Thomson Reuters (TRI) Q2 2025 Earnings
How Did TRI Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +2.86%.
Did TRI Beat Earnings? Q2 2025 Results
Yes. Thomson Reuters reported Q2 2025 earnings of $0.87 a share on Aug 7, 2025, beating the $0.83 consensus estimate by 4.5%. Revenue was $1.8B against a $1.8B estimate.
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.
- 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
What Was Thomson Reuters's Outlook in Q2 2025?
Thomson Reuters maintained its full-year 2025 outlook for total organic revenue growth of approximately 7% to 7.5%, with Big 3 organic revenue growth of approximately 8.5% to 9%. The company expects adjusted EBITDA margin of approximately 38% and free cash flow of approximately $1.8 billion. Accrued capital expenditures are expected to approximate 8% of revenues. The effective tax rate on adjusted earnings is expected to be approximately 17% to 18%. Two items were updated: depreciation and amortization of computer software guidance was lowered to $825-$835 million (with $625-$635 million related to internally developed software), and net interest expense guidance was reduced to approximately $130 million from approximately $150 million due to higher-than-forecasted interest rates benefiting interest income. For Q3 2025, organic revenue growth is expected to be approximately 7% and adjusted EBITDA margin approximately 36%. The outlook assumes constant currency rates relative to 2024 and incorporates the SafeSend acquisition and FindLaw disposal but excludes any future acquisitions or dispositions.
TRI YoY Financials
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $1.8B | $1.7B | +2.6% |
| Operating Income | $436.0M | $415.0M | +5.1% |
| Net Income | $313.0M | $840.9M | −62.8% |
TRI Revenue by Segment
TRI Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.