v3.25.4
Segment Information
12 Months Ended
Dec. 31, 2025
Disclosure of operating segments [abstract]  
Segment Information

Note 4: Segment Information

The Company is organized as five reportable segments, reflecting how its products and services are managed and offered to target customers as described below.

In the fourth quarter of 2025, the Company changed the names of its Tax & Accounting Professionals segment to Tax, Audit & Accounting Professionals and its Reuters News segment to Reuters to reflect the broader scope of the activities in each of the respective segments. These name changes did not change the segment's composition or the measurement of the segment's results as previously or currently reported.

Legal Professionals

Serves law firms and governments with research and workflow products powered by AI-enabled technology, focusing on intuitive legal research and integrated legal workflow solutions that combine content, tools and analytics.

Corporates

Serves corporations, ranging from small businesses to multinational organizations, including the seven largest global accounting firms, with the Company’s full suite of content-driven products, powered by AI-enabled technology and integrated compliance workflow solutions to help them achieve their business outcomes.

Tax, Audit & Accounting Professionals

Serves tax, audit and accounting firms (other than the seven largest, which are served by the Corporates segment) with research and workflow products powered by AI-enabled technology.

Reuters

Supplies business, financial and global news and data to the world’s media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and to financial firms exclusively via LSEG products.

Global Print

Provides legal and tax information primarily in print format to customers around the world and provides commercial printing services to a wide range of book publishers.

Information by segment and reconciliations to the consolidated income statement are set forth below:

 

(millions of U.S. dollars)

Legal
Professionals

Corporates

Tax, Audit & Accounting Professionals

Reuters

Global Print

Eliminations/ Rounding

Total

Year ended December 31,

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

Revenues

2,868

2,922

1,987

1,844

1,302

1,165

853

832

490

519

(24)

(24)

7,476

7,258

Staff costs(1)

(874)

(936)

(733)

(678)

(359)

(327)

(468)

(439)

(156)

(171)

-

-

(2,590)

(2,551)

Goods and services(1)

(499)

(539)

(414)

(396)

(298)

(267)

(177)

(166)

(115)

(125)

24

24

(1,479)

(1,469)

Other expenses

(139)

(146)

(124)

(105)

(42)

(44)

(34)

(33)

(34)

(35)

-

-

(373)

(363)

Fair value adjustments on acquired
   deferred revenue

-

1

-

6

20

-

-

2

-

-

-

-

20

9

Reportable segments adjusted EBITDA

1,356

1,302

716

671

623

527

174

196

185

188

-

-

3,054

2,884

Corporate costs

 

 

 

 

 

 

 

 

 

 

 

 

(118)

(105)

Remove fair value adjustments on acquired deferred revenue

 

 

(20)

(9)

Fair value adjustments (see note 5)

 

 

(18)

17

Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

(111)

(113)

Amortization of software

 

 

(721)

(618)

Amortization of other identifiable intangible assets

 

 

(98)

(91)

Other operating gains, net

 

 

164

144

Operating profit

 

 

 

 

 

 

 

 

 

 

 

 

2,132

2,109

Net interest expense

 

 

 

 

 

 

 

 

 

(143)

(125)

Other finance (costs) income

 

 

(55)

45

Share of post-tax (losses) earnings in equity method investments

 

 

(28)

40

Tax (expense) benefit

 

 

(423)

123

Earnings from continuing operations

 

 

1,483

2,192

 

(1)
Refer to note 5 for components of staff costs and definition of goods and services.

Reuters revenues included $24 million in 2025 and 2024, respectively, primarily from content-related services that it provided to the Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments.

In accordance with IFRS 8, Operating Segments, the Company discloses certain information about its reportable segments based upon measures used by management in assessing the performance of those reportable segments. The profitability measure is defined below and may not be comparable to similar measures of other companies.

Segment Adjusted EBITDA

Segment adjusted EBITDA represents earnings or loss from continuing operations before tax expense or benefit, net interest expense, other finance costs or income, depreciation, amortization of software and other identifiable intangible assets, the Company’s share of post-tax earnings or losses in equity method investments, other operating gains or losses, certain asset impairment charges, corporate related items and fair value adjustments, including those related to acquired deferred revenue. See note 30.
The Company does not consider these excluded items to be controllable operating activities for purposes of assessing the current performance of the reportable segments.

Each segment includes an allocation of costs, based on usage or other applicable measures, for centralized support services such as technology-related services, commercial operations, marketing costs, and product and content development. Additionally, product costs are allocated when one segment sells products managed by another segment. Corporate costs, which include expenses for certain centrally managed functions such as finance, legal, human resources and the executive office are not allocated to the segments.

Revenues by Classes of Similar Products and Services

 

The following table presents revenues by classes of similar products and services:

 

 

 

 

Year ended December 31,

(millions of U.S. dollars)

 

2025

 

2024

Electronic, software & services

 

 

6,986

 

6,739

Global Print

 

 

490

 

519

Total

 

 

7,476

 

7,258

 

Non-current Assets by Geography

 

The following table presents non-current assets by geography:

 

Geographic Information(1)

Non-Current Assets(2)

 

              December 31,

(millions of U.S. dollars)

2025

 

2024

U.S.

7,255

 

7,190

Canada

1,023

 

1,014

Other

188

 

177

Americas

8,466

 

8,381

Switzerland

2,610

 

2,074

U.K.

1,500

 

1,431

Other

662

 

639

EMEA

4,772

 

4,144

Asia Pacific

101

 

104

Total

13,339

 

12,629

 

(1)
Canada represents the Company's country of domicile. Americas represents North America, Latin America and South America and EMEA represents Europe, Middle East and Africa.
(2)
Non-current assets are primarily comprised of property and equipment, software, other identifiable intangible assets, goodwill and investments in equity method investees.