TORONTO, Oct. 19, 2026 /CNW/ -- As previously announced on October 1, 2026, Thomson Reuters (TSX/Nasdaq: TRI) ("the company") sold a 51% stake in its Global Print business to capital accounts advised by KKR, with the two parties forming a joint venture to operate the Global Print business, now operating as Westbridge Print.
As a result of this transaction, Thomson Reuters will report Global Print as discontinued operations beginning in the third-quarter of 2026. Prior periods presented will be restated to reflect this change. A supplemental schedule has been posted to the "Investor Relations" section of thomsonreuters.com with revised 2025 and 2026 results that exclude the Global Print business.
On August 5, 2026, the company provided a third-quarter 2026 outlook for organic revenue growth of approximately 8% and adjusted EBITDA margin of approximately 36%, which included the results of the Global Print business. Calculated on the basis the company will use to report its third-quarter results, the previously provided outlook would have been approximately 9% organic revenue growth and approximately 35% adjusted EBITDA margin.
The revised historical information and the third-quarter 2026 outlook do not reflect certain arrangements that began on October 1, 2026, namely:
-- Westbridge Print will pay a royalty to Thomson Reuters equal to 20% of
its Professional revenue (approximately 85% -- 90% of total Westbridge
Print revenue) for the exclusive license to distribute the company's
intellectual property in print and on ProView, its eBook platform.
-- Westbridge Print has entered into a multi-year agreement with Thomson
Reuters where it will reimburse the company for certain transition
services as the joint venture migrates to a standalone entity.
Beginning with fourth-quarter results, the impact of the royalty and transitional services arrangements are expected to largely offset stranded costs from the separation. As a result, the company continues to expect the impact from the Global Print transaction to be approximately neutral to adjusted EBITDA margin following the transaction close, as well as 60 -- 70 basis points accretive to annual organic revenue growth.
The company will issue a revised full-year 2026 outlook when it reports its third-quarter earnings on November 3, 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 and accompanying web site post include 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, adjusted earnings and adjusted EPS, as well as financial measures for the "Big 3" segments. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the supplemental schedules provided herein and on the website. Changes in revenues computed on an organic basis represent changes in revenues of the company's existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods.
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. The company's 2026 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.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL RISKS AND MATERIAL ASSUMPTIONS
Certain statements in this news release, including statements regarding the company's expectations with respect to impacts from certain arrangements entered into with the Global Print joint venture 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 18-19 of the company's second-quarter management's discussion and analysis (MD&A) for the period ended June 30, 2026. The company's quarterly MD&A was filed with, or furnished to, the Canadian securities regulatory authorities and the U.S. SEC and is 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
Zoe Zanettos
Corporate Affairs
+1 647 202 8948
zoe.zanettos@thomsonreuters.com
INVESTORS
Gary E. Bisbee, CFA
Head of Investor Relations
+1 646 540 3249
gary.bisbee@thomsonreuters.com
THOMSON REUTERS CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION- REVISIONS TO SEGMENT October 19,
REVENUES, ADJUSTED EBITDA AND THE RELATED MARGINS 2026
REVISED CONSOLIDATED ADJUSTED EARNINGS Page 3
(UNAUDITED)
(millions of U.S.
dollars, except
margins)
On October 1, 2026, Thomson Reuters sold a 51% stake
in its Global Print business to capital accounts advised
by KKR, with the two parties forming a joint venture
to operate the Global Print business, now operating
as Westbridge Print. As a result of this transaction,
Thomson Reuters will report Global Print in discontinued
operations beginning in the third-quarter of 2026.
Prior periods presented will be restated to reflect
this change. The following supplemental information
provides revised business segment information for
each quarter and the six-month period of 2026, excluding
the Global Print business. The information provides
the company's historical results on a continuing operations
basis. Refer to the company's press release dated
October 19, 2026, "Thomson Reuters Provides Supplemental
Financial Information Following Close of Global Print
Transaction" for further information.
