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Thomson Reuters Reports Fourth-Quarter and Full-Year 2025 Results

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TORONTOFeb. 5, 2026 /PRNewswire/ — Thomson Reuters (TSX/Nasdaq: TRI) today reported results for the fourth quarter and full year ended December 31, 2025 

  • Solid revenue momentum continued in the fourth quarter and full year 2025
    • Full-year total company revenues up 3% / organic revenues up 7%
    • Fourth-quarter total company revenues up 5% / organic revenues up 7%
    • Organic revenues up 9% for the “Big 3” segments (Legal Professionals, Corporates and Tax, Audit & Accounting Professionals) in the fourth quarter and full year
  • Met full-year 2025 outlook for organic revenue growth and adjusted EBITDA margin for total company and “Big 3”; Met free cash flow outlook
  • Full-year 2026 outlook anticipates organic revenue growth of approximately 7.5% – 8.0% and adjusted EBITDA margin expansion of approximately 100 basis points from 39.2% in 2025
  • Increased annualized dividend by 10% to $2.62 per common share (33rd consecutive annual increase)

“Our fourth‑quarter results capped a year of important progress for Thomson Reuters,” said Steve Hasker, President and CEO of Thomson Reuters. “We are seeing tangible benefits from our continued investments in AI, accelerating our pace of product innovation and leveraging technology to reimagine how we work. As we move into 2026, we will continue to scale our agentic capabilities to deliver greater speed, clarity, and confidence for our customers – further demonstrating the value of professional‑grade tools built on quality content and deep subject‑matter expertise.” 

Hasker added, “We remain focused on allocating capital to drive long-term shareholder value creation. Last year we executed several strategic acquisitions and continued to return capital to shareholders, enabling us to enter this year with a stronger and more strategically aligned portfolio with improved growth prospects.”

Consolidated Financial Highlights – Three Months Ended December 31

 

Three months ended December 31,

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(Millions of U.S. dollars, except for EPS)

 
 

(unaudited)

 
                     
 

IFRS Financial Measures(1)

 

2025

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2024

 

Change

     
 

Revenues

 

$2,009

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$1,909

 

5 %

     
 

Operating profit

 

$540

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$722

 

-25 %

     
 

Diluted earnings per share (EPS)

 

$0.74

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$1.30

 

-43 %

     
 

Net cash provided by operating activities

 

$756

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$564

 

35 %

     
                     
 

Non-IFRS Financial Measures(1)

 

2025

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2024

 

Change

 

Change at 
Constant
Currency

 
 

Revenue growth in constant currency

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5 %

 
 

Organic revenue growth

             

7 %

 
 

Adjusted EBITDA

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$777

 

$718

 

8 %

 

8 %

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Adjusted EBITDA margin

 

38.7 %

 

37.6 %

 

110bp

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140bp

 
 

Adjusted EPS

 

$1.07

 

$1.01

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6 %

 

7 %

 
 

Free cash flow

 

$581

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$425

 

38 %

     
                     
 

(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.

 

Revenues increased 5% due to 6% growth in recurring revenues (84% of total revenues) and 11% 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 3%. Foreign currency had a slightly positive impact on revenue growth.   

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  • Organic revenues increased 7% reflecting 9% growth in recurring revenues, 8% growth in transactions revenues and a 6% decline in Global Print.
  • The company’s “Big 3” segments reported organic revenue growth of 9% and collectively comprised 82% of total revenues.

Operating profit decreased 25% primarily due to other operating gains in the prior-year period substantially related to the sale of FindLaw, as well as higher amortization of software in the current period. These items more than offset the net impact of higher revenues and operating expenses.      

  • Adjusted EBITDA, which excludes other operating gains, amortization of software, as well as other adjustments, increased 8% and the related margin increased to 38.7% from 37.6% in the prior-year period, primarily due to higher operating leverage. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 30 basis points.

Diluted EPS decreased to $0.74 per share compared to $1.30 per share in the prior-year period primarily due to lower operating profit. Additionally, the prior-year period also included currency benefits reflected in other finance costs or income. 

  • Adjusted EPS, which excludes net other operating gains, other finance costs or income, as well as other adjustments, increased to $1.07 per share compared to $1.01 per share in the prior-year period, primarily due to higher adjusted EBITDA, partly offset by higher amortization of internally developed software and interest expense.  

Net cash provided by operating activities increased by $192 million as higher cash benefits from the net impact of higher revenues and operating expenses and certain component changes in working capital were partly offset by higher income tax payments.  

  • Free cash flow increased by $156 million as higher net cash provided by operating activities was partly offset by lower cash flows from other investing activities, which included a cash flow benefit in the prior-year period.  

Highlights by Customer Segment – Three Months Ended December 31

 

(Millions of U.S. dollars)

 
 

(unaudited)

 
     

Three months ended
December 31,

 

Change

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2025

 

2024

 

Total

Constant
Currency(1)

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Organic(1)(2)

 
 

Revenues

                     
 

Legal Professionals

 

$738

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$729

 

1 %

 

1 %

 

9 %

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Corporates

 

496

 

458

 

8 %

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7 %

 

9 %

 
 

Tax, Audit & Accounting Professionals

 

414

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366

 

13 %

 

13 %

 

11 %

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“Big 3” Segments Combined(1)

 

1,648

 

1,553

 

6 %

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5 %

 

9 %

 
 

Reuters

 

232

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218

 

7 %

 

6 %

 

5 %

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Global Print

 

136

 

144

 

-6 %

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-6 %

 

-6 %

 
 

Eliminations/Rounding

 

(7)

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(6)

             
 

Total Revenues

 

$2,009

 

$1,909

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5 %

 

5 %

 

7 %

 
                         
 

Adjusted EBITDA(1)

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Legal Professionals

 

$327

 

$299

 

9 %

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9 %

     
 

Corporates

 

160

 

153

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4 %

 

4 %

     
 

Tax, Audit & Accounting Professionals

 

222

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196

 

14 %

 

13 %

     
 

“Big 3” Segments Combined(1)

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709

 

648

 

9 %

 

9 %

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Reuters

 

48

 

45

 

7 %

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12 %

     
 

Global Print

 

54

 

55

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-2 %

 

-2 %

     
 

Corporate costs

 

(34)

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(30)

 

n/a

 

n/a

     
 

Total Adjusted EBITDA

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$777

 

$718

 

8 %

 

8 %

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Adjusted EBITDA Margin(1)

                     
 

Legal Professionals

 

44.3 %

 

41.0 %

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330bp

 

350bp

     
 

Corporates

 

32.2 %

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33.5 %

 

-130bp

 

-70bp

     
 

Tax, Audit & Accounting Professionals

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53.6 %

 

53.4 %

 

20bp

 

0bp

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“Big 3” Segments Combined(1)

 

43.0 %

 

41.7 %

 

130bp

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150bp

     
 

Reuters

 

21.0 %

 

20.8 %

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20bp

 

140bp

     
 

Global Print

 

39.6 %

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38.2 %

 

140bp

 

160bp

     
 

Total Adjusted EBITDA Margin

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38.7 %

 

37.6 %

 

110bp

 

140bp

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

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Legal Professionals 

Revenues increased 1% despite the disposal of FindLaw in the prior-year period, which negatively impacted recurring and transactions revenue growth. Organic revenue growth was 9%.

  • Recurring revenues increased 1% (97% of total, increased 8% organic). Organic revenue growth was primarily driven by Westlaw, CoCounsel and Practical Law.
  • Transactions revenues were essentially unchanged (3% of total, increased 28% organic).

Adjusted EBITDA increased 9% to $327 million.

  • The margin increased to 44.3% from 41.0% primarily reflecting higher operating leverage as well as the disposal of the lower margin FindLaw business in the prior-year period.

Corporates 

Revenues increased 7% despite a negative impact from the sale of certain non-core businesses. Organic revenues increased 9%.

  • Recurring revenues increased 7% (88% of total, increased 9% organic). Organic revenue growth was primarily driven by Indirect Tax, Direct Tax, Westlaw, Practical LawPagero and the segment’s international businesses.
  • Transactions revenues increased 7% (12% of total, all organic). Organic revenue growth was primarily driven by increases in Indirect Tax, Global Trade and the segment’s international businesses.

Adjusted EBITDA increased 4% to $160 million and the margin decreased to 32.2% from 33.5%. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 60 basis points.

Tax, Audit & Accounting Professionals 

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

  • Recurring revenues increased 12% (86% of total, all organic). Organic revenue growth was primarily driven by UltraTax, CoCounsel and the segment’s Latin America business.
  • Transactions revenues increased 19% (14% of total, increased 3% organic). Organic revenue growth was primarily driven by SafeSend and the segment’s international businesses.

Adjusted EBITDA increased 14% to $222 million and the margin increased to 53.6% from 53.4%. 

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 6% (5% organic), primarily due to higher generative AI related transactional content licensing revenue in the Agency business, as well as a contractual price increase from the company’s news agreement with the Data & Analytics business of London Stock Exchange Group (LSEG).

