TORONTO, Aug. 5, 2026 /PRNewswire/ -- Thomson Reuters (TSX: TRI) (Nasdaq: TRI) today reported results for the second quarter ended June 30, 2026:
-- Strong revenue growth in the second quarter
-- Total company revenues up 9% / organic revenues up 8%
-- Organic revenues up 10% for the "Big 3" segments (Legal
Professionals, Corporates and Tax, Audit & Accounting
Professionals)
-- Raised full-year 2026 total and organic revenue growth outlook to
approximately 8.0% for the total company, and to a range of 9.5% to 10.0%
for the "Big 3" segments
-- Announced signing of definitive agreement with KKR to form a joint
venture to operate the Global Print business, where Thomson Reuters will
sell a 51% stake to capital accounts advised by KKR with Thomson Reuters
receiving approximately $500 million in gross proceeds on closing
-- Completed $605 million return of capital transaction on May 4, 2026 and
reduced share count by approximately 6.5 million shares by way of share
consolidation
-- Completed $600 million share repurchase program announced on February 25,
2026
-- Repaid $500 million 3.35% notes in May 2026
"We saw strong momentum continue in the second quarter, underscored by 10% organic revenue growth in our "Big 3" segments," said Steve Hasker, President and CEO of Thomson Reuters. "Our priority for the second half of the year is further deepening our leadership in trusted Fiduciary-Grade AI solutions. We are very pleased with the recent release of CoCounsel Legal and the very strong evaluation results of the first production ready version of the Thomson LLM. The recently announced Global Print transaction with KKR allows us to sharpen our focus on content-powered AI solutions that provide fiduciary grade outcomes for our professional markets."
Consolidated Financial Highlights - Three Months Ended June 30
Three months ended June 30,
(Millions of U.S. dollars, except for EPS)
(unaudited)
IFRS Financial
Measures(1) 2026 2025 Change
------------------------- ------- ------- -------
Revenues $1,954 $1,785 9 %
Operating profit $558 $436 28 %
Diluted earnings per share
(EPS) $1.02 $0.69 48 %
Net cash provided by
operating activities $920 $746 23 %
Change at
Non-IFRS Financial Constant
Measures(1) 2026 2025 Change Currency
------------------------- ------- ------- ------- ----------
Revenue growth in constant
currency 9 %
Organic revenue growth 8 %
Adjusted EBITDA $745 $678 10 % 9 %
Adjusted EBITDA margin 38.1 % 37.8 % 30bp 20bp
Adjusted EPS $0.99 $0.87 14 % 13 %
Free cash flow $727 $566 29 %
(1) In addition to results reported in accordance with
International Financial Reporting Standards (IFRS), the company
uses certain non-IFRS financial measures as supplemental
indicators of its operating performance and financial position.
See the "Non-IFRS Financial Measures" section and the tables
appended to this news release for additional information on
these and other non-IFRS financial measures, including how they
are defined and reconciled to the most directly comparable IFRS
measures.
-----------------------------------------------------------------
Revenues increased 9% due to 9% growth in recurring revenues (82% of total revenues) and 16% growth in transactions revenues, partly offset by a 3% decline in Global Print. Total company revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals.
-- Organic revenues increased 8% reflecting 9% growth in recurring revenues,
11% growth in transactions revenues and a 3% decline in Global Print.
-- The company's "Big 3" segments reported organic revenue growth of 10% and
collectively comprised 83% of total revenues.
Operating profit increased 28%, primarily due to the net impact of higher revenues and operating expenses as well as other operating gains in the current-year period, partly offset by higher amortization of software.
-- Adjusted EBITDA, which excludes other operating gains, amortization of
software, as well as other adjustments, increased 10% and the related
margin increased to 38.1% from 37.8% in the prior-year period. Foreign
currency contributed 10 basis points to the year-over-year change in
adjusted EBITDA margin.
Diluted EPS increased to $1.02 per share compared to $0.69 per share in the prior-year period, primarily due to higher operating profit and, to a lesser extent, a benefit from a reduction in weighted-average common shares outstanding.
-- Adjusted EPS increased to $0.99 per share compared to $0.87 per share in
the prior-year period, primarily due to higher adjusted EBITDA and a
benefit from a reduction in weighted-average common shares outstanding,
partly offset by higher amortization of internally developed software.
Net cash provided by operating activities increased by $174 million primarily due to higher cash benefits from the net impact of higher revenues and operating expenses and certain favorable changes in working capital.
-- Free cash flow increased by $161 million primarily due to higher net cash
provided by operating activities, partly offset by higher capital
expenditures.
Highlights by Customer Segment -- Three Months Ended June 30
(Millions of U.S. dollars)
(unaudited)
Three months
ended June 30, Change
---------------- ----------------------------------
Constant
2026 2025(2) Total Currency(1) Organic(1)(3)
------ -------- ----- ----------- --------------
Revenues
----------------------
Legal Professionals $772 $704 10 % 9 % 10 %
Corporates 537 480 12 % 11 % 10 %
Tax, Audit & Accounting
Professionals 311 274 14 % 12 % 8 %
------ --------
"Big 3" Segments
Combined(1) 1,620 1,458 11 % 10 % 10 %
Reuters 229 218 5 % 5 % 4 %
Global Print 111 114 -3 % -3 % -3 %
Eliminations/Rounding (6) (5)
------ --------
Total Revenues $1,954 $1,785 9 % 9 % 8 %
====== ========
Adjusted EBITDA(1)
----------------------
Legal Professionals $371 $339 10 % 9 %
Corporates 200 172 17 % 15 %
Tax, Audit & Accounting
Professionals 120 110 9 % 7 %
------ --------
"Big 3" Segments
Combined(1) 691 621 12 % 10 %
Reuters 48 45 5 % 10 %
Global Print 42 41 2 % 1 %
Corporate costs (36) (29) n/a n/a
------ --------
Total Adjusted EBITDA $745 $678 10 % 9 %
====== ========
Adjusted EBITDA
Margin(1)
----------------------
Legal Professionals 48.1 % 48.1 % 0bp -10bp
Corporates 37.2 % 35.7 % 150bp 130bp
Tax, Audit & Accounting
Professionals 38.7 % 38.9 % -20bp -40bp
"Big 3" Segments
Combined(1) 42.7 % 42.3 % 40bp 30bp
Reuters 20.8 % 20.8 % 0bp 80bp
Global Print 37.7 % 36.0 % 170bp 150bp
Total Adjusted EBITDA
Margin 38.1 % 37.8 % 30bp 20bp
(1) The company uses certain non-IFRS financial measures as supplemental
indicators of its operating performance and financial position. See the
"Non-IFRS Financial Measures" section and the tables appended to this news
release for additional information on these and other non-IFRS financial
measures. To compute segment and consolidated adjusted EBITDA margin, the
company excludes fair value adjustments related to acquired deferred
revenue.
(2) For comparative purposes, 2025 segment results have been revised to
reflect the current period presentation. For additional information,
including a summary of how the changes impacted results for the three and
six months ended June 30, 2025, see the "Revision to Prior-Year Segment
Results" section of this news release.
(3) Computed for
revenue growth only.
n/a: not applicable
----------------------- ------ -------- ----- ----------- --------------
Unless otherwise noted, all revenue growth comparisons by customer segment in this news release are at constant currency (which excludes the impact of foreign currency) as the company believes this provides the best basis to measure performance.
Legal Professionals
Revenues increased 9% at constant currency. Organic revenue growth was 10%.
-- Recurring revenues increased 9% (97% of total, all organic). Organic
revenue growth was primarily driven by Westlaw and CoCounsel.
-- Transactions revenues increased 16% (3% of total, 18% organic) driven by
CLEAR.
Adjusted EBITDA increased 10% to $371 million.
-- The margin was 48.1%, unchanged from the prior-year period.
Corporates
Revenues increased 11% at constant currency. Organic revenue growth was 10%.