2026 QUARTERLY & JUNE AS REPORTED ADJUSTMENTS AS REVISED
YEAR-TO-DATE (YTD)
----------------------
Q1 2026 Q2 YTD 2026 Q1 2026 Q2 2026 YTD 2026 Q1 Q2 YTD 2026
2026 2026 2026
------- ------ -------- ------- ------- -------- ------ ------ ----------
Revenues
Legal Professionals $756 $772 $1,528 - - - $756 $772 $1,528
Corporates 608 537 1,145 - - - 608 537 1,145
Tax, Audit &
Accounting
Professionals 410 311 721 - - - 410 311 721
"Big 3" segments
combined (1) 1,774 1,620 3,394 - - - 1,774 1,620 3,394
Reuters 212 229 441 - - - 212 229 441
Global Print 112 111 223 (112) (111) (223) - - -
Eliminations/Rounding (11) (6) (17) - - - (11) (6) (17)
Total revenues $2,087 $1,954 $4,041 ($112) ($111) ($223) $1,975 $1,843 $3,818
Adjusted EBITDA
Legal Professionals $365 $371 $736 - - - $365 $371 $736
Corporates 243 200 443 - - - 243 200 443
Tax, Audit &
Accounting
Professionals 221 120 341 - - - 221 120 341
"Big 3" segments
combined (1) 829 691 1,520 - - - 829 691 1,520
Reuters 34 48 82 - - - 34 48 82
Global Print 43 42 85 (43) (42) (85) - - -
Corporate costs (25) (36) (61) (27) (25) (52) (52) (61) (113)
Total adjusted EBITDA
(1) $881 $745 $1,626 ($70) ($67) ($137) $811 $678 $1,489
Adjusted EBITDA margin
Legal Professionals 48.3 % 48.1 % 48.2 % - - - 48.3 % 48.1 % 48.2 %
Corporates 40.0 % 37.2 % 38.7 % - - - 40.0 % 37.2 % 38.7 %
Tax, Audit &
Accounting
Professionals 53.8 % 38.7 % 47.3 % - - - 53.8 % 38.7 % 47.3 %
"Big 3" segments
combined (1) 46.7 % 42.7 % 44.8 % - - - 46.7 % 42.7 % 44.8 %
Reuters 16.1 % 20.8 % 18.6 % - - - 16.1 % 20.8 % 18.6 %
Global Print 38.6 % 37.7 % 38.2 % - - - - - -
Total adjusted EBITDA (110) (130)
margin (1) 42.2 % 38.1 % 40.2 % bp bp (120) bp 41.1 % 36.8 % 39.0 %
Adjusted earnings
Adjusted EBITDA $881 $745 $1,626 ($70) ($67) ($137) $811 $678 $1,489
Adjustments:
Depreciation and
Software Amortization
(2) (165) (168) (333) 2 2 4 (163) (166) (329)
Net Interest expense (39) (47) (86) - - - (39) (47) (86)
Income tax (129) (94) (223) 11 10 21 (118) (84) (202)
Dividends declared on
preference shares (1) (1) (2) - - - (1) (1) (2)
Adjusted earnings (1) $547 $435 $982 ($57) ($55) ($112) $490 $380 $870
Adjusted earnings per
share (1) $1.23 $0.99 $2.22 ($0.13) ($0.13) ($0.25) $1.10 $0.87 $1.97
Weighted average
shares (in millions) 444.7 438.6 441.7 444.7 438.6 441.7
The Company reports its results in millions of U.S.
dollars, but computes margins using whole-dollars
to be more precise. As a result, adjusted EBITDA margins
calculated from reported amounts may differ from those
presented.
(1) Non-IFRS measures. Refer to the reconciliations
of adjusted EBITDA and adjusted earnings to most comparable
IFRS measure and the reconciliation of adjusted EBITDA
margin, both of which are included within this post.
The "Big 3" segments are the combined Legal Professionals,
Corporates and Tax, Audit & Accounting Professionals
segments. Information for the "Big 3" segments is
useful to management and investors as these businesses
will comprise approximately 90% of total company revenues
as revised and represent the core of the company's
business information services product offerings. All
"Big 3" financial measures are non-IFRS.
(2) Represents depreciation and amortization of internally
developed software.
