Exhibit 99.1

 

 

Thomson Reuters Reports Third-Quarter 2025 Results

TORONTO, November 4, 2025 - Thomson Reuters (TSX/Nasdaq: TRI) today reported results for the third quarter ended September 30, 2025:

 

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Solid revenue momentum continued in the third quarter

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

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

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Reaffirmed full-year 2025 outlook for all metrics

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Updated full-year 2026 financial framework, raising expectations for adjusted EBITDA margin expansion and free cash flow; all other metrics are unchanged

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Completed $1.0 billion share repurchase program announced in August 2025

“Our third-quarter results reflect continued momentum and the ongoing execution of our AI-driven innovation strategy,” said Steve Hasker, President and CEO of Thomson Reuters. “The growth in organic revenue highlights the impact of our agentic AI solutions like CoCounsel Legal and CoCounsel for tax, audit and accounting. We are launching new products and reshaping professional workflows by combining our expertise and trusted, authoritative content with cutting-edge technology. This is how we are empowering our customers to navigate increasing complexity and stay ahead.”

Mr. Hasker added, “With a robust capital position and a clear focus on our long-term investment strategy, we are well-positioned to build on this momentum, assess further inorganic opportunities, and continue delivering sustained growth and shareholder value.”

Consolidated Financial Highlights - Three Months Ended September 30

 

Three Months Ended September 30, (Millions of U.S. dollars, except for EPS) (unaudited)
		2025				2024				Change
IFRS Financial Measures(1)
Revenues		$	1,782			$	1,724				3	%
Operating profit		$	593			$	415				43	%
Diluted earnings per share (EPS)		$	0.94			$	0.67				40	%
Net cash provided by operating activities		$	704			$	756				-7	%
		2025				2024				Change				Change at Constant Currency
Non-IFRS Financial Measures(1)
Revenue growth in constant currency															3	%
Organic revenue growth															7	%
Adjusted EBITDA		$	672			$	609				10	%			9	%
Adjusted EBITDA margin			37.7	%			35.3	%			240bp				220bp
Adjusted EPS		$	0.85			$	0.80				6	%			5	%
Free cash flow		$	526			$	591				-11	%
(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 Third-Quarter 2025 Results

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Revenues increased 3% due to 3% growth in recurring revenues (83% of total revenues) and 12% growth in transactions revenues, partly offset by a 4% decline in Global Print. Total company revenue growth was negatively impacted by net acquisitions and disposals of 4%. Foreign currency had no significant impact on revenue growth.

 

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Organic revenues increased 7% reflecting 9% growth in recurring revenues, 4% growth in transactions revenues and a 4% decline in Global Print.

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

Operating profit increased 43% driven by an other operating gain on the sale of the company’s remaining minority equity interest in the Elite business as well as higher revenues, partly offset by higher amortization of computer software.

 

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Adjusted EBITDA, which excludes other operating gains and amortization of computer software, as well as other adjustments, increased 10% and the related margin increased to 37.7% from 35.3% in the prior-year period, primarily due to higher operating leverage. Foreign currency contributed 20 basis points to the year-over-year change in adjusted EBITDA margin.

Diluted EPS increased to $0.94 per share compared to $0.67 per share in the prior-year period primarily due to higher operating profit.

 

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Adjusted EPS, which excludes other operating gains, as well as other adjustments, increased to $0.85 per share compared to $0.80 per share in the prior-year period, primarily due to higher adjusted EBITDA, partly offset by higher interest expense and amortization of internally developed software.

Net cash provided by operating activities decreased by $52 million as the cash benefits from higher operating profit were more than offset by certain changes in working capital.

 

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Free cash flow decreased by $65 million due to lower net cash provided by operating activities and higher capital expenditures.

