Exhibit 99.1

 

 

Thomson Reuters Reports Second-Quarter 2025 Results

TORONTO, August 6, 2025 – Thomson Reuters (TSX/Nasdaq: TRI) today reported results for the second quarter ended June 30, 2025:

 

•

Good revenue momentum continued in the second quarter

•

Total company revenues up 3% / organic revenues up 7%

•

Organic revenues up 9% for the “Big 3” segments (Legal Professionals, Corporates and Tax & Accounting Professionals)

•

Maintained full-year 2025 outlook for organic revenue growth, adjusted EBITDA margin and free cash flow

•

Repaid Canadian $1.4 billion notes (U.S. $1.0 billion) with cash on hand in May 2025

•

Launching new agentic AI solutions leveraging Thomson Reuters content and tools for our legal, tax and accounting markets

“We saw good momentum continue in the second quarter, with revenue in-line and margins modestly ahead of our expectations”, said Steve Hasker, President and CEO of Thomson Reuters. “We remain focused on delivering product innovation across our portfolio, as exemplified by the launch of CoCounsel Legal, including Deep Research on Westlaw and guided workflows, and CoCounsel for tax, audit and accounting. With these advanced agentic AI offerings, we continue to leverage our authoritative content and deep expertise to bring transformative professional-grade AI solutions to our markets.”

Mr. Hasker added, “As we look ahead, we remain committed to a balanced capital allocation approach and continue to assess inorganic opportunities as they arise, while focusing on delivering sustained value creation through a long-term investment strategy.”

Consolidated Financial Highlights—Three Months Ended June 30

 

Three Months Ended June 30, (Millions of U.S. dollars, except for EPS) (unaudited)
		2025				2024				Change
IFRS Financial Measures(1)
Revenues		$	1,785			$	1,740				3	%
Operating profit		$	436			$	415				5	%
Diluted earnings per share (EPS)		$	0.69			$	1.86				-63	%
Net cash provided by operating activities		$	746			$	705				5	%
		2025				2024				Change				Change at Constant Currency
Non-IFRS Financial Measures(1)
Revenue growth in constant currency															2	%
Organic revenue growth															7	%
Adjusted EBITDA		$	678			$	646				5	%			5	%
Adjusted EBITDA margin			37.8	%			37.1	%			70bp				70bp
Adjusted EPS		$	0.87			$	0.85				2	%			2	%
Free cash flow		$	566			$	541				4	%
(1)  In addition to results reported in accordance with International Financial Reporting Standards (IFRS), the company uses certain non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the “Non-IFRS Financial Measures” section and the tables appended to this news release for additional information on these and other non-IFRS financial measures, including how they are defined and reconciled to the most directly comparable IFRS measures.

 

Thomson Reuters Reports Second-Quarter 2025 Results

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Revenues increased 3% due to 3% growth in recurring revenues (82% of total revenues) and 5% growth in transactions revenues, partly offset by a 7% decline in Global Print. Total company revenue growth was negatively impacted by net acquisitions and disposals of 5%. Foreign currency had a slightly positive impact on revenue growth.

 

o

Organic revenues increased 7% reflecting 9% growth in recurring revenues, 7% growth in transactions revenues and a 7% decline in Global Print.

o

The company’s “Big 3” segments reported organic revenue growth of 9% and collectively comprised 82% of total revenues.

Operating profit increased 5%, primarily due to higher revenues and a benefit from other operating gains reflected in the current-year period compared to other operating losses in the prior-year period. These items were partly offset by higher operating expenses and amortization of computer software.

 

o

Adjusted EBITDA, which excludes other operating gains and losses, amortization of computer software, as well as other adjustments, increased 5% and the related margin increased to 37.8% from 37.1% in the prior-year period, primarily due to higher operating leverage.

Diluted EPS decreased to $0.69 per share compared to $1.86 per share in the prior-year period. The current-year period included currency losses reflected in other finance costs or income. The prior-year period included a $468 million or a $1.04 per share non-cash tax benefit related to tax legislation enacted in Canada and an increase in value of the company’s former investment in London Stock Exchange Group (LSEG).

 

o

Adjusted EPS, which excludes the currency losses, the non-cash tax benefit and the increase in value of LSEG, as well as other adjustments, increased to $0.87 per share compared to $0.85 per share in the prior-year period, primarily due to higher adjusted EBITDA, partly offset by higher income tax expense and amortization of internally developed software.

Net cash provided by operating activities increased by $41 million primarily due to cash benefits from higher operating profit.

 

o

Free cash flow increased by $25 million as higher net cash provided by operating activities was partly offset by higher capital expenditures.

