Thomson Reuters (TRI) is a global company that integrates trusted content and technology to empower professionals and organizations in sectors such as legal, tax, accounting, compliance, government, and media. The company provides specialized software and insights to facilitate data-driven decision-making, supporting institutions in their pursuit of justice, truth, and transparency. Its offerings include research tools, workflow solutions, and trusted journalism through Reuters News.
- Legal Professionals - Provides research and workflow products for law firms and governments, leveraging technologies like generative AI to deliver integrated legal research and workflow solutions.
- Corporates - Serves corporate customers, including the largest global accounting firms, with content-driven technology solutions for legal, tax, regulatory, compliance, and IT professionals, enabling digital transformation.
- Tax & Accounting Professionals - Offers research and automated workflow products for tax, audit, and accounting professionals, excluding the largest firms served by the Corporates segment.
- Reuters News - Supplies business, financial, and global news to media organizations, professionals, and financial markets through partnerships and platforms like Reuters News Agency and Reuters.com.
- Global Print - Delivers legal and tax information primarily in print format to customers worldwide.
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Given that the Big 3 segments achieved 9% organic growth in the first half but the full-year guidance implies a deceleration to 8% in the second half, can you explain the factors contributing to this expected slowdown and how it aligns with your goal of accelerating growth in 2025 and beyond?
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With approximately $50 million invested in 18 companies through Thomson Reuters Ventures, how are you measuring the return on these investments, and what concrete metrics are you using to evaluate both the financial and strategic benefits, especially since innovation benefits are hard to quantify?
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As you roll out AI and generative AI capabilities like CoCounsel, how are you determining the pricing strategy for these new offerings, and how confident are you that the pricing accurately reflects the efficiencies and value delivered to customers given the early stages of adoption?
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Considering the increased competitive activity from start-ups and traditional competitors in the AI and generative AI space, do you anticipate potential market share shifts, and what specific strategies are you implementing to safeguard or enhance your market position?
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Your guidance indicates a margin decline in the second half due to increased investment spending, particularly in the third quarter where margins are expected to be the lowest for the year. Can you provide more detail on the nature of these investments and how they are expected to contribute to future revenue growth and margin expansion?
Research analysts who have asked questions during THOMSON REUTERS CORP /CAN/ earnings calls.
Drew McReynolds
RBC Capital Markets
5 questions for TRI
Manav Patnaik
Barclays
5 questions for TRI
Toni Kaplan
Morgan Stanley
5 questions for TRI
Aravinda Galappatthige
Canaccord Genuity
4 questions for TRI
Jason Haas
Wells Fargo
4 questions for TRI
Maher Yaghi
Scotiabank
4 questions for TRI
Scott Fletcher
CIBC
4 questions for TRI
Vince Valentini
TD Securities
4 questions for TRI
Andrew Steinerman
JPMorgan Chase & Co.
3 questions for TRI
George Tong
Goldman Sachs
3 questions for TRI
Doug Arthur
Huber Research
2 questions for TRI
Justin Wembley
J.P. Morgan
2 questions for TRI
Keen Fai Tong
Goldman Sachs Group Inc.
2 questions for TRI
Kevin McVeigh
Credit Suisse Group AG
2 questions for TRI
Stephanie Price
CIBC World Markets
2 questions for TRI
Tim Casey
BMO Capital Markets
2 questions for TRI
Audey Ashkar
Wells Fargo
1 question for TRI
Douglas Arthur
Huber Research Partners
1 question for TRI
Heather Balsky
Bank of America
1 question for TRI
Joshua Dennerlein
BofA Securities
1 question for TRI
Sami Kassab
Exane BNP Paribas
1 question for TRI
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
cPaperless, LLC, dba SafeSend | 2025 | Thomson Reuters acquired SafeSend on January 2, 2025 for $600 million in cash. SafeSend is a U.S.-based cloud-native provider of tax workflow automation software, enhancing the firm’s tax automation portfolio by servicing 70% of the top 500 accounting firms. |
Materia | 2024 | Acquired on October 22, 2024, Materia is a U.S. startup specializing in an agentic AI assistant for the tax, audit, and accounting profession, aligning with Thomson Reuters’ AI roadmap and accelerating the integration of generative AI tools. |
Pagero Group AB (publ) | 2024 | A controlling interest was acquired via a public tender offer valued at approximately $767 million; the deal enhances Thomson Reuters’ e-invoicing and global indirect tax reporting capabilities. |
World Business Media Limited | 2024 | Acquired in January 2024, this cross-platform subscription-based provider delivers editorial coverage for the global P&C and specialty (re)insurance industry, supporting Reuters News' expansion into essential new customer markets. |
Casetext, Inc. | 2023 | Acquired for $650 million in cash, with the transaction announced on June 26, 2023 and completed in August 2023; Casetext brings AI-based legal solutions (including its CoCounsel assistant) to enhance Thomson Reuters' generative AI capabilities in the legal sector. |
Imagen Ltd | 2023 | Acquired in July 2023 as part of a $700 million series of transactions, Imagen is a media asset management firm with a cloud-native digital media distribution platform that strengthens Reuters News offerings. |
SurePrep LLC | 2023 | Acquired on January 3, 2023 for $500 million in cash, SurePrep provides tax automation software and services (including products like 1040SCAN and TaxCaddy) that bolster Thomson Reuters’ Tax & Accounting Professionals portfolio. |
ThoughtTrace | 2022 | Acquired in April 2022, ThoughtTrace leverages AI and ML for contract analysis to enhance legal workflow solutions, aligning with Thomson Reuters’ strategy to integrate automation across legal and tax markets. |
Gestta | 2022 | Completed in 2022, Gestta is a Brazil‑based, accounting-focused software provider acquired to enhance client automation and integrate with Thomson Reuters’ Dominio offering, strengthening its presence in Latin America. |
Recent press releases and 8-K filings for TRI.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Thomson Reuters reported a 3% increase in total revenues to $1,785 million in Q2 2025, with organic revenue growth of 7%.
- Adjusted EBITDA increased 5% in Q2 2025, with the adjusted EBITDA margin improving to 37.8%, and adjusted EPS grew 2% to $0.87.
- The company generated $566 million in free cash flow in Q2 2025, repaid C$1.4 billion (U.S. $1.0 billion) in notes, and maintained its 2025 full-year outlook for key metrics.
- S&P Global Ratings upgraded Thomson Reuters' long-term debt rating to A- from BBB+ in May 2025.
- Business Transformation: The company has shifted from its legacy model to a content-driven technology platform for legal, tax, and corporate professionals, with 90% of its revenue now driven by proprietary solutions and the remaining 10% by Reuters News.
- GenAI Expansion: Thomson Reuters is aggressively integrating GenAI capabilities; it has invested about USD 200 million organically while spending roughly USD 2.2–2.3 billion on AI acquisitions, incorporating products like CoCounsel into its flagship offerings.
- Product Innovation: The focus on enhancing products such as Westlaw and Practical Law with GenAI-driven features is aimed at automating workflows and delivering end-to-end solutions for its clients.
- Resilient Strategy: With over 80% recurring revenue and a diverse customer base, the company is positioned defensively in the market while pursuing disciplined capital allocation and targeted M&A opportunities.