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Adjusted EBITDA increased 7% to $48 million and the margin increased to 21.0% from 20.8%.

Global Print 

Revenues decreased 6%, all organic, driven by lower shipment volumes.

Adjusted EBITDA decreased 2% to $54 million, and the margin increased to 39.6% from 38.2% reflecting lower expenses.

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Corporate Costs

Corporate costs were $34 million compared to $30 million in the prior-year period.

Consolidated Financial Highlights – Year Ended December 31

 

Year ended December 31,

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(Millions of U.S. dollars, except for EPS)

 
 

(unaudited)

 
                     
 

IFRS Financial Measures(1)

 

2025

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2024

 

Change

     
 

Revenues

 

$7,476

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$7,258

 

3 %

     
 

Operating profit

 

$2,132

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$2,109

 

1 %

     
 

Diluted EPS

 

$3.33

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$4.89

 

-32 %

     
 

Net cash provided by operating activities

 

$2,651

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$2,457

 

8 %

     
                     
 

Non-IFRS Financial Measures(1)

 

2025

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2024

 

Change

 

Change at 
Constant 
Currency

 
 

Revenue growth in constant currency

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3 %

 
 

Organic revenue growth

             

7 %

 
 

Adjusted EBITDA

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$2,936

 

$2,779

 

6 %

 

5 %

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Adjusted EBITDA margin

 

39.2 %

 

38.2 %

 

100bp

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80bp

 
 

Adjusted EPS

 

$3.92

 

$3.77

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4 %

 

4 %

 
 

Free cash flow

 

$1,950

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$1,828

 

7 %

     
                     
 

(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 3% due to 3% growth in recurring revenues (81% of total revenues) and 5% 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 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 5% decline in Global Print.
  • The company’s “Big 3” segments reported organic revenue growth of 9% and collectively comprised 82% of total revenues.

Operating profit increased 1% primarily driven by the net impact of higher revenues and operating expenses, partially offset by higher amortization of software.        

  • Adjusted EBITDA, which excludes amortization of software, as well as other adjustments, increased 6% and the related margin increased to 39.2% from 38.2%, primarily due to higher operating leverage. Foreign currency contributed 20 basis points to the year-over-year change in adjusted EBITDA margin.

Diluted EPS decreased to $3.33 per share compared to $4.89 per share in the prior year primarily because 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.

  • Adjusted EPS, which excludes the non-cash tax benefit, as well as other adjustments, increased to $3.92 per share compared to $3.77 per share in the prior year, primarily due to higher adjusted EBITDA, partly offset by higher amortization of internally developed software, income tax expense and interest expense.  

Net cash provided by operating activities increased by $194 million as higher cash benefits from the net impact of higher revenues and operating expenses and certain component changes in working capital were partly offset by higher income tax payments.

  • Free cash flow increased by $122 million as higher net cash provided by operating activities was partly offset by higher capital expenditures and lower cash flows from other investing activities.

Highlights by Customer Segment – Year Ended December 31

 

(Millions of U.S. dollars)

 
 

(unaudited)

 
     

Year ended
December 31,

 

Change

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2025

 

2024

 

Total

Constant
Currency(1)

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Organic(1)(2)

 
 

Revenues

                     
 

Legal Professionals

 

$2,868

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$2,922

 

-2 %

 

-2 %

 

8 %

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Corporates

 

1,987

 

1,844

 

8 %

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7 %

 

9 %

 
 

Tax, Audit & Accounting Professionals

 

1,302

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1,165

 

12 %

 

13 %

 

11 %

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“Big 3” Segments Combined(1)

 

6,157

 

5,931

 

4 %

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4 %

 

9 %

 
 

Reuters

 

853

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832

 

3 %

 

2 %

 

1 %

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Global Print

 

490

 

519

 

-6 %

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-5 %

 

-5 %

 
 

Eliminations/Rounding

 

(24)

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(24)

             
 

Total Revenues

 

$7,476

 

$7,258

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3 %

 

3 %

 

7 %

 
                         
 

Adjusted EBITDA(1)

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Legal Professionals

 

$1,356

 

$1,302

 

4 %

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3 %

     
 

Corporates

 

716

 

671

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7 %

 

6 %

     
 

Tax, Audit & Accounting Professionals

 

623

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527

 

18 %

 

19 %

     
 

“Big 3” Segments Combined(1)

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2,695

 

2,500

 

8 %

 

7 %

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Reuters

 

174

 

196

 

-11 %

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-11 %

     
 

Global Print

 

185

 

188

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-2 %

 

-2 %

     
 

Corporate costs

 

(118)

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(105)

 

n/a

 

n/a

     
 

Total Adjusted EBITDA

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$2,936

 

$2,779

 

6 %

 

5 %

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Adjusted EBITDA Margin(1)

                     
 

Legal Professionals

 

47.3 %

 

44.6 %

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270bp

 

250bp

     
 

Corporates

 

36.0 %

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36.3 %

 

-30bp

 

-30bp

     
 

Tax, Audit & Accounting Professionals

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47.1 %

 

45.2 %

 

190bp

 

150bp

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“Big 3” Segments Combined(1)

 

43.6 %

 

42.1 %

 

150bp

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130bp

     
 

Reuters

 

20.4 %

 

23.6 %

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-320bp

 

-290bp

     
 

Global Print

 

37.7 %

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36.2 %

 

150bp

 

120bp

     
 

Total Adjusted EBITDA Margin

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39.2 %

 

38.2 %

 

100bp

 

80bp

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(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

                     

2026 Outlook 

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The company’s outlook for 2026 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 year. Thomson Reuters believes that this type of guidance provides useful insight into the anticipated performance of its businesses.

The company expects its first-quarter 2026 organic revenue growth to be approximately 7% and its adjusted EBITDA margin to be approximately 42%.

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

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Total Thomson Reuters

FY 2025

Reported

FY 2026

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Outlook

Total Revenue Growth

3%(2)

7.5% – 8.0%

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Organic Revenue Growth(1)

7 %

7.5% – 8.0%

Adjusted EBITDA Margin(1)

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39.2 %

+100bps vs 2025

Corporate Costs

$118 million

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$115 – $125 million

Free Cash Flow(1)

$1.95 billion

$2.1 billion

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Accrued Capex as % of Revenues(1)

8.2 %

~ 8.0%

Depreciation & Amortization of Software

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   Depreciation & Amortization of Internally Developed Software 

   Amortization of Acquired Software

$832 million

$626 million

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$206 million

$890– $910 million

$680 – $690 million

$210 – $220 million

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Net Interest Expense

$143 million

$150 – $160 million

Effective Tax Rate on Adjusted Earnings(1)

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18.5 %

~ 19%

“Big 3” Segments(1)

FY 2025

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Reported

FY 2026

Outlook

Total Revenue Growth 

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4%(2)

~ 9.5%

Organic Revenue Growth

9 %

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~ 9.5%

Adjusted EBITDA Margin

43.6 %

+100bps vs 2025

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(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.

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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.” The company’s 2026 outlook is also based on certain assumptions described in the cross-referenced section, which the company believes are reasonable in the circumstances, and is subject to a number of risks, including those specifically identified in the cross-referenced section and those facing the company generally.

Segment Name Changes 

As reflected in this earnings release, 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 segments’ composition or the measurement of the segments’ results as previously or currently reported.

Dividends and Common Shares Outstanding

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The company announced today that its Board of Directors approved a 10% or $0.24 per share annualized increase in the dividend to $2.62 per common share, representing the 33rd consecutive year of dividend increases and the fifth consecutive 10% increase. A quarterly dividend of $0.655 per share is payable on March 10, 2026 to common shareholders of record as of February 17, 2026.

Thomson Reuters had approximately 445.0 million common shares outstanding as of February 3, 2026.

$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  Normal Course Issuer Bid that was approved by the Toronto Stock Exchange (TSX). In late October 2025, the company completed the program by repurchasing 6.0 million of its common shares.

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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). 

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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. 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

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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 “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 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.

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The company’s business 2026 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. Material assumptions related to the company’s revenue outlook are that uncertain macroeconomic and geopolitical conditions will continue to disrupt the economy and cause periods of volatility; there will be a continued need for trusted products and services that help customers navigate evolving and complex legal, tax, audit, accounting, regulatory, geopolitical and commercial changes, developments and environments, and for cloud-based digital tools that drive productivity; Thomson Reuters will have a continued ability to deliver innovative products that meet evolving customer demands; the company will acquire new customers through expanded and improved digital platforms, simplification of the product portfolio and through other sales initiatives; and the company will improve customer retention through commercial simplification efforts and customer service improvements. Material assumptions related to the company’s adjusted EBITDA margin outlook are its ability to achieve revenue growth targets; the company’s business mix continues to shift to higher-growth product offerings; and integration expenses associated with recent acquisitions will reduce margins. Material assumptions related to the company’s free cash flow outlook are its ability to achieve its revenue and adjusted EBITDA margin targets; and accrued capital expenditures approximate the percentage of revenues as set forth in the company’s outlook. Material assumptions related to the company’s effective tax rate on adjusted earnings outlook are its ability to achieve its adjusted EBITDA target; the mix of taxing jurisdictions where the company recognized pre-tax profit or losses in 2025 does not significantly change; no unexpected changes in tax laws or treaties within the jurisdictions where the company operates; no significant charges or benefits from the finalization of prior tax years; depreciation and amortization of internally developed software as set forth in the company’s outlook; and net interest expense as set forth in the company’s outlook. 

