Companies /Industrials

Thomson-Reuters Corp

NYSE: TRI Specialty Business Services
$105.87
▼ $0.48 (−0.45%) today
Markets closed · 4:11am ET

Q1 2026 Earnings

Reported May 6, 2026, 4:23pm ET · SEC source
$1.23
Beat +2.87%
EPS · est. $1.20
$2.1B
Beat +2.19%
Revenue · est. $2.0B
−10.1%
Trailing market
TRI vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0+2%+4%May 6May 7report 4:23pm ETearnings−0.3%+1.8%
−2%0+2%+4%May 6May 7earnings−0.3%+1.8%
TRI +1.8%S&P 500 −0.3%
−2%0+2%+4%May 6May 7report 4:23pm ETearnings−0.1%+1.8%
−2%0+2%+4%May 6May 7earnings−0.1%+1.8%
TRI +1.8%NASDAQ −0.1%
−12%−6%0May 5May 14report 4:23pm ETearnings+1.9%−13.7%
−12%−6%0May 5May 14earnings+1.9%−13.7%
TRI −13.7%S&P 500 +1.9%
−12%−6%0May 5May 14report 4:23pm ETearnings+3.5%−13.7%
−12%−6%0May 5May 14earnings+3.5%−13.7%
TRI −13.7%NASDAQ +3.5%
−3.89%
Day of report
+1.77%
Next session
−10.59%
One week
−9.34%
30 days

S&P 500 over the same 30 days: +0.73%.

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 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

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.

TRI YoY Financials

Revenue$2.1B
Operating Income$639.0M
Net Income$459.0M

TRI Revenue by Segment

Legal Professionals$756.0M+9.0%
Corporates$608.0M+9.0%
Tax, Audit & Accounting Professionals$410.0M+10.0%
Tax & Accounting Professionals
Reuters$212.0M+6.0%
Reuters News
Global Print$112.0M−5.0%

TRI Revenue by Geography

Americas$1.7B
United States$1.5B
EMEA$356.0M
United Kingdom$255.0M
Asia Pacific$79.0M
Canada$59.0M

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