THOMSON REUTERS CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION- REVISIONS TO SEGMENT October 19, 2026
REVENUES, ADJUSTED EBITDA AND THE RELATED MARGINS
REVISED CONSOLIDATED ADJUSTED EARNINGS Page 4
(Unaudited)
(millions of U.S. dollars, except
margins, share and
per share amounts)
On October 1, 2026, Thomson Reuters sold a 51% stake
in its Global Print business to capital accounts advised
by KKR, with the two parties forming a joint venture
to operate the Global Print business, now operating
as Westbridge Print. As a result of this transaction,
Thomson Reuters will report Global Print in discontinued
operations beginning in the third-quarter of 2026.
Prior periods presented will be restated to reflect
this change. The following supplemental information
provides revised business segment information for
each quarter and the full year of 2025, excluding
the Global Print business. The information provides
the company's historical results on a continuing operations
basis. Refer to the company's press release dated
October 19, 2026, "Thomson Reuters Provides Supplemental
Financial Information Following Close of Global Print
Transaction" for further information.
2025 QUARTERLY & FULL AS REPORTED (3) ADJUSTMENTS AS REVISED (3)
YEAR
----------------------
Q1 2025 Q2 2025 Q3 Q4 FY 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 Q2 Q3 Q4 2025 FY 2025
2025 2025 2025 2025 2025
------- ------- ------ ------ ------- ------- ------- ------- -------- -------- ------ ------ ------ ------- -------
Revenues
Legal Professionals $688 $704 $721 $730 $2,843 - - - - - $688 $704 $721 $730 $2,843
Corporates 548 480 489 506 2,023 - - - - - 548 480 489 506 2,023
Tax, Audit &
Accounting
Professionals 358 274 247 412 1,291 - - - - - 358 274 247 412 1,291
"Big 3" segments
combined (1) 1,594 1,458 1,457 1,648 6,157 - - - - - 1,594 1,458 1,457 1,648 6,157
Reuters 196 218 207 232 853 - - - - - 196 218 207 232 853
Global Print 116 114 124 136 490 (116) (114) (124) (136) (490) - - - - -
Eliminations/Rounding (6) (5) (6) (7) (24) - - - - - (6) (5) (6) (7) (24)
Total revenues $1,900 $1,785 $1,782 $2,009 $7,476 ($116) ($114) ($124) ($136) ($490) $1,784 $1,671 $1,658 $1,873 $6,986
Adjusted EBITDA
Legal Professionals $336 $339 $353 $326 $1,354 - - - - - $336 $339 $353 $326 $1,354
Corporates 215 172 177 163 727 - - - - - 215 172 177 163 727
Tax, Audit &
Accounting
Professionals 208 110 76 220 614 - - - - - 208 110 76 220 614
"Big 3" segments
combined (1) 759 621 606 709 2,695 - - - - - 759 621 606 709 2,695
Reuters 39 45 42 48 174 - - - - - 39 45 42 48 174
Global Print 44 41 46 54 185 (44) (41) (46) (54) (185) - - - - -
Corporate costs (33) (29) (22) (34) (118) (33) (32) (33) (36) (134) (66) (61) (55) (70) (252)
Total adjusted EBITDA
(1) $809 $678 $672 $777 $2,936 ($77) ($73) ($79) ($90) ($319) $732 $605 $593 $687 $2,617
Adjusted EBITDA margin
Legal Professionals 48.7 % 48.1 % 49.0 % 44.7 % 47.6 % - - - - - 48.7 % 48.1 % 49.0 % 44.7 % 47.6 %
Corporates 39.3 % 35.7 % 36.3 % 32.2 % 35.9 % - - - - - 39.3 % 35.7 % 36.3 % 32.2 % 35.9 %
Tax, Audit &
Accounting
Professionals 56.6 % 38.9 % 30.6 % 53.4 % 46.9 % - - - - - 56.6 % 38.9 % 30.6 % 53.4 % 46.9 %
"Big 3" segments
combined (1) 47.3 % 42.3 % 41.7 % 43.0 % 43.6 % - - - - - 47.3 % 42.3 % 41.7 % 43.0 % 43.6 %
Reuters 20.0 % 20.8 % 19.9 % 21.0 % 20.4 % - - - - - 20.0 % 20.8 % 19.9 % 21.0 % 20.4 %
Global Print 37.8 % 36.0 % 37.1 % 39.6 % 37.7 % - - - - - - - - - -
Total adjusted EBITDA (150) (180) (190)
margin (1) 42.3 % 37.8 % 37.7 % 38.7 % 39.2 % bp bp bp (200) bp (180) bp 40.8 % 36.0 % 35.8 % 36.7 % 37.4 %
