per share | – | – | 0.00 | 0.25 | 0.28 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.6% | 0.8% | 2.7% | −0.9% |
| Operating income growth (YoY) | – | 9.7% | −6.0% | – | – |
| EPS growth (YoY) | – | 10.7% | 16.9% | −47.7% | −6.7% |
| Operating margin | 10.0% | 10.2% | 9.5% | – | – |
| Net margin | 7.4% | 7.3% | 7.6% | 3.4% | 3.1% |
| Return on equityBlank when equity is negative | 38.4% | 45.8% | 480.8% | 250.7% | 287.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 29.0% | 34.3% | 38.1% | – | – |
| Free cash flow margin | 3.9% | 9.0% | 9.4% | 4.0% | 4.7% |
| Cash conversion (CFO ÷ net income) | 0.64x | 1.40x | 1.44x | 1.61x | 1.95x |
| Receivable days | 1 | 1 | 1 | 2 | 1 |
| Interest cover | 22.8x | 12.8x | – | – | – |
| Debt ÷ equity | 0.56x | 0.64x | 12.6x | 13.2x | 16.6x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −117 | 142 | 697 | 548 | 608 |
| Current ratio | 1.40x | 1.17x | 1.05x | 1.07x | 1.09x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.