-- Recurring revenues increased 9% (86% of total, all organic). Organic
revenue growth was primarily driven by Westlaw, CoCounsel, Indirect Tax,
Pagero, CLEAR and the segment's international businesses.
-- Transactions revenues increased 27% (14% of total, 24% organic). Organic
revenue growth was primarily driven by Confirmation, Pagero, Trust,
Checkpoint, Indirect Tax and the segment's international businesses.
Adjusted EBITDA increased 17% to $200 million.
-- The margin increased to 37.2% from 35.7% driven by operating leverage.
Foreign currency benefited the year-over-year change in adjusted EBITDA
margin by 20 basis points.
Tax, Audit & Accounting Professionals
Revenues increased 12% at constant currency, including the acquisition impact of SafeSend in the prior-year period, which is reflected in transactions revenues. Organic revenue growth was 8%.
-- Recurring revenues increased 9% (67% of total, all organic). Organic
revenue growth was primarily driven by tax and audit products, including
GoSystem and CoCounsel, as well as Cloud Audit Suite and the segment's
Latin America business.
-- Transactions revenues increased 17% (33% of total, 6% organic). Organic
revenue growth was primarily driven by SafeSend.
Adjusted EBITDA increased 9% to $120 million.
-- The margin decreased to 38.7% from 38.9%. Foreign currency benefited the
year-over-year change in adjusted EBITDA margin by 20 basis points.
The Tax, Audit & Accounting Professionals segment is the company's most seasonal business with approximately 60% of full-year revenues typically generated in the first and fourth quarters. As a result, the margin performance of this segment has been generally higher in the first and fourth quarters as costs are typically incurred in a more linear fashion throughout the year.
Reuters
Revenues increased 5% at constant currency (4% organic), primarily due to higher Agency revenues and a contractual price increase from the company's news agreement with the Data & Analytics business of London Stock Exchange Group.
Adjusted EBITDA increased 5% to $48 million and the margin was 20.8%, unchanged from the prior-year period. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 80 basis points.
Global Print
Revenues decreased 3% at constant currency, all organic, driven by lower shipment volumes.
Adjusted EBITDA increased 2% to $42 million, and the margin increased to 37.7% from 36.0%, reflecting lower expenses.
Corporate Costs
Corporate costs were $36 million compared to $29 million in the prior-year period.
Consolidated Financial Highlights - Six Months Ended June 30
Six months ended June 30,
(Millions of U.S. dollars, except for EPS)
(unaudited)
IFRS Financial
Measures(1) 2026 2025 Change
------------------------- ------- ------- -------
Revenues $4,041 $3,685 10 %
Operating profit $1,197 $999 20 %
Diluted EPS $2.05 $1.65 24 %
Net cash provided by
operating activities $1,425 $1,191 19 %
Change at
Non-IFRS Financial Constant
Measures(1) 2026 2025 Change Currency
------------------------- ------- ------- ------- ----------
Revenue growth in constant
currency 9 %
Organic revenue growth 8 %
Adjusted EBITDA $1,626 $1,487 9 % 9 %
Adjusted EBITDA margin 40.2 % 40.1 % 10bp 30bp
Adjusted EPS $2.22 $2.00 11 % 11 %
Free cash flow $1,059 $843 26 %
(1) In addition to results reported in accordance with IFRS, the
company uses certain non-IFRS financial measures as supplemental
indicators of its operating performance and financial position.
See the "Non-IFRS Financial Measures" section and the tables
appended to this news release for additional information on
these and other non-IFRS financial measures, including how they
are defined and reconciled to the most directly comparable IFRS
measures.
-----------------------------------------------------------------
Revenues increased 10% due to 10% growth in recurring revenues (79% of total revenues) and 15% growth in transactions revenues, partly offset by a 3% decline in Global Print. Total company revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals.
-- Organic revenues increased 8% reflecting 8% growth in recurring revenues,
10% growth in transactions revenues and a 4% decline in Global Print.
-- The company's "Big 3" segments reported organic revenue growth of 9% and
collectively comprised 84% of total revenues.
Operating profit increased 20%, primarily due to the net impact of higher revenues and operating expenses as well as other operating gains in the current-year period, partly offset by higher amortization of software.
-- Adjusted EBITDA, which excludes other operating gains, amortization of
software, as well as other adjustments, increased 9% and the related
margin increased to 40.2% from 40.1% in the prior-year period. Foreign
currency negatively impacted the year-over-year change in adjusted EBITDA
margin by 20 basis points.
Diluted EPS increased to $2.05 per share compared to $1.65 per share in the prior-year period, primarily due to higher operating profit and, to a lesser extent, a benefit from a reduction in weighted-average common shares outstanding.
-- Adjusted EPS increased to $2.22 per share compared to $2.00 per share in
the prior-year period, primarily due to higher adjusted EBITDA and a
benefit from a reduction in weighted-average common shares outstanding,
partly offset by higher amortization of internally developed software.
Net cash provided by operating activities increased by $234 million primarily due to higher cash benefits from the net impact of higher revenues and operating expenses and certain favorable changes in working capital.
-- Free cash flow increased by $216 million primarily due to higher net cash
provided by operating activities, partly offset by higher capital
expenditures.
Highlights by Customer Segment -- Six Months Ended June 30
(Millions of U.S. dollars)
(unaudited)
Six months ended
June 30, Change
---------------- ----------------------------------
Constant
2026 2025(2) Total Currency(1) Organic(1)(3)
------ -------- ------ ----------- -------------
Revenues
----------------------
Legal Professionals $1,528 $1,392 10 % 9 % 9 %
Corporates 1,145 1,028 11 % 10 % 10 %
Tax, Audit & Accounting
Professionals 721 632 14 % 13 % 9 %
------ --------
"Big 3" Segments
Combined(1) 3,394 3,052 11 % 10 % 9 %
Reuters 441 414 6 % 6 % 5 %
Global Print 223 230 -3 % -4 % -4 %
Eliminations/Rounding (17) (11)
------ --------
Total Revenues $4,041 $3,685 10 % 9 % 8 %
====== ========
Adjusted EBITDA(1)
----------------------
Legal Professionals $736 $675 9 % 9 %
Corporates 443 387 15 % 14 %
Tax, Audit & Accounting
Professionals 341 318 7 % 6 %
------ --------
"Big 3" Segments
Combined(1) 1,520 1,380 10 % 9 %
Reuters 82 84 -3 % 4 %
Global Print 85 85 0 % -1 %
Corporate costs (61) (62) n/a n/a
------ --------
Total Adjusted EBITDA $1,626 $1,487 9 % 9 %
====== ========
Adjusted EBITDA
Margin(1)
----------------------
Legal Professionals 48.2 % 48.4 % -20bp -20bp
Corporates 38.7 % 37.6 % 110bp 130bp
Tax, Audit & Accounting
Professionals 47.3 % 48.9 % -160bp -140bp
"Big 3" Segments
Combined(1) 44.8 % 44.9 % -10bp 0bp
Reuters 18.6 % 20.4 % -180bp -50bp
Global Print 38.2 % 36.9 % 130bp 120bp
Total Adjusted EBITDA
Margin 40.2 % 40.1 % 10bp 30bp
(1) The company uses certain non-IFRS financial measures as supplemental
indicators of its operating performance and financial position. See the
"Non-IFRS Financial Measures" section and the tables appended to this news release for additional information on these and other non-IFRS financial measures. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue. (2) For comparative purposes, 2025 segment results have been revised to reflect the current period presentation. For additional information, including a summary of how the changes impacted results for the three and six months ended June 30, 2025, see the "Revision to Prior-Year Segment Results" section of this news release. (3) Computed for revenue growth only. n/a: not applicable ----------------------- ------ -------- ------ ----------- -------------
2026 Outlook
The company raised its 2026 full-year outlook for total and organic revenue growth for the total company and its "Big 3" segments to reflect the performance of its businesses during the first six months of the year. All other metrics are unchanged from the previous 2026 full-year outlook communicated on May 5, 2026.
