TNET on NYSE

TriNet HR Services

Logo: TriNet USA, CC BY-SA 4.0, via Wikimedia Commons4

American cloud-based professional employer organization

TriNet Group, Inc. is a professional employer organization for small and medium-sized businesses.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

1988Founded1

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  • TickerTNET on NYSE1
  • IndustryServices-Business Services, NEC1
  • HeadquartersSan Leandro1
  • Websitewww.trinet.com
  • Incorporated inDE5
  • Business addressOne Park Place., Suite 600, Dublin, Ca 945685
  • Filer categoryLarge accelerated filer5

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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.

Key numbers, fiscal 2025

3.1%Net margin7
-0.9%Revenue growth, 20257
287.0%Return on equity7
16.57×Debt to equity7
$234.0MFree cash flow7

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development1¢$71.0M
  • Other costs94¢$4.7B
  • Income tax1¢$62.0M
  • Profit3¢$155.0M

Out of $5.0B in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending23¢$69.0M
  • Dividends paid17¢$52.0M
  • Share buybacks60¢$183.0M

Out of $303.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.7

Financial statements

Revenue89107$5.0B in 2025+30% since 2019
0$2.0B$4.0B$6.0B2019: $3.9B$3.9B20192020: $4.0B$4.0B2020+5%2021: $4.5B$4.5B2021+13%2022: $4.9B$4.9B2022+8%2023: $4.9B$4.9B2023+1%2024: $5.1B$5.1B2024+3%2025: $5.0B$5.0B2025−1%
Operating income8910$469.0M in 2023+75% since 2019
0$200.0M$400.0M$600.0M2019: $268.0M$268.0M20192020: $368.0M$368.0M2020+37%2021: $455.0M$455.0M2021+24%2022: $499.0M$499.0M2022+10%2023: $469.0M$469.0M2023−6%
Net income8910117$155.0M in 2025−27% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $212.0M$212.0M20192020: $272.0M$272.0M2020+28%2021: $338.0M$338.0M2021+24%2022: $355.0M$355.0M2022+5%2023: $375.0M$375.0M2023+6%2024: $173.0M$173.0M2024−54%2025: $155.0M$155.0M2025−10%
Fiscal year2019202020212022202320242025
Revenue$3.9B8$4.0B9$4.5B10$4.9B10$4.9B10$5.1B7$5.0B7
Research and development$43.0M8$40.0M9$50.0M10$73.0M11$65.0M7$68.0M7$71.0M7
Operating income$268.0M8$368.0M9$455.0M10$499.0M10$469.0M10
Income tax$58.0M8$85.0M9$103.0M10$127.0M11$126.0M7$53.0M7$62.0M7
Net income$212.0M8$272.0M9$338.0M10$355.0M11$375.0M7$173.0M7$155.0M7
Earnings per share$3.048$4.039$5.1310$5.6611$6.617$3.477$3.207
Earnings per share (diluted)$2.998$3.999$5.0710$5.6111$6.567$3.437$3.207

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The story

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.

From Wikipedia’s article on TriNet, shared under CC BY-SA 4.0.6

Leadership

Who has led TriNet HR Services, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Burton Goldfield2014–2024
  2. Michael Q. Simonds2024–now

President

  1. Burton Goldfield2014–2024
  2. Michael Q. Simonds2024–now

Chief financial officer

  1. Richard J. Beckert2017–2020
  2. Kelly L. Groh2020–2025
  3. Mala Murthy2025–now

Chief operating officer

  1. Olivier Kohler2019–2022
19901995200020052010201520202025
Board members and other officers (34)

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.

