THOMSON REUTERS CORP /CAN/ (TRI) Company Report

Thomson Reuters is significantly increasing its product innovation, particularly with generative AI, and plans to invest north of $200 million in GenAI for both 2025 and 2026, split roughly 50% operating expense and 50% CapEx.
The company targets 9.5% revenue growth for its "Big Three" segments in 2026, driven by 3-3.5% price increases, volume, and mix. International organic growth is a key contributor, growing at 16% year to date and expected to accelerate into 2026.
The Legal segment delivered 9% organic growth in Q3 and forecasts 9% for Q4, with expectations for continued high growth, despite a 20 basis point impact from U.S. federal government downgrades in 2025 and 2026.
The Tax & Accounting segment is targeting 11%-13% organic revenue growth in 2026, supported by an average price increase of 5%-5.5% in recent years, scaling acquisitions like SafeSend, and the continued strong performance of the de minio business in Brazil.
Thomson Reuters believes its competitive moats in both Legal (Westlaw) and Tax & Accounting (tax calculation engines) are significantly strengthened by agentic AI, leveraging extensive content and expert training.

Nov 18, 2025, 4:00 PM

Transcript

Thomson Reuters Corporation Files Amended and Restated Credit Agreement

TRI

Debt Issuance

Thomson Reuters Corporation filed a 6-K on November 14, 2025, detailing an Amended and Restated Credit Agreement dated November 10, 2025.
The Maturity Date for this credit agreement is November 10, 2030.
The maximum LC Exposure (Letters of Credit) permitted under the agreement is US$180,000,000.
The company's consolidated financial statements for the fiscal year ended December 31, 2024, and the fiscal quarter ended September 30, 2025, were presented fairly, and no Material Adverse Change has occurred since December 31, 2024.

Nov 14, 2025, 9:15 PM

6-K

Thomson Reuters Reports Q3 2025 Results and Updates 2026 Financial Framework

TRI

Earnings

Guidance Update

Share Buyback

Thomson Reuters reported Q3 2025 revenues of $1,782 million, a 3% increase, with organic revenue growth of 7%. The "Big 3" segments achieved 9% organic revenue growth.
Operating profit increased 43% to $593 million in Q3 2025, driven by an operating gain on the sale of a minority equity interest. Adjusted EBITDA grew 10% to $672 million, with the margin expanding to 37.7%.
Diluted EPS for Q3 2025 was $0.94, up 40%. For the nine months ended September 30, 2025, diluted EPS decreased 28% to $2.59, primarily due to a significant non-cash tax benefit in the prior-year period.
The company reaffirmed its 2025 full-year outlook, noting total and organic revenue growth are trending towards the lower end of their ranges. The 2026 financial framework was updated, expecting adjusted EBITDA margin expansion of approximately 100bp and free cash flow of approximately $2.1 billion.
In Q3 2025, Thomson Reuters repurchased $670 million of common shares and paid $260 million in common share dividends, completing its share repurchase program in late October 2025.

Nov 5, 2025, 9:18 PM

6-K

Thomson Reuters Reports Q3 2025 Results, Reaffirms 2025 Outlook, and Updates 2026 Financial Framework

TRI

Earnings

Guidance Update

Share Buyback

For Q3 2025, Thomson Reuters reported that total company organic revenues increased 7%, with the "big three" segments growing by 9%. Adjusted EBITDA rose 10% to $672 million, achieving a 37.7% margin, and adjusted EPS was $0.85.
The company reaffirmed its full-year 2025 revenue and profit outlook, though total organic revenue growth is now trending closer to 7% (rather than 7.5%) due to factors such as slower commercial print volumes and softer corporate bookings.
The 2026 financial framework was updated, reiterating organic revenue growth of 7.5%-8% (approximately 9.5% for the big three) and now expecting approximately 100 basis points of adjusted EBITDA margin expansion. The free cash flow outlook for 2026 was raised to approximately $2.1 billion.
Thomson Reuters completed a $1 billion share repurchase program in late October 2025, acquiring approximately 6 million shares, and maintains a net leverage of 0.6 times.
The company's AI innovation momentum continues, with 24% of annualized contract value now derived from GenAI-enabled products, up from 22% last quarter, and plans to invest over $200 million in AI/GenAI in 2025, continuing into 2026.

Nov 4, 2025, 2:00 PM

Transcript

Thomson Reuters Reports Strong Q3 2025 Results and Updates 2026 Financial Framework

TRI

Earnings

Guidance Update

Share Buyback

Thomson Reuters reported strong Q3 2025 results with total company organic revenues up 7% and the "big three" segments growing 9%. Adjusted EBITDA increased 10% to $672 million, reflecting a 240 basis point margin increase to 37.7%, and adjusted EPS was $0.85.
The full-year 2025 revenue and profit outlook was reaffirmed, but total and organic revenue growth are trending towards the lower end of the ranges at 3% and 7%, respectively, primarily due to slower commercial print volumes, U.S. federal government cancellations, and softer corporate bookings.
The 2026 financial framework was updated, with organic revenue growth expected at 7.5%-8% (approximately 9.5% for the big three), approximately 100 basis points of Adjusted EBITDA margin expansion, and a raised free cash flow outlook of approximately $2.1 billion.
AI innovation, including agentic AI launches like Co-Counsel and Westlaw Advantage, is driving momentum, particularly in the legal professional segment. The company also completed a $1 billion share repurchase program and maintains strong capital capacity.