 

Thomson Reuters Reports Third-Quarter 2025 Results

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Highlights by Customer Segment – Three Months Ended September 30

 

(Millions of U.S. dollars) (unaudited)
		Three months ended
		September 30,								Change
		2025				2024				Total				Constant Currency(1)				Organic(1)(2)
Revenues
Legal Professionals		$	728			$	745				-2	%			-2	%			9	%
Corporates			478				437				10	%			9	%			9	%
Tax & Accounting Professionals			251				221				13	%			15	%			10	%
“Big 3” Segments Combined(1)			1,457				1,403				4	%			4	%			9	%
Reuters News			207				199				4	%			4	%			3	%
Global Print			124				128				-4	%			-4	%			-4	%
Eliminations/Rounding			(6	)			(6	)
Total Revenues		$	1,782			$	1,724				3	%			3	%			7	%
Adjusted EBITDA(1)
Legal Professionals		$	354			$	334				6	%			5	%
Corporates			174				162				8	%			7	%
Tax & Accounting Professionals			78				59				32	%			33	%
“Big 3” Segments Combined(1)			606				555				9	%			8	%
Reuters News			42				40				1	%			2	%
Global Print			46				43				8	%			6	%
Corporate costs			(22	)			(29	)			n/a				n/a
Total Adjusted EBITDA		$	672			$	609				10	%			9	%
Adjusted EBITDA Margin(1)
Legal Professionals			48.7	%			44.9	%			380bp				330bp
Corporates			36.5	%			36.8	%			-30bp				-50bp
Tax & Accounting Professionals			31.2	%			26.8	%			440bp				410bp
“Big 3” Segments Combined(1)			41.7	%			39.5	%			220bp				180bp
Reuters News			19.9	%			20.4	%			-50bp				-30bp
Global Print			37.1	%			33.1	%			400bp				330bp
Total Adjusted EBITDA Margin			37.7	%			35.3	%			240bp				220bp
(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.

Legal Professionals

Revenues decreased 2% due to the disposal of FindLaw, which negatively impacted recurring and transactions revenues. Organic revenue growth was 9%.

 

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

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

 

Thomson Reuters Reports Third-Quarter 2025 Results

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Adjusted EBITDA increased 6% to $354 million.

 

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The margin increased to 48.7% from 44.9% primarily reflecting higher operating leverage due in part to the disposal of the FindLaw business.

Corporates

Revenues increased 9%, all organic.

 

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Recurring revenues increased 8% (89% of total, increased 9% organic). Organic revenue growth was primarily driven by Indirect Tax, Direct Tax, Pagero, Practical Law, and the segment’s international businesses.

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Transactions revenues increased 19% (11% of total, increased 5% organic). Organic revenue growth was primarily driven by increases in Pagero, Indirect Tax, Confirmation and Global Trade.

Adjusted EBITDA increased 8% to $174 million and the margin decreased to 36.5% from 36.8%.

Tax & Accounting Professionals

Revenues increased 15%, including the acquisition impact of SafeSend which was reflected in transactions revenues. Organic revenue growth was 10%.

 

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Recurring revenues increased 9% (73% of total, all organic). Organic revenue growth was primarily driven by the segment’s Latin America business and its tax and audit products.

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Transactions revenues increased 36% (27% of total, increased 12% organic). Organic revenue growth was primarily driven by SafeSend, UltraTax, Confirmation and the segment’s international businesses.

Adjusted EBITDA increased 32% to $78 million.

 

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The margin increased to 31.2% from 26.8%, primarily reflecting operating leverage on higher revenue growth.

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.

Reuters News

Revenues increased 4%, 3% organic, primarily due to higher Agency revenues and a contractual price increase from our news agreement with the Data & Analytics business of London Stock Exchange Group (LSEG).

Adjusted EBITDA increased 1% to $42 million and the margin decreased to 19.9% from 20.4%.

Global Print

Revenues decreased 4%, all organic, driven by lower shipment volumes.

Adjusted EBITDA increased 8% to $46 million, and the margin increased to 37.1% from 33.1%, both reflecting lower expenses.

Corporate Costs

Corporate costs were $22 million compared to $29 million in the prior-year period.

