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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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Hailey Bieber Shuts Down ‘Icky’ Rumor She Calls Paparazzi on Herself in Candid Interview

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Justin Bieber and Hailey Baldwin

LOS ANGELES — Hailey Bieber has firmly rejected online conspiracy theories suggesting she tips off photographers to capture her daily outings, calling the speculation “so icky” and rooted in a “very dark” mindset.

Justin Bieber and Hailey Baldwin
Justin Bieber and Hailey Baldwin

The 29-year-old Rhode beauty founder and model addressed the persistent rumor during a new cover interview with Interview Magazine, published April 14. While discussing her complicated relationship with fame and street-style photography, Bieber expressed discomfort with the invasive nature of paparazzi culture and directly pushed back against claims that she orchestrates her own sightings.

“I don’t think it’s gotten any better or any worse,” Bieber said of paparazzi behavior. “The spirit behind it is very dark and I don’t think it’s something that anybody asks for in this world, so I find it really funny when I’ll see people online being like, ‘She calls the paparazzi on herself every day.’ It’s so icky.”

Interviewer and longtime collaborator Marc Jacobs collaborator/interviewer (often noted in context) responded by clarifying for readers, “For the record, people, she’s not calling the paps,” to which Bieber simply replied, “No.”

The comments come amid ongoing scrutiny of Bieber’s highly visible life in Los Angeles. As the wife of pop superstar Justin Bieber and mother to their young son, she is frequently photographed running errands, driving her Yukon SUV, grabbing coffee or attending events. Social media users have long speculated that some of these moments appear too perfectly timed or styled to be coincidental, fueling theories that she or her team alerts photographers in advance for publicity.

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Bieber acknowledged that being photographed has influenced her personal style, noting she now favors more minimal, tailored looks after seeing how certain outfits translate in candid images. Yet she drew a clear line between adapting to constant surveillance and actively inviting it.

Historically, paparazzi tactics have drawn widespread criticism, from aggressive pursuits that contributed to Princess Diana’s fatal 1997 car crash to more recent debates over privacy rights for celebrities and their families. Bieber referenced this darker legacy, saying the overall environment remains challenging despite changes in technology and public awareness.

The rumor has circulated for years but intensified as Bieber’s Rhode skincare and beauty line grew into a major success and as she balanced motherhood with public appearances. Online forums and TikTok videos have dissected everything from her casual outfits to the timing of sightings near high-traffic spots, with some users accusing her of staging moments for brand promotion or to maintain relevance.

Bieber has generally maintained a relatively composed public persona, often sharing glimpses of family life on Instagram while keeping many details private. She and Justin Bieber welcomed their first child in 2025, further heightening interest in their daily routines. The couple has faced intense media attention since their 2018 marriage, including past rumors involving Justin’s ex-girlfriend Selena Gomez that occasionally resurface in fan discussions.

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In the Interview piece, Bieber also reflected on how criticism and online commentary affect her. She described looking for empowering angles in negative feedback and emphasized resilience in the face of constant judgment. The paparazzi discussion formed part of a broader conversation about navigating fame, beauty standards and authenticity in the digital age.

Her Rhode brand, known for minimalist packaging and viral products like the Peptide Lip Tint, has benefited from her stylish public image. Some critics argue that visibility helps drive sales, which may contribute to skepticism about her sightings. Bieber, however, has positioned Rhode as an extension of her personal values rather than a calculated image play.

Reactions to her comments poured in quickly across platforms. Many fans praised her for addressing the rumor head-on and defended her right to privacy, with comments like “Finally someone says it — the paparazzi culture is toxic” and “Hailey just wants to live her life in peace.” Others remained skeptical, continuing to share side-by-side comparisons of her outfits or questioning why certain locations attract photographers repeatedly.

Supporters pointed out the double standard faced by female celebrities, who are often scrutinized more harshly for perceived image management than their male counterparts. Bieber’s comments also resonated with broader conversations about consent, surveillance and the mental health toll of living under a microscope.

