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Thomson Reuters

Thomson Reuters (TRI) Q1 2026 Earnings

Reported May 6, 2026 at 4:23 PM ET · SEC Source

Q1 26 EPS

$1.23

BEAT +2.87%

Est. $1.20

Q1 26 Revenue

$2.09B

BEAT +2.19%

Est. $2.04B

Did TRI Beat Earnings? Q1 2026 Results

Thomson Reuters posted a solid first quarter of 2026, with revenue climbing 10% year-over-year to $2.09 billion and adjusted earnings per share rising 10% to $1.23, up from $1.12 a year ago, as the company's legal, corporate, and tax-focused business… Read more Thomson Reuters posted a solid first quarter of 2026, with revenue climbing 10% year-over-year to $2.09 billion and adjusted earnings per share rising 10% to $1.23, up from $1.12 a year ago, as the company's legal, corporate, and tax-focused businesses continued to drive broad-based momentum. The primary engine behind the quarter was the collective strength of Thomson Reuters' "Big 3" segments, which together generated $1.77 billion in revenue, growing 9% organically, with recurring revenues, representing 77% of total revenues, expanding 8% organically. Adjusted EBITDA reached $881 million, up 9%, though the margin edged down 10 basis points to 42.2%, partly due to a 50-basis-point foreign currency headwind. The company also acquired Noetica, Inc. For approximately $212 million during the quarter, adding to its professional services capabilities. Looking ahead, Thomson Reuters maintained its full-year organic revenue growth outlook of 7.5% to 8.0% and free cash flow guidance of approximately $2.1 billion, while nudging net interest expense estimates higher to reflect the impact of ongoing capital return activity.

Key Takeaways

  • • Strong growth in Westlaw and CoCounsel driving Legal Professionals recurring revenue
  • • Corporates segment driven by Westlaw, CoCounsel, Practical Law, Pagero, CLEAR and international businesses
  • • Tax, Audit & Accounting recurring growth driven by tax and audit products including CoCounsel and Latin America business
  • • Transactions revenue growth of 10% organically across the company
  • • Recurring revenues comprising 77% of total revenues grew 8% organically
  • • Reuters revenue growth aided by higher Agency revenues and contractual price increase from LSEG news agreement
  • • Staff costs increased to $693 million from $633 million year-over-year
  • • Goods and services expenses rose to $411 million from $370 million

TRI Forward Guidance & Outlook

Thomson Reuters maintained its full-year 2026 outlook for most metrics: organic revenue growth of 7.5%-8.0%, total revenue growth of 7.5%-8.0%, adjusted EBITDA margin improvement of approximately 100bp versus 2025 (2025 actual: 39.2%), free cash flow of approximately $2.1 billion, corporate costs of $115-$125 million, accrued capital expenditures at approximately 8.0% of revenues, depreciation and amortization of software of $890-$910 million, and effective tax rate on adjusted earnings of approximately 19%. The only update was to net interest expense, now expected at $180-$190 million (up from $150-$160 million previously) due to the impact of the $1.2 billion share repurchase program and return of capital transactions on net debt. For Q2 2026, the company expects organic revenue growth of 7%-8% and adjusted EBITDA margin of approximately 38%. 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.

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TRI YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

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TRI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26
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TRI Revenue by Geography

Regional revenue distribution

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