 

Thomson Reuters Reports Third-Quarter 2025 Results

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Consolidated Financial Highlights – Nine Months Ended September 30

 

Nine Months Ended September 30, (Millions of U.S. dollars, except for EPS) (unaudited)
		2025				2024				Change
IFRS Financial Measures(1)
Revenues		$	5,467			$	5,349				2	%
Operating profit		$	1,592			$	1,387				15	%
Diluted EPS		$	2.59			$	3.59				-28	%
Net cash provided by operating activities		$	1,895			$	1,893				0	%
		2025				2024				Change				Change at Constant Currency
Non-IFRS Financial Measures(1)
Revenue growth in constant currency															2	%
Organic revenue growth															7	%
Adjusted EBITDA		$	2,159			$	2,061				5	%			4	%
Adjusted EBITDA margin			39.3	%			38.5	%			80bp				70bp
Adjusted EPS		$	2.85			$	2.76				3	%			3	%
Free cash flow		$	1,369			$	1,403				-3	%
(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.

Revenues increased 2% due to 3% growth in recurring revenues (81% of total revenues) and 4% growth in transactions revenues, partly offset by a 6% decline in Global Print. Total company revenue growth was negatively impacted by net acquisitions and disposals of 4%. Foreign currency had no significant impact on revenue growth.

 

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Organic revenues increased 7% reflecting 9% growth in recurring revenues, 3% growth in transactions revenues and a 5% decline in Global Print.

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

Operating profit increased 15% driven by an other operating gain on the sale of the company’s remaining minority equity interest in the Elite business in the current-year period compared to other operating losses in the prior-year period. Higher revenues also contributed to growth. These items were partly offset by higher operating expenses and amortization of computer software.

 

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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 39.3% from 38.5%. Foreign currency contributed 10 basis points to the year-over-year change in adjusted EBITDA margin.

Diluted EPS decreased to $2.59 per share compared to $3.59 per share in the prior-year period primarily because the prior-year period included a $468 million or $1.04 per share non-cash tax benefit related to tax legislation enacted in Canada.

 

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Adjusted EPS, which excludes the non-cash tax benefit, other operating gains and losses, as well as other adjustments, increased to $2.85 per share compared to $2.76 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 was essentially unchanged as the cash benefits from higher operating profit were offset by certain changes in working capital.

 

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Free cash flow decreased by $34 million primarily due to higher capital expenditures.

 

Thomson Reuters Reports Third-Quarter 2025 Results

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Highlights by Customer Segment – Nine Months Ended September 30

 

(Millions of U.S. dollars) (unaudited)
		Nine months ended
		September 30,								Change
		2025				2024				Total				Constant Currency(1)				Organic(1)(2)
Revenues
Legal Professionals		$	2,130			$	2,193				-3	%			-3	%			8	%
Corporates			1,491				1,386				8	%			8	%			9	%
Tax & Accounting Professionals			888				799				11	%			13	%			11	%
“Big 3” Segments Combined(1)			4,509				4,378				3	%			3	%			9	%
Reuters News			621				614				1	%			1	%			0	%
Global Print			354				375				-6	%			-5	%			-5	%
Eliminations/Rounding			(17	)			(18	)
Total Revenues		$	5,467			$	5,349				2	%			2	%			7	%
Adjusted EBITDA(1)
Legal Professionals		$	1,029			$	1,003				3	%			2	%
Corporates			556				518				7	%			7	%
Tax & Accounting Professionals			401				331				21	%			22	%
“Big 3” Segments Combined(1)			1,986				1,852				7	%			7	%
Reuters News			126				151				-17	%			-17	%
Global Print			131				133				-2	%			-2	%
Corporate costs			(84	)			(75	)			n/a				n/a
Total Adjusted EBITDA		$	2,159			$	2,061				5	%			4	%
Adjusted EBITDA Margin(1)
Legal Professionals			48.3	%			45.7	%			260bp				210bp
Corporates			37.3	%			37.2	%			10bp				-10bp
Tax & Accounting Professionals			44.2	%			41.5	%			270bp				230bp
“Big 3” Segments Combined(1)			43.9	%			42.3	%			160bp				120bp
Reuters News			20.2	%			24.6	%			-440bp				-440bp
Global Print			37.0	%			35.5	%			150bp				110bp
Total Adjusted EBITDA Margin			39.3	%			38.5	%			80bp				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

 

Thomson Reuters Reports Third-Quarter 2025 Results

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2025 Outlook

The company reaffirmed its 2025 full-year outlook, last updated on August 6, 2025, for all measures. Total revenue growth and organic revenue growth are trending towards the lower-end of the 3.0% to 3.5% and 7.0% to 7.5% ranges, respectively. The organic revenue growth outlook for the company’s “Big 3” segments remains at approximately 9%.

