Thomson Reuters (TRI)
Market Price (11/6/2026): $118.34 | Market Cap: $51.3 BilSector: Industrials | Industry: Diversified Support Services
Thomson Reuters (TRI)
Market Price (11/6/2026): $118.34Market Cap: $51.3 BilSector: IndustrialsIndustry: Diversified Support Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.2%, Dividend Yield is 2.1% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26%, CFO LTM is 2.8 Bil, FCF LTM is 2.1 Bil Stock buyback supportStock Buyback 3Y Total is 3.2 Bil Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, Fintech & Digital Payments, AI in Financial Services, Show more. | Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -79% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.09 | Key risksTRI key risks include [1] faltering client adoption of its new AI solutions amid intense competition, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.2%, Dividend Yield is 2.1% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26%, CFO LTM is 2.8 Bil, FCF LTM is 2.1 Bil |
| Stock buyback supportStock Buyback 3Y Total is 3.2 Bil |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, Fintech & Digital Payments, AI in Financial Services, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -79% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.09 |
| Key risksTRI key risks include [1] faltering client adoption of its new AI solutions amid intense competition, Show more. |
Qualitative Assessment
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Thomson Reuters (TRI) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Strong Third-Quarter Fiscal 2026 Financial Performance and Raised Outlook. Thomson Reuters reported robust financial results for its fiscal third quarter ended September 30, 2026, which were generally ahead of prior expectations. The company achieved a 10% increase in total revenues and 10% organic revenue growth, with its "Big 3" segments (Legal Professionals, Corporates, and Tax, Audit & Accounting Professionals) also growing organically by 10% and comprising 88% of total revenues. Adjusted EBITDA increased by 10%, and adjusted earnings per share (EPS) rose 14% to $0.81. Following these results, Thomson Reuters updated its full-year fiscal 2026 outlook, projecting total revenue growth of approximately 9.5% and organic revenue growth of 8.5% to 9.0% (excluding the Global Print business), an increase from its previous 8.0% outlook.
2. Strategic Divestiture to Optimize Portfolio. On October 1, 2026, Thomson Reuters completed the sale of a 51% stake in its Global Print business to capital accounts advised by KKR, receiving approximately $500 million in gross proceeds. This transaction allows the company to further streamline its operations and focus on its higher-growth, content-driven technology and solutions businesses, signaling a strategic shift towards more profitable and forward-looking segments.
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Thomson Reuters (TRI) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Strong Third-Quarter Fiscal 2026 Financial Performance and Raised Outlook. Thomson Reuters reported robust financial results for its fiscal third quarter ended September 30, 2026, which were generally ahead of prior expectations. The company achieved a 10% increase in total revenues and 10% organic revenue growth, with its "Big 3" segments (Legal Professionals, Corporates, and Tax, Audit & Accounting Professionals) also growing organically by 10% and comprising 88% of total revenues. Adjusted EBITDA increased by 10%, and adjusted earnings per share (EPS) rose 14% to $0.81. Following these results, Thomson Reuters updated its full-year fiscal 2026 outlook, projecting total revenue growth of approximately 9.5% and organic revenue growth of 8.5% to 9.0% (excluding the Global Print business), an increase from its previous 8.0% outlook.
2. Strategic Divestiture to Optimize Portfolio. On October 1, 2026, Thomson Reuters completed the sale of a 51% stake in its Global Print business to capital accounts advised by KKR, receiving approximately $500 million in gross proceeds. This transaction allows the company to further streamline its operations and focus on its higher-growth, content-driven technology and solutions businesses, signaling a strategic shift towards more profitable and forward-looking segments.
3. Significant Advancement and Adoption of AI-Powered Products. Thomson Reuters demonstrated strong progress and customer engagement with its next-generation artificial intelligence (AI) offerings. The company reported encouraging customer engagement with "CoCounsel Legal" and the launch of "CoCounsel Tax, Audit & Accounting," with generative AI-enabled products representing 34% of annualized contract value, up from 24% a year ago. The introduction of new tools like Westlaw Brief Builder and Multinational CoCounsel Legal further enhances its product suite, driving organic growth within its core professional segments. The launch of an AI platform for Tax and Audit was specifically noted as contributing to a 7% stock rise on October 22, 2026.
