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 +2 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 +15 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 +1 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 +6 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 +2 more

George Tong

Goldman Sachs

3 questions for TRI

Also covers: ADT, BCO, BFAM +24 more

Anna Wu

Goldman Sachs

2 questions for TRI

Also covers: ULS, VSTS

Brendan Lynch

Barclays

2 questions for TRI

Also covers: BXP, CCI, CUBE +18 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 +19 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 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.

1 day ago

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.

1 day ago

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.

1 day ago

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.

1 day ago

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.

1 day ago

Press Release

Thomson Reuters Details AI Investment and Growth Targets for 2026

TRI

New Projects/Investments

Guidance Update

Product Launch

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.