Thomson Reuters Corporation

TRI

IndustrialsLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

Thomson Reuters Corporation operates as a content and technology company in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through five segments: Legal Professionals, Corporates, Tax, Audit & Accounting Professionals, Reuters News, and Global Print. The Legal Professionals segment offers research and workflow products focusing on legal research and integrated legal workflow solutions that combine content, tools, and analytics to law firms and governments. The Corporates segment provides a suite of content-driven technologies, including generative AI and integrated compliance workflow solutions to small businesses and multinational organizations. Tax, Audit & Accounting Professionals segment offers research and workflow products to tax, audit, and accounting firms. The Reuters News segment provides business, financial, and international news to media organizations, professional, and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products, and to financial firms. The Global Print segment offers legal and tax information primarily in print format. The company was formerly known as The Thomson Corporation and changed its name to Thomson Reuters Corporation in April 2008. The company was founded in 1799 and is headquartered in Toronto, Canada. Thomson Reuters Corporation is a subsidiary of The Woodbridge Company Limited.

Valuation

Market Cap$37.4B

Current Price$79.99as of Jun 23, 2026

P/E Ratio24.99

P/B Ratio3.14

EV / EBITDA12.91

EV / Sales5.26

Profitability

Operating Margin26.6%

Net Profit Margin20.0%

EBITDA Margin40.8%

Returns

ROE12.6%

ROCE15.2%

ROIC %-

ROA8.4%

Solvency

Current Ratio0.64

Debt / Equity0.20

Debt / Assets0.13

CFO / Net Profit1.77

Price History▼ 59.17% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$7.5B▲ 3.0%

EBITDA$3.0B▼ 0.2%

Net Profit$1.5B▼ 32.0%

Cash from Ops (CFO)$2.7B▲ 7.9%

Free Cash Flow (FCF)$2.0B▲ 9.0%

Revenue CAGR 3Y4.1%

Revenue CAGR 5Y-

Net Profit CAGR 3Y3.9%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$7.5B	$3.0B	$1.5B	$2.0B	12.7%	3.0%	-32.0%
2024	$7.3B	$3.1B	$2.2B	$1.9B	18.6%	6.8%	-18.0%
2023	$6.8B	$3.0B	$2.7B	$1.8B	24.6%	2.5%	101.4%
2022	$6.6B	$3.0B	$1.3B	$1.3B	11.4%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	6,627	6,794	7,258	7,476
Operating Revenue	-	6,627	6,794	7,258	7,476
Cost Of Revenue	-	1,585	1,560	1,791	1,809
Gross Profit	-	5,042	5,234	5,467	5,667
Operating Expense	-	3,227	3,284	3,571	3,678
Selling General And Administration	-	2,673	2,533	2,658	2,717
Total Expenses	-	4,812	4,844	5,362	5,487
Operating Income	-	1,815	1,950	1,896	1,989
Total Operating Income As Reported	-	1,834	2,332	2,109	2,132
EBITDA	-	3,010	2,950	3,052	3,047
Normalized EBITDA	-	2,549	2,765	2,782	2,955
EBIT	-	2,286	2,225	2,230	2,117
Interest Income	-	8	85	76	40
Interest Expense	-	204	237	201	183
Net Interest Income	-	-194	-147	-137	-147
Other Income Expense	-	461	185	270	92
Interest Income Non Operating	-	8	85	76	40
Interest Expense Non Operating	-	204	237	201	183
Net Non Operating Interest Income Expense	-	-194	-147	-137	-147
Pretax Income	-	2,082	1,988	2,029	1,934
Tax Provision	-	259	417	-123	423
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	72.38	38.81	40.50	20.12
Net Income Continuous Operations	-	1,391	2,646	2,192	1,483
Net Income From Continuing And Discontinued Operation	-	1,338	2,695	2,210	1,502
Net Income From Continuing Operation Net Minority Interest	-	1,391	2,646	2,195	1,483
Net Income	-	1,338	2,695	2,210	1,502
Net Income Common Stockholders	-	1,335	2,690	2,205	1,498
Net Income Including Noncontrolling Interests	-	1,338	2,695	2,207	1,502
Normalized Income	-	1,002.38	2,499.81	1,965.50	1,411.12
Diluted NI Availto Com Stockholders	-	1,335	2,690	2,205	1,498
Basic Average Shares	-	459.24	456.02	443.65	442.04
Diluted Average Shares	-	460.23	456.81	444.27	442.59
Reconciled Depreciation	-	724	725	822	930
Reconciled Cost Of Revenue	-	1,585	1,560	1,791	1,809
Total Unusual Items	-	461	185	270	92
Total Unusual Items Excluding Goodwill	-	461	185	270	92
Preferred Stock Dividends	-	3	5	5	4
Minority Interests	-	-	0	3	0
Net Income Discontinuous Operations	-	-53	49	15	19
Earnings From Equity Interest Net Of Tax	-	-432	1,075	40	-28
Special Income Charges	-	-	384	196	161
Gain On Sale Of Business	-	-	384	196	161
Gain On Sale Of Security	-	461	-199	74	-69
Depreciation Amortization Depletion Income Statement	-	724	725	822	930
Depreciation And Amortization In Income Statement	-	724	725	822	930
General And Administrative Expense	-	2,673	2,533	2,658	2,717
Other Gand A	-	37	39	35	47
Salaries And Wages	-	2,636	2,494	2,623	2,670
Total Other Finance Cost	-	-2	-5	12	4
Other Operating Expenses	-	-170	26	91	31
Amortization	-	584	609	709	819
Amortization Of Intangibles Income Statement	-	584	609	709	819
Depreciation Income Statement	-	140	116	113	111

