TRINET GROUP, INC., 10-K filed on 2/12/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 05, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-36373    
Entity Registrant Name TRINET GROUP, INC    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 95-3359658    
Entity Address, Address Line One One Park Place,    
Entity Address, Address Line Two Suite 600    
Entity Address, City or Town Dublin,    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94568    
City Area Code 510    
Local Phone Number 352-5000    
Title of 12(b) Security Common stock par value $0.000025 per share    
Trading Symbol TNET    
Security Exchange Name NYSE    
Entity Well Known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 2.2
Entity Common Stock, Shares Outstanding (in shares)   47,299,186  
Documents Incorporated by Reference
Portions of the Registrant’s Definitive Proxy Statement to be issued in connection with its Annual Meeting of Stockholders, scheduled to be held on May 27, 2026, are incorporated by reference into Part III of this Form 10-K.
    
Entity Central Index Key 0000937098    
Document Year Focus 2025    
Document Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Firm ID 34
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location San Francisco, California
v3.25.4
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest income $ 67 $ 64 $ 72
Total revenues 5,010 5,053 4,994
Insurance costs 3,835 3,797 3,513
Cost of providing services 289 304 307
Sales and marketing 269 289 285
General and administrative 207 232 211
Systems development and programming 71 68 65
Depreciation and amortization of intangible assets 66 75 72
Interest expense, bank fees and other 56 62 40
Income before tax 217 226 501
Income taxes 62 53 126
Net income 155 173 375
Other comprehensive (loss) income, net of income taxes 3 (1) 3
Comprehensive income $ 158 $ 172 $ 378
Net income per share:      
Basic (in dollars per share) $ 3.20 $ 3.47 $ 6.61
Diluted (in dollars per share) $ 3.20 $ 3.43 $ 6.56
Weighted average shares:      
Basic (in shares) 48 50 57
Diluted (in shares) 49 50 57
Professional service revenues      
Service revenues $ 719 $ 765 $ 756
Insurance service revenues      
Service revenues $ 4,224 $ 4,224 $ 4,166
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 287 $ 360
Restricted cash, cash equivalents and investments 1,694 1,413
Accounts receivable, net 20 32
Payroll funds receivable 264 349
Prepaid expenses, net 82 64
Other payroll assets 474 916
Other current assets 47 46
Total current assets 2,868 3,180
Restricted cash, cash equivalents and investments, noncurrent 128 145
Property and equipment, net 11 10
Operating lease right-of-use asset 36 24
Goodwill 461 461
Software and other intangible assets, net 153 156
Other assets 140 143
Total assets 3,797 4,119
Current liabilities:    
Accounts payable and other current liabilities 86 89
Revolving credit agreement borrowings 0 75
Client deposits and other client liabilities 57 76
Accrued wages 555 580
Accrued health insurance costs, net 207 189
Accrued workers' compensation costs, net 42 44
Payroll tax liabilities and other payroll withholdings 1,671 1,906
Operating lease liabilities 10 13
Insurance premiums and other payables 9 9
Total current liabilities 2,637 2,981
Long-term debt, noncurrent 895 908
Accrued workers' compensation costs, noncurrent, net 106 110
Deferred taxes 55 11
Operating lease liabilities, noncurrent 37 26
Other non current liabilities 13 14
Total liabilities 3,743 4,050
Commitments and contingencies (see Note 9)
Stockholders' equity:    
Preferred stock, ($0.000025 par value per share; 20,000,000 shares authorized; no shares issued or outstanding at December 31, 2025 and 2024) 0 0
Common stock and additional paid-in capital, ($0.000025 par value per share; 750,000,000 shares authorized; 47,377,950 and 49,527,506 shares issued and outstanding at December 31, 2025 and 2024, respectively) 1,135 1,056
Retained earnings (Accumulated deficit) (1,081) (984)
Accumulated other comprehensive loss 0 (3)
Total stockholders' equity 54 69
Total liabilities & stockholders' equity $ 3,797 $ 4,119
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Preferred stock    
Preferred stock, par value (in dollars per share) $ 0.000025 $ 0.000025
Preferred stock, shares authorized (in shares) 20,000,000 20,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock    
Common stock, par value (in dollars per share) $ 0.000025 $ 0.000025
Common stock, shares authorized (in shares) 750,000,000 750,000,000
Common stock, shares issued (in shares) 47,377,950 49,527,506
Common stock, shares outstanding (in shares) 47,377,950 49,527,506
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common Stock and Additional Paid-In Capital:
Retained Earnings (Accumulated Deficit):
Accumulated Other Comprehensive (Loss) Income:
Beginning balance at Dec. 31, 2022 $ 775 $ 899 $ (119) $ (5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Issuance of common stock from exercise of stock options   4    
Issuance of common stock for employee stock purchase plan   11    
Stock based compensation expense   62    
Net income 375   375  
Common stock dividends     0  
Repurchase of common stock     (1,122)  
Awards effectively repurchased for required employee withholding taxes     (30)  
Other comprehensive (loss) income 3     3
Ending balance at Dec. 31, 2023 78 976 (896) (2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Issuance of common stock from exercise of stock options   0    
Issuance of common stock for employee stock purchase plan   12    
Stock based compensation expense   68    
Net income 173   173  
Common stock dividends     (50)  
Repurchase of common stock     (183)  
Awards effectively repurchased for required employee withholding taxes     (28)  
Other comprehensive (loss) income (1)     (1)
Ending balance at Dec. 31, 2024 69 1,056 (984) (3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Issuance of common stock from exercise of stock options   0    
Issuance of common stock for employee stock purchase plan   11    
Stock based compensation expense   68    
Net income 155   155  
Common stock dividends     (53)  
Repurchase of common stock     (183)  
Awards effectively repurchased for required employee withholding taxes     (16)  
Other comprehensive (loss) income 3     3
Ending balance at Dec. 31, 2025 $ 54 $ 1,135 $ (1,081) $ 0
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 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 0 (2) (3)
Prepaid expenses, net (12) (18) 4
Other payroll assets 0 3 (3)
Other assets (42) (52) (35)
Accounts payable and other liabilities (4) 0 (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 0 0
Other Investments 0 0 (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 0 0 (9)
Proceeds from issuance of 2031 Notes 0 0 400
Proceeds from revolving credit agreement borrowings 0 0 695
Repayment of revolving credit agreement borrowings (90) (110) (495)
Awards effectively repurchased for required employee withholding taxes (16) (28) (30)
Dividends paid (52) (37) 0
Net cash used in financing activities (49) (207) (540)
Effect of exchange rate changes on cash and cash equivalents 0 0 0
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 0
Payable for purchase of property and equipment 3 2 4
Receivable from sale of business $ 6 $ 0 $ 0
v3.25.4
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Description of Business
TriNet Group, Inc. (TriNet, or the Company, we, our and us) provides comprehensive HCM solutions for small and medium-size businesses under both a PEO model and an ASO services model. These HCM solutions include multi-state payroll processing and tax administration, employee benefits programs, including health insurance and retirement plans, workers' compensation insurance and claims management, employment and benefit law compliance, and other HR-related services. Through our PEO service model, we are the employer of record for certain employment-related administrative and regulatory purposes for WSEs, including:
•compensation through wages and salaries,
•certain employer payroll-related tax payments,
•employee payroll-related tax withholdings and payments,
•employee benefit programs, including health and life insurance, and
•workers' compensation coverage.
Our PEO clients are responsible for the day-to-day job responsibilities of the WSEs.
Through our ASO services model, we provide cloud-based HCM services to SMBs that allows them to manage hiring, onboarding, employee information, payroll processing, payroll tax administration, health insurance, and other benefits, from a single cloud-based software platform. We are not the co-employer or employer of record for such employees.
We operate in one reportable segment. All of our service revenues are generated from external clients. Less than 1% of our revenue is generated outside of the U.S.
Basis of Presentation
Our consolidated financial statements are prepared in conformity with generally accepted accounting principles in the United States of America (GAAP). All intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts within operating activities of the Consolidated Statement of Cash Flows have been reclassified to conform to current period presentation.
When entering into contractual arrangements with other entities, we assess whether we have a variable interest. If we determine that we have a variable interest, we then determine whether the arrangement is with a VIE. If the arrangement is with a VIE, we assess whether we are the primary beneficiary of the VIE by identifying the most significant activities and determining who has the power over those activities and who has the obligation to absorb the majority of the losses or benefits of the VIE. We consolidate a VIE when we have the power to direct activities that most significantly affect the economic performance of the VIE and have the obligation to absorb the majority of their losses or benefits, making us the primary beneficiary.
Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary.
In December 2023, we created TriNet Trust for the purpose of holding ASO clients' payroll funds for the remittance to ASO Users, tax authorities and other recipients. TriNet Trust's assets are restricted and can only be used for payments on behalf of ASO clients, repayments of any advances from TriNet, or payments to TriNet of interest income earned on the balances of TriNet Trust. In the event of any losses, creditors to the Trust have recourse to TriNet Trust's property and not that of TriNet overall. The risks associated with the Trust are similar to those that currently exist for the Company such as banking losses in excess of FDIC insurance levels, interest rate and market conditions.
We determined that TriNet Trust meets the definition of a variable interest entity and as the primary beneficiary we have both the power to direct TriNet Trust’s activities that most significantly affect its performance and we have the right to receive benefits from TriNet Trust, in the form of interest income. As a result, TriNet Trust is consolidated into our financial statements. During the first quarter of 2024, TriNet Trust assumed ownership and responsibility of certain bank accounts that hold ASO client funds and assumed related liabilities.
The following table presents the assets and liabilities of TriNet Trust which are included in our consolidated balance sheet. These amounts on any particular date can vary due to timing of cash receipts and remittances related to the payroll processing activities of our clients.
December 31, 2025December 31, 2024
(in millions)TriNet Trust
ASSETS
Current assets:
Cash and cash equivalents$1 $1 
Restricted cash, cash equivalents and investments79 87 
Total current assets80 88 
Total assets$80 $88 
LIABILITIES
Current liabilities:
Accounts payable and other current liabilities1 $1 
Accrued wages33 18 
Payroll tax liabilities and other payroll withholdings46 69 
Total current liabilities80 88 
Total liabilities$80 $88 
Use of Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect certain reported amounts and related disclosures.
These estimates are based on historical experience and on various other assumptions that we believe to be reasonable from the facts available to us. Some of the assumptions are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial statements could be materially affected.
Revenue Recognition
Revenues are recognized when the promised services are transferred to our clients, in an amount that reflects the consideration that we expect to receive in exchange for services. We generate all of our revenue from contracts with clients. We disaggregate revenues into professional services revenues and insurance services revenues as reported on the consolidated statements of income and comprehensive income. In the majority of our contracts, both the client and the Company may terminate the contract without penalty by providing a 30-day notice.
Performance Obligations
At contract inception, we assess the services promised in our contracts with clients and identify a performance obligation for each distinct promise to transfer to the client a service or bundle of services. We determined that the following distinct services represent separate performance obligations:
•Payroll and payroll tax processing,
•Health benefits services, and
•Workers’ compensation services
Payroll and payroll tax processing performance obligations include services to process payroll and payroll tax-related transactions on behalf of our PEO and ASO clients. Revenues associated with this performance obligation are reported as professional service revenues and recognized using an output method in which the promised services are transferred when a client's payroll is processed by us and WSEs and users are paid. Professional service revenues are stated net of the gross payroll and payroll tax amounts funded by our clients. Although we assume the responsibilities to process and remit the payroll and payroll related obligations, we do not assume employment-related responsibilities such as determining the amount of the payroll and related payroll obligations. As a result, we are the agent in this arrangement for revenue recognition purposes.
Health benefits and workers' compensation services include performance obligations to provide TriNet-sponsored health benefits and workers' compensation insurance coverage through insurance policies provided by third-party insurance carriers and settle deductible amounts on those policies. Revenues associated with these performance obligations are reported as insurance services revenues and are recognized using the output method over the period of time that the client and WSEs are covered under TriNet-sponsored insurance policies. We control the selection of health benefits and workers' compensation coverage made available. As a result, we are the principal in this arrangement for revenue recognition purposes and insurance services revenues are reported gross.
We generally charge new clients a nominal upfront non-refundable fee to recover our costs to set them up on our TriNet platform for payroll processing and other administrative services, such as benefit enrollments. These fees are accounted for as part of our transaction price and are allocated among the performance obligations based on their relative standalone selling prices.
Client Deposits and Other Client Liabilities
Client deposits and other client liabilities represent our contractual commitments and payables to clients, including indemnity guarantee payments received from clients, amounts prefunded by clients for their payroll and related taxes and other withholding liabilities before payroll is processed or due for payment, as well as service fee consideration received for unsatisfied performance obligations.
Variable Consideration and Pricing Allocation
From time to time, we may offer credits to our clients considered to be variable consideration. Incentive credits related to contract renewals are recorded as a reduction to revenue as part of the transaction price at contract inception and are allocated among the performance obligations based on their relative standalone selling prices.
We allocate the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. The transaction price for the payroll and payroll tax processing performance obligations is determined upon establishment of the contract that contains the final terms of the arrangement, including the description and price of each service purchased. The estimated service fee is determined based on observable inputs and includes the following key assumptions: target profit margin, pricing strategies including the mix of services purchased and competitive factors, and client and industry specifics.
The fees for access to health benefits and workers' compensation insurance performance obligations are determined during client on-boarding and annually through the enrollment processes based on the types of benefits coverage the WSEs have elected and the applicable risk profile of the client. We estimate our service fees based on actuarial forecasts of our expected insurance premiums and loss sensitive premium costs and amounts to cover our costs to administer these programs.
We require our clients to prefund payroll and related taxes and other withholding liabilities before payroll is processed or due for payment. Under the provision of our contracts with clients, we generally will process the payment of a client’s payroll only when the client successfully funds the amount required. As a result, there is no financing arrangement for the contracts. However, certain contracts to provide payroll and payroll tax processing services permit the client to pay certain payroll tax components ratably over periods of up to 12 months rather than as payroll tax is otherwise determined and due, which may be considered a significant financing arrangement under FASB ASC Topic 606 Revenue from Contracts with Customers. However, as the period between our performing the service under the contract and when the client pays for the service is less than one year, we have elected, as a practical expedient, not to adjust the transaction price.
Interest Income
We recognize interest income on cash and investments as revenue because the collection and processing of funds held for the benefit of our clients are critical components of providing these services and the associated interest we earn is a core part of our operations. Interest income is recognized when earned. Our portion of any interest income received from tax jurisdictions related to tax refunds is recognized when the timing and amounts of the interest are determinable.
Payroll Funds Receivable
For our PEO clients, we recognize WSE payroll and payroll tax liabilities in the period in which the WSEs perform work. When clients' pay periods cross reporting periods, we accrue the portion of the unpaid WSE payroll where we assume, under state regulations, the obligation for the payment of wages and the corresponding payroll tax liabilities associated with the work performed prior to period-end. These estimated payroll and payroll tax liabilities
are recorded in accrued wages. The associated receivables to pay those wages, including estimated revenues, offset by advance collections from clients and an allowance for credit losses, are recorded as payroll funds receivable. As of December 31, 2025 and 2024, advance collections included in payroll funds receivable were $221 million and $171 million, respectively.
Contract Costs
We recognize as deferred commission expense the incremental cost to obtain a contract with a client for certain components under our commission plans for sales representatives that are directly related to new clients onboarded as we expect to recover these costs through future service fees. Such assets are amortized over the estimated average client tenure. These commissions are earned on the basis of the revenue generated from payroll and payroll tax processing performance obligations. When the commission on a renewal contract is not commensurate with the commission on the initial contract, any incremental commission will be capitalized and amortized over the estimated average client tenure. If the commission for both the initial contract and renewal contracts are commensurate, such commissions are expensed in the contract period. The below table summarizes the amounts capitalized and amortized during the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
(in millions)202520242023
Deferred commission expense:
Capitalized$25 $38 $33 
Amortized37 38 35 
Certain commission plans pay a commission on estimated professional service revenues over the first 12 months of the contract with clients. The portion of commission paid in excess of the actual commission earned in that period is recorded as prepaid commission. When the prepaid commission is considered earned, it is classified as a deferred commission expense and subject to amortization. We did not have material contract liabilities as of December 31, 2025 and 2024.
Insurance Costs
Our insurance plans are provided by third-party insurance carriers under risk-based or guaranteed-cost insurance policies. Under risk-based policies, we agree to reimburse our carriers for any claims paid within an agreed-upon per-person deductible layer up to a maximum aggregate exposure limit per policy. These deductible dollar limits and maximum limits vary by carrier and year. Under guaranteed-cost policies, our carriers establish the premiums and we are not responsible for any deductible.
Insurance costs include insurance premiums for coverage provided by insurance carriers, expenses for claims costs and other risk management and administrative services, reimbursement of claims payments made by insurance carriers or third-party administrators below a predefined deductible limit, and changes in accrued costs related to contractual obligations with our workers' compensation and health benefit carriers.
At policy inception, annual workers' compensation premiums are estimated by the insurance carriers based on projected wages over the duration of the policy period and the risk categories of the WSEs. We initially pay premiums based on these estimates. As actual wages are realized, premium expense recorded may differ from estimated premium expense, creating an asset or liability throughout the policy year. Such asset or liability is reported on our consolidated balance sheets as prepaid expenses or insurance premiums and other payables, respectively.
Accrued Workers' Compensation Costs
We have secured workers' compensation insurance policies with insurance carriers to administer and pay claims for our clients and WSEs. We are responsible for reimbursing the insurance carriers for losses up to $1 million per claim occurrence (deductible layer). Insurance carriers are responsible for administering and paying claims. We are responsible for reimbursing each carrier up to a deductible limit per occurrence. Accrued workers' compensation costs represent our liability to reimburse insurance carriers for our share of their losses and loss adjustment expenses. These accrued costs are established to provide for the estimated ultimate costs of paying claims within the deductible layer in accordance with workers' compensation insurance policies. These accrued costs include estimates for reported and incurred but not reported (IBNR) losses, accrued costs on reported claims, and expenses associated with settling the claims. In establishing these accrued costs, we use an external actuary to provide an estimate of undiscounted future cash payments that would be made to settle the claims based upon:
•historical volume and severity of workers' compensation cost experience, exposure data and industry loss experience related to TriNet’s insurance policies,
•inputs of WSEs’ job responsibilities and location,
•estimates of future cost trends,
•expected loss ratios for the latest accident year or prior accident years, adjusted for the loss trend, the effect of rate changes and other quantifiable factors, and
•LDFs to project the reported losses for each accident year to an ultimate basis.
We assess the accrued workers' compensation costs on a quarterly basis. For each reporting period, changes in the actuarial methods and assumptions resulting from changes in actual claims experience and other trends are incorporated into the accrued workers' compensation costs. Adjustments to previously established accrued costs estimates are reflected in the results of operations for the period in which the adjustment is identified. Such adjustments could be significant, reflecting any variety of new adverse or favorable trends. Accordingly, final claim settlements may vary materially from the present estimates, particularly when those payments may not occur until well into the future. In our experience, plan years related to workers' compensation programs may take ten years or more to be settled.
We do not discount accrued workers' compensation costs. Costs expected to be paid within one year are recorded as accrued workers' compensation costs. Costs expected to be paid beyond one year are included in accrued workers' compensation costs, less current portion.
We have collateral agreements with various insurance carriers where either we retain custody of funds in trust accounts which we record as restricted cash and cash equivalents, or remit funds to carriers. Collateral whether held by us, or the carriers, is used to settle our insurance and claim deductible obligations to them. Collateral requirements are established at the policy year and are re-assessed by each carrier annually. Based on the results of each assessment, additional collateral may be required for or paid to the carrier or collateral funds may be released or returned to the Company. In instances where we pay collateral to carriers and the agreement permits net settlement of obligations against collateral held, we record our accrued costs net of that collateral (Carrier Collateral Offset). We offset Carrier Collateral Offset against our obligation due within the next 12 months before applying against long-term obligations. Collateral balances in excess of accrued costs are recorded in other assets.
Accrued Health Insurance Costs
We sponsor and administer a number of employee benefit plans for our PEO WSEs, including group health, dental, and vision as an employer plan sponsor under section 3(5) of the ERISA. In 2025, the majority of our group health insurance costs were related to risk-based plans. Our remaining group health insurance costs were for guaranteed-cost policies.