Material risks related to the company’s revenue outlook are that ongoing geopolitical instability and uncertainty regarding interest rates and inflation, continue to impact the global economy. The severity and duration of any one, or a combination, of these conditions could impact the global economy and lead to lower demand for our products and services (beyond our assumption that these disruptions will cause periods of volatility); uncertainty in the legal regulatory regime relating to artificial intelligence (AI) has made it difficult for the company to predict the risks associated with the use of AI in its businesses and products. Future legislation may make it harder for the company to conduct its business using AI, lead to regulatory fines or penalties, require it to change its product offerings or business practices or prevent or limit its use of AI; demand for the company’s products and services could be reduced by changes in customer buying patterns or in its inability to execute on key product design or customer support initiatives; competitive pricing actions and product innovation could impact the company’s revenues; and the company’s sales, commercial simplification and product initiatives may be insufficient to retain customers or generate new sales. Material risks related to the company’s adjusted EBITDA margin outlook are the same as the risks above related to the revenue outlook; higher than expected inflation may lead to greater than anticipated increase in labor costs, third-party supplier costs and costs of print materials; and acquisition and disposal activity may dilute the company’s adjusted EBITDA margin. Material risks related to the company’s free cash flow outlook are the same as the risks above related to the revenue and adjusted EBITDA margin targets; a weaker macroeconomic environment could negatively impact working capital performance, including the ability of the company’s customers to pay; capital expenditures may be higher than currently expected; and the timing and amount of tax payments to governments may differ from the company’s expectations. Material risks related to the company’s effective tax rate on adjusted earnings outlook are the same as the risks above related to adjusted EBITDA; a material change in the geographical mix of the company’s pre-tax profits and losses; a material change in current tax laws or treaties to which the company is subject, and did not expect; resolution of tax audits may cause material changes to assessments of uncertain tax positions as compared to current estimates; and depreciation and amortization of internally developed software as well as net interest expense may be significantly higher or lower than expected. 

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. 

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CONTACTS

Thomson Reuters will webcast a discussion of its fourth-quarter and full-year 2025 results and its 2026 business outlook today beginning at 8:30 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 Corporation

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Consolidated Income Statement

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

(unaudited)

 

Three Months Ended
December 31,

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Year Ended
December 31,

 

2025

 

2024

 

2025

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2024

CONTINUING OPERATIONS

             

Revenues

$2,009

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$1,909

 

$7,476

 

$7,258

Operating expenses

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(1,231)

 

(1,183)

 

(4,578)

 

(4,471)

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Depreciation

(28)

 

(26)

 

(111)

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(113)

Amortization of software

(187)

 

(160)

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(721)

 

(618)

Amortization of other identifiable intangible assets

(25)

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(22)

 

(98)

 

(91)

Other operating gains, net

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2

 

204

 

164

 

144

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Operating profit

540

 

722

 

2,132

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2,109

Finance costs, net:

             

   Net interest expense

(40)

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(28)

 

(143)

 

(125)

   Other finance (costs) income

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(4)

 

53

 

(55)

 

45

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Income before tax and equity method investments

496

 

747

 

1,934

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2,029

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

(5)

 

(5)

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(28)

 

40

Tax (expense) benefit

(158)

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(135)

 

(423)

 

123

Earnings from continuing operations

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333

 

607

 

1,483

 

2,192

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(Loss) earnings from discontinued operations, net of tax

(1)

 

(20)

 

19

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15

Net earnings

$332

 

$587

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$1,502

 

$2,207

Earnings (loss) attributable to:

             

   Common shareholders

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$332

 

$587

 

$1,502

 

$2,210

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   Non-controlling interests

 

 

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(3)

               

Earnings per share:

             

Basic earnings (loss) per share:

             

   From continuing operations

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$0.75

 

$1.35

 

$3.29

 

$4.86

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   From discontinued operations

(0.01)

 

(0.05)

 

0.05

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0.03

Basic earnings per share

$0.74

 

$1.30

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$3.34

 

$4.89

Diluted earnings (loss) per share:

             

   From continuing operations

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$0.75

 

$1.34

 

$3.29

 

$4.85

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   From discontinued operations

(0.01)

 

(0.04)

 

0.04

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0.04

Diluted earnings per share

$0.74

 

$1.30

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$3.33

 

$4.89

               

Basic weighted-average common shares

445,215,119

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450,077,127

 

448,971,715

 

450,609,712

Diluted weighted-average common shares

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445,597,771

 

450,600,114

 

449,532,466

 

451,239,490

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Thomson Reuters Corporation

Consolidated Statement of Financial Position

(millions of U.S. dollars)

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(unaudited)

     

December 31,

 

December 31,

         

2025

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2024

Assets

             

Cash and cash equivalents

       

$511

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$1,968

Trade and other receivables

       

1,143

 

1,087

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Other financial assets

       

94

 

35

Prepaid expenses and other current assets

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480

 

400

Current assets

       

2,228

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3,490

               

Property and equipment, net

       

361

 

386

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Software, net

       

1,645

 

1,453

Other identifiable intangible assets, net

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3,102

 

3,134

Goodwill

       

7,913

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7,262

Equity method investments

       

202

 

269

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Other financial assets

       

466

 

442

Other non-current assets

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680

 

625

Deferred tax

       

1,343

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1,376

Total assets

       

$17,940

 

$18,437

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Liabilities and equity

             

Liabilities

             

Current indebtedness

       

$795

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$973

Payables, accruals and provisions

       

1,090

 

1,091

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Current tax liabilities

       

224

 

197

Deferred revenue

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1,251

 

1,062

Other financial liabilities

       

108

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113

Current liabilities

       

3,468

 

3,436

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Long-term indebtedness

       

1,328

 

1,847

Provisions and other non-current liabilities

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656

 

675

Other financial liabilities

       

210

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232

Deferred tax

       

364

 

241

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Total liabilities

       

6,026

 

6,431

               

Equity

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Capital

       

3,597

 

3,498

Retained earnings

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9,220

 

9,699

Accumulated other comprehensive loss

       

(903)

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(1,191)

Total equity

       

11,914

 

12,006

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Total liabilities and equity

       

$17,940

 

$18,437

 

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Thomson Reuters Corporation

Consolidated Statement of Cash Flow

(millions of U.S. dollars)

(unaudited)

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Three Months Ended
December 31,

 

Year Ended
December 31,

 

2025

 

2024

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2025

 

2024

Cash provided by (used in):

             

Operating activities

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Earnings from continuing operations

$333

 

$607

 

$1,483

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$2,192

Adjustments for:

             

 Depreciation

28

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26

 

111

 

113

 Amortization of software

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187

 

160

 

721

 

618

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 Amortization of other identifiable intangible assets

25

 

22

 

98

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91

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

5

 

5

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28

 

(40)

 Net gains on disposals of businesses and investments

(1)

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(195)

 

(165)

 

(192)

 Deferred tax

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9

 

47

 

60

 

(640)

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 Other

49

 

(22)

 

272

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151

Changes in working capital and other items

122

 

(76)

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43

 

176

Operating cash flows from continuing operations

757

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574

 

2,651

 

2,469

Operating cash flows from discontinued operations

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(1)

 

(10)

 

 

(12)

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Net cash provided by operating activities

756

 

564

 

2,651

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2,457

Investing activities

             

Acquisitions, net of cash acquired

(20)

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(130)

 

(843)

 

(622)

Proceeds related to disposals of businesses and investments

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2

 

297

 

254

 

326

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Proceeds from sales of LSEG shares

 

 

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1,854

Capital expenditures

(158)

 

(161)

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(634)

 

(607)

Other investing activities

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40

 

1

 

46

Taxes paid on sales of LSEG shares and disposals

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(29)

 

(115)

 

(62)

 

(317)

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Net cash (used in) provided by investing activities

(205)

 

(69)

 

(1,284)

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680

Financing activities

             

Repayments of debt

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(999)

 

(290)

Net (repayments) borrowings under short-term loan facilities

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(49)

 

 

290

 

(139)

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Payments of lease principal

(16)

 

(17)

 

(64)

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(63)

Repurchases of common shares

(330)

 

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(1,000)

 

(639)

Dividends paid on preference shares

(1)

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(1)

 

(4)

 

(5)

Dividends paid on common shares

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(256)

 

(236)

 

(1,035)

 

(944)

