TriNet Announces First Quarter 2026 Results
Rhea-AI Summary
TriNet (NYSE: TNET) reported first quarter 2026 results for the period ended March 31, 2026. GAAP EPS was $1.90 (up 11%) and Adjusted Net Income per diluted share was $2.48 (up 25%). Total revenues were $1.2B (down 5%). Adjusted EBITDA was $186M (15.2% margin). Average worksite employees were ~300,000 (down 12%). TriNet returned approximately $71M to shareholders and reiterated full-year 2026 guidance: total revenues $4.75B–$4.90B; Adjusted Net Income per share $3.70–$4.70.
Positive
- Adjusted Net Income per share +25% to $2.48
- GAAP EPS +11% to $1.90
- Adjusted EBITDA of $186M (15.2% margin)
- Returned approximately $71M to shareholders
- Generated $149M operating cash flow; $123M free cash flow
Negative
- Average Worksite Employees down 12% to ~300,000
- Total revenues declined to $1.2B (down 5%)
News Market Reaction – TNET
On the day this news was published, TNET gained 6.84%, reflecting a notable positive market reaction. Argus tracked a trough of -3.7% from its starting point during tracking. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $130M to the company's valuation, bringing the market cap to $2.03B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
TNET is up 2.39% with mixed peer action: NSP up 4.2% and BBSI up 0.25%, while RHI, KFY, and MAN are down between about 1–2%, suggesting only a partial sector tailwind and a meaningful company-specific component.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 12 | Q4/FY 2025 earnings | Positive | -10.8% | Reported Q4 and FY 2025 results with 2026 guidance and strong cash returns. |
| Oct 29 | Q3 2025 earnings | Negative | -6.6% | Q3 2025 revenue and net income declined year over year despite reaffirmed guidance. |
| Jul 25 | Q2 2025 earnings | Negative | +4.7% | Flat revenue but lower net income and WSEs, while guidance was maintained. |
| Apr 25 | Q1 2025 earnings | Neutral | -0.4% | Slight revenue growth with softer margins and continued capital returns to shareholders. |
| Feb 13 | Q4/FY 2024 earnings | Negative | -14.8% | Q4 2024 net loss contrasted with modest revenue growth and medium‑term targets. |
Earnings releases have often seen negative or volatile reactions, even when guidance is reiterated or capital returns are highlighted.
Over the last five earnings cycles, TriNet’s results have featured stable $1.2B-level quarterly revenues, shifting from a Q4 2024 net loss to positive net income in 2025. Guidance for 2025–2026 has generally targeted mid‑single‑digit revenue trends and mid‑ to high‑single‑digit adjusted EBITDA margins, with consistent capital returns. Market reactions have skewed negative (notably -14.81% and -10.85% moves), indicating that earnings updates have often been received cautiously, even when guidance was reaffirmed.
Historical Comparison
Across the last five earnings releases, TNET’s average 24-hour move was -5.58%, showing that earnings updates have often been met with cautious to negative trading responses.
Recent earnings have described a shift from Q4 2024 losses to positive 2025 profitability, with recurring guidance ranges around mid‑single‑digit revenue growth and mid‑ to high‑single‑digit adjusted EBITDA margins, alongside consistent shareholder returns.
Regulatory & Risk Context
On Apr 27, 2026, TriNet filed an automatically effective Form S-3ASR shelf registration covering unspecified amounts of equity, debt, and related securities for general corporate purposes. The shelf has seen 0 takedowns so far and is scheduled to expire on Apr 27, 2029.
Market Pulse Summary
The stock moved +6.8% in the session following this news. A strong positive reaction aligns with the improvement in profitability metrics, including GAAP EPS of $1.90 and a higher 15.2% adjusted EBITDA margin, even as revenue declined. Historically, earnings updates produced an average move of -5.58%, so a sharp gain would stand out versus that pattern. Investors might also weigh the new effective S-3ASR shelf filed on Apr 27, 2026, which allows future securities issuance for general corporate purposes.
