THOMSON REUTERS CORP /CAN/ (TRI): Financial results for Q3 2026
THOMSON REUTERS CORP /CAN/ (TRI) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 Thomson Reuters Reports Third-Quarter 2026 Results TORONTO, November 3, 2026 - Thomson Reuters (TSX/Nasdaq: TRI) today reported results for the third quarter ended September 30, 2026: ● Strong revenue growth in the third quarter ¡ Total company revenues up 10% ¡ Orga
How this was made
The 30-second read
Why it matters
The earnings release delivers fresh guidance and financial metrics, offering traders a basis for short‑term positioning.
Market read
The earnings beat on revenue but miss on EPS may cause mixed reactions; the updated outlook is reaffirmed, suggesting limited immediate price move.
What to watch
The $1.3B and $1.0B note issuances and $600M share repurchase may support liquidity and confidence.
Thomson Reuters Reports Third-Quarter 2026 Results
Third-quarter revenues increased 10%, organic revenue increased 10%, adjusted EBITDA increased 10%, and adjusted EPS increased 14%. IFRS operating profit, diluted EPS, operating cash flow and free cash flow declined versus the prior-year quarter, while adjusted EBITDA margin declined 30bp.
Actuals vs. the company’s prior outlook
from its previous release| Metric | Guided | Reported | Verdict |
|---|---|---|---|
| Full-year 2026 total revenue growth | ~ 8.0% | Q3 2026 total revenues increased 10% | n/a |
| Full-year 2026 organic revenue growth | ~ 8.0% | Q3 2026 organic revenue growth of 10% | n/a |
| Full-year 2026 adjusted EBITDA margin | +100bps vs 2025 | Q3 2026 adjusted EBITDA margin of 35.5% | n/a |
| Full-year 2026 free cash flow | ~ $2.1 billion | Nine months 2026 free cash flow of $1,467 million | n/a |
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenuesother | $1.83B | – | 10% |
| Q3 2026 recurring revenuesother | $1.62B | – | 9% |
| Q3 2026 transactions revenuesother | $215M | – | 27% |
| Q3 2026 organic revenue growthnon-GAAP | 10% | – | – |
| Q3 2026 operating expensesother | −$1.18B | – | – |
| Q3 2026 operating profitother | $402M | – | -22% |
| Q3 2026 net earningsother | $339M | – | – |
| Q3 2026 earnings from continuing operationsother | $289M | – | – |
| Q3 2026 diluted earnings per shareother | $0.78 | – | -17% |
| Q3 2026 adjusted EBITDAnon-GAAP | $651M | – | 10% |
| Q3 2026 adjusted EBITDA marginnon-GAAP | 35.5% | – | -30bp |
| Q3 2026 adjusted EPSnon-GAAP | $0.81 | – | 14% |
| Q3 2026 net cash provided by operating activitiesother | $599M | – | -15% |
| Q3 2026 free cash flownon-GAAP | $408M | – | -23% |
| Q3 2026 capital expendituresother | −$176M | – | – |
| Nine months 2026 total revenuesother | $5.65B | – | 11% |
| Nine months 2026 organic revenue growthnon-GAAP | 9% | – | – |
| Nine months 2026 operating profitother | $1.47B | – | 7% |
| Nine months 2026 net earningsother | $1.25B | – | – |
| Nine months 2026 diluted EPSother | $2.83 | – | 9% |
| Nine months 2026 adjusted EBITDAnon-GAAP | $2.14B | – | 11% |
| Nine months 2026 adjusted EBITDA marginnon-GAAP | 37.9% | – | 30bp |
| Nine months 2026 adjusted EPSnon-GAAP | $2.78 | – | 14% |
| Nine months 2026 net cash provided by operating activitiesother | $2.02B | – | 7% |
| Nine months 2026 free cash flownon-GAAP | $1.47B | – | 7% |
| Nine months 2026 capital expendituresother | −$508M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Legal ProfessionalsOrganic revenue growth was primarily driven by Westlaw and CoCounsel Legal. Transactions revenues increased 20% primarily driven by CLEAR. | $788M | – | 9% |
| CorporatesOrganic growth was driven by CoCounsel Legal, Pagero, CLEAR and international businesses in recurring revenues, and by Pagero, Indirect Tax, Additive and international businesses in transactions revenues. | $544M | – | 11% |
| Tax, Audit & Accounting ProfessionalsOrganic recurring revenue growth was driven by tax and audit products, including GoSystem, CoCounsel Tax, Audit & Accounting, Cloud Audit Suite and the Latin America business. Transactions growth was driven by SafeSend, SurePrep and Additive. | $276M | – | 11% |
| ReutersGrowth reflected higher generative AI content licensing revenues, higher Agency and Professional revenues, and a contractual price increase from the news agreement with the Data & Analytics business of London Stock Exchange Group. | $232M | – | 12% |
| Big 3 Segments CombinedThe combined Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments reported 10% organic revenue growth and comprised 88% of total revenues. | $1.61B | – | 10% |
Full-year 2026 outlook, November 3, 2026, continuing operations basis outlook
- RevenueTotal revenue growth of approximately 9.5%; organic revenue growth of 8.5% - 9.0%
- Tax rateEffective Tax Rate on Adjusted Earnings of approximately 19%
- NoteAdjusted EBITDA margin of approximately 39%
- NoteCorporate Center of $190 - $195 million
- NoteFree Cash Flow of approximately $2.1 billion
- NoteAccrued Capex as % of Revenues of 8.5% - 9.0%
- NoteDepreciation & Amortization of Software of approximately $900 million
- NoteDepreciation & Amortization of Internally Developed Software of approximately $670 million
- NoteAmortization of Acquired Software of approximately $230 million
- NoteNet Interest Expense of approximately $190 million
- NoteBig 3 total revenue growth of 9.5% - 10.0%
- NoteBig 3 organic revenue growth of 9.5% - 10.0%
- NoteBig 3 adjusted EBITDA margin of +100bps vs 2025
- NoteFourth-quarter 2026 organic revenue growth of approximately 8%
- NoteFourth-quarter 2026 adjusted EBITDA margin of approximately 42%
Capital returns
- Completed the $600 million share repurchase program in July 2026, repurchasing a total of 6.2 million common shares for $600 million.
