TRINET GROUP, INC. (TNET) Form 10-Q — Oct 29, 2026
TriNet's Q3 2026 revenue fell 5% to $1.2B and net income dropped 9% to $31M ($0.65 diluted EPS), driven by a 12% year-over-year decline in Average WSEs as elevated client attrition—largely from health benefits repricing—hit its Technology and Professional Services verticals. The repricing effort is working on margins: the insurance cost ratio improved to 89% in Q3 and 86% YTD (down 4 points), helped by a one-time $21 million prior-year cost recovery, and YTD net income rose 11% to $173M with diluted EPS up 16% to $3.70.
Key figures
- Eps
- 0.65
- Revenue
- 1175000000
- Net Income
- 31000000
- Total Debt
- 896000000
- Revenue Yoy
- -5%
- Total Assets
- 3393000000
- Cash Position
- 328000000
- Shares Outstanding
- 45810140
- Notes 2029
- $500M at 3.50% due March 2029
- Notes 2031
- $400M at 7.125% due August 2031
- Total wses
- 295494
- Ytd revenue
- $3.6B (-5%)
- Ytd net income
- $173M (+11%)
- Average wses q3
- 296372
- Ytd diluted eps
- $3.70 (+16%)
- Ertc receivables
- $310M
- Total wse change
- -11% YoY
- Average wse change
- -12% YoY
- Q3 adjusted ebitda
- $89M (-11% YoY)
- Q3 income before tax
- $39M (-22% YoY)
- Q3 dividend per share
- $0.29
- Ytd share repurchases
- $94M (2,069,650 shares)
- Cocoons purchase price
- $23M ($22M net cash)
- Q3 adjusted net income
- $44M (-20% YoY)
- Insurance cost ratio q3
- 89% (-1 pt)
- Ytd operating cash flow
- $317M (+31%)
- Insurance cost ratio ytd
- 86% (-4 pts)
- Remaining repurchase authorization
- $311M
- Monthly revenue per co employed wse growth
- +8%
AI analysis
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