The company’s revenue from operations stood at Rs 687 crore in Q3FY26, up 110% over Rs 327 crore posted in the corresponding period of the last financial year.

The company declared an interim dividend of Re 1 per share for the financial year 2025-26 and has fixed Friday, February 13 as the record date for the interim dividend. The dividend will be paid only through electronic mode on or before Friday, March 6.

The PAT was down 16% sequentially from Rs 186 crore reported in Q2FY26 due to a 4% decline in topline compared to Rs 718 crore in the July-September quarter of FY26.

Hindustan Copper’s expenses in the quarter grew around 3% sequentially to Rs 493 crore versus Rs 480 crore in Q2FY26 while surging 90 YoY compared to Rs 259 crore.

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For the nine-month ended December 31, 2025, the PAT grew 71% to Rs 477 crore versus Rs 278 crore in the year ago period. The revenue from operations during the period stood at Rs 1,922 crore in this period versus Rs 1,340 crore in 9MFY25. This implies a 43% YoY growth.
Also read: Tata Motors PV Q3 Results: Co reports loss of Rs 3,486 crore; revenue falls 26%Hindustan Copper shares recovered from the day’s low of Rs 577.60 (-6%), ending Thursday’s session 0.27% lower at Rs 612 on the NSE.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

America’s local television stations do something at which the coastal media class loves to sneer but upon which ordinary families rely every day: They cover school board fights, city hall scandals, high school championships, church fish fries, snow storm and tornado warnings and the first minutes of a crisis when cell networks clog and rumors flood social media.

So why does Washington still treat these hometown institutions like it is 1941?

FCC Commissioner Brendan Carr testifies during a House Energy and Commerce Committee Subcommittee hearing on March 31, 2022, in Washington, D.C. (Kevin Dietsch/Getty Images)

Back then, the federal government imposed a national limit on how many local TV stations one company could own. Decades later, that restriction has morphed into today’s “national audience reach” cap, a rule prohibiting any broadcast station group from owning stations that reach more than 39% of America’s TV households. 

These restrictions, however, don’t affect cable networks, satellite networks, national networks or streaming giants. This includes Google, Meta and other Big Tech monopolists that hoover up local ad dollars and decide what information people see with opaque algorithms. Local broadcasters are the only major video and news platform in America told by the federal government: you may not scale up.

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That isn’t “pro-competition.” It’s pro-cartel.

The FCC’s own record shows how old this rule really is. The original national TV ownership limit dates to the early days of television, a 1941-era policy choice made before the internet, before cable, before satellite, before smartphones, before YouTube, before streaming. And while Congress nudged the cap upward in the 1990s and early 2000s, it has been stuck at 39% since 2004, even as the marketplace for what you see on your screens transformed beyond recognition.

The national ownership cap does nothing to stop the real concentration in media. (iStock)

Here is the part Washington often misses: voters see the unfairness, too.

DAVID MARCUS: FCC ISN’T ‘GOING AFTER’ ABC, IT’S PROTECTING PUBLIC AIRWAVES

New polling has just been released by Fabrizio-Ward showing a majority of Americans oppose this outdated ownership cap. By a 38-point margin, voters view the restriction on local TV station ownership as unfair. Even more striking, by an eight-to-one margin, voters who get their local news from TV say they would be less likely rather than more likely to vote for a member of Congress who opposes letting local TV station owners compete nationally for advertising against cable networks and internet streamers.

That is not a policy footnote. That is a political warning label.

For years, defenders of the 39% cap have recycled the same talking points: “diversity,” “localism” and the claim that bigger station groups will somehow erase local voices. But in 2026, the real threat to viewpoint diversity is not that a broadcaster might operate more stations. It is that a handful of Big Tech platforms control the pipes of digital distribution with zero ownership caps and minimal transparency.

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If we want more local emergency coverage, more local investigative reporting and the stories that matter to everyday Americans, we should stop starving the one system that still delivers news for free to every American household.