- A quarterly dividend of $0.655 per share is payable on December 10, 2026 to common shareholders of record as of November 18, 2026.
- In February 2026, the company announced a 10% or $0.24 per share annualized increase in the dividend to $2.62 per common share.
- Nine months ended September 30, 2026 repurchases of common shares were $(600) million.
- Nine months ended September 30, 2026 dividends paid on common shares were $(829) million.
What drove it
- Q3 revenue growth reflected 9% growth in recurring revenues, which were 88% of total revenues, and 27% growth in transactions revenues.
- The Big 3 segments generated 10% organic revenue growth and collectively comprised 88% of Q3 total revenues.
- Reuters revenue growth was supported by higher generative AI content licensing revenues that were largely transactional, Agency and Professional revenue growth, and the London Stock Exchange Group contractual price increase.
- Q3 adjusted EBITDA increased 10%, although the adjusted EBITDA margin declined to 35.5% from 35.8%.
- The Global Print transaction is expected to be approximately neutral to adjusted EBITDA margin following close and 60 – 70 basis points accretive to annual organic revenue growth.
Concerns
- Q3 operating profit decreased 22%, primarily because the prior-year period included an other operating gain from the sale of the remaining minority equity interest in the Elite business and because current-period amortization of software was higher.
- Q3 diluted EPS decreased to $0.78 from $0.94, primarily due to lower operating profit.
- Q3 operating cash flow decreased by $105 million because unfavorable working-capital changes and higher income-tax payments more than offset higher cash benefits from revenues and operating expenses.
- Q3 free cash flow decreased by $118 million, reflecting lower operating cash flow and higher capital expenditures.
- Legal Professionals, Corporates and Tax, Audit & Accounting Professionals all reported lower Q3 adjusted EBITDA margins year over year.
- The November 2026 outlook assumes royalty revenue and transition-services reimbursement from the Westbridge Print joint venture will offset stranded costs. The company identified the risk that these amounts could be lower and unable to fully offset those costs.
- The company cited ongoing geopolitical risk, uneven economic growth, and an evolving interest-rate and inflationary backdrop as risks to its outlook.
What to watch
- Fourth-quarter 2026 organic revenue growth of approximately 8% and adjusted EBITDA margin of approximately 42%.
- Whether the company achieves full-year organic revenue growth of 8.5% - 9.0% and adjusted EBITDA margin of approximately 39%.
- Execution of the Westbridge Print royalty and transition-services arrangements, which are expected to offset stranded costs.
- Commercial opportunities for Thomson LLM and customer engagement with the next generation of CoCounsel Legal and CoCounsel Tax, Audit & Accounting.
- The expected pre-tax gain from the Global Print transaction in the fourth quarter of 2026.
- Net interest expense of approximately $190 million following the September debt issuance and Global Print transaction proceeds.
Balance sheet and cash flow
- Cash and cash equivalents were $1,394 million at September 30, 2026, compared with $511 million at December 31, 2025.
- Total debt was $3,812 million at September 30, 2026, compared with $2,123 million at December 31, 2025.
- Net debt was $2,747 million at September 30, 2026, compared with $1,896 million at December 31, 2025.
- Net debt/adjusted EBITDA was 1.0:1 at September 30, 2026, compared with 0.7:1 at December 31, 2025.
- September 2026 debt issuance generated proceeds of approximately $2.0 billion in aggregate.
- The company issued $1.3 billion and Canadian (CDN) $1.0 billion of notes in September 2026.
- Net cash provided by operating activities was $599 million in Q3 2026 and $2,024 million in the nine months ended September 30, 2026.