The company's outlook for 2026 in the table below assumes constant currency rates and incorporates the February 2026 Noetica acquisition, but excludes the impact of any future acquisitions or dispositions that may occur during the remainder of the year. Thomson Reuters believes that this type of guidance provides useful insight into the anticipated performance of its businesses.
The company signed a definitive agreement to enter into a joint venture with KKR. As part of the transaction, Thomson Reuters will sell a 51% stake in its Global Print business to capital accounts advised by KKR. Thomson Reuters will receive approximately $500 million in gross proceeds at closing. The transaction is expected to close in the fourth quarter of 2026, subject to specified regulatory approvals and customary closing conditions. The company's full-year 2026 outlook includes the forecasted results of the Global Print segment, consistent with its prior 2026 full-year outlooks. The company will report its Global Print business as a discontinued operation when it releases its third quarter results and plans to provide an updated full-year 2026 outlook at that time.
The company's 2026 outlook is forward-looking information that is subject to risks and uncertainties (see "Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions"). In particular, the company continues to operate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth, and an evolving interest rate and inflationary backdrop. Any worsening of the global economic or business environment, among other factors, could impact the company's ability to achieve its outlook.
Reported Full-Year 2025 Results and Full-Year 2026 Outlook
FY 2026 FY 2026 FY 2026
Total Thomson FY 2025 Outlook Outlook Outlook
Reuters Reported 2/5/2026 5/5/2026 8/5/2026
---------------- ------------- ------------------- ------------------- ---------
Total Revenue
Growth 3%(2) 7.5% - 8.0% Unchanged 8.0%
---------------- ------------- ------------------- ------------------- ---------
Organic Revenue
Growth(1) 7 % 7.5% - 8.0% Unchanged 8.0%
---------------- ------------- ------------------- ------------------- ---------
Adjusted EBITDA
Margin(1) 39.2 % +100bps vs 2025 Unchanged Unchanged
---------------- ------------- ------------------- ------------------- ---------
Corporate Costs $118 million $115 - $125 million Unchanged Unchanged
---------------- ------------- ------------------- ------------------- ---------
Free Cash
Flow(1) $1.95 billion $2.1 billion Unchanged Unchanged
---------------- ------------- ------------------- ------------------- ---------
Accrued Capex as
% of
Revenues(1) 8.2 % 8.0% Unchanged Unchanged
---------------- ------------- ------------------- ------------------- ---------
Depreciation &
Amortization of
Software
Depreciation &
Amortization of
Internally
Developed $832 million Unchanged
Software $890- $910 million
Amortization $680 - $690 million Unchanged
of Acquired $626 million $210 - $220 Unchanged Unchanged
Software $206 million million Unchanged Unchanged
---------------- ------------- ------------------- ------------------- ---------
Net Interest
Expense $143 million $150 - $160 million $180 - $190 million Unchanged
---------------- ------------- ------------------- ------------------- ---------
Effective Tax
Rate on
Adjusted
Earnings(1) 18.5 % 19% Unchanged Unchanged
---------------- ------------- ------------------- ------------------- ---------
FY 2026 FY 2026 FY 2026
"Big 3" FY 2025 Outlook Outlook Outlook
Segments(1) Reported 2/5/2026 5/5/2026 8/5/2026
---------------- ------------- ------------------- ------------------- ---------
Total Revenue 9.5% -
Growth 4%(2) 9.5% Unchanged 10.0%
---------------- ------------- ------------------- ------------------- ---------
Organic Revenue 9.5% -
Growth 9 % 9.5% Unchanged 10.0%
---------------- ------------- ------------------- ------------------- ---------
Adjusted EBITDA 43.6 % +100bps vs 2025 Unchanged Unchanged
Margin
---------------- ------------- ------------------- ------------------- ---------
(1) Non-IFRS financial measures. See the "Non-IFRS Financial Measures"
section below as well as the tables appended to this news release for
more information.
(2) Total revenue growth reflects the impact of the disposals of FindLaw and
other non-core businesses in December 2024.
The company's third-quarter 2026 outlook includes the forecasted results of the Global Print segment, consistent with its prior 2026 quarterly outlooks. The company expects its third-quarter 2026 organic revenue growth to be approximately 8% and its adjusted EBITDA margin to be approximately 36%.
The information in this section is forward-looking. Actual results, which will include the impact of currency, and future acquisitions and dispositions completed during 2026 may differ materially from the company's 2026 outlook. The information in this section should also be read in conjunction with the section below entitled "Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions."
Global Print Transaction
On July 14, 2026, Thomson Reuters announced that it signed a definitive agreement to enter into a joint venture with KKR, a leading global investment firm. As part of the transaction, Thomson Reuters will sell a 51% stake in its Global Print business to capital accounts advised by KKR and retain a 49% equity interest in the joint venture. Thomson Reuters will receive approximately $500 million in gross proceeds at closing and expects the transaction to close in the fourth quarter of 2026, subject to specified regulatory approvals and customary closing conditions. We expect to record a pre-tax gain on the transaction at the time of closing.
Thomson Reuters will also maintain intellectual property rights and full editorial control over its content portfolio. This new joint venture will hold an exclusive license to distribute the content in print and on ProView, Global Print's eBook platform, under which it will pay Thomson Reuters a royalty in return.
The transaction is not subject to any financing conditions. As part of the transaction, Thomson Reuters has agreed to provide certain financial support designed to give KKR a minimum return on its equity investment in the joint venture under certain circumstances.
The Global Print business will be classified as a discontinued operation in the third quarter of 2026 and will no longer be a reportable segment.
Return of Capital and Share Consolidation
On May 4, 2026, the company returned $605 million to its shareholders and reduced its common shares outstanding by approximately 6.5 million, in accordance with its previously announced return of capital and share consolidation transactions. The transactions consisted of a special cash distribution of $1.435518 per participating common share and a share consolidation, or "reverse stock split", which reduced the number of outstanding common shares at a ratio of 1 pre-consolidated share for 0.984560 post-consolidated shares, which was proportional to the special cash distribution.
$600 Million Share Repurchase Program and Common Shares Outstanding
In February 2026, the company announced its plan to repurchase up to $600 million of additional common shares under an amended Normal Course Issuer Bid that was approved by the TSX. In July 2026, the company completed the program, repurchasing a total of 6.2 million common shares for $600 million, consisting of 3.6 million shares for $362 million through June 30, 2026 and 2.6 million shares for $238 million in July 2026.
As of August 3, 2026, Thomson Reuters had approximately 433.2 million common shares outstanding.
Debt Repayment
In May 2026, the company repaid its $500 million 3.35% notes upon maturity with cash on hand and commercial paper borrowings.
Dividends
In February 2026, the company announced a 10% or $0.24 per share annualized increase in the dividend to $2.62 per common share, representing the 33(rd) consecutive year of dividend increases and the fifth consecutive 10% increase. A quarterly dividend of $0.655 per share is payable on September 10, 2026 to common shareholders of record as of August 19, 2026.
Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.
NON-IFRS FINANCIAL MEASURES
Thomson Reuters prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).
This news release includes certain non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, such as adjusted EBITDA (other than at the customer segment level) and the related margin, free cash flow, adjusted earnings and the effective tax rate on adjusted earnings, adjusted EPS, accrued capital expenditures expressed as a percentage of revenues, net debt and leverage ratio of net debt to adjusted EBITDA, selected measures excluding the impact of foreign currency, changes in revenues computed on an organic basis as well as all financial measures for the "Big 3" segments.
Thomson Reuters uses these non-IFRS financial measures as supplemental indicators of its operating performance and financial position as well as for internal planning purposes and the company's business outlook. Additionally, Thomson Reuters uses non-IFRS measures as the basis for management incentive programs. These measures do not have any standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the appended tables.
