The trigger does exist in the Teams connector and is confirmed in Microsoft docs, but it's known to be unreliable. Multiple community reports flag transcript timing inconsistencies where the trigger just doesn't fire even when a transcript is generated.
Your permissions look right (OnlineMeetings.Read.All and OnlineMeetingTranscript.Read.All) but a few things to check first:
1. The meeting must have transcription explicitly enabled during the meeting, not just recording. If only recording was on and transcription wasn't toggled on, no transcript is generated and the trigger never fires.
2. The trigger only works for meetings where YOU (the flow owner) were the organizer or a participant. It doesn't catch all tenant-wide meetings.
3. There's a delay, sometimes 10-30 minutes after the meeting ends before the transcript is processed. The trigger may fire much later than you expect.
To verify the transcript actually exists: use Graph Explorer (graph.microsoft.com/v1.0/me/onlineMeetings) to check if the meeting has a transcript object. If Graph returns the transcript successfully but the trigger still doesn't fire, it's a known platform reliability issue rather than your config.
If you need a more reliable approach: poll Graph API on a schedule (every 15 min) using an HTTP action to check for new transcripts, rather than relying on the push trigger.
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