4. Shareholder Return Initiatives. The company completed a $600 million share repurchase program, originally announced in February 2026, which involved repurchasing 6.2 million common shares. This program demonstrates a commitment to returning capital to shareholders and can positively impact earnings per share by reducing the number of outstanding shares. Additionally, in September 2026, Thomson Reuters issued $1.3 billion and C$1.0 billion of notes, totaling approximately $2.0 billion in proceeds, for general corporate purposes, including the repayment of borrowings.
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Stock Movement Drivers
Fundamental Drivers
The 21.1% change in TRI stock from 7/31/2026 to 11/5/2026 was primarily driven by a 16.2% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 97.49 | 118.11 | 21.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,893 | 8,237 | 4.4% |
| Net Income Margin (%) | 19.3% | 19.2% | -1.0% |
| P/E Multiple | 27.9 | 32.5 | 16.2% |
| Shares Outstanding (Mil) | 438 | 434 | 0.9% |
| Cumulative Contribution | 21.1% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| TRI | 21.1% | |
| Market (SPY) | -1.9% | 11.8% |
| Sector (XLI) | -9.7% | -8.6% |
Fundamental Drivers
The 25.1% change in TRI stock from 4/30/2026 to 11/5/2026 was primarily driven by a 23.8% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 94.38 | 118.11 | 25.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,706 | 8,237 | 6.9% |
| Net Income Margin (%) | 19.5% | 19.2% | -1.7% |
| P/E Multiple | 26.2 | 32.5 | 23.8% |
| Shares Outstanding (Mil) | 417 | 434 | -3.8% |
| Cumulative Contribution | 25.1% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| TRI | 25.1% | |
| Market (SPY) | 2.3% | -7.8% |
| Sector (XLI) | -6.7% | -23.2% |
Fundamental Drivers
The -20.8% change in TRI stock from 10/31/2025 to 11/5/2026 was primarily driven by a -19.8% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 149.17 | 118.11 | -20.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,318 | 8,237 | 12.6% |
| Net Income Margin (%) | 22.3% | 19.2% | -14.3% |
| P/E Multiple | 40.5 | 32.5 | -19.8% |
| Shares Outstanding (Mil) | 444 | 434 | 2.3% |
| Cumulative Contribution | -20.8% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| TRI | -20.8% | |
| Market (SPY) | 8.4% | 3.8% |
| Sector (XLI) | 5.7% | -15.8% |
Fundamental Drivers
The 3.9% change in TRI stock from 10/31/2023 to 11/5/2026 was primarily driven by a 29.4% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 113.72 | 118.11 | 3.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,724 | 8,237 | 22.5% |
| Net Income Margin (%) | 31.2% | 19.2% | -38.5% |
| P/E Multiple | 25.1 | 32.5 | 29.4% |
| Shares Outstanding (Mil) | 463 | 434 | 6.6% |
| Cumulative Contribution | 3.9% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| TRI | 3.9% | |
| Market (SPY) | 81.3% | 17.5% |
| Sector (XLI) | 71.8% | 5.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TRI Return | 48% | -3% | 30% | 11% | -17% | -9% | 59% |
| Peers Return | 32% | -14% | 49% | 21% | -12% | -19% | 46% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| TRI Win Rate | 75% | 42% | 67% | 33% | 42% | 36% | |
| Peers Win Rate | 67% | 37% | 67% | 53% | 48% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| TRI Max Drawdown | -8% | -22% | -14% | -12% | -39% | -41% | |
| Peers Max Drawdown | -19% | -35% | -13% | -15% | -33% | -44% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SPGI, INTU, FDS, VRSK, FICO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | TRI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.9% | -9.5% |
| % Gain to Breakeven | 13.5% | 10.5% |
| Time to Breakeven | 19 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.6% | -24.5% |
| % Gain to Breakeven | 26.0% | 32.4% |
| Time to Breakeven | 93 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.4% | -33.7% |
| % Gain to Breakeven | 54.7% | 50.9% |
| Time to Breakeven | 196 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -14.6% | -12.2% |
| % Gain to Breakeven | 17.1% | 13.9% |
| Time to Breakeven | 47 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.0% | -17.9% |
| % Gain to Breakeven | 33.3% | 21.8% |
| Time to Breakeven | 570 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -49.0% | -53.4% |
| % Gain to Breakeven | 96.0% | 114.4% |
| Time to Breakeven | 507 days | 1085 days |
In The Past
Thomson Reuters's stock fell -6.1% during the 2025 US Tariff Shock. Such a loss loss requires a 6.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | TRI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.6% | -24.5% |
| % Gain to Breakeven | 26.0% | 32.4% |
| Time to Breakeven | 93 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.4% | -33.7% |
| % Gain to Breakeven | 54.7% | 50.9% |
| Time to Breakeven | 196 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.0% | -17.9% |
| % Gain to Breakeven | 33.3% | 21.8% |
| Time to Breakeven | 570 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -49.0% | -53.4% |
| % Gain to Breakeven | 96.0% | 114.4% |
| Time to Breakeven | 507 days | 1085 days |
In The Past
Thomson Reuters's stock fell -6.1% during the 2025 US Tariff Shock. Such a loss loss requires a 6.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Thomson Reuters (TRI)
Thomson Reuters (TRI) is a global provider of business information services, delivering essential content, software, and tools across various professional sectors. The company primarily offers research and workflow solutions through its Legal Professionals, Corporates, and Tax & Accounting Professionals segments. These services include advanced legal research, integrated workflow platforms, and content-enabled technology solutions designed to automate processes and enhance decision-making for its clients.
