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Thomson Reuters (TRI) investor relations material

Thomson Reuters Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Q2 2025 organic revenue grew 7%, with total revenues up 3% and strong performance in core segments; adjusted EBITDA increased 5% to $678M, margin up to 37.8%.

  • The "Big 3" segments delivered 9% organic revenue growth and comprised 82% of total revenues.

  • Innovation momentum continued with multiple agentic AI product launches across legal and tax/accounting portfolios.

  • Maintained robust capital position, repaid $1B bond, and ended quarter with net leverage of 0.5x.

  • Reaffirmed full-year 2025 outlook for organic revenue, adjusted EBITDA margin, and free cash flow.

Financial highlights

  • Q2 2025 revenues were $1,785M, up 3% year-over-year; organic revenue up 7%.

  • Adjusted EBITDA increased 5% to $678M, margin up 70 bps to 37.8%.

  • Adjusted EPS was $0.87, up from $0.85 in Q2 2024; diluted EPS dropped to $0.69 due to non-recurring items.

  • Free cash flow for the first half was $843M, up 4% year-over-year; Q2 free cash flow was $566M.

  • Operating profit up 5% to $436M, driven by higher revenues and operating gains.

Outlook and guidance

  • Full-year 2025 organic revenue growth expected at 7–7.5%, with "Big 3" segments at ~9%.

  • Adjusted EBITDA margin guidance at ~39%, up 75 bps from 2024.

  • Free cash flow guidance at ~$1.9B for 2025; 2026 guidance at $2.0–2.1B.

  • Lowered 2025 net interest expense guidance to ~$130M and D&A to $625–835M.

  • Q3 2025 organic revenue growth expected at ~7%, with adjusted EBITDA margin at ~36%.

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