The national ownership cap does nothing to stop the real concentration in media. It does nothing to limit the reach of a streaming platform. It does nothing to limit a cable channel. It does nothing to limit the distribution power of social media feeds. It only limits the people who still have FCC licenses, public obligations and a daily habit of showing up in local communities.

So what should conservatives do?

DAVID MARCUS: DEMS FREAK OUT OVER SHORT-LIVED KIMMEL CANCELLATION, BUT IGNORE SHOCKING GOOGLE REVELATION

First, stop apologizing for wanting a fair market. If you believe in competition, then competition has to be real. A rule that uniquely handcuffs one sector while its competitors operate with no comparable limits is not regulation. It is protectionism.

Second, take action. The FCC has an open proceeding on this issue and it should finish the job and repeal the cap. It has both the authority and the responsibility to remove this outdated bureaucratic rule that puts a heavy thumb on the scale for Big Tech at the expense of local stations and local stories.

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Conservatives have a choice: defend an arbitrary cap that makes Big Tech stronger or scrap it and let local TV compete, invest and serve – not only in cities, but from sea to shining sea across the great expanses of our big, beautiful nation.

Voters are watching. And the numbers say they will remember who stood with their local communities and their stations when it counted.

Cutting net migration to zero would deliver a short-term boost to living standards but ultimately prove “fiscally unsustainable”, leaving the UK economy smaller, public finances weaker and the deficit permanently higher, according to new analysis.

The warning comes from the National Institute of Economic and Social Research (NIESR), which said a zero net migration policy would shrink the economy by 3.6 per cent by 2040 and reduce the workforce by around 2.5 million people compared with current forecasts. The result, it argues, would be a £37bn deterioration in the public finances unless offset by higher taxes or cuts to public spending.

The findings land amid fresh evidence that net migration has already fallen sharply. Preliminary estimates suggest net migration dropped to around 200,000 in 2025, the lowest level since 2012, excluding the pandemic period, following tighter visa rules for students and workers introduced by the previous Conservative government and further restrictions on overseas care workers under Labour.

That fall has fuelled speculation among population experts that net migration could approach zero in the coming years. This would mark a dramatic reversal after net migration surged to more than 900,000 in 2023, the highest level on record, with 2022 and 2024 also seeing historically high inflows.

NIESR said that in a scenario where net migration falls to zero, incomes per person would rise by around 2 per cent over the long term, as fewer workers would mean greater access to capital and equipment, boosting individual productivity. However, those gains would not be sustainable without fiscal intervention.

“The zero net migration scenario is fiscally unsustainable,” the institute said, arguing that weaker growth would eventually force governments to raise taxes or cut spending to stabilise debt. By contrast, it said positive net migration offered a “more straightforward route to fiscal sustainability” by supporting growth and the tax base.

Under the institute’s modelling, the UK population would stabilise at around 70 million by 2030 if net migration were eliminated, compared with rising to about 74 million by 2040 under projections from the Office for National Statistics.

Alongside its migration analysis, NIESR updated its wider economic outlook. It expects inflation to fall below the Bank of England’s 2 per cent target in April and remain close to that level for the rest of the year. As a result, it forecasts two interest rate cuts in 2026, taking the base rate down to 3.25 per cent from 3.75 per cent, although markets expect rates to be left unchanged at this week’s MPC meeting.

Economic growth is forecast at 1.4 per cent this year, slightly below the 1.5 per cent projected in November, before slowing to 1.3 per cent in 2027 and 1.1 per cent in 2028. NIESR said part of that moderation reflects the impact of tax rises announced by Rachel Reeves, which are expected to weigh on demand over the medium term.

The institute’s conclusion is stark: while cutting migration may appeal politically and offer a temporary lift to incomes, eliminating net migration altogether would come at a significant economic and fiscal cost that the UK would struggle to absorb without difficult trade-offs.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

Tae Hee Kim

Good afternoon. I am Tae-hee Kim, IRO of SK Telecom. Let us begin the earnings conference call for fiscal year 2025. Today, we will first deliver a presentation on the financial and business highlights, followed by a Q&A session.