The company’s outlook for 2025 in the table below assumes constant currency rates and does not factor in 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 fourth-quarter 2025 organic revenue growth to be approximately 7%, including approximately 9% organic revenue growth for its “Big 3” segments, and its adjusted EBITDA margin to be approximately 39%.

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 Third-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		FY 2025 Outlook 11/4/2025
Total Revenue Growth		7%		3.0 - 3.5%(2)		Unchanged		Unchanged
Organic Revenue Growth(1)		7%		7.0 - 7.5%		Unchanged		Unchanged
Adjusted EBITDA Margin(1)		38.2%		~39%		Unchanged		Unchanged
Corporate Costs		$105 million		$120 - $130 million		Unchanged		Unchanged
Free Cash Flow(1)		$1.8 billion		~$1.9 billion		Unchanged		Unchanged
Accrued Capex as % of Revenues(1)		8.4%		~8%		Unchanged		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		Unchanged Unchanged Unchanged
Net Interest Expense		$125 million		~$150 million		~$130 million		Unchanged
Effective Tax Rate on Adjusted Earnings(1)		17.6%		~19%		Unchanged		Unchanged
“Big 3” Segments(1)		FY 2024  Reported		FY 2025 Outlook 2/6/2025		FY 2025 Outlook 8/6/2025		FY 2025 Outlook 11/4/2025
Total Revenue Growth		8%		~4%(2)		Unchanged		Unchanged
Organic Revenue Growth		9%		~9%		Unchanged		Unchanged
Adjusted EBITDA Margin		42.1%		~43%		Unchanged		Unchanged

 

(1)	Non-IFRS financial measures. See the “Non-IFRS Financial Measures” section below as well as the tables 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.

Updated 2026 Financial Framework

The company updated its full-year 2026 financial framework provided on February 6, 2025. It now expects adjusted EBITDA margin expansion of approximately 100 basis points, up from the prior view of 50 basis points or more, and also expects free cash flow of approximately $2.1 billion, which is the high end of the prior $2.0 to $2.1 billion range.

All other measures remained unchanged. The company continues to target an organic revenue growth range of 7.5% to 8.0%, driven by an approximately 9.5% organic growth rate for the “Big 3” segments. It anticipates accrued capital expenditures as a percentage of revenues to be approximately 8%, and an effective tax rate of approximately 19%.

The updated financial framework assumes constant currency rates and does not factor in the impact of any future acquisitions or dispositions that may occur during this time horizon.

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 and 2026, may differ materially from the company’s 2025 outlook and 2026 financial framework. 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 Third-Quarter 2025 Results

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Recent Acquisition

In September 2025, the company acquired Additive AI, Inc. (Additive), a U.S. based specialist in AI-powered tax document processing for tax and accounting professionals. Additive’s GenAI-native platform ingests and parses complex U.S. federal tax forms, including schedule K-1, during tax preparation. This business is reported in the Tax & Accounting Professionals segment.

Sale of minority equity interest in Elite

In September 2025, the company sold its remaining minority interest in the Elite business, a provider of financial practice management solutions to law firms. The company received proceeds of $231 million from the transaction and recorded a pre-tax gain of $161 million.

Dividends

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 December 10, 2025 to common shareholders of record as of November 18, 2025.

$1.0 Billion Share Repurchase Program

In August 2025, the company announced its plan to repurchase up to $1.0 billion of its common shares under a new Normal Course Issuer Bid that was approved by the TSX. In late October 2025, the Company completed the program by repurchasing 6.0 million of its common shares. Thomson Reuters had approximately 444.8 million common shares outstanding as of October 31, 2025.

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. The company modified its definition of net debt to account for interest rate swap arrangements entered into during the third quarter of 2025. The change did not have a material impact on its calculation of net debt.

