THOMSON REUTERS CORP /CAN/ (TRI) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for THOMSON REUTERS CORP /CAN/.

Q4 2025

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Analyst Coverage

Research analysts who have asked questions during THOMSON REUTERS CORP /CAN/ earnings calls.

Drew McReynolds

RBC Capital Markets

7 questions for TRI

Also covers: BCE, EGLXF, QBCRF +3 more

Toni Kaplan

Morgan Stanley

7 questions for TRI

Also covers: ADT, ARMK, BFAM +18 more

Aravinda Galappatthige

Canaccord Genuity

6 questions for TRI

Also covers: BCE, QBCRF, RCI +1 more

Jason Haas

Wells Fargo

6 questions for TRI

Also covers: ASGN, CTAS, ECL +12 more

Andrew Steinerman

JPMorgan Chase & Co.

5 questions for TRI

Also covers: ARMK, BFAM, CTAS +16 more

Manav Patnaik

Barclays

5 questions for TRI

Also covers: BFAM, CLVT, CTAS +17 more

Doug Arthur

Huber Research

4 questions for TRI

Also covers: FUBO, NYT

Kevin McVeigh

Credit Suisse Group AG

4 questions for TRI

Also covers: ACN, ADP, ALIT +15 more

Maher Yaghi

Scotiabank

4 questions for TRI

Also covers: BCE, QBCRF, RCI +2 more

Scott Fletcher

CIBC

4 questions for TRI

Also covers: CIGI, FSV, WHTCF

Stephanie Price

CIBC World Markets

4 questions for TRI

Also covers: BCE, DCBO, DSGX +7 more

Tim Casey

BMO Capital Markets

4 questions for TRI

Also covers: BCE, QBCRF, RCI +1 more

Vince Valentini

TD Securities

4 questions for TRI

Also covers: BCE, ILLMF, QBCRF +3 more

George Tong

Goldman Sachs

3 questions for TRI

Also covers: ADT, BCO, BFAM +25 more

Anna Wu

Goldman Sachs

2 questions for TRI

Also covers: ULS, VSTS

Brendan Lynch

Barclays

2 questions for TRI

Also covers: AMT, BXP, CCI +25 more

Justin Wembley

J.P. Morgan

2 questions for TRI

Keen Fai Tong

Goldman Sachs Group Inc.

2 questions for TRI

Also covers: ADT, BCO, BFAM +21 more

Audey Ashkar

Wells Fargo

1 question for TRI

Also covers: MSCI

Douglas Arthur

Huber Research Partners

1 question for TRI

Also covers: CARG, FUBO, NYT

Heather Balsky

Bank of America

1 question for TRI

Joshua Dennerlein

BofA Securities

1 question for TRI

Also covers: AHR, AMH, ARE +20 more

Sami Kassab

Exane BNP Paribas

1 question for TRI

Also covers: PSO, RELX, SGBAF +2 more

Latest news

Recent press releases and 8-K filings for TRI.

Thomson Reuters Discusses AI Strategy, Growth Outlook, and Capital Allocation

TRI

Guidance Update

Product Launch

New Projects/Investments

Thomson Reuters is advancing its "fiduciary grade AI" with products like CoCounsel and Westlaw Advantage, leveraging proprietary data, 4,500 domain experts, data privacy, and extensive support. The next version of CoCounsel is set for beta on April 20th and general release in the summer.
The company projects robust organic growth, targeting 7.5%-8% for total Thomson Reuters and approximately 9.5% for its "Big Three" segments in 2026, a significant increase from 4% and 5% respectively in 2019.
Thomson Reuters anticipates an annual 100 basis points improvement in its EBITDA margin for 2026, 2027, and 2028, building on a 2025 EBITDA margin slightly over 39%.
The Tax & Accounting Professionals (TAP) business is expected to achieve 11%-13% organic growth in 2026, supported by a comprehensive end-to-end solution developed through recent acquisitions and existing assets.
With $10 billion-$11 billion in capital capacity and low leverage, Thomson Reuters maintains a disciplined capital allocation strategy, including a commitment to 10% annual dividend increases and openness to larger strategic M&A.