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Purchase of non-controlling interests

 

 

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(384)

Other financing activities

(6)

 

2

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(16)

 

5

Net cash used in financing activities

(658)

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(252)

 

(2,828)

 

(2,459)

Translation adjustments

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(6)

 

4

 

(8)

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(Decrease) increase in cash and cash equivalents

(107)

 

237

 

(1,457)

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670

Cash and cash equivalents at beginning of period

618

 

1,731

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1,968

 

1,298

Cash and cash equivalents at end of period

$511

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$1,968

 

$511

 

$1,968

 

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Thomson Reuters Corporation

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

(millions of U.S. dollars)

(unaudited)

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Three months ended
December 31,

 

Year ended
December 31,

 

2025

2024

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2025

2024

Earnings from continuing operations

$333

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$607

 

$1,483

$2,192

Adjustments to remove:

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 Tax expense (benefit)

158

135

 

423

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(123)

 Other finance costs (income)

4

(53)

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55

(45)

 Net interest expense

40

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28

 

143

125

 Amortization of other identifiable intangible assets

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25

22

 

98

91

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 Amortization of software

187

160

 

721

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618

 Depreciation

28

26

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111

113

EBITDA

$775

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$925

 

$3,034

$2,971

Adjustments to remove:

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

5

5

 

28

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(40)

 Other operating gains, net

(2)

(204)

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(164)

(144)

 Fair value adjustments*

(1)

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(8)

 

38

(8)

Adjusted EBITDA(1)

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$777

$718

 

$2,936

$2,779

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Adjusted EBITDA margin(1)

38.7 %

37.6 %

 

39.2 %

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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

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

(millions of U.S. dollars)

(unaudited)

           
 

Three months ended
December 31,

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Year ended
December 31,

 

2025

2024

 

2025

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2024

Net cash provided by operating activities

$756

$564

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$2,651

$2,457

Capital expenditures

(158)

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(161)

 

(634)

(607)

Other investing activities

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40

 

1

46

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Payments of lease principal

(16)

(17)

 

(64)

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(63)

Dividends paid on preference shares

(1)

(1)

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(4)

(5)

Free cash flow(1)

$581

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$425

 

$1,950

$1,828

 

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Thomson Reuters Corporation

Reconciliation of Capital Expenditures to Accrued Capital Expenditures(1)

(millions of U.S. dollars)

(unaudited)

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Year ended 
December 31,

             

2025

Capital expenditures

           

$634

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Remove: IFRS adjustment to cash basis

           

(18)

Accrued capital expenditures(1)

           

$616

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Accrued capital expenditures as a percentage of revenues(1)

       

8.2 %

 

(1)       Refer to page 21 for additional information on non-IFRS financial measures.

 

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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)

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(unaudited)

           
 

Three months ended
December 31,

 

Year ended
December 31,

 

2025

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2024

 

2025

2024

Net earnings

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$332

$587

 

$1,502

$2,207

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Adjustments to remove:

         

 Fair value adjustments*

(1)

(8)

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38

(8)

 Amortization of acquired software

53

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38

 

206

147

 Amortization of other identifiable intangible assets

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25

22

 

98

91

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 Other operating gains, net

(2)

(204)

 

(164)

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(144)

 Other finance costs (income)

4

(53)

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55

(45)

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

5

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5

 

28

(40)

 Tax on above items(1)

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(5)

36

 

(35)

(9)

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 Tax items impacting comparability(1)

66

5

 

57

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(478)

 Loss (earnings) from discontinued operations, net of tax

1

20

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(19)

(15)

Interim period effective tax rate normalization(1)

2

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7

 

Dividends declared on preference shares

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(1)

(1)

 

(4)

(5)

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Adjusted earnings(1)(2)

$479

$454

 

$1,762

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$1,701

Adjusted EPS(1)(2)

$1.07

$1.01

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$3.92

$3.77

Total change

6 %

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4 %

 

Foreign currency

-1 %

   

0 %

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Constant currency

7 %

   

4 %

 

Diluted weighted-average common shares (millions)

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445.6

450.6

 

449.5

451.2

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Reconciliation of Effective Tax Rate on Adjusted Earnings(1)

   

Year ended 
December 31,

             

2025

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Adjusted earnings

           

$1,762

Plus: Dividends declared on preference shares

           

4

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Plus: Tax expense on adjusted earnings

           

401

Pre-tax adjusted earnings

           

$2,167

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IFRS tax expense

           

$423

Remove tax related to:

             

 Amortization of acquired software

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46

 Amortization of other identifiable intangible assets

           

23

 Share of post-tax losses in equity method investments

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2

 Other finance costs

           

2

 Other operating gains, net

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(43)

 Other items

           

5

Subtotal – Remove tax benefit on pre-tax items removed from adjusted earnings

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35

Remove: Tax items impacting comparability

           

(57)

Total – Remove all items impacting comparability

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(22)

Tax expense on adjusted earnings

           

$401

Effective tax rate on adjusted earnings

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18.5 %

   

*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 21 for additional information on non-IFRS financial measures.

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(2)

The adjusted earnings impact of non-controlling interests, which was applicable to the year-ended December 31, 2024, was not material.

 

Thomson Reuters Corporation

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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
December 31,

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Change

   

2025

 

2024

 

Total

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Foreign
Currency

 

SUBTOTAL
Constant
Currency

Net
Acquisitions/
(Disposals)

 

Organic

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Total Revenues

                           

Legal Professionals

 

$738

 

$729

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1 %

 

0 %

 

1 %

 

-8 %

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9 %

Corporates

 

496

 

458

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8 %

 

1 %

 

7 %

 

-2 %

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9 %

Tax, Audit & Accounting Professionals

 

414

 

366

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13 %

 

0 %

 

13 %

 

2 %

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11 %

“Big 3” Segments Combined(1)

 

1,648

 

1,553

Advertisement
 

6 %

 

1 %

 

5 %

 

-4 %

Advertisement
 

9 %

Reuters

 

232

 

218

Advertisement
 

7 %

 

1 %

 

6 %

 

1 %

Advertisement
 

5 %

Global Print

 

136

 

144

Advertisement
 

-6 %

 

0 %

 

-6 %

 

0 %

Advertisement
 

-6 %

Eliminations/Rounding

 

(7)

 

(6)

Advertisement
                   

Total Revenues

 

$2,009

 

$1,909

 

5 %

Advertisement
 

1 %

 

5 %

 

-3 %

 

7 %

Advertisement
                             

Recurring Revenues

                           

Legal Professionals

 

$716

 

$707

Advertisement
 

1 %

 

0 %

 

1 %

 

-7 %

Advertisement
 

8 %

Corporates

 

434

 

401

Advertisement
 

8 %

 

1 %

 

7 %

 

-2 %

Advertisement
 

9 %

Tax, Audit & Accounting Professionals

 

357

 

319

Advertisement
 

12 %

 

0 %

 

12 %

 

0 %

Advertisement
 

12 %

“Big 3” Segments Combined(1)

 

1,507

 

1,427

Advertisement
 

6 %

 

1 %

 

5 %

 

-4 %

Advertisement
 

9 %

Reuters

 

183

 

173

Advertisement
 

6 %

 

1 %

 

5 %

 

1 %

Advertisement
 

4 %

Eliminations/Rounding

 

(7)

 

(6)

Advertisement
                   

Total Recurring Revenues

 

$1,683

 

$1,594

 

6 %

Advertisement
 

1 %

 

5 %

 

-4 %

 

9 %

Advertisement
                             

Transactions Revenues

                           

Legal Professionals

 

$22

 

$22

Advertisement
 

0 %

 

-1 %

 

0 %

 

-28 %

Advertisement
 

28 %

Corporates

 

62

 

57

Advertisement
 

9 %

 

2 %

 

7 %

 

0 %

Advertisement
 

7 %

Tax, Audit & Accounting Professionals

 

57

 

47

Advertisement
 

20 %

 

1 %

 

19 %

 

16 %

Advertisement
 

3 %

“Big 3” Segments Combined(1)

 

141

 

126

Advertisement
 

11 %

 

1 %

 

10 %

 

2 %

Advertisement
 

8 %

Reuters

 

49

 

45

Advertisement
 

10 %

 

1 %

 

9 %

 

2 %

Advertisement
 

8 %

Total Transactions Revenues

 

$190

 

$171

Advertisement
 

11 %

 

1 %

 

10 %

 

2 %

Advertisement
 

8 %

   

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 21 for additional information on non-IFRS financial measures.

