- Capital deployment included a 10% dividend increase to $0.275 per share and $117 million returned to shareholders through dividends and share repurchases in H1 2025.
- GAAP earnings per diluted share were $0.77, adjusted earnings per diluted share were $1.15, and adjusted EBITDA margin was 8.5% with $105 million generated in adjusted EBITDA.
- Insurance revenue grew 1% with a 9% increase in revenue per average enrolled member; insurance cost ratio (ICR) was slightly above expectations at just over 90%, impacted by older health claims and reserve releases.
- Operating expenses declined 2% year-over-year, benefiting from automation and workforce strategy, while reinvesting savings into growth initiatives.
- Retention remains above historical averages despite repricing headwinds, with an 80% or better retention rate targeted and slight decline in co-employed WSE retention by 1.5 points year-over-year.
- Strong cash generation with $170 million net cash from operations and $136 million free cash flow in H1 2025; free cash flow conversion ratio was 51%, in line with plan.
- Total WSEs declined 4% year-over-year to approximately 339,000, and co-employee WSEs declined 8%, driven by reduced new sales and higher attrition largely due to health fee increases.
- TriNet delivered financial and operating performance consistent with expectations in Q2 2025, with total revenue flat year-over-year supported by insurance repricing and interest income.
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