Thomson Reuters Corporation (TRI)
Thomson Reuters sells information and software to legal, tax, audit, accounting and compliance professionals, and owns the Reuters news agency. It reports five segments: Legal Professionals, Corporates, Tax, Audit & Accounting Professionals, Reuters and Global Print. The shares are listed on the Toronto Stock Exchange and the Nasdaq under the symbol TRI. There are approximately 450,000 customers. The largest of them is about 5% of revenues, being the news agreement with the Data & Analytics business of LSEG. Most of the business is subscription: 81% of revenues were recurring in 2025, the retention rate was 92%, and 72% came from the United States. Figures are stated in US dollars.
Thomson Reuters Corporation files a 40-F with the SEC once a year, in US dollars. In the year to 31 December 2025 it reported revenue of USD 7,476 million, up 3.0% on the year before. Its profit attributable to shareholders was USD 1,502 million, down 32.0%, and diluted earnings per share USD 3.33.
Thomson Reuters (TRI) in brief
Thomson Reuters (TRI) reported revenue of USD 7.5 billion for the year to 31 December 2025, up 3.0% on the year before.
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Profit attributable to shareholders was USD 1.5 billion and diluted earnings per share USD 3.33. Revenue was USD 7.3 billion in 2024, USD 6.8 billion in 2023, USD 6.6 billion in 2022 and USD 6.3 billion in 2021. Profit attributable to shareholders in the same years was USD 2.2 billion, USD 2.7 billion, USD 1.3 billion and USD 5.7 billion. Revenue grew 4.6% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of Thomson Reuters was $48.2 billion, 32.5 times its earnings for 2025.The share in the US
| Last close | $108.39 on 10 November 2026 |
| 52-week range | $76.55 (22 June 2026) to $143.34 (14 November 2025) |
| Over one year | down 21.3% |
| Market cap | $48.2 billion: 444,962,490 shares outstanding at 31 December 2025 (40-F), each US share standing for one ordinary share |
| P/E, latest fiscal year | 32.5: the last close over diluted EPS for the year to Dec 2025, USD 3.33 per ordinary share. The company reports once a year, so this is the latest fiscal year, not the last four quarters. |
US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.
Ratios
From the latest annual report, the year to Dec 2025, in dollars
ROE12.6%
ROCE15.2%
Operating margin28.5%
Net margin20.1%
FCF margin27.0%
Interest covern/a
Debt to equity0.18
Cash conversion1.76
Share count, last 12 months-0.4%
Sales CAGR, 3 years4.1%
Profit CAGR, 3 years3.9%
EPS$3.33
At the close of 10 November 2026
Price$108.39
Market cap$48.2 billion
Stock P/E32.55
Price to book4.05
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales6.45
52-week high$143.34
52-week low$76.55
Price, 1 year-21.3%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowings total Thomson Reuters Corporation states in its annual report, never added up from its parts; lease liabilities are a separate line. Nothing here is a valuation or a view.TRIgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed. Sales and margin are each year's revenue and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet and its share count per US share. The dashed line is the median over the range shown. Drawn in your browser; the range and overlay you pick are remembered here only.The public record on TRI
| Dividends | no dividend in its filings for fiscal 2016 onward |
| Filings | 28 in twelve months: 26 reports on Form 6-K, most often thomson Reuters Third Quarter Report 2026 (1); thomson Reuters Reports Third-Quarter 2026 Results (1); thomson Reuters Provides Supplemental Financial Information Following Close of Global Print Transaction (1); indenture (1); sixth supplemental indenture (1) |
| Planned insider sales | 12 Form 144 notices in twelve months, $385.1 million; latest 4 November 2026 |
| Options tape | put/call 1.28 by open interest at the 10 November 2026 close; the straddle prices a 6.9% move to 20 November 2026 |
| 13F holders | 424 funds reported a position for the quarter to 30 June 2026; largest Woodbridge Co Ltd |
| Congress | 0 House trades disclosed in six months |
| Short interest | 11.1 million shares short, 5.95 days to cover at 30 October 2026 |
Income statement (profit and loss), 10 fiscal years
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the latest year filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 10 peers in Printing and Publishing (-0.7% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 8 peers in Printing and Publishing (24.9). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| Year to | Dec 2016 | Dec 2017 † | Dec 2018 † | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 † | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 11,166 | 5,297 | 5,501 | 5,906 | 5,984 | 6,348 | 6,627 | 6,794 | 7,258 | 7,476 |
| Operating profit | 1,390 | 1,034 | 780 | 1,199 | 1,929 | 1,242 | 1,834 | 2,332 | 2,109 | 2,132 |
| Income tax | -15.0 | -134 | 136 | -1,198 | 71.0 | 1,607 | 259 | 417 | -123 | 423 |
| Profit for the year | 3,149 | 1,459 | 4,023 | 1,564 | 1,122 | 5,689 | 1,338 | 2,695 | 2,207 | 1,502 |
| Profit attributable to shareholders | 3,098 | 1,395 | 3,933 | 1,564 | 1,122 | 5,689 | 1,338 | 2,695 | 2,210 | 1,502 |
| Filing | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F |
USD million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed.