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The timing of the interview coincides with heightened public interest in the Bieber family due to Justin’s recent Coachella 2026 performance. Hailey was spotted supporting her husband at the festival, where his set sparked divided opinions online. Some fans noted her presence amid ongoing discussions about the couple’s dynamic, though she has largely stayed out of direct commentary on his shows.

Paparazzi encounters remain a flashpoint for many stars. High-profile cases involving Taylor Swift, Beyoncé, the Kardashians and others have highlighted tensions between celebrity privacy and public demand for content. Legislation in some states has attempted to curb aggressive tactics, but enforcement varies and the rise of social media has created new avenues for images to spread instantly.

Bieber’s Rhode pop-up events and product launches have occasionally drawn crowds and photographers, adding fuel to speculation. Yet she has emphasized in past interviews that her focus remains on building a meaningful business and raising her family away from excessive spotlight.

Industry observers note that denying such rumors rarely ends the conversation entirely, as the allure of conspiracy theories persists in celebrity culture. Still, Bieber’s straightforward dismissal — delivered with a touch of humor — appeared to land well with many, shifting some narratives from suspicion to empathy.

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As she continues expanding Rhode and managing family life, Bieber seems determined to set boundaries. Her comments serve as a reminder of the human cost behind glamorous street-style shots and the often-unseen emotional labor of constant visibility.

For now, Hailey Bieber has made her position clear: she does not call the paparazzi on herself, finds the accusation distasteful and wishes for a world where such invasive practices carry less “dark” energy. Whether the rumor fades or resurfaces remains to be seen, but her candid response has at least given fans and critics fresh insight into her perspective on one of fame’s most persistent irritants.

The full Interview Magazine feature delves deeper into Bieber’s views on beauty, motherhood, marriage and creativity, offering a nuanced portrait of a young woman navigating extraordinary circumstances with measured grace. In an era where every outing can become content, her refusal to play into the game stands out as a quiet act of resistance.

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Lakers Star’s Hamstring Recovery Timeline Offers Playoff Hope

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Luka Doncic

LOS ANGELES — Los Angeles Lakers superstar Luka Doncic remains sidelined with a Grade 2 left hamstring strain suffered April 2, but encouraging signs from specialized treatment in Europe have sparked cautious optimism that he could return to the court in early May — potentially during the NBA playoffs.

Luka Doncic
Luka Doncic Injury Update 2026: Lakers Star’s Hamstring Recovery Timeline Offers Playoff Hope

As of Sunday, April 19, Doncic has not resumed running and continues rehabilitation, with no firm return date set. Multiple reports point to a target around May 1, roughly four weeks after the non-contact injury occurred during a blowout loss to the Oklahoma City Thunder. That timeline would place his possible debut near the middle or end of the Lakers’ first-round series against the Houston Rockets, assuming Los Angeles advances.

The injury, confirmed by MRI as a Grade 2 strain involving partial tearing of muscle fibers, forced Doncic to miss the final games of the regular season. Lakers coach J.J. Redick has repeatedly described both Doncic and teammate Austin Reaves (Grade 2 oblique strain) as “out indefinitely,” offering few specifics on progress while emphasizing a cautious approach to avoid re-injury.

Doncic traveled to Spain shortly after the diagnosis for advanced regenerative treatments not widely available in the U.S., including consultations with medical staff linked to his former club Real Madrid. He was spotted in Madrid attending a EuroLeague game and reportedly received therapies aimed at accelerating healing, such as platelet-rich plasma injections or similar interventions. He returned to Los Angeles around April 17 and rejoined the team for further evaluation.

Insiders suggest the overseas trip could shave days or even a week off a standard recovery. While typical Grade 2 hamstring strains sideline NBA players for three to six weeks — with historical data showing an average of about 35 days and elevated re-injury risk — some optimism surrounds Doncic’s aggressive rehab protocol. One Lakers insider noted that Doncic has the shorter projected timetable between him and Reaves, raising the possibility he could return before his backcourt mate.

