American cloud-based professional employer organization
TriNet Group, Inc. is a professional employer organization for small and medium-sized businesses. TriNet administers payroll and health benefits and advises clients on employment law compliance and risk reduction, acting in some cases as an outsourced human resources department. TriNet is headquartered in Dublin, California.3 Its shares trade on NYSE under the symbol TNET.1Wikipedia text CC BY-SA 4.0
TriNet Group, Inc. is a professional employer organization for small and medium-sized businesses. TriNet administers payroll and health benefits and advises clients on employment law compliance and risk reduction, acting in some cases as an outsourced human resources department. TriNet is headquartered in Dublin, California. TriNet partners with organizations between 3 and 2,500 employees.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Total assets1591011128$3.8B in 2025+38% since 2019Total liabilities1591011128$3.7B in 2025+65% since 2019Shareholders’ equity1011128$54.0M in 2025−89% since 2019Cash1591011128$287.0M in 2025+35% since 2019Long-term debt1591011128$895.0M in 2025+143% since 2019
Total assets1314$3.3B in Q2 FY2026−12% since Q1 FY2025Total liabilities1314$3.2B in Q2 FY2026−14% since Q1 FY2025Shareholders’ equity1314$125.0M in Q2 FY2026+131% since Q1 FY2025Cash1314$358.0M in Q2 FY2026+25% since Q1 FY2025Long-term debt1314$896.0M in Q2 FY2026+0% since Q1 FY2025
Cash from operations91011128$303.0M in 2025−36% since 2019Capital spending91011128$69.0M in 2025+53% since 2019Free cash flow91011128$234.0M in 2025−45% since 2019Dividends paid128$52.0M in 2025Share buybacks91011128$183.0M in 2025+31% since 2019
Dividends paid1314$13.0M in Q2 FY2026+0% since Q1 FY2026
TriNet HR Services sits at the top of its group. 29 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of TriNet HR Services
VANGUARD GROUP INCFiled SCHEDULE 13G/A on TriNet HR Services, latest Mar 27, 2026 (4 filings since Feb 10, 2022)
InsureYourPeople, LLC Subsidiary · Delaware, United States
ManageYourPeople, LLC Subsidiary · Delaware, United States
PayYourPeople, LLC Subsidiary · Delaware, United States
TriNet Commercial Services, Inc. Subsidiary · Delaware, United States
TriNet Employer Group Canada, Inc. Subsidiary · Ontario, Canada
TriNet Enrich Administration, Inc. Subsidiary · Delaware, United States
TriNet HR I, Inc. Subsidiary · Oklahoma, United States
TriNet HR II Holdings, Inc. Subsidiary · Delaware, United States
TriNet HR II, Inc. Subsidiary · Delaware, United States
TriNet HR II-A, Inc. Subsidiary · Florida, United States
TriNet HR III, Inc. Subsidiary · California, United States
TriNet HR III-A, Inc. Subsidiary · Delaware, United States
TriNet HR III-B, Inc. Subsidiary · Delaware, United States
TriNet HR IV, LLC Subsidiary · New York, United States
TriNet HR X, Inc. Subsidiary · Delaware, United States
TriNet HR XI, Inc. Subsidiary · Delaware, United States
TriNet Insurance Brokerage, Inc. Subsidiary · Delaware, United States
TriNet MSB, Inc. Subsidiary · Delaware, United States
TriNet Professional Employer Services, Inc. Subsidiary · Delaware, United States
TriNet SMB Services, Inc. Subsidiary · Delaware, United States
TriNet TCR Operations S.R.L. Subsidiary · Costa Rica
TriNet Trust Subsidiary · Delaware, United States
and 3 more
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What TriNet HR Services reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
TriNet was founded in 1988 by entrepreneur Martin Babinec in San Leandro, California. Babinec led TriNet through several acquisitions of smaller professional employer organizations, including Boston-based HR Logic Holdings, John Parry & Alexander and the Outsource Group of Walnut Creek, Calif.; E3 Group of Dallas; and Boston-based HR Logic Holdings.
The company went through its own rounds of equity financing, including an investment by U.K.-based staffing firm Select Holdings, LLC (later renamed as Vedior). In 2000, the company was incorporated as TriNet Group. In 2004, Vedior sold its minority interest in TriNet to General Atlantic, a growth equity firm.
In May 2008, Burton Goldfield joined the company as president and CEO. Babinec remained at the company as a director.
In March 2014 TriNet launched its initial public offering (IPO) on the New York Stock Exchange with ticker symbol TNET and became a public company.
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Acquisitions
TriNet acquired E3 Group, a Dallas-based professional employer organization, in 2003.
In 2006, TriNet purchased the Outsource Group, a human resources service provider.
TriNet acquired human resources outsourcing and consulting firm John Parry & Alexander in 2007.
The company acquired LMC Resources, a human resources advisor, in April 2008 and, in June 2009, completed its acquisition of Gevity (NASDAQ: GVHR), a human resources outsourcing company based in Bradenton, Florida.
Read the full text
In May 2012, TriNet completed its acquisition of ExpenseCloud. ExpenseCloud helps businesses manage expense reporting online and from mobile devices. The following month, the company announced in April 2012 that it had acquired AccordHR in Oklahoma City. A few months later, in October 2012, TriNet closed its acquisition of Strategic Outsourcing and became the largest, independent professional employer organization in the U.S.
In July 2013, the company acquired Ambrose Employer Group, a New York City-based professional employer organization.
In July 2020, TriNet acquired Little Bird HR. Little Bird HR is a professional employer organization based in New York City.