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A line the company does not file under the standard tag is left out rather than estimated. A year marked † shows the figure as the company restated it in a later annual report (Dec 2017, Dec 2018, Dec 2022); the first-filed figure is in the CSV. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.| Year to | Dec 2016 | Dec 2017 † | Dec 2018 † | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 † | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Diluted EPS | 4.13 | 1.94 | 5.88 | 3.11 | 2.25 | 11.50 | 2.75 | 5.80 | 4.89 | 3.33 |
| Basic EPS | 4.14 | 1.94 | 5.89 | 3.12 | 2.25 | 11.53 | 2.76 | 5.81 | 4.89 | 3.34 |
| Filing | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F |
USD per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.
Revenue by product or service
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Electronic, software and services | 10,354 | 4,533 | 4,773 | 5,213 | 5,364 | 5,739 | 6,035 | 6,232 | 6,739 | 6,986 | 93.4% |
| Global Print | n/a | 764 | 728 | 693 | 620 | 609 | 592 | 562 | 519 | 490 | 6.6% |
| 812 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Electronic, software and servicesGlobal Print FY2017 to FY2025Print FY2016
USD billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then
USD million, from the latest 40-F, in the company's own words. A year is shown only where the parts add up to the revenue above.
Revenue by region
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | n/a | 4,059 | 4,244 | 4,658 | 4,714 | 4,627 | 4,865 | 5,007 | 5,304 | 5,363 | 71.7% |
| United Kingdom | n/a | 361 | 412 | 409 | 449 | 819 | 824 | 848 | 898 | 954 | 12.8% |
| Other Countries | n/a | 210 | 228 | 226 | 223 | 244 | 240 | 218 | 294 | 334 | 4.5% |
| Other | n/a | 228 | 200 | 198 | 166 | 188 | 234 | 264 | 292 | 332 | 4.4% |
| Asia Pacific | 1,253 | 247 | 240 | 244 | 261 | 276 | 262 | 254 | 265 | 281 | 3.8% |
| Canada | n/a | 192 | 179 | 172 | 173 | 194 | 202 | 203 | 205 | 212 | 2.8% |
| Americas | 6,870 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| EMEA (Europe, Middle East and Africa) | 3,043 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Eliminations | n/a | n/a | -2.0 | -1.0 | -2.0 | n/a | n/a | n/a | n/a | n/a | n/a |
United States FY2017 to FY2025United Kingdom FY2017 to FY2025Other Countries FY2017 to FY2025Other FY2017 to FY2025Asia PacificCanada FY2017 to FY2025Americas FY2016EMEA (Europe, Middle East and Africa) FY2016
USD billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then
USD million, from the latest 40-F, in the company's own words. A year is shown only where the parts add up to the revenue above.
Cash flow statement
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the latest year filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 10 peers in Printing and Publishing (-0.7% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| Year to | Dec 2016 | Dec 2017 † | Dec 2018 † | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 † | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,984 | 2,029 | 2,062 | 702 | 1,745 | 1,773 | 1,915 | 2,341 | 2,457 | 2,651 |
| Purchase of property, plant and equipment | n/a | 519 | 576 | 505 | 504 | 487 | 595 | 544 | 607 | 634 |
| Free cash flow | n/a | 1,510 | 1,486 | 197 | 1,241 | 1,286 | 1,320 | 1,797 | 1,850 | 2,017 |
| Cash from investing | 2,186 | -1,047 | 14,729 | -1,384 | -138 | -504 | -462 | 3,513 | 680 | -1,284 |
| Cash from financing | -3,712 | -2,490 | -14,936 | -1,201 | -644 | -2,273 | -1,156 | -5,626 | -2,459 | -2,828 |
| Depreciation and amortisation | 1,024 | 995 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Buybacks | 1,673 | 1,000 | 1,174 | 488 | 200 | 1,400 | 1,282 | 1,079 | 639 | 1,000 |
| Filing | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F |
USD million, from the cash flow statement as filed.
