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Jun 30, 2025
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
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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