Its primary customer base includes law firms, governments, corporations, and accounting firms, where it supports legal, tax, regulatory, compliance, and IT professionals. Additionally, Thomson Reuters operates Reuters News, supplying business, financial, and international news to media organizations and news consumers worldwide. The company also maintains a Global Print segment, providing traditional print-based legal and tax information to its professional and institutional clientele.
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Here are 1-3 brief analogies for Thomson Reuters (TRI):
It's like a specialized Bloomberg for legal and tax professionals, and also a global news giant like Associated Press.
Imagine the essential software and information suite for lawyers and accountants, similar to an Adobe Creative Cloud for their specific fields, paired with a major global news provider like CNN.
They are the Experian or Nielsen of professional legal and tax data and software, and they also own Reuters News.
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Major Products and Services of Thomson Reuters (TRI)
- Legal Professionals Solutions: Offers legal research and workflow solutions, integrating content, tools, and analytics for legal professionals.
- Corporates Solutions: Provides technology solutions leveraging content for legal, tax, regulatory, compliance, and IT needs within corporations.
- Tax & Accounting Professionals Solutions: Delivers research and workflow products designed to automate tax processes for tax, accounting, and audit professionals.
- Reuters News: Supplies business, financial, and international news to media outlets, professionals, and the general public through its news agency.
- Global Print Information: Offers legal and tax information primarily in traditional print format to various professional and institutional clients.
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Thomson Reuters (TRI) primarily sells its services to other companies and organizations.
Its major customers are:
- Law Firms: These entities utilize Thomson Reuters' legal research, workflow products, and print information.
- Governments: These public sector organizations are customers for legal and tax information services and products.
- Corporations: These businesses across various industries subscribe to solutions for their legal, tax, regulatory, compliance, and IT professionals, as well as print information.
- Accounting Firms: These professional service businesses leverage research and workflow products for tax, accounting, and audit needs.
- Media Organizations: These companies receive business, financial, and international news content from the Reuters News segment.
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Major Suppliers:
- Amazon.com, Inc. (AMZN) - For Amazon Web Services (AWS) cloud infrastructure and related services.
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Steve Hasker, President and Chief Executive Officer
Steve Hasker assumed his role as President and Chief Executive Officer of Thomson Reuters in March 2020. Prior to joining Thomson Reuters, he served as Senior Adviser to TPG Capital, a private equity firm, and was the Chief Executive Officer of CAA Global, a TPG Capital portfolio company. Hasker also held the position of global president and chief operating officer at Nielsen. He spent over a decade as a partner in the global media, information, and technology practice at McKinsey & Company. His career began at PwC, where he qualified as a chartered accountant.
Michael Eastwood, Chief Financial Officer
Michael Eastwood serves as Chief Financial Officer for Thomson Reuters. He joined Thomson in 1998 and has held several senior finance roles, including Senior Vice President and Head of Corporate Finance since January 2016. Eastwood was previously 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 held various finance and accounting positions at Fleer/SkyBox International and PwC.
