Thomson Reuters earnings date
Thomson Reuters (TRI) Q3 2026 Earnings Report
TRI Q3 2026 EPS Results
- Actual EPS
- $0.79
- Consensus EPS
- $0.81
- Beat/Miss
- Missed by -$0.02
- One Year Ago EPS
- $0.85
TRI Q3 2026 Revenue Results
- Actual Revenue
- $1.80B
- Expected Revenue
- $1.79B
- Beat/Miss
- Beat by +$3.15M
- YoY Revenue Growth
- +4.57%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/03/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 3, 2026
Thomson Reuters's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. The company reported 10% organic revenue growth, raised its 2026 revenue outlook, delivered double-digit growth across the Big 3, and highlighted strong adoption and engagement for next-generation CoCounsel products, expanding GenAI-enabled ACV, Pagero growth, and a robust balance sheet. The principal challenges were lower free cash flow, margin pressure from severance, LLM costs, M&A, and investment, slower government and international growth, and expected fourth-quarter moderation in Reuters and transactional revenue. Management characterized these pressures as manageable while emphasizing continued operating leverage and substantial AI-driven growth opportunities.
For 2026, Thomson Reuters expects total revenue growth of approximately 9.5% and organic revenue growth of 8.5%-9%, with Big 3 total and organic revenue growth both projected to be in a range of 9.5%-10%; adjusted EBITDA margins are expected to be approximately 39%, free cash flow approximately $2.1 billion, capital expenditures 8.5%-9% of revenue, and net interest expense at the upper end of the prior range, while the effective tax rate outlook remains unchanged. The Global Print transaction is expected to be approximately neutral to adjusted EBITDA margins following the close and approximately 60 to 70 basis points accretive to organic revenue growth. For the fourth quarter, organic revenue growth is expected to be approximately 8% and adjusted EBITDA margin approximately 42%, with Reuters’ contribution to year-over-year revenue growth approximately 1.5 percentage points less than in Q3. For 2027, the company currently anticipates reinvesting a portion of its underlying operating leverage, said it could deliver 41 next year on a pre-print basis, apples to apples basis, but is choosing to make investments in ongoing incremental AI accelerators.
- Third-Quarter Revenue Growth Ahead of ExpectationsTotal company organic revenue growth improved to 10% in the third quarter, ahead of expectations from the prior quarter. Organic recurring revenue grew 8% and transactional revenue grew 23%.
- Big 3 Segments Sustained 10% Organic GrowthThe Big 3 segments grew 10% organically for the second consecutive quarter, up from 9% in prior periods. The full-year Big 3 total and organic revenue outlooks remain unchanged at 9.5%-10%.
- Raised 2026 Revenue OutlookThe company raised its 2026 total revenue growth outlook to approximately 9.5% from approximately 8% previously, and its organic revenue growth outlook to 8.5%-9% from approximately 8%, incorporating the Global Print transaction.
- Strong Adjusted EBITDA and EPS GrowthAdjusted EBITDA increased 10% year over year to $651 million, with a 35.5% margin. Adjusted EPS increased 14% to $0.81 from $0.71 in the prior-year period.
- Broad-Based Segment PerformanceLegal organic revenue grew 9%, Corporates organic revenue grew 10%, Tax, Audit, and Accounting organic revenue grew 10%, and Reuters organic revenue grew 12%. Key contributors included Westlaw, CoCounsel, Pagero, CLEAR, Indirect Tax, SafeSend, SurePrep, Latin America, international businesses, and AI-related transactional content licensing.
- CoCounsel Legal NextGen Adoption and EngagementIn September, the first full month after general availability, CoCounsel Legal NextGen surpassed the prior version's best month on every tracked engagement and retention measure. It carried the majority of the CoCounsel Legal AI bundle user base, and its active user base increased more than 60% from August.
- Higher CoCounsel Legal User Productivity and SatisfactionCoCounsel Legal NextGen users completed 2.4 times the work versus the peak for the prior version, were active 44% more days per month, and retained at higher levels. Early product NPS scores were more than twice the prior version's best month on record.
- Accelerated CoCounsel Feature DevelopmentThe number of new releases into CoCounsel increased by nearly 50% in the third quarter compared with the pace in the first quarter. Westlaw Brief Builder was introduced into CoCounsel and is expanding from five litigation brief types to 24, including motion for summary judgment.
