Thomson Reuters Reports First-Quarter 2026 Results

TORONTO, May 5, 2026 /PRNewswire/ -- Thomson Reuters (TSX/Nasdaq: TRI) today reported results for the first quarter ended March 31, 2026: 

• Strong revenue growth in the first quarter
  • Total company revenues up 10% / organic revenues up 8%
  • Organic revenues up 9% for the "Big 3" segments (Legal Professionals, Corporates and Tax, Audit & Accounting Professionals)
• Maintained full-year 2026 outlook for organic revenue growth, adjusted EBITDA margin and free cash flow
• Increased annualized common share dividend by 10% to $2.62, announced February 2026
• Completed $605 million return of capital transaction on May 4; and reduced share count by approximately 6.5 million shares by way of share consolidation transaction
• Repurchased $262 million, or 2.5 million common shares under the $600 million share repurchase program announced on February 25, 2026

"We have delivered an encouraging start to 2026," said Steve Hasker, President and CEO of Thomson Reuters. "Our positive momentum reflects the trust professionals place in Thomson Reuters in the moments that matter most. Across law, tax, audit and compliance, professionals accountable for high‑stakes outcomes are choosing our AI products, built to the standards their work demands - grounded in authoritative content, designed and tested by our domain experts, and created to produce results that can be verified and audited under real‑world scrutiny. We call this 'fiduciary-grade AI.'"

Consolidated Financial Highlights - Three Months Ended March 31

Revenues increased 10% due to 10% growth in recurring revenues (77% of total revenues) and 15% growth in transactions revenues, partly offset by a 4% decline in Global Print. Total company revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals.    

• Organic revenues increased 8% reflecting 8% growth in recurring revenues, 10% growth in transactions revenues and a 5% decline in Global Print.
• The company's "Big 3" segments reported organic revenue growth of 9% and collectively comprised 85% of total revenues.

Operating profit increased 14% primarily due to net impact of higher revenues and operating expenses.      

• Adjusted EBITDA increased 9% primarily due to the same factors that impacted operating profit. The related margin decreased to 42.2% from 42.3% in the prior-year period. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 50 basis points.

Diluted EPS increased to $1.03 per share compared to $0.96 per share in the prior-year period as higher operating profit was partly offset by lower results from discontinued operations and higher net interest expense. Diluted EPS also benefited from a reduction in weighted-average common shares outstanding due to share repurchases. 

• Adjusted EPS, which excludes discontinued operations, as well as other adjustments, increased to $1.23 per share compared to $1.12 per share in the prior-year period, primarily due to higher adjusted EBITDA partly offset by higher net interest expense. Adjusted EPS also benefited from a reduction in weighted-average common shares.

Net cash provided by operating activities increased by $60 million primarily due to higher cash benefits from the net impact of higher revenues and operating expenses.   

• Free cash flow increased by $55 million primarily due to the increase in net cash provided by operating activities.  

Highlights by Customer Segment – Three Months Ended March 31

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 the company believes this provides the best basis to measure performance.

Legal Professionals

Revenues increased 8% at constant currency. Organic revenue growth was 9%.

• Recurring revenues increased 9% (98% of total, all organic). Organic revenue growth was primarily driven by Westlaw and CoCounsel.
• Transactions revenues decreased 2% (2% of total, all organic).

Adjusted EBITDA increased 9% to $365 million.

• The margin decreased to 48.3% from 48.7%, primarily driven by higher revenues offset by higher technology and other costs, and to a lesser extent, a negative impact from foreign currency.

Corporates

Revenues increased 9% at constant currency, all organic.

• Recurring revenues increased 8% (74% of total, all organic). Organic revenue growth was primarily driven by Westlaw, CoCounsel, Practical Law, Pagero, CLEAR and the segment's international businesses.
• Transactions revenues increased 12% (26% of total, all organic). Organic revenue growth was primarily driven by Confirmation, Pagero, Indirect Tax and the segment's international businesses.

Adjusted EBITDA increased 13% to $243 million.

• The margin increased to 40.0% from 39.3% driven by higher operating leverage. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 60 basis points.

Tax, Audit & Accounting Professionals

Revenues increased 14% at constant currency, including the acquisition impact of SafeSend which was reflected in transactions revenues. Organic revenue growth was 10%.

• Recurring revenues increased 10% (56% of total, all organic). Organic revenue growth was primarily driven by tax and audit products, including CoCounsel, as well as the segment's Latin America business.
• Transactions revenues increased 18% (44% of total, increased 11% organic). Organic revenue growth was primarily driven by SafeSend, SurePrep, UltraTax and Confirmation.

Adjusted EBITDA increased 6% to $221 million.

• The margin decreased to 53.8% from 56.6% primarily due to higher technology and other costs. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 40 basis points.