Paul Bascobert, President of Reuters News
Paul Bascobert joined Thomson Reuters as President of Reuters News in September 2022. With over 25 years of experience, he has served as an operating executive, adviser, and entrepreneur. His previous roles include co-founder and CEO of Blue Ocean Acquisition Corp, CEO of Gannett Co., Inc., President of American media and technology company XO Group, and President of Yodle Inc.
Norie Campbell, Chief Legal Officer and Company Secretary
Norie Campbell joined Thomson Reuters in 2023 as Chief Legal Officer and Company Secretary. Prior to her current role, she held several executive-level positions at TD Bank Group, including serving as General Counsel for a decade.
Ragunath (Raghu) Ramanathan, President of the Legal Professionals business
Ragunath (Raghu) Ramanathan became President of the Legal Professionals business at Thomson Reuters on February 1, 2024. He previously served as the Chief Revenue Officer of SAP Business Technology Platform and has over 25 years of experience in how technology can benefit consumers and businesses.
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The key risks to Thomson Reuters (TRI) are:
- Disruption from Artificial Intelligence (AI) and Increased Competition: Thomson Reuters faces significant risk from the rapid advancements in AI, which could disrupt its core business of providing information services and workflow solutions, particularly in the legal and tax sectors. Investor concerns about potential disruptions from AI startups have already led to stock pullbacks. Major AI model developers are increasingly moving into the application space, directly competing with companies like Thomson Reuters and potentially degrading or denying service to their rivals while giving themselves preferential access. The launch of AI tools, such as Anthropic's Claude Legal Plug-In, has notably impacted the stock values of specialized software service providers like Thomson Reuters.
- Reputational and Ethical Concerns: The company faces reputational risks, notably highlighted by internal challenges related to its contract with the U.S. Immigration and Customs Enforcement (ICE). Over 200 Thomson Reuters employees have urged the company to terminate this contract due to ethical concerns, questioning its alignment with the company's stated values. The decision to either renew or end this relationship could significantly impact Thomson Reuters' reputation regarding the ethical use of data and its ability to attract and retain talent.
- Macroeconomic Factors and Valuation/Growth Concerns: Thomson Reuters faces ongoing financial pressures, including a projected lower organic revenue growth trajectory and anticipated EBITDA margin compression, which could lead to significant valuation multiple contraction. While the company has shown consistent cash generation, macroeconomic conditions and its current valuation near analyst targets suggest that much of the near-term positive news may already be priced into the stock.
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The rapid emergence of advanced generative AI and large language models (LLMs) poses a clear emerging threat. These technologies are enabling new entrants and startups to develop highly automated and sophisticated solutions for legal research, document drafting, compliance monitoring, and tax preparation. Such AI-driven platforms can offer services that are significantly faster, more cost-effective, and potentially more comprehensive than traditional content-enabled workflow tools, directly challenging Thomson Reuters' core offerings in its Legal Professionals, Corporates, and Tax & Accounting Professionals segments.
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Thomson Reuters (symbol: TRI) operates in various professional information service segments. The addressable market sizes for its main products and services are identified as follows:
- Legal Professionals: The global legal technology market was estimated at USD 28.74 billion in 2025 and is projected to reach USD 69.69 billion by 2033. Another estimate for the global legal technology market was USD 29.81 billion in 2025, with a projection to reach USD 67.53 billion by 2034. North America holds the largest revenue share in the global legal technology market, exceeding 48% in 2025. The Alternative Legal Services Providers (ALSP) market, a related area, was estimated at $28.5 billion in 2023 globally.
- Corporates: null
- Tax & Accounting Professionals: The global tax and accounting software market is projected to reach USD 34.45 billion by 2035. Another valuation for the global tax and accounting software market anticipates it to reach USD 46.42 billion by 2030, growing from USD 25.08 billion in 2022. The global tax management software market size was valued at USD 25.09 billion in 2025 and is expected to reach approximately USD 65.03 billion by 2035. North America is the largest market for tax and accounting software, holding around 45% of the global market share.
- Reuters News: The global newspaper publishing market is expected to grow from USD 87.5 billion in 2024 to USD 151.0 billion by 2035. Another source indicates the global newspapers market size was valued at USD 806.53 billion in 2024 and is projected to reach USD 1,702.47 billion by 2030. The Asia-Pacific region holds the largest share in the global newspapers market, at approximately 38% in 2024. The digital newspapers and magazines market was valued at USD 44.97 billion in 2025 and is expected to reach USD 60.38 billion by 2032.
