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TriNet Group (TNET) investor relations material
TriNet Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 results were consistent with expectations, reaffirming full-year 2025 guidance despite market volatility and higher insurance costs.
Strategic repricing of benefits and focus on customer retention addressed healthcare cost trends.
Growth initiatives, expanded go-to-market strategies, and investments in distribution are planned for the fall.
Strategic restructuring continued, including the sale of Clarus R+D and focus on core PEO business.
Average and total WSEs decreased 4% year-over-year, mainly in Technology, Professional Services, Main Street, and Life Sciences.
Financial highlights
Q2 total revenue was $1.2B–$1.238B, flat year-over-year, supported by insurance repricing and higher interest income.
Net income for Q2 was $37M (down 38% YoY); diluted EPS was $0.77 (down 36% YoY).
Adjusted EBITDA for Q2 was $105M (8.5% margin), down from $136M (10.9% margin) YoY.
Professional services revenue declined 8% YoY to $172M; insurance revenue grew 1% YoY to $1.048B.
Free cash flow for H1 2025 was $136M–$137M, with a 51% conversion ratio.
Outlook and guidance
Full-year 2025 revenue guidance is $4.95B–$5.14B; professional services revenue expected at $700M–$730M.
Insurance cost ratio forecasted at 90–92% for 2025, with a target to return to 87–90% in 2026.
Adjusted EBITDA margin expected just under 7% to 8.5%.
GAAP EPS guidance is $1.90–$3.40; adjusted EPS $3.25–$4.75.
Ongoing focus on operational improvements, client retention, and acquisition.
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