The Tax, Audit & 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

Revenues increased 7% at constant currency (increased 6% organic), primarily due to higher Agency revenues and a contractual price increase from the company's news agreement with the Data & Analytics business of London Stock Exchange Group.

Adjusted EBITDA decreased 13% to $34 million and the margin decreased to 16.1% from 20.0%, primarily due to foreign currency, which negatively impacted the year-over-year change in adjusted EBITDA margin by 200 basis points, as well as higher editorial and other costs.

Global Print

Revenues decreased 5% at constant currency, all organic, driven by lower shipment volumes.

Adjusted EBITDA decreased 2% to $43 million, and the margin increased to 38.6% from 37.8% reflecting lower expenses.

Corporate Costs

Corporate costs were $25 million compared to $33 million in the prior-year period, which included a corporate charge that did not repeat.

2026 Outlook

The company maintained its 2026 full-year outlook announced on February 5, 2026 for all metrics, except for net interest expense which is expected to be in the $180 - $190 million range compared to the $150 - $160 million range in the company's February 2026 outlook. The increase reflects the impact of the $1.2 billion share repurchase program and return of capital and share consolidation transactions, as announced on February 25, 2026, on the company's net debt position.

The company's outlook for 2026 in the table below assumes constant currency rates and incorporates the recent Noetica acquisition, 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 second-quarter 2026 organic revenue growth to be in a range of 7% - 8% and its adjusted EBITDA margin to be approximately 38%.

The company's 2026 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.

Reported Full-Year 2025 Results and Full-Year 2026 Outlook

The information in this section is forward-looking. Actual results, which will include the impact of currency, future acquisitions and dispositions completed during 2026, and macroeconomic events outside of the company's control may differ materially from the company's 2026 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."

Return of Capital and Share Consolidation

On May 4, 2026, the company returned $605 million to its shareholders and reduced its common shares outstanding by approximately 6.5 million, in accordance with its previously announced return of capital and share consolidation transactions. The transactions consisted of a special cash distribution of $1.435518 per participating common share and a share consolidation, or "reverse stock split", which reduced the number of outstanding common shares at a ratio of 1 pre-consolidated share for 0.984560 post-consolidated shares, which was proportional to the special cash distribution.

Share Repurchases - Update on $600 Million Share Repurchase Program 

In February 2026, the company announced its plan to repurchase up to $600 million of additional common shares under an amended Normal Course Issuer Bid that was approved by the TSX. The company repurchased 2.5 million of its common shares for a total spend of $262 million.

As of May 4, 2026, Thomson Reuters had approximately 436.5 million common shares outstanding.

Acquisition

In February 2026, the company acquired Noetica, Inc., a New York-based AI-native start-up that transforms transaction-deal data into structured market intelligence for deal professionals. This business will be primarily reported in the Legal Professionals segment.

Dividends

In February 2026, the company announced a 10% or $0.24 per share annualized increase in the dividend to $2.62 per common share, representing the 33^rd consecutive year of dividend increases and the fifth consecutive 10% increase. A quarterly dividend of $0.655 per share is payable on June 10, 2026 to common shareholders of record as of May 20, 2026.

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 thomsonreuters.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.

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.

REVISION TO PRIOR-YEAR SEGMENT RESULTS

Effective January 1, 2026, the company made changes to its segment reporting to reflect how it currently manages its segments. The changes reflect the transfer of certain customers and their related revenues and expenses among the company's Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. These changes impact the financial results of the company's segments, but do not change its consolidated financial results. The following summarizes the changes to the applicable segment's first-quarter 2025 reported amounts:

• Legal Professionals revenues decreased $5 million to $688 million, adjusted EBITDA was unchanged at $336 million and adjusted EBITDA margin increased 30 basis points to 48.7%;
• Corporates revenues increased $7 million to $548 million, adjusted EBITDA increased $2 million to $215 million and adjusted EBITDA margin decreased 10 basis points to 39.3%; and
• Tax, Audit & Accounting Professionals revenues decreased $2 million to $358 million, adjusted EBITDA decreased $2 million to $208 million and adjusted EBITDA margin decreased 10 basis points to 56.6%.

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 "2026 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 19-32 in the "Risk Factors" section of the company's 2025 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 thomsonreuters.com.

The company's 2026 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 2026 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 2026 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 2026 outlook see pages 61-62 of the company's 2025 annual report. The company's 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 thomsonreuters.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.

CONTACTS

Thomson Reuters will webcast a discussion of its first-quarter 2026 results and its 2026 business outlook today beginning at 9:00 a.m. Eastern Daylight Time (EDT). You can access the webcast by visiting ir.thomsonreuters.com. An archive of the webcast will be available following the presentation.

Reconciliation of adjusted EBITDA margin⁽¹⁾

To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue from its IFRS revenues. The charts below reconcile IFRS revenues to revenues used in the calculation of adjusted EBITDA margin, which excludes fair value adjustments related to acquired deferred revenue.