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Purchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.Balance sheet at year end
| Year to | Dec 2016 | Dec 2017 † | Dec 2018 † | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 † | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Funded by | ||||||||||
| Equity attributable to shareholders | 12,773 | 13,077 | 9,226 | 9,560 | 9,980 | 13,834 | 11,885 | 11,064 | 12,006 | 11,914 |
| Non-controlling interests | 483 | 498 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Borrowings, as filed | 7,389 | 7,026 | 3,216 | 3,255 | 3,772 | 3,786 | 4,761 | 3,277 | 2,820 | 2,123 |
| Lease liabilities | n/a | n/a | n/a | 322 | 306 | 261 | 235 | 265 | 256 | 249 |
| Other liabilities | 7,207 | 5,879 | 4,576 | 4,158 | 3,823 | 4,268 | 4,830 | 4,078 | 3,355 | 3,654 |
| Total equity and liabilities | 27,852 | 26,480 | 17,018 | 17,295 | 17,881 | 22,149 | 21,711 | 18,684 | 18,437 | 17,940 |
| Owned | ||||||||||
| Property, plant and equipment | 961 | 921 | 473 | 615 | 545 | 502 | 414 | 447 | 386 | 361 |
| Goodwill | 14,485 | 15,042 | 5,076 | 5,853 | 5,976 | 5,940 | 5,869 | 6,719 | 7,262 | 7,913 |
| Other intangible assets | 5,655 | 5,315 | 3,324 | 3,518 | 3,427 | 3,331 | 3,219 | 3,165 | 3,134 | 3,102 |
| Cash and cash equivalents | 2,368 | 874 | 2,706 | 825 | 1,787 | 778 | 1,069 | 1,298 | 1,968 | 511 |
| Inventories | 32.0 | 31.0 | 33.0 | 23.0 | 26.0 | 28.0 | 29.0 | 20.0 | 21.0 | 23.0 |
| Other assets | 4,351 | 4,297 | 5,406 | 6,461 | 6,120 | 11,570 | 11,111 | 7,035 | 5,666 | 6,030 |
| Total assets | 27,852 | 26,480 | 17,018 | 17,295 | 17,881 | 22,149 | 21,711 | 18,684 | 18,437 | 17,940 |
| Filing | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F |
USD million, at each fiscal year end.
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Both totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.Ratios on the filed lines
| Year to | Dec 2016 | Dec 2017 † | Dec 2018 † | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 † | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 12.4% | 19.5% | 14.2% | 20.3% | 32.2% | 19.6% | 27.7% | 34.3% | 29.1% | 28.5% |
| Net margin | 27.7% | 26.3% | 71.5% | 26.5% | 18.8% | 89.6% | 20.2% | 39.7% | 30.4% | 20.1% |
| Free cash flow margin | n/a | 28.5% | 27.0% | 3.3% | 20.7% | 20.3% | 19.9% | 26.4% | 25.5% | 27.0% |
| Return on year-end equity | 24.3% | 10.7% | 42.6% | 16.4% | 11.2% | 41.1% | 11.3% | 24.4% | 18.4% | 12.6% |
| Filing | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F | 40-F |
Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.
Questions
What was Thomson Reuters' revenue in 2025?
Thomson Reuters (TRI) reported revenue of USD 7.5 billion for the year to 31 December 2025, up 3.0% on the year before.
How much did Thomson Reuters earn in 2025?
Profit attributable to shareholders was USD 1.5 billion for the year to 31 December 2025, and diluted earnings per share USD 3.33.
What is Thomson Reuters' P/E ratio?
At the close of 10 November 2026, Thomson Reuters traded at 32.5 times its earnings for 2025.
What is Thomson Reuters' market cap?
The market cap of Thomson Reuters was $48.2 billion at the close of 10 November 2026.
