Thomson Reuters Corp (TRI)

Thomson Reuters Announces Voting Results for Election of DirectorsJune 11, 2026 7:13 AM
PR Newswire (Canada) TORONTO, June 11, 2026 /CNW/ -- Thomson Reuters (TSX/Nasdaq: TRI) today announced the voting results for the election of the company's Board of Directors at its annual meeting of shareholders held in-person yesterday. All 14 nominees were elected to the Thomson Reuters Board of Directors. Michael Medline and Liz Hilton Segel are newly elected directors. Each director elected will continue to hold office until Thomson Reuters' next annual meeting of shareholders, or until the director resigns or a successor is elected or appointed. The voting results for directors were as follows:Nominee     Votes For             % Votes         
  For         Votes     
    Withheld         % Votes     
    Withheld      David Thomson397,345,94098.20 %7,289,6031.80 %Steve Hasker404,039,87099.85 %595,6730.15 %Kirk E. Arnold403,174,04999.64 %1,461,4940.36 %LaVerne Council404,255,65899.91 %379,8850.09 %Michael Friisdahl393,303,97297.20 %11,331,5712.80 %Michael Medline399,517,59198.74 %5,118,2491.26 %Deanna Oppenheimer     402,411,34199.45 %2,224,2020.55 %Simon Paris402,937,75999.58 %1,697,7840.42 %Kim M. Rivera404,307,84699.92 %327,6970.08 %Paul Sagan399,560,79898.75 %5,074,7451.25 %Barry Salzberg402,427,24799.45 %2,208,2960.55 %Liz Hilton Segel404,492,52399.96 %143,0200.04 %Peter J. Thomson393,189,12297.17 %11,446,4212.83 %Beth Wilson404,293,38799.92 %342,1560.08 %For the other items of business at the annual meeting, shareholders re-appointed PricewaterhouseCoopers LLP as the company's auditor, approved an advisory resolution on executive compensation and did not approve the shareholder proposal set out in the management proxy circular. A final report on voting results will be filed with the Canadian securities regulatory authorities and furnished to the U.S. Securities and Exchange Commission.Thomson ReutersThomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.CONTACTSMEDIA
Zoe Zanettos
Corporate Affairs
zoe.zanettos@thomsonreuters.comINVESTORS
Gary E. Bisbee, CFA
Head of Investor Relations
gary.bisbee@thomsonreuters.com View original content to download multimedia:https://www.prnewswire.com/news-releases/thomson-reuters-announces-voting-results-for-election-of-directors-302797990.htmlSOURCE Thomson Reuters Original: Thomson Reuters Announces Voting Results for Election of Directors

