Thomson-Reuters Corp
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.06%.
Did TRI Beat Earnings? Q4 2025 Results
Thomson Reuters closed out 2025 on steady footing, posting Q4 adjusted EPS of $1.07 against a consensus estimate of $1.06, a beat of 0.94%, while revenue of $2.01 billion matched expectations exactly and grew 5.2% year over year. The headline numbers were anchored by the company's "Big 3" segments, which collectively delivered 9% organic revenue growth in the quarter and now represent 82% of total revenues, with Tax, Audit and Accounting Professionals standing out at 13% total revenue growth and a 53.6% adjusted EBITDA margin. Adjusted EBITDA rose 8% to $777 million, with margin expanding 110 basis points to 38.7%, even as IFRS results were pressured by prior-year gains from the FindLaw disposal and higher software amortization. AI-driven products, particularly Westlaw Advantage and CoCounsel, are increasingly central to the growth story, with management pointing to agentic capabilities as a meaningful catalyst ahead. Looking to 2026, Thomson Reuters guided for organic revenue growth of 7.5% to 8.0%, roughly 100 basis points of adjusted EBITDA margin expansion, and free cash flow of approximately $2.1 billion, while approving its 33rd consecutive annual dividend increase.
- 9% organic revenue growth in Big 3 segments in Q4 and full year
- 6% recurring revenue growth (84% of total revenues) in Q4
- 11% transactions revenue growth in Q4
- Higher operating leverage driving adjusted EBITDA margin expansion of 110bp in Q4
- Westlaw, CoCounsel, and Practical Law driving Legal Professionals organic growth
- Indirect Tax, Direct Tax, Pagero, and international businesses driving Corporates growth
- UltraTax, CoCounsel, and Latin America business driving Tax, Audit & Accounting Professionals growth
- Generative AI content licensing revenue and LSEG contractual price increase driving Reuters growth
“Our fourth-quarter results capped a year of important progress for Thomson Reuters. We are seeing tangible benefits from our continued investments in AI, accelerating our pace of product innovation and leveraging technology to reimagine how we work. As we move into 2026, we will continue to scale our agentic capabilities to deliver greater speed, clarity, and confidence for our customers - further demonstrating the value of professional-grade tools built on quality content and deep subject-matter expertise.”
Thomson Reuters CEO, on the earnings call
Forward Guidance & Outlook
For full-year 2026, Thomson Reuters expects organic revenue growth of approximately 7.5%-8.0%, adjusted EBITDA margin expansion of approximately 100 basis points from 39.2% in 2025, free cash flow of approximately $2.1 billion, accrued capex as approximately 8.0% of revenues, depreciation and amortization of software of $890-$910 million, net interest expense of $150-$160 million, effective tax rate on adjusted earnings of approximately 19%, and corporate costs of $115-$125 million. For the Big 3 segments, the company anticipates total revenue growth of approximately 9.5%, organic revenue growth of approximately 9.5%, and adjusted EBITDA margin expansion of approximately 100 basis points from 43.6%. For Q1 2026, organic revenue growth is expected to be approximately 7% with adjusted EBITDA margin of approximately 42%.
TRI YoY Financials
TRI Revenue by Segment
TRI Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.