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 and financial framework. 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 Third-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 and financial framework 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 and financial framework 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, the “2025 Outlook” and the “Updated 2026 Financial Framework” sections, 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 and financial framework are based on information currently available to the company and are 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 and financial framework. 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 and financial framework assume 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 financial framework, as well as affect its results and other expectations. For a discussion of material assumptions and material risks related to the company’s 2025 outlook which, in all material respects, apply to the 2026 financial framework, see pages 18-19 of the company’s second-quarter management’s discussion and analysis (MD&A) for the period ended June 30, 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 and financial framework 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 Third-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 third-quarter 2025 results, its 2025 business outlook, and its updated 2026 financial framework today beginning at 9:00 a.m. Eastern Standard Time (EST). You can access the webcast by visiting ir.tr.com. An archive of the webcast will be available following the presentation.

 

Thomson Reuters Reports Third-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								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
CONTINUING OPERATIONS
Revenues		$	1,782			$	1,724			$	5,467			$	5,349
Operating expenses			(1,115	)			(1,117	)			(3,347	)			(3,288	)
Depreciation			(28	)			(30	)			(83	)			(87	)
Amortization of computer software			(182	)			(151	)			(534	)			(458	)
Amortization of other identifiable intangible assets			(24	)			(21	)			(73	)			(69	)
Other operating gains (losses), net			160				10				162				(60	)
Operating profit			593				415				1,592				1,387
Finance costs, net:
Net interest expense			(38	)			(21	)			(103	)			(97	)
Other finance income (costs)			7				(32	)			(51	)			(8	)
Income before tax and equity method investments			562				362				1,438				1,282
Share of post-tax (losses) earnings in equity method investments			(13	)			(8	)			(23	)			45
Tax (expense) benefit			(121	)			(77	)			(265	)			258
Earnings from continuing operations			428				277				1,150				1,585
(Loss) earnings from discontinued operations, net of tax			(5	)			24				20				35
Net earnings		$	423			$	301			$	1,170			$	1,620
Earnings (loss) attributable to:
Common shareholders		$	423			$	301			$	1,170			$	1,623
Non-controlling interests			—				—				—				(3	)
Earnings per share:
Basic earnings (loss) per share:
From continuing operations		$	0.95			$	0.61			$	2.55			$	3.51
From discontinued operations			(0.01	)			0.06				0.04				0.08
Basic earnings per share		$	0.94			$	0.67			$	2.59			$	3.59
Diluted earnings (loss) per share:
From continuing operations		$	0.95			$	0.61			$	2.54			$	3.51
From discontinued operations			(0.01	)			0.06				0.05				0.08
Diluted earnings per share		$	0.94			$	0.67			$	2.59			$	3.59
Basic weighted-average common shares			449,783,419				449,886,792				450,244,795				450,788,536
Diluted weighted-average common shares			450,283,728				450,458,885				450,796,588				451,424,716

 

Thomson Reuters Reports Third-Quarter 2025 Results

Page 13 of 23

 

Thomson Reuters Corporation

Consolidated Statement of Financial Position

(millions of U.S. dollars)

(unaudited)

 

		September 30, 2025				December 31, 2024
Assets
Cash and cash equivalents		$	618			$	1,968
Trade and other receivables			1,053				1,087
Other financial assets			87				35
Prepaid expenses and other current assets			428				400
Current assets			2,186				3,490
Property and equipment, net			357				386
Computer software, net			1,680				1,453
Other identifiable intangible assets, net			3,127				3,134
Goodwill			7,909				7,262
Equity method investments			203				269
Other financial assets			442				442
Other non-current assets			629				625
Deferred tax			1,317				1,376
Total assets		$	17,850			$	18,437
Liabilities and equity
Liabilities
Current indebtedness		$	838			$	973
Payables, accruals and provisions			947				1,091
Current tax liabilities			216				197
Deferred revenue			1,132				1,062
Other financial liabilities			428				113
Current liabilities			3,561				3,436
Long-term indebtedness			1,338				1,847
Provisions and other non-current liabilities			675				675
Other financial liabilities			206				232
Deferred tax			309				241
Total liabilities			6,089				6,431
Equity
Capital			3,561				3,498
Retained earnings			9,113				9,699
Accumulated other comprehensive loss			(913	)			(1,191	)
Total equity			11,761				12,006
Total liabilities and equity		$	17,850			$	18,437

 

