Thomson Reuters Corporation (TRI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.96	$0.99	+3.1%	—	—	—
Q4 26	$1.21	$1.23	+1.7%	—	—	—
Q3 26	$1.08	$1.09	+0.9%	—	—	—
Q2 26	$0.84	$0.86	+2.4%	—	—	—
Q1 26	$0.85	$0.88	+3.5%	—	—	—
Q4 25	$1.06	$1.14	+7.5%	—	—	—
Q3 25	$0.98	$1.03	+5.1%	—	—	—
Q2 25	$0.78	$0.81	+3.8%	—	—	—
Q1 25	$0.84	$0.86	+2.4%	—	—	—
Q4 24	$0.97	$1.13	+16.5%	—	—	—
Q3 24	$0.92	$1	+8.7%	—	—	—
Q2 24	$0.72	$0.83	+15.3%	—	—	—
Q1 24	$0.79	$0.85	+7.6%	—	—	—
Q4 23	$0.84	$0.86	+2.4%	—	—	—
Q3 23	$0.69	$0.77	+11.6%	—	—	—
Q2 23	$0.53	$0.6	+13.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.39	—	—	$7.5B	—
FY24	—	$4.89	—	—	$7.3B	—
FY23	—	$5.81	—	—	$6.8B	—
FY22	—	$3	—	—	$6.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$11.2B	$5.3B	$5.5B	$5.9B	$6B	$6.3B	$6.6B	$6.8B	$7.3B	$7.5B
YoY change	-0.81%	-52.6%	+3.85%	+7.36%	+1.32%	+6.08%	+4.4%	+2.52%	+6.83%	+3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	11.2B	5.3B	5.5B	5.9B	6B	6.3B	6.6B	6.8B	7.3B	7.5B
Cost of revenue	2B	864M	1B	1.4B	1.2B	1.3B	1.3B	1.3B	1.8B	1.8B
Gross profit	9.1B	4.4B	4.5B	4.5B	4.8B	5B	5.3B	5.5B	5.5B	5.7B
Gross margin	81.9%	83.7%	81.1%	76.1%	80.6%	79.4%	80.1%	80.9%	75.3%	75.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	6.2B	2.8B	2.7B	2.7B	2.5B	2.7B	2.7B	2.5B	2.7B	2.7B
Operating expenses	6.2B	2.8B	3.1B	2.6B	2.1B	3B	2.8B	2.8B	2.7B	2.7B
Operating income	1.4B	1B	775M	1.2B	1.9B	1.2B	1.8B	1.9B	1.9B	2B
Operating margin	12.6%	19.5%	14.1%	20.3%	32.1%	19.4%	27.4%	28.7%	26.1%	26.6%
Non-operating income, net	31M	-168M	18M	-63M	40M	16M	461M	185M	268M	92M
Pretax income	1B	507M	533M	971M	1.8B	1.1B	2.1B	2B	2B	1.9B
Income tax	-15M	-134M	136M	-1.2B	71M	1.6B	259M	417M	-123M	423M
Net income	3.1B	1.5B	4B	1.6B	1.1B	5.7B	1.3B	2.7B	2.2B	1.5B
Net margin	28.2%	27.5%	73.1%	26.5%	18.8%	89.6%	20.2%	39.7%	30.4%	20.1%
EBITDA	3B	1.6B	1.4B	2B	2.7B	2B	2.5B	2.8B	2.8B	3B
EPS	4.73	2.22	6.13	3.24	2.33	12	3	5.81	4.89	3.39
Diluted EPS	4.72	2.22	6.13	3.23	2.33	11.9	2.99	5.8	4.89	3.38

