Thomson Reuters Corp TRI

IndustrialsProfessional & Commercial ServicesCanada

Last close 165.36 CAD on Nov 1, 2026, −5.3% year to date

Quant rating

Quant rating A+ Rank 1 of 53 in Industrials

Growth B 30 of 53
Valuation C 41 of 53
Quality A 4 of 53
Revisions C 43 of 53
Momentum B 17 of 53

Wall Street consensus Buy (2.16)Average target 172.67 CAD +4.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 72.0B
Enterprise value: 75.8B
52-week range: 107.91 – 221.87
3-year range: 107.91 – 293.53
Dividend yield: 2.19%
Beta (5 years): 0.23
Shares outstanding: 436M
Next earnings: Nov 3, 2026

About the company

Thomson Reuters Corporation is a content and technology company. The Legal Professionals segment serves law firms and governments with research and workflow products powered by technologies, including generative artificial intelligence (AI). The Corporates segment serves corporations ranging from small businesses to multinational organizations with a full suite of content-driven products, powered by technologies, including generative AI. The Tax & Accounting Professionals segment serves tax, audit and accounting firms with research and workflow products powered by technologies, including generative AI. The Reuters News segment supplies business, financial and global news and data to media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and to financial firms exclusively via LSEG products. The Global Print segment provides legal and tax information and commercial printing services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	10,260	10,437	8,999	8,979	8,020	–
Revenue growth	−1.7%	16.0%	0.2%	12.0%	5.3%	6.1%
EPS (basic, normalized)	5.37	5.39	4.72	3.57	2.57	–
EPS growth	−0.4%	14.2%	32.2%	38.9%	–	–
Gross margin	95.4%	95.5%	95.5%	95.4%	94.9%	95.3%
Net margin	19.8%	30.2%	38.9%	20.9%	89.6%	39.9%
ROE	12.4%	19.0%	23.1%	10.8%	47.8%	22.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	805
Current ratio	0.51x
Long-term debt (mil)	2,135
Net debt (mil)	3,868
Total equity (mil)	15,792
Net debt / equity	0.24x
Net debt / EBITDA	0.96x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	10,260	−1.7%	7.4x	4,025	+0.6%	18.8x	5.37	−0.4%	30.8x
2026	11,213	+9.3%	6.8x	4,464	+10.9%	17.0x	6.08	+13.2%	27.2x
2027	12,056	+7.5%	6.3x	4,935	+10.6%	15.4x	7.00	+15.0%	23.6x
2028	13,104	+8.7%	5.8x	5,494	+11.3%	13.8x	7.99	+14.2%	20.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	11,213	−1.5%	−1.1%	−0.7%	6.08	−2.4%	−1.6%	−1.5%
2027	12,056	−1.3%	−1.0%	−1.0%	7.00	−1.2%	−0.9%	−1.3%
2028	13,104	−1.2%	−0.3%	−1.3%	7.99	−0.9%	−1.1%	−1.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,885	1,740	1,724	1,909	1,900	1,785	1,782	2,009	2,087	1,954
Sales mean (mil)	1,855	1,750	1,713	1,907	1,934	1,791	1,779	2,001	2,041	1,914
Surprise	+1.6%	−0.6%	+0.6%	+0.1%	−1.8%	−0.4%	+0.2%	+0.4%	+2.3%	+2.1%
EPS reported	1.11	0.85	0.80	1.01	1.12	0.87	0.85	1.07	1.23	0.99
EPS mean	0.95	0.82	0.76	0.96	1.05	0.82	0.83	1.06	1.20	0.96
Surprise	+17.2%	+3.8%	+5.5%	+5.3%	+7.1%	+6.3%	+3.0%	+1.2%	+2.8%	+3.5%

Peer comparison Professional & Commercial Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TRI Thomson Reuters Corp	72.0B	0.96x	19.8%	4.61x	27.2x	23.6x	17.0x	15.4x
SPGI S&P Global Inc.	189.2B	2.06x	29.2%	6.86x	26.1x	23.2x	18.9x	17.8x
CTAS Cintas Corporation	122.1B	0.70x	17.7%	16.87x	39.7x	35.6x	26.2x	24.0x
MCO Moody's Corporation	119.1B	1.38x	31.9%	26.06x	29.5x	26.5x	20.6x	19.1x
MSCI MSCI Inc.	62.3B	3.39x	38.4%	−14.82x	31.7x	27.8x	23.6x	21.5x
WCN Waste Connections, Inc.	64.3B	2.99x	11.4%	5.83x	32.3x	29.8x	16.5x	15.4x
Mean		1.91x	24.7%	7.57x	31.1x	27.8x	20.5x	18.8x
Median		1.72x	24.5%	6.35x	30.6x	27.2x	19.8x	18.4x