- Global Print: The global commercial printing market size was valued at USD 489.53 billion in 2023 and is expected to reach USD 590.21 billion by 2032. Another estimate places the global commercial printing market size at USD 501.36 billion in 2024, projected to reach USD 598.06 billion by 2030. Asia-Pacific is the dominant region in the global commercial printing market.
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Thomson Reuters Corporation (TRI) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and market trends. The company anticipates continued expansion through:
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Sustained Organic Growth in Core Segments: Thomson Reuters expects robust organic revenue growth from its "Big Three" segments: Legal Professionals, Corporates, and Tax & Accounting Professionals. For example, the company has reaffirmed its 2026 outlook for approximately 9.5% organic growth across these key segments, with Legal Professionals targeting 8% to 9%, Corporates 9% to 11%, and Tax, Audit, and Accounting Professionals 11% to 13% organic growth. This growth is propelled by demand for its research and workflow products, including Westlaw, CoCounsel, Practical Law, and UltraTax.
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Investment in and Adoption of AI-enabled Products and Solutions: Thomson Reuters is making significant investments in artificial intelligence, including generative AI, to enhance its product offerings and drive efficiency for its customers. The company's AI-enabled products, such as CoCounsel, are gaining swift adoption in both law firms and corporate tax and audit clients, contributing to increased transactional content licensing revenue. This focus on AI is expected to lead to new services, improved productivity, and increased profitability for professionals, which in turn fuels Thomson Reuters' revenue.
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Strategic Mergers and Acquisitions: The company actively pursues targeted mergers and acquisitions to access new customers, diversify revenue streams, and enhance its technological capabilities, particularly in automation and AI. Recent examples include the acquisition of SafeSend to bolster tax automation and Materia to enhance AI capabilities. Thomson Reuters has allocated substantial capital for potential acquisitions through 2027, signaling a continued inorganic growth strategy.
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Expansion into Higher-Value Advisory Services in Tax & Accounting: The Tax & Accounting Professionals segment is experiencing growth by shifting from traditional compliance work to offering more strategic, higher-value advisory services. Firms are increasingly adopting automation to free up professionals for advisory work, and Thomson Reuters' solutions are designed to support this transition, driving stronger profitability for firms and increased revenue for the company.
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Share Repurchases
- Thomson Reuters plans to repurchase up to US$600 million of common shares under an amended normal course issuer bid between August 2025 and August 2026. This authorization allows for the repurchase of up to 16 million shares.
- Under the prior normal course issuer bid, the company had already repurchased 6,022,437 shares for approximately US$1.0 billion, at an average price of US$166.05 per share, as of February 25, 2026.
- In 2022, 2023, and 2024, Thomson Reuters repurchased shares worth $1.28 billion, $1.08 billion, and $639 million, respectively.
Share Issuance
- Thomson Reuters plans a return of capital of US$605 million, or approximately US$1.36 in cash per participating share, followed by a proportional share consolidation (reverse stock split) in early May 2026.
- The company's weighted average shares outstanding have shown a decline in recent years, decreasing by 0.38% in 2025 to 0.450 billion, 2.74% in 2024 to 0.451 billion, and 4.32% in 2023 to 0.464 billion.
Outbound Investments
- Thomson Reuters spent $850 million on four strategic acquisitions in 2025. Key acquisitions included SafeSend for $600 million (January 2025), Casetext for $650 million (August 2023), and SurePrep for $500 million (January 2023), enhancing its AI and tax automation capabilities.
- As part of its "Build, Partner, Buy" strategy, the company is investing over $200 million annually in AI, including bolt-on acquisitions to bolster AI capabilities in its Legal and Tax & Accounting segments.
- Thomson Reuters completed the sale of its stake in London Stock Exchange Group (LSEG) shares, selling 56 million shares for $5.5 billion in 2023 and an additional 16 million shares for $1.8 billion in the first half of 2024.
Capital Expenditures
- Capital expenditures were $637 million for the latest twelve months ending September 30, 2025.
- Annual capital expenditures were $634 million in 2025, $607 million in 2024, and $544 million in 2023.