Thomson Reuters Standard for High Stakes AIMay 27, 2026 10:34 AM
PR Newswire (Canada) TORONTO, May 27, 2026 /CNW/ -- Thomson Reuters (TSX/Nasdaq: TRI), a global content and technology company, today shared its standard for Fiduciary-Grade AI™, a higher benchmark for AI used in professional contexts where accuracy, accountability, and trust are critical. Fiduciary-Grade AI is purpose-built for professionals operating under duties of care and regulatory oversight. It is grounded in authoritative, domain-specific content, protected by rigorous privacy and security safeguards, shaped by subject-matter experts, and designed to deliver transparent, verifiable outputs. As AI is increasingly used in high-stakes environments, from legal decision-making and financial disclosures to regulatory filings and client advice, "almost right" is not sufficient. Systems must meet a higher bar than general-purpose productivity tools.Fiduciary-Grade AI defines how AI should perform when professional liability is on the line. It represents Thomson Reuters standard for AI that supports work in high-stakes professions, whether in the courtroom or the boardroom. Before professionals operating in high-precision fields can fully embrace deeper AI integration into their everyday workflows, they need to know that the AI they are using stands up to scrutiny and that its outputs are reliable and verifiable."For generations, trust in professions has been defined by standards, certification, and fiduciary duty. When someone carries a designation like CPA or JD, we understand both their qualifications and the obligations that shape how they work. The same logic has to apply to AI," said Steve Hasker, President and CEO of Thomson Reuters. "If AI is to start taking on a more meaningful share of professional work, we need to assess it to a meaningful standard. That means building systems on authoritative content, shaping them with the expertise of professionals who do this work every day, and producing reasoning that can be reviewed and defended. That's what Fiduciary-Grade AI means and that's the standard we build to."The Four Principles of Fiduciary-Grade AI
Fiduciary-Grade AI is defined not just by what it produces, but by what it is allowed to access, retain, and rely upon in generating outputs that inform professional judgment:AI grounded in authority; with access to the right context
A Fiduciary-Grade AI system must derive its substantive outputs from authoritative, curated, and domain-specific content, not just information scraped from the open internet, while also operating with the full context required to complete professional work. Every material output must be traceable to a source that a qualified professional can independently locate, cite, verify, and trust. And only when AI agents can access, know, and act on the specific data, knowledge, systems, and tools can they complete the complex, multi-step tasks that professional work demands.
  Data privacy and security are imperative
Where privacy is paramount, Fiduciary-Grade AI is built to protect it. Privacy and security must be structural features of the system's architecture, not policy overlays or configurable options.
  Built with human expertise, not just human oversight
Professional workflows must be designed, tested, and continuously refined with meaningful involvement from credentialed subject matter experts in the relevant professional domain. When ambiguity or risk arises, the system must recognize its limits and bring professionals back in rather than generating an output that overstates its reliability, keeping accountability human and outcomes defensible. Fiduciary-Grade AI requires that customers have access to real-time human support to ensure transparency and trust.
  Transparent, verifiable reasoning
By clearly surfacing and referencing the sources it relies on, AI must be able to provide a reviewable trail of what the system did and what it relied on, sufficient to allow a qualified professional, and, where applicable, a regulator, court, or auditor, to evaluate the basis for the output and determine whether the result is reliable and defensible. Making each step in its planning, reasoning, and execution process visible to the user is vital to helping young professionals learn and grow.High stakes professional work requires a different standard
AI for professional work must be built to Fiduciary-Grade. This is the standard Thomson Reuters builds to, and the standard delivered through CoCounsel for legal, tax, audit, and compliance professionals. As AI moves deeper into regulated work, the defining question is no longer whether a system can generate an answer - it's whether professionals can verify and stand behind the result.About Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit thomsonreuters.com. Media ContactKat Hanley, Corporate Communications
kathryn.hanley@thomsonreuters.com   View original content to download multimedia:https://www.prnewswire.com/news-releases/thomson-reuters-standard-for-high-stakes-ai-302783258.htmlSOURCE Thomson Reuters Original: Thomson Reuters Standard for High Stakes AI

Thomson Reuters to Present at CIBC Technology & Innovation ConferenceMay 18, 2026 11:00 AM
PR Newswire (US) TORONTO, May 18, 2026 /PRNewswire/ -- Steve Assie, General Manager, Global Large Law Firms and Erin Brown, Head of Finance, Corporates at Thomson Reuters (TSX/Nasdaq: TRI) will both present at the CIBC Technology & Innovation Conference on Thursday, May 21, 2026 at 11:40 a.m. EDT. The presentation may include forward-looking information. A live webcast link will be available on the Investor Relations section of thomsonreuters.com 24 hours prior to the start of the session. Additionally, an archive of the webcast will be made available following the session.Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.Media Contact 
Zoe Zanettos, Corporate Affairs
zoe.zanettos@thomsonreuters.com Investor Relations
Gary E. Bisbee, CFA, Head of Investor Relations 
gary.bisbee@thomsonreuters.com   View original content to download multimedia:https://www.prnewswire.com/news-releases/thomson-reuters-to-present-at-cibc-technology--innovation-conference-302774843.htmlSOURCE Thomson Reuters Original: Thomson Reuters to Present at CIBC Technology & Innovation Conference