 

Thomson Reuters Reports Second-Quarter 2025 Results

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Highlights by Customer Segment – Three Months Ended June 30

 

(Millions of U.S. dollars) (unaudited)
		Three Months Ended
		June 30,								Change
		2025				2024				Total				Constant Currency(1)				Organic(1)(2)
Revenues
Legal Professionals		$	709			$	727				-2	%			-3	%			8	%
Corporates			472				442				7	%			6	%			9	%
Tax & Accounting Professionals			277				250				11	%			13	%			11	%
“Big 3” Segments Combined(1)			1,458				1,419				3	%			3	%			9	%
Reuters News			218				205				7	%			5	%			5	%
Global Print			114				123				-7	%			-7	%			-7	%
Eliminations/Rounding			(5	)			(7	)
Total Revenues		$	1,785			$	1,740				3	%			2	%			7	%
Adjusted EBITDA(1)
Legal Professionals		$	339			$	327				4	%			3	%
Corporates			169				163				3	%			3	%
Tax & Accounting Professionals			113				91				22	%			24	%
“Big 3” Segments Combined(1)			621				581				7	%			6	%
Reuters News			45				51				-11	%			-10	%
Global Print			41				43				-5	%			-5	%
Corporate costs			(29	)			(29	)			n/a				n/a
Total Adjusted EBITDA		$	678			$	646				5	%			5	%
Adjusted EBITDA Margin(1)
Legal Professionals			47.8	%			45.0	%			280bp				250bp
Corporates			35.7	%			36.8	%			-110bp				-120bp
Tax & Accounting Professionals			39.3	%			36.8	%			250bp				240bp
“Big 3” Segments Combined(1)			42.3	%			41.0	%			130bp				110bp
Reuters News			20.8	%			24.8	%			-400bp				-360bp
Global Print			36.0	%			35.2	%			80bp				50bp
Total Adjusted EBITDA Margin			37.8	%			37.1	%			70bp				70bp
(1)  See the “Non-IFRS Financial Measures” section and the tables appended to this news release for additional information on these and other non-IFRS financial measures. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue. (2)  Computed for revenue growth only. n/a:  not applicable

Unless otherwise noted, all revenue growth comparisons by customer segment in this news release are at constant currency (which excludes the impact of foreign currency) as Thomson Reuters believes this provides the best basis to measure performance.

 

Thomson Reuters Reports Second-Quarter 2025 Results

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Legal Professionals

Revenues decreased 3% substantially due to the impact from the disposal of FindLaw, which negatively impacted recurring and transactions revenues. Organic revenue growth was 8%.

 

o

Recurring revenues decreased 2% (97% of total, increased 9% organic). Organic revenue growth was primarily driven by Westlaw, CoCounsel, CoCounsel Drafting, Practical Law, CLEAR, and the segment’s international businesses.

o

Transactions revenues decreased 22% (3% of total, decreased 7% organic).

Adjusted EBITDA increased 4% to $339 million.

 

o

The margin increased to 47.8% from 45.0% primarily reflecting the disposal of the FindLaw business and operating leverage.

Corporates

Revenues increased 6% and organic revenue growth was 9%.

 

o

Recurring revenues increased 8% (88% of total, increased 9% organic). Organic revenue growth was primarily driven by Indirect and Direct Tax, Pagero, Practical Law, and the segment’s international businesses.

o

Transactions revenues decreased 2% (12% of total, increased 4% organic). Organic revenue growth was primarily driven by increases in Indirect Tax, Confirmation, SurePrep and the segment’s international businesses.

Adjusted EBITDA increased 3% to $169 million.

 

o

The margin decreased to 35.7% from 36.8% primarily reflecting higher technology and product development costs.

Tax & Accounting Professionals

Revenues increased 13%, including the acquisition impact of SafeSend which was reflected in transactions revenues. Organic revenue growth was 11%.

 

o

Recurring revenues increased 9% (69% of total, all organic). Organic revenue growth was primarily driven by the segment’s Latin America business and its tax products.

o

Transactions revenues increased 23% (31% of total, increased 14% organic) primarily driven by SurePrep, SafeSend, UltraTax and Confirmation.

Adjusted EBITDA increased 22% to $113 million.

 

o

The margin increased to 39.3% from 36.8%, primarily reflecting operating leverage on higher revenue growth and the timing of certain expenses.

The Tax & Accounting Professionals segment is the company’s most seasonal business with approximately 60% of full-year revenues typically generated in the first and fourth quarters. As a result, the margin performance of this segment has been generally higher in the first and fourth quarters as costs are typically incurred in a more linear fashion throughout the year.

 

Thomson Reuters Reports Second-Quarter 2025 Results

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Reuters News

Revenues increased 5%, all organic, primarily due to higher Professional and Agency revenues and a contractual price increase from our news agreement with the Data & Analytics business of LSEG.

Adjusted EBITDA decreased 11% to $45 million.