The company's outlook contains various non-IFRS financial measures. The company believes that providing reconciliations of forward-looking non-IFRS financial measures in its outlook would be potentially misleading and not practical due to the difficulty of projecting items that are not reflective of ongoing operations in any future period. The magnitude of these items may be significant. Consequently, for purposes of its outlook only, the company is unable to reconcile these non-IFRS measures to the most directly comparable IFRS measures because it cannot predict, with reasonable certainty, the impacts of changes in foreign exchange rates which impact (i) the translation of its results reported at average foreign currency rates for the year, and (ii) other finance income or expense related to intercompany financing arrangements. Additionally, the company cannot reasonably predict the occurrence or amount of other operating gains and losses that generally arise from business transactions that the company does not currently anticipate.
ROUNDING
Other than EPS, the company reports its results in millions of U.S. dollars, but computes percentage changes and margins using whole dollars to be more precise. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.
REVISION TO PRIOR-YEAR SEGMENT RESULTS
In the first quarter of 2026, the company changed its segment reporting to reflect how it currently manages its segments. The change reflects the transfer of certain customers and their related revenues and expenses among the company's Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. These changes impact the financial results of the company's segments, but do not change its consolidated financial results. The following summarizes the changes to the applicable segment's reported amounts.
Three months ended June 30, 2025
-- Legal Professionals revenues decreased $5 million to $704 million,
adjusted EBITDA was unchanged at $339 million and adjusted EBITDA margin
increased 30 basis points to 48.1%;
-- Corporates revenues increased $8 million to $480 million, adjusted EBITDA
increased $3 million to $172 million and adjusted EBITDA margin was
unchanged at 35.7%; and
-- Tax, Audit & Accounting Professionals revenues decreased $3 million to
$274 million, adjusted EBITDA decreased $3 million to $110 million and
adjusted EBITDA margin decreased 40 basis points to 38.9%.
Six months ended June 30, 2025
-- Legal Professionals revenues decreased $10 million to $1,392 million,
adjusted EBITDA was unchanged at $675 million and adjusted EBITDA margin
increased 30 basis points to 48.4%;
-- Corporates revenues increased $15 million to $1,028 million, adjusted
EBITDA increased $5 million to $387 million and adjusted EBITDA margin
decreased 10 basis points to 37.6%; and
-- Tax, Audit & Accounting Professionals revenues decreased $5 million to
$632 million, adjusted EBITDA decreased $5 million to $318 million and
adjusted EBITDA margin decreased 20 basis points to 48.9%.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL RISKS AND MATERIAL ASSUMPTIONS
Certain statements in this news release, including, but not limited to, statements in Mr. Hasker's comments, the "2026 Outlook" section, and statements regarding the company's expectations with respect to the Global Print transaction including its current expectation that the transaction will close in the fourth quarter of 2026 are forward looking. The words "will", "expect", "believe", "target", "estimate", "could", "should", "intend", "predict", "project" and similar expressions identify forward-looking statements. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond the company's control and the effects of them can be difficult to predict.
Some of the material risk factors that could cause actual results or events to differ materially from those expressed in or implied by forward-looking statements in this news release include, but are not limited to, those discussed on pages 19-32 in the "Risk Factors" section of the company's 2025 annual report. These and other risk factors are discussed in materials that Thomson Reuters from time-to-time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (SEC). Thomson Reuters' annual and quarterly reports are also available in the "Investor Relations" section of thomsonreuters.com.
The company's 2026 business outlook is based on information currently available to the company and is based on various external and internal assumptions made by the company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the company believes are appropriate under the circumstances. Material assumptions and material risks may cause actual performance to differ from the company's expectations underlying its 2026 business outlook. In particular, the global economy has experienced substantial disruption due to concerns regarding economic effects associated with the macroeconomic backdrop and ongoing geopolitical risks. The company's 2026 business outlook assumes that uncertain macroeconomic and geopolitical conditions will continue to disrupt the economy and cause periods of volatility, however, these conditions may last substantially longer than expected and any worsening of the global economic or business environment could impact the company's ability to achieve its outlook and affect its results and other expectations. For a discussion of material assumptions and material risks related to the company's 2026 outlook see pages 16-17 of the company's first-quarter management's discussion and analysis (MD&A) for the period ended March 31, 2026. The company's quarterly MD&A and annual report were filed with, or furnished to, the Canadian securities regulatory authorities and the U.S. SEC and are also available in the "Investor Relations" section of thomsonreuters.com.
The company has provided an outlook for the purpose of presenting information about current expectations for the period presented. This information may not be appropriate for other purposes. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release.
Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.
CONTACTS
MEDIA INVESTORS Zoe Zanettos Gary Bisbee, CFA Director, Corporate Communications Head of Investor Relations +1 647 202 8948 +1 646 540 3249 zoe.zanettos@thomsonreuters.com gary.bisbee@thomsonreuters.com ----------------------------------- -------------------------------
Thomson Reuters will webcast a discussion of its second-quarter 2026 results and its 2026 business outlook today beginning at 8:30 a.m. Eastern Daylight Time (EDT). You can access the webcast by visiting ir.thomsonreuters.com. An archive of the webcast will be available following the presentation.
Thomson Reuters Corporation
Consolidated Income Statement
(millions of U.S. dollars, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------ ------------------------
2026 2025 2026 2025
----------- ----------- ----------- -----------
CONTINUING
OPERATIONS
Revenues $1,954 $1,785 $4,041 $3,685
Operating expenses (1,211) (1,124) (2,414) (2,232)
Depreciation (27) (28) (55) (55)
Amortization of
software (201) (178) (394) (352)
Amortization of
other identifiable
intangible assets (25) (24) (49) (49)
Other operating
gains, net 68 5 68 2
----------- ----------- ----------- -----------
Operating profit 558 436 1,197 999
Finance costs, net:
Net interest
expense (47) (35) (86) (65)
Other finance
income (costs) 8 (48) 17 (58)
----------- ----------- ----------- -----------
Income before tax
and equity method
investments 519 353 1,128 876
Share of post-tax
losses in equity
method investments (4) (4) (11) (10)
Tax expense (71) (52) (196) (144)
----------- ----------- ----------- -----------
Earnings from
continuing
operations 444 297 921 722
Earnings (loss) from
discontinued
operations, net of
tax 4 16 (14) 25
----------- ----------- ----------- -----------
Net earnings $448 $313 $907 $747
=========== =========== =========== ===========
Earnings
attributable to
common
shareholders $448 $313 $907 $747
Earnings per share:
Basic and diluted
earnings (loss) per
share:
From continuing
operations $1.01 $0.66 $2.08 $1.60
From discontinued
operations 0.01 0.03 (0.03) 0.05
----------- ----------- ----------- -----------
Basic and diluted
earnings per share $1.02 $0.69 $2.05 $1.65
=========== =========== =========== ===========
Basic
weighted-average
common shares 438,500,639 450,673,826 441,515,334 450,481,106
=========== =========== =========== ===========
Diluted
weighted-average
common shares 438,611,374 451,204,832 441,709,328 451,025,807
=========== =========== =========== ===========
Thomson Reuters Corporation
Consolidated Statement of Financial Position
(millions of U.S. dollars)
(unaudited)
June 30, December 31,
2026 2025
-------- ------------
Assets
Cash and cash equivalents $577 $511
Trade and other receivables 1,127 1,143
Other financial assets 116 94
Prepaid expenses and other current assets 449 480