Adjusted earnings
Adjusted EBITDA $809 $678 $672 $777 $2,936 ($77) ($73) ($79) ($90) ($319) $732 $605 $593 $687 $2,617
Adjustments:
Depreciation and
Software Amortization
(2) (152) (154) (158) (162) (626) 2 2 3 2 9 (150) (152) (155) (160) (617)
Net Interest expense (30) (35) (38) (40) (143) - - - - - (30) (35) (38) (40) (143)
Income tax (120) (94) (92) (95) (401) 12 11 12 16 51 (108) (83) (80) (79) (350)
Dividends declared on
preference shares (1) (1) (1) (1) (4) - - - - - (1) (1) (1) (1) (4)
Adjusted earnings (1) $506 $394 $383 $479 $1,762 ($63) ($60) ($64) ($72) ($259) $443 $334 $319 $407 $1,503
Adjusted earnings per
share (1) $1.12 $0.87 $0.85 $1.07 $3.92 ($0.14) ($0.13) ($0.14) ($0.16) ($0.58) $0.98 $0.74 $0.71 $0.91 $3.34
Weighted average
shares (in millions) 450.8 451.2 450.3 445.6 449.5 450.8 451.2 450.3 445.6 449.5
The Company reports its results in millions of U.S.
dollars, but computes margins using whole-dollars
to be more precise. As a result, adjusted EBITDA margins
calculated from reported amounts may differ from those
presented.
(1) Non-IFRS measures. Refer to the reconciliations
of adjusted EBITDA and adjusted earnings to most comparable
IFRS measure and the reconciliation of adjusted EBITDA
margin, both of which are included within this post.
The "Big 3" segments are the combined Legal Professionals,
Corporates and Tax, Audit & Accounting Professionals
segments. Information for the "Big 3" segments is
useful to management and investors as these businesses
comprise approximately 90% of total company revenues
as revised and represent the core of the company's
business information services product offerings. All
"Big 3" financial measures are non-IFRS.
(2) Represents depreciation and amortization of internally
developed software.
(3) Reflects February 5, 2026 revisions between Legal
Professionals, Corporates and Tax, Audit & Accounting
Professionals to transfer certain customers reflecting
how the segments are managed prospectively.
THOMSON REUTERS CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION- RECONCILIATION October 19, 2026
OF EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED
EBITDA (1)
(Unaudited) Page 5
(millions of
U.S. dollars)
Three Months Ended March 31, 2025 Three Months Ended June 30, 2025 Three Months Ended September 30, Three Months Ended December 31,
2025 2025
--------------------------------- --------------------------------- -------------------------------- ----------------------------------
As Reported Adjustments As As Adjustments As Revised As Adjustments As As Adjustments As
Revised Reported Reported Revised Reported Revised
----------- ----------- ------- -------- ----------- ---------- -------- ----------- --------- -------- ------------- ---------
Earnings from
continuing
operations $425 ($63) $362 $297 ($60) $237 $428 ($64) $364 $333 ($71) $262
Adjustments to
remove:
Tax expense 92 (12) 80 52 (11) 41 121 (12) 109 158 (16) 142
Other finance
costs (income) 10 - 10 48 - 48 (7) - (7) 4 - 4
Net interest
expense 30 - 30 35 - 35 38 - 38 40 - 40
Amortization of
other
identifiable
intangible
assets 25 - 25 24 - 24 24 - 24 25 - 25
Amortization of
software 174 - 174 178 - 178 182 (1) 181 187 - 187
Depreciation 27 (2) 25 28 (2) 26 28 (2) 26 28 (2) 26
EBITDA 783 (77) 706 662 (73) 589 814 (79) 735 775 (89) 686
Adjustments to
remove:
Share of
post-tax losses
in equity
method
investments 6 - 6 4 - 4 13 - 13 5 - 5
Other operating
losses (gains),
net 3 - 3 (5) - (5) (160) - (160) (2) (1) (3)
Fair value
adjustments (2) 17 - 17 17 - 17 5 - 5 (1) - (1)
