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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.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.
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