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Trinet Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$53.0M in Q3 2026 · $286M over twelve months

Operating cash flow$80.0M
Capital spending−$27.0M
Free cash flow+$53.0M
Cash / net income2.6×

Analysis

In Q3 2026, Trinet Group generated $80.0M of operating cash flow and spent $27.0M on capital projects, leaving free cash flow of $53.0M. That is $2.0M less than in Q3 2025 ($55.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $378M; the largest uses were buybacks ($155M), other investing ($93.0M), capital spending ($92.0M); besides operations, cash came from other financing ($55.0M), shares issued ($10.0M); the cash balance rose by $36.0M.

Operating cash flow was $80.0M against net income of $31.0M — 2.6× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$17.0M, other non-cash +$7.0M, prepaid and other assets −$5.0M.

Free cash flow

Trinet Group: free cash flow by quarterTrinet Group: free cash flow by quarter$47.0MQ4 2024$79.0MQ1 2025$57.0MQ2 2025$55.0MQ3 2025$43.0MQ4 2025$123MQ1 2026$67.0MQ2 2026$53.0MQ3 2026
Operating cash flow less capital spending.
Trinet Group: operating cash flow against capital spendingTrinet Group: operating cash flow against capital spendingOperating cash flowCapital spending$65.0M$18.0MQ4 2024$95.0M$16.0MQ1 2025$75.0M$18.0MQ2 2025$72.0M$17.0MQ3 2025$61.0M$18.0MQ4 2025$149M$26.0MQ1 2026$88.0M$21.0MQ2 2026$80.0M$27.0MQ3 2026
Latest (Q3 2026): Operating cash flow $80.0M, Capital spending $27.0M.

Capital allocation, year by year

Trinet Group: where the cash came from (up) and went (down), by fiscal yearTrinet Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $218MFY2021: Net borrowing $130MFY2021: Shares issued $11.0MFY2021: Capital spending −$40.0MFY2021: Buybacks −$94.0M$359MFY2021FY2022: Operating cash flow $497MFY2022: Shares issued $11.0MFY2022: Capital spending −$56.0MFY2022: Acquisitions −$229MFY2022: Buybacks −$523M$508MFY2022FY2023: Operating cash flow $539MFY2023: Net borrowing $600MFY2023: Shares issued $15.0MFY2023: Capital spending −$75.0MFY2023: Buybacks −$1.1B$1.2BFY2023FY2024: Operating cash flow $279MFY2024: Shares issued $12.0MFY2024: Capital spending −$78.0MFY2024: Buybacks −$183MFY2024: Dividends −$37.0M$291MFY2024FY2025: Operating cash flow $303MFY2025: Net borrowing −$90.0MFY2025: Shares issued $11.0MFY2025: Asset sales $1.0MFY2025: Capital spending −$69.0MFY2025: Buybacks −$183MFY2025: Dividends −$52.0M$315MFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were buybacks ($2.1B) and capital spending ($318M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$378M
Debt$896M
Net debt$518M

Trinet Group funds itself: free cash flow was $286M over the last twelve months, and $378M of cash and investments stands against $896M of debt.

Where the cash came from and went

Trinet Group: sources (+) and uses (−) of cash, Q3 2026Trinet Group: sources (+) and uses (−) of cash, Q3 2026Other financing$126MCash drawn (+) / kept (−)−$85.0MOperating cash flow$80.0MOther investing−$58.0MCapital spending−$27.0MBuybacks−$18.0MDividends−$14.0MTaxes on employees’ shares−$5.0MNot reconciled$1.0M
Trinet Group: sources (+) and uses (−) of cash, TTM to Q3 2026Trinet Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$378MBuybacks−$155MOther investing−$93.0MCapital spending−$92.0MOther financing$55.0MDividends−$53.0MCash drawn (+) / kept (−)−$36.0MTaxes on employees’ shares−$14.0MShares issued$10.0M

From profit to cash

Trinet Group: net income to operating cash flow, Q3 2026Trinet Group: net income to operating cash flow, Q3 2026Net income$31.0MStock-based pay$17.0MDeferred taxes−$2.0MOther non-cash$7.0MPayables−$2.0MPrepaid and other assets−$5.0MOperating cash flow$80.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$80.0M−$27.0M−$18.0M−$14.0M——−$85.0M$53.0M
Q2 2026$88.0M−$21.0M−$18.0M−$13.0M——$95.0M$67.0M
Q1 2026$149M−$26.0M−$58.0M−$13.0M——$510M$123M
Q4 2025$61.0M−$18.0M−$61.0M−$13.0M—$5.0M−$556M$43.0M
Q3 2025$72.0M−$17.0M−$31.0M−$13.0M−$90.0M−$1.0M$80.0M$55.0M
Q2 2025$75.0M−$18.0M−$1.0M−$13.0M——−$142M$57.0M
Q1 2025$95.0M−$16.0M−$90.0M−$12.0M——$407M$79.0M
Q4 2024$65.0M−$18.0M−$28.0M−$12.0M−$85.0M$6.0M−$743M$47.0M

Trinet Group: income statement and cash flow

Trinet Group, Q3 2026: revenue $1.2B (-5% year over year), operating margin 3.3%. The chart follows the revenue to costs, profit and cash.

Trinet Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.