From Wikipedia’s article on TriNet, shared under CC BY-SA 4.0.6

Former names

  • TRINET GROUP INCSep 22, 2000 to Aug 19, 20195
  • TRINET EMPLOYER GROUP INCMar 2, 2000 to Mar 2, 20005

Timeline

  1. Feb 26, 2024New chief executive Michael Q. Simonds becomes CEO15
  2. Mar 21, 2014New chief executive Burton Goldfield becomes CEO16
  3. 1988Founded Founded1

Filings

618 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 56 major events, 405 insider forms, 23 large holders, 1 private raises, 113 other. The latest 20:

  1. Sep 14, 20268-K EDGAR
  2. Aug 31, 20264 EDGAR
  3. Aug 27, 2026144 EDGAR
  4. Aug 24, 20264 EDGAR
  5. Aug 21, 20264 EDGAR
  6. Aug 20, 2026144 EDGAR
  7. Aug 19, 2026144 EDGAR
  8. Aug 18, 20264 EDGAR
  9. Aug 18, 20264 EDGAR
  10. Aug 18, 20264 EDGAR
  11. Aug 18, 20264 EDGAR
  12. Aug 18, 20264 EDGAR
  13. Aug 18, 20264 EDGAR
  14. Aug 18, 20264 EDGAR
  15. Aug 6, 20264 EDGAR
  16. Aug 4, 2026144 EDGAR
  17. Jul 30, 202610-Q EDGAR
  18. Jul 30, 20268-K EDGAR
  19. Jun 17, 20268-K EDGAR
  20. Jun 5, 20264 EDGAR

The 618 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 23 such filings since October 2021, the latest 10:

  1. Mar 27, 2026SCHEDULE 13G/A
  2. Nov 12, 2025SCHEDULE 13G/A
  3. May 13, 2025SCHEDULE 13G/A
  4. May 9, 2025SCHEDULE 13G/A
  5. Feb 13, 2025SCHEDULE 13G
  6. Nov 8, 2024SC 13G
  7. Nov 8, 2024SC 13G/A
  8. Nov 1, 2024SC 13G/A
  9. Oct 24, 2024SC 13G
  10. Feb 13, 2024SC 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Feb 15, 2022Raised $16.7 million in a private offering of equity Form D: 88 investors so far Form 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.

FundSharesValueShare of the fundChange
Atairos Group, Inc.18,085,773$895.1M51.0%No change
BlackRock, Inc.2,589,639$128.2M0.0%+161,439
Earnest Partners LLC1,537,433$76.1M0.3%−65,734
Vanguard Portfolio Management LLC1,311,830$64.9M0.0%−114,504
Vanguard Capital Management LLC1,177,371$58.3M0.0%−132,030
Wellington Management Group Llp1,067,963$52.9M0.0%−136,466
American Century Companies Inc922,297$45.6M0.0%−180,834
Point72 Asset Management, L.P.826,534$40.9M0.1%+251,542
State Street Corp737,662$36.5M0.0%+23,040
Dimensional Fund Advisors LP724,808$35.9M0.0%−126,564
Geode Capital Management, LLC718,687$35.6M0.0%+5,552
Massachusetts Financial Services Co /ma/657,214$34.2M0.0%−18,295
Jacobs Levy Equity Management, Inc615,747$30.5M0.1%+116,490
Aqr Capital Management LLC605,810$30.0M0.0%+312,639
Frontier Capital Management Co LLC569,006$28.2M0.3%−7,083
Goldman Sachs Group Inc544,811$27.0M0.0%−147,381
Morgan Stanley539,838$26.7M0.0%+145,002
Charles Schwab Investment Management Inc503,375$24.9M0.0%−1,806
D. E. Shaw & Co., Inc.477,055$23.6M0.0%+69,097
Nuveen, LLC381,864$18.9M0.0%+136,033
Barclays PLC352,978$17.5M0.0%−73,592
Federated Hermes, Inc.298,727$14.8M0.0%+43,632
Northern Trust Corp280,315$13.9M0.0%+2,961
Man Group plc277,903$13.8M0.0%−132,848
Allianz Asset Management GmbH281,707$13.6M0.0%+30,631

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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