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.6B	1.8B	1.9B	1.7B	1.7B	1.9B	1.9B	1.8B	1.8B	2B	2.1B	2B
Cost of revenue	294M	364M	373M	—	434M	491M	448M	438M	430M	493M	493M	487M
Gross profit	1.3B	1.5B	1.5B	—	1.3B	1.4B	1.5B	1.3B	1.4B	1.5B	1.6B	1.5B
Gross margin	81.6%	79.9%	80.2%	—	74.8%	74.3%	76.4%	75.5%	75.9%	75.5%	76.4%	75.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	600M	662M	629M	—	674M	690M	644M	670M	674M	729M	704M	713M
Operating expenses	1.6B	1.1B	751M	1.1B	673M	693M	656M	674M	520M	898M	713M	654M
Operating income	441M	177M	555M	415M	415M	517M	570M	443M	598M	378M	636M	560M
Operating margin	27.7%	9.75%	29.4%	23.9%	24.1%	27.1%	30%	24.8%	33.6%	18.8%	30.5%	28.7%
Non-operating income, net	122M	262M	29M	—	-30M	261M	-13M	-57M	4M	158M	11M	4M
Pretax income	526M	410M	539M	381M	362M	747M	523M	353M	562M	496M	609M	519M
Income tax	-18M	20M	67M	-402M	77M	135M	92M	52M	121M	158M	125M	71M
Net income	367M	678M	478M	841M	301M	587M	434M	313M	423M	332M	459M	448M
Net margin	23%	37.4%	25.4%	48.3%	17.5%	30.7%	22.8%	17.5%	23.7%	16.5%	22%	22.9%
EBITDA	742M	393M	767M	623M	641M	744M	808M	686M	842M	619M	887M	823M
EPS	0.8	1.49	1.06	1.86	0.67	1.3	0.96	0.7	0.95	0.75	1.05	1.02
Diluted EPS	0.8	1.49	1.06	1.86	0.67	1.3	0.96	0.7	0.95	0.75	1.05	1.02

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	28.6B	27.4B	31.1B	—	39.2B	56.9B	53.2B	67.7B	72.3B	58.3B	42.2B
Enterprise value	33.6B	33.6B	31.5B	—	41B	60.1B	57B	70B	73.5B	60.2B	45.4B
Shares outstanding	654M	629.1M	643.5M	482.8M	478.8M	475.7M	466.4M	463.2M	450.6M	442M	442M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	9.09	18.8	7.73	—	34.9	10	39.8	25.1	32.7	38.8	26.1
P/S	2.56	5.18	5.65	—	6.55	8.96	8.03	9.97	9.96	7.8	5.48
P/B	2.16	2.02	3.38	—	3.93	4.11	4.48	6.12	6.02	4.89	3.85
EV/EBITDA	11.3	20.4	22	—	15.1	29.9	22.4	25.3	26.4	20.4	19.8
EV/Sales	3.01	6.34	5.73	—	6.84	9.47	8.6	10.3	10.1	8.05	5.8
Earnings yield	11%	5.32%	12.9%	—	2.86%	10%	2.51%	3.98%	3.05%	2.58%	3.84%
FCF yield	7.26%	5.51%	4.78%	—	3.16%	2.26%	2.48%	2.65%	2.56%	3.46%	5%
PEG	—	—	—	—	—	—	—	—	—	—	0.57

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	81.9%	83.7%	81.1%	76.1%	80.6%	79.4%	80.1%	80.9%	75.3%	75.8%	75.1%
Operating margin	12.6%	19.5%	14.1%	20.3%	32.1%	19.4%	27.4%	28.7%	26.1%	26.6%	28.3%
Net margin	28.2%	27.5%	73.1%	26.5%	18.8%	89.6%	20.2%	39.7%	30.4%	20.1%	21.2%
ROE	23.8%	10.7%	43.7%	16.4%	11.2%	41.1%	11.3%	24.4%	18.4%	12.6%	14.2%
ROA	11.3%	5.51%	23.6%	9.04%	6.27%	25.7%	6.16%	14.4%	12%	8.37%	7.44%
ROIC	7.75%	5.23%	5.97%	10.1%	15.7%	0%	10.1%	11.5%	14.4%	11.2%	12.4%
Return on tangible assets	-20.7%	-8.51%	-251.8%	-48.2%	-43.4%	289.8%	80.4%	-75.8%	-42%	-20.4%	-21.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.02	0.62	1.68	0.95	1.5	0.95	0.57	0.9	1.02	0.64	0.51
Quick ratio	1.01	0.61	1.67	0.95	1.49	0.94	0.57	0.9	1.01	0.64	0.51
Debt / equity	0.56	0.52	0.35	0.37	0.41	0.29	0.42	0.32	0.26	0.2	0.29
Debt / assets	0.27	0.27	0.19	0.21	0.23	0.18	0.23	0.19	0.17	0.13	0.18
Net debt / EBITDA	1.67	3.76	0.32	1.15	0.64	1.61	1.49	0.82	0.43	0.65	0.82
Interest coverage	3.53	2.39	2.79	5.69	9.78	6.24	11.2	9.39	11.1	11.6	12.5
Effective tax rate	0%	0%	25.5%	0%	4.02%	100%	12.4%	21%	0%	21.9%	21.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.1	8.42	8.55	12.2	12.5	13.3	14.2	14.7	16.1	16.9	17.9
EPS (basic)	4.73	2.22	6.13	3.24	2.33	12	3	5.81	4.89	3.39	3.39
EPS (diluted)	4.72	2.22	6.13	3.23	2.33	11.9	2.99	5.8	4.89	3.38	3.8
Book value per share	20.3	21.6	14.3	19.8	20.8	29.1	25.5	23.9	26.6	27	25.7
FCF per share	3.18	2.4	2.31	0.41	2.59	2.7	2.83	3.88	4.11	4.56	5.09
Cash per share	3.74	1.34	4.29	2.74	4.88	1.72	2.56	2.73	4.19	1.05	1.6
Capex per share	—	0	0.04	0.01	0.34	0	—	—	—	1.43	1.49

