DUBLIN, Calif., Oct. 29, 2026 /PRNewswire/ -- TriNet Group, Inc. (NYSE: TNET), a leading provider of comprehensive and flexible human capital management (HCM) solutions for small and medium-size businesses (SMBs), today announced financial results for the third quarter ended September 30, 2026. The third quarter highlights below include non-GAAP financial measures which are reconciled later in this release.
"We delivered solid third quarter results and made further progress against our strategic priorities," said Mike Simonds, TriNet's President and CEO. "Earnings performance exceeded our forecast, customer retention improved, and new sales returned to year-over-year growth."
Simonds continued, "Our growth initiatives are gaining traction. Momentum within our broker channel is building, our investments in sales are driving improved performance in our important fall selling season, and we are strengthening our customer value proposition through investments in our service model and an expanding set of solutions, such as TriNet Leave powered by Cocoon, TriNet Recruit, and TriNet Spend. With these initiatives gaining traction, we believe TriNet is increasingly well-positioned to return to sustainable growth."
Third quarter highlights include:
- Total revenues decreased 5% to $1.2 billion compared to the same period last year.
- Professional service revenues decreased 7% to $157 million compared to the same period last year.
- Net income was $31 million, or $0.65 per diluted share, compared to net income of $34 million, or $0.70 per diluted share, in the same period last year.
- Adjusted Net Income was $44 million, or $0.94 per diluted share, compared to Adjusted Net Income of $55 million, or $1.11 per diluted share, in the same period last year.
- Adjusted EBITDA was $89 million, representing an Adjusted EBITDA Margin of 7.6%, compared to Adjusted EBITDA of $100 million, representing an Adjusted EBITDA Margin of 8.2% in the same period last year.
- Total Worksite Employees (WSEs) decreased (11)% as compared to the same period last year, to approximately 295,000.
- Net cash provided by operating activities increased 11% as compared to the same period last year to $80 million, generating $53 million in Free Cash Flow.
Full-Year 2026 Guidance
In addition to announcing our third quarter 2026 results, we are reaffirming our full-year 2026 guidance and expect to be at the high end of our earnings per diluted share range. Non-GAAP financial measures are reconciled later in this release.
Quarterly Report on Form 10-Q
We anticipate filing our Quarterly Report on Form 10-Q ("Form 10-Q") for the nine months ended September 30, 2026 with the U.S. Securities and Exchange Commission (SEC) and making it available at https://www.trinet.com on or about October 29, 2026. This press release should be read in conjunction with the Form 10-Q and the related Notes to Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations contained in the Form 10-Q.
Earnings Conference Call and Audio Webcast
TriNet will host a conference call at 5:30 a.m. PT today to discuss its third quarter results for 2026. TriNet encourages participants to pre-register for the webcast. The live webcast of the conference call can be accessed on the Investor Relations section of TriNet's website at https://investor.trinet.com. Participants can pre-register for the webcast by going to: https://events.q4inc.com/attendee/764057723. Callers can pre-register for the conference call by going to: https://dpregister.com/sreg/10212821/1052113182d. For those who would like to join the call but have not pre-registered, they can do so by dialing +1 (412) 317-5426 and requesting the "TriNet Conference Call." A replay of the webcast will be available on this website for approximately one year. A telephonic replay will be available for two weeks following the conference call at +1 (412) 317-0088 conference ID: 6487067.
About TriNet
TriNet is a leading provider of human resources solutions for small and medium-size businesses, delivering what they really need from HR: expertise, technology and advocacy that make it easier to run and grow their business. Through advanced technology-enabled services and deep human capital expertise, TriNet provides access to employee benefits such as health insurance and retirement plans, payroll and payroll tax administration, risk mitigation, and compliance consulting. TriNet helps businesses navigate the complexities of HR so they can focus on why they started their companies in the first place. For more information, please visit TriNet.com or follow us on Facebook, LinkedIn and Instagram.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to TriNet's financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section titled "Non-GAAP Financial Measures."
Forward-Looking Statements
This press release contains, and statements made during the above referenced conference call will contain, statements that are not historical in nature, are predictive in nature, or that depend upon or refer to future events or conditions or otherwise contain forward-looking statements within the meaning of Section 21 of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including, among other things, TriNet's expectations and assumptions regarding: TriNet's financial guidance for the full-year 2026 and the underlying assumptions; TriNet's mid-term outlook, market positioning, and the underlying assumptions; TriNet's on-going AI investments, including the development of TriNet Assistant, and its ability to deliver improved service experiences; TriNet's ability to build momentum in its business, including through sales force growth; and TriNet's ability to execute on our strategy. Forward-looking statements are often identified by the use of words such as, but not limited to, "ability," "anticipate," "believe," "can," "continue," "could," "enhance," "estimate," "expand," "expect," "facilitate," "grow," "guidance," "impact," "improve," "intend," "maintain," "may," "plan," "project," "provide," "return," "should," "strategy," "strengthen," "support," "will," "would" and similar expressions or variations intended to identify forward-looking statements. These statements are not guarantees of future performance but are based on management's expectations as of the date hereof and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from our current expectations and any past or future results, performance or achievements expressed or implied by the forward-looking statements. Investors are cautioned not to place undue reliance upon any forward-looking statements.