-------- ------------
Current assets 2,269 2,228
Property and equipment, net 342 361
Software, net 1,711 1,645
Other identifiable intangible assets, net 3,058 3,102
Goodwill 8,094 7,913
Equity method investments 168 202
Other financial assets 469 466
Other non-current assets 705 680
Deferred tax 1,263 1,343
-------- ------------
Total assets $18,079 $17,940
======== ============
Liabilities and equity
Liabilities
Current indebtedness $1,618 $795
Payables, accruals and provisions 1,014 1,090
Current tax liabilities 240 224
Deferred revenue 1,256 1,251
Other financial liabilities 318 108
-------- ------------
Current liabilities 4,446 3,468
Long-term indebtedness 1,323 1,328
Provisions and other non-current liabilities 597 656
Other financial liabilities 206 210
Deferred tax 382 364
-------- ------------
Total liabilities 6,954 6,026
-------- ------------
Equity
Capital 3,031 3,597
Retained earnings 9,047 9,220
Accumulated other comprehensive loss (953) (903)
-------- ------------
Total equity 11,125 11,914
-------- ------------
Total liabilities and equity $18,079 $17,940
======== ============
Thomson Reuters Corporation
Consolidated Statement of Cash Flow
(millions of U.S. dollars)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ------------------
2026 2025 2026 2025
-------- ---------- ------- ---------
Cash provided by (used in):
Operating activities
Earnings from continuing
operations $444 $297 $921 $722
Adjustments for:
Depreciation 27 28 55 55
Amortization of software 201 178 394 352
Amortization of other
identifiable intangible
assets 25 24 49 49
Share of post-tax losses in
equity method investments 4 4 11 10
Deferred tax 12 (1) 48 18
Other 1 105 47 169
Changes in working capital and
other items 207 107 (98) (186)
-------- ---------- ------- ---------
Operating cash flows from
continuing operations 921 742 1,427 1,189
Operating cash flows from
discontinued operations (1) 4 (2) 2
-------- ---------- ------- ---------
Net cash provided by operating
activities 920 746 1,425 1,191
-------- ---------- ------- ---------
Investing activities
Acquisitions, net of cash
acquired (36) (24) (248) (630)
Proceeds related to disposals
of businesses and
investments, net of taxes 7 5 8 5
Capital expenditures (177) (163) (333) (314)
Other investing activities - - - 1
-------- ---------- ------- ---------
Net cash used in investing
activities (206) (182) (573) (938)
-------- ---------- ------- ---------
Financing activities
Repayments of debt (500) (999) (500) (999)
Net borrowings under
short-term loan facilities 983 - 1,305 -
Payments of lease principal (15) (16) (31) (33)
Payments for return of capital
on common shares (605) - (605) -
Repurchases of common shares (100) - (362) -
Dividends paid on preference
shares (1) (1) (2) (2)
Dividends paid on common
shares (275) (260) (555) (519)
Other financing activities (24) 1 (35) (10)
-------- ---------- ------- ---------
Net cash used in financing
activities (537) (1,275) (785) (1,563)
-------- ---------- ------- ---------
Translation adjustments - 4 (1) 6
-------- ---------- ------- ---------
Increase (decrease) in cash
and cash equivalents 177 (707) 66 (1,304)
Cash and cash equivalents at
beginning of period 400 1,371 511 1,968
-------- ---------- ------- ---------
Cash and cash equivalents at
end of period $577 $664 $577 $664
======== ========== ======= =========
Thomson Reuters Corporation
Reconciliation of Earnings from Continuing Operations to Adjusted
EBITDA(1)
(millions of U.S. dollars)
(unaudited)
Three months ended Six months ended Year ended
June 30, June 30, December 31,
-------------------- ------------------ -------------
2026 2025 2026 2025 2025
--------- --------- -------- -------- -------------
Earnings from
continuing
operations $444 $297 $921 $722 $1,483
Adjustments to
remove:
Tax expense 71 52 196 144 423
Other finance
(income) costs (8) 48 (17) 58 55
Net interest
expense 47 35 86 65 143
Amortization of
other
identifiable
intangible
assets 25 24 49 49 98
Amortization of
software 201 178 394 352 721
Depreciation 27 28 55 55 111
--------- --------- -------- -------- -------------
EBITDA $807 $662 $1,684 $1,445 $3,034
Adjustments to
remove:
Share of
post-tax losses
in equity
method
investments 4 4 11 10 28
Other operating
gains, net (68) (5) (68) (2) (164)
Fair value
adjustments* 2 17 (1) 34 38
--------- --------- -------- -------- -------------
Adjusted
EBITDA(1) $745 $678 $1,626 $1,487 $2,936
--------- --------- -------- -------- -------------
Adjusted EBITDA
margin(1) 38.1 % 37.8 % 40.2 % 40.1 % 39.2 %
========= ========= ======== ======== =============
* Fair value adjustments primarily represent gains or losses due to changes in
foreign currency exchange rates on intercompany balances that arise in the
ordinary course of business, which are a component of operating expenses, as
well as adjustments related to acquired deferred revenue.
Thomson Reuters Corporation
Reconciliation of Net Cash Provided By Operating Activities to Free Cash
Flow(1)
(millions of U.S. dollars)
(unaudited)
Three months ended Six months ended Year ended
June 30, June 30, December 31,
-------------------- ------------------ -------------
2026 2025 2026 2025 2025
---------- -------- -------- -------- -------------
Net cash provided
by operating
activities $920 $746 $1,425 $1,191 $2,651
Capital
expenditures (177) (163) (333) (314) (634)
Other investing
activities - - - 1 1
Payments of lease
principal (15) (16) (31) (33) (64)
Dividends paid on
preference
shares (1) (1) (2) (2) (4)
---------- -------- -------- -------- -------------
Free cash flow(1) $727 $566 $1,059 $843 $1,950
========== ======== ======== ======== =============
Thomson Reuters Corporation
Reconciliation of Capital Expenditures to Accrued Capital
Expenditures(1)
(millions of U.S. dollars)
(unaudited)
Year ended
December 31,
-------------
2025
-------------
Capital expenditures $634
Remove: IFRS adjustment to cash basis (18)
-------------
Accrued capital expenditures(1) $616
-------------
Accrued capital expenditures as a percentage of
revenues(1) 8.2 %
=============
(1) Refer to page 22 for additional information on non-IFRS financial
measures.
Thomson Reuters Corporation
Reconciliation of Net Earnings to Adjusted Earnings(1)
Reconciliation of Total Change in Adjusted EPS to Change in Constant
Currency(1)
(millions of U.S. dollars, except for share and per share data)
(unaudited)
Year ended
Three months ended Six months ended December
June 30, June 30, 31,
-------------------- ------------------ ------------
2026 2025 2026 2025 2025
--------- --------- -------- -------- ------------
Net earnings $448 $313 $907 $747 $1,502
Adjustments to
remove:
Fair value
adjustments* 2 17 (1) 34 38
Amortization of
acquired
software 60 52 116 101 206
Amortization of
other
identifiable
intangible
assets 25 24 49 49 98
Other operating
gains, net (68) (5) (68) (2) (164)
Other finance
(income) costs (8) 48 (17) 58 55
Share of post-tax
losses in equity
method
investments 4 4 11 10 28
Tax on above
items(1) (20) (22) (34) (46) (35)
Tax items
impacting
comparability(1) (3) (21) (4) (20) 57
(Earnings) loss
from
discontinued
operations, net
of tax (4) (16) 14 (25) (19)
Interim period
effective tax
rate
normalization(1) - 1 11 (4) -
Dividends declared
on preference
shares (1) (1) (2) (2) (4)
--------- --------- -------- -------- ------------
Adjusted
earnings(1) $435 $394 $982 $900 $1,762
========= ========= ======== ======== ============
Adjusted EPS(1) $0.99 $0.87 $2.22 $2.00
========= ========= ======== ========
Total change 14 % 11 %
Foreign currency 1 % 1 %
Constant currency 13 % 11 %
Diluted
weighted-average
common shares
(millions) 438.6 451.2 441.7 451.0
========= ========= ======== ========
Reconciliation of Full-Year Effective Tax Rate on Year ended
Adjusted Earnings(1) December 31,
-------------
2025
-------------
Adjusted earnings $1,762
Plus: Dividends declared on preference shares 4
Plus: Tax expense on adjusted earnings 401
-------------
Pre-tax adjusted earnings $2,167
=============
IFRS tax expense $423
Remove tax related to:
Amortization of acquired software 46
Amortization of other identifiable intangible
assets 23
Share of post-tax losses in equity method
investments 2
Other finance costs 2
Other operating gains, net (43)
Other items 5
-------------
Subtotal - Remove tax benefit on pre-tax items
removed from adjusted earnings 35
Remove: Tax items impacting comparability (57)
-------------
Total - Remove all items impacting comparability (22)
-------------
Tax expense on adjusted earnings $401
-------------
Effective tax rate on adjusted earnings 18.5 %
=============
*Fair value adjustments primarily represent gains or losses due to changes in
foreign currency exchange rates on intercompany balances that arise in the
ordinary course of business, which are a component of operating expenses, as
well as adjustments related to acquired deferred revenue.