Adjusted
EBITDA(1) $809 ($77) $732 $678 ($73) $605 $672 ($79) $593 $777 ($90) $687
Full Year Ended December 31, 2025 Three Months Ended March 31, 2026 Three Months Ended June 30, 2026 YTD (Six Months Ended June 30,
2026)
--------------------------------- --------------------------------- -------------------------------- ----------------------------------
As Reported Adjustments As As Adjustments As Revised As Adjustments As As Adjustments As
Revised Reported Reported Revised Reported Revised
----------- ----------- ------- -------- ----------- ---------- -------- ----------- --------- -------- ------------- ---------
Earnings from
continuing
operations $1,483 ($258) $1,225 $477 ($57) $420 $444 ($51) $393 $921 ($108) $813
Adjustments to
remove:
Tax expense 423 (51) 372 125 (11) 114 71 (9) 62 196 (20) 176
Other finance
costs (income) 55 - 55 (9) - (9) (8) - (8) (17) - (17)
Net interest
expense 143 - 143 39 - 39 47 - 47 86 - 86
Amortization of
other
identifiable
intangible
assets 98 - 98 24 - 24 25 - 25 49 - 49
Amortization of
software 721 (1) 720 193 - 193 201 - 201 394 - 394
Depreciation 111 (8) 103 28 (2) 26 27 (2) 25 55 (4) 51
EBITDA 3,034 (318) 2,716 877 (70) 807 807 (62) 745 1,684 (132) 1,552
Adjustments to
remove:
Share of
post-tax losses
in equity
method
investments 28 - 28 7 - 7 4 - 4 11 - 11
Other operating
(gains) losses,
net (164) (1) (165) - - - (68) (5) (73) (68) (5) (73)
Fair value
adjustments (2) 38 - 38 (3) - (3) 2 - 2 (1) - (1)
Adjusted
EBITDA(1) $2,936 ($319) $2,617 $881 ($70) $811 $745 ($67) $678 $1,626 ($137) $1,489
(1) The Company defines adjusted EBITDA as earnings
or losses from continuing operations before tax expense
or benefit, net interest expense, other finance costs
or income, depreciation, amortization of software
and other identifiable intangible assets, Thomson
Reuters share of post-tax earnings or losses in equity
method investments, other operating gains and losses,
certain asset 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. See reconciliation of adjusted EBITDA
margin included in this post. These measures provide
a consistent basis to evaluate operating profitability
and performance trends by excluding items that the
Company does not consider to be controllable activities
for this purpose.
(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
SUPPLEMENTAL FINANCIAL INFORMATION- RECONCILIATION October 19, 2026
OF NET EARNINGS TO ADJUSTED EARNINGS AND ADJUSTED
EPS (earnings per share) (1)
(Unaudited) Page 6
(millions of U.S.
dollars)
Three Months Ended March 31, 2025 Three Months Ended June 30, Three Months Ended September 30, 2025 Three Months Ended December 31,
2025 2025
--------------------------------- ------------------------------ ------------------------------------- ----------------------------------
As Reported Adjustments As As Adjustments As As Reported Adjustments As As Adjustments As
Revised Reported Revised Revised Reported Revised
----------- ----------- ------- -------- ----------- ------- ------------- ----------- --------- -------- ------------- ---------
Net Earnings $434 - $434 $313 - $313 $423 - $423 $332 - $332
Adjustments to
remove:
Fair value
adjustments (2) 17 - 17 17 - 17 5 - 5 (1) - (1)
Amortization of
acquired
software 49 - 49 52 52 52 - 52 53 - 53
Amortization of
other
identifiable
intangible
assets 25 - 25 24 - 24 24 - 24 25 - 25
Other operating
losses (gains),
net 3 - 3 (5) - (5) (160) - (160) (2) (1) (3)
Other finance
costs (income) 10 - 10 48 - 48 (7) - (7) 4 - 4
Share of post-tax
losses in equity
method
