Revenue and EPS both declined YoY, with WSEs down 11%, indicating continued top-line pressure. The reaffirmed guidance with a high-end EPS expectation provides some stability, but the lack of a revenue growth catalyst suggests near-term headwinds persist. Monitor the Q4 2026 report for WSE trends and any guidance revision for 2027.
Price Chart
Executive Summary
TriNet reported Q3 2026 revenue of $1.175B, down 5% YoY, and GAAP diluted EPS of $0.65, down from $0.70 in the prior year. Adjusted net income per diluted share was $0.94, down from $1.11. The company reaffirmed its full-year 2026 guidance and expects to deliver at the high end of the EPS range. Results missed the consensus EPS estimate of $0.57 on an adjusted basis, while revenue was roughly in line with the $1.18B consensus.
Key Financial Metrics
Key Facts
- Total revenues decreased 5% YoY to $1.175B in Q3 2026.
- GAAP diluted EPS was $0.65, down 8% from $0.70 in Q3 2025.
- Adjusted Net Income per diluted share was $0.94, down from $1.11 in Q3 2025.
- Adjusted EBITDA was $89M (7.6% margin), down from $100M (8.2% margin) in Q3 2025.
- Total Worksite Employees (WSEs) decreased 11% YoY to approximately 295,000.
- Full-year 2026 guidance was reaffirmed; company expects to be at the high end of the EPS range.
- Net cash from operations increased 11% YoY to $80M; Free Cash Flow was $53M.
Financial Impact
Revenue declined 5% YoY; GAAP EPS fell 8%; Adjusted EPS fell 15%.
Risk Factors
- Continued decline in Worksite Employees (down 11% YoY) signals client attrition.
- Revenue has declined 5% YoY for three consecutive quarters.
- Adjusted EBITDA margin contracted from 8.2% to 7.6% YoY.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000937098-26-000061 |
| Document: tnet-20261029.htm | 0000937098-26-000061 |
| Document: 0000937098-26-000061-index-headers.html | 0000937098-26-000061 |
| Document: 0000937098-26-000061-index.html | 0000937098-26-000061 |
| Document: 0000937098-26-000061.txt | 0000937098-26-000061 |
| 8-K Data (Synthetic) | 0000937098-26-000061 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | Institutional Cluster | $63.70 | awaiting T+20 | awaiting T+20 | $64.28 (+0.91%) |
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 29, 2026 3d ago | Press Release | $63.70 | awaiting T+20 | awaiting T+20 | $64.28 (+0.91%) |
Oct 15, 2026 17d ago | Press Release | $70.70 | awaiting T+20 | awaiting T+20 | $64.28 (−9.08%) |
Sep 14, 2026 6w ago | 8-K | $69.25 $66.72 | ▼ −3.65% | ▼ −6.38% | $64.28 (−7.18%) |
Aug 31, 2026 8w ago | Insider Cluster | $66.94 $62.54 | ▼ −6.57% | ▼ −6.89% | $64.28 (−3.97%) |
Aug 24, 2026 9w ago | Insider Cluster | $69.62 $66.66 | ▼ −4.25% | ▼ −5.49% | $64.28 (−7.67%) |
Jul 30, 2026 13w ago | 8-K | $71.67 $69.53 | ▼ −2.99% | ▼ −6.95% | $64.28 (−10.31%) |
Jun 17, 2026 19w ago | 8-K | $45.29 $60.47 | ▲ +33.52% | ▲ +32.98% | $64.28 (+41.93%) |
Apr 27, 2026 26w ago | S-3ASR | $41.85 $42.46 | ▲ +1.46% | ▼ −4.01% | $64.28 (+53.60%) |
US Market Status
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