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As of Sunday, Doncic is officially ruled out for Game 1 of the Lakers-Rockets series, which tips off this weekend. The team is preparing without its leading scorer, who averaged 33.5 points, 7.7 rebounds and 8.3 assists per game in 64 regular-season contests before the injury. LeBron James and supporting cast have shouldered heavier loads, but the absence of Doncic and Reaves has left Los Angeles shorthanded entering the postseason.

Medical experts note that Grade 2 strains require careful progression through phases: initial rest and inflammation control, followed by strength rebuilding, then sport-specific movements like running and cutting. Running remains “weeks away” according to some updates, a critical milestone before any on-court activity. Rushing the process risks turning a partial tear into a more serious issue, which could sideline Doncic for months.

The timing could hardly be worse for the Lakers, who secured a playoff berth but now face a tough Rockets squad without two key rotation pieces. If Los Angeles can navigate the early rounds, Doncic’s potential return in early May might provide a massive boost for deeper postseason contention. However, conservative management remains the priority; history with similar injuries shows high re-injury rates if players return too soon.

Doncic has dealt with lower-body issues in the past, though this marks one of his more significant setbacks in recent seasons. At 27, the Slovenian star remains in his prime, and his ability to generate offense at an elite level makes any timeline for his return a focal point for fans and analysts. His absence has also impacted award eligibility discussions, though he received an exception for missing games related to his daughter’s birth earlier in the season.

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Social media and sports talk shows have buzzed with speculation. Some fans express frustration over the vague updates, while others praise the team’s measured approach and Doncic’s proactive steps in seeking cutting-edge care abroad. Clips of his emotional reaction immediately after the injury — leaving the court in visible discomfort — circulated widely, underscoring the stakes.

Reaves, meanwhile, faces a more predictable four-to-six-week timeline for his oblique injury, potentially pushing his return toward late April or early May as well, or even later if setbacks occur. The Lakers are essentially operating with a makeshift backcourt, relying on veterans and younger contributors to fill massive gaps in scoring and playmaking.

Looking ahead, the coming days will bring more clarity. Doncic is expected to undergo re-evaluation upon full integration with the team’s medical staff. Any progression to light running or on-court work would signal a meaningful step forward. Until then, the organization stresses patience, with Redick noting the star has been in “relatively good spirits” and attacking rehab diligently.

The broader NBA landscape adds context. Playoff intensity rises sharply, and hamstring injuries have derailed contenders in the past. For the Lakers, surviving the first round without Doncic would represent a significant achievement and set the stage for his potential hero’s return. A deeper run could hinge on his availability and conditioning upon comeback.

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Beyond the immediate series, long-term concerns linger. Hamstring strains can linger or recur, particularly for players who rely on explosive movements like Doncic. The team and player will likely prioritize full health over rushing back, even if it means missing early games.

As April 19 unfolds with the playoffs underway, Lakers fans scan every practice report and insider note for positive signals. While running remains weeks away and no official clearance has come, the specialized treatment in Europe and Doncic’s reputation for resilience have injected hope that he could suit up sooner than a strict calendar might suggest — perhaps aligning with a critical playoff moment in early May.

For now, the focus stays on rehabilitation milestones rather than game minutes. The basketball world watches closely as one of the NBA’s most dynamic talents works toward reclaiming the court. Whether that happens in time to impact the 2026 postseason could define the Lakers’ year.

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What Medicine She Was Taking and Crisis After 78 Days Without It

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Savannah Guthrie & Nancy Guthrie

TUCSON, Arizona — Eighty-four-year-old Nancy Guthrie, the mother of NBC’s “Today” co-anchor Savannah Guthrie, remains missing more than 78 days after her suspected abduction from her Catalina Foothills home, with authorities repeatedly stressing that she was taken without access to the daily heart medication she requires for survival.