4 hours ago

Transcript

Thomson Reuters Outlines 2026 Guidance, AI Strategy, and CFO Transition

TRI

Guidance Update

Product Launch

CFO Change

Thomson Reuters projects 7.5%-8% total organic growth and approximately 9.5% organic growth for its "big three" segments in 2026, with an EBITDA margin exceeding 40% and $2.1 billion in free cash flow for the same year.
The company is advancing its "fiduciary grade AI" strategy, with the next version of CoCounsel entering beta on April 20 and launching in the summer, and has developed its own legal-specific large language model, Thomson.
Mike Eastwood will transition from CFO on May 8, and the company maintains a disciplined capital allocation strategy, including a 10% annual dividend increase for the fifth year, a recent $1.2 billion share buyback, and $10-$11 billion in available capital for strategic M&A.
Thomson Reuters plans to shift towards value-based pricing as the legal industry evolves from the billable hour and AI agents perform more work.

4 hours ago

Transcript

Thomson Reuters Discusses AI Strategy, Growth Outlook, and Capital Allocation

TRI

Guidance Update

Product Launch

New Projects/Investments

Thomson Reuters is differentiating its fiduciary-grade AI models for professionals like lawyers and tax preparers through vast proprietary data, 4,500 domain experts, ironclad data privacy, and extensive support. They are launching new versions of CoCounsel (beta April 20, general release summer) and Westlaw Advantage.
The company projects 7.5%-8% total organic growth and approximately 9.5% for its "big three" segments in 2026. The Tax & Accounting Professionals (TAP) business is specifically committed to 11%-13% organic growth for the year, supported by recent acquisitions.
Thomson Reuters expects to improve its EBITDA margin by 100 basis points annually from 2026 to 2028, reaching over 40% in 2026, and projects $2.1 billion in free cash flow for 2026.
The company plans a balanced capital allocation strategy, including 10% annual dividend increases, strategic M&A focused on bolt-ons, and share buybacks, supported by over $10 billion in capital capacity.

5 hours ago

Transcript

Thomson Reuters Announces New Share Repurchase Program and Return of Capital

TRI

Share Buyback

Dividends

Proxy Vote Outcomes

Thomson Reuters announced a new US$600 million share repurchase program and a US$605 million return of capital and share consolidation on February 25, 2026.
The amended Normal Course Issuer Bid (NCIB), effective February 27, 2026, will allow for the repurchase of up to an additional 6 million common shares, increasing the total to 16 million shares (approximately 3.55% of outstanding shares as of August 12, 2025) between August 19, 2025, and August 18, 2026.
The US$605 million return of capital will be a special cash distribution of approximately US$1.36 per participating share, followed by a share consolidation.
Shareholders will vote on these proposed transactions at a special meeting on April 28, 2026, with expected completion in early May if approved.

Feb 25, 2026, 12:12 PM

6-K

Thomson Reuters Announces New Share Repurchase Program and Return of Capital

TRI

Share Buyback

Dividends

Thomson Reuters announced a new share repurchase program of up to US$600 million under an amended normal course issuer bid (NCIB), which becomes effective on February 27, 2026. This program allows for the repurchase of up to 16 million common shares, representing approximately 3.55% of outstanding shares as of August 12, 2025, between August 19, 2025, and August 18, 2026.
The company also plans to return US$605 million to shareholders through a special cash distribution, estimated at approximately US$1.36 in cash per participating share, followed by a share consolidation.
These return of capital and share consolidation transactions require shareholder approval at a special meeting on April 28, 2026, and court approval, with an expected completion in early May.

Feb 25, 2026, 12:00 PM

Press Release

Thomson Reuters Reports Strong Q4 and Full-Year 2025 Results, Reaffirms 2026 Outlook, and Increases Dividend

TRI

Earnings

Guidance Update

Dividends

Thomson Reuters reported strong financial results for full-year 2025, with organic revenue growth of 7%, an Adjusted EBITDA margin of 39.2%, and $1.95 billion in free cash flow. For Q4 2025, organic revenues grew 7%, Adjusted EBITDA increased 8% to $777 million, and Adjusted EPS was $1.07.
The company reaffirmed its 2026 outlook, forecasting organic revenue growth of 7.5%-8% (including approximately 9.5% for the Big Three), 100 basis points of Adjusted EBITDA margin expansion, and approximately $2.1 billion in free cash flow.
Thomson Reuters announced a 10% increase in its annual common stock dividend for 2026 to $2.62 per share, marking the 33rd consecutive year of increases. The company completed a $1 billion share repurchase program in 2025 and committed to returning 75% of its 2026 free cash flow to investors, which would require approximately $500 million in share repurchases.
The company highlighted the successful launch of AI-driven products like Westlaw Advantage and CoCounsel, with 28% of its annualized contract value (ACV) now GenAI-enabled. Internal AI adoption is also driving productivity, with over 85% of employees using AI tools.