Nov 4, 2025, 2:00 PM

Transcript

Thomson Reuters Reports Q3 2025 Results and Updates 2026 Financial Framework

TRI

Earnings

Guidance Update

Share Buyback

Thomson Reuters (TRI) reported Q3 2025 organic revenue growth of 7%, with its "big three" segments growing 9%, and adjusted EBITDA increasing 10% to $672 million for a 37.7% margin. Adjusted EPS was $0.85.
The company reaffirmed its full-year 2025 revenue and profit outlook, expecting approximately 9% organic revenue growth for the big three segments. However, total organic revenue growth is trending closer to 3% and 7.5% respectively due to temporary factors like slower commercial print volumes, U.S. Federal government cancellations, and softer Corporates bookings.
For 2026, TRI updated its financial framework, projecting organic revenue growth of 7.5% to 8% (with 9.5% for the big three), approximately 100 basis points of adjusted EBITDA margin expansion, and $2.1 billion in free cash flow.
TRI recently completed a $1 billion share repurchase program and maintains a strong capital position with 0.6 times net leverage and an estimated $9 billion of capital capacity through 2027. Customer feedback on AgenTik AI launches has been positive, with initial sales trends encouraging, and the annualized contract value from GenAI-enabled products reached 24% in Q3 2025.

Nov 4, 2025, 2:00 PM

Transcript

Thomson Reuters Reports Q3 2025 Results and Updates 2026 Financial Framework

TRI

Earnings

Guidance Update

Share Buyback

Thomson Reuters reported Q3 2025 organic revenue growth of 7% overall and 9% for its big three segments, with adjusted EBITDA increasing 10% to $672 million and adjusted EPS at $0.85.
The company reaffirmed its full-year 2025 outlook, with total and organic revenue growth trending closer to 3% and 7%, respectively, influenced by slower commercial print volumes, U.S. federal government cancellations, and softer corporate bookings.
For 2026, the financial framework was updated to project organic revenue growth of 7.5%-8% (with 9.5% for the big three), approximately 100 basis points of adjusted EBITDA margin expansion, and free cash flow of approximately $2.1 billion.
The legal professional segment's organic revenue growth accelerated to 9% in Q3 2025, driven by Westlaw and Co-Counsel, while the tax and accounting segment grew 10% and is expected to accelerate to 11%-13% organic growth in 2026.
Thomson Reuters completed a $1 billion share repurchase program and reported a net leverage of 0.6 times at quarter end, with an estimated $9 billion in capital capacity through 2027.

Nov 4, 2025, 2:00 PM

Transcript

Thomson Reuters Reports Third-Quarter 2025 Results

TRI

Earnings

Guidance Update

Share Buyback

Thomson Reuters reported revenues of $1,782 million for Q3 2025, an increase of 3%, with organic revenue growth of 7%.
The company's "Big 3" segments (Legal Professionals, Corporates, and Tax & Accounting Professionals) achieved 9% organic revenue growth in Q3 2025.
Diluted earnings per share (EPS) was $0.94 and Adjusted EPS was $0.85 for Q3 2025.
The full-year 2025 outlook was reaffirmed for all metrics, with total revenue growth and organic revenue growth trending towards the lower end of their respective ranges.
The full-year 2026 financial framework was updated, with expectations for adjusted EBITDA margin expansion raised to approximately 100 basis points and free cash flow to approximately $2.1 billion.

Nov 4, 2025, 12:06 PM

6-K

Thomson Reuters Reports Strong Third-Quarter 2025 Results and Updates 2026 Financial Framework

TRI

Earnings

Guidance Update

Share Buyback

Thomson Reuters reported solid third-quarter 2025 results, with total revenues up 3% and organic revenues up 7%, while diluted earnings per share (EPS) increased to $0.94 from $0.67 in the prior-year period.
The company reaffirmed its full-year 2025 outlook for all metrics, with total revenue growth and organic revenue growth trending towards the lower end of their respective ranges.
Thomson Reuters updated its full-year 2026 financial framework, raising expectations for adjusted EBITDA margin expansion to approximately 100 basis points and free cash flow to approximately $2.1 billion.
The company completed a $1.0 billion share repurchase program that was announced in August 2025.

Nov 4, 2025, 11:30 AM

Press Release

Thomson Reuters Announces $1.0 Billion Share Repurchase Program

TRI

Share Buyback

Thomson Reuters (TRI) plans to repurchase up to $1.0 billion of its shares under a new normal course issuer bid (NCIB).
Under the NCIB, up to 10 million common shares (approximately 2.22% of outstanding shares as of August 12, 2025) may be repurchased.
The repurchase period is scheduled from August 19, 2025, to August 18, 2026.
Shares may be repurchased on the TSX, Nasdaq Global Select Market, and/or other exchanges, with open market purchases at the market price at the time of purchase.
Thomson Reuters maintains a disciplined capital strategy that balances growth, long-term financial leverage, credit ratings, and returns to shareholders through dividends and share repurchases.

Aug 15, 2025, 10:30 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for THOMSON REUTERS CORP /CAN/.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What are THOMSON REUTERS CORP /CAN/'s strategic priorities?How is THOMSON REUTERS CORP /CAN/ positioned vs competitors?How did THOMSON REUTERS CORP /CAN/ do last quarter?

Let Fintool AI Agent track THOMSON REUTERS CORP /CAN/'s earnings for you

Get instant analysis when filings drop