Thomson Reuters (TRI) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered 3% total revenue growth and 7% organic revenue growth, with the "Big 3" segments achieving 9% organic growth and comprising 82% of total revenues.

• Adjusted EBITDA increased 5% to $678 million, with margin rising to 37.8%.

• Adjusted EPS rose 2% to $0.87; diluted EPS dropped to $0.69 due to prior-year non-cash tax benefits and currency losses.

• Multiple Agentic AI product launches advanced innovation in legal, tax, and accounting portfolios.

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

Financial highlights

• Q2 2025 revenues were $1,785 million, up 3% year-over-year; operating profit rose 5% to $436 million.

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

• Six-month revenues: $3,685 million, up 2%; adjusted EBITDA: $1,487 million (40.1% margin).

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

• Net cash from operating activities increased by $41 million to $746 million.

Outlook and guidance

• 2025 organic revenue growth expected at 7–7.5%, with "Big 3" 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 recent acquisitions/disposals, and excludes future M&A.