 

o

The margin decreased to 20.8% from 24.8% primarily due to higher editorial coverage costs and investments across the business.

Global Print

Revenues decreased 7%, all organic, driven by lower shipment volumes and the migration of customers from Global Print to Westlaw.

Adjusted EBITDA decreased 5% to $41 million, and the margin increased to 36.0% from 35.2%.

Corporate Costs

Corporate costs were $29 million in both the current and prior-year periods.

Consolidated Financial Highlights – Six Months Ended June 30

 

Six Months Ended June 30, (Millions of U.S. dollars, except for EPS) (unaudited)
		2025				2024				Change
IFRS Financial Measures(1)
Revenues		$	3,685			$	3,625				2	%
Operating profit		$	999			$	972				3	%
Diluted EPS		$	1.65			$	2.92				-43	%
Net cash provided by operating activities		$	1,191			$	1,137				5	%
		2025				2024				Change				Change at Constant Currency
Non-IFRS Financial Measures(1)
Revenue growth in constant currency															2	%
Organic revenue growth															7	%
Adjusted EBITDA		$	1,487			$	1,452				2	%			2	%
Adjusted EBITDA margin			40.1	%			40.0	%			10bp				-10bp
Adjusted EPS		$	2.00			$	1.97				2	%			2	%
Free cash flow		$	843			$	812				4	%
(1)  In addition to results reported in accordance with IFRS, the company uses certain non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the “Non-IFRS Financial Measures” section and the tables appended to this news release for additional information on these and other non-IFRS financial measures, including how they are defined and reconciled to the most directly comparable IFRS measures.

 

Thomson Reuters Reports Second-Quarter 2025 Results

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Revenues increased 2% due to 2% growth in recurring revenues (79% of total revenues) and 1% growth in transactions revenues, partly offset by a 7% decline in Global Print. Total company revenue growth was negatively impacted by net acquisitions and disposals of 5%. Foreign currency had no impact on revenue growth.

 

o

Organic revenues increased 7% reflecting 9% growth in recurring revenues, 3% growth in transactions revenues and a 6% decline in Global Print.

o

The company’s “Big 3” segments reported organic revenue growth of 9% and collectively comprised 83% of total revenues.

Operating profit increased 3%, primarily due to higher revenues and a benefit from other operating gains reflected in the current-year period compared to other operating losses in the prior-year period. These items were partly offset by higher operating expenses and amortization of computer software.

 

o

Adjusted EBITDA, which excludes other operating gains and losses, amortization of computer software, as well as other adjustments, increased 2% and the related margin increased slightly to 40.1% from 40.0%. Foreign currency contributed 20 basis points to the year-over-year change in adjusted EBITDA margin.

Diluted EPS decreased to $1.65 per share compared to $2.92 per share in the prior-year period. The current-year period included currency losses reflected in other finance costs or income. The prior-year period included a $468 million or $1.04 per share non-cash tax benefit related to tax legislation enacted in Canada and an increase in value of the company’s former investment in LSEG.

 

o

Adjusted EPS, which excludes the currency losses, the non-cash tax benefit and the increase in value of LSEG, as well as other adjustments, increased to $2.00 per share compared to $1.97 per share in the prior-year period, primarily due to higher adjusted EBITDA, partly offset by higher amortization of internally developed software.

Net cash provided by operating activities increased by $54 million primarily due to cash benefits from higher operating profit.

 

o

Free cash flow increased by $31 million as higher net cash provided by operating activities was partly offset by higher capital expenditures.

 

Thomson Reuters Reports Second-Quarter 2025 Results

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Highlights by Customer Segment – Six Months Ended June 30

 

(Millions of U.S. dollars) (unaudited)
		Six Months Ended
		June 30,								Change
		2025				2024				Total				Constant Currency(1)				Organic(1)(2)
Revenues
Legal Professionals		$	1,402			$	1,448				-3	%			-3	%			8	%
Corporates			1,013				949				7	%			7	%			9	%
Tax & Accounting Professionals			637				578				10	%			12	%			11	%
“Big 3” Segments Combined(1)			3,052				2,975				3	%			3	%			9	%
Reuters News			414				415				0	%			-1	%			-1	%
Global Print			230				247				-7	%			-6	%			-6	%
Eliminations/Rounding			(11	)			(12	)
Total Revenues		$	3,685			$	3,625				2	%			2	%			7	%
Adjusted EBITDA(1)
Legal Professionals		$	675			$	669				1	%			0	%
Corporates			382				356				7	%			6	%
Tax & Accounting Professionals			323				272				19	%			20	%
“Big 3” Segments Combined(1)			1,380				1,297				6	%			6	%
Reuters News			84				111				-24	%			-25	%
Global Print			85				90				-6	%			-6	%
Corporate costs			(62	)			(46	)			n/a				n/a
Total Adjusted EBITDA		$	1,487			$	1,452				2	%			2	%
Adjusted EBITDA Margin(1)
Legal Professionals			48.1	%			46.2	%			190bp				150bp
Corporates			37.7	%			37.3	%			40bp				0bp
Tax & Accounting Professionals			49.1	%			47.1	%			200bp				160bp
“Big 3” Segments Combined(1)			44.9	%			43.5	%			140bp				100bp
Reuters News			20.4	%			26.6	%			-620bp				-630bp
Global Print			36.9	%			36.7	%			20bp				-10bp
Total Adjusted EBITDA Margin			40.1	%			40.0	%			10bp				-10bp
(1)  See the “Non-IFRS Financial Measures” section and the tables appended to this news release for additional information on these and other non-IFRS financial measures. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue. (2)  Computed for revenue growth only. n/a:  not applicable