Accrued health insurance costs are established to provide for the estimated unpaid costs of reimbursing the carriers for paying claims within the deductible layer in accordance with risk-based health insurance policies. These accrued costs include estimates for claims incurred but not paid. We assess accrued health insurance costs regularly based upon actuarial studies that include other relevant factors such as current and historical claims payment patterns, plan enrollment and medical trend rates.
In certain carrier contracts we are required to prepay our obligations for the expected claims activity for subsequent periods. These prepaid balances by agreement permit net settlement of obligations and offset the accrued health insurance costs. As of December 31, 2025 and 2024, prepayments and miscellaneous receivables offsetting accrued health insurance costs were $62 million and $60 million, respectively. When the prepaid amount is in excess of our recorded liability the net asset position is included in prepaid expenses. As of December 31, 2025 and 2024, accrued health insurance costs offsetting prepaid expenses were $87 million and $90 million, respectively.
Leases
We determine if a new contractual arrangement is a lease at contract inception. If a contract contains a lease, we evaluate whether it should be classified as an operating or a finance lease. If applicable as a lease, we record our lease liabilities and right-of-use (ROU) assets based on the future minimum lease payments over the lease term and only include options to renew a lease in the future minimum lease payments if it is reasonably certain that we will exercise that option. For certain leases with original terms of twelve months or less we recognize the lease expense as incurred and we do not recognize lease liabilities and ROU assets.
We measure our lease liabilities based on the future minimum lease payments discounted over the lease term. We determine our discount rate at lease inception using our incremental borrowing rate, which is based on our outstanding debts that are collateralized by certain corporate assets. As of December 31, 2025 and 2024, the weighted-average rate used in discounting the lease liability was 5.2% and 4.9%, respectively.
We measure our ROU assets based on the associated lease liabilities adjusted for any lease incentives such as tenant improvement allowances and classify operating ROU assets in other assets in our consolidated balance sheets. For operating leases, we recognize expense for lease payments on a straight-line basis over the lease term.
Cash and Cash Equivalents
Cash and cash equivalents include bank deposits and short-term, highly liquid investments. Investments with original maturity dates of three months or less are considered cash equivalents.
Restricted Cash, Cash Equivalents and Investments
Restricted cash, cash equivalents and investments presented on our consolidated balance sheets include:
•cash and cash equivalents in trust accounts functioning as security deposits for our insurance carriers,
•payroll funds collected representing cash collected in advance from clients which we designate as restricted for the purpose of funding WSE and ASO User payroll and payroll taxes and other payroll related liabilities, and
•amounts held in trust for current and future premium and claim obligations with our insurance carriers, which amounts are held in trust according to the terms of the relevant insurance policies and by the local insurance regulations of the jurisdictions in which the policies are in force.
Investments
Our marketable investments are primarily classified as available-for-sale and are carried at estimated fair value.
Unrealized gains and losses are reported as a component of accumulated other comprehensive income, net of deferred income taxes. The amortized cost of debt investments is adjusted for amortization of premiums and accretion of discounts from the date of purchase to the earliest call date for premiums or the maturity date for discounts. Such amortization is included in interest income as an addition to or deduction from the coupon interest earned on the investments. We use the specific identification method to determine realized gains and losses on the sale of available-for-sale securities. Realized gains and losses are included in interest expense, bank fees, and other in the accompanying consolidated statements of income and comprehensive income.
We assess our investments for credit impairment. We review several factors to determine whether an unrealized loss is credit related, such as financial condition and future prospects of the issuer. To the extent that a security's amortized cost basis exceeds the present value of the cash flows expected to be collected from the security, an allowance for credit losses will be recognized. If management intends to sell or will more likely than not be required to sell the security before any anticipated recovery, a write down will be recognized in earnings measured as the entire difference between the amortized cost and the then-current fair value.
We have investments within our unrestricted and our restricted accounts. Unrestricted investments are recorded on the balance sheet as current or noncurrent based upon the remaining time to maturity, and investments subject to restrictions are classified as current or noncurrent based on the expected payout of the related liability.
Comprehensive Income
Comprehensive income consists of net income and other comprehensive income. Other comprehensive (loss) income includes those gains and losses included in comprehensive income, but excluded from net income, in accordance with GAAP. Other comprehensive (loss) income is primarily comprised of net unrealized gains or losses arising on available-for-sale investments, net of deferred taxes.
Fair Value of Financial Instruments
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.
Our financial assets recorded at fair value on a recurring basis are comprised of cash equivalents, available-for-sale marketable securities and certificates of deposits. We measure certain financial assets at fair value for disclosure purposes, as well as on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. Our other current financial assets and liabilities have fair values that approximate their carrying value due to their short-term nature.
Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market to measure fair value, summarized as follows:
•Level 1—observable inputs for identical assets or liabilities, such as quoted prices in active markets,
•Level 2—inputs other than the quoted prices in active markets that are observable either directly or indirectly,
•Level 3—unobservable inputs in which there is little or no market data, which requires that we develop our own assumptions.
The fair value hierarchy requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We classify our cash equivalents, investments and long-term debt in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement in its entirety.
Accounts Receivable
Our accounts receivable represents outstanding gross billings to clients, net of an allowance for estimated credit losses. We require our clients to prefund payroll and related liabilities before payroll is processed or due for payment. If a client fails to fund payroll or misses the funding cut-off, at our sole discretion, we may pay the payroll and the resulting amounts due to us are recognized as accounts receivable. When client payment is received in advance of our performance under the contract, such amount is recorded as client deposits. We establish an allowance for credit losses based on the credit quality of clients, current economic conditions, the age of the accounts receivable balances, historical experience, and other factors that may affect clients’ ability to pay, and charge-off amounts against the allowance when they are deemed uncollectible. The allowance was immaterial at December 31, 2025 and 2024.
Other Payroll Assets and Payroll Tax Liabilities and Other Payroll Withholdings
Included in other payroll assets are expected payroll tax refunds for which we have filed payroll tax returns claiming the refund with the IRS. Included in these receivables are ERTC and other credits that we have filed returns for on behalf of our clients. When we file a claim for a refund that will be passed on to our clients, we recognize a corresponding liability that is recognized in payroll tax liabilities and other payroll withholdings. We also have receivables from the IRS for ERTC claims where we have distributed portions of the receivables to our clients. As of December 31, 2025 and 2024, total ERTC receivables are $384 million and $831 million, respectively. Of this amount $19 million and $72 million have been distributed to our clients as of December 31, 2025 and 2024, respectively.
Property and Equipment
We record property and equipment at historical cost and compute depreciation using the straight-line method over the estimated useful lives of the assets or the lease terms, generally five years to seven years for office equipment, furniture and fixtures, and the shorter of the asset life or the remaining lease term for leasehold improvements. We expense the cost of maintenance and repairs as incurred and capitalize leasehold improvements.
We periodically assess the likelihood of unsuccessful completion of projects in progress, as well as monitor events or changes in circumstances, which might suggest that impairment has occurred, and recoverability should be evaluated. An impairment loss is recognized if the carrying amount of the asset is not recoverable and exceeds the future net cash flows expected to be generated by the asset.
We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An asset is considered impaired if the carrying amount exceeds the undiscounted future net cash flows the asset is expected to generate. An impairment charge is recognized for the amount by which the carrying amount of the assets exceeds its fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less selling costs.
Goodwill, Software and Other Intangible Assets
Our goodwill and identifiable intangible assets with indefinite useful lives are not amortized but are tested for impairment on an annual basis or when an event occurs or circumstances change in a way to indicate that there has been a potential decline in the fair value of the reporting unit. Goodwill impairment is determined by comparing the estimated fair value of the reporting unit to its carrying amount, including goodwill. All goodwill is associated with one reporting unit within our one reportable segment.
Annually, we perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit has declined below its carrying value. This assessment considers various financial, macroeconomic, industry, and reporting unit specific qualitative factors. We perform our annual impairment testing in the fourth quarter. No material impairment loss was recognized in the results of operations for the years ended December 31, 2025, 2024 and 2023.
Intangible assets and software with finite useful lives are amortized over their respective estimated useful lives ranging from one year to six years using either the straight-line method or an accelerated method. Intangible assets are reviewed for indicators of impairment at least annually and evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Based on the results of our reviews, we recognized an impairment loss of $22 million on intangible assets in the results of operations for the year ended December 31, 2024.
We capitalize internal and external costs incurred to develop internal-use computer software during the application development stage. Application development stage costs include software configuration, coding, and installation. Capitalized costs are amortized on a straight-line basis over the estimated useful life, typically ranging from three years to six years, commencing when the software is placed into service. We expense costs incurred during the preliminary project stage, as well as general and administrative, overhead, maintenance and training costs, and costs that do not add functionality to existing systems.
Advertising Costs
We expense the costs of producing advertisements at the time production occurs, and expense the cost of running advertisements in the period in which the advertising space or airtime is used as sales and marketing expense. Advertising costs were $19 million, $20 million, and $37 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Stock Based Compensation
Our stock-based awards to employees include time-based and performance-based restricted stock units and restricted stock awards, stock options and an employee stock purchase plan. Compensation expense associated with restricted stock units and restricted stock awards is based on the fair value of common stock on the date of grant. Compensation expense associated with stock options and employee stock purchase plan are based on the estimated grant date fair value method using the Black-Scholes option pricing model. Expense is recognized using a straight-line amortization method over the respective vesting period for awards that are ultimately expected to vest, with adjustments to expense recognized in the period in which forfeitures occur.
Income Taxes
We account for our provision for income taxes using the asset and liability method, under which we recognize income taxes payable or refundable for current year and deferred tax assets and liabilities for the future tax effect of events that have been recognized in either our financial statements or tax returns. We measure our current and deferred tax assets and liabilities based on provision of enacted tax laws of those jurisdictions in which we operate. The effect of changes in tax laws and regulations, or interpretations, is recognized in our consolidated financial statements in the period that includes the enactment date.
We recognize deferred tax assets and liabilities based on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes, as well as the expected benefits of using net operating loss and other carryforwards. We establish a valuation allowance when it is determined more likely than not that the deferred tax assets will not be realized. Provision for income taxes may change when estimates used in determining valuation allowances change or when receipt of new information indicates the need for adjustment in valuation allowances. Changes in valuation allowances are reflected as a component of the provision for income taxes in the period of adjustment.
We recognize a reserve for uncertain tax positions taken or expected to be taken in a tax return when it is concluded that tax positions are not more likely than not to be sustained upon examination by taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the positions. Assumptions, judgment and the use of estimates are required in determining if the more likely than not standard has been met when developing the provision for income taxes and in determining the expected benefit. The tax benefits of the position recognized in the financial statements are then measured based on the largest amount of benefit that is greater than 50% likely to be realized upon settlement with a taxing authority. Unrecognized tax benefits due to tax uncertainties that do not meet the minimum probability threshold are included as other liabilities and are charged to earnings in the period that such determination is made. We recognize interest and penalties related to uncertain tax positions as a component of income tax expense. Accrued interest and penalties are included in other non-current liabilities on the consolidated balance sheets.
Concentrations of Credit Risk
Financial instruments subject to concentrations of credit risk include cash, cash equivalents and investments (unrestricted and restricted), accounts receivable, and amounts due from insurance carriers. We maintain these financial assets principally in domestic financial institutions. We perform periodic evaluations of the relative credit standing of these institutions. Our exposure to credit risk in the event of default by the financial institutions holding these funds is limited to amounts currently held by the institution in excess of insured amounts.
Under the terms of professional services agreements, clients agree to maintain sufficient funds or other satisfactory credit at all times to cover the cost of their current payroll, all accrued paid time off, vacation or sick leave balances, and other vested wage and benefit obligations for all their work site employees. We generally require payment from our clients on or before the applicable payroll date.
For certain clients, we require an indemnity guarantee payment (IGP) supported by a letter of credit, bond, or a certificate of deposit from certain financial institutions. The IGP typically equals the total payroll and service fee for one average payroll period.
No client accounted for more than 10% of total revenues in the years ended December 31, 2025, 2024 and 2023. Bad debt expense, net of recoveries was $3 million for the years ended December 31, 2025, 2024, and 2023.
Recent Accounting Pronouncements
Recently issued accounting guidance
Disaggregation of Income Statement Expenses
In December 2024, FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, is to enhance the transparency and decision-usefulness of financial reporting by requiring public business entities to provide more detailed disclosures about the components of certain expense captions in their income statements. The ASU is effective for TriNet on a prospective basis for annual periods beginning after December 15, 2026. The Company is currently evaluating the provisions of this ASU.
Internal-Use Software
In September 2025, FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) which amends the guidance in ASC 350-40, Intangibles—Goodwill and Other—Internal-Use Software. The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the provisions of this ASU.
Recently adopted accounting guidance
Income Taxes
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements. The ASU mandates additional details in the income tax rate reconciliation, including quantitative thresholds for reconciling items, and requires disaggregation of income taxes paid by federal, state, and foreign jurisdictions, with further breakdowns for significant individual jurisdictions. We adopted this ASU in 2025 using a retrospective approach. The adoption of this ASU did not have a material impact on the Company’s financial position, results of operations, or cash flows but enhanced the disclosure of its income tax disclosures. Refer to Note 12 in Part II, Item 8. Financial Statements and Supplementary Data, of this Form 10-K.
v3.25.4
CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED
Under the terms of the agreements with certain of our workers' compensation and health benefit insurance carriers, we are required to maintain collateral in trust accounts for the benefit of specified insurance carriers and to reimburse the carriers’ claim payments within our deductible layer. We invest a portion of the collateral amounts in marketable securities. We report the current and noncurrent portions of these trust accounts as restricted cash, cash equivalents and investments on the consolidated balance sheets.
We require our clients to prefund their payroll and related taxes and other withholding liabilities before payroll is processed or due for payment. This prefund, for PEO customers, as well as amounts held by our statutory trust for our HRIS Users, is included in restricted cash, cash equivalents and investments as payroll funds collected, which is designated to pay pending payrolls, payroll tax liabilities and other payroll-related liabilities. Also included in restricted cash are payroll tax refunds received that have not yet been remitted to clients pending our determination of allocation of payments to clients on the gross receipts from tax authorities.
We also invest available corporate funds, primarily in fixed income securities which meet the requirements of our corporate investment policy and are classified as AFS.
Our total cash, cash equivalents and investments are summarized below:
December 31, 2025December 31, 2024
(in millions)Cash and cash equivalentsAvailable-for-sale marketable securitiesTotalCash and cash equivalentsAvailable-for-sale marketable securitiesTotal
Cash and cash equivalents$287 $— $287 $360 $— $360 
Restricted cash, cash equivalents and investments
Payroll funds collected1,424 — 1,424 1,131 1,131 
Collateral for health benefits claims37 108 145 34 110 144 
Collateral for workers' compensation claims45 — 45 49 — 49 
Trust for our ASO Users79 — 79 87 — 87 
Other security deposits1 — 1 2 — 2 
Total restricted cash, cash equivalents and investments1,586 108 1,694 1,303 110 1,413 
Restricted cash, cash equivalents and investments, noncurrent
Collateral for workers' compensation claims29 99 128 28 117 145 
Total$1,902 $207 $2,109 $1,691 $227 $1,918 
v3.25.4
INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
The following tables summarize our financial instruments by significant categories and fair value measurement on a recurring basis as of December 31, 2025 and December 31, 2024 and the amortized cost, gross unrealized gains, gross unrealized losses, and fair value of our AFS investments:

(in millions)Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsRestricted Cash, Cash Equivalents and Investments
December 31, 2025
Cash equivalents:
Money market mutual fundsLevel 1$483 $— $— $483 $96 $387 
U.S. treasuriesLevel 22 — — 2 — 2 
Total cash equivalents485 — — 48596 389 
AFS Investments:
Corporate bondsLevel 234 — — 34 — 34 
Agency securitiesLevel 211 — — 11 — 11 
U.S. treasuriesLevel 2160 2 — 162 — 162 
Total AFS Investments$205 $2 $— $207 $— $207 
(in millions)Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsRestricted Cash, Cash Equivalents and Investments
December 31, 2024
Cash equivalents:
Money market mutual fundsLevel 1$570 $— $— $570 $257 $313 
U.S. treasuriesLevel 21 — — 1— 1 
Total cash equivalents571 — — 571257 314 
AFS Investments:
Corporate bondsLevel 235 — — 35 — 35 
Agency securitiesLevel 218 — (1)17 — 17 
U.S. treasuriesLevel 2176 — (2)174 — 174 
Certificate of depositLevel 21 — — 1 — 1 
Total AFS Investments$230 $— $(3)$227 $— $227 
Fair Value of Financial Instruments
We use an independent pricing source to determine the fair value of our securities. The independent pricing source utilizes various pricing models for each asset class, including the market approach. The inputs and assumptions for the pricing models are market observable inputs including trades of comparable securities, dealer quotes, credit spreads, yield curves and other market-related data.

We have not adjusted the prices obtained from the independent pricing service and we believe the prices received from the independent pricing service are representative of the prices that would be received to sell the assets at the measurement date (exit price).

The carrying value of the Company's cash equivalents and restricted cash equivalents approximate their fair values due to their short-term maturities.

We did not have any Level 3 financial instruments recognized in our balance sheets as of December 31, 2025 and December 31, 2024. There were no transfers between levels as of December 31, 2025 and December 31, 2024.
Sales and Maturities
The fair value of debt investments by contractual maturity are shown below:
(in millions)December 31, 2025
One year or less$17 
Over one year through five years185 
Over five years through ten years5 
Over ten years— 
Total fair value$207 
The gross proceeds from sales and maturities of AFS securities and gross realized gains and losses for the twelve months ended December 31, 2025, 2024, and 2023 are presented below.
Year Ended December 31,
(in millions)202520242023
Gross realized gains$— $2 $— 
Gross realized losses— (1)(1)
Gross proceeds from sales96 287 150 
Gross proceeds from maturities7 135 137 
Total$103 $423 $286 
Unrealized Losses on AFS Investments
Unrealized losses on fixed income securities are principally caused by changes in market interest rates and the financial condition of the issuer. In analyzing an issuer's financial condition, we consider whether the securities are issued by the federal government or its agencies, whether downgrades by credit rating agencies have occurred, and industry analysts' reports. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. Gross unrealized losses were immaterial at December 31, 2025 and December 31, 2024.

Fair Value of Long-Term Debt
As of December 31, 2025, our 2029 Notes and 2031 Notes were carried at their cost, net of issuance costs, and had a fair value of $473 million and $414 million, respectively. As of December 31, 2024, our 2029 Notes and 2031 Notes were carried at their cost, net of issuance costs, and had a fair value of $453 million and $408 million, respectively. The fair value of our 2029 Notes and 2031 Notes was obtained from a third-party pricing service and is based on observable market inputs. As such, the fair value of the Senior Notes is considered Level 2 in the hierarchy for fair value measurement.
Our 2021 Revolver is a floating rate debt. At December 31, 2025, we do not have any outstanding balance under our 2021 Revolver. At December 31, 2024, the fair value of our 2021 Revolver approximated its carrying value (exclusive of issuance costs). The fair value of our floating rate debt is estimated based on a discounted cash flow, which incorporates credit spreads, market interest rates and contractual maturities to estimate the fair value and is considered Level 3 in the hierarchy for fair value measurement. The entire outstanding balance of $90 million under our 2021 Revolver was paid off in July 2025.
v3.25.4
PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
Property and equipment, net, consists of the following:
(in millions)December 31, 2025December 31, 2024
Office equipment, including data processing equipment$20 $22 
Leasehold improvements12 18 
Furniture, fixtures, and equipment7 10 
Projects in progress1 — 
Total40 50 
Less: Accumulated depreciation(29)(37)
Less: Impairments (1)
$— (3)
Property and equipment, net$11 $10 
(1)    Amount includes impairment of leasehold improvements in leased office space that we have exited. Refer to Note 7 in Part II, Item 8. Financial Statements and Supplementary Data, of this Form 10-K.
Depreciation of property and equipment was $5 million, $7 million, and $9 million for years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
GOODWILL, SOFTWARE AND OTHER INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL, SOFTWARE AND OTHER INTANGIBLE ASSETS, NET GOODWILL, SOFTWARE AND OTHER INTANGIBLE ASSETS, NET
Changes in goodwill for the years ended December 31, 2025 and 2024 are as follows:
(in millions)Amount
Balance at December 31, 2023$462 
Impairment(1)
Balance at December 31, 2024$461 
Additions (Impairment)— 
Balance at December 31, 2025$461 
As part of our 2024 restructuring discussed in Note 16, we classified approximately $7 million of assets and an immaterial amount of liabilities as held for sale and compared the carrying value of those assets to their estimated fair value, which was based on their estimated selling price. The assets and liabilities were sold in 2025. This resulted in a $1 million goodwill impairment for 2024.