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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)

Advertisement

(unaudited)

 

Year ended
December 31,

Change

   

2025

Advertisement
 

2024

 

Total

Foreign
Currency

 

SUBTOTAL
Constant
Currency

Advertisement

Net
Acquisitions/
(Disposals)

 

Organic

Total Revenues

                           

Legal Professionals

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$2,868

 

$2,922

 

-2 %

 

0 %

Advertisement
 

-2 %

 

-10 %

 

8 %

Corporates

Advertisement
 

1,987

 

1,844

 

8 %

 

0 %

Advertisement
 

7 %

 

-1 %

 

9 %

Tax, Audit & Accounting Professionals

Advertisement
 

1,302

 

1,165

 

12 %

 

-1 %

Advertisement
 

13 %

 

3 %

 

11 %

“Big 3” Segments Combined(1)

Advertisement
 

6,157

 

5,931

 

4 %

 

0 %

Advertisement
 

4 %

 

-5 %

 

9 %

Reuters

Advertisement
 

853

 

832

 

3 %

 

1 %

Advertisement
 

2 %

 

1 %

 

1 %

Global Print

Advertisement
 

490

 

519

 

-6 %

 

0 %

Advertisement
 

-5 %

 

0 %

 

-5 %

Eliminations/Rounding

Advertisement
 

(24)

 

(24)

                   

Total Revenues

 

$7,476

Advertisement
 

$7,258

 

3 %

 

0 %

 

3 %

Advertisement
 

-4 %

 

7 %

                             

Recurring Revenues

                           

Legal Professionals

Advertisement
 

$2,789

 

$2,828

 

-1 %

 

0 %

Advertisement
 

-1 %

 

-10 %

 

9 %

Corporates

Advertisement
 

1,670

 

1,543

 

8 %

 

0 %

Advertisement
 

8 %

 

-2 %

 

9 %

Tax, Audit & Accounting Professionals

Advertisement
 

937

 

867

 

8 %

 

-2 %

Advertisement
 

10 %

 

0 %

 

10 %

“Big 3” Segments Combined(1)

Advertisement
 

5,396

 

5,238

 

3 %

 

0 %

Advertisement
 

3 %

 

-6 %

 

9 %

Reuters

Advertisement
 

712

 

668

 

7 %

 

1 %

Advertisement
 

6 %

 

1 %

 

5 %

Eliminations/Rounding

Advertisement
 

(24)

 

(24)

                   

Total Recurring Revenues

 

$6,084

Advertisement
 

$5,882

 

3 %

 

0 %

 

3 %

Advertisement
 

-5 %

 

9 %

                             

Transactions Revenues

                           

Legal Professionals

Advertisement
 

$79

 

$94

 

-16 %

 

1 %

Advertisement
 

-17 %

 

-21 %

 

4 %

Corporates

Advertisement
 

317

 

301

 

5 %

 

0 %

Advertisement
 

5 %

 

0 %

 

5 %

Tax, Audit & Accounting Professionals

Advertisement
 

365

 

298

 

22 %

 

0 %

Advertisement
 

23 %

 

10 %

 

12 %

“Big 3” Segments Combined(1)

Advertisement
 

761

 

693

 

10 %

 

0 %

Advertisement
 

10 %

 

1 %

 

9 %

Reuters

Advertisement
 

141

 

164

 

-14 %

 

1 %

Advertisement
 

-15 %

 

0 %

 

-16 %

Total Transactions Revenues

Advertisement
 

$902

 

$857

 

5 %

 

0 %

Advertisement
 

5 %

 

1 %

 

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.

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(1)

Refer to page 21 for additional information on non-IFRS financial measures.

 

Thomson Reuters Corporation

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Reconciliation of Changes in Adjusted EBITDA (1) and Related Margin(1) to Changes on a Constant Currency Basis(1)

(millions of U.S. dollars)

(unaudited)

 

Three months ended
December 31,

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Change

   

2025

 

2024

 

Total

Advertisement

Foreign
Currency

 

Constant
Currency

Adjusted EBITDA(1)

                   

Legal Professionals

Advertisement
 

$327

 

$299

 

9 %

 

0 %

Advertisement
 

9 %

Corporates

 

160

 

153

Advertisement
 

4 %

 

0 %

 

4 %

Tax, Audit & Accounting Professionals

Advertisement
 

222

 

196

 

14 %

 

1 %

Advertisement
 

13 %

“Big 3” Segments Combined(1)

 

709

 

648

Advertisement
 

9 %

 

0 %

 

9 %

Reuters

Advertisement
 

48

 

45

 

7 %

 

-5 %

Advertisement
 

12 %

Global Print

 

54

 

55

Advertisement
 

-2 %

 

0 %

 

-2 %

Corporate costs

Advertisement
 

(34)

 

(30)

 

n/a

 

n/a

Advertisement
 

n/a

Total Adjusted EBITDA

 

$777

 

$718

Advertisement
 

8 %

 

0 %

 

8 %

                     

Adjusted EBITDA Margin(1)

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Legal Professionals

 

44.3 %

 

41.0 %

 

330bp

Advertisement
 

-20bp

 

350bp

Corporates

 

32.2 %

Advertisement
 

33.5 %

 

-130bp

 

-60bp

 

-70bp

Advertisement

Tax, Audit & Accounting Professionals

 

53.6 %

 

53.4 %

 

20bp

Advertisement
 

20bp

 

0bp

“Big 3” Segments Combined(1)

 

43.0 %

Advertisement
 

41.7 %

 

130bp

 

-20bp

 

150bp

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Reuters

 

21.0 %

 

20.8 %

 

20bp

Advertisement
 

-120bp

 

140bp

Global Print

 

39.6 %

Advertisement
 

38.2 %

 

140bp

 

-20bp

 

160bp

Advertisement

Total Adjusted EBITDA Margin

 

38.7 %

 

37.6 %

 

110bp

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-30bp

 

140bp

 

Thomson Reuters Corporation

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Reconciliation of Changes in Adjusted EBITDA (1) and Related Margin(1) to Changes on a Constant Currency Basis(1)

(millions of U.S. dollars)

(unaudited)

 

Year ended
December 31,

Advertisement

Change

   

2025

 

2024

 

Total

Advertisement

Foreign
Currency

 

Constant
Currency

Adjusted EBITDA(1)

                   

Legal Professionals

Advertisement
 

$1,356

 

$1,302

 

4 %

 

1 %

Advertisement
 

3 %

Corporates

 

716

 

671

Advertisement
 

7 %

 

0 %

 

6 %

Tax, Audit & Accounting Professionals

Advertisement
 

623

 

527

 

18 %

 

0 %

Advertisement
 

19 %

“Big 3” Segments Combined(1)

 

2,695

 

2,500

Advertisement
 

8 %

 

0 %

 

7 %

Reuters

Advertisement
 

174

 

196

 

-11 %

 

-1 %

Advertisement
 

-11 %

Global Print

 

185

 

188

Advertisement
 

-2 %

 

1 %

 

-2 %

Corporate costs

Advertisement
 

(118)

 

(105)

 

n/a

 

n/a

Advertisement
 

n/a

Total Adjusted EBITDA

 

$2,936

 

$2,779

Advertisement
 

6 %

 

0 %

 

5 %

                     

Adjusted EBITDA Margin(1)

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Legal Professionals

 

47.3 %

 

44.6 %

 

270bp

Advertisement
 

20bp

 

250bp

Corporates

 

36.0 %

Advertisement
 

36.3 %

 

-30bp

 

0bp

 

-30bp

Advertisement

Tax, Audit & Accounting Professionals

 

47.1 %

 

45.2 %

 

190bp

Advertisement
 

40bp

 

150bp

“Big 3” Segments Combined(1)

 

43.6 %

Advertisement
 

42.1 %

 

150bp

 

20bp

 

130bp

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Reuters

 

20.4 %

 

23.6 %

 

-320bp

Advertisement
 

-30bp

 

-290bp

Global Print

 

37.7 %

Advertisement
 

36.2 %

 

150bp

 

30bp

 

120bp

Advertisement

Total Adjusted EBITDA Margin

 

39.2 %

 

38.2 %

 

100bp

Advertisement
 

20bp

 

80bp

   

n/a: not applicable

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

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(1)

Refer to page 21 for additional information on non-IFRS financial measures.

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.