 

Thomson Reuters Reports Second-Quarter 2025 Results

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2025 Outlook

The company maintained its 2025 full-year outlook announced on February 6, 2025, except as follows:

 

•

Depreciation and amortization of computer software has been updated to reflect lower amortization of internally developed software than previously forecasted. Our full-year adjusted depreciation and amortization guidance is now $825 million to $835 million, with $625 million to $635 million related to depreciation and amortization of internally developed software.

•

Net interest expense is expected to be approximately $130 million, which is below our previous guidance of approximately $150 million due to higher than previously forecasted interest rates benefiting interest income.

The company’s outlook for 2025 in the table below assumes constant currency rates and incorporates the recent SafeSend acquisition and the disposals of FindLaw and other non-core businesses, but excludes the impact of any future acquisitions or dispositions that may occur during the remainder of the year. Thomson Reuters believes that this type of guidance provides useful insight into the anticipated performance of its businesses.

The company expects its third-quarter 2025 organic revenue growth to be approximately 7% and its adjusted EBITDA margin to be approximately 36%.

The company’s 2025 outlook is forward-looking information that is subject to risks and uncertainties (see “Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions”). In particular, 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. Any worsening of the global economic or business environment, among other factors, could impact the company’s ability to achieve its outlook.

 

Thomson Reuters Reports Second-Quarter 2025 Results

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Reported Full-Year 2024 Results and Full-Year 2025 Outlook

 

Total Thomson Reuters		FY 2024  Reported		FY 2025 Outlook 2/6/2025		FY 2025 Outlook 8/6/2025
Total Revenue Growth		7%		3.0 - 3.5%(2)		Unchanged
Organic Revenue Growth(1)		7%		7.0 - 7.5%		Unchanged
Adjusted EBITDA Margin(1)		38.2%		~39%		Unchanged
Corporate Costs		$105 million		$120 - $130 million		Unchanged
Free Cash Flow(1)		$1.8 billion		~$1.9 billion		Unchanged
Accrued Capex as % of Revenue(1)		8.4%		~8%		Unchanged
Depreciation & Amortization of Computer Software Depreciation & Amortization of Internally Developed Software Amortization of Acquired Software		$731 million $584 million $147 million		$835 - $855 million  $635 - $655 million  ~$200 million		$825 - $835  million  $625 - $635 million  Unchanged
Net Interest Expense		$125 million		~$150 million		~$130 million
Effective Tax Rate on Adjusted Earnings(1)		17.6%		~19%		Unchanged
“Big 3” Segments(1)		FY 2024  Reported		FY 2025 Outlook 2/6/2025		FY 2025 Outlook 8/6/2025
Total Revenue Growth		8%		~4%(2)		Unchanged
Organic Revenue Growth		9%		~9%		Unchanged
Adjusted EBITDA Margin		42.1%		~43%		Unchanged

 

(1)	Non-IFRS financial measures. See the “Non-IFRS Financial Measures” section below as well as the tables and footnotes appended to this news release for more information.

(2)	Total revenue growth reflects the impact of the disposals of FindLaw and other non-core businesses in December 2024.

The information in this section is forward-looking. Actual results, which will include the impact of currency and future acquisitions and dispositions completed during 2025, may differ materially from the company’s 2025 outlook. The information in this section should also be read in conjunction with the section below entitled “Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions.”

 

Thomson Reuters Reports Second-Quarter 2025 Results

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Debt Repayment

In May 2025, the company repaid its Canadian $1.4 billion (U.S. $1.0 billion) 2.239% notes upon maturity with cash on hand.

Dividends and Common Shares Outstanding

In February 2025, the company announced a 10% or $0.22 per share annualized increase in the dividend to $2.38 per common share, representing the 32^nd consecutive year of dividend increases and the fourth consecutive 10% increase. A quarterly dividend of $0.595 per share is payable on September 10, 2025 to common shareholders of record as of August 19, 2025.

