• Like Bloomberg, but focused on legal and tax information services, also operating a global news wire.
• A blend of FactSet's professional data platforms (for legal and tax) and the Associated Press's global news reporting.

• Westlaw: An online legal research service providing access to case law, statutes, regulations, and legal journals for legal professionals.
• Practical Law: Offers practical legal guidance, templates, and checklists to help legal professionals work more efficiently.
• ONESOURCE: A suite of integrated software and services designed to manage corporate tax compliance, planning, and reporting.
• Checkpoint: Provides tax, accounting, and audit research materials, news, and analysis for accounting and finance professionals.
• Reuters News: A global news agency delivering real-time text, video, and photographic content to media outlets and professional subscribers worldwide.

Thomson Reuters (symbol: TRI) primarily sells its services and products to other companies. Its major customers are typically organizations within the professional sectors it serves globally. Due to the broad and global nature of its clientele, Thomson Reuters generally does not disclose specific major customer companies. Instead, its customer base consists of a vast number of firms and departments across key industries.

Here are the primary categories of its business-to-business (B2B) customers:

• Legal Professionals and Firms: This category includes law firms of all sizes (from solo practitioners to large multinational firms), corporate legal departments within major companies, and government legal and judicial bodies. Examples of the types of organizations that are customers include the "Am Law 100" firms. As most major law firms are private partnerships, specific public company symbols for these direct customers cannot be provided.
• Tax & Accounting Professionals and Firms: This segment comprises public accounting firms (including the "Big Four" and regional firms), corporate tax and accounting departments within large enterprises, and government tax authorities. Similar to legal firms, most major accounting firms are private, so specific public company symbols for these direct customers cannot be listed.
• Media Organizations: Reuters News Agency, a division of Thomson Reuters, licenses its news content, data, and imagery to other news agencies, newspapers, broadcasters, and digital publishers worldwide. Examples of public companies that are likely customers for Reuters content include:
  • News Corporation (symbol: NWS, NWSA)
  • The New York Times Company (symbol: NYT)
• Corporations (General Business, Compliance, and Risk): Thomson Reuters provides various solutions, including tax, regulatory intelligence, and risk management, to large corporations across diverse industries. While specific public companies that are major customers are not disclosed, this category encompasses a wide array of global enterprises.

• Microsoft Corporation (MSFT)
• Amazon.com, Inc. (AMZN)

Steve Hasker, President and Chief Executive Officer

Steve Hasker assumed his role as President and Chief Executive Officer of Thomson Reuters on March 15, 2020. Prior to this, he served as Senior Adviser to TPG Capital, a private equity firm, and as Chief Executive Officer of CAA Global, a TPG Capital portfolio company. He also held positions as Global President and Chief Operating Officer of Nielsen, an information, data, and measurement firm, and spent over a decade as a partner at McKinsey & Company in the global media, information, and technology practice.

Michael Eastwood, Chief Financial Officer

Michael Eastwood is the Chief Financial Officer for Thomson Reuters, a role he assumed in 2020. He joined Thomson in 1998 and has held several senior finance roles within the company, including Senior Vice President and Head of Corporate Finance since January 2016. Previously, he was Chief Operations Officer for Thomson Reuters Latin America and Chief Financial Officer of the company's Intellectual Property & Science business, which was sold in 2016. Before joining Thomson, he worked in various finance and accounting roles at Fleer/SkyBox International and PwC.

Kirsty Roth, Chief Operations and Technology Officer

Kirsty Roth joined Thomson Reuters in August 2020 as Chief Operations and Technology Officer. In this role, she oversees the company's operations, technology, procurement, and real estate teams, focusing on customer and employee experience. Prior to joining Thomson Reuters, she was Global Head of Operations at HSBC, where she led a transformation of the bank's technology, processes, and innovation capabilities. She also held senior roles at Credit Suisse and was a consulting partner at Deloitte for 10 years. Kirsty began her career in technology with HBOS plc in the U.K.

