Thomson Reuters (TRI) Q2 2026 Earnings Report

The call presented a solid set of financial and operational results: revenue growth accelerated (total organic +8%, Big 3 +10%), profitability expanded (adjusted EBITDA +10%, EPS +14%), free cash flow strengthened (+29%), major capital returns were executed, and strong product and AI innovation milestones were announced (Thomson LLM, next-gen CoCounsel). Near-term risks include Q3 margin headwinds driven by severance and continued investments, TAAP go-to-market and timing challenges, and a small organic decline in Global Print that will be transitioned via the KKR JV. Management raised full-year revenue guidance and expects margin improvement into Q4, indicating confidence in recovery and execution. Overall, the positives — robust top-line momentum, profit and cash flow expansion, strategic AI/innovation progress and decisive capital allocation — outweigh the manageable near-term execution and transition challenges.

Thomson Reuters raised its 2026 outlook, now targeting approximately 8% total and organic revenue growth (high end of the prior 7.5–8% range) and lifting Big 3 total and organic growth to 9.5–10% (from ~9.5%), while maintaining an expected full‑year adjusted EBITDA margin of ~40% and free cash flow of about $2.1 billion; for Q3 the company sees ~8% organic revenue growth and an adjusted EBITDA margin of ~36% (including ~$19 million of severance), with strong year‑over‑year margin expansion expected in Q4 and line‑of‑sight to low‑40s EBITDA margin driven in part by roughly $40 million of severance/automation savings; additional guidance‑relevant metrics: ACV from GenAI‑enabled products at 32% (up from 30%), a signed agreement to sell a 51% stake in Global Print for ~ $500 million (closing expected in Q4) that management expects to be 60–70 bps accretive to organic growth and approximately neutral to margins post‑close, and recent capital actions including a $605 million return of capital plus completion of a $600 million buyback (reducing shares by ~3%).