Q2 26 EPS Adjusted
$0.99
BEAT +3.34%
Est. $0.96
Q2 26 Revenue
$1.95B
BEAT +1.82%
Est. $1.92B
vs S&P Since Q2 26
+2.4%
BEATING MARKET
TRI +2.8% vs S&P +0.4%
Market Reaction
Did TRI Beat Earnings? Q2 2026 Results
Thomson Reuters delivered a clean beat across the board in Q2 2026, posting adjusted EPS of $0.99 against the $0.96 consensus estimate, a 3.34% beat that extended the company's streak of exceeding analyst EPS expectations to four consecutive quarters… Read more Thomson Reuters delivered a clean beat across the board in Q2 2026, posting adjusted EPS of $0.99 against the $0.96 consensus estimate, a 3.34% beat that extended the company's streak of exceeding analyst EPS expectations to four consecutive quarters. Revenue climbed 9.5% year over year to $1.95 billion, edging past the $1.92 billion consensus by 1.82%, with the outperformance anchored by broad strength across the company's "Big 3" segments, Legal Professionals, Corporates, and Tax, Audit and Accounting Professionals, which collectively grew 10% organically, driven by recurring revenue growth and expanding adoption of products like Westlaw and CoCounsel. Adjusted EBITDA margin widened 30 basis points to 38.1%, reflecting operating leverage from the revenue acceleration. Adding a notable strategic dimension to the quarter, the company announced an agreement to sell a 51% stake in its Global Print business to KKR for approximately $500 million, a move expected to lift organic revenue growth by 60 to 70 basis points annually once closed. Management raised its full-year 2026 revenue growth outlook to approximately 8%, while also unveiling plans to deploy a proprietary AI model tailored for legal professionals.
Key Takeaways
- • 9% organic growth in recurring revenues (82% of total revenues) across Big 3 segments
- • 13% organic growth in transactions revenues for Big 3 segments
- • Strong performance from Westlaw, CoCounsel, CLEAR, Indirect Tax, and Pagero products
- • Corporates segment transactions revenue grew 24% organically driven by Confirmation, Pagero, Trust, Checkpoint, and Indirect Tax
- • Legal Professionals transactions revenue grew 18% organically driven by CLEAR
- • Operating leverage driving adjusted EBITDA margin expansion to 38.1%
- • Corporates adjusted EBITDA margin expanded 150bp to 37.2% in Q2
- • Global Print adjusted EBITDA margin expanded 170bp to 37.7% in Q2
- • Other operating gains of $68 million in Q2 primarily related to acquisitions and investments
TRI Forward Guidance & Outlook
Thomson Reuters raised its full-year 2026 outlook in August: total and organic revenue growth raised to approximately 8.0% (from 7.5%-8.0% previously); Big 3 segments organic revenue growth raised to 9.5%-10.0% (from approximately 9.5%). All other metrics unchanged: adjusted EBITDA margin expected to improve +100bp vs 2025; corporate costs of $115-$125 million; free cash flow of approximately $2.1 billion; accrued capex approximately 8.0% of revenues; depreciation and amortization of software $890-$910 million; net interest expense $180-$190 million; effective tax rate on adjusted earnings approximately 19%. Q3 2026 organic revenue growth expected at approximately 8% with adjusted EBITDA margin of approximately 36%. The Global Print segment will be reported as a discontinued operation starting Q3 2026 with an updated outlook to be provided at that time. Once the KKR transaction closes, the company expects total organic revenue growth to increase 60-70bp annually with minimal impact on adjusted EBITDA margin.
TRI YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
TRI Revenue by Segment
With YoY comparisons, source: SEC Filings
TRI Revenue by Geography
With YoY comparisons, source: SEC Filings
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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.96 | $0.99 | +3.34% | $1.95B | +1.82% |
| 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% |