TriNet reported second-quarter 2026 results with total revenues of $1.18 billion and GAAP net income of $53 million, or $1.15 per diluted share. Adjusted Net Income was $72 million, or $1.55 per diluted share, and Adjusted EBITDA reached $128 million (10.9% margin). The company revised full-year 2026 guidance, raising adjusted earnings per share expectations to a range of $4.50–$5.10.

Financial Highlights

  • Total revenues: $1,178 million for Q2 2026 (down 5% year-over-year).
  • Net income (GAAP): $53 million; diluted net income per share: $1.15 for Q2 2026 (50% growth y/y).
  • Adjusted Net Income: $72 million; Adjusted Net Income per diluted share: $1.55 for Q2 2026 (35% growth y/y).
  • Adjusted EBITDA: $128 million, representing an Adjusted EBITDA margin of 10.9% for Q2 2026 (compared with 8.5% in Q2 2025).
  • Cash flow: Net cash provided by operating activities of $88 million in Q2 2026 and Free Cash Flow of $67 million for the quarter; six-month Net cash provided by operating activities was $237 million and Free Cash Flow was $190 million.

Business Highlights

  • Average Worksite Employees (WSEs) decreased 11% year-over-year to approximately 298,000, with total WSEs at ~299,655 for the quarter.
  • Professional service revenues were $159 million in Q2 2026 (down 8% year-over-year), while insurance service revenues were $1,007 million.
  • Insurance Cost Ratio improved to 86% in Q2 2026 from 90% a year earlier, supporting margin improvement.
  • Management cited improvements in retention, cost management, increased channel activity, planned sales-force growth, and AI investments (TriNet Assistant) aimed at enhancing service experience and positioning for the fall selling season.
  • Balance sheet and liquidity: cash and cash equivalents of $358 million as of June 30, 2026, working capital of $275 million, and total stockholders’ equity of $125 million.

Original SEC Filing:

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