Savannah Guthrie & Nancy Guthrie
Savannah Guthrie & Nancy Guthrie

Pima County Sheriff Chris Nanos and federal investigators have highlighted the medical emergency from the outset. Guthrie’s prescribed medication for high blood pressure and her heart condition was discovered untouched at the residence when family members reported her missing on Feb. 1, 2026. Officials said she needs the drugs daily and warned that going without them for even 24 hours could prove fatal.

The abduction occurred in the early morning hours of Feb. 1 after Guthrie was dropped off by family following dinner on Jan. 31. Evidence at the scene — including signs of a struggle — led investigators to classify the case as a kidnapping almost immediately. Her pacemaker, which had been syncing with her Apple devices, stopped transmitting data around 2:28 a.m. that morning, further indicating she was removed against her will and without her medical supplies.

Medical experts consulted by law enforcement and media outlets have described the situation as increasingly dire with each passing day. Guthrie’s regimen reportedly includes medication to control hypertension and support cardiac function in conjunction with her implanted pacemaker. Without these drugs, risks escalate rapidly: elevated blood pressure can strain the heart, potentially triggering arrhythmias, stroke or other life-threatening complications in an elderly patient with known cardiac issues.

Sheriff Nanos stated publicly in early February that Guthrie “is in need of medication, medication that if she doesn’t have it in 24 hours, it could be fatal.” That urgency has only grown as the search stretches into its third month. No confirmed information has emerged about whether her abductors obtained or provided any replacement doses. Private investigators and former FBI agents following the case have noted that pharmaceutical records could offer leads — such as any sudden prescriptions matching her profile — but no such breakthroughs have been publicly disclosed.

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As of April 19, 2026, Guthrie’s whereabouts remain unknown. The FBI continues to analyze DNA evidence recovered from her home, including samples collected in February, but officials have described progress as incremental with no new persons of interest named. Ransom demands, including notes referencing large Bitcoin payments sent to media outlets, have complicated the investigation without yielding results. Savannah Guthrie and her siblings have made repeated public appeals for information, pleading for anyone with knowledge of her mother’s location to come forward.

Family members and close friends have expressed profound concern over the health implications. One relative told investigators that Guthrie could not manage even short distances on her own and relied on a strict medication schedule to maintain stability. The fact that her pills were left behind has fueled speculation that the abduction was not carried out by someone intimately familiar with her routine — or that the perpetrators acted hastily.

Cardiologists not involved in the case but familiar with similar profiles have outlined the physiological toll. Missing antihypertensive medication can cause rebound hypertension within hours, increasing the workload on an already compromised heart supported by a pacemaker. Over days and weeks, the cumulative effects could include fluid retention, shortness of breath, chest pain or sudden cardiac events. At 84 years old, Guthrie’s baseline health made the absence of these drugs a critical red flag from day one, according to emergency physicians interviewed by local outlets.

Search efforts have involved extensive ground teams, helicopter patrols and community tips, yet the lack of medication has added a ticking-clock element that distinguishes this case from many other missing-person investigations. Early on, the sheriff’s department emphasized that time was of the essence precisely because of her medical needs. As weeks turned into months, that concern has not diminished; instead, it has prompted renewed calls for the public to report any sightings or unusual activity near pharmacies or medical facilities in the Tucson area.

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No updates have indicated that Guthrie has received medical care while missing. Law enforcement has stopped short of confirming her current health status, citing the ongoing nature of the probe, but the prevailing narrative from officials remains one of grave worry. Some analysts have privately theorized that the kidnappers may not have anticipated the severity of her condition or planned for long-term captivity, given the failure to take her prescriptions.