- For 2026, accrued capital expenditures as a percentage of revenues are anticipated to be approximately 8%.
Peer Outperformance in Diversified Support Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| TRI | Thomson Reuters | 7.0% | 32.5x | -16.0% | -3.4% | 8.9% | — |
| CXW | CoreCivic | 10.6% | 21.8x | 51.4% | 110.4% | 195.0% | +186pp |
| OPLN | Openlane | 9.4% | 22.1x | 36.8% | 146.2% | 143.2% | +134pp |
| CTAS | Cintas | 8.7% | 44.0x | 23.1% | 79.2% | 114.7% | +106pp |
| MGRC | McGrath RentCorp | 6.3% | 19.5x | 20.5% | 31.8% | 76.7% | +68pp |
| LDOS | Leidos | 5.5% | 11.9x | -29.6% | 35.9% | 52.9% | +44pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Marine Transportation | 5 | 25.1% | 30.2% | 102.9% | MATX 155% · KEX 103% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 6.3% | 55.5% | 95.0% | ALSN 255% · WAB 204% · CAT 192% |
| Construction & Engineering | 29 | -21.3% | 79.9% | 94.8% | FIX 895% · STRL 799% · AGX 526% |
| Aerospace & Defense | 54 | -12.6% | 55.7% | 49.5% | ATI 849% · FTAI 756% · HWM 509% |
| Trading Companies & Distributors | 19 | 5.6% | 30.7% | 33.8% | DXPE 276% · AIT 184% · URI 177% |
| Industrial Machinery & Supplies & Components | 71 | 0.3% | 46.1% | 29.7% | CRS 797% · MLI 298% · SYM 249% |
| Rail Transportation | 7 | 34.9% | 53.7% | 27.8% | CSX 54% · UNP 40% · NSC 28% |
| Diversified Support Services ← | 33 | 14.8% | 36.8% | 21.3% | CXW 195% · OPLN 143% · CTAS 115% |
| Building Products | 34 | -6.6% | 9.3% | 10.6% | MOD 714% · GFF 345% · TT 126% |
| Cargo Ground Transportation | 16 | 27.9% | 14.6% | 4.8% | XPO 269% · R 250% · ARCB 25% |
| Industrial Conglomerates | 17 | 14.8% | -1.6% | -1.3% | CSW 103% · CSL 72% · DD 65% |
| Office Services & Supplies | 10 | 20.8% | 22.5% | -2.6% | PBI 158% · TILE 140% · HNI 40% |
| Electrical Components & Equipment | 39 | -14.2% | 56.2% | -12.1% | POWL 1360% · VRT 543% · BE 424% |
| Data Processing & Outsourced Services | 6 | -11.8% | 5.0% | -12.7% | EXLS 59% · BR 22% · G -12% |
| Research & Consulting Services | 13 | 4.9% | -15.5% | -22.6% | HURN 227% · FCN 36% · BAH 14% |
| Agricultural & Farm Machinery | 16 | 7.2% | -7.4% | -27.4% | BLBD 171% · DE 99% · TTC 15% |
| Security & Alarm Services | 9 | -51.2% | 10.7% | -28.0% | BCO 65% |
| Environmental & Facilities Services | 29 | -31.2% | 25.5% | -28.1% | GEO 163% · CLH 162% · RSG 100% |
| Passenger Airlines | 11 | 2.6% | 64.1% | -34.8% | LTM 3100% · UAL 110% · DAL 100% |
| Air Freight & Logistics | 12 | -28.8% | -7.3% | -39.1% | FDX 80% · EXPD 60% · CHRW 54% |
| Human Resource & Employment Services | 22 | 19.2% | -6.0% | -42.4% | ADP 50% · FA 22% · PAYX 13% |
| Passenger Ground Transportation | 3 | -14.1% | 42.9% | -57.4% | UBER 46% · CAR -57% · LYFT -67% |
| Airport Services | 4 | -49.1% | -62.8% | -86.2% | JOBY -47% |
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 346.61 |
| Mkt Cap | 27.2 |
| Rev LTM | 3,177 |
| Op Inc LTM | 1,395 |
| FCF LTM | 1,100 |
| FCF 3Y Avg | 1,041 |
| CFO LTM | 1,367 |
| CFO 3Y Avg | 1,282 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.6% |
| Rev Chg 3Y Avg | 7.0% |
| Rev Chg Q | 6.8% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 8.3% |
| Op Inc Chg 3Y Avg | 6.3% |
| Op Mgn LTM | 41.3% |
| Op Mgn 3Y Avg | 39.7% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 34.8% |
| CFO/Rev 3Y Avg | 36.0% |
| FCF/Rev LTM | 33.9% |