Peers: Printing and Publishing
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Thomson Reuters Corporation TRI * | $48.2 billion | 32.55 | 12.6% | 28.5% | 3.0% | 0.18 | n/a |
| News Corp. NWS | $16.0 billion | 26.62 | 7.3% | n/a | 7.8% | 0.24 | n/a |
| News Corp. NWSA | $14.3 billion | 23.75 | 7.3% | n/a | 7.8% | 0.24 | n/a |
| New York Times Co. NYT | $11.6 billion | 29.04 | 20.0% | 16.2% | 10.8% | 0.00 | 1.2% |
| John Wiley & Sons, Inc. WLY | $2.6 billion | 13.48 | 24.9% | 14.9% | -0.3% | 1.62 | 2.8% |
| McGraw Hill, Inc. MH | $2.1 billion | 28.32 | 8.4% | 13.4% | -0.7% | 2.88 | n/a |
| Webtoon Entertainment Inc. WBTN | $1.3 billion | n/a | -28.0% | -3.4% | -3.7% | 0.00 | n/a |
| Deluxe Corp. DLX | $1.2 billion | 15.54 | 11.1% | 10.7% | 0.4% | 2.79 | 4.5% |
| USA Today Co., Inc. TDAY | $1.0 billion | n/a | -3.8% | n/a | -6.4% | 6.36 | n/a |
| Daily Journal Corp. DJCO | $923 million | n/a | -3.4% | 13.7% | 23.4% | 0.00 | n/a |
| Scholastic Corp. SCHL | $644 million | 25.96 | 8.6% | 1.0% | -2.5% | 0.28 | 2.3% |
| Acco Brands Corp. ACCO | $495 million | 7.66 | 9.6% | 5.8% | 1.5% | 1.28 | 5.6% |
All 13 in Printing and Publishing
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Thomson Reuters Corporation TRI * | $48.2 billion | 32.55 | 12.6% | 28.5% | 3.0% | 0.18 | n/a |
| News Corp. NWS | $16.0 billion | 26.62 | 7.3% | n/a | 7.8% | 0.24 | n/a |
| News Corp. NWSA | $14.3 billion | 23.75 | 7.3% | n/a | 7.8% | 0.24 | n/a |
| New York Times Co. NYT | $11.6 billion | 29.04 | 20.0% | 16.2% | 10.8% | 0.00 | 1.2% |
| John Wiley & Sons, Inc. WLY | $2.6 billion | 13.48 | 24.9% | 14.9% | -0.3% | 1.62 | 2.8% |
| McGraw Hill, Inc. MH | $2.1 billion | 28.32 | 8.4% | 13.4% | -0.7% | 2.88 | n/a |
| Webtoon Entertainment Inc. WBTN | $1.3 billion | n/a | -28.0% | -3.4% | -3.7% | 0.00 | n/a |
| Deluxe Corp. DLX | $1.2 billion | 15.54 | 11.1% | 10.7% | 0.4% | 2.79 | 4.5% |
| USA Today Co., Inc. TDAY | $1.0 billion | n/a | -3.8% | n/a | -6.4% | 6.36 | n/a |
| Daily Journal Corp. DJCO | $923 million | n/a | -3.4% | 13.7% | 23.4% | 0.00 | n/a |
| Scholastic Corp. SCHL | $644 million | 25.96 | 8.6% | 1.0% | -2.5% | 0.28 | 2.3% |
| Acco Brands Corp. ACCO | $495 million | 7.66 | 9.6% | 5.8% | 1.5% | 1.28 | 5.6% |
| LEE Enterprises, Inc. LEE | $155 million | n/a | n/a | 4.0% | -11.1% | n/a | n/a |
2 companies share its SEC industry code (Miscellaneous Publishing); the rest are the names nearest in size in its wider industry, Printing and Publishing, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
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By market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.Annual reports on EDGAR
| Form | Year to | Filed | |
|---|---|---|---|
| 40-F | 31 December 2025 | 5 March 2026 | EDGAR |
| 40-F | 31 December 2024 | 6 March 2025 | EDGAR |
| 40-F | 31 December 2023 | 7 March 2024 | EDGAR |
| 40-F | 31 December 2022 | 8 March 2023 | EDGAR |
| 40-F | 31 December 2021 | 10 March 2022 | EDGAR |
| 40-F | 31 December 2020 | 10 March 2021 | EDGAR |
| 40-F | 31 December 2019 | 10 March 2020 | EDGAR |
| 40-F/A | 31 December 2018 | 27 March 2019 | EDGAR |
| 40-F | 31 December 2018 | 13 March 2019 | EDGAR |
| 40-F | 31 December 2017 | 16 March 2018 | EDGAR |
| 40-F | 31 December 2016 | 9 March 2017 | EDGAR |
| 40-F | 31 December 2015 | 8 March 2016 | EDGAR |