The following summarizes software and other intangible assets:
December 31, 2025December 31, 2024
(in millions)Weighted Average Amortization PeriodGross Carrying AmountAccumulated AmortizationImpairment
Loss
Net
Carrying Amount
Gross Carrying AmountAccumulated AmortizationImpairment
Loss		Net Carrying Amount
Amortizable
intangibles:
Software4 years448 (315)— 133 423 (303)— 120 
Customer
relationships		3 years40 (18)(22)— 45 (20)(24)1 
Developed
technology		6 years56 (36)— 20 65 (30)— 35 
Total$544 $(369)$(22)$153 $533 $(353)$(24)$156 
Amortization of intangible assets during the years ended December 31, 2025, 2024 and 2023 was $61 million, $68 million and $63 million, respectively. We evaluate the remaining useful life of intangible assets annually to determine whether events and circumstances warrant a revision to the estimated remaining useful life. In 2024, in connection with our restructuring discussed in Note 16, we recognized an impairment charge of $24 million related to customer relationships assets, which was classified in G&A in our Consolidated statement of income and comprehensive income. This impairment charge was determined using a discounted cash flows model and Level 3
fair value inputs related to the expected attrition rate of the cohort of clients acquired in previous business combinations. There were no impairment charges recognized for the years ended December 31, 2025 and 2023.
The following table summarizes our capitalized internally developed software costs and related depreciation expense.
 Year Ended December 31,
(in millions)202520242023
Capitalized internally developed software costs63 78 69 
Depreciation expense for capitalized internally developed software costs52 48 42 
Expense related to intangibles amortization in future periods as of December 31, 2025 is expected to be as follows:
Year ending December 31:Amount
(in millions)
2026$55 
202742 
202824 
202917 
203010 
2031 and thereafter3 
Total$151 
v3.25.4
ACCRUED WORKERS' COMPENSATION COSTS
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
ACCRUED WORKERS' COMPENSATION COSTS ACCRUED WORKERS' COMPENSATION COSTS
The following table summarizes the accrued workers’ compensation cost activity for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
(in millions)202520242023
Total accrued costs, beginning of year$158 $175 $189 
Incurred
Current year53 54 66 
Prior years(13)(26)(36)
Total incurred40 28 30 
Paid
Current year(9)(9)(10)
Prior years(38)(36)(34)
Total paid(47)(45)(44)
Total accrued costs, end of year$151 $158 $175 
The following tables summarize workers' compensation liabilities on the consolidated balance sheets:
(in millions)December 31, 2025December 31, 2024
Total accrued costs, end of year$151 $158 
Collateral paid to carriers and offset against accrued costs(3)(4)
Total accrued costs, net of carrier collateral offset$148 $154 
Payable in less than 1 year
(net of collateral paid to carriers of $1 as of December 31, 2025 and 2024)
$42 44
Payable in more than 1 year
(net of collateral paid to carriers of $2 and $3 as of December 31, 2025 and 2024, respectively)
106 110 
Total accrued costs, net of carrier collateral offset$148 $154 
Incurred claims related to prior years represent changes in estimates for ultimate losses on workers' compensation claims. For the years ended December 31, 2025, 2024 and 2023, the favorable development is due to lower than expected reported claim frequency and severity for the more recent years.
As of December 31, 2025 and 2024, we had $25 million and $26 million of collateral held by insurance carriers of which $3 million and $4 million, respectively, was offset against accrued workers' compensation costs as the agreements permit and are net settled of insurance obligations against collateral held.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
Our leasing activities predominantly consist of leasing office space that we occupy, which we have classified as operating leases. Our leases are comprised of fixed payments with remaining lease terms of 1 to 13 years. As of December 31, 2025, we have not included any options to extend or cancel in the calculation of our lease liability or ROU asset. We do not have any significant residual value guarantees or restrictive covenants in our leases.
In 2025, the Company executed an operating lease agreement to lease new office space in Atlanta, Georgia. The lease commenced in the second quarter of 2025 and expires in 2038.
We recognized operating lease expense of $12 million, $15 million and $11 million for the years ended December 31, 2025, 2024 and 2023, respectively. For the years ended December 31, 2024 and 2023, we recognized $5 million, and $6 million, respectively, of lease impairment due to the closing of several offices. We did not recognize any lease impairment for the year ended December 31, 2025.
As of December 31, 2025 and 2024, the weighted average remaining lease term on our operating leases was 6.8 years and 3.8 years, respectively. Future minimum lease payments as of December 31, 2025 were as follows:
(in millions)December 31, 2025
2026$3 
202711 
202811 
20295 
20304 
2031 and thereafter28 
Total future minimum lease payments$62 
Less: imputed interest(15)
Total operating lease liabilities$47 
Current portion10 
Non-current portion37 
v3.25.4
LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENT BORROWINGS
 12 Months Ended
Dec. 31, 2025
Line of Credit Facility [Abstract]  
LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENT BORROWINGS LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENT BORROWINGS
The following table summarizes our long-term debt and revolving credit agreement borrowings as of December 31, 2025 and 2024.
(Dollars in millions)Annual contractual interest rateEffective interest ratePrincipal amountDeferred issuance costsLess: current portionLong-term debt, noncurrent
December 31, 2025December 31, 2024
2021 Revolver5.67 %6.42 %$— $— $— $— $15 
2029 Notes3.50 %3.67 %$500 $(2)$— $498 $497 
2031 Notes7.13 %7.30 %$400 $(3)$— $397 $396 
In September of 2023, we drew down $200 million of our 2021 revolver to partially fund our third quarter of 2023 share repurchases. In 2024, we repaid $110 million of the outstanding balance. In 2025, the remaining outstanding balance of $90 million was paid off.
In February 2021, we issued $500 million aggregate principal of 3.50% senior unsecured notes maturing in March 2029 (our 2029 Notes). The 2029 Notes are a senior unsecured obligation of TriNet Group, Inc. and rank equally with all of its existing and future senior unsecured indebtedness. Interest payments on the 2029 Notes are due semi-annually in arrears on March 1 and September 1, beginning on September 1, 2021. The net proceeds were used to repay and terminate our 2018 Term Loan and for general corporate purposes.
We may voluntarily redeem the 2029 Notes, in whole or in part,(1) at any time on or after March 1, 2024 at a prepayment price equal to 101.75% of the principal amount; (2) at any time on or after March 1, 2025 at a prepayment price equal to 100.875%of the principal amount; and (3) at any time on or after March 1, 2026 at a prepayment price equal to 100% of the principal amount; in each case, plus accrued and unpaid interest, if any, to but excluding, the date of redemption.
In August 2023, we issued $400 million aggregate principal of 7.125% senior unsecured notes maturing in August 2031 (our 2031 Notes). Interest payments on the 2031 Notes are due semi-annually in arrears on February 15 and August 15, beginning on February 15, 2024. We used the net proceeds to fund an equity tender offer and a private share repurchase, each of which were executed in the third quarter of 2023 (including the related fees and expenses).
We may voluntarily redeem all or a part of the 2031 Notes on or after August 15, 2026, on any one or more occasions, at the redemption prices set forth in the indenture governing the 2031 Notes, plus, in each case, accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date. In addition, at any time prior to August 15, 2026, we may on any one or more occasions redeem up to 40% of the aggregate principal amount of the 2031 Notes outstanding under the indenture governing the 2031 Notes with the net cash proceeds of one or more equity offerings at a redemption price equal to 107.125% of the principal amount of the 2031 Notes then outstanding, plus accrued and unpaid interest thereon, if any, to, but excluding the applicable redemption date. At any time prior to August 15, 2026, we may also redeem all or a part of the 2031 Notes at a redemption price equal to 100% of the principal amount of the 2031 Notes redeemed plus a “make-whole” premium as of, and accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.
The annual interest rate for borrowings under our 2021 Revolver was calculated based on the forward-looking Secured Overnight Financing Rate (Term SOFR). Term SOFR loans will be charged interest at the Term SOFR rate (subject to a 0.00% floor), plus a margin between 1.25% and 2.00%, depending on the Company’s total net leverage ratio, plus a credit adjustment spread of 10 basis points for all tenors (such Term SOFR rate plus the credit adjustment spread, the "Adjusted Term SOFR Rate"). The applicable Term SOFR or ABR margin is based on our Total Leverage Ratio, as defined in the 2021 Credit Agreement. The ABR is the highest of (a) the applicable Federal Reserve Bank of New York rate in effect on such day (which rate is the greater of the Federal funds Effective Rate in effect on such day and the Overnight Bank Funding Rate in effect on such day), as defined in our 2021 Credit Agreement plus 0.50% (b) the prime rate in effect on such day, and (c) the Adjusted Term SOFR Rate for a one month interest period, as published by two U.S. Government Securities Business Days prior to such day daily plus 1.00%. The interest rate for 2025 borrowings under our 2021 Revolver was 5.527% - 5.669%. As of December 31, 2025, we had remaining capacity of $699 million under our 2021 Revolver.
In the event TriNet Group, Inc. receives a Corporate Issuer Credit Rating that is one level below investment grade rating or higher from at least two Nationally Recognized Statistical Rating Organizations, then rating based pricing
applies and, for so long as rating-based pricing applies, irrespective of the Total Leverage Ratio, the Term SOFR margin will be 1.125% and the ABR margin will be 0.125%.
The indenture governing our 2029 Notes and 2031 Notes each includes restrictive covenants limiting our ability to: (i) create liens on certain assets to secure debt; (ii) grant a subsidiary guarantee of certain debt without also providing a guarantee of the 2029 Notes or 2031 Notes, as applicable; and (iii) consolidate or merge with or into, or sell or otherwise dispose of all or substantially all of our assets to, another person, subject, in each case, to certain customary exceptions.
The 2021 Credit Agreement includes negative covenants that limit our ability to incur indebtedness and liens, sell assets and make restricted payments, including dividends and investments, subject to certain exceptions. In addition, the 2021 Credit Agreement also contains other customary affirmative and negative covenants and customary events of default. The 2021 Credit Agreement also contains a financial covenant that requires the Company to maintain certain maximum total net leverage ratios. We were in compliance with all financial covenants under the 2021 Credit Agreement, 2029 Notes and 2031 Notes at December 31, 2025.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Contingencies
We are and, from time to time, have been and may in the future become involved in various litigation matters, legal proceedings, regulatory investigations and claims arising in the ordinary course of our business, including disputes with our clients or various class action, collective action, representative action, and other proceedings arising from the nature of our co-employment relationship with our clients and WSEs in which we are named as a defendant. In addition, due to the nature of our co-employment relationship with our clients and WSEs, we could be subject to liability for federal and state law violations, even if we do not participate in such violations. While our agreements with our clients contain indemnification provisions related to the conduct of our clients, we may not be able to avail ourselves of such provisions in every instance. We have accrued our current best estimates of probable losses with respect to these matters, which are individually and in aggregate immaterial to our consolidated financial statements.
While the outcome of the matters described above cannot be predicted with certainty, management currently does not believe that any such claims or proceedings will have a materially adverse effect on our consolidated financial position, results of operations, or cash flows. However, the unfavorable resolution of any particular matter or our reassessment of our exposure for any of the above matters based on additional information obtained in the future could have a material impact on our consolidated financial position, results of operations, or cash flows.
v3.25.4
STOCK BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK BASED COMPENSATION STOCK BASED COMPENSATION
Equity Based Incentive Plans
Our 2019 Equity Incentive Plan and as amended and restated (the 2019 Plan), approved in May 2019, provides for the grant of stock awards, including stock options, RSUs, RSAs, and other stock awards. There were approximately 4 million shares available for grant under the 2019 Plan as of December 31, 2025.
The 2009 Equity Incentive Plan (the 2009 Plan), was replaced by the 2019 Plan, except that any outstanding awards granted under the 2009 Plan remain in effect pursuant to their terms.
Restricted Stock Units (RSUs)
Time-based RSUs generally vest over a four-year term. Performance-based RSUs are subject to vesting requirements and are earned, in part, based on certain financial performance metrics as defined in the grant notice. Actual number of shares earned under performance-based RSUs may range from 0% to 200% of the target award. Performance-based awards granted in 2025, 2024 and 2023 are earned based on a single-year performance period subject to subsequent multi-year time-based vesting with 50% of the shares earned vesting in one year after the performance period and the remaining shares in the year after. RSUs are generally forfeited if the participant terminates service prior to vesting. The fair value of our RSUs is equal to the fair value of our common stock on the grant date.
The following tables summarize RSU activity for the year ended December 31, 2025:
Time-based RSUs
Total Number
of Shares
Weighted-Average
Grant Date
Fair Value
Nonvested at December 31, 20241,100,001 $97.21 
Granted813,443 75.21 
Vested(600,037)90.35 
Forfeited(185,756)78.26 
Nonvested at December 31, 20251,127,651 $86.55 
Year Ended December 31,
Additional Disclosures for equity-based plans 202520242023
Total grant date fair value of shares granted (in millions)$61 $72 $60 
Total grant date fair value of shares vested (in millions)$54 $54 $47 
Shares withheld to settle payroll tax liabilities related to vesting of shares held by employees203,701 216,523 213,569 
Performance-based RSUs
Total Number Shares
Weighted-Average
Grant Date
Fair Value
Nonvested at December 31, 2024179,907 $106.50 
Granted (1)
74,840 76.69 
Vested(52,365)91.60 
Forfeited(23,526)78.65 
Nonvested at December 31, 2025178,856 $80.78 
(1)    Amount includes a reduction of 88,647 shares related to the finalization of the performance achievement levels for previously issued grants.
Year Ended December 31,
Additional Disclosures for equity-based plans 202520242023
Total grant date fair value of shares granted (in millions) (1)
$13 $17 $14 
Total grant date fair value of shares vested (in millions)$5 $11 $14 
Shares withheld to settle payroll tax liabilities related to vesting of shares held by employees22,994 64,290 74,923 
(1)    Amount includes fair value of finalized additional grant related to the most recently ended performance period.
Employee Stock Purchase Plan
Our 2014 ESPP offers eligible employees an option to purchase shares of our common stock through payroll deductions. The purchase price is equal to the lesser of 85% of the fair market value of our common stock on the offering date or 85% of the fair market value of our common stock on the applicable purchase date. Offering periods are approximately six months in duration and will end on or about May 15 and November 15 of each year. The plan is considered to be a compensatory plan. As of December 31, 2025, approximately 6 million shares were reserved for future issuances under the ESPP.
In applying the Black Scholes option valuation model for the ESPP options, we use the following assumptions:
Year Ended December 31,
(in millions)202520242023
Expected Term (in Years)0.50.50.5
Expected Volatility
37 - 40%
28-37%
29-35%
Risk-Free Interest Rate
3.8-4.4%
4.4-5.4%
5.3-5.4%
Expected Dividend Yield2 %1 %0 %
Shares Issued under ESPP180,024 148,157 175,446 
Stock Options
Stock options are granted to eligible employees at exercise prices equal to the fair market value of our common stock on the dates of grant. Stock options generally have a maximum contractual term of 10 years. Stock options vest after 3 years, and are generally forfeited if the employee terminates service prior to vesting.
The following table summarizes stock option activity for the year ended December 31, 2025:
Number
of Shares		Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value
(in millions)
Balance at December 31, 2024— $— — $— 
Granted270,144 76.69 9.22— 
Forfeited(7,899)76.69 — — 
Balance at December 31, 2025
262,245 $76.69 9.22$— 
Exercisable at December 31, 2025— $— — $— 
Vested and expected to vest at December 31, 2025262,245 $76.69 9.22$— 
We estimated the fair value of stock options using the Black-Scholes option-pricing model. Because we do not have significant exercise history in granting stock options, we estimate the expected term using the simplified method. We estimate expected volatility using the daily historical trading data of our common shares. The table below summarizes the assumptions used.
The fair value of stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
Stock Option Assumptions
Expected Term (in Years)Expected VolatilityRisk-Free Interest RateExpected Dividend Yield
December 31, 2025
6.541.2 %4.09 %1.43 %

Additional Disclosures for Stock Options (in millions)December 31, 2025
Weighted-average grant date fair value of stock options$31.65 
Total fair value of options granted $9 
Stock Based Compensation
Stock based compensation expense is measured based on the fair value of the stock award on the grant date and recognized over the requisite service period for each separately vesting portion of the stock award. Stock based compensation expense and other disclosures for stock based awards made to our employees pursuant to the equity plans were as follows: 
 Year Ended December 31,
(in millions)202520242023
Cost of providing services$15 $16 $14 
Sales and marketing11 12 8 
General and administrative33 31 33 
Systems development and programming costs6 6 4 
Total stock based compensation expense$65 $65 $59 
Total stock based compensation capitalized$3 $3 $3 
Income tax benefit related to stock based compensation expense$14 $14 $13 
Tax benefit realized$10 $15 $19 
The table below summarizes unrecognized compensation expense for the year ended December 31, 2025 associated with the following:
Amount
(in millions)		Weighted-Average Period (in Years)
Nonvested stock options$6 2.22
Nonvested time based RSUs90 2.49
Nonvested performance based RSUs11 1.91
v3.25.4
STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Common Stock
The following table shows the beginning and ending balances of our issued and outstanding common stock for the years ended December 31, 2025, 2024, and 2023:
Year Ended
December 31,
202520242023
Shares issued and outstanding, beginning balance49,527,506 50,664,471 60,555,661 
Issuance of common stock from vested restricted stock units652,402 758,737 774,579 
Issuance of common stock from exercise of stock options
— 8,208 182,067 
Issuance of common stock for employee stock purchase plan
180,024 148,157 175,446 
Repurchase of common stock
(2,755,287)(1,771,254)(10,734,790)
Awards effectively repurchased for required employee withholding taxes
(226,695)(280,813)(288,492)
Shares issued and outstanding, ending balance
47,377,950 49,527,506 50,664,471 
Stock Repurchases
In February 2020, our board of directors authorized a $300 million incremental increase to our ongoing stock repurchase program. In February 2022 and November 2022, our board of directors authorized a further $300 million and $200 million, respectively, incremental increase to this stock repurchase program. In February 2023, July 2023 and February 2026, our board of directors authorized a further $300 million, $1 billion and $336 million, respectively, incremental increase to this stock repurchase program. This repurchase authorization has no expiration.
In August 2023, we completed a tender offer through which we repurchased 5,981,308 shares of common stock at a price of $107.00 per share, for total consideration of approximately $640 million. In September 2023, we repurchased 3,364,486 shares of common stock at a price of $107.00 per share, for total consideration of approximately $360 million, through a purchase agreement with our largest stockholder, Atairos Group, Inc. Atairos Group, Inc. agreed to proportionally sell additional shares so as to continue to beneficially own approximately 36% of the outstanding Shares immediately following the completion of the Closing.
We retire shares in the period they are acquired and account for the payment as a reduction to stockholders' equity (retained deficit).
The following table summarizes the share repurchases under this program for the years ended December 31, 2025, 2024 and 2023:
Year Ended
December 31,
202520242023
Total cost (in millions)$182 $182 $1,112 
Total shares2,755,287 1,771,254 10,734,790 
Average price per share$66.19 $102.84 $103.59 
As of December 31, 2025, approximately $68 million remains available for repurchase under all authorizations approved by the board of directors.
Dividends
Year Ended
December 31,
20252024
Quarterly dividend per common share$0.275 $0.25 
Total cash dividends paid (in millions)$52 $37 
We did not declare any dividends for the year ended December 31, 2023. In December 2025, we declared common stock dividends of $0.275 per share, which was paid in January 2026.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Provision for Income Taxes
We are subject to tax in U.S. federal and various state and local jurisdictions, as well as Canada and India. We are open to federal and significant state income tax examinations for tax year 2019 and subsequent years. The provision for income taxes consists of the following:
Year Ended December 31,
(in millions)202520242023
Current:
Federal
$11 $50 $96 
State
5 4 24 
   Foreign2 — 2 
 Total Current18 54 122 
Deferred:
Federal
40 (2)1 
State
3 1 3 
Foreign1 — — 
Total Deferred44 (1)4 
Total$62 $53 $126 
Income tax paid (net of refunds) exceeded five percent of total income taxes paid (net of refunds) in the following jurisdictions:
Year Ended December 31,
(in millions)202520242023
Federal$23 $64 $90 
State:
California(1)**
New York State*4 6 
Other3 6 18 
Total State2 10 24 
Foreign:
Canada1 **
India1 **
Total Foreign2 2 — 
Total$27 $76 $114 
*Jurisdiction below the threshold for the period presented.