- Expanded International CoCounsel AvailabilityNext-generation agentic versions of CoCounsel Legal were launched in the U.K., Canada, and Australia two to three months after the U.S. general release, compared with overseas launches that had historically trailed the U.S. by as much as 12 months.
- Next-Generation CoCounsel Tax, Audit, and Accounting LaunchThe company launched a fully agentic next-generation CoCounsel Tax, Audit, and Accounting platform. It can move from source documents and client data to finished work product, including verified calculations, multi-tab Excel workbooks, and firm-template-based memos, with clear audit trails.
- Pagero Geographic and Compliance ExpansionPagero added eight countries year to date and now supports customers' e-invoicing compliance needs in more than 90 jurisdictions. An additional 50 e-invoicing mandates are expected to go live in the next three years.
- Transactional Compliance Growing Into the TeensThe broader transactional compliance footprint, including e-invoicing, ONESOURCE Indirect Tax, and Global Trade, is growing well into the teens and gaining market share versus competitors. The e-invoicing solution was named a leader in the IDC MarketScape 2026 Worldwide Compliant e-Invoicing Vendor Assessment.
- GenAI-Enabled ACV Continued to IncreaseAnnualized contract value from GenAI-enabled products reached 34% at the end of the third quarter, up from 32% in the prior quarter and 24% a year ago. Westlaw Advantage, CoCounsel Legal, and the international launches were cited as contributors.
- Robust Balance Sheet and Capital Allocation CapacityThe company completed a $600 million share repurchase program, issued just over $2 billion of new senior notes, repaid the $1.6 billion of commercial paper borrowings outstanding on June 30, and reported leverage of one times as of September 30. The Global Print transaction added $500 million of proceeds and further strengthened the financial position.
- Global Print Transaction Expected to Be EBITDA-Margin NeutralRoyalty revenue and transition-service reimbursements from Westbridge Print are expected to largely offset stranded separation costs. The company continues to expect the Global Print transaction to be approximately neutral to adjusted EBITDA margins after closing and approximately 60 to 70 basis points accretive to organic revenue growth.
- Maintained Cash Flow Outlook Despite Print Cash Flow LossThe full-year free cash flow outlook remains approximately $2.1 billion despite the loss of one quarter of Global Print cash flow, with slightly improved cash taxes and working capital providing the offset. The company remains committed to returning 75% of free cash flow to shareholders through returns of capital.
- Thomson Model and Skadden AI PartnershipThe company is working with Skadden, Arps on a strategic AI design partnership combining the Thomson family of proprietary large language models, Thomson Reuters legal content, and Skadden's institutional expertise. The company stated that the opportunity to license the Thomson model family to sophisticated firms could be scalable, although it has not yet quantified the revenue opportunity.
- Long-Term AI and Compliance Market OpportunityManagement described a 5 to 10-year white-space opportunity for AI legal assistants and a similar opportunity in Tax, Audit, and Accounting, supported by increasing compliance complexity, talent shortages, and the need for automation. The company also identified future investment areas including CoCounsel, Ready to Review, Ready to Advise, transactional compliance, Pagero, Domínio, embedded finance, and general counsel workflows.
TRI Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 11, 2027 | 2026 (Q4) | 1.15- | 1.04 | ― | ― |
| Nov 03, 2026 | 2026 (Q3) | 0.810.79 | 0.85 | -6.83% (-0.06) | |
| Aug 05, 2026 | 2026 (Q2) | 0.940.97 | 0.85 | 14.24% (+0.12) | |
| May 05, 2026 | 2026 (Q1) | 1.151.17 | 1.1 | 6.42% (+0.07) | |
| Feb 05, 2026 | 2025 (Q4) | 1.041.04 | 1.03 | 1.23% (+0.01) | |
| Nov 05, 2025 | 2025 (Q3) | 0.830.85 | 0.79 | 7.99% (+0.06) | |
| Aug 07, 2025 | 2025 (Q2) | 0.810.85 | 0.84 | 1.67% (+0.01) | |
| May 01, 2025 | 2025 (Q1) | 1.061.10 | 1.08 | 1.81% (+0.02) | |
| Feb 06, 2025 | 2024 (Q4) | 0.981.03 | 0.94 | 9.63% (+0.09) | |
| Nov 05, 2024 | 2024 (Q3) | 0.760.79 | 0.81 | -2.60% (-0.02) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