As of August 4, 2025, Thomson Reuters had approximately 450.7 million common shares outstanding.

Thomson Reuters

Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.

NON-IFRS FINANCIAL MEASURES

Thomson Reuters prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).

This news release includes certain non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, such as adjusted EBITDA (other than at the customer segment level) and the related margin, free cash flow, adjusted earnings and the effective tax rate on adjusted earnings, adjusted EPS, accrued capital expenditures expressed as a percentage of revenues, net debt and leverage ratio of net debt to adjusted EBITDA, selected measures excluding the impact of foreign currency, changes in revenues computed on an organic basis as well as all financial measures for the “Big 3” segments.

Thomson Reuters uses these non-IFRS financial measures as supplemental indicators of its operating performance and financial position as well as for internal planning purposes and the company’s business outlook. Additionally, Thomson Reuters uses non-IFRS measures as the basis for management incentive programs. These measures do not have any standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the appended tables.

 

Thomson Reuters Reports Second-Quarter 2025 Results

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The company’s outlook contains various non-IFRS financial measures. The company believes that providing reconciliations of forward-looking non-IFRS financial measures in its outlook would be potentially misleading and not practical due to the difficulty of projecting items that are not reflective of ongoing operations in any future period. The magnitude of these items may be significant. Consequently, for purposes of its outlook only, the company is unable to reconcile these non-IFRS measures to the most directly comparable IFRS measures because it cannot predict, with reasonable certainty, the impacts of changes in foreign exchange rates which impact (i) the translation of its results reported at average foreign currency rates for the year, and (ii) other finance income or expense related to intercompany financing arrangements. Additionally, the company cannot reasonably predict the occurrence or amount of other operating gains and losses that generally arise from business transactions that the company does not currently anticipate.

ROUNDING

Other than EPS, the company reports its results in millions of U.S. dollars, but computes percentage changes and margins using whole dollars to be more precise. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL RISKS AND MATERIAL ASSUMPTIONS

Certain statements in this news release, including, but not limited to, statements in Mr. Hasker’s comments and the “2025 Outlook” section are forward-looking. The words “will”, “expect”, “believe”, “target”, “estimate”, “could”, “should”, “intend”, “predict”, “project” and similar expressions identify forward-looking statements. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond the company’s control and the effects of them can be difficult to predict.

Some of the material risk factors that could cause actual results or events to differ materially from those expressed in or implied by forward-looking statements in this news release include, but are not limited to, those discussed on pages 16-27 in the “Risk Factors” section of the company’s 2024 annual report. These and other risk factors are discussed in materials that Thomson Reuters from time-to-time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (SEC). Thomson Reuters’ annual and quarterly reports are also available in the “Investor Relations” section of tr.com.

The company’s business outlook is based on information currently available to the company and is based on various external and internal assumptions made by the company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the company believes are appropriate under the circumstances. Material assumptions and material risks may cause actual performance to differ from the company’s expectations underlying its business outlook. In particular, the global economy has experienced substantial disruption due to concerns regarding economic effects associated with the macroeconomic backdrop and ongoing geopolitical risks. The company’s business outlook assumes that uncertain macroeconomic and geopolitical conditions will continue to disrupt the economy and cause periods of volatility, however, these conditions may last substantially longer than expected and any worsening of the global economic or business environment could impact the company’s ability to achieve its outlook and affect its results and other expectations. For a discussion of material assumptions and material risks related to the company’s 2025 outlook see pages 16-17 of the company’s first-quarter management’s discussion and analysis (MD&A) for the period ended March 31, 2025. The company’s quarterly MD&A and annual report was filed with, or furnished to, the Canadian securities regulatory authorities and the U.S. SEC and are also available in the “Investor Relations” section of tr.com.

The company has provided an outlook for the purpose of presenting information about current expectations for the period presented. This information may not be appropriate for other purposes. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release.

Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.

 

Thomson Reuters Reports Second-Quarter 2025 Results

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CONTACTS

 

MEDIA Gehna Singh Kareckas Senior Director, Corporate Affairs +1 613 979 4272 gehna.singhkareckas@tr.com		INVESTORS Gary Bisbee, CFA Head of Investor Relations +1 646 540 3249 gary.bisbee@tr.com

Thomson Reuters will webcast a discussion of its second-quarter 2025 results and its 2025 business outlook today beginning at 8:30 a.m. Eastern Daylight Time (EDT). You can access the webcast by visiting ir.tr.com. An archive of the webcast will be available following the presentation.

