Companies /Industrials

Thomson-Reuters Corp

NYSE: TRI Specialty Business Services
$105.87
▼ $0.48 (−0.45%) today
Markets closed · 11:46pm ET

Q2 2026 Earnings

Reported Aug 6, 2026, 4:33pm ET · SEC source
$0.99
Beat +3.34%
EPS · est. $0.96 Adjusted
$2.0B
Beat +1.82%
Revenue · est. $1.9B
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0+2%+4%Aug 6Aug 7report 4:33pm ETearnings+0.6%+0.9%
−2%0+2%+4%Aug 6Aug 7earnings+0.6%+0.9%
TRI +0.9%S&P 500 +0.6%
−2%0+2%+4%Aug 6Aug 7report 4:33pm ETearnings+1.1%+0.9%
−2%0+2%+4%Aug 6Aug 7earnings+1.1%+0.9%
TRI +0.9%NASDAQ +1.1%
−3%0+3%+6%Aug 5Aug 14report 4:33pm ETearnings+1.0%+3.6%
−3%0+3%+6%Aug 5Aug 14earnings+1.0%+3.6%
TRI +3.6%S&P 500 +1.0%
−3%0+3%+6%Aug 5Aug 14report 4:33pm ETearnings+2.3%+3.6%
−3%0+3%+6%Aug 5Aug 14earnings+2.3%+3.6%
TRI +3.6%NASDAQ +2.3%
+1.56%
Day of report
+1.68%
Next session
+5.91%
One week

Did TRI Beat Earnings? Q2 2026 Results

Thomson Reuters delivered a clean beat across the board in Q2 2026, posting adjusted EPS of $0.99 against the $0.96 consensus estimate, a 3.34% beat that extended the company's streak of exceeding analyst EPS expectations to four consecutive quarters. Revenue climbed 9.5% year over year to $1.95 billion, edging past the $1.92 billion consensus by 1.82%, with the outperformance anchored by broad strength across the company's "Big 3" segments, Legal Professionals, Corporates, and Tax, Audit and Accounting Professionals, which collectively grew 10% organically, driven by recurring revenue growth and expanding adoption of products like Westlaw and CoCounsel. Adjusted EBITDA margin widened 30 basis points to 38.1%, reflecting operating leverage from the revenue acceleration. Adding a notable strategic dimension to the quarter, the company announced an agreement to sell a 51% stake in its Global Print business to KKR for approximately $500 million, a move expected to lift organic revenue growth by 60 to 70 basis points annually once closed. Management raised its full-year 2026 revenue growth outlook to approximately 8%, while also unveiling plans to deploy a proprietary AI model tailored for legal professionals.

Key Takeaways
  • 9% organic growth in recurring revenues (82% of total revenues) across Big 3 segments
  • 13% organic growth in transactions revenues for Big 3 segments
  • Strong performance from Westlaw, CoCounsel, CLEAR, Indirect Tax, and Pagero products
  • Corporates segment transactions revenue grew 24% organically driven by Confirmation, Pagero, Trust, Checkpoint, and Indirect Tax
  • Legal Professionals transactions revenue grew 18% organically driven by CLEAR
  • Operating leverage driving adjusted EBITDA margin expansion to 38.1%
  • Corporates adjusted EBITDA margin expanded 150bp to 37.2% in Q2
  • Global Print adjusted EBITDA margin expanded 170bp to 37.7% in Q2
  • Other operating gains of $68 million in Q2 primarily related to acquisitions and investments

Forward Guidance & Outlook

Thomson Reuters raised its full-year 2026 outlook in August: total and organic revenue growth raised to approximately 8.0% (from 7.5%-8.0% previously); Big 3 segments organic revenue growth raised to 9.5%-10.0% (from approximately 9.5%). All other metrics unchanged: adjusted EBITDA margin expected to improve +100bp vs 2025; corporate costs of $115-$125 million; free cash flow of approximately $2.1 billion; accrued capex approximately 8.0% of revenues; depreciation and amortization of software $890-$910 million; net interest expense $180-$190 million; effective tax rate on adjusted earnings approximately 19%. Q3 2026 organic revenue growth expected at approximately 8% with adjusted EBITDA margin of approximately 36%. The Global Print segment will be reported as a discontinued operation starting Q3 2026 with an updated outlook to be provided at that time. Once the KKR transaction closes, the company expects total organic revenue growth to increase 60-70bp annually with minimal impact on adjusted EBITDA margin.

TRI YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$600.0M$1.2B$1.8B$1.8B$2.0BRevenue$436.0M$558.0MOperating Income$313.0M$448.0MNet Income
$0$600.0M$1.2B$1.8BRevenueOperating IncomeNet Income

TRI Revenue by Segment

Legal Professionals$772.0M+10.0%
Corporates$537.0M+12.0%
Tax, Audit & Accounting Professionals$311.0M+14.0%
Tax & Accounting Professionals
Reuters$229.0M+5.0%
Reuters News
Global Print$111.0M−3.0%

TRI Revenue by Geography

Americas$1.5B
United States$1.4B
EMEA$350.0M
United Kingdom$256.0M
Asia Pacific$74.0M
Canada$60.0M

Figures from SEC filings and company reports. Not investment advice.