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Jun 30
TriNet Q2 2025 Earnings Report
TriNet reported stable revenue but lower profitability in Q2 2025 due to decreased WSEs and higher insurance costs.
Key Takeaways
TriNet generated $1.24B in revenue for Q2 2025, with net income of $37M and adjusted EPS of $1.15. Professional service revenue declined, and average WSEs decreased 4% year-over-year, but the company reaffirmed its full-year guidance.
Total revenue reached $1.24B, flat year-over-year
Net income dropped to $37M from $60M last year
Average WSEs decreased 4% to 336,010
Company reaffirmed full-year 2025 guidance despite softer margins
TriNet
TriNet
TriNet Revenue by Segment
TriNet Revenue by Geographic Location
Revenue by Segment
Professional Services Revenue
CapyFin.comInsurance Services Revenue
CapyFin.comRevenue by Geographic Location
Total Revenue
CapyFin.com Forward Guidance
TriNet reaffirmed its full-year 2025 guidance, expecting total revenue between $4.95B and $5.14B with stable insurance cost ratios despite ongoing margin pressures.
Positive Outlook
- Full-year revenue guidance maintained at $4.95–$5.14B
- Professional service revenue expected at $700–$730M
- Insurance cost ratio projected at 90–92%
- Adjusted EBITDA margin guidance of 7–9%
- Diluted net income per share expected to range from $1.90 to $3.40
Challenges Ahead
- Average WSEs decreased 4% year-over-year
- Professional service revenues declined 8% year-over-year
- Adjusted EBITDA margin fell to 8.5% from 10.9% YoY
- Net income down 38% YoY
- Higher insurance costs impacted margins
Revenue & Expenses
Visualization of income flow from segment revenue to net income