TriNet Group, Inc. (TNET) Income Statement
TNET 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTNET revenue and net income
Where TNET's revenue goes
2025Each bar shows an amount and its share of revenue. TNET kept 3.1% of revenue as net income.
TNET profit margins
TNET growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −0.9% | +0.8% | +4.4% | +6.5% |
| Gross profit | −6.9% | −7.5% | +2.2% | +8.4% |
| Operating income | −5.2% | −18.2% | −5.8% | +13.3% |
| Net income | −10.4% | −24.1% | −10.6% | +17.2% |
| EPS (diluted) | −11.1% | −12.5% | +1.2% | +16.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TNET quarterly EPS vs estimates
TriNet beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.40).
TNET income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.01B | $5.05B | $4.92B | $4.88B | $4.54B | $4.03B | $3.86B | $3.50B | $3.27B | $3.06B |
| Cost of revenue | $4.12B | $4.10B | $3.82B | $3.77B | $3.60B | $3.24B | $3.17B | $2.84B | $2.68B | $2.60B |
| Gross profit | $886.0M | $952.0M | $1.10B | $1.12B | $937.0M | $793.0M | $684.0M | $664.0M | $596.0M | $456.1M |
| Research & development | $71.0M | $68.0M | $65.0M | $73.0M | $50.0M | $40.0M | $43.0M | $49.0M | $45.0M | $31.4M |
| Sales, general & admin | $476.0M | $521.0M | $496.0M | $483.0M | $378.0M | $338.0M | $327.0M | $324.0M | $301.0M | $265.4M |
| Total operating expenses | $613.0M | $664.0M | $633.0M | $620.0M | $482.0M | $425.0M | $416.0M | $413.0M | $379.0M | $332.2M |
| Operating income | $273.0M | $288.0M | $469.0M | $499.0M | $455.0M | $368.0M | $268.0M | $251.0M | $217.0M | $124.0M |
| Interest income | — | — | $71.0M | $22.0M | $6.0M | $10.0M | $23.0M | $12.0M | $17.0M | $19.5M |
| Interest expense | $56.0M | $62.0M | $40.0M | $39.0M | $20.0M | $21.0M | $21.0M | $22.0M | $20.0M | $20.0M |
| Income before taxes | $217.0M | $226.0M | $501.0M | $482.0M | $441.0M | $357.0M | $270.0M | $241.0M | $200.0M | $104.5M |
| Income taxes | $62.0M | $53.0M | $126.0M | $127.0M | $103.0M | $85.0M | $58.0M | $49.0M | $22.0M | $43.0M |
| Net income | $155.0M | $173.0M | $375.0M | $355.0M | $338.0M | $272.0M | $212.0M | $192.0M | $178.0M | $61.4M |
| EBITDA | $346.0M | $374.0M | $662.0M | $610.0M | $520.0M | $446.0M | $358.0M | $303.0M | $253.0M | $153.0M |
| EPS (diluted) | $4.71 | $5.30 | $7.74 | $7.02 | $5.66 | $4.44 | $3.33 | $3.01 | $1.99 | $1.21 |
| Gross margin | 17.7% | 18.8% | 22.4% | 22.9% | 20.6% | 19.7% | 17.7% | 19.0% | 18.2% | 14.9% |
| Operating margin | 5.4% | 5.7% | 9.5% | 10.2% | 10.0% | 9.1% | 7.0% | 7.2% | 6.6% | 4.1% |
| Net margin | 3.1% | 3.4% | 7.6% | 7.3% | 7.4% | 6.7% | 5.5% | 5.5% | 5.4% | 2.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.18B | $1.23B | $1.25B | $1.23B | $1.24B | $1.29B | $1.33B | $1.24B | $1.24B | $1.28B | $1.25B | $1.22B |
| Cost of revenue | $932.0M | $926.0M | $1.08B | $1.02B | $1.02B | $1.01B | $1.10B | $1.02B | $991.0M | $986.0M | $1.01B | $948.0M |
| Gross profit | $246.0M | $300.0M | $171.0M | $216.0M | $220.0M | $279.0M | $225.0M | $214.0M | $252.0M | $296.0M | $231.0M | $274.0M |
| Research & development | $17.0M | $19.0M | $16.0M | $18.0M | $17.0M | $20.0M | $16.0M | $17.0M | $17.0M | $18.0M | $16.0M | $15.0M |