investments 6 - 6 4 - 4 13 - 13 5 - 5
Tax on above
items (24) - (24) (22) - (22) 16 - 16 (5) - (5)
Tax items
impacting
comparability 1 - 1 (21) - (21) 11 - 11 66 66
(Earnings) loss
from
discontinued
operations, net
of tax (9) (63) (72) (16) (60) (76) 5 (64) (59) 1 (71) (70)
Interim period
effective tax
rate
normalization
(3) (5) - (5) 1 - 1 2 - 2 2 2
Dividends
declared on
preference
shares (1) - (1) (1) - (1) (1) - (1) (1) - (1)
Adjusted
Earnings(1) $506 ($63) $443 $394 ($60) $334 $383 ($64) $319 $479 ($72) $407
Adjusted EPS (1) $1.12 $0.98 $0.87 $0.74 $0.85 $0.71 $1.07 $0.91
Diluted
weighted-average
common shares
(millions) 450.8 450.8 451.2 451.2 450.3 450.3 445.6 445.6
Full Year Ended December 31, 2025 Three Months Ended March 31, Three Months Ended June 30, 2026 YTD (Six Months Ended June 30,
2026 2026)
--------------------------------- ------------------------------ ------------------------------------- ----------------------------------
As Reported Adjustments As As Adjustments As As Reported Adjustments As As Adjustments As
Revised Reported Revised Revised Reported Revised
----------- ----------- ------- -------- ----------- ------- ------------- ----------- --------- -------- ------------- ---------
Net earnings $1,502 - $1,502 $459 - $459 $448 - $448 $907 - $907
Adjustments to
remove:
Fair value
adjustments (2) 38 - 38 (3) - (3) 2 - 2 (1) - (1)
Amortization of
acquired
software 206 - 206 56 - 56 60 - 60 116 - 116
Amortization of
other
identifiable
intangible
assets 98 - 98 24 - 24 25 - 25 49 - 49
Other operating
gains, net (164) (1) (165) - - - (68) (5) (73) (68) (5) (73)
Other finance
costs (income) 55 - 55 (9) - (9) (8) - (8) (17) - (17)
Share of post-tax
losses in equity
method
investments 28 - 28 7 - 7 4 - 4 11 - 11
Tax on above
items (35) - (35) (14) - (14) (20) 1 (19) (34) 1 (33)
Tax items
impacting
comparability 57 - 57 (1) (1) (3) - (3) (4) - (4)
(Earnings) loss
from
discontinued
operations, net
of tax (19) (258) (277) 18 (57) (39) (4) (51) (55) 14 (108) (94)
Interim period
effective tax
rate
normalization
(3) - - - 11 - 11 - - - 11 - 11
Dividends
declared on
preference
shares (4) - (4) (1) (1) (1) (1) (2) - (2)
Adjusted
Earnings(1) $1,762 ($259) $1,503 $547 ($57) $490 $435 ($55) $380 $982 ($112) $870
Adjusted EPS (1) $3.92 $3.34 $1.23 $1.10 $0.99 $0.87 $2.22 $1.97
Diluted
weighted-average
common shares
(millions) 449.5 449.5 444.7 444.7 438.6 438.6 441.7 441.7
(1) The Company defines adjusted earnings as net earnings
or loss including dividends declared on preference
shares but excluding the post-tax impacts of fair
value adjustments, 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, our 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 our 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.
These measures provide a more comparable basis to
analyze earnings and are commonly used by shareholders
to measure performance.(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.
(3) In interim periods, the company makes an adjustment
to reflect income taxes based on the estimated full-year
effective tax rate. Earnings or losses for interim
periods under IFRS reflect income taxes based on the
estimated effective tax rates of each of the jurisdictions
in which we operate. The non-IFRS adjustment reallocates
estimated full-year income taxes between interim periods
but has no effect on full-year income taxes.
THOMSON REUTERS CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION- RECONCILIATION October 19, 2026
OF ADJUSTED EBITDA MARGIN (1)
(Unaudited) Page 7
(millions of U.S.