Thomson Reuters Reports Third-Quarter 2025 Results

Page 14 of 23

 

Thomson Reuters Corporation

Consolidated Statement of Cash Flow

(millions of U.S. dollars)

(unaudited)

 

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Cash provided by (used in):
Operating activities
Earnings from continuing operations		$	428			$	277			$	1,150			$	1,585
Adjustments for:
Depreciation			28				30				83				87
Amortization of computer software			182				151				534				458
Amortization of other identifiable intangible assets			24				21				73				69
Share of post-tax losses (earnings) in equity method investments			13				8				23				(45	)
Net (gains) losses on disposals of businesses and investments			(162	)			(1	)			(164	)			3
Deferred tax			33				8				51				(687	)
Other			52				56				223				173
Changes in working capital and other items			107				206				(79	)			252
Operating cash flows from continuing operations			705				756				1,894				1,895
Operating cash flows from discontinued operations			(1	)			—				1				(2	)
Net cash provided by operating activities			704				756				1,895				1,893
Investing activities
Acquisitions, net of cash acquired			(193	)			(25	)			(823	)			(492	)
Proceeds related to disposals of businesses and investments			247				33				252				29
Proceeds from sales of LSEG shares			—				—				—				1,854
Capital expenditures			(162	)			(149	)			(476	)			(446	)
Other investing activities			—				—				1				6
Taxes paid on sales of LSEG shares and disposals			(33	)			(65	)			(33	)			(202	)
Net cash (used in) provided by investing activities			(141	)			(206	)			(1,079	)			749
Financing activities
Repayments of debt			—				(242	)			(999	)			(290	)
Net borrowings (repayments) under short-term loan facilities			339				—				339				(139	)
Payments of lease principal			(15	)			(15	)			(48	)			(46	)
Repurchases of common shares			(670	)			—				(670	)			(639	)
Dividends paid on preference shares			(1	)			(1	)			(3	)			(4	)
Dividends paid on common shares			(260	)			(236	)			(779	)			(708	)
Purchase of non-controlling interests			—				—				—				(384	)
Other financing activities			—				2				(10	)			3
Net cash used in financing activities			(607	)			(492	)			(2,170	)			(2,207	)
Translation adjustments			(2	)			3				4				(2	)
(Decrease) increase in cash and cash equivalents			(46	)			61				(1,350	)			433
Cash and cash equivalents at beginning of period			664				1,670				1,968				1,298
Cash and cash equivalents at end of period		$	618			$	1,731			$	618			$	1,731

 

Thomson Reuters Reports Third-Quarter 2025 Results

Page 15 of 23

 

Thomson Reuters Corporation

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

(millions of U.S. dollars)

(unaudited)

 

		Three months ended								Nine months ended								Year ended
		September 30,								September 30,								December 31,
		2025				2024				2025				2024				2024
Earnings from continuing operations		$	428			$	277			$	1,150			$	1,585			$	2,192
Adjustments to remove:
Tax expense (benefit)			121				77				265				(258	)			(123	)
Other finance (income) costs			(7	)			32				51				8				(45	)
Net interest expense			38				21				103				97				125
Amortization of other identifiable intangible assets			24				21				73				69				91
Amortization of computer software			182				151				534				458				618
Depreciation			28				30				83				87				113
EBITDA		$	814			$	609			$	2,259			$	2,046			$	2,971
Adjustments to remove:
Share of post-tax losses (earnings) in equity method investments			13				8				23				(45	)			(40	)
Other operating (gains) losses, net			(160	)			(10	)			(162	)			60				(144	)
Fair value adjustments*			5				2				39				—				(8	)
Adjusted EBITDA(1)		$	672			$	609			$	2,159			$	2,061			$	2,779
Adjusted EBITDA margin(1)			37.7	%			35.3	%			39.3	%			38.5	%			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								Nine months ended								Year ended
		September 30,								September 30,								December 31,
		2025				2024				2025				2024				2024
Net cash provided by operating activities		$	704			$	756			$	1,895			$	1,893			$	2,457
Capital expenditures			(162	)			(149	)			(476	)			(446	)			(607	)
Other investing activities			—				—				1				6				46
Payments of lease principal			(15	)			(15	)			(48	)			(46	)			(63	)
Dividends paid on preference shares			(1	)			(1	)			(3	)			(4	)			(5	)
Free cash flow(1)		$	526			$	591			$	1,369			$	1,403			$	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 23 for additional information on non-IFRS financial measures.