Thomson Reuters and Anthropic Expand Partnership to Connect Claude with CoCounsel LegalMay 12, 2026 1:00 PM
PR Newswire (Canada) New MCP integration brings CoCounsel Legal into Claude workflows to help legal work meet fiduciary-grade standardsTORONTO, May 12, 2026 /CNW/ -- Thomson Reuters (TSX/Nasdaq: TRI), a global content and technology company, today announced a new Model Context Protocol (MCP) integration with Anthropic that connects Claude directly to CoCounsel Legal. Legal professionals can now move seamlessly between general-purpose AI and citation-grounded legal work, from either working environment. As MCP integrations proliferate across the legal market, Thomson Reuters is bringing something distinct: fiduciary-grade AI, our standard for accuracy, accountability and trust. Adoption of legal AI continues to accelerate, alongside a widening gap between the speed and convenience of general-purpose AI and the accuracy and verifiability of professional-grade systems. CoCounsel Legal is designed to meet the standards of legal professionals, where almost right is not good enough. Now Thomson Reuters is bringing that industry standard to professionals working in Claude, making it possible to seamlessly move work between Claude and CoCounsel Legal's comprehensive, fiduciary-grade workflows. "Thomson Reuters is building CoCounsel Legal to be the fiduciary-grade system at the center of how legal work gets done, connected to the tools lawyers use and built to the standard their work demands," said David Wong, Chief Product Officer, Thomson Reuters. "Today's integration with Claude is one example of how those connections will continue to grow as we move toward general availability for the next generation of CoCounsel Legal expected this summer."The Standard Follows the Work
CoCounsel Legal is already trusted by legal professionals across law firms, corporate legal departments, and government agencies for the work that matters most. It reasons across 1.9 billion Westlaw and Practical Law documents, 1.4 billion KeyCite validity signals, and a patent-pending citation ledger that makes every source traceable in one click. That content is not a database to be searched. It is the foundation on which CoCounsel Legal reasons, plans, and delivers. That is the difference between AI that retrieves information and AI that helps complete professional work.Built with Anthropic for What Comes Next
The next generation of CoCounsel Legal is rebuilt on Anthropic's Claude Agent SDK and marks a fundamental shift to a system that plans, selects tools, retrieves authoritative content, and adapts mid-workflow. Lawyers will be able to describe a matter in plain language and have CoCounsel Legal pursue the right inquiry, draft with citations, and include validated references in the fiduciary-grade work product."Our work with Thomson Reuters reflects a deeper strategic partnership to deliver AI that can operate in high-stakes professional environments," said Scott White, Head of Product, Enterprise at Anthropic. "Integrating Claude with CoCounsel Legal brings together leading AI with trusted legal content and workflows, enabling users to move from exploration to execution with confidence.""Legal professionals deserve AI they can trust with their most important work. In professional environments, trust in AI is a property of the system itself, built into the architecture and verifiable at every step," said Joel Hron, Chief Technology Officer, Thomson Reuters. "We are actively building integrations that connect general-purpose AI to professional environments, ensuring that wherever lawyers are working, the full power of CoCounsel Legal is available to them. Today's integration is the first place lawyers will experience that."What 175 Years Makes Possible
Thomson Reuters brings to this partnership capabilities that have taken 175 years to build: authoritative professional content across Westlaw, Practical Law, and KeyCite, curated and validated by practicing attorneys and legal specialists. More than 2,600 experts shape how CoCounsel reasons, ensuring outputs reflect the standards of real professional work. Customer data is not used to train third-party models and is not shared beyond a customer's own environment. In professions where confidentiality is both a legal and ethical obligation, that commitment is a baseline requirement. Today, one million professionals across 107 countries and territories use CoCounsel, Thomson Reuters AI technology.About Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) powers business-critical professions with trusted AI technology built for high-stakes work. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media with products that combine highly specialized software, authoritative content, and deep domain expertise. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news. For more information, visit thomsonreuters.com/cocounsel.Media Contact
Ali Hughes, Director, AI and Innovation Communications
Ali.Hughes@tr.com  View original content to download multimedia:https://www.prnewswire.com/news-releases/thomson-reuters-and-anthropic-expand-partnership-to-connect-claude-with-cocounsel-legal-302769890.htmlSOURCE Thomson Reuters Original: Thomson Reuters and Anthropic Expand Partnership to Connect Claude with CoCounsel Legal