Key Terms
adjusted net income financial
adjusted ebitda financial
adjusted ebitda margin financial
free cash flow financial
form 10-q regulatory
AI-generated analysis. Not financial advice.
Returned Approximately
"TriNet is off to a strong start in 2026," said Mike Simonds, President and CEO. "The largest of our repricing efforts is behind us, expenses are prudently managed, and investments in our products and services are being made through internal development, acquisition, and partnerships."
Simonds continued, "We are seeing building momentum in our go-to-market efforts, supported by stronger pipeline, a more tenured sales team, and accelerating channel activity. With the early success of TriNet Assistant, we believe our investments in AI position us to improve service, scale efficiently, and support a return to growth. 2026 stands to be an exciting year for TriNet."
First quarter highlights include:
- Total revenues decreased
5% to compared to the same period last year.$1.2 billion - Professional service revenues decreased
10% to compared to the same period last year.$189 million - Net income was
, or$89 million per share, compared to net income of$1.90 , or$85 million per share, in the same period last year.$1.71 - Adjusted Net Income was
, or$116 million per diluted share, compared to Adjusted Net Income of$2.48 , or$99 million per diluted share, in the same period last year.$1.99 - Adjusted EBITDA was
, representing an Adjusted EBITDA Margin of$186 million 15.2% , compared to Adjusted EBITDA of , representing an Adjusted EBITDA Margin of$162 million 12.6% in the same period last year. - Average Worksite Employees (WSEs) decreased
12% as compared to the same period last year as compared to the previous quarter, to approximately 300,000. - Generated
in Net cash provided by operating activities, and$149 million in Free Cash Flow.$123 million
Full-Year 2026 Guidance
In addition to announcing our first quarter 2026 results, we are reiterating our full-year 2026 guidance. Non-GAAP financial measures are reconciled later in this release.
Full Year 2026 | |||||
(dollars in millions, except for per share amounts) | Low | High | |||
Total Revenues | $ 4,750 | $ 4,900 | |||
Professional Service Revenues | $ 625 | $ 645 | |||
Insurance Cost Ratio | 90.75 % | 89.25 % | |||
Adjusted EBITDA Margin | 7.5 % | 8.7 % | |||
Diluted net income per share of common stock | $ 2.15 | $ 3.05 | |||
Adjusted Net Income per share - diluted | $ 3.70 | $ 4.70 | |||
Quarterly Report on Form 10-Q
We anticipate filing our Quarterly Report on Form 10-Q ("Form 10-Q") for the three months ended March 31, 2026 with the
Earnings Conference Call and Audio Webcast
TriNet will host a conference call at 5:30 a.m. PT today to discuss its first quarter results for 2026. TriNet encourages participants to pre-register for the webcast. The live webcast of the conference call can be accessed on the Investor Relations section of TriNet's website at https://investor.trinet.com. Participants can pre-register for the webcast by going to: https://events.q4inc.com/attendee/214291011. Callers can pre-register for the conference call by going to: https://dpregister.com/sreg/10208266/103c777f574. For those who would like to join the call but have not pre-registered, they can do so by dialing +1 (412) 317-5426 and requesting the "TriNet Conference Call." A replay of the webcast will be available on this website for approximately one year. A telephonic replay will be available for two weeks following the conference call at +1 (412) 317-0088 conference ID: 4129824.
About TriNet
TriNet is a leading provider of Human Resources solutions for small and medium size businesses, offering advanced technology-enabled services that include human capital expertise, employee benefits such as health insurance and retirement plans, payroll and payroll tax administration, risk mitigation, and compliance consulting. Our long-term objective is to be the premier provider of HR services for a broad range of SMBs through industry leading benefits, sales distribution excellence, and a world class services delivery model. For more information, please visit TriNet.com or follow us on Facebook, LinkedIn and Instagram.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to TriNet's financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section titled "Non-GAAP Financial Measures."