 

Thomson Reuters Reports Second-Quarter 2025 Results

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Thomson Reuters Corporation

Consolidated Income Statement

(millions of U.S. dollars, except per share data)

(unaudited)

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2025				2024				2025				2024
CONTINUING OPERATIONS
Revenues		$	1,785			$	1,740			$	3,685			$	3,625
Operating expenses			(1,124	)			(1,090	)			(2,232	)			(2,171	)
Depreciation			(28	)			(29	)			(55	)			(57	)
Amortization of computer software			(178	)			(154	)			(352	)			(307	)
Amortization of other identifiable intangible assets			(24	)			(23	)			(49	)			(48	)
Other operating gains (losses), net			5				(29	)			2				(70	)
Operating profit			436				415				999				972
Finance costs, net:
Net interest expense			(35	)			(36	)			(65	)			(76	)
Other finance (costs) income			(48	)			2				(58	)			24
Income before tax and equity method investments			353				381				876				920
Share of post-tax (losses) earnings in equity method investments			(4	)			61				(10	)			53
Tax (expense) benefit			(52	)			402				(144	)			335
Earnings from continuing operations			297				844				722				1,308
Earnings (loss) from discontinued operations, net of tax			16				(3	)			25				11
Net earnings		$	313			$	841			$	747			$	1,319
Earnings (loss) attributable to:
Common shareholders		$	313			$	841			$	747			$	1,322
Non-controlling interests			—				—				—				(3	)
Earnings per share:
Basic earnings (loss) per share:
From continuing operations		$	0.66			$	1.87			$	1.60			$	2.90
From discontinued operations			0.03				(0.01	)			0.05				0.02
Basic earnings per share		$	0.69			$	1.86			$	1.65			$	2.92
Diluted earnings (loss) per share:
From continuing operations		$	0.66			$	1.87			$	1.60			$	2.89
From discontinued operations			0.03				(0.01	)			0.05				0.03
Diluted earnings per share		$	0.69			$	1.86			$	1.65			$	2.92
Basic weighted-average common shares			450,673,826				450,364,361				450,481,106				451,244,365
Diluted weighted-average common shares			451,204,832				450,911,513				451,025,807				451,886,658

 

Thomson Reuters Reports Second-Quarter 2025 Results

Page 14 of 24

 

Thomson Reuters Corporation

Consolidated Statement of Financial Position

(millions of U.S. dollars)

(unaudited)

 

		June 30, 2025				December 31, 2024
Assets
Cash and cash equivalents		$	664			$	1,968
Trade and other receivables			1,088				1,087
Other financial assets			63				35
Prepaid expenses and other current assets			441				400
Current assets			2,256				3,490
Property and equipment, net			375				386
Computer software, net			1,636				1,453
Other identifiable intangible assets, net			3,134				3,134
Goodwill			7,835				7,262
Equity method investments			284				269
Other financial assets			454				442
Other non-current assets			625				625
Deferred tax			1,367				1,376
Total assets		$	17,966			$	18,437
Liabilities and equity
Liabilities
Current indebtedness		$	499			$	973
Payables, accruals and provisions			892				1,091
Current tax liabilities			187				197
Deferred revenue			1,164				1,062
Other financial liabilities			112				113
Current liabilities			2,854				3,436
Long-term indebtedness			1,342				1,847
Provisions and other non-current liabilities			643				675
Other financial liabilities			212				232
Deferred tax			299				241
Total liabilities			5,350				6,431
Equity
Capital			3,578				3,498
Retained earnings			9,933				9,699
Accumulated other comprehensive loss			(895	)			(1,191	)
Total equity			12,616				12,006
Total liabilities and equity		$	17,966			$	18,437

 

Thomson Reuters Reports Second-Quarter 2025 Results

Page 15 of 24

 

Thomson Reuters Corporation

Consolidated Statement of Cash Flow

(millions of U.S. dollars)

(unaudited)