| Sales, general & admin | $122.0M | $128.0M | $124.0M | $119.0M | $120.0M | $113.0M | $163.0M | $120.0M | $119.0M | $120.0M | $128.0M | $126.0M |
| Total operating expenses | $158.0M | $164.0M | $156.0M | $153.0M | $154.0M | $150.0M | $198.0M | $156.0M | $172.0M | $174.0M | $144.0M | $158.0M |
| Operating income | $88.0M | $136.0M | $15.0M | $63.0M | $66.0M | $129.0M | $27.0M | $58.0M | $80.0M | $122.0M | $87.0M | $116.0M |
| Interest income | — | — | — | — | — | — | — | $15.0M | $17.0M | $18.0M | $15.0M | $18.0M |
| Interest expense | $14.0M | $13.0M | $14.0M | $13.0M | $15.0M | $14.0M | $15.0M | $15.0M | $16.0M | $16.0M | $17.0M | $10.0M |
| Income before taxes | $74.0M | $123.0M | $1.0M | $50.0M | $51.0M | $115.0M | −$37.0M | $58.0M | $81.0M | $124.0M | $85.0M | $124.0M |
| Income taxes | $21.0M | $34.0M | $2.0M | $16.0M | $14.0M | $30.0M | −$14.0M | $13.0M | $21.0M | $33.0M | $18.0M | $30.0M |
| Net income | $53.0M | $89.0M | −$1.0M | $34.0M | $37.0M | $85.0M | −$23.0M | $45.0M | $60.0M | $91.0M | $67.0M | $94.0M |
| EBITDA | $109.0M | $155.0M | $33.0M | $82.0M | $83.0M | $148.0M | $4.0M | $93.0M | $117.0M | $160.0M | $134.0M | $165.0M |
| EPS (diluted) | $1.26 | $2.48 | $0.46 | $1.11 | $1.15 | $1.99 | $0.44 | $1.17 | $1.53 | $2.16 | $1.60 | $1.91 |
| Gross margin | 20.9% | 24.5% | 13.7% | 17.5% | 17.8% | 21.6% | 17.0% | 17.3% | 20.3% | 23.1% | 18.6% | 22.4% |
| Operating margin | 7.5% | 11.1% | 1.2% | 5.1% | 5.3% | 10.0% | 2.0% | 4.7% | 6.4% | 9.5% | 7.0% | 9.5% |
| Net margin | 4.5% | 7.3% | −0.1% | 2.8% | 3.0% | 6.6% | −1.7% | 3.6% | 4.8% | 7.1% | 5.4% | 7.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TNET's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TNET financial results
In fiscal year 2025 (ended December 31, 2025), TriNet reported revenue of $5.0 billion, down 0.9% from the year before. It had net income of $155.0 million (down 10.4%), a net profit margin of 3.1%. Diluted earnings per share came to $4.71. Over five years revenue grew at an average rate of 4.4% a year.
See the TNET stock overview for the latest quote and news, or the TNET chart for price history and technical indicators.
TNET income statement FAQ
What is TriNet's annual revenue?
TriNet reported total revenue of $5.0 billion for fiscal year 2025, which ended on December 31, 2025. That was down 0.9% from $5.1 billion the previous year.
Is TriNet profitable?
Yes. TriNet reported net income of $155.0 million in fiscal 2025, a net profit margin of 3.1%; its operating margin was 5.4%.
What is TriNet's gross margin?
TriNet's gross margin was 17.7% in fiscal 2025: for every $100 of revenue, TriNet kept $18 after the direct cost of its products and services.
How much does TriNet spend on research and development?
TriNet spent $71.0 million on research and development in fiscal 2025, 1.4% of revenue.
How fast is TriNet growing?
Revenue grew 4.4% a year on average over the last five fiscal years, from $4.0 billion to $5.0 billion.
What are TriNet's earnings per share?
TriNet earned $4.71 per diluted share in fiscal 2025, compared with $5.30 a year earlier.
When will TriNet report its next earnings?
TriNet is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does TriNet's fiscal year end?
TriNet's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.