| FCF/Rev 3Y Avg | 34.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Legal Professionals | 2,868 | 2,922 | 2,807 | 2,803 | 2,712 |
| Corporates | 1,987 | 1,844 | 1,620 | 1,536 | 1,440 |
| Tax, Audit & Accounting Professionals | 1,302 | 1,165 | 1,058 | 986 | 915 |
| Reuters | 853 | 832 | 769 | 733 | 694 |
| Global Print | 490 | 519 | 562 | 592 | 609 |
| Eliminations/Rounding | -24 | -24 | -22 | -23 | -22 |
| Total | 7,476 | 7,258 | 6,794 | 6,627 | 6,348 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Legal Professionals | 1,356 | 1,302 | 1,299 | 1,227 | 1,091 |
| Corporates | 716 | 671 | 619 | 578 | 496 |
| Tax, Audit & Accounting Professionals | 623 | 527 | 490 | 451 | 379 |
| Global Print | 185 | 188 | 213 | 212 | 226 |
| Reuters | 174 | 196 | 172 | 154 | 103 |
| Other operating (losses) gains, net | 164 | 144 | 397 | 211 | 34 |
| Eliminations/Rounding | 0 | 0 | |||
| Fair value adjustments | -18 | 17 | -18 | 18 | 8 |
| Remove fair value adjustments on acquired deferred revenue | -20 | -9 | |||
| Amortization of other identifiable intangible assets | -98 | -91 | -97 | -99 | -119 |
| Depreciation | -111 | -113 | -116 | -140 | -177 |
| Corporate Center | -118 | -105 | -115 | -293 | -325 |
| Amortization of software | -721 | -618 | -512 | -485 | -474 |
| Total | 2,132 | 2,109 | 2,332 | 1,834 | 1,242 |
| $ Mil | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|
| Financial & Risk | 14,872 | 14,507 | 15,150 | 16,678 | 17,669 |
| Legal | 5,717 | 5,731 | 6,058 | 6,507 | 6,754 |
| Corporate & Other (includes Reuters News) | 4,061 | 5,740 | 4,320 | 3,438 | 4,010 |
| Tax & Accounting | 1,830 | 1,874 | 1,922 | 2,207 | 2,194 |
| Assets related to discontinued operations | 1,662 | ||||
| Intellectual Property & Science | 1,767 | 1,796 | |||
| Other Businesses | 16 | ||||
| Total | 26,480 | 27,852 | 29,112 | 30,597 | 32,439 |
Price Behavior
| Market Price | $118.11 | |
| Market Cap ($ Bil) | 51.2 | |
| First Trading Date | 06/12/2002 | |
| Distance from 52W High | -16.0% | |
| 50 Days | 200 Days | |
| DMA Price | $105.75 | $95.60 |
| DMA Trend | up | down |
| Distance from DMA | 11.7% | 23.5% |
| 3M | 1YR | |
| Volatility | 50.4% | 51.9% |
| Downside Capture | -67.86 | 52.65 |
| Upside Capture | 20.14 | 21.25 |
| Correlation (S&P 500) | 1.9% | 3.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.22 | -0.10 | 0.69 | -0.45 | 0.15 | 0.41 |
| Up Beta | -6.94 | -0.10 | 2.65 | -1.12 | -0.60 | 0.31 |
| Down Beta | -1.16 | -1.72 | -1.71 | -0.80 | 0.05 | 0.37 |
| Up Capture | 74% | 78% | 133% | 13% | 19% | 16% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 15 | 23 | 37 | 65 | 118 | 374 |
| Down Capture | -247% | -6% | 24% | -65% | 72% | 78% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 7 | 20 | 27 | 61 | 132 | 374 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRI | |
|---|---|---|---|---|
| TRI | -17.4% | 51.9% | -0.19 | - |
| Sector ETF (XLI) | 7.4% | 17.8% | 0.24 | -16.6% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 2.8% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | -13.5% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -3.7% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 18.6% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 9.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRI | |
|---|---|---|---|---|
| TRI | 1.6% | 29.9% | 0.07 | - |