Elizabeth Beastrom, President, Tax & Accounting Professionals

Elizabeth Beastrom is the President of Tax & Accounting Professionals at Thomson Reuters. She is responsible for the company's range of tax and accounting software, services, and knowledge solutions. Elizabeth joined Thomson Reuters in 2004, following senior leadership roles in finance at Honeywell, Valspar, and Deloitte. She previously served as President of Thomson Reuters Global Print business and Managing Director of FindLaw and Elite. She is also a CPA.

Ragunath (Raghu) Ramanathan, President, Legal Professionals

Ragunath (Raghu) Ramanathan joined Thomson Reuters as President of the Legal Professionals business on February 1, 2024. Before this role, Raghu served as the Chief Revenue Officer of SAP Business Technology Platform, where he was responsible for business growth and customer success in data and analytics, artificial intelligence, application development, automation, and integration solutions. With over 25 years of experience, he has a proven track record for introducing innovative commercial models. His career spans across 14 countries and seven industries, including roles at SAP, Barclays Group, Bluesoft Inc., and McKinsey & Company.

The key risks to Thomson Reuters' business (symbol: TRI) primarily revolve around technological advancements and market dynamics, alongside inherent operational challenges.

1. Intensifying AI Competition and Slower Client Adoption: A significant risk for Thomson Reuters is the increasing competition in artificial intelligence (AI) and the potential for slower-than-expected client adoption of their AI-powered solutions. This could diminish their pricing power, delay margin expansion, and challenge their long-term earnings prospects. While Thomson Reuters is actively investing in AI, such as with its CoCounsel Legal AI assistant, a failure to differentiate or achieve widespread client acceptance could impact its growth trajectory.
2. Cybersecurity and Data Security Threats: As a major provider of data and information to professionals, Thomson Reuters faces a substantial risk from data and cybersecurity concerns. A survey highlighted that 82% of respondents considered data and cybersecurity among their top priorities, indicating the critical nature of this area for businesses, including Thomson Reuters itself. A significant data breach or cyberattack could severely damage the company's reputation, client trust, and operational continuity.
3. Sales Disruption and Government Contract Reductions: Thomson Reuters is also exposed to risks related to sales disruptions within its Corporates segment and ongoing reductions in government contracts within its Legal Professionals segment. These challenges can act as headwinds, impacting near-term organic growth. Such operational issues in key business areas can directly affect revenue performance and overall financial results.

The rapid emergence and adoption of advanced generative artificial intelligence (AI) and large language models (LLMs) pose a clear threat across Thomson Reuters' core professional markets.

While Thomson Reuters is actively investing in AI and integrating it into its offerings (e.g., acquiring Casetext), numerous specialized AI startups are developing and deploying tools that can perform tasks traditionally served by TR's products with potentially greater efficiency, accuracy, and lower cost. For instance:

• In the **Legal Professionals** segment, companies are creating AI-powered legal research platforms that can summarize complex cases, draft legal documents, and answer nuanced legal questions in natural language, potentially eroding the value proposition of traditional research platforms like Westlaw.
• In the **Tax & Accounting Professionals** segment, AI and automation startups are developing solutions to streamline data entry, reconciliation, tax preparation, and audit processes, challenging the traditional software suites offered by TR.
• In **Reuters News** and other information services, generative AI could potentially synthesize vast amounts of data to create news summaries, financial reports, or industry analyses, potentially impacting the demand for traditional human-curated news and data services.

This threat is not hypothetical; these AI-native companies are actively attracting investment, developing commercial products, and gaining traction with professional users, much like how Netflix began to chip away at Blockbuster's market share with a fundamentally different content delivery model, or how specialized apps emerged to challenge established software solutions.

Thomson Reuters (symbol: TRI) operates in several key addressable markets, primarily serving legal professionals, tax and accounting professionals, corporations, and the news and media sector. The market sizes for their main products and services are identified as follows:

Legal Professionals Market

• The global legal technology market was valued at approximately $31.59 billion in 2024 and is projected to grow to $63.59 billion by 2032.
• The global legal software market was valued at $0.4 billion in 2023 and is projected to reach $1.2 billion by 2032. Another estimate places the global legal software market at approximately $468.99 million in 2024, projected to reach $1,049.81 million by 2031.
• The global legal practice management software market was valued at $1.724 billion in 2024 and is expected to reach $5.06 billion by 2033.
• The Alternative Legal Services Providers (ALSP) market, a segment where Thomson Reuters also participates, was an estimated $28.5 billion globally, with an 18% compound annual growth rate from 2021 to 2023.