The U.S. federal statutory income tax rate reconciled to our effective tax rate is as follows:
Year Ended December 31,
202520242023
(in millions, except percent)Tax Expense/(Benefit)Percent of Pre-Tax Income (Loss)Tax Expense/(Benefit)Percent of Pre-Tax Income (Loss)Tax Expense/(Benefit)Percent of Pre-Tax Income (Loss)
U.S. federal statutory tax rate$45 21 %$48 21 %$105 21 %
State and local, net of federal income tax effect (1)
7 3 4 2 23 5 
Foreign tax effects1 — — — — — 
Effect of cross-border tax laws1 1 — — — — 
Tax credits:
 Research and development tax credits(3)(1)(6)(3)(5)(1)
 Other(1)— (1)— — — 
Changes in valuation allowances9 4 — — — 
Nontaxable or nondeductible items:
 Nondeductible compensation3 1 5 2 4 1 
 Share-based payment awards3 1 (1)— (4)(1)
 Other4 2 2 1 2 — 
Changes in unrecognized tax benefit— — 1 — — — 
Other adjustments:
 Capital loss(7)(3)— — — — 
 Other— — 1 — 1 — 
Total$62 29 %$53 23 %$126 25 %
(1) State taxes in California, New York State and New York City made up the majority (greater than 50%) of the tax effect in this category.
Our effective income tax rate increased by 6% to 29% in 2025 from 23% in 2024. The increase in the rate as compared to the same periods of 2024 was primarily attributable to decreases in tax benefits for stock-based compensation and charges to valuation allowances.
Global tax developments from the Organization for Economic Cooperation and Development proposes implementation of a global minimum tax under the Pillar Two model rules. Management has determined this development applicable to multinational businesses does not have a material impact to our business, cash flows, or financial results.
Deferred Income Taxes
Significant components of our deferred tax assets and liabilities are as follows:
Year Ended December 31,
(in millions)20252024
Deferred tax assets:
Net operating losses (federal and state)$8 $5 
Accrued expenses15 15 
Accrued workers' compensation costs9 9 
Operating lease liabilities12 9 
Stock based compensation3 2 
Tax benefits relating to uncertain positions— 1 
Tax credits (federal, state and foreign)7 8 
Section 174 Capitalized R&D3 18 
Other14 3
Total71 70 
Valuation allowance(18)(8)
Total deferred tax assets53 62 
Deferred tax liabilities:
Depreciation and amortization(71)(35)
Prepaid commission expenses(26)(28)
Operating lease right-of-use assets(8)(5)
Total deferred tax liabilities(105)(68)
Net deferred tax liabilities$(52)$(6)
As of December 31, 2025 and 2024, we have capital loss carryforwards of $12 million and $3 million respectively. As a result of the sale of our wholly owned subsidiary Clarus, we generated approximately $9 million of capital loss carryforwards totaling $12 million which will begin to expire in 2027. We have recorded an increase in the valuation allowance of $9 million to reflect the estimated amount of deferred tax assets that may not be realized related to the capital loss carryforwards. As of December 31, 2025 and 2024, we have various gross state net operating loss carryforwards of $131 million and $82 million, respectively, most of which, if unused, will expire in years 2026 through 2045. As of December 31, 2025 and 2024, we have state tax credit carryforwards (net of federal benefit) of $5 million that will begin expiring in 2026. In addition, Canada tax credit carryforwards of $1 million will begin expiring in 2037. We have recorded an increase in the valuation allowance of $1 million to reflect the estimated amount of Canada tax credits that may not be realized.

Valuation Allowance
We have recorded a valuation allowance to reflect the estimated amount of deferred tax assets that may not be realized, related to state tax credits, state net operating loss and capital loss carryforwards. A reconciliation of the beginning and ending amount of the valuation allowance is presented in the table below:
Year Ended December 31,
(in millions)202520242023
Valuation allowance at January 1$8 $8 $8 
Charged to net income10 — — 
Valuation allowance at December 3118 8 8 
Uncertain Tax Positions
A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) related to uncertain income tax provisions, which would affect the effective tax rate if recognized, is presented in the table below:
Year Ended December 31,
(in millions)202520242023
Unrecognized tax benefits at January 1$8 $7 $7 
Additions for tax positions of prior periods
— 1 — 
Additions for tax positions of current period
3 2 2 
Reductions for tax positions of prior period:
Lapse of applicable statute of limitations
(2)(2)(2)
Unrecognized tax benefits at December 31$9 $8 $7 
As of December 31, 2025 and 2024, the total amount of gross interest and penalties accrued were immaterial. The unrecognized tax benefit, including accrued interest and penalties, is included in other non-current liabilities on the consolidated balance sheets.
v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic EPS is computed based on the weighted average shares of common stock outstanding during the period. Diluted EPS is computed based on those shares used in the basic EPS computation, plus potentially dilutive shares issuable under our equity-based compensation plans using the treasury stock method. Shares that are potentially anti-dilutive are excluded.
The following table presents the computation of our basic and diluted EPS attributable to our common stock:
 Year Ended December 31,
(in millions, except per share data)202520242023
Net income$155 $173 $375 
Weighted average shares of common stock outstanding48 50 57 
Basic EPS$3.20 $3.47 $6.61 
Net income$155 $173 $375 
Weighted average shares of common stock outstanding48 50 57 
Dilutive effect of stock options and restricted stock units1 — — 
Weighted average shares of common stock outstanding49 50 57 
Diluted EPS$3.20 $3.43 $6.56 
Common stock equivalents excluded from income per
diluted share because of their anti-dilutive effect
2 1 1 
v3.25.4
401(k) PLAN
 12 Months Ended
Dec. 31, 2025
Postemployment Benefits [Abstract]  
401(k) PLAN 401(k) PLAN
The Company maintains a defined contribution 401(k) plan for the benefit of corporate employees. Under our 401(k) plan, eligible employees may elect to contribute based on their eligible compensation. The Company matches a portion of employee contributions, which amounted to $15 million, $17 million, and $17 million for the years ended December 31, 2025, 2024, and 2023, respectively.
We also maintain multiple employer-defined contribution plans, which cover WSEs for client companies electing to participate in the plan and for their internal staff employees. We contribute, on behalf of each participating client, varying amounts based on the clients’ policies and serviced employee elections.
v3.25.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
We have service agreements with certain stockholders that we process their employees' payrolls and payroll taxes. From time to time, we also enter into sales and purchases agreements with various companies that have a relationship with our executive officers or members of our board of directors. The relationships are typically equity investment firm clients on which a board member serves in an executive role, an equity investment by those firms in a client/vendor company, or other clients/vendors on which our executive officer or board member serves as a member of the client/vendor company's board of directors. We have received $4 million, $13 million, and $12 million in total revenues from such related parties during the years ended December 31, 2025, 2024 and 2023, respectively.
We have also entered into various software license agreements with software service providers who have board members in common with us. We paid the software service providers $6 million, $5 million, and $3 million during the years ended December 31, 2025, 2024 and 2023, for services we received, respectively.
v3.25.4
RESTRUCTURING
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
During the fourth quarter of 2024, we completed a detailed review of our strategy and made several decisions that would narrow and intensify our focus on our U.S. PEO business. This includes winding down the software-only HRIS product as well as other immaterial products not directly related to our U.S. PEO business. In place of our software-only HRIS product, we now focus our ASO services to include both the software component, but also a significant service component similar to the types of services we provide to PEO clients.
In conjunction with this adjustment to our product offerings, we have implemented changes to our operating expense structure, including reductions to our staffing and office footprint.
As part of the restructuring initiatives, the Company incurred the charges shown in the following table. These expenses are classified in G&A in our Consolidated statement of income and comprehensive income.
 Year Ended December 31,Year Ended December 31,
(in millions)20252024
Cash restructuring costs:
Severance costs$8 $14 
Professional fees2 3 
Total cash restructuring costs10 17 
Non-cash restructuring costs:
Loss on sale of business1 — 
Intangible asset and goodwill impairments— 25 
Fixed asset and ROU impairments— 7 
Total non-cash restructuring costs1 32 
Total restructuring costs$11 $49 
Severance costs include payments to colleagues, estimated reimbursements for COBRA payments and outplacement services. The following table is a summary of changes in accrued severance and exit and disposal costs included within accounts payable and other current liabilities and accrued wages:
(in millions)Accounts payable and other current liabilitiesAccrued Wages
Balance at December 31, 2024
$1 $14 
(+) Additions1 6 
(-) Payments(1)(10)
Balance at December 31, 2025
$1 $10 
We expect the restructuring efforts to continue through 2026 and may recognize additional expenses as they are incurred.
v3.25.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We operate in one reportable segment. Our chief operating decision maker for segment reporting purposes is our CEO, who uses the profitability and significant expense detail to allocate resources and assess performance based on key functions such as customer acquisition, customer service, and indirect costs.
The primary measure of profit or loss that the CEO uses is net income. The significant expenses used in these profit or loss reports align with the primary functions of the corresponding teams, with the exception of non-cash expenses such as depreciation, amortization and stock based compensation as these expenses are not necessarily indicative of our ongoing operations. In this expense reporting methodology, overhead-type expenses, such as facilities and technology support for colleagues, are classified consistent with the primary function of the corresponding teams and not allocated to other significant expenses.
The table below provides the primary measure of profitability and detail regarding the significant expenses reviewed by our CEO.
 Year Ended December 31,
(in millions)202520242023
Professional service revenues
$719 $765 $756 
Insurance service revenues
4,224 4,224 4,166 
Interest income67 64 72 
Total revenues
5,010 5,053 4,994 
Workers' compensation costs72 61 68 
Health insurance costs3,763 3,736 3,445 
Sales & marketing235 259 254 
Client support costs169 184 186 
Corporate administration160 146 165 
System support & development196 190 187 
Depreciation and amortization of intangible assets
66 75 72 
Stock based compensation65 65 59 
Other11 49 17 
Interest expense, bank fees and other56 62 40 
Income Taxes62 53 126 
Net Income155 173 375 
Other includes certain costs that are considered non-recurring such as restructuring costs and transaction and integration costs related to acquisitions in previous years.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our Global Security program aims to safeguard critical assets through a risk-based approach to cybersecurity. The CSO provides leadership for the program. We employ a defense-in-depth strategy and have established a Security Risk Management Program. In that regard, we built a customized IRCF that was developed with the specific intent of keeping information assets secure and preventing technology resources from unauthorized disclosure, modification, deletion, and destruction. We have modeled our IRCF on several leading industry standards including portions of the NIST Cybersecurity Framework. The IRCF serves as an organizational model for governance and reporting and is reviewed annually.
Our Global Security Organization is responsible for the day-to-day execution of our cyber risk management strategy. This strategy has been incorporated into our overall ERM program and is thus informed by, and overseen through, our ERM program. Our ERM program facilitates identifying, prioritizing, analyzing and remediating enterprise risks, including cyber risks. Within the broader ERM framework, we established a specific program - the IRM program - organizing the governance of risks associated with information held by us. The IRM Steering Committee, of which our CSO is a member, manages the IRM program, discusses the management of cyber risks on a regular cadence and substantive updates from the IRM Steering Committee are provided to the ERM Steering Committee. Finally, through our ERM program, updates and discussion regarding our cybersecurity risk management are provided to and occur at the Risk Committee.
We provide on at least an annual basis cybersecurity awareness training to our employees. For example, our employees with network access participate in required training, covering topics such as spear phishing, social engineering and other cybersecurity threat awareness training.
To supplement our cyber risk management capabilities, we utilize certain third-party vendors. These vendors support our ability to proactively secure our network and systems, in addition to ongoing monitoring of our cyber environment. With respect to our management of cyber risks arising from third-party vendors, we utilize an internal risk assessment and monitoring program that includes the identification and ongoing review of third-party controls.
As part of our cyber risk management strategy, we established a process for identifying and assessing the material risk of cybersecurity incidents. In the event a cybersecurity incident is identified, the CIRT, which is made up of a cross-functional team, including technology, security, finance and legal professionals, acts in accordance with established processes. The CIRT convenes regular meetings to review and analyze relevant cybersecurity indicators and information. Utilizing an IRC, if it is determined that an incident needs to be reviewed for potential materiality, it is referred to our Chief Legal Officer who will engage the necessary or desirable cross functional professionals as needed in order to make a determination of materiality. We also seek to regularly update and upgrade our technology investments in an effort to further support our ability to identify and assess risks from cybersecurity incidents.
As of December 31, 2025, we are not aware of any risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, and financial condition. We continue to invest in cyber-resilience and cyber-threat response preparedness as we anticipate ongoing risks from cybersecurity threats. Refer to the “Risk Factors” section contained in Item 1A of this Form 10-K for more information on our cybersecurity-related risks.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Our Global Security Organization is responsible for the day-to-day execution of our cyber risk management strategy. This strategy has been incorporated into our overall ERM program and is thus informed by, and overseen through, our ERM program. Our ERM program facilitates identifying, prioritizing, analyzing and remediating enterprise risks, including cyber risks. Within the broader ERM framework, we established a specific program - the IRM program - organizing the governance of risks associated with information held by us.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Cyber Risk Governance
Our Cyber Risk Management Strategy described in this Item 1C. is overseen by senior executives with experience in cybersecurity and our business operations and is ultimately overseen by the Risk Committee. Our Global Security Organization is tasked with executing this strategy through the implementation of cybersecurity policies, procedures, and strategies. In the event that a cybersecurity risk is identified, as and to the extent appropriate, the Global Security Organization manages the day-to-day response to such material risk and provides regular reports to the ERM Steering Committee, or the Risk Committee, or the Board, as appropriate. The CSO is also an advisor to the Company's Disclosure Committee, which meets quarterly.
On a quarterly basis, a meeting of the Risk Committee is convened to discuss and evaluate our management of enterprise-wide risks. Each meeting of the Risk Committee is facilitated by our Executive Director for ERM and
includes programmatic updates from the CSO, among other enterprise risk topics. The Risk Committee provides updates to the full Board regarding the state of the Company’s ERM program.
Cyber risks are an enterprise risk that the ERM Program monitors and thus such risks are an ongoing area of focus of the ERM Steering Committee and, as a result, the Risk Committee. On a bi-monthly basis, the ERM Steering Committee is convened and receives pertinent updates regarding our management of cyber risks, as necessary.
In addition to the regularly scheduled programmatic updates that are provided to the ERM Steering Committee and the Risk Committee, we also established a process to inform such committees of significant cybersecurity events and allow them to monitor corresponding remediation efforts. Specifically, the IRM Steering Committee, consisting of senior leaders from the security, privacy, data governance, technology, records management, and third-party risk management programs, reports to the ERM Steering Committee and has the responsibility to provide updates regarding the prevention, detection, mitigation, and remediation of significant cybersecurity threats.
The ERM Steering Committee is similarly tasked with providing relevant updates to the Risk Committee, via the ERM Program, regarding significant cybersecurity threats. Additionally, we have developed a process that is specific to the management and analysis of cybersecurity incidents. This process includes weekly and monthly updates from the CIRT along with escalation criteria that allows for significant cybersecurity threats to be reviewed for materiality on an ad hoc basis. These updates are also provided to the ERM Steering Committee and the Risk Committee as necessary.
Our CSO leads our Global Security Organization which is responsible for overseeing, assessing and monitoring the Company's cyber risk management strategy. Our CSO has over 25 years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other companies. He holds a B.S. degree from Azusa Pacific University and an M.B.A. from the University of Southern California. Team members who support our Global Security team have relevant educational and industry experience, including holding similar positions at other large companies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Cyber Risk Management Strategy described in this Item 1C. is overseen by senior executives with experience in cybersecurity and our business operations and is ultimately overseen by the Risk Committee. Our Global Security Organization is tasked with executing this strategy through the implementation of cybersecurity policies, procedures, and strategies. In the event that a cybersecurity risk is identified, as and to the extent appropriate, the Global Security Organization manages the day-to-day response to such material risk and provides regular reports to the ERM Steering Committee, or the Risk Committee, or the Board, as appropriate. The CSO is also an advisor to the Company's Disclosure Committee, which meets quarterly.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] On a quarterly basis, a meeting of the Risk Committee is convened to discuss and evaluate our management of enterprise-wide risks.
Cybersecurity Risk Role of Management [Text Block]
Our Cyber Risk Management Strategy described in this Item 1C. is overseen by senior executives with experience in cybersecurity and our business operations and is ultimately overseen by the Risk Committee. Our Global Security Organization is tasked with executing this strategy through the implementation of cybersecurity policies, procedures, and strategies. In the event that a cybersecurity risk is identified, as and to the extent appropriate, the Global Security Organization manages the day-to-day response to such material risk and provides regular reports to the ERM Steering Committee, or the Risk Committee, or the Board, as appropriate. The CSO is also an advisor to the Company's Disclosure Committee, which meets quarterly.
On a quarterly basis, a meeting of the Risk Committee is convened to discuss and evaluate our management of enterprise-wide risks. Each meeting of the Risk Committee is facilitated by our Executive Director for ERM and
includes programmatic updates from the CSO, among other enterprise risk topics. The Risk Committee provides updates to the full Board regarding the state of the Company’s ERM program.
Cyber risks are an enterprise risk that the ERM Program monitors and thus such risks are an ongoing area of focus of the ERM Steering Committee and, as a result, the Risk Committee. On a bi-monthly basis, the ERM Steering Committee is convened and receives pertinent updates regarding our management of cyber risks, as necessary.
In addition to the regularly scheduled programmatic updates that are provided to the ERM Steering Committee and the Risk Committee, we also established a process to inform such committees of significant cybersecurity events and allow them to monitor corresponding remediation efforts. Specifically, the IRM Steering Committee, consisting of senior leaders from the security, privacy, data governance, technology, records management, and third-party risk management programs, reports to the ERM Steering Committee and has the responsibility to provide updates regarding the prevention, detection, mitigation, and remediation of significant cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] ERM Steering Committee, or the Risk Committee, or the Board, as appropriate. The CSO is also an advisor to the Company's Disclosure Committee, which meets quarterly
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CSO has over 25 years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other companies. He holds a B.S. degree from Azusa Pacific University and an M.B.A. from the University of Southern California
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The ERM Steering Committee is similarly tasked with providing relevant updates to the Risk Committee, via the ERM Program, regarding significant cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Segment Information We operate in one reportable segment. All of our service revenues are generated from external clients. Less than 1% of our revenue is generated outside of the U.S.
Basis of Presentation
Our consolidated financial statements are prepared in conformity with generally accepted accounting principles in the United States of America (GAAP). All intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts within operating activities of the Consolidated Statement of Cash Flows have been reclassified to conform to current period presentation.
When entering into contractual arrangements with other entities, we assess whether we have a variable interest. If we determine that we have a variable interest, we then determine whether the arrangement is with a VIE. If the arrangement is with a VIE, we assess whether we are the primary beneficiary of the VIE by identifying the most significant activities and determining who has the power over those activities and who has the obligation to absorb the majority of the losses or benefits of the VIE. We consolidate a VIE when we have the power to direct activities that most significantly affect the economic performance of the VIE and have the obligation to absorb the majority of their losses or benefits, making us the primary beneficiary.
Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary.
In December 2023, we created TriNet Trust for the purpose of holding ASO clients' payroll funds for the remittance to ASO Users, tax authorities and other recipients. TriNet Trust's assets are restricted and can only be used for payments on behalf of ASO clients, repayments of any advances from TriNet, or payments to TriNet of interest income earned on the balances of TriNet Trust. In the event of any losses, creditors to the Trust have recourse to TriNet Trust's property and not that of TriNet overall. The risks associated with the Trust are similar to those that currently exist for the Company such as banking losses in excess of FDIC insurance levels, interest rate and market conditions.
We determined that TriNet Trust meets the definition of a variable interest entity and as the primary beneficiary we have both the power to direct TriNet Trust’s activities that most significantly affect its performance and we have the right to receive benefits from TriNet Trust, in the form of interest income. As a result, TriNet Trust is consolidated into our financial statements. During the first quarter of 2024, TriNet Trust assumed ownership and responsibility of certain bank accounts that hold ASO client funds and assumed related liabilities.