The case has drawn national attention not only because of Savannah Guthrie’s prominence but also because abductions of elderly victims are statistically rare. Data from the National Missing and Unidentified Persons System and FBI reports show that stranger abductions of people in their 80s represent a tiny fraction of overall cases. The combination of ransom demands, doorbell camera footage of a masked suspect and the medical vulnerability has kept the story in headlines for weeks.

Savannah Guthrie has appeared on “Today” and other platforms wearing yellow ribbons — a symbol of hope for her mother’s safe return — while asking viewers to focus on any detail that might help. She has not directly addressed the medication aspect in public statements but has described her mother as someone who lived an active life within the limits of her health needs before the abduction.

Investigators have released additional video and photographic evidence, including images of the suspect approaching the home. Despite these tools and DNA testing, no arrests have been made. The Pima County Sheriff’s Department and FBI continue to treat the matter as an active kidnapping investigation, with resources dedicated to both locating Guthrie and identifying those responsible.

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For the Guthrie family, the prolonged uncertainty compounds the medical fears. Without her medication, every day increases the possibility of irreversible harm. Experts stress that even if she is located soon, immediate medical intervention would be required to stabilize her condition and resume her prescribed regimen.

Community vigils and online tip lines have remained active, with volunteers distributing flyers that now include descriptions of her medical needs alongside physical details. Tips have poured in, but authorities caution that many lead to dead ends. The FBI’s analysis of potential pharmaceutical leads — such as unusual prescription patterns — represents one avenue still being pursued quietly.

As the search enters its 12th week, the central question of how Nancy Guthrie is managing without her critical heart medication hangs over every development. Officials have not released new health-specific bulletins in recent days, but the early warnings about the 24-hour risk window have never been retracted. The absence of any confirmation that she has received care only heightens the stakes for her family and the investigators racing against time.

The broader implications extend beyond one family. The case has spotlighted vulnerabilities faced by elderly Americans living alone, particularly those managing chronic conditions with daily prescriptions. Advocacy groups for senior safety have used the attention to call for better home-security measures and faster response protocols when medication-dependent individuals go missing.

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For now, the investigation presses forward with the same urgency that marked its first hours. Nancy Guthrie’s vital heart medication sits as a silent reminder at the center of the mystery — left behind in an empty home, while the woman who depended on it remains somewhere unknown, 78 days and counting without it.

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Cheeky Words and Candy Twists Crack Puzzle 1043

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Nancy Guthrie

NEW YORK — Word game enthusiasts across the globe unlocked the New York Times Connections puzzle for Sunday, April 19, 2026, discovering a clever mix of sassy synonyms, fashion measurements, poker terminology and playful candy brand references in game No. 1,043.

The daily brain teaser, which challenges players to group 16 words into four themed categories of four, delivered a balanced challenge that rewarded both quick pattern recognition and deeper cultural knowledge. Many solvers reported smooth solves or near-perfect grids, praising the puzzle’s mix of accessible and more obscure connections.

Here is the complete solution for today’s NYT Connections:

Yellow (Easiest): Cheeky ARCH, FRESH, SASSY, WISE

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This category captured words often used to describe a playfully bold or impertinent attitude. “Sassy” and “fresh” are everyday terms for someone with a bit of attitude, while “arch” suggests a knowing, slightly mischievous tone and “wise” can imply cheeky cleverness, as in “wise guy.” Many players spotted this group early, especially those starting with obvious personality descriptors.

Green: Dress Measurements BUST, HIPS, LENGTH, WAIST

Fashion enthusiasts quickly identified these as standard measurements used in clothing and pattern making. Bust, waist and hips form the classic “three measurements” for women’s apparel, with “length” adding the vertical dimension for dresses, skirts or pants. The category felt intuitive for anyone familiar with sewing, shopping or tailoring.

Blue: Cards in Texas Hold ‘Em FLOP, HOLE, RIVER, TURN

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Poker fans had a strong advantage here. These terms refer to key stages and elements in Texas Hold’em: “hole” cards are the two private cards dealt to each player, the “flop” is the first three community cards, the “turn” is the fourth, and the “river” is the fifth and final community card. The grouping required some specialized knowledge but clicked quickly for card players.