Forward-Looking Statements
This press release contains, and statements made during the above referenced conference call will contain, statements that are not historical in nature, are predictive in nature, or that depend upon or refer to future events or conditions or otherwise contain forward-looking statements within the meaning of Section 21 of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including, among other things, TriNet's expectations and assumptions regarding: TriNet's financial guidance for the full-year 2026 and the underlying assumptions; TriNet's mid-term outlook and the underlying assumptions; TriNet's development, launch and on-going support of initiatives including AI-powered TriNet Assistant; expansion of our broker channel and new partnerships; TriNet's ability to build momentum in its business; and TriNet's ability to execute on our strategy. Forward-looking statements are often identified by the use of words such as, but not limited to, "ability," "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "goal," "guidance," "impact," "intend," "may," "objective," "plan," "project," "should," "strategy," "support," "target," "value," "will," "would" and similar expressions or variations intended to identify forward-looking statements. These statements are not guarantees of future performance but are based on management's expectations as of the date hereof and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from our current expectations and any past or future results, performance or achievements expressed or implied by the forward-looking statements. Investors are cautioned not to place undue reliance upon any forward-looking statements.
Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include: our ability to manage unexpected changes in workers' compensation and health insurance claims and costs, including by WSEs; our ability to mitigate the distinct business risks we face as a co-employer; the effects of volatility in the financial and economic environment on the businesses that make up our client base; our inability to realize or sustain the expected benefits from our business realignment initiatives, and any associated increases in costs as a result of these initiatives; loss of clients for reasons beyond our control and the short-term contracts we typically use with our clients; the impact of regional or industry-specific economic and health factors on our operations; the impact of failures or limitations in the business systems and centers we rely upon; changes in our insurance coverage or our relationships with key insurance carriers; our ability to improve our services and technology to satisfy client and regulatory expectations, including with respect to artificial intelligence; our ability to effectively integrate businesses we have acquired or may acquire in the future; our ability to effectively manage and improve our operational effectiveness and resiliency; our ability to price our services at rates that our clients continue to find attractive; our ability to attract and retain qualified personnel; the effects of increased competition and our ability to compete effectively; the impact on our business of cyber-attacks, breaches, disclosures and other data-related incidents; our ability to comply with evolving data privacy, artificial intelligence and security laws; our ability to manage changes in, uncertainty regarding, or adverse application of the complex laws and regulations that govern our business; changing laws and regulations governing health insurance and employee benefits; our ability to keep pace with changes in technology or provide timely enhancements to our solutions and support, including with respect to artificial intelligence; risks associated with our international operations, including potential political or economic risks; our ability to operate a business subject to numerous complex laws; changing laws and regulations governing health insurance and other traditional employee benefits at the federal, state, and local levels; our ability to be recognized as an employer of worksite employees and for our benefits plans to satisfy all requirements under federal and state regulations; changes in the laws and regulations that govern what it means to be an employer, employee or independent contractor; the impact of new and changing laws regarding remote work; our ability to comply with the licensing requirements that govern our solutions; the failure of third-party service providers performing their functions; the failure to comply with anti-corruption laws and regulations, economic and trade sanctions, and similar laws; the outcome of existing and future legal and tax proceedings; fluctuation in our results of operations, stock price and maintenance of performance measures year over year due to factors outside of our control; our ability to comply with the restrictions of our indebtedness and meet our debt obligations; the need for additional capital or to restructure our existing debt; the continuation of our stock repurchase program; and the impact of concentrated ownership in our stock by Atairos and other large stockholders and the anti-takeover provisions in our charter documents and under
Further information on risks that could affect TriNet's results is included in our filings with the SEC, including under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on our investor relations website at http://investor.trinet.com and on the SEC website at www.sec.gov. Copies of these filings are also available by contacting TriNet Corporation's Investor Relations Department at (510) 875-7201. Except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements in this press release, and any forward-looking statements in this press release speak only as of the date of this press release. In addition, we do not assume any obligation, and do not intend, to update any of our forward-looking statements, except as required by law.