Tax & Accounting Professionals Market

• The global tax management software market size was valued at $17.92 billion in 2024 and is projected to grow to $47.21 billion by 2032. Another report estimates the global tax management software market size at $18.74 billion in 2022, projected to reach $39.71 billion by 2030.
• The global tax software market was valued at approximately $18.5 billion in 2023.
• The global tax preparation software market size was valued at approximately $9.49 billion in 2024 and is expected to reach $12.56 billion by 2033.

News & Media Market (Reuters News)

• The global media market size was recorded at approximately $2,067.29 billion in 2021 and is projected to reach $2,833.1 billion by the end of 2025. Other estimates show the global media market size was $2.61 trillion in 2024 and is projected to grow to $2.83 trillion in 2025.
• The global digital newspapers & magazines market has a current market value of $45.6 billion and is estimated to reach $65.18 billion by 2030.
• The global Newspaper Publishing industry revenue is estimated to reach $80.5 billion in 2025.

1. AI-Driven Innovation and New Product Launches: Thomson Reuters is heavily investing in artificial intelligence, with over $200 million allocated for AI initiatives in both 2024 and 2025-2026. This focus is leading to the development and launch of new AI-enabled products and services, such as CoCounsel Legal, Westlaw Advantage, and AI solutions for tax, audit, and accounting, which are directly contributing to organic revenue growth, particularly in the Legal Professionals segment.
2. Growth in "Big 3" Segments: The company's "Big 3" segments—Legal Professionals, Corporates, and Tax & Accounting Professionals—are consistently identified as primary drivers of organic revenue growth. These segments collectively comprise a significant portion of total revenues and have demonstrated strong performance, with expectations for continued robust growth.
3. Expansion of Recurring Revenues: A substantial portion of Thomson Reuters' total revenue, ranging from 84% to 89% in its key segments, comes from recurring sources. The consistent growth in these recurring revenues, driven by core products and services, provides a stable and expanding revenue base for the company.
4. Strategic Acquisitions: Acquisitions are playing a role in boosting revenue growth. Recent strategic acquisitions, such as Pagero (impacting the Corporates segment) and SafeSend (enhancing tax automation capabilities within the Tax & Accounting Professionals segment), have contributed positively to reported revenues and are expected to continue supporting growth.
5. International Business Expansion: Thomson Reuters is experiencing organic growth across its international businesses within the Legal Professionals, Corporates, and Tax & Accounting Professionals segments. This geographic expansion contributes to the overall revenue growth by tapping into new markets and increasing market penetration outside its primary regions.

Share Repurchases

• Thomson Reuters announced a new $1.0 billion share repurchase program in August 2025, authorizing the repurchase of up to 10 million common shares between August 19, 2025, and August 18, 2026.
• The company completed a $1.0 billion share repurchase program in October 2025.
• Between November 2023 and April 2024, approximately 5.6 million common shares were repurchased for $819 million under a prior $1.0 billion program that was anticipated to conclude by the end of the second quarter of 2024.

Outbound Investments

• In June 2023, Thomson Reuters acquired Casetext, a provider of AI technology for legal professionals, in an all-cash deal worth $650 million.
• The company acquired U.S. tax filing software SafeSend for $600 million in January 2025.
• Thomson Reuters acquired SurePrep, a U.S.-based leader in 1040 tax automation software and services, for $500 million in cash, with the agreement announced in November 2022 and completed in January 2023.

Capital Expenditures

• In Q3 2025, free cash flow decreased by 11% due to higher capital expenditures.
• Thomson Reuters has allocated over $200 million for continued investment in AI products for 2025-2026.
• The company aims to reduce Capital Expenditures to 6% - 6.5% of revenues by 2023, driven by technology modernization, integration, and a focused capital agenda.