TRINET GROUP, INC.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
TNET$66.30+2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| FINANCIAL STATEMENTS | Table of Contents |
|---|
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2025 | 2024 | 2023 |
| Operating activities | |||
| Net income | $155 | $173 | $375 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization of intangible assets | 66 | 75 | 72 |
| Amortization of deferred costs | 49 | 44 | 40 |
| Amortization of ROU asset, lease modification, impairment, and abandonment | 7 | 11 | 9 |
| Stock based compensation | 65 | 65 | 59 |
| Deferred income taxes | 45 | (2) | 5 |
| Impairment of intangibles and other | 5 | 28 | 7 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | — | (2) | (3) |
| Prepaid expenses, net | (12) | (18) | 4 |
| Other payroll assets | — | 3 | (3) |
| Other assets | (42) | (52) | (35) |
| Accounts payable and other liabilities | (4) | — | (11) |
| Client deposits and other client liabilities | (3) | (10) | 23 |
| Accrued wages | (2) | (5) | 7 |
| Accrued health insurance costs, net | 1 | (2) | 7 |
| Accrued workers' compensation costs, net | (4) | (11) | (8) |
| Payroll taxes payable and other payroll withholdings | (10) | (3) | 8 |
| Operating lease liabilities | (13) | (15) | (17) |
| Net cash provided by operating activities | 303 | 279 | 539 |
| Investing activities | |||
| Purchases of marketable securities | (78) | (190) | (276) |
| Proceeds from sale and maturity of marketable securities | 103 | 421 | 286 |
| Acquisitions of property and equipment and software | (69) | (78) | (75) |
| Proceeds from sale of business | 1 | — | — |
| Other Investments | — | — | (5) |
| Net cash provided by (used in) investing activities | (43) | 153 | (70) |
| Financing activities | |||
| Change in WSE and TriNet Trust related assets and liabilities, net | 281 | 139 | 6 |
| Repurchase of common stock | (183) | (183) | (1,122) |
| Proceeds from issuance of common stock | 11 | 12 | 15 |
| Payment of long-term financing costs and debt issuance costs | — | — | (9) |
| Proceeds from issuance of 2031 Notes | — | — | 400 |
| Proceeds from revolving credit agreement borrowings | — | — | 695 |
| Repayment of revolving credit agreement borrowings | (90) | (110) | (495) |
| Awards effectively repurchased for required employee withholding taxes | (16) | (28) | (30) |
| Dividends paid | (52) | (37) | — |
| Net cash used in financing activities | (49) | (207) | (540) |
| Effect of exchange rate changes on cash and cash equivalents | — | — | — |
| Net increase (decrease) in cash and cash equivalents, unrestricted and restricted | 211 | 225 | (71) |
| Cash and cash equivalents, unrestricted and restricted: | |||
| Beginning of period | 1,691 | 1,466 | 1,537 |
| End of period | $1,902 | $1,691 | $1,466 |
| Supplemental disclosures of cash flow information | |||
| Interest paid | $52 | $59 | $25 |
| Income taxes paid, net | 27 | 76 | 114 |
| Supplemental schedule of noncash investing and financing activities | |||
| Cash dividend declared, but not yet paid | $13 | $12 | $— |
| Payable for purchase of property and equipment | $3 | $2 | $4 |
| Receivable from sale of business | $6 | $— | $— |
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