Thomson Reuters Reports First-Quarter 2026 ResultsMay 5, 2026 6:30 AM
PR Newswire (US) TORONTO, May 5, 2026 /PRNewswire/ -- Thomson Reuters (TSX/Nasdaq: TRI) today reported results for the first quarter ended March 31, 2026:  Strong revenue growth in the first quarterTotal company revenues up 10% / organic revenues up 8%Organic revenues up 9% for the "Big 3" segments (Legal Professionals, Corporates and Tax, Audit & Accounting Professionals)Maintained full-year 2026 outlook for organic revenue growth, adjusted EBITDA margin and free cash flowIncreased annualized common share dividend by 10% to $2.62, announced February 2026Completed $605 million return of capital transaction on May 4; and reduced share count by approximately 6.5 million shares by way of share consolidation transactionRepurchased $262 million, or 2.5 million common shares under the $600 million share repurchase program announced on February 25, 2026"We have delivered an encouraging start to 2026," said Steve Hasker, President and CEO of Thomson Reuters. "Our positive momentum reflects the trust professionals place in Thomson Reuters in the moments that matter most. Across law, tax, audit and compliance, professionals accountable for high-stakes outcomes are choosing our AI products, built to the standards their work demands - grounded in authoritative content, designed and tested by our domain experts, and created to produce results that can be verified and audited under real-world scrutiny. We call this 'fiduciary-grade AI.'"Consolidated Financial Highlights - Three Months Ended March 31
Three months ended March 31,

(Millions of U.S. dollars, except for EPS)

(unaudited)












IFRS Financial Measures(1)
2026
2025
Change



Revenues
$2,087
$1,900
10 %



Operating profit
639
563
14 %



Diluted earnings per share (EPS)
$1.03
$0.96
7 %



Net cash provided by operating activities
$505
$445
13 %














Non-IFRS Financial Measures(1)
2026
2025
Change
Change at
Constant
Currency

Revenue growth in constant currency






8 %

Organic revenue growth






8 %

Adjusted EBITDA
$881
$809
9 %
9 %

Adjusted EBITDA margin
42.2 %
42.3 %
-10bp
40bp

Adjusted EPS
$1.23
$1.12
10 %
10 %

Free cash flow
$332
$277
19 %














(1) In addition to results reported in accordance with International Financial Reporting Standards (IFRS), the company uses certain non-
IFRS financial measures as supplemental indicators of its operating performance and financial position. See the "Non-IFRS Financial
Measures" section and the tables appended to this news release for additional information on these and other non-IFRS financial
measures, including how they are defined and reconciled to the most directly comparable IFRS measures.
Revenues increased 10% due to 10% growth in recurring revenues (77% of total revenues) and 15% growth in transactions revenues, partly offset by a 4% decline in Global Print. Total company revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals.    Organic revenues increased 8% reflecting 8% growth in recurring revenues, 10% growth in transactions revenues and a 5% decline in Global Print.The company's "Big 3" segments reported organic revenue growth of 9% and collectively comprised 85% of total revenues.Operating profit increased 14% primarily due to net impact of higher revenues and operating expenses.      Adjusted EBITDA increased 9% primarily due to the same factors that impacted operating profit. The related margin decreased to 42.2% from 42.3% in the prior-year period. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 50 basis points.Diluted EPS increased to $1.03 per share compared to $0.96 per share in the prior-year period as higher operating profit was partly offset by lower results from discontinued operations and higher net interest expense. Diluted EPS also benefited from a reduction in weighted-average common shares outstanding due to share repurchases. Adjusted EPS, which excludes discontinued operations, as well as other adjustments, increased to $1.23 per share compared to $1.12 per share in the prior-year period, primarily due to higher adjusted EBITDA partly offset by higher net interest expense. Adjusted EPS also benefited from a reduction in weighted-average common shares.Net cash provided by operating activities increased by $60 million primarily due to higher cash benefits from the net impact of higher revenues and operating expenses.   Free cash flow increased by $55 million primarily due to the increase in net cash provided by operating activities.  Highlights by Customer Segment – Three Months Ended March 31
(Millions of U.S. dollars)