Please note that all forward-looking statements are subject to change depending on various factors, such as market and management situations.

Let me now present our CFO.

Jong-Seok Park

Good afternoon. This is Jong-seok Park, CFO of SK Telecom. It is my first time to greet to investors and shareholders as CFO. I wish you a happy new year, and I also wish all of you good health and happiness in the new year.

In 2025, SK Telecom put priority on expanding operational improvements across the company and monetizing AI business and made strenuous efforts to strengthen fundamental business competitiveness and secure a foundation for new growth drivers.

However, the cybersecurity incident and its subsequent developments also led us to a period of careful reflection, realizing that understanding and innovating on customer value, which is the essence of our business, is a prerequisite for a sustainable future. We will do our utmost to build SK Telecom with strong fundamentals grounded in the trust of our customers.

Let me now report on the financial results for fiscal year 2025. Consolidated revenue posted KRW 17.099.2 trillion, down 4.7% year-on-year due to sales of subsidiaries, net decline in subscribers following the

Love may be in the air this Valentine’s Day — along with the smell of hash browns — as Waffle House dims its signature yellow lights at select locations for its annual candlelit tradition.

This year marks the 18th annual Valentine’s Day dinner event, with reservations available at 218 Waffle House locations in 22 states, offering a budget-friendly alternative to traditional Valentine’s dining at a time when consumers remain price-conscious amid higher food and restaurant costs.

“Guests can look forward to white tablecloths and special touches unique to each participating location,” a spokesperson told Fox News Digital. “Waffle House strives to be a special Valentine’s tradition for couples, families and friends.”

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It also marks the first time the familiar favorite restaurant has offered online reservations, though a Waffle House spokesperson noted that “many of these locations are full.” High- and low-counter seating, however, will remain open to walk-ins on Feb. 14.

In an aerial view, a Waffle House restaurant on July 30, 2024, in Miami Gardens, Fla. (Getty Images)

Valentine’s is the only night that Waffle House accepts reservations throughout the entire year.

Waffle House’s special evening reportedly began in 2008 at a restaurant in Johns Creek, Ga. Regular customers chose to celebrate Valentine’s Day there each year, prompting the manager to make the event extra romantic.

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The company has long emphasized affordability and emotional connection over upscale dining. Prices vary by location, but menu items like waffles and sandwiches generally cost between $5 and $7, while more elaborate meals — including a steak or pork chop — can top $15. That price gap stands out as many sit-down restaurants offer fixed-price Valentine’s menus that can cost several times more for a couple.

The event comes as Americans continue to adjust their spending habits, with restaurant prices remaining elevated compared with pre-pandemic levels and many consumers cutting back on discretionary dining while still looking for ways to mark special occasions. With a strong footprint across Southern and Midwest states, Waffle House’s Valentine’s tradition resonates in regions where cost-of-living pressures vary, but price sensitivity remains high for many couples and families.

As Valentine’s Day reservations are location-specific and limited, a full list of participating restaurants and online booking options is available on Waffle House’s website.

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TORONTO, Feb. 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 (33^rd 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

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.   

• 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

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

Legal Professionals 

Revenues increased 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 Law, Pagero 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 

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).

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.

Corporate Costs

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

Consolidated Financial Highlights – Year Ended December 31

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.   

• 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

2026 Outlook 

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

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

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 33^rd 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.

Thomson Reuters
 

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

NON-IFRS FINANCIAL MEASURES

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

This news release includes certain non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, such as adjusted EBITDA (other than at the customer segment level) and the related margin, free cash flow, adjusted earnings and the effective tax rate on adjusted earnings, adjusted EPS, accrued capital expenditures expressed as a percentage of revenues, net debt and leverage ratio of net debt to adjusted EBITDA, selected measures excluding the impact of foreign currency, changes in revenues computed on an organic basis as well as all financial measures for the “Big 3” segments. The company modified its definition of net debt to account for interest rate swap arrangements entered into during the third quarter of 2025. The change did not have a material impact on its calculation of net debt.

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

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

ROUNDING

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

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.

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. 

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.