Contacts: | |
Investors: | Media: |
Alex Bauer | Renee Brotherton / Josh Gross |
TriNet | TriNet |
(408) 646-5103 |
Key Financial and Operating Metrics
We regularly review certain key financial and operating metrics to evaluate growth trends, measure our performance and make strategic decisions. These key financial and operating metrics may change over time. Our key financial and operating metrics for the periods presented were as follows:
Three Months Ended March 31, | ||||||
(in millions, except per share and Operating Metrics data) | 2026 | 2025 | % Change | |||
Income Statement Data: | ||||||
Total revenues | $ 1,226 | (5) | % | |||
Income before tax | 123 | 115 | 7 | |||
Net income | 89 | 85 | 5 | |||
Diluted net income per share of common stock | 1.90 | 1.71 | 11 | |||
Non-GAAP measures (1): | ||||||
Adjusted EBITDA | 186 | 162 | 15 | |||
Adjusted Net income | 116 | 99 | 17 | |||
Free Cash Flow | 123 | 79 | 56 | |||
Operating Metrics: | ||||||
Insurance Cost Ratio | 84 % | 88 % | (4) | % | ||
Average WSEs | 300,215 | 340,744 | (12) | |||
Total WSEs | 299,434 | 339,625 | (12) | |||
(1) | Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading "Non-GAAP Financial Measures" |
(in millions) | March 31, 2026 | December 31, 2025 | % Change | |||
Balance Sheet Data: | ||||||
Cash and cash equivalents | $ 340 | $ 287 | 18 | % | ||
Working capital | 258 | 231 | 12 | |||
Total assets | 3,420 | 3,797 | (10) | |||
Debt | 896 | 895 | — | |||
Total stockholders' equity | 83 | 54 | 54 |
Three Months Ended March 31, | ||||||
(in millions) | 2026 | 2025 | % Change | |||
Cash Flow Data: | ||||||
Net cash provided by operating activities | $ 149 | $ 95 | 57 | % | ||
Net cash used in investing activities | (13) | (8) | 63 | |||
Net cash used in financing activities | (645) | (494) | 31 | |||
TRINET GROUP, INC. | ||
Three Months Ended March 31, | ||
(in millions except per share data) | 2026 | 2025 |
Professional service revenues | $ 189 | $ 209 |
Insurance service revenues | 1,023 | 1,065 |
Interest income | 14 | 18 |
Total revenues | 1,226 | 1,292 |
Insurance costs | 856 | 942 |
Cost of providing services | 70 | 71 |
Sales and marketing | 69 | 67 |
General and administrative | 59 | 46 |
Systems development and programming | 19 | 20 |
Depreciation and amortization of intangible assets | 17 | 17 |
Interest expense, bank fees and other | 13 | 14 |
Total costs and operating expenses | 1,103 | 1,177 |
Income before tax | 123 | 115 |
Income taxes | 34 | 30 |
Net income | $ 89 | $ 85 |
Other comprehensive income, net of income taxes | (2) | 2 |
Comprehensive income | $ 87 | $ 87 |
Net income per share: | ||
Basic | $ 1.90 | $ 1.72 |
Diluted | $ 1.90 | $ 1.71 |
Weighted average shares: | ||
Basic | 47 | 49 |
Diluted | 47 | 49 |
TRINET GROUP, INC. | ||||
March 31, | December 31, | |||
(in millions, except share and per share data) | 2026 | 2025 | ||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ 340 | $ 287 | ||
Restricted cash, cash equivalents and investments | 1,122 | 1,694 | ||
Accounts receivable, net | 7 | 20 | ||
Payroll funds receivable | 451 | 264 | ||
Prepaid expenses, net | 64 | 82 | ||
Other payroll assets | 449 | 474 | ||
Other current assets | 51 | 47 | ||
Total current assets | 2,484 | 2,868 | ||
Restricted cash, cash equivalents and investments, noncurrent | 122 | 128 | ||
Property and equipment, net | 22 | 11 | ||
Operating lease right-of-use asset | 38 | 36 | ||
Goodwill | 461 | 461 | ||