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	0%	0.49%	0.12%	2.71%	0%	—	—	—	8.48%	8.34%
Capex / operating cash flow	—	0%	4.84%	1.33%	11.6%	0%	—	—	—	23.9%	22.6%
Payout ratio	31.2%	65.7%	22.4%	44.8%	65.2%	13.6%	62.6%	33.1%	43%	69.2%	66.6%
Dividend yield	3.43%	3.49%	2.9%	—	1.87%	1.36%	1.57%	1.32%	1.31%	1.78%	2.73%

Yield

2.73%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.655

ex-dividend Aug 19, 2026

Payout ratio

67%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 19, 2026	$0.655
May 20, 2026	$0.655
May 4, 2026	$1.4355

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.6B	$1.8B	$1.9B	$1.7B	$1.7B	$1.9B	$1.9B	$1.8B	$1.8B	$2B	$2.1B	$2B
YoY change	+1.27%	+2.83%	+8.46%	+5.65%	+8.16%	+5.18%	+0.8%	+2.59%	+3.36%	+5.24%	+9.84%	+9.47%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.4B	846M	2.8B	1.3B	2.3B	816M	1.2B	1.3B	1.9B	465M
Receivables	1.3B	1.4B	1.1B	1.1B	1.1B	1B	1B	1B	1.1B	1.1B
Inventory	32M	31M	33M	23M	26M	28M	29M	20M	21M	23M
Total current assets	4.6B	3B	4.5B	3.1B	4B	2.5B	2.8B	2.9B	3.5B	2.2B
Property, plant & equipment	961M	921M	473M	615M	545M	502M	414M	447M	386M	361M
Goodwill & intangibles	43.1B	43.6B	18.6B	20.5B	20.5B	20.2B	20B	22.2B	23.7B	25.3B
Total assets	27.9B	26.5B	17B	17.3B	17.9B	22.1B	21.7B	18.7B	18.4B	17.9B
Accounts payable	311M	307M	326M	265M	217M	227M	237M	181M	176M	147M
Short-term debt	1.1B	1.6B	3M	648M	83M	64M	1.7B	428M	1B	854M
Total current liabilities	4.6B	4.8B	2.7B	3.2B	2.7B	2.6B	4.9B	3.2B	3.4B	3.5B
Long-term debt	6.3B	5.4B	3.2B	2.9B	4B	4B	3.3B	3.1B	2B	1.5B
Total liabilities	14.6B	12.9B	7.8B	7.7B	7.9B	8.3B	9.8B	7.6B	6.4B	6B
Shareholders' equity	13.3B	13.6B	9.2B	9.6B	10B	13.8B	11.9B	11.1B	12B	11.9B
Total debt	7.4B	7B	3.2B	3.6B	4.1B	4B	5B	3.5B	3.1B	2.4B
Net debt	5.1B	6.3B	534M	2.8B	2.4B	3.3B	4B	2.3B	1.2B	2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.5B	1.3B	1.9B	1.7B	1.6B	1.9B	1.4B	727M	705M	465M	489M	567M
Receivables	982M	1B	1B	1.1B	1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.1B
Inventory	—	20M	—	—	—	21M	—	—	—	23M	—	—
Total current assets	4.1B	2.9B	3.4B	3.3B	3.4B	3.5B	2.9B	2.3B	2.2B	2.2B	2.1B	2.3B
Property, plant & equipment	—	447M	—	—	—	386M	—	—	—	361M	—	—
Goodwill & intangibles	22.2B	22.2B	24B	23.9B	23.9B	23.7B	25B	25.2B	25.4B	25.3B	25.7B	25.7B
Total assets	19.3B	18.7B	18.8B	18.4B	18.4B	18.4B	18.5B	18B	17.9B	17.9B	17.9B	18.1B
Accounts payable	149M	181M	145M	1B	196M	176M	136M	135M	144M	147M	934M	170M