(1) Refer to page 22 for additional information on non-IFRS financial
measures.
Thomson Reuters Corporation
Reconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency(1) and
Organic Basis(1)
(millions of U.S. dollars)
(unaudited)
Three months
ended June 30, Change
-------------------------------------------------
SUBTOTAL Net
Foreign Constant Acquisitions/
2026 2025 Total Currency Currency (Disposals) Organic
------ ------ ----- -------- -------- ------------- -------
Total Revenues
----------------------
Legal Professionals $772 $704 10 % 0 % 9 % 0 % 10 %
Corporates 537 480 12 % 1 % 11 % 0 % 10 %
Tax, Audit & Accounting
Professionals 311 274 14 % 2 % 12 % 4 % 8 %
------ ------ ----- -------- -------- ------------- -------
"Big 3" Segments
Combined(1) 1,620 1,458 11 % 1 % 10 % 1 % 10 %
Reuters 229 218 5 % 0 % 5 % 1 % 4 %
Global Print 111 114 -3 % 0 % -3 % 0 % -3 %
Eliminations/Rounding (6) (5)
------ ------ ----- -------- -------- ------------- -------
Total Revenues $1,954 $1,785 9 % 1 % 9 % 1 % 8 %
====== ====== ===== ======== ======== ============= =======
Recurring Revenues
----------------------
Legal Professionals $748 $684 10 % 0 % 9 % 0 % 9 %
Corporates 462 421 10 % 1 % 9 % 0 % 9 %
Tax, Audit & Accounting
Professionals 209 187 12 % 2 % 9 % 0 % 9 %
------ ------ ----- -------- -------- ------------- -------
"Big 3" Segments
Combined(1) 1,419 1,292 10 % 1 % 9 % 0 % 9 %
Reuters 188 176 7 % 0 % 6 % 1 % 6 %
Eliminations/Rounding (6) (5)
------ ------ ----- -------- -------- ------------- -------
Total Recurring
Revenues $1,601 $1,463 9 % 1 % 9 % 0 % 9 %
====== ====== ===== ======== ======== ============= =======
Transactions Revenues
----------------------
Legal Professionals $24 $20 16 % 0 % 16 % -2 % 18 %
Corporates 75 59 27 % 0 % 27 % 3 % 24 %
Tax, Audit & Accounting
Professionals 102 87 17 % 0 % 17 % 11 % 6 %
------ ------ ----- -------- -------- ------------- -------
"Big 3" Segments
Combined(1) 201 166 21 % 0 % 20 % 7 % 13 %
Reuters 41 42 -2 % -3 % 1 % 1 % -1 %
Eliminations/Rounding - -
------ ------ ----- -------- -------- ------------- -------
Total Transactions
Revenues $242 $208 16 % 0 % 16 % 6 % 11 %
====== ====== ===== ======== ======== ============= =======
Growth percentages are computed using whole dollars. As a result, percentages
calculated from reported amounts may differ from those presented, and growth
components may not total due to rounding.
Refer to page 22 for additional information on non-IFRS financial measures.
Thomson Reuters Corporation
Reconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency(1) and
Organic Basis(1)
(millions of U.S. dollars)
(unaudited)
Six months
ended June 30, Change
-------------------------------------------------
SUBTOTAL Net
Foreign Constant Acquisitions/
2026 2025 Total Currency Currency (Disposals) Organic
------ ------ ----- -------- -------- ------------- -------
Total Revenues
----------------------
Legal Professionals $1,528 $1,392 10 % 1 % 9 % 0 % 9 %
Corporates 1,145 1,028 11 % 1 % 10 % 0 % 10 %
Tax, Audit & Accounting
Professionals 721 632 14 % 1 % 13 % 3 % 9 %
------ ------ ----- -------- -------- ------------- -------
"Big 3" Segments
Combined(1) 3,394 3,052 11 % 1 % 10 % 1 % 9 %
Reuters 441 414 6 % 0 % 6 % 1 % 5 %
Global Print 223 230 -3 % 1 % -4 % 0 % -4 %
Eliminations/Rounding (17) (11)
------ ------ ----- -------- -------- ------------- -------
Total Revenues $4,041 $3,685 10 % 1 % 9 % 1 % 8 %
====== ====== ===== ======== ======== ============= =======
Recurring Revenues
----------------------
Legal Professionals $1,487 $1,354 10 % 1 % 9 % 0 % 9 %
Corporates 911 828 10 % 1 % 8 % 0 % 8 %
Tax, Audit & Accounting
Professionals 438 392 12 % 2 % 10 % 0 % 10 %
------ ------ ----- -------- -------- ------------- -------
"Big 3" Segments
Combined(1) 2,836 2,574 10 % 1 % 9 % 0 % 9 %
Reuters 374 351 7 % 1 % 6 % 1 % 5 %
Eliminations/Rounding (14) (11)
------ ------ ----- -------- -------- ------------- -------
Total Recurring
Revenues $3,196 $2,914 10 % 1 % 9 % 0 % 8 %
====== ====== ===== ======== ======== ============= =======
Transactions Revenues
----------------------
Legal Professionals $41 $38 8 % 1 % 8 % -1 % 9 %
Corporates 234 200 17 % 1 % 17 % 1 % 16 %
Tax, Audit & Accounting
Professionals 283 240 18 % 0 % 18 % 9 % 9 %
------ ------ ----- -------- -------- ------------- -------
"Big 3" Segments
Combined(1) 558 478 17 % 0 % 17 % 5 % 12 %
Reuters 67 63 6 % -2 % 8 % 2 % 6 %
Eliminations/Rounding (3) -
------ ------ ----- -------- -------- ------------- -------
Total Transactions
Revenues $622 $541 15 % 0 % 15 % 4 % 10 %
====== ====== ===== ======== ======== ============= =======
Year ended
December 31, Change
-------------- -------------------------------------------------
SUBTOTAL Net
Foreign Constant Acquisitions/
2025 2024 Total Currency Currency (Disposals) Organic
------ ------ ----- -------- -------- ------------- -------
Total Revenues
----------------------
Legal Professionals $2,843 $2,902 -2 % 0 % -2 % -10 % 8 %
Corporates 2,023 1,875 8 % 0 % 7 % -1 % 9 %
Tax, Audit & Accounting
Professionals 1,291 1,154 12 % -1 % 13 % 3 % 11 %
------ ------ ----- -------- -------- ------------- -------
"Big 3" Segments
Combined(1) 6,157 5,931 4 % 0 % 4 % -5 % 9 %
Reuters 853 832 3 % 1 % 2 % 1 % 1 %
Global Print 490 519 -6 % 0 % -5 % 0 % -5 %
Eliminations/Rounding (24) (24)
------ ------ ----- -------- -------- ------------- -------
Total Revenues $7,476 $7,258 3 % 0 % 3 % -4 % 7 %
====== ====== ===== ======== ======== ============= =======
Growth percentages are computed using whole dollars. As a result, percentages
calculated from reported amounts may differ from those presented, and growth
components may not total due to rounding.