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Three months ended December 31, 2025

(millions of U.S. dollars)
(unaudited)

IFRS 
revenues

 

Remove fair
value
adjustments
to acquired
deferred
revenue

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Revenues
excluding 
fair value
adjustments
to acquired
deferred 
revenue

 

Adjusted
EBITDA

 

Adjusted
EBITDA
Margin

Legal Professionals

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$738

 

 

$738

 

$327

Advertisement
 

44.3 %

Corporates

496

 

Advertisement
 

496

 

160

 

32.2 %

Tax, Audit & Accounting Professionals

Advertisement

414

 

 

414

 

222

Advertisement
 

53.6 %

“Big 3” Segments Combined(1)

1,648

 

Advertisement
 

1,648

 

709

 

43.0 %

Reuters

Advertisement

232

 

 

232

 

48

Advertisement
 

21.0 %

Global Print

136

 

Advertisement
 

136

 

54

 

39.6 %

Eliminations/Rounding

Advertisement

(7)

 

 

(7)

 

Advertisement
 

n/a

Corporate costs

 

Advertisement
 

 

(34)

 

n/a

Consolidated totals

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$2,009

 

 

$2,009

 

$777

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38.7 %

 

 

Year ended December 31, 2025

(millions of U.S. dollars)
(unaudited)

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IFRS 
revenues

 

Remove fair
value
adjustments
to acquired
deferred
revenue

 

Revenues
excluding
fair value
adjustments
to acquired
deferred
revenue

 

Adjusted
EBITDA

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Adjusted
EBITDA
Margin

Legal Professionals

$2,868

 

Advertisement
 

$2,868

 

$1,356

 

47.3 %

Corporates

Advertisement

1,987

 

 

1,987

 

716

Advertisement
 

36.0 %

Tax, Audit & Accounting Professionals

1,302

 

$20

Advertisement
 

1,322

 

623

 

47.1 %

“Big 3” Segments Combined(1)

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6,157

 

20

 

6,177

 

2,695

Advertisement
 

43.6 %

Reuters

853

 

Advertisement
 

853

 

174

 

20.4 %

Global Print

Advertisement

490

 

 

490

 

185

Advertisement
 

37.7 %

Eliminations/Rounding

(24)

 

Advertisement
 

(24)

 

 

n/a

Corporate costs

Advertisement

 

 

 

(118)

Advertisement
 

n/a

Consolidated totals

$7,476

 

$20

Advertisement
 

$7,496

 

$2,936

 

39.2 %

 

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Three months ended December 31, 2024

(millions of U.S. dollars)
(unaudited)

IFRS 
revenues

 

Remove fair
value
adjustments
to acquired
deferred
revenue

Advertisement
 

Revenues
excluding
fair value
adjustments
to acquired
deferred
revenue

 

Adjusted
EBITDA

 

Adjusted
EBITDA
Margin

Legal Professionals

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$729

 

 

$729

 

$299

Advertisement
 

41.0 %

Corporates

458

 

$1

Advertisement
 

459

 

153

 

33.5 %

Tax, Audit & Accounting Professionals

Advertisement

366

 

 

366

 

196

Advertisement
 

53.4 %

“Big 3” Segments Combined(1)

1,553

 

1

Advertisement
 

1,554

 

648

 

41.7 %

Reuters

Advertisement

218

 

 

218

 

45

Advertisement
 

20.8 %

Global Print

144

 

Advertisement
 

144

 

55

 

38.2 %

Eliminations/Rounding

Advertisement

(6)

 

 

(6)

 

Advertisement
 

n/a

Corporate costs

 

Advertisement
 

 

(30)

 

n/a

Consolidated totals

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$1,909

 

$1

 

$1,910

 

$718

Advertisement
 

37.6 %

   

n/a: not applicable

Margins are computed using whole dollars, as a result, margins calculated from reported amounts may differ from those presented due to rounding.

(1)

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Refer to page 21 for additional information on non-IFRS financial measures.

 

Reconciliation of adjusted EBITDA margin(1)

 

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Year ended December 31, 2024

(millions of U.S. dollars)
(unaudited)

IFRS 
revenues

 

Remove fair
value
adjustments
to acquired
deferred
revenue

Advertisement
 

Revenues
excluding
fair value
adjustments
to acquired
deferred
revenue

 

Adjusted
EBITDA

 

Adjusted
EBITDA
Margin

Legal Professionals

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$2,922

 

$1

 

$2,923

 

$1,302

Advertisement
 

44.6 %

Corporates

1,844

 

6

Advertisement
 

1,850

 

671

 

36.3 %

Tax, Audit & Accounting Professionals

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1,165

 

 

1,165

 

527

Advertisement
 

45.2 %

“Big 3” Segments Combined(1)

5,931

 

7

Advertisement
 

5,938

 

2,500

 

42.1 %

Reuters

Advertisement

832

 

2

 

834

 

196

Advertisement
 

23.6 %

Global Print

519

 

Advertisement
 

519

 

188

 

36.2 %

Eliminations/Rounding

Advertisement

(24)

 

 

(24)

 

Advertisement
 

n/a

Corporate costs

 

Advertisement
 

 

(105)

 

n/a

Consolidated totals

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$7,258

 

$9

 

$7,267

 

$2,779

Advertisement
 

38.2 %

 

n/a: not applicable

 

Margins are computed using whole dollars, as a result, margins calculated from reported amounts may differ from those presented due to rounding.

 

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Thomson Reuters Corporation

Reconciliation of Net Debt(1) and Leverage Ratio of Net Debt to Adjusted EBITDA(1)

(millions of U.S. dollars)

(unaudited)

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     December 31,

 

December 31,

         

2025

 

2024

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Current indebtedness

       

$795

 

$973

Long-term indebtedness

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1,328

 

1,847

Total debt

       

2,123

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2,820

Swaps

       

16

 

21

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Total debt after swaps

       

2,139

 

2,841

Remove fair value adjustments for hedges

Advertisement
       

(2)

 

5

Total debt after hedging arrangements

       

2,137

Advertisement
 

2,846

Collateral assets

       

(7)

 

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Remove transaction costs, premiums or discounts, included in the carrying value of debt

28

 

22

Add: Lease liabilities (current and non-current)

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249

 

256

Less: Cash and cash equivalents

       

(511)

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(1,968)

Net debt

       

$1,896

 

$1,156

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Leverage ratio of net debt to adjusted EBITDA

             

Adjusted EBITDA

       

$2,936

 

$2,779

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Net debt/adjusted EBITDA

       

0.6:1

 

0.4:1

   

(1)

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Refer to page 21 for additional information on non-IFRS financial measures.

 

Non-IFRS
Financial
Measures

Definition

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Why Useful to the Company and Investors

Adjusted EBITDA and the related margin

Represents earnings or losses 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, Thomson Reuters share of post-tax earnings or losses in equity method investments, other operating gains and losses, certain asset impairment charges and fair value adjustments, including those related to acquired deferred revenue. The related margin is adjusted EBITDA expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.

Provides a consistent basis to evaluate operating profitability and performance trends by excluding items that the company does not consider to be controllable activities for this purpose. Also, represents a measure commonly reported and widely used by investors as a valuation metric, as well as to assess the company’s ability to incur and service debt.

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Adjusted earnings and adjusted EPS

Net earnings or loss including dividends declared on preference shares but excluding the post-tax impacts of fair value adjustments, including those related to acquired deferred revenue, amortization of acquired intangible assets (attributable to other identifiable intangible assets and acquired software), other operating gains and losses, certain asset impairment charges, other finance costs or income, Thomson Reuters share of post-tax earnings or losses in equity method investments, discontinued operations and other items affecting comparability. Acquired intangible assets contribute to the generation of revenues from acquired companies, which are included in the company’s computation of adjusted earnings.

 

The post-tax amount of each item is excluded from adjusted earnings based on the specific tax rules and tax rates associated with the nature and jurisdiction of each item.

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Adjusted EPS is calculated from adjusted earnings using diluted weighted-average shares and does not represent actual earnings or loss per share attributable to shareholders.

Provides a more comparable basis to analyze earnings.

 

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These measures are commonly used by shareholders to measure performance.

 

 

 

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Effective tax rate on adjusted earnings

Adjusted tax expense divided by pre-tax adjusted earnings. Adjusted tax expense is computed as income tax expense or benefit plus or minus the income tax impacts of all items impacting adjusted earnings (as described above), and other tax items impacting comparability.

 

In interim periods, the company also makes an adjustment to reflect income taxes based on the estimated full-year effective tax rate. Earnings or losses for interim periods under IFRS reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which Thomson Reuters operates. The non-IFRS adjustment reallocates estimated full-year income taxes between interim periods but has no effect on full-year income taxes.

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Provides a basis to analyze the effective tax rate associated with adjusted earnings.

 

 

The company’s effective tax rate computed in accordance with IFRS may be more volatile by quarter because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year. Therefore, the company believes that using the expected full-year effective tax rate provides more comparability among interim periods.

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Free cash flow

Net cash provided by operating activities and other investing activities, less capital expenditures, payments of lease principal and dividends paid on the company’s preference shares.

Helps assess the company’s ability, over the long term, to create value for its shareholders as it represents cash available to repay debt, pay common dividends, fund share repurchases and acquisitions.

Changes before the impact of foreign currency or at constant currency

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The changes in revenues, adjusted EBITDA and the related margin, and adjusted EPS before currency (at constant currency or excluding the effects of currency) are determined by converting the current and equivalent prior period’s local currency results using the same foreign currency exchange rate.

Provides better comparability of business trends from period to period.

Changes in revenues computed on an organic basis

Represent changes in revenues of the company’s existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods.

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Provides further insight into the performance of the company’s existing businesses by excluding distortive impacts and serves as a better measure of the company’s ability to grow its business over the long term.

Accrued capital expenditures as a percentage of revenues

Accrued capital expenditures divided by revenues, where accrued capital expenditures include amounts that remain unpaid at the end of the reporting period. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.

Reflects the basis on which the company manages capital expenditures for internal planning purposes. 