Software and other intangible assets, net | 155 | 153 | ||
Other assets | 138 | 140 | ||
Total assets | $ 3,420 | $ 3,797 | ||
Liabilities and stockholders' equity | ||||
Current liabilities: | ||||
Accounts payable and other current liabilities | $ 89 | $ 86 | ||
Client deposits and other client liabilities | 49 | 57 | ||
Accrued wages | 542 | 555 | ||
Accrued health insurance costs, net | 193 | 207 | ||
Accrued workers' compensation costs, net | 44 | 42 | ||
Payroll tax liabilities and other payroll withholdings | 1,289 | 1,671 | ||
Operating lease liabilities | 11 | 10 | ||
Insurance premiums and other payables | 9 | 9 | ||
Total current liabilities | 2,226 | 2,637 | ||
Long-term debt, noncurrent | 896 | 895 | ||
Accrued workers' compensation costs, noncurrent, net | 109 | 106 | ||
Deferred taxes | 54 | 55 | ||
Operating lease liabilities, noncurrent | 39 | 37 | ||
Other non-current liabilities | 13 | 13 | ||
Total liabilities | 3,337 | 3,743 | ||
Total stockholders' equity | 83 | 54 | ||
Total liabilities & stockholders' equity | $ 3,420 | $ 3,797 | ||
TRINET GROUP, INC. | ||
Three Months Ended March 31, | ||
(in millions) | 2026 | 2025 |
Operating activities | ||
Net income | $ 89 | $ 85 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of intangible assets | 17 | 17 |
Amortization of deferred costs | 13 | 12 |
Amortization of ROU asset, lease modification, impairment, and abandonment | 2 | 2 |
Deferred income taxes | — | (1) |
Stock based compensation | 16 | 13 |
Other | 1 | 3 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | — | 1 |
Prepaid expenses, net | 22 | 7 |
Other assets | (11) | (6) |
Accounts payable and other liabilities | — | (11) |
Accrued wages | — | (17) |
Accrued health insurance costs, net | — | 1 |
Accrued workers' compensation costs, net | 2 | 2 |
Payroll taxes liabilities and other payroll withholdings | — | (10) |
Operating lease liabilities | (2) | (3) |
Net cash provided by operating activities | 149 | 95 |
Investing activities | ||
Purchases of marketable securities | (25) | (27) |
Proceeds from sale and maturity of marketable securities | 38 | 34 |
Acquisitions of property and equipment and software | (26) | (16) |
Proceeds from sale of business | — | 1 |
Net cash used in investing activities | (13) | (8) |
Financing activities | ||
Change in WSE and TriNet Trust related assets and liabilities, net | (571) | (388) |
Repurchase of common stock | (58) | (90) |
Awards effectively repurchased for required employee withholding taxes | (3) | (4) |
Dividends paid | (13) | (12) |
Net cash used in financing activities | (645) | (494) |
Effect of exchange rate changes on cash and cash equivalents | (1) | — |
Net change in cash and cash equivalents, unrestricted and restricted | (510) | (407) |
Cash and cash equivalents, unrestricted and restricted: | ||
Beginning of period | 1,902 | 1,691 |
End of period | $ 1,392 | $ 1,284 |
Supplemental disclosures of cash flow information | ||
Interest paid | $ 24 | $ 25 |
Supplemental schedule of noncash investing and financing activities | ||
Cash dividend declared, but not yet paid | $ 13 | $ 13 |
Payable for purchase of property and equipment | $ 6 | $ 1 |
Receivable from sale of business | $ — | $ 6 |
Non-GAAP Financial Measures
In addition to the selected financial measures presented in accordance with
The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation from, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.