Consolidation
Our consolidated financial statements are prepared in conformity with generally accepted accounting principles in the United States of America (GAAP). All intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts within operating activities of the Consolidated Statement of Cash Flows have been reclassified to conform to current period presentation.
When entering into contractual arrangements with other entities, we assess whether we have a variable interest. If we determine that we have a variable interest, we then determine whether the arrangement is with a VIE. If the arrangement is with a VIE, we assess whether we are the primary beneficiary of the VIE by identifying the most significant activities and determining who has the power over those activities and who has the obligation to absorb the majority of the losses or benefits of the VIE. We consolidate a VIE when we have the power to direct activities that most significantly affect the economic performance of the VIE and have the obligation to absorb the majority of their losses or benefits, making us the primary beneficiary.
Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary.
In December 2023, we created TriNet Trust for the purpose of holding ASO clients' payroll funds for the remittance to ASO Users, tax authorities and other recipients. TriNet Trust's assets are restricted and can only be used for payments on behalf of ASO clients, repayments of any advances from TriNet, or payments to TriNet of interest income earned on the balances of TriNet Trust. In the event of any losses, creditors to the Trust have recourse to TriNet Trust's property and not that of TriNet overall. The risks associated with the Trust are similar to those that currently exist for the Company such as banking losses in excess of FDIC insurance levels, interest rate and market conditions.
We determined that TriNet Trust meets the definition of a variable interest entity and as the primary beneficiary we have both the power to direct TriNet Trust’s activities that most significantly affect its performance and we have the right to receive benefits from TriNet Trust, in the form of interest income. As a result, TriNet Trust is consolidated into our financial statements. During the first quarter of 2024, TriNet Trust assumed ownership and responsibility of certain bank accounts that hold ASO client funds and assumed related liabilities
Use of Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect certain reported amounts and related disclosures.
These estimates are based on historical experience and on various other assumptions that we believe to be reasonable from the facts available to us. Some of the assumptions are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial statements could be materially affected.
Revenue Recognition
Revenues are recognized when the promised services are transferred to our clients, in an amount that reflects the consideration that we expect to receive in exchange for services. We generate all of our revenue from contracts with clients. We disaggregate revenues into professional services revenues and insurance services revenues as reported on the consolidated statements of income and comprehensive income. In the majority of our contracts, both the client and the Company may terminate the contract without penalty by providing a 30-day notice.
Performance Obligations
At contract inception, we assess the services promised in our contracts with clients and identify a performance obligation for each distinct promise to transfer to the client a service or bundle of services. We determined that the following distinct services represent separate performance obligations:
•Payroll and payroll tax processing,
•Health benefits services, and
•Workers’ compensation services
Payroll and payroll tax processing performance obligations include services to process payroll and payroll tax-related transactions on behalf of our PEO and ASO clients. Revenues associated with this performance obligation are reported as professional service revenues and recognized using an output method in which the promised services are transferred when a client's payroll is processed by us and WSEs and users are paid. Professional service revenues are stated net of the gross payroll and payroll tax amounts funded by our clients. Although we assume the responsibilities to process and remit the payroll and payroll related obligations, we do not assume employment-related responsibilities such as determining the amount of the payroll and related payroll obligations. As a result, we are the agent in this arrangement for revenue recognition purposes.
Health benefits and workers' compensation services include performance obligations to provide TriNet-sponsored health benefits and workers' compensation insurance coverage through insurance policies provided by third-party insurance carriers and settle deductible amounts on those policies. Revenues associated with these performance obligations are reported as insurance services revenues and are recognized using the output method over the period of time that the client and WSEs are covered under TriNet-sponsored insurance policies. We control the selection of health benefits and workers' compensation coverage made available. As a result, we are the principal in this arrangement for revenue recognition purposes and insurance services revenues are reported gross.
We generally charge new clients a nominal upfront non-refundable fee to recover our costs to set them up on our TriNet platform for payroll processing and other administrative services, such as benefit enrollments. These fees are accounted for as part of our transaction price and are allocated among the performance obligations based on their relative standalone selling prices.
Client Deposits and Other Client Liabilities
Client deposits and other client liabilities represent our contractual commitments and payables to clients, including indemnity guarantee payments received from clients, amounts prefunded by clients for their payroll and related taxes and other withholding liabilities before payroll is processed or due for payment, as well as service fee consideration received for unsatisfied performance obligations.
Variable Consideration and Pricing Allocation
From time to time, we may offer credits to our clients considered to be variable consideration. Incentive credits related to contract renewals are recorded as a reduction to revenue as part of the transaction price at contract inception and are allocated among the performance obligations based on their relative standalone selling prices.
We allocate the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. The transaction price for the payroll and payroll tax processing performance obligations is determined upon establishment of the contract that contains the final terms of the arrangement, including the description and price of each service purchased. The estimated service fee is determined based on observable inputs and includes the following key assumptions: target profit margin, pricing strategies including the mix of services purchased and competitive factors, and client and industry specifics.
The fees for access to health benefits and workers' compensation insurance performance obligations are determined during client on-boarding and annually through the enrollment processes based on the types of benefits coverage the WSEs have elected and the applicable risk profile of the client. We estimate our service fees based on actuarial forecasts of our expected insurance premiums and loss sensitive premium costs and amounts to cover our costs to administer these programs.
We require our clients to prefund payroll and related taxes and other withholding liabilities before payroll is processed or due for payment. Under the provision of our contracts with clients, we generally will process the payment of a client’s payroll only when the client successfully funds the amount required. As a result, there is no financing arrangement for the contracts. However, certain contracts to provide payroll and payroll tax processing services permit the client to pay certain payroll tax components ratably over periods of up to 12 months rather than as payroll tax is otherwise determined and due, which may be considered a significant financing arrangement under FASB ASC Topic 606 Revenue from Contracts with Customers. However, as the period between our performing the service under the contract and when the client pays for the service is less than one year, we have elected, as a practical expedient, not to adjust the transaction price.
Interest Income
We recognize interest income on cash and investments as revenue because the collection and processing of funds held for the benefit of our clients are critical components of providing these services and the associated interest we earn is a core part of our operations. Interest income is recognized when earned. Our portion of any interest income received from tax jurisdictions related to tax refunds is recognized when the timing and amounts of the interest are determinable.
Payroll Funds Receivable
For our PEO clients, we recognize WSE payroll and payroll tax liabilities in the period in which the WSEs perform work. When clients' pay periods cross reporting periods, we accrue the portion of the unpaid WSE payroll where we assume, under state regulations, the obligation for the payment of wages and the corresponding payroll tax liabilities associated with the work performed prior to period-end. These estimated payroll and payroll tax liabilities
are recorded in accrued wages. The associated receivables to pay those wages, including estimated revenues, offset by advance collections from clients and an allowance for credit losses, are recorded as payroll funds receivable. As of December 31, 2025 and 2024, advance collections included in payroll funds receivable were $221 million and $171 million, respectively.
Contract Costs
We recognize as deferred commission expense the incremental cost to obtain a contract with a client for certain components under our commission plans for sales representatives that are directly related to new clients onboarded as we expect to recover these costs through future service fees. Such assets are amortized over the estimated average client tenure. These commissions are earned on the basis of the revenue generated from payroll and payroll tax processing performance obligations. When the commission on a renewal contract is not commensurate with the commission on the initial contract, any incremental commission will be capitalized and amortized over the estimated average client tenure. If the commission for both the initial contract and renewal contracts are commensurate, such commissions are expensed in the contract period.
Insurance Costs
Our insurance plans are provided by third-party insurance carriers under risk-based or guaranteed-cost insurance policies. Under risk-based policies, we agree to reimburse our carriers for any claims paid within an agreed-upon per-person deductible layer up to a maximum aggregate exposure limit per policy. These deductible dollar limits and maximum limits vary by carrier and year. Under guaranteed-cost policies, our carriers establish the premiums and we are not responsible for any deductible.
Insurance costs include insurance premiums for coverage provided by insurance carriers, expenses for claims costs and other risk management and administrative services, reimbursement of claims payments made by insurance carriers or third-party administrators below a predefined deductible limit, and changes in accrued costs related to contractual obligations with our workers' compensation and health benefit carriers.
At policy inception, annual workers' compensation premiums are estimated by the insurance carriers based on projected wages over the duration of the policy period and the risk categories of the WSEs. We initially pay premiums based on these estimates. As actual wages are realized, premium expense recorded may differ from estimated premium expense, creating an asset or liability throughout the policy year. Such asset or liability is reported on our consolidated balance sheets as prepaid expenses or insurance premiums and other payables, respectively.
Accrued Workers' Compensation Costs & Accrued Health Insurance Costs
We have secured workers' compensation insurance policies with insurance carriers to administer and pay claims for our clients and WSEs. We are responsible for reimbursing the insurance carriers for losses up to $1 million per claim occurrence (deductible layer). Insurance carriers are responsible for administering and paying claims. We are responsible for reimbursing each carrier up to a deductible limit per occurrence. Accrued workers' compensation costs represent our liability to reimburse insurance carriers for our share of their losses and loss adjustment expenses. These accrued costs are established to provide for the estimated ultimate costs of paying claims within the deductible layer in accordance with workers' compensation insurance policies. These accrued costs include estimates for reported and incurred but not reported (IBNR) losses, accrued costs on reported claims, and expenses associated with settling the claims. In establishing these accrued costs, we use an external actuary to provide an estimate of undiscounted future cash payments that would be made to settle the claims based upon:
•historical volume and severity of workers' compensation cost experience, exposure data and industry loss experience related to TriNet’s insurance policies,
•inputs of WSEs’ job responsibilities and location,
•estimates of future cost trends,
•expected loss ratios for the latest accident year or prior accident years, adjusted for the loss trend, the effect of rate changes and other quantifiable factors, and
•LDFs to project the reported losses for each accident year to an ultimate basis.
We assess the accrued workers' compensation costs on a quarterly basis. For each reporting period, changes in the actuarial methods and assumptions resulting from changes in actual claims experience and other trends are incorporated into the accrued workers' compensation costs. Adjustments to previously established accrued costs estimates are reflected in the results of operations for the period in which the adjustment is identified. Such adjustments could be significant, reflecting any variety of new adverse or favorable trends. Accordingly, final claim settlements may vary materially from the present estimates, particularly when those payments may not occur until well into the future. In our experience, plan years related to workers' compensation programs may take ten years or more to be settled.
We do not discount accrued workers' compensation costs. Costs expected to be paid within one year are recorded as accrued workers' compensation costs. Costs expected to be paid beyond one year are included in accrued workers' compensation costs, less current portion.
We have collateral agreements with various insurance carriers where either we retain custody of funds in trust accounts which we record as restricted cash and cash equivalents, or remit funds to carriers. Collateral whether held by us, or the carriers, is used to settle our insurance and claim deductible obligations to them. Collateral requirements are established at the policy year and are re-assessed by each carrier annually. Based on the results of each assessment, additional collateral may be required for or paid to the carrier or collateral funds may be released or returned to the Company. In instances where we pay collateral to carriers and the agreement permits net settlement of obligations against collateral held, we record our accrued costs net of that collateral (Carrier Collateral Offset). We offset Carrier Collateral Offset against our obligation due within the next 12 months before applying against long-term obligations. Collateral balances in excess of accrued costs are recorded in other assets.
Accrued Health Insurance Costs
We sponsor and administer a number of employee benefit plans for our PEO WSEs, including group health, dental, and vision as an employer plan sponsor under section 3(5) of the ERISA. In 2025, the majority of our group health insurance costs were related to risk-based plans. Our remaining group health insurance costs were for guaranteed-cost policies.
Accrued health insurance costs are established to provide for the estimated unpaid costs of reimbursing the carriers for paying claims within the deductible layer in accordance with risk-based health insurance policies. These accrued costs include estimates for claims incurred but not paid. We assess accrued health insurance costs regularly based upon actuarial studies that include other relevant factors such as current and historical claims payment patterns, plan enrollment and medical trend rates.
In certain carrier contracts we are required to prepay our obligations for the expected claims activity for subsequent periods. These prepaid balances by agreement permit net settlement of obligations and offset the accrued health insurance costs.
Leases
We determine if a new contractual arrangement is a lease at contract inception. If a contract contains a lease, we evaluate whether it should be classified as an operating or a finance lease. If applicable as a lease, we record our lease liabilities and right-of-use (ROU) assets based on the future minimum lease payments over the lease term and only include options to renew a lease in the future minimum lease payments if it is reasonably certain that we will exercise that option. For certain leases with original terms of twelve months or less we recognize the lease expense as incurred and we do not recognize lease liabilities and ROU assets.
We measure our lease liabilities based on the future minimum lease payments discounted over the lease term. We determine our discount rate at lease inception using our incremental borrowing rate, which is based on our outstanding debts that are collateralized by certain corporate assets. As of December 31, 2025 and 2024, the weighted-average rate used in discounting the lease liability was 5.2% and 4.9%, respectively.
We measure our ROU assets based on the associated lease liabilities adjusted for any lease incentives such as tenant improvement allowances and classify operating ROU assets in other assets in our consolidated balance sheets. For operating leases, we recognize expense for lease payments on a straight-line basis over the lease term.
Cash and Cash Equivalents
Cash and cash equivalents include bank deposits and short-term, highly liquid investments. Investments with original maturity dates of three months or less are considered cash equivalents.
Restricted Cash, Cash Equivalents and Investments
Restricted cash, cash equivalents and investments presented on our consolidated balance sheets include:
•cash and cash equivalents in trust accounts functioning as security deposits for our insurance carriers,
•payroll funds collected representing cash collected in advance from clients which we designate as restricted for the purpose of funding WSE and ASO User payroll and payroll taxes and other payroll related liabilities, and
•amounts held in trust for current and future premium and claim obligations with our insurance carriers, which amounts are held in trust according to the terms of the relevant insurance policies and by the local insurance regulations of the jurisdictions in which the policies are in force.
Investments
Our marketable investments are primarily classified as available-for-sale and are carried at estimated fair value.
Unrealized gains and losses are reported as a component of accumulated other comprehensive income, net of deferred income taxes. The amortized cost of debt investments is adjusted for amortization of premiums and accretion of discounts from the date of purchase to the earliest call date for premiums or the maturity date for discounts. Such amortization is included in interest income as an addition to or deduction from the coupon interest earned on the investments. We use the specific identification method to determine realized gains and losses on the sale of available-for-sale securities. Realized gains and losses are included in interest expense, bank fees, and other in the accompanying consolidated statements of income and comprehensive income.
We assess our investments for credit impairment. We review several factors to determine whether an unrealized loss is credit related, such as financial condition and future prospects of the issuer. To the extent that a security's amortized cost basis exceeds the present value of the cash flows expected to be collected from the security, an allowance for credit losses will be recognized. If management intends to sell or will more likely than not be required to sell the security before any anticipated recovery, a write down will be recognized in earnings measured as the entire difference between the amortized cost and the then-current fair value.
We have investments within our unrestricted and our restricted accounts. Unrestricted investments are recorded on the balance sheet as current or noncurrent based upon the remaining time to maturity, and investments subject to restrictions are classified as current or noncurrent based on the expected payout of the related liability.
Comprehensive Income
Comprehensive income consists of net income and other comprehensive income. Other comprehensive (loss) income includes those gains and losses included in comprehensive income, but excluded from net income, in accordance with GAAP. Other comprehensive (loss) income is primarily comprised of net unrealized gains or losses arising on available-for-sale investments, net of deferred taxes.
Fair Value of Financial Instruments
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.
Our financial assets recorded at fair value on a recurring basis are comprised of cash equivalents, available-for-sale marketable securities and certificates of deposits. We measure certain financial assets at fair value for disclosure purposes, as well as on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. Our other current financial assets and liabilities have fair values that approximate their carrying value due to their short-term nature.
Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market to measure fair value, summarized as follows:
•Level 1—observable inputs for identical assets or liabilities, such as quoted prices in active markets,
•Level 2—inputs other than the quoted prices in active markets that are observable either directly or indirectly,
•Level 3—unobservable inputs in which there is little or no market data, which requires that we develop our own assumptions.
The fair value hierarchy requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We classify our cash equivalents, investments and long-term debt in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement in its entirety.
Accounts Receivable Our accounts receivable represents outstanding gross billings to clients, net of an allowance for estimated credit losses. We require our clients to prefund payroll and related liabilities before payroll is processed or due for payment. If a client fails to fund payroll or misses the funding cut-off, at our sole discretion, we may pay the payroll and the resulting amounts due to us are recognized as accounts receivable. When client payment is received in advance of our performance under the contract, such amount is recorded as client deposits. We establish an allowance for credit losses based on the credit quality of clients, current economic conditions, the age of the accounts receivable balances, historical experience, and other factors that may affect clients’ ability to pay, and charge-off amounts against the allowance when they are deemed uncollectible.
Property and Equipment We record property and equipment at historical cost and compute depreciation using the straight-line method over the estimated useful lives of the assets or the lease terms, generally five years to seven years for office equipment, furniture and fixtures, and the shorter of the asset life or the remaining lease term for leasehold improvements. We expense the cost of maintenance and repairs as incurred and capitalize leasehold improvements.
Internal-use Software We periodically assess the likelihood of unsuccessful completion of projects in progress, as well as monitor events or changes in circumstances, which might suggest that impairment has occurred, and recoverability should be evaluated. An impairment loss is recognized if the carrying amount of the asset is not recoverable and exceeds the future net cash flows expected to be generated by the asset.
Impairment or Disposal of Long-Lived Assets
We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An asset is considered impaired if the carrying amount exceeds the undiscounted future net cash flows the asset is expected to generate. An impairment charge is recognized for the amount by which the carrying amount of the assets exceeds its fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less selling costs.
Goodwill, Software and Other Intangible Assets
Our goodwill and identifiable intangible assets with indefinite useful lives are not amortized but are tested for impairment on an annual basis or when an event occurs or circumstances change in a way to indicate that there has been a potential decline in the fair value of the reporting unit. Goodwill impairment is determined by comparing the estimated fair value of the reporting unit to its carrying amount, including goodwill. All goodwill is associated with one reporting unit within our one reportable segment.
Annually, we perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit has declined below its carrying value. This assessment considers various financial, macroeconomic, industry, and reporting unit specific qualitative factors. We perform our annual impairment testing in the fourth quarter. No material impairment loss was recognized in the results of operations for the years ended December 31, 2025, 2024 and 2023.
Intangible assets and software with finite useful lives are amortized over their respective estimated useful lives ranging from one year to six years using either the straight-line method or an accelerated method. Intangible assets are reviewed for indicators of impairment at least annually and evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Based on the results of our reviews, we recognized an impairment loss of $22 million on intangible assets in the results of operations for the year ended December 31, 2024.
We capitalize internal and external costs incurred to develop internal-use computer software during the application development stage. Application development stage costs include software configuration, coding, and installation. Capitalized costs are amortized on a straight-line basis over the estimated useful life, typically ranging from three years to six years, commencing when the software is placed into service. We expense costs incurred during the preliminary project stage, as well as general and administrative, overhead, maintenance and training costs, and costs that do not add functionality to existing systems.
Advertising Costs We expense the costs of producing advertisements at the time production occurs, and expense the cost of running advertisements in the period in which the advertising space or airtime is used as sales and marketing expense.
Stock-Based Compensation
Our stock-based awards to employees include time-based and performance-based restricted stock units and restricted stock awards, stock options and an employee stock purchase plan. Compensation expense associated with restricted stock units and restricted stock awards is based on the fair value of common stock on the date of grant. Compensation expense associated with stock options and employee stock purchase plan are based on the estimated grant date fair value method using the Black-Scholes option pricing model. Expense is recognized using a straight-line amortization method over the respective vesting period for awards that are ultimately expected to vest, with adjustments to expense recognized in the period in which forfeitures occur.
Income Taxes
We account for our provision for income taxes using the asset and liability method, under which we recognize income taxes payable or refundable for current year and deferred tax assets and liabilities for the future tax effect of events that have been recognized in either our financial statements or tax returns. We measure our current and deferred tax assets and liabilities based on provision of enacted tax laws of those jurisdictions in which we operate. The effect of changes in tax laws and regulations, or interpretations, is recognized in our consolidated financial statements in the period that includes the enactment date.
