Thomson Reuters Corp (TRI)

Price$97.35Cached quoteAs of 2026-09-12 22:43 UTC

AI: Fair-priced

Price checkThe shares look reasonably priced, but they already assume strong growth continues.

The latest verifiable Nasdaq quote implies roughly 28 times trailing earnings and about 24 times expected next-year earnings. Using roughly $2.2 billion of recent free cash flow, meaning cash left after running and investing in the business, the market value is about 21 times that cash generation. Those are not bargain levels, but Thomson Reuters is growing faster than many mature information businesses. An attractive return therefore depends on high-single-digit growth and rising margins continuing rather than merely holding today's earnings steady.

Big pictureRevenue and cash have grown steadily, making the underlying business unusually durable.

SEC-derived history shows revenue rising from $6.0 billion in 2020 to $7.5 billion in 2025, while operating cash flow climbed from $1.75 billion to $2.65 billion. After $634 million of 2025 capital spending, cash left after investment was about $2.0 billion. The latest quarter strengthened that pattern: revenue rose 9%, recurring revenue represented 82% of sales, and free cash flow rose 29%. This recurring professional-information model reduces cyclicality because customers depend on legal, tax and accounting tools in both strong and weak economies.

Business strengthStrong recurring revenue and manageable debt provide solid protection against business setbacks.

At the end of 2025, Thomson Reuters had $2.12 billion of debt and $511 million of cash, leaving about $1.61 billion of net debt, comfortably below one year's operating cash flow. The balance sheet is not pristine: current liabilities exceeded current assets, and goodwill reached $7.91 billion, reflecting substantial acquisition history. Capital returns are meaningful but supported by cash generation. The company paid $1.04 billion of 2025 dividends and subsequently completed a $600 million buyback program plus a $605 million capital return, while reducing the share count by about 6.5 million shares.

What could change the storyArtificial intelligence must strengthen Thomson Reuters products rather than weaken their pricing power.

The strongest bull case is that proprietary data and professional workflows let Thomson Reuters charge more while artificial intelligence improves customer productivity. Second-quarter organic growth reached 10% across its three largest segments, prompting management to lift their full-year growth outlook to 9.5%-10%. The bear case is valuation: roughly two dozen times expected earnings leaves limited room for slower growth. A clear deterioration toward mid-single-digit organic growth would weaken the thesis, while sustained near-10% growth, higher margins and expanding artificial-intelligence adoption would justify a richer valuation.

AI: News

Growth outlook raisedStrong second-quarter growth led management to raise its full-year revenue expectations.

On August 5, Thomson Reuters reported second-quarter revenue of $1.95 billion, up 9%, while organic growth was 8%. Its three largest professional segments grew 10% organically, and management raised their full-year organic growth outlook to 9.5%-10%. Adjusted earnings per share rose 14% and free cash flow increased 29%. The Nasdaq-listed shares fell sharply that day despite the stronger outlook, although price timing alone cannot establish which investor concerns caused the decline.

Print business partnershipThomson Reuters is selling control of print operations to concentrate more heavily on digital products.

On July 14, Thomson Reuters agreed to sell a 51% interest in Global Print to KKR and expects about $500 million of gross proceeds when the deal closes. Thomson Reuters will retain 49%, its intellectual property and editorial control, while receiving royalties from the venture. The transaction removes a declining business from reported operations and concentrates the company more heavily on faster-growing digital information and software. Thomson Reuters also agreed to financial support designed to provide KKR a minimum return in certain circumstances.

Proprietary AI model launchedA new in-house artificial intelligence model could lower costs and deepen product differentiation.

On August 24, Thomson Reuters launched Thomson, its first proprietary large language model. The company says it invested about $40 million in talent and computing to train the model and retains full ownership and control. That matters because an internally controlled model may reduce dependence on outside artificial-intelligence providers and allow tighter integration with Thomson Reuters' proprietary legal and professional content. Commercial benefits remain uncertain until customer adoption, pricing and operating-cost effects become visible in reported results.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$7.48B	$7.26B	$6.79B	$6.63B	$6.35B	$5.98B	$5.91B	$5.50B	$5.30B	$11.17B
Operating expenses	$3.68B	$3.57B	$3.28B	$3.23B	—	—	—	—	$8.08B	$8.23B
Operating income	$2.13B	$2.11B	$2.33B	$1.83B	$1.24B	$1.93B	$1.20B	$780.0M	$1.03B	$1.39B
Operating margin	28.52%	29.06%	34.32%	27.67%	19.57%	32.24%	20.30%	14.18%	19.52%	12.45%
EBITDA	$2.24B	$2.22B	$2.45B	$1.97B	$1.42B	$2.11B	$1.35B	$890.0M	$2.03B	$2.41B
EBITDA margin	30.00%	30.61%	36.03%	29.79%	22.35%	35.31%	22.91%	16.18%	38.30%	21.62%
Net income	$1.50B	$2.21B	$2.69B	$1.34B	$5.69B	$1.12B	$1.56B	$4.02B	$1.46B	$3.15B
Net profit margin	20.09%	30.41%	39.67%	20.19%	89.62%	18.75%	26.48%	73.13%	27.54%	28.20%
Basic EPSper basic share	$3.34	$4.89	$5.81	$2.76	$11.53	$2.25	$3.12	$5.89	$1.94	$4.14
Diluted EPSper diluted share	$3.33	$4.89	$5.80	$2.75	$11.50	$2.25	$3.11	$5.88	$1.94	$4.13

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of TRI
Holder	Shares held
Woodbridge Co Ltd	296.25M
Invesco Ltd.	10.39M
ROYAL BANK OF CANADA	8M
1832 Asset Management L.P.	7.67M
MORGAN STANLEY	4.44M
BANK OF MONTREAL /CAN/	4.24M
TLT Family Holdco ULC	4.24M
TD Asset Management Inc	4.19M
FMR LLC	4.09M
VANGUARD CAPITAL MANAGEMENT LLC	3.7M
LCC Family Corp.	3.01M
FIL Ltd	2.96M
GOLDMAN SACHS GROUP INC	2.51M
FIRST TRUST ADVISORS LP	2.45M
SEG Family Corp.	2.44M
Fiera Capital Corp	2.19M
GEODE CAPITAL MANAGEMENT, LLC	2.09M
AGF MANAGEMENT LTD	1.5M
CANADA PENSION PLAN INVESTMENT BOARD	1.31M
TD Waterhouse Canada Inc.	1.3M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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