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Thomson Reuters (TRI) investor relations material

Thomson Reuters J.P. Morgan 2025 Ultimate Services Investor Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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J.P. Morgan 2025 Ultimate Services Investor Conference summary18 Nov, 2025

Product innovation and AI integration

  • Aggressive product roadmaps focus on integrating generative and agentic AI across legal, tax, and compliance products, with notable launches like CoCounsel Legal and Westlaw Advantage at ILTACON.

  • Early testing of upcoming tax accounting products is positive, with further launches expected in the coming months.

  • Customer success teams in all major segments drive adoption and sustained usage, monitoring progress closely.

  • Investment in generative AI exceeds $200 million annually through 2026, split evenly between operating expense and CapEx.

  • Modernized technology infrastructure and talent in data science have accelerated innovation and product delivery.

Market positioning and competitive advantages

  • Deep content repositories and thousands of expert attorneys provide a strong moat in legal and tax research, especially for agentic AI products.

  • Westlaw Advantage leverages expert-trained AI agents for advanced research tasks, creating a difficult-to-replicate capability.

  • Tax calculation engines are seen as highly defensible, with incumbency and workflow integration providing a strong competitive position.

  • AI agents are being used to automate end-to-end tax workflows, addressing talent shortages and expanding the company’s role in client operations.

Growth drivers and financial outlook

  • Targeting 9.5% revenue growth for the big three segments by 2026, with price increases (3–3.5%), volume growth, and product mix upgrades all contributing.

  • International business drives about one-third of organic growth, growing at 16% year to date, with Figuero and indirect tax segments exceeding 20% organic growth.

  • Legal segment delivered 9% organic growth in Q3 and is forecasted to maintain this rate, with steady high growth expected barring government contract downgrades.

  • Tax and accounting segment targets 11–13% organic revenue growth in 2026, driven by price, acquisitions, strong performance in Brazil, and GenAI product launches.

GenAI investment ROI beyond NPS
Tax & Accounting 2026 growth drivers
Corporate segment penetration acceleration plan
What drives faster GenAI product adoption
How does TR's moat counter new AI workflow rivals?
What ensures sustained corporate segment growth?
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