We recognize deferred tax assets and liabilities based on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes, as well as the expected benefits of using net operating loss and other carryforwards. We establish a valuation allowance when it is determined more likely than not that the deferred tax assets will not be realized. Provision for income taxes may change when estimates used in determining valuation allowances change or when receipt of new information indicates the need for adjustment in valuation allowances. Changes in valuation allowances are reflected as a component of the provision for income taxes in the period of adjustment.
We recognize a reserve for uncertain tax positions taken or expected to be taken in a tax return when it is concluded that tax positions are not more likely than not to be sustained upon examination by taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the positions. Assumptions, judgment and the use of estimates are required in determining if the more likely than not standard has been met when developing the provision for income taxes and in determining the expected benefit. The tax benefits of the position recognized in the financial statements are then measured based on the largest amount of benefit that is greater than 50% likely to be realized upon settlement with a taxing authority. Unrecognized tax benefits due to tax uncertainties that do not meet the minimum probability threshold are included as other liabilities and are charged to earnings in the period that such determination is made. We recognize interest and penalties related to uncertain tax positions as a component of income tax expense. Accrued interest and penalties are included in other non-current liabilities on the consolidated balance sheets.
Concentrations of Credit Risk
Financial instruments subject to concentrations of credit risk include cash, cash equivalents and investments (unrestricted and restricted), accounts receivable, and amounts due from insurance carriers. We maintain these financial assets principally in domestic financial institutions. We perform periodic evaluations of the relative credit standing of these institutions. Our exposure to credit risk in the event of default by the financial institutions holding these funds is limited to amounts currently held by the institution in excess of insured amounts.
Under the terms of professional services agreements, clients agree to maintain sufficient funds or other satisfactory credit at all times to cover the cost of their current payroll, all accrued paid time off, vacation or sick leave balances, and other vested wage and benefit obligations for all their work site employees. We generally require payment from our clients on or before the applicable payroll date.
For certain clients, we require an indemnity guarantee payment (IGP) supported by a letter of credit, bond, or a certificate of deposit from certain financial institutions. The IGP typically equals the total payroll and service fee for one average payroll period.
Recent Accounting Pronouncements
Recently issued accounting guidance
Disaggregation of Income Statement Expenses
In December 2024, FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, is to enhance the transparency and decision-usefulness of financial reporting by requiring public business entities to provide more detailed disclosures about the components of certain expense captions in their income statements. The ASU is effective for TriNet on a prospective basis for annual periods beginning after December 15, 2026. The Company is currently evaluating the provisions of this ASU.
Internal-Use Software
In September 2025, FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) which amends the guidance in ASC 350-40, Intangibles—Goodwill and Other—Internal-Use Software. The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the provisions of this ASU.
Recently adopted accounting guidance
Income Taxes
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements. The ASU mandates additional details in the income tax rate reconciliation, including quantitative thresholds for reconciling items, and requires disaggregation of income taxes paid by federal, state, and foreign jurisdictions, with further breakdowns for significant individual jurisdictions. We adopted this ASU in 2025 using a retrospective approach. The adoption of this ASU did not have a material impact on the Company’s financial position, results of operations, or cash flows but enhanced the disclosure of its income tax disclosures. Refer to Note 12 in Part II, Item 8. Financial Statements and Supplementary Data, of this Form 10-K.
v3.25.4
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Assets and Liabilities in our Consolidated Balance Sheet
The following table presents the assets and liabilities of TriNet Trust which are included in our consolidated balance sheet. These amounts on any particular date can vary due to timing of cash receipts and remittances related to the payroll processing activities of our clients.
December 31, 2025December 31, 2024
(in millions)TriNet Trust
ASSETS
Current assets:
Cash and cash equivalents$1 $1 
Restricted cash, cash equivalents and investments79 87 
Total current assets80 88 
Total assets$80 $88 
LIABILITIES
Current liabilities:
Accounts payable and other current liabilities1 $1 
Accrued wages33 18 
Payroll tax liabilities and other payroll withholdings46 69 
Total current liabilities80 88 
Total liabilities$80 $88 
Schedule of Capitalized Contract Cost The below table summarizes the amounts capitalized and amortized during the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
(in millions)202520242023
Deferred commission expense:
Capitalized$25 $38 $33 
Amortized37 38 35 
v3.25.4
CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED (Tables)
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Cash, Cash Equivalents and Investments
Our total cash, cash equivalents and investments are summarized below:
December 31, 2025December 31, 2024
(in millions)Cash and cash equivalentsAvailable-for-sale marketable securitiesTotalCash and cash equivalentsAvailable-for-sale marketable securitiesTotal
Cash and cash equivalents$287 $— $287 $360 $— $360 
Restricted cash, cash equivalents and investments
Payroll funds collected1,424 — 1,424 1,131 1,131 
Collateral for health benefits claims37 108 145 34 110 144 
Collateral for workers' compensation claims45 — 45 49 — 49 
Trust for our ASO Users79 — 79 87 — 87 
Other security deposits1 — 1 2 — 2 
Total restricted cash, cash equivalents and investments1,586 108 1,694 1,303 110 1,413 
Restricted cash, cash equivalents and investments, noncurrent
Collateral for workers' compensation claims29 99 128 28 117 145 
Total$1,902 $207 $2,109 $1,691 $227 $1,918 
v3.25.4
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Financial Instruments by Significant Categories and Fair Value Measurement on a Recurring Basis
The following tables summarize our financial instruments by significant categories and fair value measurement on a recurring basis as of December 31, 2025 and December 31, 2024 and the amortized cost, gross unrealized gains, gross unrealized losses, and fair value of our AFS investments:

(in millions)Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsRestricted Cash, Cash Equivalents and Investments
December 31, 2025
Cash equivalents:
Money market mutual fundsLevel 1$483 $— $— $483 $96 $387 
U.S. treasuriesLevel 22 — — 2 — 2 
Total cash equivalents485 — — 48596 389 
AFS Investments:
Corporate bondsLevel 234 — — 34 — 34 
Agency securitiesLevel 211 — — 11 — 11 
U.S. treasuriesLevel 2160 2 — 162 — 162 
Total AFS Investments$205 $2 $— $207 $— $207 
(in millions)Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsRestricted Cash, Cash Equivalents and Investments
December 31, 2024
Cash equivalents:
Money market mutual fundsLevel 1$570 $— $— $570 $257 $313 
U.S. treasuriesLevel 21 — — 1— 1 
Total cash equivalents571 — — 571257 314 
AFS Investments:
Corporate bondsLevel 235 — — 35 — 35 
Agency securitiesLevel 218 — (1)17 — 17 
U.S. treasuriesLevel 2176 — (2)174 — 174 
Certificate of depositLevel 21 — — 1 — 1 
Total AFS Investments$230 $— $(3)$227 $— $227 
Schedule of Fair Value of Debt Investments by Contractual Maturity
The fair value of debt investments by contractual maturity are shown below:
(in millions)December 31, 2025
One year or less$17 
Over one year through five years185 
Over five years through ten years5 
Over ten years— 
Total fair value$207 
Schedule of Proceeds from Available-for-sale Securities
The gross proceeds from sales and maturities of AFS securities and gross realized gains and losses for the twelve months ended December 31, 2025, 2024, and 2023 are presented below.
Year Ended December 31,
(in millions)202520242023
Gross realized gains$— $2 $— 
Gross realized losses— (1)(1)
Gross proceeds from sales96 287 150 
Gross proceeds from maturities7 135 137 
Total$103 $423 $286 
v3.25.4
PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net, consists of the following:
(in millions)December 31, 2025December 31, 2024
Office equipment, including data processing equipment$20 $22 
Leasehold improvements12 18 
Furniture, fixtures, and equipment7 10 
Projects in progress1 — 
Total40 50 
Less: Accumulated depreciation(29)(37)
Less: Impairments (1)
$— (3)
Property and equipment, net$11 $10 
(1)    Amount includes impairment of leasehold improvements in leased office space that we have exited. Refer to Note 7 in Part II, Item 8. Financial Statements and Supplementary Data, of this Form 10-K.
v3.25.4
GOODWILL, SOFTWARE AND OTHER INTANGIBLE ASSETS, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill
Changes in goodwill for the years ended December 31, 2025 and 2024 are as follows:
(in millions)Amount
Balance at December 31, 2023$462 
Impairment(1)
Balance at December 31, 2024$461 
Additions (Impairment)— 
Balance at December 31, 2025$461 
Schedule of Software and Other Intangible Assets
The following summarizes software and other intangible assets:
December 31, 2025December 31, 2024
(in millions)Weighted Average Amortization PeriodGross Carrying AmountAccumulated AmortizationImpairment
Loss
Net
Carrying Amount
Gross Carrying AmountAccumulated AmortizationImpairment
Loss		Net Carrying Amount
Amortizable
intangibles:
Software4 years448 (315)— 133 423 (303)— 120 
Customer
relationships		3 years40 (18)(22)— 45 (20)(24)1 
Developed
technology		6 years56 (36)— 20 65 (30)— 35 
Total$544 $(369)$(22)$153 $533 $(353)$(24)$156 
Schedule of Capitalized Internally Developed Software Costs and Depreciation Expense
The following table summarizes our capitalized internally developed software costs and related depreciation expense.
 Year Ended December 31,
(in millions)202520242023
Capitalized internally developed software costs63 78 69 
Depreciation expense for capitalized internally developed software costs52 48 42 
Schedule of Expected Expense Related to Intangibles Amortization in Future Periods
Expense related to intangibles amortization in future periods as of December 31, 2025 is expected to be as follows:
Year ending December 31:Amount
(in millions)
2026$55 
202742 
202824 
202917 
203010 
2031 and thereafter3 
Total$151 
v3.25.4
ACCRUED WORKERS' COMPENSATION COSTS (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Schedule of Activities for Unpaid Claims, Claims Adjustment Expenses and Workers' Compensation Liabilities
The following table summarizes the accrued workers’ compensation cost activity for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
(in millions)202520242023
Total accrued costs, beginning of year$158 $175 $189 
Incurred
Current year53 54 66 
Prior years(13)(26)(36)
Total incurred40 28 30 
Paid
Current year(9)(9)(10)
Prior years(38)(36)(34)
Total paid(47)(45)(44)
Total accrued costs, end of year$151 $158 $175 
The following tables summarize workers' compensation liabilities on the consolidated balance sheets:
(in millions)December 31, 2025December 31, 2024
Total accrued costs, end of year$151 $158 
Collateral paid to carriers and offset against accrued costs(3)(4)
Total accrued costs, net of carrier collateral offset$148 $154 
Payable in less than 1 year
(net of collateral paid to carriers of $1 as of December 31, 2025 and 2024)
$42 44
Payable in more than 1 year
(net of collateral paid to carriers of $2 and $3 as of December 31, 2025 and 2024, respectively)
106 110 
Total accrued costs, net of carrier collateral offset$148 $154 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Operating Lease Payments Future minimum lease payments as of December 31, 2025 were as follows:
(in millions)December 31, 2025
2026$3 
202711 
202811 
20295 
20304 
2031 and thereafter28 
Total future minimum lease payments$62 
Less: imputed interest(15)
Total operating lease liabilities$47 
Current portion10 
Non-current portion37 
v3.25.4
LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENT BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2025
Line of Credit Facility [Abstract]  
Schedule of Long-term Debt and Revolving Credit Agreement Borrowings
The following table summarizes our long-term debt and revolving credit agreement borrowings as of December 31, 2025 and 2024.
(Dollars in millions)Annual contractual interest rateEffective interest ratePrincipal amountDeferred issuance costsLess: current portionLong-term debt, noncurrent
December 31, 2025December 31, 2024
2021 Revolver5.67 %6.42 %$— $— $— $— $15 
2029 Notes3.50 %3.67 %$500 $(2)$— $498 $497 
2031 Notes7.13 %7.30 %$400 $(3)$— $397 $396 
v3.25.4
STOCK BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of RSU and RSA Activity Under Equity-Based Plans
The following tables summarize RSU activity for the year ended December 31, 2025:
Time-based RSUs
Total Number
of Shares
Weighted-Average
Grant Date
Fair Value
Nonvested at December 31, 20241,100,001 $97.21 
Granted813,443 75.21 
Vested(600,037)90.35 
Forfeited(185,756)78.26 
Nonvested at December 31, 20251,127,651 $86.55 
Year Ended December 31,
Additional Disclosures for equity-based plans 202520242023
Total grant date fair value of shares granted (in millions)$61 $72 $60 
Total grant date fair value of shares vested (in millions)$54 $54 $47 
Shares withheld to settle payroll tax liabilities related to vesting of shares held by employees203,701 216,523 213,569 
Performance-based RSUs
Total Number Shares
Weighted-Average
Grant Date
Fair Value
Nonvested at December 31, 2024179,907 $106.50 
Granted (1)
74,840 76.69 
Vested(52,365)91.60 
Forfeited(23,526)78.65 
Nonvested at December 31, 2025178,856 $80.78 
(1)    Amount includes a reduction of 88,647 shares related to the finalization of the performance achievement levels for previously issued grants.
Schedule of Additional Disclosures for Equity-Based Plans
Year Ended December 31,
Additional Disclosures for equity-based plans 202520242023
Total grant date fair value of shares granted (in millions) (1)
$13 $17 $14 
Total grant date fair value of shares vested (in millions)$5 $11 $14 
Shares withheld to settle payroll tax liabilities related to vesting of shares held by employees22,994 64,290 74,923 
(1)    Amount includes fair value of finalized additional grant related to the most recently ended performance period.
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options
In applying the Black Scholes option valuation model for the ESPP options, we use the following assumptions:
Year Ended December 31,
(in millions)202520242023
Expected Term (in Years)0.50.50.5
Expected Volatility
37 - 40%
28-37%
29-35%
Risk-Free Interest Rate
3.8-4.4%
4.4-5.4%
5.3-5.4%
Expected Dividend Yield2 %1 %0 %
Shares Issued under ESPP180,024 148,157 175,446 
The fair value of stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
Stock Option Assumptions
Expected Term (in Years)Expected VolatilityRisk-Free Interest RateExpected Dividend Yield
December 31, 2025
6.541.2 %4.09 %1.43 %
Schedule of Stock Option Activity
The following table summarizes stock option activity for the year ended December 31, 2025:
Number
of Shares		Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value
(in millions)
Balance at December 31, 2024— $— — $— 
Granted270,144 76.69 9.22— 
Forfeited(7,899)76.69 — — 
Balance at December 31, 2025
262,245 $76.69 9.22$— 
Exercisable at December 31, 2025— $— — $— 
Vested and expected to vest at December 31, 2025262,245 $76.69 9.22$— 
Schedule of Share-Based Payment Arrangement, Activity
Additional Disclosures for Stock Options (in millions)December 31, 2025
Weighted-average grant date fair value of stock options$31.65 
Total fair value of options granted $9 
Schedule of Stock-based Compensation Expense Stock based compensation expense and other disclosures for stock based awards made to our employees pursuant to the equity plans were as follows: 
 Year Ended December 31,
(in millions)202520242023
Cost of providing services$15 $16 $14 
Sales and marketing11 12 8 
General and administrative33 31 33 
Systems development and programming costs6 6 4 
Total stock based compensation expense$65 $65 $59 
Total stock based compensation capitalized$3 $3 $3 
Income tax benefit related to stock based compensation expense$14 $14 $13 
Tax benefit realized$10 $15 $19 
The table below summarizes unrecognized compensation expense for the year ended December 31, 2025 associated with the following:
Amount
(in millions)		Weighted-Average Period (in Years)
Nonvested stock options$6 2.22
Nonvested time based RSUs90 2.49
Nonvested performance based RSUs11 1.91
v3.25.4
STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Common Stock
The following table shows the beginning and ending balances of our issued and outstanding common stock for the years ended December 31, 2025, 2024, and 2023:
Year Ended
December 31,
202520242023
Shares issued and outstanding, beginning balance49,527,506 50,664,471 60,555,661 
Issuance of common stock from vested restricted stock units652,402 758,737 774,579 
Issuance of common stock from exercise of stock options
— 8,208 182,067 
Issuance of common stock for employee stock purchase plan
180,024 148,157 175,446 
Repurchase of common stock
(2,755,287)(1,771,254)(10,734,790)
Awards effectively repurchased for required employee withholding taxes
(226,695)(280,813)(288,492)
Shares issued and outstanding, ending balance
47,377,950 49,527,506 50,664,471 
Schedule of Stock Repurchase
The following table summarizes the share repurchases under this program for the years ended December 31, 2025, 2024 and 2023:
Year Ended
December 31,
202520242023
Total cost (in millions)$182 $182 $1,112 
Total shares2,755,287 1,771,254 10,734,790 
Average price per share$66.19 $102.84 $103.59 
Schedule of Dividends Payable
Year Ended
December 31,
20252024
Quarterly dividend per common share$0.275 $0.25 
Total cash dividends paid (in millions)$52 $37 
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes The provision for income taxes consists of the following:
Year Ended December 31,
(in millions)202520242023
Current:
Federal
$11 $50 $96 
State
5 4 24 
   Foreign2 — 2 
 Total Current18 54 122 
Deferred:
Federal
40 (2)1 
State
3 1 3 
Foreign1 — — 
Total Deferred44 (1)4 
Total$62 $53 $126 
Schedule Of Income Taxes Paid
Income tax paid (net of refunds) exceeded five percent of total income taxes paid (net of refunds) in the following jurisdictions:
Year Ended December 31,
(in millions)202520242023
Federal$23 $64 $90 
State:
California(1)**
New York State*4 6 
Other3 6 18 
Total State2 10 24 
Foreign:
Canada1 **
India1 **
Total Foreign2 2 — 
Total$27 $76 $114 
*Jurisdiction below the threshold for the period presented.
Schedule of U.S. Federal Statutory Income Tax Rate Reconciled to Effective Tax Rate
The U.S. federal statutory income tax rate reconciled to our effective tax rate is as follows:
Year Ended December 31,
202520242023
(in millions, except percent)Tax Expense/(Benefit)Percent of Pre-Tax Income (Loss)Tax Expense/(Benefit)Percent of Pre-Tax Income (Loss)Tax Expense/(Benefit)Percent of Pre-Tax Income (Loss)
U.S. federal statutory tax rate$45 21 %$48 21 %$105 21 %
State and local, net of federal income tax effect (1)
7 3 4 2 23 5 
Foreign tax effects1 — — — — — 
Effect of cross-border tax laws1 1 — — — — 
Tax credits:
 Research and development tax credits(3)(1)(6)(3)(5)(1)
 Other(1)— (1)— — — 
Changes in valuation allowances9 4 — — — 
Nontaxable or nondeductible items:
 Nondeductible compensation3 1 5 2 4 1 
 Share-based payment awards3 1 (1)— (4)(1)
 Other4 2 2 1 2 — 
Changes in unrecognized tax benefit— — 1 — — — 
Other adjustments:
 Capital loss(7)(3)— — — — 
 Other— — 1 — 1 — 
Total$62 29 %$53 23 %$126 25 %
(1) State taxes in California, New York State and New York City made up the majority (greater than 50%) of the tax effect in this category.
Schedule of Significant Components of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities are as follows:
Year Ended December 31,
(in millions)20252024
Deferred tax assets:
Net operating losses (federal and state)$8 $5 
Accrued expenses15 15 
Accrued workers' compensation costs9 9 
Operating lease liabilities12 9 
Stock based compensation3 2 
Tax benefits relating to uncertain positions— 1 
Tax credits (federal, state and foreign)7 8 
Section 174 Capitalized R&D3 18 
Other14 3
Total71 70 
Valuation allowance(18)(8)
Total deferred tax assets53 62 
Deferred tax liabilities:
Depreciation and amortization(71)(35)
Prepaid commission expenses(26)(28)
Operating lease right-of-use assets(8)(5)
Total deferred tax liabilities(105)(68)
Net deferred tax liabilities$(52)$(6)
Schedule of Reconciliation of Beginning and Ending Valuation Allowance A reconciliation of the beginning and ending amount of the valuation allowance is presented in the table below:
Year Ended December 31,
(in millions)202520242023
Valuation allowance at January 1$8 $8 $8 
Charged to net income10 — — 
Valuation allowance at December 3118 8 8 
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) related to uncertain income tax provisions, which would affect the effective tax rate if recognized, is presented in the table below:
Year Ended December 31,
(in millions)202520242023
Unrecognized tax benefits at January 1$8 $7 $7 
Additions for tax positions of prior periods
— 1 — 
Additions for tax positions of current period
3 2 2 
Reductions for tax positions of prior period:
Lapse of applicable statute of limitations
(2)(2)(2)
Unrecognized tax benefits at December 31$9 $8 $7 
v3.25.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted EPS
The following table presents the computation of our basic and diluted EPS attributable to our common stock:
 Year Ended December 31,
(in millions, except per share data)202520242023
Net income$155 $173 $375 
Weighted average shares of common stock outstanding48 50 57 
Basic EPS$3.20 $3.47 $6.61 
Net income$155 $173 $375 
Weighted average shares of common stock outstanding48 50 57 
Dilutive effect of stock options and restricted stock units1 — — 
Weighted average shares of common stock outstanding49 50 57 
Diluted EPS$3.20 $3.43 $6.56 
Common stock equivalents excluded from income per
diluted share because of their anti-dilutive effect
2 1 1 
v3.25.4
RESTRUCTURING (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Components of Restructuring Expenses
As part of the restructuring initiatives, the Company incurred the charges shown in the following table. These expenses are classified in G&A in our Consolidated statement of income and comprehensive income.