| Sector ETF (XLI) | 10.8% | 17.7% | 0.45 | 19.9% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 30.3% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | -0.6% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 1.4% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 32.1% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 14.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRI | |
|---|---|---|---|---|
| TRI | 12.8% | 26.0% | 0.48 | - |
| Sector ETF (XLI) | 12.9% | 20.1% | 0.56 | 33.5% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 41.6% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 2.4% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 10.9% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 39.7% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 10.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 6-K |
| 06/30/2026 | 08/06/2026 | 6-K |
| 03/31/2026 | 05/06/2026 | 6-K |
| 12/31/2025 | 03/05/2026 | 40-F |
| 09/30/2025 | 11/05/2025 | 6-K |
| 06/30/2025 | 08/07/2025 | 6-K |
| 03/31/2025 | 05/02/2025 | 6-K |
| 12/31/2024 | 03/06/2025 | 40-F |
| 09/30/2024 | 11/06/2024 | 6-K |
| 06/30/2024 | 08/02/2024 | 6-K |
| 03/31/2024 | 05/03/2024 | 6-K |
| 12/31/2023 | 03/07/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/03/2023 | 6-K |
| 12/31/2022 | 03/08/2023 | 40-F |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 6-K |
| 06/30/2026 | 08/06/2026 | 6-K |
| 03/31/2026 | 05/06/2026 | 6-K |
| 12/31/2025 | 03/05/2026 | 40-F |
| 09/30/2025 | 11/05/2025 | 6-K |
| 06/30/2025 | 08/07/2025 | 6-K |
| 03/31/2025 | 05/02/2025 | 6-K |
| 12/31/2024 | 03/06/2025 | 40-F |
| 09/30/2024 | 11/06/2024 | 6-K |
| 06/30/2024 | 08/02/2024 | 6-K |
| 03/31/2024 | 05/03/2024 | 6-K |
| 12/31/2023 | 03/07/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/03/2023 | 6-K |
| 12/31/2022 | 03/08/2023 | 40-F |
| 09/30/2022 | 11/03/2022 | 6-K |
| 06/30/2022 | 08/05/2022 | 6-K |
| 03/31/2022 | 05/05/2022 | 6-K |
| 12/31/2021 | 03/10/2022 | 40-F |
| 09/30/2021 | 11/04/2021 | 6-K |
| 06/30/2021 | 08/06/2021 | 6-K |
| 03/31/2021 | 05/06/2021 | 6-K |
| 12/31/2020 | 03/10/2021 | 40-F |
| 09/30/2020 | 11/06/2020 | 6-K |
| 06/30/2020 | 08/05/2020 | 6-K |
| 03/31/2020 | 05/07/2020 | 6-K |
| 12/31/2019 | 03/10/2020 | 40-F |
Investor Activity (13F)
Updated Nov 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| TLT Family Holdco ULC | $387.2 Mil | 53.5% | 8 | Hold | 13F |
| DKRT Investments Corp. | $90.3 Mil | 22.9% | 48 | ADD +24.1% | 13F |
| PJT Investments Corp. | $47.7 Mil | 18.9% | 8 | Hold | 13F |
| Heathbridge Capital Management Ltd. | $11.8 Mil | 4.3% | 29 | New | 13F |
| Scheer, Rowlett & Associates Investment Management Ltd. | $8.6 Mil | 0.6% | 33 | New | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| TLT Family Holdco ULC | $387.2 Mil | 53.5% | 8 | Hold | 13F |
| DKRT Investments Corp. | $90.3 Mil | 22.9% | 48 | ADD +24.1% | 13F |
| PJT Investments Corp. | $47.7 Mil | 18.9% | 8 | Hold | 13F |
| Heathbridge Capital Management Ltd. | $11.8 Mil | 4.3% | 29 | New | 13F |
| Scheer, Rowlett & Associates Investment Management Ltd. | $8.6 Mil | 0.6% | 33 | New | 13F |
Thomson Reuters — Investor Video Playlist
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Diversified Support Services Resources |
| Facilities Management Journal (FMJ) |
| Supply Chain Brain |
| Corporate Services News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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