Thomson Reuters Corporation (TRI)

Thomson Reuters reported third-quarter 2026 revenue of $1,833 million on 3 November, up 10 percent from $1,658 million a year earlier 1. Operating profit fell 22 percent to $402 million because the earlier quarter held a gain from selling its stake in the Elite business 1.

On 1 October 2026 the company sold 51 percent of its Global Print business to funds advised by KKR for about $500 million and kept 49 percent 1. Global Print is now reported as discontinued operations, so the 2026 outlook was restated without it 1.

The company now expects 2026 revenue growth of about 9.5 percent and an adjusted EBITDA margin of about 39 percent 1. Adjusted EBITDA is operating earnings with other operating gains, software amortization and some other items taken out 1.

A court ruling touches its core product, as on 29 September 2026 the Third Circuit held that a rival's copying of Westlaw headnotes to train a legal AI tool was not fair use 5.

Reuters, now the news segment, was founded in 1851 2. Westlaw, the legal research service, is built on over a century of historical records 2.

In November 2023 the company announced a series of generative AI initiatives for the legal profession 2. That year it bought Casetext, SurePrep, Imagen and the rest of Westlaw Japan 2. It also sold about 56 million London Stock Exchange Group shares for $5.4 billion in gross proceeds and returned $2.0 billion to shareholders 2.

In 2024 it invested more than $200 million in AI and launched CoCounsel 2.0 and Checkpoint Edge with CoCounsel 2. It bought Pagero, World Business Media, Safe Sign and Materia, and sold FindLaw in December 2024 2.

Revenue rose 3 percent to $7,476 million in 2025 from $7,258 million in 2024 2. Selling FindLaw and other businesses took 4 points off total growth, while revenue from existing businesses, called organic revenue, rose 7 percent 2.

In 2025 it launched Westlaw Advantage and CoCounsel Legal 2. It bought SafeSend in January, TimeBase in July, the licensing operations of Imagn Images in August and Additive AI in September 2.

Most of the business is subscriptions: in 2025, 81 percent of revenue was recurring, on contracts of one to five years that most customers renew 2. Global Print revenue fell to $490 million from $519 million as customers moved to Westlaw 2.

In February 2026 it bought Noetica, a New York AI start-up that turns deal data into market intelligence 2. On 14 July 2026 it announced the sale of 51 percent of Global Print to KKR-advised accounts 3.

Legal Professionals

Legal Professionals sells research and workflow software to law firms, courts and governments, led by Westlaw, Practical Law and the CoCounsel AI assistant 2. Its 2025 revenue was $2,868 million, down 2 percent because FindLaw was sold, though organic revenue rose 8 percent 2. Its adjusted EBITDA margin was 47.3 percent 2.

Its named rivals are LexisNexis, owned by RELX, and Wolters Kluwer 2. In the third quarter of 2026 its revenue was $788 million, up 9 percent 1.

Corporates

Corporates sells tax, trade, legal and risk software and content to companies, from small businesses to multinationals and the seven largest accounting firms 2. Its 2025 revenue was $1,987 million, up 8 percent, with 9 percent organic growth led by indirect tax, direct tax and Pagero 2.

Its named rivals include LexisNexis, Wolters Kluwer and Bloomberg, plus software makers such as Avalara, Mitratech, Vertex and Sovos 2.

Tax, Audit & Accounting Professionals

This segment serves tax, audit and accounting firms outside the seven largest, with UltraTax, Checkpoint, SafeSend and CoCounsel for tax and audit 2. Its 2025 revenue was $1,302 million, up 12 percent, at a 47.1 percent adjusted EBITDA margin 2. About 60 percent of its yearly revenue typically comes in the first and fourth quarters 1.

Named rivals include Wolters Kluwer's CCH business, Bloomberg Industry Group, Intuit, Drake Software and CaseWare 2.

Reuters

Reuters, founded in 1851, supplies news to media organizations, to professionals and, through London Stock Exchange Group products, to financial firms 2. Its 2025 revenue was $853 million 2. Third-quarter 2026 revenue was $232 million, helped by licensing of its content for generative AI 1.

A news agreement with the London Stock Exchange Group data business runs through 1 October 2048 and brought in $398 million in 2025 2. Rivals include Bloomberg, the Associated Press, Agence France-Presse and Getty 2.

Global Print and Westbridge Print

Global Print sold legal and tax information mainly in print and printed books for publishers, with 2025 revenue of $490 million 2. Since 1 October 2026 it runs as Westbridge Print, a joint venture 1. Westbridge pays Thomson Reuters a royalty of 20 percent of its Professional revenue 1.

People and places

At the end of 2025 the company had about 27,100 employees 2. Steve Hasker is president and chief executive, and Michael Eastwood is chief financial officer 2. It serves about 450,000 customers, and the largest, the London Stock Exchange Group news agreement, is about 5 percent of revenue 2.

Its Toronto headquarters at 19 Duncan Street is leased 2. Company-wide strategy is led by an executive team at its Enterprise Centre in Switzerland 2.

Rivals and problems

The annual report warns that foundation model vendors may enter its markets and could serve as substitutes for its products 2. The United States gave 72 percent of 2025 revenue 2.

The umbrella, in words

Main brands are Westlaw, Practical Law, CoCounsel and CLEAR for legal and risk work, ONESOURCE for corporate tax and trade, and Checkpoint and UltraTax for accountants 2. The annual report lists principal subsidiaries it owns outright, among them Pagero AB, SurePrep, SafeSend Topco, Additive AI and Reuters News & Media 2.

It owns 49 percent of Westbridge Print, with KKR-advised accounts holding the rest 1. It sold its remaining Elite stake in 2025 for a $161 million gain and has since finished disposing of its London Stock Exchange Group stake 2.

It committed $150 million in February 2025 to a second Thomson Reuters Ventures fund 2. A subsidiary and Rudin Times Square Associates LLC own 3XSQ Associates, landlord of 3 Times Square 2. It owns plants in Eagan, Minnesota, and Ann Arbor, Michigan 2.

Woodbridge, the Thomson family's investment company, and its affiliates owned about 70 percent of the common shares on 2 March 2026 2. Those shares carry one vote each, and David Thomson is chairman 2.

A separate Founders Share guards the Trust Principles of independence and freedom from bias 2. The company agreed not to sell Reuters to an unrelated third party without the Founders Share Company's written consent 2.

For the fourth quarter of 2026 the company expects organic revenue growth of about 8 percent and an adjusted EBITDA margin of about 42 percent 1. For the full year it expects free cash flow of about $2.1 billion and net interest expense of about $190 million 1.

For its three largest segments the company expects organic revenue growth of 9.5 to 10.0 percent in 2026 1. It expects their adjusted EBITDA margin to rise about 100 basis points from 43.6 percent in 2025 1.

The company expects a pre-tax gain on the Global Print deal in the fourth quarter of 2026 1. It expects the deal to be about neutral for its adjusted EBITDA margin and to add 60 to 70 basis points to annual organic growth 1.

It has agreed to give KKR a minimum return on its equity in the joint venture under certain circumstances 1. A quarterly dividend of $0.655 per share is payable on 10 December 2026 to holders of record on 18 November 2026 1.

The company told Nasdaq it will delist three TR Finance LLC note series, with a Form 25 due about 13 November 2026 and the delisting effective about 23 November 2026 1. The notes stay outstanding 1.

Among its priorities for 2026, the company lists broader adoption of the CoCounsel AI assistant across legal and tax customers 2. It also plans to deploy its capital capacity on organic and select acquisition investments 2.