Peer Comparison

Industrials sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Thomson Reuters Corporationthis co.	TRI	$37.4B	24.99↓ discount	3.14	12.6%	12.91
Ferrovial SE	FER	$47.6B	53.61	8.06	15.0%	27.07
Westinghouse Air Brake Technologies Corporation	WAB	$44.5B	38.07	4.00	10.5%	21.69
Axon Enterprise, Inc.	AXON	$41.4B	331.83	12.76	3.8%	214.25
EMCOR Group, Inc.	EME

Learn while you research

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$7.5B

$3.0B

$1.5B

$2.0B

12.7%

3.0%

-32.0%

2024

$7.3B

$3.1B

$2.2B

$1.9B

18.6%

6.8%

-18.0%

2023

$6.8B

$3.0B

$2.7B

$1.8B

24.6%

2.5%

101.4%

2022

$6.6B

$3.0B

$1.3B

11.4%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

6,627

6,794

7,258

7,476

Operating Revenue

6,627

6,794

7,258

7,476

Cost Of Revenue

1,585

1,560

1,791

1,809

Gross Profit

5,042

5,234

5,467

5,667

Operating Expense

3,227

3,284

3,571

3,678

Selling General And Administration

2,673

2,533

2,658

2,717

Total Expenses

4,812

4,844

5,362

5,487

Operating Income

1,815

1,950

1,896

1,989

Total Operating Income As Reported

1,834

2,332

2,109

2,132

EBITDA

3,010

2,950

3,052

3,047

Normalized EBITDA

2,549

2,765

2,782

2,955

EBIT

2,286

2,225

2,230

2,117

Interest Income

Interest Expense

204

237

201

183

Net Interest Income

-194

-147

-137

-147

Other Income Expense

461

185

270

Interest Income Non Operating

Interest Expense Non Operating

204

237

201

183

Net Non Operating Interest Income Expense

-194

-147

-137

-147

Pretax Income

2,082

1,988

2,029

1,934

Tax Provision

259

417

-123

423

Tax Rate For Calcs

Tax Effect Of Unusual Items

72.38

38.81

40.50

20.12

Net Income Continuous Operations

1,391

2,646

2,192

1,483

Net Income From Continuing And Discontinued Operation

1,338

2,695

2,210

1,502

Net Income From Continuing Operation Net Minority Interest

1,391

2,646

2,195

1,483

Net Income

1,338

2,695

2,210

1,502

Net Income Common Stockholders

1,335

2,690

2,205

1,498

Net Income Including Noncontrolling Interests

1,338

2,695

2,207

1,502

Normalized Income

1,002.38

2,499.81

1,965.50

1,411.12

Diluted NI Availto Com Stockholders

1,335

2,690

2,205

1,498

Basic Average Shares

459.24

456.02

443.65

442.04

Diluted Average Shares

460.23

456.81

444.27

442.59

Reconciled Depreciation

724

725

822

930

Reconciled Cost Of Revenue

1,585

1,560

1,791

1,809

Total Unusual Items

461

185

270

Total Unusual Items Excluding Goodwill

461

185

270

Preferred Stock Dividends

Minority Interests

Net Income Discontinuous Operations

-53

Earnings From Equity Interest Net Of Tax

-432

1,075

-28

Special Income Charges

384

196

161

Gain On Sale Of Business

384

196

161

Gain On Sale Of Security

461

-199

-69

Depreciation Amortization Depletion Income Statement

724

725

822

930

Depreciation And Amortization In Income Statement

724

725

822

930

General And Administrative Expense

2,673

2,533

2,658

2,717

Other Gand A

Salaries And Wages

2,636

2,494

2,623

2,670

Total Other Finance Cost

-2

-5

Other Operating Expenses

-170

Amortization

584

609

709

819

Amortization Of Intangibles Income Statement

584

609

709

819

Depreciation Income Statement

140

116

113

111

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Thomson Reuters Corporationthis co.

TRI

$37.4B

24.99↓ discount

3.14

12.6%

12.91

Ferrovial SE

FER

$47.6B

53.61

8.06

15.0%

27.07

Westinghouse Air Brake Technologies Corporation

WAB

$44.5B

38.07

4.00

10.5%

21.69

Axon Enterprise, Inc.

AXON

$41.4B

331.83

12.76

3.8%

214.25

EMCOR Group, Inc.

EME

Thomson Reuters Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Thomson Reuters Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on