Technical analysis

1M+20.1%
3M+14.3%
1Y−23.6%
3Y+8.2%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Thomson Reuters Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	10,260	10,437	8,999	8,979	8,020	7,618
Cost of revenue	469	472	403	415	412	418
Gross profit	9,791	9,965	8,596	8,564	7,608	7,200
Selling, general & administrative expenses	5,789	5,982	5,070	5,410	5,119	4,686
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,276	1,182	960	981	973	1,008
Interest expense (income), operating	24.7	−24.4	2.6	−25.7	−21.5	−117
Unusual expense (income)	−221	−282	−509	−286	–	−752
Other operating expenses	−4.1	74.8	−17.2	0	−31.6	−80.2
Operating income	2,926	3,033	3,089	2,485	1,569	2,456
Net interest income (expense)	−189	−33.1	−416	375	−197	−165
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−82.3	−82.0	−39.7	−39.3	−40.4	−44.6
Net income before taxes	2,654	2,918	2,633	2,821	1,332	2,246
Provision for taxes	581	−177	552	351	2,030	90.4
Minority interest	0	4.3	–	–	–	–
Equity in affiliates	−38.4	57.5	1,424	−585	7,884	−693
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,035	3,156	3,505	1,885	7,185	1,463
Extraordinary items	26.1	21.6	64.9	−71.8	2.5	−34.4
Net income	2,061	3,178	3,570	1,813	7,187	1,428
EBIT, normalized	2,730	2,729	2,593	2,173	1,548	1,586
EBITDA, normalized	4,024	3,911	3,554	3,154	2,520	2,594
Basic EPS, normalized	5.37	5.39	4.72	3.57	2.57	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Thomson Reuters Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	830	2,880	1,807	1,725	1,119	3,054
Receivables	1,672	1,659	1,581	1,541	1,421	1,548
Total inventory	31.6	30.2	26.5	39.3	35.4	33.1
Prepaid expenses	281	216	213	215	215	160
Other current assets	243	233	241	289	308	265
Total current assets	3,058	5,019	3,869	3,809	3,099	5,060
Property, plant & equipment	495	555	592	561	634	694
Goodwill	10,860	10,443	8,899	7,970	7,505	7,607
Intangibles	6,515	6,596	5,829	5,611	5,247	5,419
Long-term investments	917	1,022	3,191	9,056	8,927	1,571
Note receivable	132	128	121	127	–	–
Other long-term assets	2,645	2,749	2,246	2,283	2,571	2,411
Total assets	24,621	26,512	24,747	29,416	27,983	22,763
Liabilities
Accounts payable	202	253	240	321	287	276
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,134	1,149	1,057	1,130	1,200	969
Short-term debt	405	0	172	1,420	0	0
Current portion of long-term debt	767	1,483	395	887	80.9	106
Other current liabilities	2,252	2,056	2,419	2,868	1,693	2,025
Total current liabilities	4,759	4,941	4,282	6,627	3,261	3,376
Long-term debt	2,083	2,941	4,124	4,462	5,032	5,086
Minority interest	–	–	–	–	–	–
Other liabilities	1,427	1,366	1,686	2,225	2,212	1,596
Total liabilities	8,270	9,248	10,093	13,313	10,505	10,058
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,853	2,814	2,372	5,086	4,678	4,594
Additional paid-in capital	1,932	2,058	1,992	2,078	2,126	2,214
Retained earnings (accumulated deficit)	12,654	13,947	11,497	10,354	11,559	6,634
Treasury stock	–	–	–	–	–	–
Other equity	−1,088	−1,554	−1,207	−1,416	−886	−737
Total equity	16,351	17,265	14,654	16,103	17,478	12,705
Total liabilities & shareholders' equity	24,621	26,512	24,747	29,416	27,983	22,763

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Thomson Reuters Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,035	3,152	3,505	1,885	7,185	1,463
Depreciation, depletion & amortization	1,276	1,182	960	981	973	1,008
Deferred taxes	82.3	−920	−514	−108	836	−294
Non-cash items	185	−134	−1,456	−173	−7,805	−85.3
Changes in working capital	59.0	253	605	10.8	1,051	130
Cash from operations	3,638	3,533	3,101	2,595	2,240	2,221
Investing activities
Capital expenditures	−870	−873	−721	−806	−615	−642
Other investing cash flows	−892	1,851	5,373	180	−21.5	466
Cash from investing	−1,762	978	4,653	−626	−637	−176
Financing activities
Financing cash flow items	−22.0	−545	5.3	−19.0	13.9	−11.5
Cash dividends paid	−1,426	−1,365	−1,181	−1,134	−979	−932
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,433	−1,626	−6,275	−413	−1,906	123
Cash from financing	−3,881	−3,536	−7,452	−1,566	−2,872	−820
Foreign exchange effects	5.5	−11.5	1.3	−8.1	−6.3	−1.3
Net change in cash	−2,000	963	303	394	−1,275	1,225
Free cash flow	2,768	2,660	2,380	1,788	1,625	1,580

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.