On February 15, 2022, Trinet closed its acquisition of Zenefits.
Oct 29, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.83 a share, on Oct 29, 2025.67
When it reported results
Jul 30, 2026Reported quarterly or annual results56
Apr 30, 2026Reported quarterly or annual results59
Feb 12, 2026Reported quarterly or annual results61
Oct 29, 2025Reported quarterly or annual results63
Jul 25, 2025Reported quarterly or annual results66
Apr 25, 2025Reported quarterly or annual results68
Feb 13, 2025Reported quarterly or annual results69
Oct 25, 2024Reported quarterly or annual results70
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
619 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 56 major events, 405 insider forms, 24 large holders, 1 private raises, 113 other. The latest 20:
174 open-market trades by officers, directors and large owners since October 2021: 3 buys and 171 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Where the company's money came from, by calendar year: private offerings filed with the SEC,
federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA.
Each bar links to the records below.
Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.
Feb 15, 2022Raised $16.7 million in a private offering of equity54Form D: 88 investors so farForm D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How TriNet HR Services is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Feb 12, 2026 (Section 12(b) of the Exchange Act).16
Risk factors and legal proceedings
The risks TriNet HR Services names in Item 1A of its 10-K filed Feb 12, 2026: 32 risks under these headings, as written.16
Operational Risks
Unexpected changes in workers' compensation and health insurance costs and claims by worksite employees could harm our business.
Our co-employment relationship with our worksite employees exposes us to unique business risks.
We may not realize or sustain the expected benefits from our business transformation initiatives, and these efforts could have a materially adverse effect on our business.
Our SMB clients are particularly affected by volatility in the economic environment.
We lose clients for many reasons that we cannot control or easily predict and, generally, our clients sign service agreements that they can cancel on short notice.
Geographic and industry market concentration makes our results of operations vulnerable to regional and industry-specific economic and health factors.
If we are unable to attract, maintain and manage qualified personnel, including our sales force, our business may be harmed.
We face risks associated with our international operations.
Any failure in the business systems or service centers that we or our service providers rely upon, could negatively impact our clients, harm our reputation and expose us to significant, unanticipated liability.
Changes in our insurance coverage, or in our relationships with key insurance carriers, could harm our business.
We must continue to work to improve our services to meet the expectations of our clients and regulators, or we may lose our clients and materially harm our business.
The other 21 risks
We have acquired, and may in the future acquire, other businesses and technologies, which can divert management's attention and create integration risks and other risks for our business.
Our industry is competitive, which may limit our ability to maintain or increase our market share or improve our results of operations.
We may not be able to keep pace with changes in technology, including as a result of AI, or provide timely enhancements to our solutions and support.
Data Privacy and Security Risks
Cyber-attacks, breaches, disclosures or other data-related incidents could result in reduced revenue, increased costs, liability claims, regulatory penalties, regulatory disclosure requirements and damage to our reputation.
We must comply with constantly-evolving privacy, data protection, AI and cybersecurity laws and regulations, which may require substantial costs or changes to our business, and any actual or perceived compliance failure could result in reduced revenue, increased costs, liability claims, regulatory penalties, and damage to our reputation.
Legal and Compliance Risks
Changing laws and regulations governing health insurance and other traditional employee benefits at the federal, state and local level could negatively affect our business.
If we are not recognized as an employer of our worksite employees, and if our benefit plans are deemed to not satisfy plan requirements, under federal and state regulations, we and our clients could be adversely impacted.
The definition of employers, employees and independent contractors is evolving. Changes to the laws and regulations that govern what it means to be an employer or an employee may require us to make significant changes in our operations and may negatively affect our business.
Remote work continues to be widely used by employers across the country. The laws and regulations that govern employees were not drafted with remote workers in mind and changes in, uncertainty regarding, or adverse application of these laws could negatively affect our business.
If we do not comply with our regulatory license requirements, or if we are deemed to be operating in various non-PEO licensed industries without the required licenses, we and our clients could be adversely impacted.
We may be adversely impacted by any failure of third-party service providers to perform their functions.
Failure to comply with anti-corruption laws and regulations, economic and trade sanctions, and similar laws could have a materially adverse effect on our reputation, results of operations or financial condition, or have other adverse consequences.
We are subject to legal and tax proceedings that may result in adverse outcomes.
Financial and Stock Ownership Risks
Our results of operations and stock price may fluctuate as a result of numerous factors, many of which are outside of our control.
The terms of our current or future indebtedness may restrict our current and future operations, which would impair our ability to respond to changes in our business and to manage our business.
Bank failures or other events affecting financial institutions could have a material adverse effect on our business, financial condition and results of operations.
Our interest earned on funds held for clients may be impacted by changes in government regulations mandating the amount of tax withheld or timing of remittance or by political, economic or social factors.
Change in our credit ratings could adversely impact our results of operations and lower our profitability.
We may require additional capital or need to restructure our existing debt to pursue our business objectives and to respond to business opportunities, challenges or unforeseen circumstances. If capital is not available to us, our business, results of operations, and financial condition may be adversely affected.
We cannot guarantee that our stock repurchase program will be fully implemented or that it will enhance long-term stockholder value.
Atairos, our largest stockholder, may have significant influence over our Company, and the ownership of capital stock, and thus the voting control, of our Company remains concentrated in our executive officers, directors and their affiliates, which limits your ability to influence corporate matters.
Legal proceedings
For the information required in this section, refer to Note 9 in Part II, Item 8. Financial Statements and Supplementary Data, of this Form 10-K.