 Year Ended December 31,Year Ended December 31,
(in millions)20252024
Cash restructuring costs:
Severance costs$8 $14 
Professional fees2 3 
Total cash restructuring costs10 17 
Non-cash restructuring costs:
Loss on sale of business1 — 
Intangible asset and goodwill impairments— 25 
Fixed asset and ROU impairments— 7 
Total non-cash restructuring costs1 32 
Total restructuring costs$11 $49 
Schedule of Changes in Accrued Severance and Exit and Disposal Costs The following table is a summary of changes in accrued severance and exit and disposal costs included within accounts payable and other current liabilities and accrued wages:
(in millions)Accounts payable and other current liabilitiesAccrued Wages
Balance at December 31, 2024
$1 $14 
(+) Additions1 6 
(-) Payments(1)(10)
Balance at December 31, 2025
$1 $10 
v3.25.4
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Significant Expenses
The table below provides the primary measure of profitability and detail regarding the significant expenses reviewed by our CEO.
 Year Ended December 31,
(in millions)202520242023
Professional service revenues
$719 $765 $756 
Insurance service revenues
4,224 4,224 4,166 
Interest income67 64 72 
Total revenues
5,010 5,053 4,994 
Workers' compensation costs72 61 68 
Health insurance costs3,763 3,736 3,445 
Sales & marketing235 259 254 
Client support costs169 184 186 
Corporate administration160 146 165 
System support & development196 190 187 
Depreciation and amortization of intangible assets
66 75 72 
Stock based compensation65 65 59 
Other11 49 17 
Interest expense, bank fees and other56 62 40 
Income Taxes62 53 126 
Net Income155 173 375 
v3.25.4
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
reporting_unit
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Summary Of Significant Accounting Policy [Line Items]      
Number of reportable segments | segment 1    
Advance collection $ (221,000,000) $ (171,000,000)  
Maximum reimbursement per claim occurrence $ 1,000,000    
Plan years to be settled 10 years    
Prepayments and miscellaneous receivables offsetting accrued health insurance costs $ 62,000,000 $ 60,000,000  
Weighted-average rate used in discounting the lease liabilities 5.20% 4.90%  
ERTC receivables $ 384,000,000 $ 831,000,000  
ERTC distributed $ 19,000,000 72,000,000  
Number of reporting units | reporting_unit 1    
Material impairment loss $ 0 0 $ 0
Impairment of finite-lived intangible assets 0 $ (22,000,000) 0
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]   Depreciation and amortization of intangible assets  
Advertising costs 19,000,000 $ 20,000,000 37,000,000
Bad debt expense, net of recoveries $ 3,000,000 3,000,000 $ 3,000,000
Minimum      
Summary Of Significant Accounting Policy [Line Items]      
Estimated useful life of intangible assets 1 year    
Minimum | Software Development      
Summary Of Significant Accounting Policy [Line Items]      
Estimated useful life of intangible assets 3 years    
Minimum | Furniture, fixtures, and equipment      
Summary Of Significant Accounting Policy [Line Items]      
Estimated useful life of property and equipment 5 years    
Minimum | Office equipment, including data processing equipment      
Summary Of Significant Accounting Policy [Line Items]      
Estimated useful life of property and equipment 5 years    
Maximum      
Summary Of Significant Accounting Policy [Line Items]      
Estimated useful life of intangible assets 6 years    
Maximum | Software Development      
Summary Of Significant Accounting Policy [Line Items]      
Estimated useful life of intangible assets 6 years    
Maximum | Furniture, fixtures, and equipment      
Summary Of Significant Accounting Policy [Line Items]      
Estimated useful life of property and equipment 7 years    
Maximum | Office equipment, including data processing equipment      
Summary Of Significant Accounting Policy [Line Items]      
Estimated useful life of property and equipment 7 years    
Health Care      
Summary Of Significant Accounting Policy [Line Items]      
Prepayments and miscellaneous receivables offsetting accrued health insurance costs $ 87,000,000 $ 90,000,000  
Non-US | Revenue | Geographic Concentration Risk      
Summary Of Significant Accounting Policy [Line Items]      
Concentration risk percentage 1.00%    
v3.25.4
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Assets and Liabilities of the Trust (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 287 $ 360
Restricted cash, cash equivalents and investments 1,694 1,413
Total current assets 2,868 3,180
Total assets 3,797 4,119
Current liabilities:    
Accounts payable and other current liabilities 86 89
Accrued wages 555 580
Payroll tax liabilities and other payroll withholdings 1,671 1,906
Total current liabilities 2,637 2,981
Total liabilities 3,743 4,050
TriNet Trust    
Current assets:    
Cash and cash equivalents 1 1
Restricted cash, cash equivalents and investments 79 87
Total current assets 80 88
Total assets 80 88
Current liabilities:    
Accounts payable and other current liabilities 1 1
Accrued wages 33 18
Payroll tax liabilities and other payroll withholdings 46 69
Total current liabilities 80 88
Total liabilities $ 80 $ 88
v3.25.4
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Capitalized Contract Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Capitalized $ 25 $ 38 $ 33
Amortized $ 37 $ 38 $ 35
v3.25.4
CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Restricted Cash and Cash Equivalent Item [Line Items]    
Cash and cash equivalents $ 287 $ 360
Restricted cash, cash equivalents and investments 1,694 1,413
Restricted cash, cash equivalents and investments, noncurrent 128 145
Total 2,109 1,918
Payroll funds collected    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 1,424 1,131
Collateral for health benefits claims    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 145 144
Collateral for workers' compensation claims    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 45 49
Restricted cash, cash equivalents and investments, noncurrent 128 145
Trust for our ASO Users    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 79 87
Other security deposits    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 1 2
Cash and cash equivalents    
Restricted Cash and Cash Equivalent Item [Line Items]    
Cash and cash equivalents 287 360
Restricted cash, cash equivalents and investments 1,586 1,303
Total 1,902 1,691
Cash and cash equivalents | Payroll funds collected    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 1,424 1,131
Cash and cash equivalents | Collateral for health benefits claims    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 37 34
Cash and cash equivalents | Collateral for workers' compensation claims    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 45 49
Restricted cash, cash equivalents and investments, noncurrent 29 28
Cash and cash equivalents | Trust for our ASO Users    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 79 87
Cash and cash equivalents | Other security deposits    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 1 2
Available-for-sale marketable securities    
Restricted Cash and Cash Equivalent Item [Line Items]    
Cash and cash equivalents 0 0
Restricted cash, cash equivalents and investments 108 110
Total 207 227
Available-for-sale marketable securities | Payroll funds collected    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 0
Available-for-sale marketable securities | Collateral for health benefits claims    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 108 110
Available-for-sale marketable securities | Collateral for workers' compensation claims    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 0 0
Restricted cash, cash equivalents and investments, noncurrent 99 117
Available-for-sale marketable securities | Trust for our ASO Users    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments 0 0
Available-for-sale marketable securities | Other security deposits    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash, cash equivalents and investments $ 0 $ 0
v3.25.4
INVESTMENTS - Schedule of Financial Instruments by Significant Categories and Fair Value Measurement on a Recurring Basis (Details) - Fair Value Measurements on a Recurring Basis - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Financial Instruments [Line Items]    
Total cash equivalents $ 485 $ 571
Amortized Cost 205 230
Gross Unrealized Gains 2 0
Gross Unrealized Losses 0 (3)
Fair Value 207 227
Cash and Cash Equivalents    
Fair Value, Financial Instruments [Line Items]    
Total cash equivalents 96 257
Fair Value 0 0
Restricted Cash, Cash Equivalents and Investments    
Fair Value, Financial Instruments [Line Items]    
Total cash equivalents 389 314
Fair Value 207 227
Corporate bonds | Level 2    
Fair Value, Financial Instruments [Line Items]    
Amortized Cost 34 35
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 34 35
Corporate bonds | Level 2 | Cash and Cash Equivalents    
Fair Value, Financial Instruments [Line Items]    
Fair Value 0 0
Corporate bonds | Level 2 | Restricted Cash, Cash Equivalents and Investments    
Fair Value, Financial Instruments [Line Items]    
Fair Value 34 35
Agency securities | Level 2    
Fair Value, Financial Instruments [Line Items]    
Amortized Cost 11 18
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (1)
Fair Value 11 17
Agency securities | Level 2 | Cash and Cash Equivalents    
Fair Value, Financial Instruments [Line Items]    
Fair Value 0 0
Agency securities | Level 2 | Restricted Cash, Cash Equivalents and Investments    
Fair Value, Financial Instruments [Line Items]    
Fair Value 11 17
U.S. treasuries | Level 2    
Fair Value, Financial Instruments [Line Items]    
Amortized Cost 160 176
Gross Unrealized Gains 2 0
Gross Unrealized Losses 0 (2)
Fair Value 162 174
U.S. treasuries | Level 2 | Cash and Cash Equivalents    
Fair Value, Financial Instruments [Line Items]    
Fair Value 0 0
U.S. treasuries | Level 2 | Restricted Cash, Cash Equivalents and Investments    
Fair Value, Financial Instruments [Line Items]    
Fair Value 162 174
Certificate of deposit | Level 2    
Fair Value, Financial Instruments [Line Items]    
Amortized Cost   1
Gross Unrealized Gains   0
Gross Unrealized Losses   0
Fair Value   1
Certificate of deposit | Level 2 | Cash and Cash Equivalents    
Fair Value, Financial Instruments [Line Items]    
Fair Value   0
Certificate of deposit | Level 2 | Restricted Cash, Cash Equivalents and Investments    
Fair Value, Financial Instruments [Line Items]    
Fair Value   1
Money market mutual funds | Level 1    
Fair Value, Financial Instruments [Line Items]    
Total cash equivalents 483 570
Money market mutual funds | Level 1 | Cash and Cash Equivalents    
Fair Value, Financial Instruments [Line Items]    
Total cash equivalents 96 257
Money market mutual funds | Level 1 | Restricted Cash, Cash Equivalents and Investments    
Fair Value, Financial Instruments [Line Items]    
Total cash equivalents 387 313
U.S. treasuries | Level 2    
Fair Value, Financial Instruments [Line Items]    
Total cash equivalents 2 1
U.S. treasuries | Level 2 | Cash and Cash Equivalents    
Fair Value, Financial Instruments [Line Items]    
Total cash equivalents 0 0
U.S. treasuries | Level 2 | Restricted Cash, Cash Equivalents and Investments    
Fair Value, Financial Instruments [Line Items]    
Total cash equivalents $ 2 $ 1
v3.25.4
INVESTMENTS - Schedule of Fair Value of Debt Investments by Contractual Maturity (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Investments, Debt and Equity Securities [Abstract]  
One year or less $ 17
Over one year through five years 185
Over five years through ten years 5
Over ten years 0
Total fair value $ 207
v3.25.4
INVESTMENTS - Schedule of Gross Proceeds from AFS debt securities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]      
Gross realized gains $ 0 $ 2 $ 0
Gross realized losses 0 (1) (1)
Gross proceeds from sales 96 287 150
Gross proceeds from maturities 7 135 137
Total $ 103 $ 423 $ 286
v3.25.4
INVESTMENTS - Narrative (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Gross unrealized losses related to AFS investments in an unrealized loss position for greater than 12 months $ 0 $ 0
2029 Notes Payable    
Debt Securities, Available-for-sale [Line Items]    
Fair value of notes payable 473,000,000 453,000,000
2031 Notes Payable    
Debt Securities, Available-for-sale [Line Items]    
Fair value of notes payable $ 414,000,000 $ 408,000,000
v3.25.4
PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 40 $ 50
Less: Accumulated depreciation (29) (37)
Less: Impairments 0 (3)
Property and equipment, net 11 10
Office equipment, including data processing equipment    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 20 22
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 12 18
Furniture, fixtures, and equipment    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 7 10
Projects in progress    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 1 $ 0
v3.25.4
PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation $ 5 $ 7 $ 9
v3.25.4
GOODWILL, SOFTWARE AND OTHER INTANGIBLE ASSETS, NET - Schedule of Changes in Goodwill (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]      
Goodwill, Beginning Balance $ 461,000,000 $ 462,000,000  
Impairment   (1,000,000)  
Additions (Impairment) 0 0 $ 0
Goodwill, Ending Balance $ 461,000,000 $ 461,000,000 $ 462,000,000
v3.25.4
GOODWILL, SOFTWARE AND OTHER INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]      
Fixed asset and ROU impairments $ 0 $ 7,000,000  
Additions (Impairment) 0 0 $ 0
Impairment of intangibles 61,000,000 68,000,000 63,000,000
Impairment Loss 22,000,000 24,000,000  
Impairment of finite-lived intangible assets $ 0 (22,000,000) $ 0
2024 Restructuring Activities      
Indefinite-Lived Intangible Assets [Line Items]      
Fixed asset and ROU impairments   7,000,000  
Additions (Impairment)   $ (1,000,000)  
v3.25.4
GOODWILL, SOFTWARE AND OTHER INTANGIBLE ASSETS, NET - Schedule of Software and Other Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Amortizable intangibles:    
Gross Carrying Amount $ 544 $ 533
Accumulated Amortization (369) (353)
Impairment Loss (22) (24)
Net Carrying Amount $ 153 156
Software    
Amortizable intangibles:    
Weighted Average Amortization Period 4 years  
Gross Carrying Amount $ 448 423
Accumulated Amortization (315) (303)
Impairment Loss 0 0
Net Carrying Amount $ 133 120
Customer relationships    
Amortizable intangibles:    
Weighted Average Amortization Period 3 years  
Gross Carrying Amount $ 40 45
Accumulated Amortization (18) (20)
Impairment Loss (22) (24)
Net Carrying Amount $ 0 1
Developed technology    
Amortizable intangibles:    
Weighted Average Amortization Period 6 years  
Gross Carrying Amount $ 56 65
Accumulated Amortization (36) (30)
Impairment Loss 0 0
Net Carrying Amount $ 20 $ 35
v3.25.4
GOODWILL, SOFTWARE AND OTHER INTANGIBLE ASSETS, NET - Schedule of Capitalized Internally Developed Software Costs and Related Depreciation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Capitalized internally developed software costs $ 63 $ 78 $ 69
Depreciation expense for capitalized internally developed software costs $ 52 $ 48 $ 42
v3.25.4
GOODWILL, SOFTWARE AND OTHER INTANGIBLE ASSETS, NET - Schedule of Expected Expense Related to Intangibles Amortization in Future Periods (Details) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Amount (in millions)  
2026 $ 55
2027 42
2028 24
2029 17
2030 10
2031 and thereafter 3
Net Carrying Amount $ 151
v3.25.4
ACCRUED WORKERS' COMPENSATION COSTS - Schedule of Activities in Liability for Unpaid Claims and Claims Adjustment Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense      
Total accrued costs, beginning of year $ 158 $ 175 $ 189
Incurred      
Current year 53 54 66
Prior years (13) (26) (36)
Total incurred 40 28 30
Paid      
Current year (9) (9) (10)
Prior years (38) (36) (34)
Total paid (47) (45) (44)
Total accrued costs, end of year $ 151 $ 158 $ 175
v3.25.4
ACCRUED WORKERS' COMPENSATION COSTS - Schedule of Workers' Compensation Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Insurance [Abstract]        
Total accrued costs, end of year $ 151 $ 158 $ 175 $ 189
Collateral paid to carriers and offset against accrued costs (3) (4)    
Total accrued costs, net of carrier collateral offset 148 154    
Payable in less than 1 year (net of collateral paid to carriers) 42 44    
Payable in more than 1 year (net of collateral paid to carriers) 106 110    
Collateral paid, current 1 1    
Collateral paid, noncurrent $ 2 $ 3    
v3.25.4
ACCRUED WORKERS' COMPENSATION COSTS - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Insurance [Abstract]    
Collateral held by insurance carriers $ 25 $ 26
Collateral paid to carriers and offset against loss reserves $ 3 $ 4
v3.25.4
LEASES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Leased Assets [Line Items]      
Operating lease expense $ 12 $ 15 $ 11
Impairment of operating lease expense   $ 5 $ 6
Lease term (in years) 6 years 9 months 18 days 3 years 9 months 18 days  
Minimum      
Operating Leased Assets [Line Items]      
Term of contract (in years) 1 year    
Maximum      
Operating Leased Assets [Line Items]      
Term of contract (in years) 13 years    
v3.25.4
LEASES - Schedule of Operating Lease Payments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
December 31, 2025    
2026 $ 3  
2027 11  
2028 11  
2029 5  
2030 4  
2031 and thereafter 28  
Total future minimum lease payments 62  
Less: imputed interest (15)  
Total operating lease liabilities 47  
Current portion 10 $ 13
Non-current portion $ 37 $ 26
v3.25.4
LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENT BORROWINGS - Schedule of Senior Notes Payable (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Aug. 31, 2023
Feb. 28, 2021
Line of Credit | 2021 Revolver        
Line of Credit Facility [Line Items]        
Annual contractual interest rate 5.67%      
Effective interest rate 6.42%      
Principal amount $ 0      
Deferred issuance costs 0      
Less: current portion 0      
Long-term debt, noncurrent $ 0 $ 15    
Senior Notes | 2029 Notes Payable        
Line of Credit Facility [Line Items]        
Annual contractual interest rate 3.50%     3.50%
Effective interest rate 3.67%      
Principal amount $ 500     $ 500
Deferred issuance costs (2)      
Less: current portion 0      
Long-term debt, noncurrent $ 498 497    
Senior Notes | 2031 Notes Payable        
Line of Credit Facility [Line Items]        
Annual contractual interest rate 7.13%   7.125%  
Effective interest rate 7.30%      
Principal amount $ 400   $ 400  
Deferred issuance costs (3)      
Less: current portion 0      
Long-term debt, noncurrent $ 397 $ 396    
v3.25.4
LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENT BORROWINGS - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2023
Aug. 31, 2023
Feb. 28, 2021
Dec. 31, 2025
Dec. 31, 2024
2021 Revolver | Line of Credit          
Debt Instrument [Line Items]          
New term loan       $ 0  
Annual contractual interest rate       5.67%  
2021 Revolver | Line of Credit | Revolving Credit Facility          
Debt Instrument [Line Items]          
Proceeds from revolving credit agreement borrowings $ 200        
Repayments of debt       $ 90 $ 110
Revolving credit facility remaining capacity       $ 699  
2021 Revolver | Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate          
Debt Instrument [Line Items]          
Annual contractual interest rate       0.00%  
2021 Revolver | Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate | Credit Rating Below Investment Grade          
Debt Instrument [Line Items]          
Spread on variable rate       1.125%  
2021 Revolver | Line of Credit | Revolving Credit Facility | Adjusted Term SOFR Rate          
Debt Instrument [Line Items]          
Spread on variable rate       0.10%  
2021 Revolver | Line of Credit | Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate          
Debt Instrument [Line Items]          
Spread on variable rate       0.50%  
2021 Revolver | Line of Credit | Revolving Credit Facility | One Month Term SOFR (Secured Overnight Financing Rate)          
Debt Instrument [Line Items]          
Spread on variable rate       1.00%  
2021 Revolver | Line of Credit | Revolving Credit Facility | Base Rate | Credit Rating Below Investment Grade          
Debt Instrument [Line Items]          
Spread on variable rate       0.125%  
2021 Revolver | Line of Credit | Revolving Credit Facility | Minimum          
Debt Instrument [Line Items]          
Annual contractual interest rate       5.527%  
