Thomson Reuters (TRI) Q2 2025 Earnings
Reported Aug 7, 2025 at 4:25 PM ET · SEC Source
Q2 25 EPS
$0.87
BEAT +4.54%
Est. $0.83
Q2 25 Revenue
$1.79B
MISS 0.36%
Est. $1.79B
vs S&P Since Q2 25
-67.2%
TRAILING MARKET
TRI -50.3% vs S&P +16.9%
Market Reaction
Did TRI Beat Earnings? Q2 2025 Results
Thomson Reuters posted a mixed but broadly solid second quarter for 2025, beating on the bottom line while falling just short on the top. Adjusted EPS came in at $0.87, clearing the $0.83 consensus estimate by 4.54%, while revenue of $1.78 billion tr… Read more Thomson Reuters posted a mixed but broadly solid second quarter for 2025, beating on the bottom line while falling just short on the top. Adjusted EPS came in at $0.87, clearing the $0.83 consensus estimate by 4.54%, while revenue of $1.78 billion trailed expectations by a slim 0.36%, though it still marked 2.6% growth year over year. The real story behind the quarter was the strength of Thomson Reuters' "Big 3" segments, which together delivered 9% combined organic revenue growth, with Tax and Accounting Professionals leading the way at 11% organic growth, fueled by integrations including the January 2025 SafeSend acquisition. Adjusted EBITDA margin expanded 70 basis points to 37.8%, reflecting operating leverage across the business. Free cash flow rose to $566 million from $541 million a year earlier. Management held its full-year 2025 outlook steady, targeting 7% to 7.5% organic revenue growth, approximately 38% adjusted EBITDA margin, and roughly $1.8 billion in free cash flow, with continued investment in agentic AI solutions for legal, tax, and accounting markets.
Key Takeaways
- • 9% organic recurring revenue growth in Big 3 segments
- • Operating leverage driving adjusted EBITDA margin expansion of 70bp to 37.8%
- • Tax & Accounting Professionals segment delivered 11% organic revenue growth with 250bp margin expansion
- • Westlaw, CoCounsel, Practical Law, and CLEAR drove Legal Professionals recurring growth
- • Indirect and Direct Tax, Practical Law, and Pagero drove Corporates recurring growth
TRI YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
TRI Revenue by Segment
With YoY comparisons, source: SEC Filings
TRI Revenue by Geography
Regional revenue distribution
TRI Earnings Trends
TRI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TRI EPS Trend
Earnings per share: estimate vs actual
TRI Revenue Trend
Quarterly revenue: estimate vs actual
TRI Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.20 | $1.23 | +2.87% | $2.09B | +2.19% |
| Q4 25 BEAT FY | $1.06 | $1.07 | +0.74% | $2.01B | +0.47% |
| FY Full Year | $3.89 | $3.92 | +0.72% | $7.48B | +0.00% |
| Q3 25 BEAT | $0.83 | $0.85 | +2.97% | $1.78B | +0.16% |
| Q2 25 BEAT | $0.83 | $0.87 | +4.54% | $1.79B | -0.36% |