 

Thomson Reuters Reports Third-Quarter 2025 Results

Page 16 of 23

 

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 September 30,								Nine months ended September 30,								Year ended December 31,
		2025				2024				2025				2024				2024
Net earnings		$	423			$	301			$	1,170			$	1,620			$	2,207
Adjustments to remove:
Fair value adjustments*			5				2				39				—				(8	)
Amortization of acquired computer software			52				34				153				109				147
Amortization of other identifiable intangible assets			24				21				73				69				91
Other operating (gains) losses, net			(160	)			(10	)			(162	)			60				(144	)
Other finance (income) costs			(7	)			32				51				8				(45	)
Share of post-tax losses (earnings) in equity method investments			13				8				23				(45	)			(40	)
Tax on above items(1)			16				(5	)			(30	)			(45	)			(9	)
Tax items impacting comparability(1)			11				(2	)			(9	)			(483	)			(478	)
Loss (earnings) from discontinued operations, net of tax			5				(24	)			(20	)			(35	)			(15	)
Interim period effective tax rate normalization(1)			2				3				(2	)			(7	)			—
Dividends declared on preference shares			(1	)			(1	)			(3	)			(4	)			(5	)
Adjusted earnings(1)(2)		$	383			$	359			$	1,283			$	1,247			$	1,701
Adjusted EPS(1)(2)		$	0.85			$	0.80			$	2.85			$	2.76
Total change			6	%							3	%
Foreign currency			1	%							0	%
Constant currency			5	%							3	%
Diluted weighted-average common shares (millions)			450.3				450.5				450.8				451.4

 

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 23 for additional information on non-IFRS financial measures.

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

 

Thomson Reuters Reports Third-Quarter 2025 Results

Page 17 of 23

 

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 September 30,								Change
		2025				2024				Total				Foreign Currency				SUBTOTAL Constant Currency				Net Acquisitions/ (Disposals)				Organic
Total Revenues
Legal Professionals		$	728			$	745				-2	%			0	%			-2	%			-11	%			9	%
Corporates			478				437				10	%			1	%			9	%			0	%			9	%
Tax & Accounting Professionals			251				221				13	%			-2	%			15	%			5	%			10	%
“Big 3” Segments Combined(1)			1,457				1,403				4	%			0	%			4	%			-5	%			9	%
Reuters News			207				199				4	%			1	%			4	%			1	%			3	%
Global Print			124				128				-4	%			0	%			-4	%			0	%			-4	%
Eliminations/Rounding			(6	)			(6	)
Total Revenues		$	1,782			$	1,724				3	%			0	%			3	%			-4	%			7	%
Recurring Revenues
Legal Professionals		$	709			$	721				-2	%			0	%			-2	%			-11	%			9	%
Corporates			423				390				8	%			1	%			8	%			-2	%			9	%
Tax & Accounting Professionals			183				170				7	%			-2	%			9	%			0	%			9	%
“Big 3” Segments Combined(1)			1,315				1,281				3	%			0	%			3	%			-7	%			9	%
Reuters News			178				167				7	%			0	%			7	%			1	%			6	%
Eliminations/Rounding			(6	)			(6	)
Total Recurring Revenues		$	1,487			$	1,442				3	%			0	%			3	%			-6	%			9	%
Transactions Revenues
Legal Professionals		$	19			$	24				-21	%			1	%			-22	%			-25	%			3	%
Corporates			55				47				18	%			0	%			19	%			14	%			5	%
Tax & Accounting Professionals			68				51				35	%			-1	%			36	%			24	%			12	%
“Big 3” Segments Combined(1)			142				122				18	%			0	%			18	%			10	%			8	%
Reuters News			29				32				-11	%			1	%			-13	%			1	%			-14	%
Total Transactions Revenues		$	171			$	154				12	%			0	%			11	%			8	%			4	%

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 23 for additional information on non-IFRS financial measures.