Thomson Reuters Reports Fourth-Quarter and Full-Year 2025 Results
Executive Summary
- Thomson Reuters reported FY 2025 total revenue of $7.48 B, up 3% YoY (organic growth 7%) and adjusted EBITDA of $2.94 B (+6% YoY), meeting its full‑year outlook.
- FY 2024‑25 diluted EPS fell to $0.74 from $1.30 due to lower operating profit, but adjusted EPS rose modestly to $3.92 (up 4%).
- The company announced a 10% increase in the annualized dividend to $2.62 per share (33rd consecutive raise) and reaffirmed FY 2026 guidance: organic revenue growth of ~7.5‑8.0% and adjusted EBITDA margin expansion of ~100 bps.
Key Details
- Revenue Highlights
- Q4 2025 total company revenues: $2,009 M (+5% YoY; organic +7%).
- FY 2025 total revenues: $7,476 M (+3% YoY; organic +7%).
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“Big 3” segments (Legal Professionals, Corporates, Tax/Audit/Accounting) contributed 82% of revenue and posted organic growth of 9% in both quarter and year.
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Profitability
- Adjusted EBITDA Q4 2025: $777 M (+8% YoY); FY 2025 adjusted EBITDA: $2,936 M (+6%).
- Adjusted EBITDA margin FY 2025: 39.2% (up 100 bps vs. 38.2% in 2024).
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Operating profit declined 25% Q4 due to the absence of prior‑year gains from the sale of FindLaw and higher software amortization.
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Earnings per Share
- Diluted EPS FY 2025: $0.74 (down 32% YoY).
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Adjusted diluted EPS FY 2025: $3.92 (up 4%).
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Cash Flow & Capital Allocation
- Free cash flow FY 2025: $1,950 M (+7% YoY).
- Net cash provided by operating activities FY 2025: $2,651 M (+8%).
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Share repurchase program completed in Oct 2025 – 6.0 M shares bought under the $1 B NCIB.
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Dividend & Shareholder Returns
- Board approved a 10% increase to an annualized dividend of $2.62 per common share (quarterly dividend $0.655 payable March 10, 2026).
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This marks the 33rd consecutive year of dividend growth and the fifth straight 10% increase.
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2026 Outlook
- Expected FY 2026 organic revenue growth: 7.5‑8.0%.
- Anticipated adjusted EBITDA margin: ~40% (≈+100 bps vs. FY 2025).
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Projected Q1 2026 organic revenue growth ≈ 7%; adjusted EBITDA margin ≈ 42%.
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Segment Performance
- Legal Professionals: Q4 revenue $738 M (+1% YoY); Adjusted EBITDA $327 M (+9%).
- Corporates: Q4 revenue $496 M (+8% YoY); Adjusted EBITDA $160 M (+4%).
- Tax, Audit & Accounting Professionals: Q4 revenue $414 M (+13% YoY; driven by SafeSend acquisition); Adjusted EBITDA $222 M (+14%).
- Reuters (news) segment: Q4 revenue $232 M (+7% YoY), adjusted EBITDA $48 M (+7%).
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Global Print: Q4 revenue $136 M (‑6% YoY).
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Acquisitions / Dispositions
- FY 2025 acquisitions net of cash: $(20) M; disposals proceeds: $2 M.
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Notable acquisition impact: SafeSend contributed to a 19% increase in transaction revenue for the Tax, Audit & Accounting Professionals segment.
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Operational Highlights
- AI‑driven product innovations cited as drivers of recurring‑revenue growth.
- Continued integration of recent strategic acquisitions improving portfolio alignment and growth prospects.
Notable Quotes
“We are seeing tangible benefits from our continued investments in AI, accelerating our pace of product innovation… As we move into 2026, we will continue to scale our agentic capabilities to deliver greater speed, clarity, and confidence for our customers.” – Steve Hasker, President & CEO
“We remain focused on allocating capital to drive long‑term shareholder value creation. Last year we executed several strategic acquisitions… enabling us to enter this year with a stronger and more strategically aligned portfolio.” – Steve Hasker, President & CEO