Refer to page 22 for additional information on non-IFRS financial measures.
Thomson Reuters Corporation
Reconciliation of Changes in Adjusted EBITDA (1) and Related
Margin(1) to Changes on a Constant Currency Basis(1)
(millions of U.S. dollars)
(unaudited)
Three months ended
June 30, Change
----------------------------
Foreign Constant
2026 2025 Total Currency Currency
--------- --------- ----- --------- ----------
Adjusted
EBITDA(1)
---------------
Legal
Professionals $371 $339 10 % 0 % 9 %
Corporates 200 172 17 % 2 % 15 %
Tax, Audit &
Accounting
Professionals 120 110 9 % 2 % 7 %
--------- --------- ----- --------- ----------
"Big 3" Segments
Combined(1) 691 621 12 % 1 % 10 %
Reuters 48 45 5 % -5 % 10 %
Global Print 42 41 2 % 1 % 1 %
Corporate costs (36) (29) n/a n/a n/a
--------- --------- ----- --------- ----------
Total Adjusted
EBITDA $745 $678 10 % 1 % 9 %
========= ========= ===== ========= ==========
Adjusted EBITDA
Margin(1)
---------------
Legal
Professionals 48.1 % 48.1 % 0bp 10bp -10bp
Corporates 37.2 % 35.7 % 150bp 20bp 130bp
Tax, Audit &
Accounting
Professionals 38.7 % 38.9 % -20bp 20bp -40bp
"Big 3" Segments
Combined(1) 42.7 % 42.3 % 40bp 10bp 30bp
Reuters 20.8 % 20.8 % 0bp -80bp 80bp
Global Print 37.7 % 36.0 % 170bp 20bp 150bp
Total Adjusted
EBITDA Margin 38.1 % 37.8 % 30bp 10bp 20bp
Thomson Reuters Corporation
Reconciliation of Changes in Adjusted EBITDA (1) and Related
Margin(1) to Changes on a Constant Currency Basis(1)
(millions of U.S. dollars)
(unaudited)
Six months ended
June 30, Change
------------------------------
Foreign Constant
2026 2025 Total Currency Currency
-------- -------- ------- --------- ----------
Adjusted
EBITDA(1)
---------------
Legal
Professionals $736 $675 9 % 1 % 9 %
Corporates 443 387 15 % 1 % 14 %
Tax, Audit &
Accounting
Professionals 341 318 7 % 1 % 6 %
-------- -------- ------- --------- ----------
"Big 3" Segments
Combined(1) 1,520 1,380 10 % 1 % 9 %
Reuters 82 84 -3 % -7 % 4 %
Global Print 85 85 0 % 1 % -1 %
Corporate costs (61) (62) n/a n/a n/a
-------- -------- ------- --------- ----------
Total Adjusted
EBITDA $1,626 $1,487 9 % 0 % 9 %
======== ======== ======= ========= ==========
Adjusted EBITDA
Margin(1)
---------------
Legal
Professionals 48.2 % 48.4 % -20bp 0bp -20bp
Corporates 38.7 % 37.6 % 110bp -20bp 130bp
Tax, Audit &
Accounting
Professionals 47.3 % 48.9 % -160bp -20bp -140bp
"Big 3" Segments
Combined(1) 44.8 % 44.9 % -10bp -10bp 0bp
Reuters 18.6 % 20.4 % -180bp -130bp -50bp
Global Print 38.2 % 36.9 % 130bp 10bp 120bp
Total Adjusted
EBITDA Margin 40.2 % 40.1 % 10bp -20bp 30bp
n/a: not applicable
Growth percentages and margins are computed using whole dollars. As a result,
percentages and margins calculated from reported amounts may differ from those
presented, and growth components may not total due to rounding.
Refer to page 22 for additional information on non-IFRS financial measures.
Reconciliation of adjusted EBITDA margin(1)
To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue from its IFRS revenues. The charts below reconcile IFRS revenues to revenues used in the calculation of adjusted EBITDA margin, which excludes fair value adjustments related to acquired deferred revenue.
Revenues
Remove fair excluding
value fair value
(millions of U.S. adjustments adjustments
dollars) (unaudited) to acquired to acquired Adjusted
Three months ended IFRS deferred deferred Adjusted EBITDA
June 30, 2026 revenues revenue revenue EBITDA Margin
---------------------- -------- ----------- ----------- -------- --------
Legal Professionals $772 - $772 $371 48.1 %
Corporates 537 - 537 200 37.2 %
Tax, Audit &
Accounting
Professionals 311 - 311 120 38.7 %
-------- ----------- ----------- -------- --------
"Big 3" Segments
Combined(1) 1,620 - 1,620 691 42.7 %
Reuters 229 - 229 48 20.8 %
Global Print 111 - 111 42 37.7 %
Eliminations/Rounding (6) - (6) - n/a
Corporate costs - - - (36) n/a
-------- ----------- ----------- -------- --------
Consolidated totals $1,954 - $1,954 $745 38.1 %
======== =========== =========== ======== ========
Six months ended June
30, 2026
----------------------
Legal Professionals $1,528 - $1,528 $736 48.2 %
Corporates 1,145 - 1,145 443 38.7 %
Tax, Audit &
Accounting
Professionals 721 - 721 341 47.3 %
-------- ----------- ----------- -------- --------
"Big 3" Segments
Combined(1) 3,394 - 3,394 1,520 44.8 %
Reuters 441 - 441 82 18.6 %
Global Print 223 - 223 85 38.2 %
Eliminations/Rounding (17) - (17) - n/a
Corporate costs - - - (61) n/a
-------- ----------- ----------- -------- --------
Consolidated totals $4,041 - $4,041 $1,626 40.2 %
======== =========== =========== ======== ========
Three months ended
June 30, 2025
----------------------
Legal Professionals $704 - $704 $339 48.1 %
Corporates 480 - 480 172 35.7 %
Tax, Audit &
Accounting
Professionals 274 $10 284 110 38.9 %
-------- ----------- ----------- -------- --------
"Big 3" Segments
Combined(1) 1,458 10 1,468 621 42.3 %
Reuters 218 - 218 45 20.8 %
Global Print 114 - 114 41 36.0 %
Eliminations/Rounding (5) - (5) - n/a
Corporate costs - - - (29) n/a
-------- ----------- ----------- -------- --------
Consolidated totals $1,785 $10 $1,795 $678 37.8 %
======== =========== =========== ======== ========
Six months ended June
30, 2025
----------------------
Legal Professionals $1,392 - $1,392 $675 48.4 %
Corporates 1,028 - 1,028 387 37.6 %
Tax, Audit &
Accounting
Professionals 632 $20 652 318 48.9 %
-------- ----------- ----------- -------- --------
"Big 3" Segments
Combined(1) 3,052 20 3,072 1,380 44.9 %
Reuters 414 - 414 84 20.4 %
Global Print 230 - 230 85 36.9 %
Eliminations/Rounding (11) - (11) - n/a
Corporate costs - - - (62) n/a
-------- ----------- ----------- -------- --------
Consolidated totals $3,685 $20 $3,705 $1,487 40.1 %
======== =========== =========== ======== ========
n/a: not applicable
Margins are computed using whole dollars, as a result, margins calculated from
reported amounts may differ from those presented due to rounding.
(1) Refer to page 22 for additional information on non-IFRS financial
measures.
