TORONTO, Feb. 5, 2026 /PRNewswire/ -- Thomson Reuters (TSX/Nasdaq: TRI) today reported results for the fourth quarter and full year ended December 31, 2025:
-- Solid revenue momentum continued in the fourth quarter and full year 2025
-- Full-year total company revenues up 3% / organic revenues up 7%
-- Fourth-quarter total company revenues up 5% / organic revenues up
7%
-- Organic revenues up 9% for the "Big 3" segments (Legal
Professionals, Corporates and Tax, Audit & Accounting
Professionals) in the fourth quarter and full year
-- Met full-year 2025 outlook for organic revenue growth and adjusted EBITDA
margin for total company and "Big 3"; Met free cash flow outlook
-- Full-year 2026 outlook anticipates organic revenue growth of
approximately 7.5% - 8.0% and adjusted EBITDA margin expansion of
approximately 100 basis points from 39.2% in 2025
-- Increased annualized dividend by 10% to $2.62 per common share (33rd
consecutive annual increase)
"Our fourth--quarter results capped a year of important progress for Thomson Reuters," said Steve Hasker, President and CEO of Thomson Reuters. "We are seeing tangible benefits from our continued investments in AI, accelerating our pace of product innovation and leveraging technology to reimagine how we work. As we move into 2026, we will continue to scale our agentic capabilities to deliver greater speed, clarity, and confidence for our customers -- further demonstrating the value of professional--grade tools built on quality content and deep subject--matter expertise."
Hasker added, "We remain focused on allocating capital to drive long-term shareholder value creation. Last year we executed several strategic acquisitions and continued to return capital to shareholders, enabling us to enter this year with a stronger and more strategically aligned portfolio with improved growth prospects."
Consolidated Financial Highlights - Three Months Ended December 31
Three months ended December 31,
(Millions of U.S. dollars, except for EPS)
(unaudited)
IFRS Financial
Measures(1) 2025 2024 Change
------------------------- ------- ------- -------
Revenues $2,009 $1,909 5 %
Operating profit $540 $722 -25 %
Diluted earnings per share
(EPS) $0.74 $1.30 -43 %
Net cash provided by
operating activities $756 $564 35 %
Change at
Non-IFRS Financial Constant
Measures(1) 2025 2024 Change Currency
------------------------- ------- ------- ------- ----------
Revenue growth in constant
currency 5 %
Organic revenue growth 7 %
Adjusted EBITDA $777 $718 8 % 8 %
Adjusted EBITDA margin 38.7 % 37.6 % 110bp 140bp
Adjusted EPS $1.07 $1.01 6 % 7 %
Free cash flow $581 $425 38 %
(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 5% due to 6% growth in recurring revenues (84% of total revenues) and 11% growth in transactions revenues, partly offset by a 6% decline in Global Print. Total company revenue growth was negatively impacted by net acquisitions and disposals of 3%. Foreign currency had a slightly positive impact on revenue growth.
-- Organic revenues increased 7% reflecting 9% growth in recurring revenues,
8% growth in transactions revenues and a 6% decline in Global Print.
-- The company's "Big 3" segments reported organic revenue growth of 9% and
collectively comprised 82% of total revenues.
Operating profit decreased 25% primarily due to other operating gains in the prior-year period substantially related to the sale of FindLaw, as well as higher amortization of software in the current period. These items more than offset the net impact of higher revenues and operating expenses.
-- Adjusted EBITDA, which excludes other operating gains, amortization of
software, as well as other adjustments, increased 8% and the related
margin increased to 38.7% from 37.6% in the prior-year period, primarily
due to higher operating leverage. Foreign currency negatively impacted
the year-over-year change in adjusted EBITDA margin by 30 basis points.
Diluted EPS decreased to $0.74 per share compared to $1.30 per share in the prior-year period primarily due to lower operating profit. Additionally, the prior-year period also included currency benefits reflected in other finance costs or income.
-- Adjusted EPS, which excludes net other operating gains, other finance
costs or income, as well as other adjustments, increased to $1.07 per
share compared to $1.01 per share in the prior-year period, primarily due
to higher adjusted EBITDA, partly offset by higher amortization of
internally developed software and interest expense.
Net cash provided by operating activities increased by $192 million as higher cash benefits from the net impact of higher revenues and operating expenses and certain component changes in working capital were partly offset by higher income tax payments.
-- Free cash flow increased by $156 million as higher net cash provided by
operating activities was partly offset by lower cash flows from other
investing activities, which included a cash flow benefit in the
prior-year period.
Highlights by Customer Segment -- Three Months Ended December 31
(Millions of U.S. dollars)
(unaudited)
Three months
ended
December 31, Change
----------------- -----------------------------------
Constant
2025 2024 Total Currency(1) Organic(1)(2)
------ --------- ------ ----------- --------------
Revenues
----------------------
Legal Professionals $738 $729 1 % 1 % 9 %
Corporates 496 458 8 % 7 % 9 %
Tax, Audit & Accounting
Professionals 414 366 13 % 13 % 11 %
------ ---------
"Big 3" Segments
Combined(1) 1,648 1,553 6 % 5 % 9 %
Reuters 232 218 7 % 6 % 5 %
Global Print 136 144 -6 % -6 % -6 %
Eliminations/Rounding (7) (6)
------ ---------
Total Revenues $2,009 $1,909 5 % 5 % 7 %
====== =========
Adjusted EBITDA(1)
----------------------
Legal Professionals $327 $299 9 % 9 %
Corporates 160 153 4 % 4 %
Tax, Audit & Accounting
Professionals 222 196 14 % 13 %
------ ---------
"Big 3" Segments
Combined(1) 709 648 9 % 9 %
Reuters 48 45 7 % 12 %
Global Print 54 55 -2 % -2 %
Corporate costs (34) (30) n/a n/a
------ ---------
Total Adjusted EBITDA $777 $718 8 % 8 %
====== =========
Adjusted EBITDA
Margin(1)
----------------------
Legal Professionals 44.3 % 41.0 % 330bp 350bp
Corporates 32.2 % 33.5 % -130bp -70bp
Tax, Audit & Accounting
Professionals 53.6 % 53.4 % 20bp 0bp
"Big 3" Segments
Combined(1) 43.0 % 41.7 % 130bp 150bp
Reuters 21.0 % 20.8 % 20bp 140bp
Global Print 39.6 % 38.2 % 140bp 160bp
Total Adjusted EBITDA
Margin 38.7 % 37.6 % 110bp 140bp
(1) 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) 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
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