Feb 5, 2026, 1:30 PM

Transcript

Thomson Reuters Reports Q4 and Full-Year 2025 Results, Provides 2026 Outlook, and Increases Dividend

TRI

Earnings

Guidance Update

Dividends

Thomson Reuters reported full-year 2025 organic revenue growth of 7%, with adjusted EBITDA margin expanding by 100 basis points to 39.2%, and $1.95 billion in free cash flow. Adjusted earnings per share for the year was $3.92.
The company reaffirmed its 2026 outlook, projecting organic revenue growth of 7.5%-8%, a 100 basis point increase in adjusted EBITDA margin, and $2.1 billion in free cash flow.
Thomson Reuters announced a 10% increase in its annual common stock dividend and committed to returning 75% of its 2026 free cash flow to investors, including approximately $500 million in share repurchases.
GenAI-enabled products now represent 28% of annual contract value (ACV), up from 15% in Q3 2024, with expectations for continued growth as more products are AI-enabled.

Feb 5, 2026, 1:30 PM

Transcript

Thomson Reuters Reports Strong Q4 and Full-Year 2025 Results, Raises Dividend, and Provides Positive 2026 Outlook

TRI

Earnings

Guidance Update

Dividends

Thomson Reuters reported strong financial results for Q4 and full-year 2025, with full-year organic revenue growing 7% and Adjusted EBITDA margin expanding by 100 basis points to 39.2%. Free cash flow for 2025 was $1.95 billion, slightly ahead of expectations.
The company provided a positive outlook for 2026, reaffirming organic revenue growth of 7.5%-8% and expecting 100 basis points of annual EBITDA margin expansion through 2028. Free cash flow is projected to be approximately $2.1 billion in 2026.
Strategic initiatives in AI are progressing, highlighted by the successful launch of Westlaw Advantage and plans to integrate advanced agentic capabilities into CoCounsel Legal by mid-year. 28% of annualized contract value is now from GenAI-enabled products.
Thomson Reuters demonstrated a commitment to shareholder returns, announcing a 10% increase in its annual common stock dividend to $2.62 per share for 2026, and completing a $1 billion share repurchase program in 2025. The company also invested $850 million in M&A in 2025.

Feb 5, 2026, 1:30 PM

Transcript

Thomson Reuters Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Outlook, and Increases Dividend

TRI

Earnings

Guidance Update

Dividends

Thomson Reuters reported Q4 2025 revenues of $2,009 million, a 5% increase (or 7% organic), and full-year 2025 revenues of $7,476 million, up 3% (or 7% organic).
Adjusted EBITDA for Q4 2025 rose 8% to $777 million (margin of 38.7%), and for the full year 2025, it reached $2,936 million (margin of 39.2%). Adjusted EPS was $1.07 for Q4 and $3.92 for the full year.
The company forecasts full-year 2026 organic revenue growth of approximately 7.5% - 8.0% and an adjusted EBITDA margin expansion of approximately 100 basis points from the 39.2% reported in 2025.
Thomson Reuters announced a 10% increase in its annualized dividend to $2.62 per common share, marking the 33rd consecutive annual increase.

Feb 5, 2026, 12:05 PM

6-K

Thomson Reuters Reports Fourth-Quarter and Full-Year 2025 Results

TRI

Earnings

Guidance Update

Dividends

For the fourth quarter and full year ended December 31, 2025, Thomson Reuters reported strong revenue growth, with total company revenues up 5% (organic up 7%) in Q4 and up 3% (organic up 7%) for the full year.
The company achieved Adjusted EBITDA of $777 million with a 38.7% margin in Q4 2025 and $2,936 million with a 39.2% margin for FY 2025, alongside Adjusted EPS of $1.07 and $3.92 for the respective periods.
Thomson Reuters provided a full-year 2026 outlook anticipating organic revenue growth of approximately 7.5% - 8.0% and adjusted EBITDA margin expansion of approximately 100 basis points from 2025's 39.2%.
The company increased its annualized dividend by 10% to $2.62 per common share, marking the 33rd consecutive annual increase, and completed a $1.0 billion share repurchase program in late October 2025.