Thomson Reuters Corporation
"Big 3" Segments and Consolidated Adjusted EBITDA(1) and the
Related Margins(1)
(millions of U.S. dollars)
(unaudited)
Year ended
December 31,
-------------
2025
-------------
Adjusted EBITDA(1)
----------------------------------
Legal Professionals $1,354
Corporates 727
Tax, Audit & Accounting Professionals 614
-------------
"Big 3" Segments Combined(1) 2,695
Reuters 174
Global Print 185
Corporate costs (118)
-------------
Total Adjusted EBITDA $2,936
=============
"Big 3" Segments Combined(1)
----------------------------------
Adjusted EBITDA $2,695
Revenues, excluding $20 million of fair
value adjustments to acquired deferred
revenue $6,177
Adjusted EBITDA margin 43.6 %
Consolidated(1)
----------------------------------
Adjusted EBITDA $2,936
Revenues, excluding $20 million of fair
value adjustments to acquired deferred
revenue $7,496
Adjusted EBITDA margin 39.2 %
Margins are computed using whole dollars, as a result, margins calculated from
reported amounts may differ from those presented due to rounding.
Thomson Reuters Corporation
Reconciliation of Net Debt(1) and Leverage Ratio of Net Debt to
Adjusted EBITDA(1)
(millions of U.S. dollars)
(unaudited)
June 30, December 31,
2026 2025
-------- ------------
Current indebtedness $1,618 $795
Long-term indebtedness 1,323 1,328
-------- ------------
Total debt 2,941 2,123
Swaps 23 16
-------- ------------
Total debt after swaps 2,964 2,139
Remove fair value adjustments for hedges (3) (2)
-------- ------------
Total debt after hedging arrangements 2,961 2,137
Collateral assets (25) (7)
Remove transaction costs, premiums or
discounts, included in the carrying value
of debt 28 28
Add: Lease liabilities (current and
non-current) 241 249
Less: Cash and cash equivalents (577) (511)
-------- ------------
Net debt $2,628 $1,896
======== ============
Leverage ratio of net debt to adjusted
EBITDA
Adjusted EBITDA $3,075 $2,936
Net debt/adjusted EBITDA 0.9:1 0.6:1
======== ============
(1) Refer to page 22 for additional information on non-IFRS financial
measures.
Non-IFRS Financial Definition Why Useful to the Company
Measures and Investors
------------------------- ------------------------ -------------------------
Adjusted EBITDA and the Represents earnings or Provides a consistent
related margin losses from continuing basis to evaluate
operations before tax operating profitability
expense or benefit, net and performance trends by
interest expense, other excluding items that the
finance costs or income, company does not consider
depreciation, to be controllable
amortization of software activities for this
and other identifiable purpose. Also, represents
intangible assets, a measure commonly
Thomson Reuters share of reported and widely used
post-tax earnings or by investors as a
losses in equity method valuation metric, as well
investments, other as to assess the
operating gains and company's ability to
losses, certain asset incur and service debt.
impairment charges and
fair value adjustments,
including those related
to acquired deferred
revenue. The related
margin is adjusted
EBITDA expressed as a
percentage of revenues.
For purposes of this
calculation, revenues
are before fair value
adjustments to acquired
deferred revenue.
------------------------- ------------------------ -------------------------
Adjusted earnings and Net earnings or loss Provides a more
adjusted EPS including dividends comparable basis to
declared on preference analyze earnings. These
shares but excluding the measures are commonly
post-tax impacts of fair used by shareholders to
value adjustments, measure performance.
including those related
to acquired deferred
revenue, amortization of
acquired intangible
assets (attributable to
other identifiable
intangible assets and
acquired software),
other operating gains
and losses, certain
asset impairment
charges, other finance
costs or income, Thomson
Reuters share of
post-tax earnings or
losses in equity method
investments,
discontinued operations
and other items
affecting comparability.
Acquired intangible
assets contribute to the
generation of revenues
from acquired companies,
which are included in
the company's
computation of adjusted
earnings. The post-tax
amount of each item is
excluded from adjusted
earnings based on the
specific tax rules and
tax rates associated
with the nature and
jurisdiction of each
item. Adjusted EPS is
calculated from adjusted
earnings using diluted
weighted-average shares
and does not represent
actual earnings or loss
per share attributable
to shareholders.
------------------------- ------------------------ -------------------------
Effective tax rate on Adjusted tax expense Provides a basis to
adjusted earnings divided by pre-tax analyze the effective tax
adjusted earnings. rate associated with
Adjusted tax expense is adjusted earnings. The
computed as income tax company's effective tax
expense or benefit plus rate computed in
or minus the income tax accordance with IFRS may
impacts of all items be more volatile by
impacting adjusted quarter because the
earnings (as described geographical mix of
above), and other tax pre-tax profits and
items impacting losses in interim periods
comparability. In may be different from
interim periods, the that for the full year.
company also makes an Therefore, the company
adjustment to reflect believes that using the
income taxes based on expected full-year
the estimated full-year effective tax rate
effective tax rate. provides more
Earnings or losses for comparability among
interim periods under interim periods.
IFRS reflect income
taxes based on the
estimated effective tax
rates of each of the
jurisdictions in which
Thomson Reuters
operates. The non-IFRS
adjustment reallocates
estimated full-year
income taxes between
interim periods but has
no effect on full-year
income taxes.
------------------------- ------------------------ -------------------------
Free cash flow Net cash provided by Helps assess the
operating activities and company's ability, over
other investing the long term, to create
activities, less capital value for its
expenditures, payments shareholders as it
of lease principal and represents cash available
dividends paid on the to repay debt, pay common
company's preference dividends, fund share
shares. repurchases and
acquisitions.
------------------------- ------------------------ -------------------------
Changes before the impact The changes in revenues, Provides better
of foreign currency or at adjusted EBITDA and the comparability of business
constant currency related margin, and trends from period to
adjusted EPS before period.
currency (at constant
currency or excluding
the effects of currency)
are determined by
converting the current
and equivalent prior
period's local currency
results using the same
foreign currency
exchange rate.
------------------------- ------------------------ -------------------------
Changes in revenues Represent changes in Provides further insight
computed on an organic revenues of the into the performance of
basis company's existing the company's existing
businesses at constant businesses by excluding
currency. The metric distortive impacts and
excludes the distortive serves as a better
impacts of acquisitions measure of the company's
and dispositions from ability to grow its
not owning the business business over the long
in both comparable term.
periods.
------------------------- ------------------------ -------------------------
Accrued capital Accrued capital Reflects the basis on
expenditures as a expenditures divided by which the company manages
percentage of revenues revenues, where accrued capital expenditures for
capital expenditures internal planning
include amounts that purposes.
remain unpaid at the end
of the reporting period.
For purposes of this
calculation, revenues
are before fair value
adjustments to acquired
deferred revenue.
------------------------- ------------------------ -------------------------
"Big 3" segments The company's combined The "Big 3" segments
Legal Professionals, comprised approximately
Corporates and Tax, 80% of revenues and
Audit & Accounting represent the core of the
Professionals segments. company's business
All measures reported information service
for the "Big 3" segments product offerings.
are non-IFRS financial
measures.
------------------------- ------------------------ -------------------------
Net debt and leverage Net debt is total debt, Provides a commonly used
ratio of net debt to plus related hedging measure of a company's
adjusted EBITDA instruments and leverage and its ability
collateral balances, to pay its debt. Given
along with lease that the company hedges
liabilities, excluding some of its debt to
unamortized transaction manage risk, the company
costs and any premiums includes hedging
or discounts on debt, instruments as it
minus cash and cash believes it provides a
equivalents. We exclude better measure of the
specific hedging total obligation
components to reflect associated with its
the net cash outflow outstanding debt. Since
upon debt maturity. the company plans to hold
Net debt to adjusted its debt and related
EBITDA is net debt hedges until maturity,
divided by adjusted the net debt calculation
EBITDA for the previous is adjusted to reflect
twelve-month period the net cash outflow at
ending with the current maturity, after deducting
fiscal quarter. cash and cash
equivalents. The
company's non-IFRS
measure is aligned with
the calculation of its
internal target leverage
ratio and is more
conservative than the
maximum ratio allowed
under the contractual
covenants in its credit
facility.
------------------------- ------------------------ -------------------------
Please refer to reconciliations for the most directly comparable IFRS
financial measures.
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SOURCE Thomson Reuters