Purple (Hardest): Last Words of Candy Brands in the Singular CAP, DUD, KID, MINT

This trickiest category demanded a nostalgic leap into American confectionery history. The words complete popular candy names when considered in singular form: Bottle Cap(s), Milk Dud(s), Sour Patch Kid(s) and Junior Mint(s). The connection delighted many once revealed, with solvers appreciating the clever wordplay that turned familiar brands into a single thematic thread. Reddit discussions highlighted the satisfaction of linking “dud” to Milk Duds’ irregular shape and “kid” to the sour-then-sweet Sour Patch Kids.

Players shared varied experiences with puzzle 1043. Some breezed through in perfect order, beginning with the yellow “cheeky” group and progressing logically. Others stumbled on the purple candy category, initially mistaking the words for generic terms or trying to link them to fashion or poker. Common red herrings included grouping “flop” with failure-related words or attempting to connect all clothing-related terms beyond the precise measurements.

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The New York Times Connections game continues its popularity as a daily ritual for millions. Created as a companion to the Mini Crossword and other NYT Games, it presents 16 words in a grid and asks players to identify four shared themes. Correct groups disappear and receive color coding — yellow for easiest, followed by green, blue and purple for hardest — with only four mistakes allowed before the puzzle ends.

Sunday’s edition arrived on a relaxed weekend morning for many, coinciding with the final day of Coachella 2026 weekend two and ongoing NBA playoff discussions. The puzzle’s lighthearted themes offered a welcome mental break amid heavier news cycles. Social media filled with shared emoji grids, victory celebrations and good-natured complaints about the purple category’s obscurity.

For newcomers, the game provides an accessible entry point while still offering depth for veterans tracking streaks and perfect solves. Today’s board featured tempting overlaps that tested careful elimination. Words like “wise” could vaguely fit multiple ideas before its cheeky context became clear, and “cap” appeared deceptively simple until the candy link emerged.

The puzzle’s design highlights Connections’ educational and entertaining value. It reinforces vocabulary, encourages lateral thinking and introduces or refreshes knowledge in areas like fashion, gaming and consumer culture. Younger players learned about classic candies, while others sharpened their poker terminology or recalled sewing basics.

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As April 19, 2026, unfolded, discussions on platforms like Reddit’s r/NYTConnections revealed community insights. Users explained the candy connections with references to Wikipedia entries for Junior Mints, Milk Duds, Bottle Caps and Sour Patch Kids, adding layers of appreciation for the purple group’s construction.

The game’s enduring appeal lies in its simplicity and replayability. One puzzle per day, shareable results via colored squares, and no pressure beyond personal satisfaction keep players returning. On this Sunday, many maintained long streaks thanks to the balanced difficulty, though a few admitted needing all four mistakes before cracking the final group.

Looking ahead, Monday’s puzzle promises a fresh set of connections, potentially drawing from timely events or evergreen topics. The New York Times has kept the core format intact while occasionally refreshing the word list to maintain fairness and variety.

For those who missed today’s solution or prefer to attempt future puzzles spoiler-free, official hints and companion articles on the NYT site offer guidance without full reveals. The recommended approach remains solving independently first, then checking explanations for missed links.

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Whether solved in four confident moves or after thoughtful revisions, today’s Connections delivered the satisfying “aha” moments that define the game. From sassy synonyms to dress sizes, poker stages and sweet brand endings, the April 19, 2026, puzzle wove everyday language into surprising patterns.

As another week begins, fans can look forward to new challenges that continue blending the familiar with the cleverly hidden. For now, those who conquered cheeky descriptors, clothing metrics, Texas Hold’em terms and singular candy closers can savor another daily victory in this ever-popular word-grouping phenomenon.

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