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Thomson Reuters
(TSX:TRI)
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Rating:81Outperform
Price Target:
C$189.00
▲(31.03% Upside)
Action:Reiterated
Date:08/10/26
The score is driven primarily by strong financial performance (durable profitability and growing free cash flow) and a favorable earnings-call setup (raised full-year growth outlook with continued margin/FCF targets and accelerating Big 3 momentum). Technicals add moderate support as the stock trends above shorter moving averages with neutral momentum readings. Valuation is a modest restraint due to a premium P/E, partially balanced by an attractive dividend yield.
Positive Factors
Recurring Revenue Base
A high recurring-revenue mix makes results more predictable and embeds Thomson Reuters products in professional workflows. This supports renewal visibility, pricing opportunities, and cross-selling, while reducing dependence on volatile one-time transactions over the next several quarters.
Negative Factors
Operating Cash Coverage
Although free cash flow is strong, operating cash flow coverage below 1.0 signals that cash generated from operations is not fully matching the dataset's comparison benchmark. If persistent, this could constrain financial flexibility and warrants monitoring alongside growth investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Revenue Base
A high recurring-revenue mix makes results more predictable and embeds Thomson Reuters products in professional workflows. This supports renewal visibility, pricing opportunities, and cross-selling, while reducing dependence on volatile one-time transactions over the next several quarters.
Read all positive factors
Thomson Reuters (TRI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$70.85B
Dividend Yield3.37%
Average Volume (3M)675.90K
Price to Earnings (P/E)31.1
Beta (1Y)0.39
Revenue Growth5.91%
EPS Growth1.60%
CountryCA
Employees27,100
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)3.72
Shares Outstanding433,251,370
10 Day Avg. Volume784,464
30 Day Avg. Volume675,901
Financial Highlights & Ratios
PEG Ratio-1.29
Price to Book (P/B)5.06
Price to Sales (P/S)8.05
P/FCF Ratio29.31
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$174.97Price Target Upside21.30% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)6.11
Revenue Forecast (FY)C$11.19B
Thomson Reuters Business Overview & Revenue Model
Company Description
Thomson Reuters Corporation delivers business information services globally, spanning the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. The company organizes its operations into five main divisions. Its Legal Professional...
How the Company Makes Money
Thomson Reuters primarily makes money by selling subscription-based access to specialized professional information content and software that is embedded into customer workflows. The company’s major revenue stream is recurring subscription revenue ...
Thomson Reuters Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
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.Positive Updates
Total Company Organic Revenue Growth
Total company organic revenues rose 8% year-over-year in Q2 2026, slightly ahead of prior expectations, and management raised full-year total and organic revenue growth guidance to approximately 8% (high end of prior 7.5%–8% range).
Negative Updates
Global Print Organic Decline and Transition
Global Print organic revenues declined 3% year-over-year in Q2. The pending 51% JV sale will deconsolidate the business in Q4 and change revenue reporting (royalty revenue to be reclassified), introducing transitional reporting complexity and one-time effects.
Read all updates
Q2-2026 Updates
Positive
Negative
Total Company Organic Revenue Growth
Total company organic revenues rose 8% year-over-year in Q2 2026, slightly ahead of prior expectations, and management raised full-year total and organic revenue growth guidance to approximately 8% (high end of prior 7.5%–8% range).
Read all positive updates
Company Guidance
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%).Thomson Reuters Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.83B | 7.48B | 7.26B | 6.79B | 6.63B | 6.35B |
| Gross Profit | 4.24B | 5.67B | 5.76B | 2.70B | 4.22B | 3.87B |
| EBITDA | 3.30B | 3.06B | 3.05B | 2.95B | 3.01B | 2.02B |
| Net Income | 1.66B | 1.53B | 2.21B | 2.69B | 1.89B | -553.00M |
Balance Sheet | ||||||
| Total Assets | 18.08B | 17.91B | 18.44B | 18.68B | 21.71B | 22.15B |
| Cash, Cash Equivalents and Short-Term Investments | 693.00M | 465.00M | 1.89B | 1.36B | 1.27B | 886.00M |
| Total Debt | 3.18B | 2.37B | 3.08B | 3.54B | 4.76B | 3.79B |
| Total Liabilities | 6.95B | 6.02B | 6.43B | 7.62B | 9.76B | 8.31B |
| Stockholders Equity | 11.13B | 11.89B | 12.01B | 11.06B | 11.95B | 13.83B |
Cash Flow | ||||||
| Free Cash Flow | 2.24B | 2.05B | 1.85B | 1.80B | 1.32B | 1.29B |
| Operating Cash Flow | 2.89B | 2.70B | 2.46B | 2.34B | 1.92B | 1.77B |
| Investing Cash Flow | -915.04M | -1.31B | 680.00M | 3.51B | -462.00M | -504.00M |
| Financing Cash Flow | -2.05B | -2.88B | -2.46B | -5.63B | -1.16B | -2.27B |
Thomson Reuters Technical Analysis
Positive
144.24
Price Trends
145.58
Positive
136.11
Positive
132.12
Positive
Market Momentum
7.36
Negative
63.11
Neutral
78.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TRI, the sentiment is Positive. The current price of 144.24 is below the 20-day moving average (MA) of 151.33, below the 50-day MA of 145.58, and above the 200-day MA of 132.12, indicating a bullish trend. The MACD of 7.36 indicates Negative momentum. The RSI at 63.11 is Neutral, neither overbought nor oversold. The STOCH value of 78.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TRI.
Thomson Reuters Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | C$70.85B | 31.13 | 14.26% | 3.37% | 5.91% | 1.60% | |
69 Neutral | C$958.58M | 24.61 | 11.67% | 1.35% | 15.72% | ― | |
62 Neutral | C$137.02M | 27.90 | 10.60% | 4.57% | -4.58% | -36.77% | |
60 Neutral | C$499.21M | 1.47 | 29.10% | 346.25% | -43.09% | 91.71% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
TSE:TRI
Thomson Reuters
163.53
-41.04
-20.06%
TSE:CGY
Calian Group
83.19
34.87
72.16%
TSE:DCM
Data Commun Management
2.19
0.92
72.71%
TSE:TCL.A
Transcontinental
5.87
3.14
114.63%
Thomson Reuters Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Thomson Reuters Recasts Results After Global Print Joint Venture With KKR
Positive
Oct 19, 2026
Thomson Reuters has closed the sale of a 51% stake in its Global Print business to KKR-advised capital accounts, creating a joint venture now operating as Westbridge Print. Following the transaction, Global Print will be reported as discontinued o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.