Thomson Reuters (TRI) investor relations material

Executive summary

• Q2 2026 delivered 9% total revenue growth and 8% organic growth, with the "Big 3" segments achieving 10% organic growth and now comprising 83% of total revenues.

• Full-year 2026 outlook for total and organic revenue growth raised to ~8%, with "Big 3" segments expected to grow 9.5–10%.

• Announced sale of a 51% stake in Global Print to KKR for ~$500 million, forming a joint venture and sharpening focus on AI-powered solutions.

• Returned $605 million to shareholders and completed a $600 million share repurchase, reducing share count by 6.5 million.

• Continued investment in AI innovation, highlighted by the launch of a proprietary large language model, next-gen CoCounsel Legal, and expanded AI features across platforms.

Financial highlights

• Q2 2026 revenues were $1,954 million (up 9% year-over-year); organic revenue up 8%.

• Adjusted EBITDA increased 10% to $745 million, with a margin of 38.1%.

• Operating profit rose 28% to $558 million; diluted EPS grew 48% to $1.02, adjusted EPS up 14% to $0.99.

• Free cash flow rose 29% to $727 million; net cash from operating activities was $920 million, up 23%.

• Six-month revenues were $4,041 million (up 10%), with six-month adjusted EBITDA at $1,626 million (margin 40.2%).

Outlook and guidance

• Full-year 2026 total and organic revenue growth outlook raised to ~8% for the company and 9.5–10% for "Big 3" segments.

• Adjusted EBITDA margin expected at ~40% for 2026; free cash flow guidance at ~$2.1 billion.

• Q3 2026 organic revenue growth expected at ~8%, with adjusted EBITDA margin of ~36%.

• Guidance assumes constant currency and excludes future acquisitions/dispositions.

• Strong margin expansion expected in Q4, driven by automation savings and lower severance.