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Cash provided by (used in):
Operating activities
Earnings from continuing operations		$	297			$	844			$	722			$	1,308
Adjustments for:
Depreciation			28				29				55				57
Amortization of computer software			178				154				352				307
Amortization of other identifiable intangible assets			24				23				49				48
Share of post-tax losses (earnings) in equity method investments			4				(61	)			10				(53	)
Deferred tax			(1	)			(545	)			18				(695	)
Other			105				73				169				121
Changes in working capital and other items			107				189				(186	)			46
Operating cash flows from continuing operations			742				706				1,189				1,139
Operating cash flows from discontinued operations			4				(1	)			2				(2	)
Net cash provided by operating activities			746				705				1,191				1,137
Investing activities
Acquisitions, net of cash acquired			(24	)			(19	)			(630	)			(467	)
Proceeds (payments) related to disposals of businesses and investments			5				—				5				(4	)
Proceeds from sales of LSEG shares			—				610				—				1,854
Capital expenditures			(163	)			(152	)			(314	)			(297	)
Other investing activities			—				6				1				6
Taxes paid on sales of LSEG shares and disposals of businesses			—				(121	)			—				(137	)
Net cash (used in) provided by investing activities			(182	)			324				(938	)			955
Financing activities
Repayments of debt			(999	)			—				(999	)			(48	)
Net repayments under short-term loan facilities			—				(703	)			—				(139	)
Payments of lease principal			(16	)			(16	)			(33	)			(31	)
Repurchases of common shares			—				(287	)			—				(639	)
Dividends paid on preference shares			(1	)			(2	)			(2	)			(3	)
Dividends paid on common shares			(260	)			(235	)			(519	)			(472	)
Purchase of non-controlling interests			—				(4	)			—				(384	)
Other financing activities			1				2				(10	)			1
Net cash used in financing activities			(1,275	)			(1,245	)			(1,563	)			(1,715	)
Translation adjustments			4				(3	)			6				(5	)
(Decrease) increase in cash and cash equivalents			(707	)			(219	)			(1,304	)			372
Cash and cash equivalents at beginning of period			1,371				1,889				1,968				1,298
Cash and cash equivalents at end of period		$	664			$	1,670			$	664			$	1,670

 

Thomson Reuters Reports Second-Quarter 2025 Results

Page 16 of 24

 

Thomson Reuters Corporation

Reconciliation of Earnings from Continuing Operations to Adjusted EBITDA⁽¹⁾

(millions of U.S. dollars)

(unaudited)

 

		Three Months Ended								Six Months Ended								Year Ended
		June 30,								June 30,								December 31,
		2025				2024				2025				2024				2024
Earnings from continuing operations		$	297			$	844			$	722			$	1,308			$	2,192
Adjustments to remove:
Tax expense (benefit)			52				(402	)			144				(335	)			(123	)
Other finance costs (income)			48				(2	)			58				(24	)			(45	)
Net interest expense			35				36				65				76				125
Amortization of other identifiable intangible assets			24				23				49				48				91
Amortization of computer software			178				154				352				307				618
Depreciation			28				29				55				57				113
EBITDA		$	662			$	682			$	1,445			$	1,437			$	2,971
Adjustments to remove:
Share of post-tax losses (earnings) in equity method investments			4				(61	)			10				(53	)			(40	)
Other operating (gains) losses, net			(5	)			29				(2	)			70				(144	)
Fair value adjustments*			17				(4	)			34				(2	)			(8	)
Adjusted EBITDA(1)		$	678			$	646			$	1,487			$	1,452			$	2,779
Adjusted EBITDA margin(1)			37.8	%			37.1	%			40.1	%			40.0	%			38.2	%

 

*	Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue.

Thomson Reuters Corporation

Reconciliation of Net Cash Provided By Operating Activities to Free Cash Flow⁽¹⁾

(millions of U.S. dollars)

(unaudited)

 

		Three Months Ended								Six Months Ended								Year Ended
		June 30,								June 30,								December 31,
		2025				2024				2025				2024				2024
Net cash provided by operating activities		$	746			$	705			$	1,191			$	1,137			$	2,457
Capital expenditures			(163	)			(152	)			(314	)			(297	)			(607	)
Other investing activities			—				6				1				6				46
Payments of lease principal			(16	)			(16	)			(33	)			(31	)			(63	)
Dividends paid on preference shares			(1	)			(2	)			(2	)			(3	)			(5	)
Free cash flow(1))		$	566			$	541			$	843			$	812			$	1,828

Thomson Reuters Corporation

Reconciliation of Capital Expenditures to Accrued Capital Expenditures⁽¹⁾

(millions of U.S. dollars)

(unaudited)

 

		Year Ended
		December 31,
		2024
Capital expenditures		$	607
Remove: IFRS adjustment to cash basis			2
Accrued capital expenditures (1)		$	609
Accrued capital expenditures as a percentage of revenues(1)			8.4	%

 

(1)	Refer to page 24 for additional information on non-IFRS financial measures.

 

Thomson Reuters Reports Second-Quarter 2025 Results

Page 17 of 24

 

Thomson Reuters Corporation

Reconciliation of Net Earnings to Adjusted Earnings⁽¹⁾

Reconciliation of Total Change in Adjusted EPS to Change in Constant Currency⁽¹⁾

(millions of U.S. dollars, except for share and per share data)

(unaudited)

 