dollars)
Revised Remove fair Revised Revised Revised Adjusted
IFRS value revenues Adjusted EBITDA Margin
revenues adjustments to excluding EBITDA
acquired fair value
deferred adjustments
revenue to acquired
deferred
revenue
YTD (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 %
Eliminations/Rounding (17) - (17) - n/a
Corporate costs - - - (113) n/a
Consolidated totals $3,818 - $3,818 $1,489 39.0 %
Three Months ended June 30, 2026
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 %
Eliminations/Rounding (6) - (6) - n/a
Corporate costs - - - (61) n/a
Consolidated totals $1,843 - $1,843 $678 36.8 %
Three Months March 31, 2026
Legal Professionals $756 - $756 $365 48.3 %
Corporates 608 - 608 243 40.0 %
Tax, Audit & Accounting
Professionals 410 - 410 221 53.8 %
"Big 3" Segments
Combined(1) 1,774 - 1,774 829 46.7 %
Reuters 212 - 212 34 16.1 %
Eliminations/Rounding (11) - (11) - n/a
Corporate costs - - - (52) n/a
Consolidated totals $1,975 - $1,975 $811 41.1 %
(1) To compute segment and consolidated adjusted EBITDA
margin, we exclude fair value adjustments related
to acquired deferred revenue from our IFRS revenues.
The chart above reconciles IFRS revenues to revenues
used in the calculation of adjusted EBITDA margin,
which excludes fair value adjustments related to acquired
deferred revenue.
The Company reports its results in millions of U.S.
dollars, but computes margins using whole-dollars
to be more precise. As a result, adjusted EBITDA margins
calculated from reported amounts may differ from those
presented.
THOMSON REUTERS CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION- October 19, 2026
RECONCILIATION
OF ADJUSTED EBITDA MARGIN (1)
(Unaudited) Page 8
(millions of U.S.
dollars)
Revised Remove fair Revised Revised Revised
IFRS value revenues Adjusted Adjusted
revenues adjustments excluding EBITDA
to acquired fair value EBITDA
adjustments Margin
deferred to acquired
revenue deferred
revenue
Year ended December
31, 2025
Legal Professionals $2,843 - $2,843 $1,354 47.6 %
Corporates 2,023 - 2,023 727 35.9 %
Tax, Audit & Accounting
Professionals 1,291 20 1,311 614 46.9 %
"Big 3" Segments
Combined(1) 6,157 20 6,177 2,695 43.6 %
Reuters 853 - 853 174 20.4 %
Eliminations/Rounding (24) - (24) - n/a
Corporate costs - - - (252) n/a
Consolidated totals $6,986 $20 $7,006 $2,617 37.4 %
Three Months ended
December 31, 2025
Legal Professionals $730 - $730 $326 44.7 %
Corporates 506 - 506 163 32.2 %
Tax, Audit & Accounting
Professionals 412 - 412 220 53.4 %
"Big 3" Segments
Combined(1) 1,648 - 1,648 709 43.0 %
Reuters 232 - 232 48 21.0 %
Eliminations/Rounding (7) - (7) - n/a
Corporate costs - - - (70) n/a
Consolidated totals $1,873 - $1,873 $687 36.7 %
Three Months ended
September 30, 2025
Legal Professionals $721 - $721 $353 49.0 %
Corporates 489 - 489 177 36.3 %
Tax, Audit & Accounting
Professionals 247 - 247 76 30.6 %
"Big 3" Segments
Combined(1) 1,457 - 1,457 606 41.7 %
Reuters 207 - 207 42 19.9 %
Eliminations/Rounding (6) - (6) - n/a
Corporate costs - - - (55) n/a
Consolidated totals $1,658 - $1,658 $593 35.8 %
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 % Eliminations/Rounding (5) - (5) - n/a Corporate costs - - - (61) n/a Consolidated totals $1,671 $10 $1,681 $605 36.0 % Three Months ended March 31, 2025 Legal Professionals $688 - $688 $336 48.7 % Corporates 548 - 548 215 39.3 % Tax, Audit & Accounting Professionals 358 10 368 208 56.6 % "Big 3" Segments Combined(1) 1,594 10 1,604 759 47.3 % Reuters 196 - 196 39 20.0 % Eliminations/Rounding (6) - (6) - n/a Corporate costs - - - (66) n/a Consolidated totals $1,784 $10 $1,794 $732 40.8 % (1) To compute segment and consolidated adjusted EBITDA margin, we exclude fair value adjustments related to acquired deferred revenue from our IFRS revenues. The chart above reconciles IFRS revenues to revenues used in the calculation of adjusted EBITDA margin, which excludes fair value adjustments related to acquired deferred revenue.The Company reports its results in millions of U.S. dollars, but computes margins using whole-dollars to be more precise. As a result, adjusted EBITDA margins calculated from reported amounts may differ from those presented.
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