- Free cash flow was $408 million in Q3 2026 and $1,467 million in the nine months ended September 30, 2026.
- On October 1, 2026, the company received approximately $500 million in gross proceeds from the sale of a 51% stake in Global Print and retained a 49% equity interest in the joint venture.
Analysis
Thomson Reuters reported a 10% increase in third-quarter revenues to $1,833 million, with organic revenue growth also 10%. Recurring revenues rose 9% and represented 88% of total revenues, while transactions revenues rose 27%. The Big 3 segments generated 10% organic growth and represented 88% of total revenue. Legal Professionals grew 9%, Corporates grew 11%, and Tax, Audit & Accounting Professionals grew 11%. Reuters grew 12%, supported in part by higher generative AI content licensing revenue that was largely transactional.
Profitability was mixed. Adjusted EBITDA increased 10% to $651 million, but adjusted EBITDA margin declined 30bp to 35.5%. Legal Professionals margin declined to 46.6% from 49.0%, Corporates declined to 36.2% from 36.3%, and Tax, Audit & Accounting Professionals declined to 30.2% from 30.6%. Reuters was the exception, with its margin increasing to 24.3% from 19.9%, driven by higher transactions revenue. IFRS operating profit declined 22% to $402 million, primarily because the prior-year period included an Elite-business sale gain and because software amortization was higher in the current period.
Earnings and cash generation also diverged between adjusted and IFRS measures. Diluted EPS declined to $0.78 from $0.94, while adjusted EPS increased to $0.81 from $0.71, supported by higher adjusted EBITDA and fewer weighted-average common shares. Operating cash flow fell to $599 million from $704 million as working-capital changes and higher tax payments outweighed higher cash benefits from revenue and operating expenses. Free cash flow decreased to $408 million from $526 million, also reflecting higher capital expenditures.
For the first nine months, revenue increased 11% to $5,651 million and adjusted EBITDA increased 11% to $2,140 million. The nine-month adjusted EBITDA margin expanded to 37.9% from 37.6%, while free cash flow increased to $1,467 million from $1,369 million. The company completed its $600 million common-share repurchase program, repurchasing 6.2 million shares, and announced a quarterly dividend of $0.655 per share payable December 10, 2026.
The company updated its full-year outlook to remove Global Print, which is now reported as discontinued operations following the October 1 transaction. Continuing-operations guidance calls for total revenue growth of approximately 9.5%, organic revenue growth of 8.5% - 9.0%, and adjusted EBITDA margin of approximately 39%. Big 3 guidance was unchanged. The company expects the Global Print royalty and transition-services reimbursement to largely offset stranded costs, leaving adjusted EBITDA margin approximately neutral after close and increasing annual organic revenue growth by 60 – 70 basis points. The key execution issue is whether those royalty and reimbursement streams fully offset the stranded costs.
Management, verbatim
We are pleased with our third-quarter momentum, as revenue growth and margins came in ahead of our prior expectations.
Steve Hasker, President and CEO of Thomson Reuters
Customer engagement with the next generation of CoCounsel Legal has been very encouraging, and we are excited about the recent launch of the next generation of CoCounsel Tax, Audit & Accounting.
Steve Hasker, President and CEO of Thomson Reuters
We are confident in the growing success of our innovation engine, which positions us well to deliver sustainable growth and long-term value for shareholders.
Steve Hasker, President and CEO of Thomson Reuters
Not in the filing
stated, not guessed- Q3 2026 gross margin and prior-year gross margin were not reported.
- Q3 2026 GAAP tax rate was not reported.
- Q3 2026 net income margin was not reported.
- Q3 2026 sequential comparisons were not reported.
- Full-year 2026 IFRS operating profit, IFRS EPS and GAAP cash-flow guidance were not reported.
- Actual full-year 2026 results are not available, so direct like-for-like comparisons with the August 2026 full-year outlook cannot be made.
- A prior-quarter segment revenue comparison was not reported for Legal Professionals, Corporates, Tax, Audit & Accounting Professionals, Reuters, or the Big 3 segments.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Thomson Reuters filed a Form 6‑K with the SEC, providing its Q3 2026 earnings and updated outlook after divesting its Global Print business.
Ticker impact
Thomson Reuters reported Q3 2026 results with 10% revenue growth, EPS down 17%, and updated full-year outlook excluding Global Print.
neutral to slight downside as the EPS miss may pressure the stock despite revenue beat.
The primary earnings numbers are new and material; revenue beat is offset by lower operating profit and EPS, leading to limited upside.
Market effects
Positive for legal and professional services segment demand, but margin pressure may affect peers.
North American market may see modest movement in information services stocks.
Limited; the company is a major data provider but the news is company‑specific.
Counterpoint
Investors could view the revenue growth as a catalyst for upside if margins improve in future quarters.
Key entities
- CompanyThomson Reuters
Provider of news and professional information services, ticker TRI.