		Three Months Ended June 30,								Six Months Ended June 30,								Year Ended December 31,
		2025				2024				2025				2024				2024
Net earnings		$	313			$	841			$	747			$	1,319			$	2,207
Adjustments to remove:
Fair value adjustments*			17				(4	)			34				(2	)			(8	)
Amortization of acquired computer software			52				37				101				75				147
Amortization of other identifiable intangible assets			24				23				49				48				91
Other operating (gains) losses, net			(5	)			29				(2	)			70				(144	)
Other finance costs (income)			48				(2	)			58				(24	)			(45	)
Share of post-tax losses (earnings) in equity method investments			4				(61	)			10				(53	)			(40	)
Tax on above items(1)			(22	)			(8	)			(46	)			(40	)			(9	)
Tax items impacting comparability(1)			(21	)			(470	)			(20	)			(481	)			(478	)
(Earnings) loss from discontinued operations, net of tax			(16	)			3				(25	)			(11	)			(15	)
Interim period effective tax rate normalization(1)			1				(1	)			(4	)			(10	)			—
Dividends declared on preference shares			(1	)			(2	)			(2	)			(3	)			(5	)
Adjusted earnings(1)(2)		$	394			$	385			$	900			$	888			$	1,701
Adjusted EPS(1)(2)		$	0.87			$	0.85			$	2.00			$	1.97
Total change			2	%							2	%
Foreign currency			0	%							0	%
Constant currency			2	%							2	%
Diluted weighted-average common shares (millions)			451.2				450.9				451.0				451.9

 

Reconciliation of Effective Tax Rate on Adjusted Earnings(1)		Year-ended December 31,
		2024
Adjusted earnings		$	1,701
Plus: Dividends declared on preference shares			5
Plus: Tax expense on adjusted earnings			364
Pre-tax adjusted earnings		$	2,070
IFRS Tax benefit		$	(123	)
Remove tax related to:
Amortization of acquired computer software			33
Amortization of other identifiable intangible assets			22
Share of post-tax earnings in equity method investments			(7	)
Other finance income			19
Other operating gains, net			(56	)
Other items			(2	)
Subtotal – Remove tax benefit on pre-tax items removed from adjusted earnings			9
Remove: Tax items impacting comparability			478
Total—Remove all items impacting comparability			487
Tax expense on adjusted earnings		$	364
Effective tax rate on adjusted earnings			17.6	%

 

*	Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue.

(1)	Refer to page 24 for additional information on non-IFRS financial measures.

(2)	The adjusted earnings impact of non-controlling interests, which was applicable to the six-month period ended June 30, 2024 and the year-ended December 31, 2024, was not material.

 

Thomson Reuters Reports Second-Quarter 2025 Results

Page 18 of 24

 

Thomson Reuters Corporation

Reconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency⁽¹⁾ and Organic Basis⁽¹⁾

(millions of U.S. dollars)

(unaudited)

 

		Three Months Ended June 30,								Change
		2025				2024				Total				Foreign Currency				SUBTOTAL Constant Currency				Net Acquisitions/ (Disposals)				Organic
Total Revenues
Legal Professionals		$	709			$	727				-2	%			0	%			-3	%			-11	%			8	%
Corporates			472				442				7	%			0	%			6	%			-2	%			9	%
Tax & Accounting Professionals			277				250				11	%			-2	%			13	%			2	%			11	%
“Big 3” Segments Combined(1)			1,458				1,419				3	%			0	%			3	%			-6	%			9	%
Reuters News			218				205				7	%			2	%			5	%			0	%			5	%
Global Print			114				123				-7	%			0	%			-7	%			0	%			-7	%
Eliminations/Rounding			(5	)			(7	)
Total Revenues		$	1,785			$	1,740				3	%			0	%			2	%			-5	%			7	%
Recurring Revenues
Legal Professionals		$	689			$	702				-2	%			0	%			-2	%			-11	%			9	%
Corporates			413				382				8	%			0	%			8	%			-2	%			9	%
Tax & Accounting Professionals			190				179				7	%			-2	%			9	%			0	%			9	%
“Big 3” Segments Combined(1)			1,292				1,263				2	%			0	%			2	%			-7	%			9	%
Reuters News			176				164				8	%			2	%			6	%			0	%			6	%
Eliminations/Rounding			(5	)			(7	)
Total Recurring Revenues		$	1,463			$	1,420				3	%			0	%			3	%			-6	%			9	%
Transactions Revenues
Legal Professionals		$	20			$	25				-20	%			2	%			-22	%			-14	%			-7	%
Corporates			59				60				-2	%			1	%			-2	%			-6	%			4	%
Tax & Accounting Professionals			87				71				22	%			-1	%			23	%			8	%			14	%
“Big 3” Segments Combined(1)			166				156				6	%			0	%			6	%			-2	%			8	%
Reuters News			42				41				3	%			2	%			1	%			0	%			1	%
Total Transactions Revenues		$	208			$	197				5	%			1	%			5	%			-2	%			7	%

Growth percentages are computed using whole dollars. As a result, percentages calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.

 

(1)	Refer to page 24 for additional information on non-IFRS financial measures.