Non-GAAP Measure | Definition | How We Use The Measure |
Adjusted EBITDA | • Net income, excluding the effects of: - income tax provision, - interest expense, bank fees and other, - depreciation, - amortization of intangible assets, - stock based compensation expense, - amortization of cloud computing arrangements, and - restructuring costs. | • Provides period-to-period comparisons on a consistent basis and an understanding as to how our management evaluates the effectiveness of our business strategies by excluding certain non-recurring costs, which include restructuring costs, as well as certain non-cash charges such as depreciation and amortization, and stock-based compensation and certain impairment charges recognized based on the estimated fair values. We believe these charges are either not directly resulting from our core operations or not indicative of our ongoing operations. • Enhances comparisons to the prior period and, accordingly, facilitates the development of future projections and earnings growth prospects. • Provides a measure, among others, used in the determination of incentive compensation for management. • We also sometimes refer to Adjusted EBITDA margin, which is the ratio of Adjusted EBITDA to total revenues. |
Adjusted Net Income | • Net income, excluding the effects of: - effective income tax rate (1), - stock based compensation expense, - amortization of intangible assets, net, - non-cash interest expense, - restructuring costs, and - the income tax effect (at our effective tax rate (1) of these pre-tax adjustments.) | • Provides information to our stockholders and board of directors to understand how our management evaluates our business, to monitor and evaluate our operating results, and analyze profitability of our ongoing operations and trends on a consistent basis by excluding certain non-cash charges. |
Free Cash Flow | • Net cash provided by operating activities reduced | • Provides information on the strength of our liquidity and available cash. • Provides management with a measure to assist in making planning decisions, evaluate our performance and allocate resources. • We also sometimes refer to Free Cash Flow Conversion ratio, which is the ratio of free cash flow to Adjusted EBITDA. |
(1) | Non-GAAP effective tax rate is |
Reconciliation of GAAP to Non-GAAP Measures
The table below presents a reconciliation of Net income to Adjusted EBITDA:
Three Months Ended March 31, | ||
(in millions) | 2026 | 2025 |
Net income | $ 89 | $ 85 |
Provision for income taxes | 34 | 30 |
Stock based compensation | 16 | 13 |
Interest expense, bank fees and other | 13 | 14 |
Depreciation and amortization of intangible assets | 17 | 17 |
Amortization of cloud computing arrangements | 3 | 2 |
Restructuring costs | 14 | 1 |
Adjusted EBITDA | $ 186 | $ 162 |
Adjusted EBITDA Margin | 15.2 % | 12.6 % |
The table below presents a reconciliation of Net income to Adjusted Net Income and Adjusted Net Income per share - diluted:
Three Months Ended March 31, | ||
(in millions, except per share data) | 2026 | 2025 |
Net income | $ 89 | $ 85 |
Effective income tax rate adjustment | 3 | 1 |
Stock based compensation | 16 | 13 |
Amortization of intangible assets | 2 | 2 |
Non-cash interest expense | — | 1 |
Restructuring costs | 14 | 1 |
Income tax impact of pre-tax adjustments | (8) | (4) |
Adjusted Net Income | $ 116 | $ 99 |
GAAP weighted average shares of common stock - diluted | 47 | 49 |
Adjusted Net Income per share - diluted | $ 2.48 | $ 1.99 |
The table below presents a reconciliation of Net cash provided by operating activities to Free Cash Flow:
Three Months Ended March 31, | ||
(in millions) | 2026 | 2025 |
Net cash provided by operating activities | $ 149 | $ 95 |
Acquisitions of property and equipment and software | (26) | (16) |
Free Cash Flow (a) | $ 123 | $ 79 |
Adjusted EBITDA (b) | $ 186 | $ 162 |
Free Cash Flow Conversion Ratio (a)/(b) | 66 % | 49 % |
Reconciliation of GAAP to Non-GAAP Measures for the full-year 2026 guidance.
Low and high percentages represent increases (decreases) from the same period in the previous year.
The table below presents a reconciliation of net income to Adjusted Net Income and Adjusted Net Income per share - diluted:
FY 2025 | Year 2026 Guidance | |||
(in millions, except per share data) | Actual | Low | High | |
Net income | (34) % | (6) % | ||
Effective income tax rate adjustment | 8 | (30) | 28 | |
Stock based compensation | 65 | 3 | 3 | |
Amortization of intangible assets | 10 | — | — | |
Non-cash interest expense | 3 | (100) | (100) | |
Restructuring costs | 11 | 33 | 33 | |
Income tax impact of pre-tax adjustments | (22) | 6 | 6 | |
Adjusted Net Income | (23) % | (3) % | ||
GAAP weighted average shares of common stock - diluted | 49 | |||
Adjusted Net Income per share - diluted | ||||
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SOURCE TriNet Group, Inc.