Short-term debt	1.5B	428M	1B	1.3B	1.1B	1B	1B	561M	899M	854M	1.1B	1.7B
Total current liabilities	3.8B	3.2B	3.5B	3.7B	3.6B	3.4B	3.2B	2.9B	3.6B	3.5B	3.5B	4.4B
Long-term debt	3B	3.1B	3.1B	1.8B	2.1B	2B	2B	1.5B	1.5B	1.5B	1.3B	1.5B
Total liabilities	8.2B	7.6B	7.8B	6.8B	6.6B	6.4B	6.2B	5.3B	6.1B	6B	6.1B	7B
Shareholders' equity	11.2B	11.1B	11B	11.6B	11.9B	12B	12.3B	12.6B	11.8B	11.9B	11.8B	11.1B
Total debt	4.6B	3.5B	4.1B	3.1B	3.2B	3.1B	3.1B	2.1B	2.4B	2.4B	2.4B	3.2B
Net debt	2.2B	2.3B	2.2B	1.4B	1.5B	1.2B	1.7B	1.4B	1.8B	2B	2B	2.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.1B	637M	164M	1.6B	1.1B	5.7B	1.4B	2.6B	2.2B	1.5B
Depreciation & amortization	1.6B	605M	619M	717M	792M	770M	724M	725M	822M	930M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	113M	-209M	-62M	-201M	-156M	125M	-136M	-236M	-109M	20M
Operating cash flow	2.7B	300M	558M	525M	1.4B	7.2B	1.9B	2.7B	2.3B	2.7B
Capital expenditure	—	0	27M	7M	162M	0	—	—	—	-634M
Investing cash flow	-67M	66M	-427M	-908M	366M	-759M	149M	4.1B	1.3B	-1.3B
Dividends paid	-982M	-958M	-903M	-701M	-732M	-775M	-837M	-892M	-949M	-1B
Share repurchases	-1.7B	-1B	-10B	-488M	-200M	-1.4B	-1.3B	-3.1B	-639M	-1B
Financing cash flow	-3.7B	-2.4B	-14.9B	-1.2B	-646M	-2.3B	-1.2B	-5.6B	-2.6B	-2.8B
Net change in cash	-1B	-2.1B	-14.7B	-1.6B	1.1B	4.2B	916M	1.1B	1B	-1.5B
Free cash flow	2.1B	1.5B	1.5B	197M	1.2B	1.3B	1.3B	1.8B	1.9B	2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	370M	650M	464M	844M	277M	607M	425M	297M	428M	333M	477M	444M
Depreciation & amortization	184M	189M	206M	206M	202M	208M	226M	230M	234M	240M	245M	253M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	13M	51M	-266M	—	115M	-67M	-275M	97M	18M	180M	-299M	184M
Operating cash flow	227M	826M	293M	575M	589M	798M	402M	746M	704M	756M	505M	920M
Capital expenditure	—	—	—	—	—	—	—	-163M	-162M	-158M	-156M	-177M
Investing cash flow	580M	-91M	2B	476M	-57M	92M	-605M	-182M	-141M	-205M	-367M	-206M
Dividends paid	-219M	-216M	-238M	-237M	-237M	-237M	-260M	-261M	-261M	-257M	-281M	-276M
Share repurchases	0	-361M	-352M	-287M	0	0	0	0	-670M	-330M	-262M	-705M
Financing cash flow	-2.7B	-1.7B	-470M	-1.2B	-492M	-252M	-288M	-1.3B	-607M	-658M	-248M	-537M
Net change in cash	-1.9B	-967M	1.9B	-194M	40M	638M	-491M	-711M	-44M	-107M	-110M	177M
Free cash flow	529M	573M	287M	553M	607M	403M	294M	583M	542M	598M	349M	743M

Thomson Reuters Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history