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“Big 3” segments

The company’s combined Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. All measures reported for the “Big 3” segments are non-IFRS financial measures.

The “Big 3” segments comprised approximately 80% of revenues and represent the core of the company’s business information service product offerings. 

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Net debt and leverage ratio of net debt to adjusted EBITDA

Net debt is total debt, plus related hedging instruments and collateral balances, along with lease liabilities, excluding unamortized transaction costs and any premiums or discounts on debt, minus cash and cash equivalents. We exclude specific hedging components to reflect the net cash outflow upon debt maturity.

 

Net debt to adjusted EBITDA is net debt divided by adjusted EBITDA for the previous twelve-month period ending with the current fiscal quarter.

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Provides a commonly used measure of a company’s leverage and its ability to pay its debt. Given that the company hedges some of its debt to manage risk, the company includes hedging instruments as it believes it provides a better measure of the total obligation associated with its outstanding debt. Since the company plans to hold its debt and related hedges until maturity, the net debt calculation is adjusted to reflect the net cash outflow at maturity, after deducting cash and cash equivalents.

 

The company’s non-IFRS measure is aligned with the calculation of its internal target leverage ratio and is more conservative than the maximum ratio allowed under the contractual covenants in its credit facility.

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Please refer to reconciliations for the most directly comparable IFRS financial measures.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/thomson-reuters-reports-fourth-quarter-and-full-year-2025-results-302680103.html

SOURCE Thomson Reuters

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Budget won't be bonanza for cutting red tape: minister

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Budget won't be bonanza for cutting red tape: minister

Business groups have urged the government to cut a raft of regulations ahead of the federal budget, but the finance minister says changes have to make sense.

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China leaves lending benchmarks unchanged for 11th month in April

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China leaves lending benchmarks unchanged for 11th month in April


China leaves lending benchmarks unchanged for 11th month in April

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IPOs could raise up to $25 billion in 2026, too, despite D-St caution

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IPOs could raise up to $25 billion in 2026, too, despite D-St caution
Mumbai: A clutch of large IPOs is expected to prop up India’s primary market in 2026 even as market uncertainty slows down broader activity compared to the previous two robust years, said Ranvir Davda, co-head of investment banking at HSBC India.

“The number of deals may come down, but the size and aggregate value may still be similar (to the previous years),” said Davda in an interview.

Reliance Industries’ telecom arm Jio Platforms, National Stock Exchange, Zepto, PhonePe, Manipal Hospitals and and SBI Funds Management are among the large issuances expected to hit the market in 2026. Together, these issues could raise ₹1 lakh crore (about $10.8-10.9 billion).

So far this year, 20 companies have raised $2.5 billion, according to Prime Database and ETIG Database. That comes after two record years that saw 94 and 115 mainboard IPOs in 2024 and 2025, raising nearly $21-23 billion.

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This year’s IPO fundraise could be between $21 billion and $25 billion.


“This year, a larger percentage of companies are mid to large-sized,” said Davda. “Many of these are backed by large groups or private equity investors and, therefore, have the flexibility to wait, ride volatility, and avoid pressing forward if valuations are not aligned.”
The early part of this year has been slower for the IPO market, with the West Asia conflict weighing on secondary markets, IPO subscriptions and listing gains, prompting several companies to defer offerings. “This year will be volatile. Windows to complete trades will be shorter, so readiness is critical,” Davda said.

At the same time, companies that need capital are showing more willingness to negotiate.

Issuers are increasingly tapping AIFs, family offices and special situations funds alongside traditional investors, while using pre-IPO placements as a bridge to raise capital with visibility to a listing over the next 6-18 months, he said. According to Davda, technology faces sharper scrutiny amid AI disruption, global uncertainty and profitability concerns, though large consumer-tech and fintech offerings are still likely to proceed as “must-own” India exposures.

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Janus Living: Valuation Seems To Have Priced In Near-Term Upsides (NYSE:JAN)

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Brookdale: Operational Leverage Signals A Major Pivot

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I focus on long-term investments while incorporating short-term shorts to uncover alpha opportunities. My investment approach revolves around bottom-up analysis, delving into the fundamental strengths and weaknesses of individual companies. My investment duration is the medium to long-term. Ultimately, I aim to identify companies with solid fundamentals, sustainable competitive advantages, and growth potential.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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FMCG sector set for steady Q4 on rural demand and volume growth

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FMCG sector set for steady Q4 on rural demand and volume growth
ET Intelligence Group: The FMCG sector is expected to post a steady March-quarter performance, supported by stable rural demand, gradual urban recovery and volume growth even as pricing remains subdued in several segments. While steady raw material costs during most of the quarter are margin supportive, the recent rise in costs of crude-linked inputs such as packaging materials could weigh on margins. Companies with stronger execution, premium portfolios and better distribution reach are expected to outperform, while category-specific challenges and international headwinds may keep performance uneven across the pack.

Hindustan Unilever is expected to report mid-single digit revenue growth led by 4-5% volume growth. Growth is expected to be broad-based, with beauty and wellbeing growing in double-digits, while home care, personal care and foods & beverages are likely to grow in mid-single digits. The demerger of low-margin ice cream business may support operating margin before depreciation and amortisation (Ebitda margin).

ITC may show pressure in the cigarettes segment amid flat volume and higher taxes while displaying resilience in non-cigarette segments. The FMCG and agriculture related business is expected to remain robust, while paperboards business may grow in single digit. The margin for the cigarettes business is likely to contract amid rising leaf tobacco costs and limited pricing hikes.

FMCG Pack Heads for Steady Q4 Despite Patchy Category TrendsAgencies

Books & MARKS HUL, Nestlé and Britannia set for volume-led growth; high tax on cigarettes may weigh on ITC; Dabur may report modest int’l revenue

Nestle India’s consolidated revenue growth is expected to be in double-digits, led largely by volumes in the domestic market while exports may show recovery on a weak base. Normalisation is expected after GST-related disruptions in the previous quarter. However, margin is likely to contract on account of high inflation in the coffee segment.
Asian Paints is likely to report better volume growth for the domestic decorative paints segment on a weak base. Upcoming price increase may boost channel restocking thereby aiding primary sales. International business may be subdued due to the Middle East disruption. Margins are likely to improve on stable raw material prices during the quarter, with the impact of recent crude inflation expected to be limited for the March quarter.

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Varun Beverages is expected to report high-single digit revenue growth in the March quarter, with international markets likely to drive momentum through high double-digit volume growth. Ebitda margin is likely to contract, partly due to upsizing in India and ramp-up of snacks in Africa.
Britannia Industries may report double-digit revenue growth led by high-single digit volume expansion due to higher grammage in low-unit packs, which account for about two-third portion of sales. Margins are likely to improve supported by stable raw materials prices, especially in January and February. Dabur India is expected to post modest revenue growth, driven by mid-single digit volume growth in the domestic business. However, its international operations, particularly the Middle East and North Africa (MENA) region, which contributes around 8% of revenue may remain weak amid geopolitical tensions. Within domestic categories, home and personal care is expected to deliver double-digit growth, while healthcare and foods may see low single-digit expansion.

Colgate-Palmolive India is expected to report low single-digit volume growth on a weak base, after three consecutive quarters of declines. The margin could contract due to higher promotions and advertisement spends.

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Oil claws back losses as Strait of Hormuz is closed again

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Oil claws back losses as Strait of Hormuz is closed again
SINGAPORE: Oil prices rebounded more than 6% on Monday after tumbling more than 9% on Friday on news the Strait of Hormuz is closed again after both the U.S. and Iran said the other party had violated their ceasefire deal by attacking ships over the weekend.

Brent crude futures jumped $6.11, or ‌6.76%, to $96.49 ⁠a barrel ⁠by 2327 GMT and U.S. West Texas Intermediate was at $90.38 a barrel, up $6.53, or 7.79%.

The U.S. military had seized an Iranian cargo ship that tried to run its blockade, U.S. President Donald Trump said on Sunday, while Iran said it would not participate in a second round of peace talks despite Trump’s threat of renewed airstrikes.

The United States has ⁠maintained a ‌blockade of Iranian ports, while Iran has lifted and then reimposed its own blockade of the Strait, which handled roughly ⁠one-fifth of the world’s oil supply before the war began almost two months ago.

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“Oil markets continue to gyrate in response to oscillating social media posts by the U.S. and Iran, rather than the realities on the ground which remain challenging for oil flows to resume in a rapid fashion,” Saul Kavonic, MST Marquee’s head of research, said.


Both contracts posted on Friday their largest daily ‌declines since April 18 after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period and ⁠Trump said Iran had agreed to never close the strait again.
“The announcement of the Strait opening proved premature,” Kavonic said. “Ship owners will be twice shy about heading towards the Strait again without receiving much more confidence that any announced passage is real.”

More than 20 ships passed the strait on Saturday carrying oil, liquefied petroleum gas, metals and fertilizers, Kpler data showed, the highest number of vessels crossing the waterway since March 1.

