Thomson Reuters (TRI) Q2 2025 earnings summary

Executive summary

• Organic revenue grew 7% year-over-year in Q2 2025, with the main three business segments up 9% and margins modestly ahead of expectations.

• Adjusted EBITDA increased 5% to $678 million, with a 70 basis point margin improvement to 37.8%.

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

• Significant product innovation, especially in Agentic AI, with several new launches in legal and tax/accounting portfolios.

• Robust liquidity and capital capacity support further M&A and shareholder returns.

Financial highlights

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

• Adjusted EPS was $0.87, up from $0.85 year-over-year; currency had no impact.

• Free cash flow for H1 2025 was $843 million, up 4% from the prior year; Q2 free cash flow was $566 million.

• Operating profit up 5% to $436M; diluted EPS down to $0.69 due to non-recurring items.

• Big three segments' adjusted EBITDA was $621 million, margin up 130 bps to 42.3%.

Outlook and guidance

• 2025 organic revenue growth expected at 7%-7.5%, with big three segments at ~9%.

• Adjusted EBITDA margin for 2025 projected at ~39%, up 75 bps from 2024.

• Free cash flow guidance for 2025 is ~$1.9 billion; 2026 guidance is $2.0-$2.1 billion.

• Depreciation/amortization and net interest expense guidance lowered for 2025.

• Guidance assumes constant currency, includes SafeSend acquisition and FindLaw disposal, and excludes future M&A.