2021 Revolver | Line of Credit | Revolving Credit Facility | Minimum | Secured Overnight Financing Rate          
Debt Instrument [Line Items]          
Spread on variable rate       1.25%  
2021 Revolver | Line of Credit | Revolving Credit Facility | Maximum          
Debt Instrument [Line Items]          
Annual contractual interest rate       5.669%  
2021 Revolver | Line of Credit | Revolving Credit Facility | Maximum | Secured Overnight Financing Rate          
Debt Instrument [Line Items]          
Spread on variable rate       2.00%  
2029 Notes Payable | Senior Notes          
Debt Instrument [Line Items]          
New term loan     $ 500 $ 500  
Annual contractual interest rate     3.50% 3.50%  
2029 Notes Payable | Senior Notes | On or after March 1, 2024          
Debt Instrument [Line Items]          
Redemption price percentage     101.75%    
2029 Notes Payable | Senior Notes | On or after March 1, 2025          
Debt Instrument [Line Items]          
Redemption price percentage     100.875%    
2029 Notes Payable | Senior Notes | After March 1, 2026          
Debt Instrument [Line Items]          
Redemption price percentage     100.00%    
2031 Notes Payable | Senior Notes          
Debt Instrument [Line Items]          
New term loan   $ 400   $ 400  
Annual contractual interest rate   7.125%   7.13%  
2031 Notes Payable | Senior Notes | Prior to August 15, 2026          
Debt Instrument [Line Items]          
Redemption price percentage   100.00%      
2031 Notes Payable | Senior Notes | Partial Redemption | Prior to August 15, 2026          
Debt Instrument [Line Items]          
Redemption price percentage   107.125%      
Percentage of principal amount redeemed   40.00%      
v3.25.4
STOCK BASED COMPENSATION - Narrative (Details)
shares in Millions
 12 Months Ended
Dec. 31, 2025
shares
Additional Disclosures for equity-based plans  
Shares available for grant (in shares) 4
Employee Stock Purchase Plan  
Additional Disclosures for equity-based plans  
Stock options granted percentage of fair market value on offering date 85.00%
Stock options granted percentage of fair market value on purchase date 85.00%
Offering period 6 months
Time-Based Restricted Stock Units  
Additional Disclosures for equity-based plans  
Vesting period 4 years
Time-Based Restricted Stock Units | Minimum  
Additional Disclosures for equity-based plans  
Percent of share value 0.00%
Time-Based Restricted Stock Units | Maximum  
Additional Disclosures for equity-based plans  
Percent of share value 200.00%
Performance-Based Restricted Stock Units | Share-based Payment Arrangement, Tranche One  
Additional Disclosures for equity-based plans  
Vesting period 1 year
Amount of shares that are expected to vest (as a percent ) 50.00%
Issuance of common stock for employee stock purchase plan  
Additional Disclosures for equity-based plans  
Shares available for grant (in shares) 6
Stock Options  
Additional Disclosures for equity-based plans  
Vesting period 3 years
Stock Options | Maximum | Common Class A  
Additional Disclosures for equity-based plans  
Share-based payment award, expiration period (in years) 10 years
v3.25.4
STOCK BASED COMPENSATION - Schedule of RSU and RSA Activity (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Time-Based Restricted Stock Units  
Total Number of Shares  
Balance (in shares) 1,100,001
Granted (in shares) 813,443
Vested (in shares) (600,037)
Forfeited (in shares) (185,756)
Balance (in shares) 1,127,651
Weighted-Average Grant Date Fair Value  
Balance (in dollars per share) | $ / shares $ 97.21
Granted (in dollars per share) | $ / shares 75.21
Vested (in dollars per share) | $ / shares 90.35
Forfeited (in dollars per share) | $ / shares 78.26
Balance (in dollars per share) | $ / shares $ 86.55
Performance-Based Restricted Stock Units  
Total Number of Shares  
Balance (in shares) 179,907
Granted (in shares) 74,840
Vested (in shares) (52,365)
Forfeited (in shares) (23,526)
Balance (in shares) 178,856
Weighted-Average Grant Date Fair Value  
Balance (in dollars per share) | $ / shares $ 106.50
Granted (in dollars per share) | $ / shares 76.69
Vested (in dollars per share) | $ / shares 91.60
Forfeited (in dollars per share) | $ / shares 78.65
Balance (in dollars per share) | $ / shares $ 80.78
Reduction of finalized shares (in shares) 88,647
v3.25.4
STOCK BASED COMPENSATION - Schedule of Additional Disclosures for Equity Based Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Additional Disclosures for equity-based plans      
Shares withheld to settle payroll tax liabilities related to vesting of shares held by employees (in shares) 226,695 280,813 288,492
Time-Based Restricted Stock Units      
Additional Disclosures for equity-based plans      
Total grant date fair value of shares granted (in millions) $ 61 $ 72 $ 60
Total grant date fair value of shares vested (in millions) $ 54 $ 54 $ 47
Shares withheld to settle payroll tax liabilities related to vesting of shares held by employees (in shares) 203,701 216,523 213,569
Performance-Based Restricted Stock Units      
Additional Disclosures for equity-based plans      
Total grant date fair value of shares granted (in millions) $ 13 $ 17 $ 14
Total grant date fair value of shares vested (in millions) $ 5 $ 11 $ 14
Shares withheld to settle payroll tax liabilities related to vesting of shares held by employees (in shares) 22,994 64,290 74,923
v3.25.4
STOCK BASED COMPENSATION - Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of ESPP Options and Stock Options (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stock Options      
Additional Disclosures for equity-based plans      
Expected Term (in Years) 6 years 6 months    
Expected Volatility 41.20%    
Risk-Free Interest Rate 4.09%    
Expected Dividend Yield 1.43%    
Employee Stock Purchase Plan      
Additional Disclosures for equity-based plans      
Expected Term (in Years) 6 months 6 months 6 months
Expected Volatility, Minimum 37.00% 28.00% 29.00%
Expected Volatility, Maximum 40.00% 37.00% 35.00%
Risk-Free Interest Rate, Minimum 3.80% 4.40% 5.30%
Risk-Free Interest Rate, Maximum 4.40% 5.40% 5.40%
Expected Dividend Yield 2.00% 1.00% 0.00%
Shares Issued under ESPP 180,024 148,157 175,446
v3.25.4
STOCK BASED COMPENSATION - Schedule of Stock Option Activity (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Number of Shares  
Beginning balance (in shares) | shares 0
Granted (in shares) | shares 270,144
Forfeited (in shares) | shares (7,899)
Ending balance (in shares) | shares 262,245
Exercisable (in shares) | shares 0
Vested (in shares) | shares 262,245
Weighted Average Exercise Price  
Beginning balance (in dollars per share) | $ / shares $ 0
Granted (in dollars per share) | $ / shares 76.69
Forfeited (in dollars per share) | $ / shares 76.69
Ending balance (in dollars per share) | $ / shares 76.69
Exercisable (in dollars per share) | $ / shares 0
Vested (in dollars per share) | $ / shares $ 76.69
Weighted
Average
Remaining
Contractual
Term (in years)  
Granted (in years) 9 years 2 months 19 days
Weighted
Average
Remaining
Contractual
Term (in years) 9 years 2 months 19 days
Vested (in years) 9 years 2 months 19 days
Aggregate Intrinsic Value  
Beginning balance | $ $ 0
Granted | $ 0
Forfeited | $ 0
Ending balance | $ 0
Exercisable | $ 0
Vested | $ $ 0
v3.25.4
STOCK BASED COMPENSATION - Schedule of Share-Based Payment Arrangement, Activity (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
Share-Based Payment Arrangement [Abstract]  
Weighted-average grant date fair value of stock options (in dollars per share) | $ / shares $ 31.65
Total fair value of options granted | $ $ 9
v3.25.4
STOCK BASED COMPENSATION - Schedule of Stock Based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Additional Disclosures for equity-based plans      
Total stock based compensation expense $ 65 $ 65 $ 59
Total stock based compensation capitalized 3 3 3
Income tax benefit related to stock based compensation expense 14 14 13
Tax benefit realized 10 15 19
Cost of providing services      
Additional Disclosures for equity-based plans      
Total stock based compensation expense 15 16 14
Sales and marketing      
Additional Disclosures for equity-based plans      
Total stock based compensation expense 11 12 8
General and administrative      
Additional Disclosures for equity-based plans      
Total stock based compensation expense 33 31 33
Systems development and programming costs      
Additional Disclosures for equity-based plans      
Total stock based compensation expense $ 6 $ 6 $ 4
v3.25.4
STOCK BASED COMPENSATION - Schedule of Unrecognized Compensation Expense (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Additional Disclosures for equity-based plans  
Unrecognized compensation expense of options, net of forfeitures $ 6
Stock Options  
Additional Disclosures for equity-based plans  
Unrecognized compensation expense, expected to be recognized over a weighted-average period (in years) 2 years 2 months 19 days
Time based RSUs  
Additional Disclosures for equity-based plans  
Unrecognized compensation expense of awards other than options, net of forfeitures $ 90
Unrecognized compensation expense, expected to be recognized over a weighted-average period (in years) 2 years 5 months 26 days
Performance based RSUs  
Additional Disclosures for equity-based plans  
Unrecognized compensation expense of awards other than options, net of forfeitures $ 11
Unrecognized compensation expense, expected to be recognized over a weighted-average period (in years) 1 year 10 months 28 days
v3.25.4
STOCKHOLDERS' EQUITY - Schedule of Common Stock (Details) - shares
 1 Months Ended 12 Months Ended
Sep. 30, 2023
Aug. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Shares issued, beginning balance (in shares)     49,527,506 50,664,471 60,555,661
Shares outstanding, beginning balance (in shares)     49,527,506 50,664,471 60,555,661
Repurchase of common stock (in shares) (3,364,486) (5,981,308) (2,755,287) (1,771,254) (10,734,790)
Awards effectively repurchased for required employee withholding taxes (in shares)     (226,695) (280,813) (288,492)
Shares outstanding, ending balance (in shares)     47,377,950 49,527,506 50,664,471
Shares issued, ending balance (in shares)     47,377,950 49,527,506 50,664,471
Issuance of common stock from vested restricted stock units          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock from vested restricted stock units (in shares)     652,402 758,737 774,579
Issuance of common stock from exercise of stock options          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock from exercise of stock options (in shares)     0 8,208 182,067
Issuance of common stock for employee stock purchase plan          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock for employee stock purchase plan (in shares)     180,024 148,157 175,446
v3.25.4
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Feb. 28, 2026
Sep. 30, 2023
Aug. 31, 2023
Jul. 31, 2023
Feb. 28, 2023
Nov. 30, 2022
Feb. 28, 2022
Feb. 29, 2020
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]                      
Stock repurchase program, authorized amount       $ 1,000 $ 300 $ 200 $ 300 $ 300      
Repurchase of common stock (in shares)   3,364,486 5,981,308           2,755,287 1,771,254 10,734,790
Stock repurchased, cost per share (in dollars per share)   $ 107.00 $ 107.00                
Repurchase of common stock   $ 360 $ 640                
Share repurchase program, remaining authorized, amount                 $ 68    
Dividends authorized (in dollars per share)                 $ 0.275   $ 0
Subsequent Event                      
Class of Stock [Line Items]                      
Stock repurchase program, authorized amount $ 336                    
Atairos Group                      
Class of Stock [Line Items]                      
Ownership interest   36.00%                  
v3.25.4
STOCKHOLDERS' EQUITY - Schedule of Stock Repurchases (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2023
Aug. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]          
Total cost     $ 183 $ 183 $ 1,122
Total shares (in shares) 3,364,486 5,981,308 2,755,287 1,771,254 10,734,790
Stock Repurchase Plan          
Class of Stock [Line Items]          
Total cost     $ 182 $ 182 $ 1,112
Total shares (in shares)     2,755,287 1,771,254 10,734,790
Average price per share (in dollars per share)     $ 66.19 $ 102.84 $ 103.59
v3.25.4
STOCKHOLDERS' EQUITY - Schedule of Dividends Payable (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Equity [Abstract]    
Dividends per common share (in dollars per share) $ 0.275 $ 0.25
Cash dividends paid $ 52 $ 37
v3.25.4
INCOME TAXES - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 11 $ 50 $ 96
State 5 4 24
Foreign 2 0 2
Total Current 18 54 122
Deferred:      
Federal 40 (2) 1
State 3 1 3
Foreign 1 0 0
Total Deferred 44 (1) 4
Total $ 62 $ 53 $ 126
v3.25.4
INCOME TAXES - Schedule of Income Taxes Paid (Net of Refunds) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Contingency [Line Items]      
Federal $ 23 $ 64 $ 90
State: 2 10 24
Income tax paid 2 2 0
Total 27 76 114
California      
Income Tax Contingency [Line Items]      
State: (1)    
New York State      
Income Tax Contingency [Line Items]      
State:   4 6
Other      
Income Tax Contingency [Line Items]      
State: 3 $ 6 $ 18
Canada      
Income Tax Contingency [Line Items]      
Income tax paid 1    
India      
Income Tax Contingency [Line Items]      
Income tax paid $ 1    
v3.25.4
INCOME TAXES - Schedule of U.S. Federal Statutory Income Tax Rate Reconciled to Effective Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Tax Expense/(Benefit)      
U.S. federal statutory tax rate $ 45 $ 48 $ 105
State and local, net of federal income tax effect 7 4 23
Foreign tax effects 1 0 0
Effect of cross-border tax laws 1 0 0
Research and development tax credits (3) (6) (5)
Other (1) (1) 0
Changes in valuation allowances 9 0
Nondeductible compensation 3 5 4
Share-based payment awards 3 (1) (4)
Other 4 2 2
Changes in unrecognized tax benefit 0 1 0
Capital loss (7) 0 0
Other 0 1 1
Total $ 62 $ 53 $ 126
Percent of Pre-Tax Income (Loss)      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State and local, net of federal income tax effect 3.00% 2.00% 5.00%
Foreign tax effects 0.00% 0.00% 0.00%
Effect of cross-border tax laws 1.00% 0.00% 0.00%
Research and development tax credits (1.00%) (3.00%) (1.00%)
Other 0.00% 0.00% 0.00%
Changes in valuation allowances 4.00% 0.00% 0.00%
Nondeductible compensation 1.00% 2.00% 1.00%
Share-based payment awards 1.00% 0.00% (1.00%)
Other 2.00% 1.00% 0.00%
Changes in unrecognized tax benefit 0.00% 0.00% 0.00%
Capital loss (3.00%) 0.00% 0.00%
Other 0.00% 0.00% 0.00%
Total 29.00% 23.00% 25.00%
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes Disclosure [Line Items]      
Increase (decrease) in effective income tax rate 6.00%    
Effective income tax rate 29.00% 23.00% 25.00%
Changes in valuation allowances $ 9 $ 0
Clarus      
Income Taxes Disclosure [Line Items]      
Capital loss carryforwards 12    
Changes in valuation allowances 9    
Capital Loss Carryforward      
Income Taxes Disclosure [Line Items]      
State tax credit carryforwards 12 3  
Capital Loss Carryforward | Clarus      
Income Taxes Disclosure [Line Items]      
State tax credit carryforwards 9    
State and Local Jurisdiction      
Income Taxes Disclosure [Line Items]      
State tax credit carryforwards 5 5  
Net operating loss carryforwards 131 $ 82  
Canada      
Income Taxes Disclosure [Line Items]      
State tax credit carryforwards 1    
Increase in valuation allowance $ 1    
v3.25.4
INCOME TAXES - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:        
Net operating losses (federal and state) $ 8 $ 5    
Accrued expenses 15 15    
Accrued workers' compensation costs 9 9    
Operating lease liabilities 12 9    
Stock based compensation 3 2    
Tax benefits relating to uncertain positions 0 1    
Tax credits (federal, state and foreign) 7 8    
Section 174 Capitalized R&D 3 18    
Other 14 3    
Total 71 70    
Valuation allowance (18) (8) $ (8) $ (8)
Total deferred tax assets 53 62    
Deferred tax liabilities:        
Depreciation and amortization (71) (35)    
Prepaid commission expenses (26) (28)    
Operating lease right-of-use assets (8) (5)    
Total deferred tax liabilities (105) (68)    
Net deferred tax liabilities $ (52) $ (6)    
v3.25.4
INCOME TAXES - Schedule of Reconciliation of Beginning and Ending Valuation Allowance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Valuation Allowance [Roll Forward]      
Valuation allowance at January 1 $ 8 $ 8 $ 8
Charged to net income 10 0 0
Valuation allowance at December 31 $ 18 $ 8 $ 8
v3.25.4
INCOME TAXES - Schedule of Reconciliation of Beginning and Ending Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits at January 1 $ 8 $ 7 $ 7
Additions for tax positions of prior periods 0 1 0
Additions for tax positions of current period 3 2 2
Lapse of applicable statute of limitations (2) (2) (2)
Unrecognized tax benefits at December 31 $ 9 $ 8 $ 7
v3.25.4
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net income $ 155 $ 173 $ 375
Weighted average shares of common stock outstanding, basic (in shares) 48 50 57
Basic EPS (in dollars per share) $ 3.20 $ 3.47 $ 6.61
Net income $ 155 $ 173 $ 375
Dilutive effect of stock options and restricted stock units (in shares) 1 0 0
Weighted average shares of common stock outstanding (in shares) 49 50 57
Diluted EPS (in dollars per share) $ 3.20 $ 3.43 $ 6.56
Common stock equivalents excluded from income per diluted share because of their anti-dilutive effect (in shares) 2 1 1
v3.25.4
401(k) PLAN (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Postemployment Benefits [Abstract]      
Company match, employee contributions $ 15 $ 17 $ 17
v3.25.4
RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Total revenues $ 5,010 $ 5,053 $ 4,994
Related Party      
Related Party Transaction [Line Items]      
Total revenues 4 13 12
Related Party | Software Service Provider      
Related Party Transaction [Line Items]      
Payments for software services provided $ 6 $ 5 $ 3
v3.25.4
RESTRUCTURING - Schedule of Components of Restructuring Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash restructuring costs:    
Severance costs $ 8 $ 14
Professional fees 2 3
Total cash restructuring costs 10 17
Non-cash restructuring costs:    
Loss on sale of business 1 0
Intangible asset and goodwill impairments 0 25
Fixed asset and ROU impairments 0 7
Total non-cash restructuring costs 1 32
Total restructuring costs $ 11 $ 49
v3.25.4
RESTRUCTURING - Schedule of Changes in Accrued Severance and Exit and Disposal Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Restructuring Charges [Roll Forward]    
Balance at December 31, 2024 $ 10 $ 17
Balance at December 31, 2025 10 17
Accounts Payable and Accrued Liabilities    
Restructuring Charges [Roll Forward]    
Balance at December 31, 2024 1 1
(+) Additions 1  
(-) Payments (1)  
Balance at December 31, 2025 1 1
Accrued Salaries, Current    
Restructuring Charges [Roll Forward]    
Balance at December 31, 2024 10 14
(+) Additions 6  
(-) Payments (10)  
Balance at December 31, 2025 $ 10 $ 14
v3.25.4
SEGMENT INFORMATION - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.4
SEGMENT INFORMATION - Schedule of Significant Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Interest income $ 67 $ 64 $ 72
Total revenues 5,010 5,053 4,994
Depreciation and amortization of intangible assets 66 75 72
Stock based compensation 65 65 59
Interest expense, bank fees and other 56 62 40
Income Taxes 62 53 126
Net income 155 173 375
Reportable Segments      
Segment Reporting Information [Line Items]      
Interest income 67 64 72
Total revenues 5,010 5,053 4,994
Workers' compensation costs 72 61 68
Health insurance costs 3,763 3,736 3,445
Sales & marketing 235 259 254
Client support costs 169 184 186
Corporate administration 160 146 165
System support & development 196 190 187
Depreciation and amortization of intangible assets 66 75 72
Stock based compensation 65 65 59
Other 11 49 17
Interest expense, bank fees and other 56 62 40
Income Taxes 62 53 126
Net income 155 173 375
Professional service revenues      
Segment Reporting Information [Line Items]      
Service revenues 719 765 756
Professional service revenues | Reportable Segments      
Segment Reporting Information [Line Items]      
Service revenues 719 765 756
Insurance service revenues      
Segment Reporting Information [Line Items]      
Service revenues 4,224 4,224 4,166
Insurance service revenues | Reportable Segments      
Segment Reporting Information [Line Items]      
Service revenues $ 4,224 $ 4,224 $ 4,166