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Global Market Today: Oil jumps, stocks wobble as Mideast ceasefire hangs in the balance

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Global Market Today: Oil jumps, stocks wobble as Mideast ceasefire hangs in the balance
SINGAPORE: Oil prices jumped, the U.S. dollar lifted from lows and stock markets wobbled on Monday as rising tension in the Middle East kept shipping in and out of the Gulf to a bare minimum, though traders were holding out hope for a resolution.

The ceasefire in the Iran war, due to run until Tuesday, was in doubt after the U.S. seized an Iranian cargo ship and Tehran’s top military command vowed to retaliate.

Iran has re-imposed its de facto closure of the Strait of ‌Hormuz, though Kpler ⁠data showed ⁠that more than 20 vessels carrying oil products, metals, gas and fertiliser passed through it on Saturday, the busiest day for the chokepoint since March 1.

Brent crude futures jumped about 6% to $96 a barrel in early Asia trade. The dollar, which sold off sharply on Friday when the strait briefly opened, rose slightly.

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S&P 500 futures fell around 0.7%, a modest move considering the index notched a record closing high on Friday. Asia-Pacific markets were mixed, with Australia’s S&P/ASX 200 down 0.5% and Japan’s benchmark Nikkei up 0.7%.


Bond markets, which rallied on Friday, retreated.
“The headlines look bad; it looks like ⁠there’s disagreement … which ‌has led to a little bit of re-escalation,” said Damien Boey, portfolio strategist at Wilson Asset Management in Sydney. “But I think, ultimately, both sides want to be able to do a deal – that’s part ⁠of the reason why the market’s optimistic and not selling off too much.”

Iran rejected new peace talks with the U.S., its state news agency reported on Sunday, hours after U.S. President Donald Trump said he was sending envoys for talks in Pakistan and would launch new strikes on Iran unless it accepts his terms.

FOCUS ON HORMUZ
In forex news, the euro was down 0.1% at $1.1735 and the yen eased around 0.3% to 159 per dollar, while the Australian and New Zealand dollars fell slightly.

Bonds likewise partially retraced Friday moves, with benchmark 10-year U.S. Treasury yields, which had fallen 6.5 basis points on Friday, rising by 3.2 bps ‌to 4.276%.

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Investors sold fixed income assets through March in anticipation of higher oil prices driving inflation – something they have tempered a little in recent weeks.

“Our base case (AKA guess) is still resolution to the war. Trump is still focused on November midterm ⁠elections,” said Paul Chew, head of research at Singapore’s Phillip Securities in a note to clients.

Wall Street indexes touched record highs on Friday, supported by expectations of robust first-quarter earnings, the bulk of which come this week. China is expected to hold benchmark lending rates steady on Monday.

British inflation data, U.S. retail sales and European purchasing managers’ index figures are due later in the week, though much of markets’ focus will be on Gulf shipping.

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“The critical barometer of geopolitical risk has been distilled into one data point: The number of ships transiting the Strait of Hormuz,” said Bob Savage, head of markets macro strategy at BNY.

“Peace talks matter, but the immediate focus is on oil and other supply shortages driving inflation.”

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National Australia Bank flags $503 million impairment hit on Mideast volatility

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National Australia Bank flags $503 million impairment hit on Mideast volatility


National Australia Bank flags $503 million impairment hit on Mideast volatility

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Omkara, Oaktree pay Rs 1,200 crore to buy GTL debt from Edelweiss

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Omkara, Oaktree pay Rs 1,200 crore to buy GTL debt from Edelweiss
Mumbai: Omkara Asset Reconstruction Company, along with global investor Oaktree Capital Management, has acquired the debt of GTL Infrastructure from Edelweiss Asset Reconstruction Company in a secondary market transaction, people familiar with the matter said.

The all-cash deal, valued at about ₹1,200 crore, involves a transfer of stressed debt between asset reconstruction platforms and investors. It was closed in March. The exposure dates back to 2018, when Edelweiss ARC, in partnership with Oaktree and other investors, had acquired nearly 90% of GTL Infra’s loans, then valued at around ₹4,000 crore.

The telecom tower company had defaulted on debt exceeding ₹11,000 crore, triggering multiple restructuring efforts over the years.

People familiar with the latest transaction said Edelweiss had put the exposure on the block as its fund lifecycle neared maturity, prompting a takeout by Omkara.

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“This is a 100% cash deal between ARCs. Edelweiss exited and we acquired the exposure,” an executive at one of the firms said on condition of anonymity.


Investors are betting on improved recovery prospects this time. “The underlying business is more or less stable now. The towers are operational, and that improves the chances of recovery,” the person said.
Omkara is understood to be targeting an exit over the next two years, either through asset sales or a negotiated settlement. “The idea is to close the account in about two years-through sale of assets or other recovery mechanisms,” the person added. Omkara and Edelweiss ARC spokespersons did not respond to requests for comment until press time Sunday.

In 2018, after a steep revenue and Ebitda decline following the exit of key clients including Aircel, RCom and Tata Teleservices, GTL Infrastructure sought to deleverage, with lenders assigning 79.34% of its ₹3,226-crore debt to Edelweiss ARC. The firm submitted multiple restructuring proposals from April 2018 onward, expecting a swift resolution, but lenders did not act on these plans and some retained their exposure.

In November 2022, the National Company Law Tribunal (NCLT) rejected a plea by Canara Bank to initiate insolvency proceedings, ruling that the company remained a viable going concern and did not meet the threshold for admission under the bankruptcy code.

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Market, rupee fortunes may prove fickle amid Iran flareup

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Market, rupee fortunes may prove fickle amid Iran flareup
Mumbai: Markets are set to face fresh turmoil on Monday, with Iran closing the Strait of Hormuz because its ports were being blockaded by the US, forcing oil prices back up, in sharp contrast to the optimism on Friday, when the key maritime channel had been opened up.

Stocks and the rupee are seen facing fresh challenges after having recouped losses and strengthened amid easing geopolitical tensions. Last week, the Sensex and Nifty gained up to 1.3%, while broader indices advanced further – the Nifty Midcap 150 rose 3.5% and Smallcap 250 was up 4.4%, extending gains for the second straight week. The rebound faces hurdles if tensions erupt again.

The rupee may open 30-35 paise weaker against the dollar. It closed at 92.93 per dollar on Friday, up 0.30% from the previous close. But traders expect it to slip below 93 due to higher oil prices, after some ships were fired upon as Iran closed the Strait. Satellite imagery late on Sunday showed ships at a standstill, after they had started moving two days before.

“On Friday, things had cooled down a bit after Iran opened the Strait but since then, there have been some volatilities, as a result of which, oil prices have increased,” said Alok Singh, head of treasury at CSB Bank. “It is now turning out to be a market driven by statements from the US and Iran. We should expect volatility to continue till there is clarity.”

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Belligerent statements by both sides are balanced by plans for renewed dialogue in Pakistan this week. Mediators and affected Gulf states are also keenly aware that the end of the two-week ceasefire is days away.

Screenshot 2026-04-20 060704Agencies

RBI may Help Rupee
“Based on the current news flow, markets on Monday are likely to react primarily to crude prices,” said Shrikant Chouhan, head of equity research, Kotak Securities. “If oil moves back toward $100 per barrel, the market may open near previous closing levels, and then shift focus toward domestic developments.”
When Iran announced on Friday that the Strait of Hormuz would be open as part of peace efforts, Brent crude plunged 9% to $90.38 a barrel, helping Wall Street benchmarks close at record highs later in the day. Before the US-Iran truce, prices were at around $110.
All eyes are on the diplomatic peace talks between the US and Iran, with the ceasefire deadline of April 22 fast approaching, said Siddhartha Khemka, head of research at Motilal Oswal Financial Services. “Now that there has been a sharp rally over the past 10 trading sessions, there should be some consolidation,” he said.

Higher oil prices will push the rupee to open lower on Monday before the Reserve Bank of India (RBI) possibly steps in to prevent a sharp fall, traders said. RBI’s move to take dollar demand by oil companies out of the market by providing them a direct supply of the currency through State Bank of India may also prevent a sharp fall in the rupee.

If the war continues for a longer period and crude again goes back to $100-120 per barrel, it will be negative for the economy, and markets could see a worse reaction, said Mahesh Ojha, vice president, research, Kantilal Chhaganlal Securities. “Fourth quarter results from ICICI are marginally better than expected, while HDFC Bank posted a steady quarter, and this could act as a positive trigger on Monday,” he said. “If conditions turn worse, the banking heavyweights could offer support, while if sentiment improves, they could add further upside.”

Since the ceasefire announcement on April 8, the Sensex and Nifty have gained over 5%, while the Nifty Midcap 150 and Nifty Smallcap 250 advanced roughly 10%.

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The market seems well-positioned to extend its uptrend, rather than remain range-bound, said Dhupesh Dhameja, derivatives analyst at Samco Securities.

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