(unaudited)



Three months ended
March 31,
Change



2026
2025(2)
TotalConstant
Currency(1)
Organic(1)(3)

Revenues











Legal Professionals
$756
$688
10 %
8 %
9 %

Corporates
608
548
11 %
9 %
9 %

Tax, Audit & Accounting Professionals
410
358
15 %
14 %
10 %

"Big 3" Segments Combined(1)
1,774
1,594
11 %
10 %
9 %

Reuters
212
196
8 %
7 %
6 %

Global Print
112
116
-4 %
-5 %
-5 %

Eliminations/Rounding
(11)
(6)







Total Revenues
$2,087
$1,900
10 %
8 %
8 %














Adjusted EBITDA(1)











Legal Professionals
$365
$336
9 %
8 %



Corporates
243
215
13 %
13 %



Tax, Audit & Accounting Professionals
221
208
6 %
6 %



"Big 3" Segments Combined(1)
829
759
9 %
9 %



Reuters
34
39
-13 %
-4 %



Global Print
43
44
-2 %
-3 %



Corporate costs
(25)
(33)
n/a
n/a



Total Adjusted EBITDA
$881
$809
9 %
9 %
















Adjusted EBITDA Margin(1)











Legal Professionals
48.3 %
48.7 %
-40bp
-30bp



Corporates
40.0 %
39.3 %
70bp
130bp



Tax, Audit & Accounting Professionals
53.8 %
56.6 %
-280bp
-240bp



"Big 3" Segments Combined(1)
46.7 %
47.3 %
-60bp
-20bp



Reuters
16.1 %
20.0 %
-390bp
-190bp



Global Print
38.6 %
37.8 %
80bp
80bp



Total Adjusted EBITDA Margin
42.2 %
42.3 %
-10bp
40bp
















(1)  See the "Non-IFRS Financial Measures" section and the tables appended to this news release for additional information on these and
other non-IFRS financial measures. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value
adjustments related to acquired deferred revenue.

(2)  For comparative purposes, 2025 segment results have been revised to reflect the current period presentation. For additional
information, including a summary of how the changes impacted results for the first-quarter of 2025, see the "Revision to Prior-Year
Segment Results" section of this news release.

(3) Computed for revenue growth only.











n/a: not applicable










Unless otherwise noted, all revenue growth comparisons by customer segment in this news release are at constant currency (which excludes the impact of foreign currency) as the company believes this provides the best basis to measure performance.Legal ProfessionalsRevenues increased 8% at constant currency. Organic revenue growth was 9%.Recurring revenues increased 9% (98% of total, all organic). Organic revenue growth was primarily driven by Westlaw and CoCounsel.Transactions revenues decreased 2% (2% of total, all organic).Adjusted EBITDA increased 9% to $365 million.The margin decreased to 48.3% from 48.7%, primarily driven by higher revenues offset by higher technology and other costs, and to a lesser extent, a negative impact from foreign currency.Corporates Revenues increased 9% at constant currency, all organic.Recurring revenues increased 8% (74% of total, all organic). Organic revenue growth was primarily driven by Westlaw, CoCounsel, Practical Law, Pagero, CLEAR and the segment's international businesses.Transactions revenues increased 12% (26% of total, all organic). Organic revenue growth was primarily driven by Confirmation, Pagero, Indirect Tax and the segment's international businesses.Adjusted EBITDA increased 13% to $243 million.The margin increased to 40.0% from 39.3% driven by higher operating leverage. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 60 basis points.Tax, Audit & Accounting Professionals Revenues increased 14% at constant currency, including the acquisition impact of SafeSend which was reflected in transactions revenues. Organic revenue growth was 10%.Recurring revenues increased 10% (56% of total, all organic). Organic revenue growth was primarily driven by tax and audit products, including CoCounsel, as well as the segment's Latin America business.Transactions revenues increased 18% (44% of total, increased 11% organic). Organic revenue growth was primarily driven by SafeSend, SurePrep, UltraTax and Confirmation.Adjusted EBITDA increased 6% to $221 million.The margin decreased to 53.8% from 56.6% primarily due to higher technology and other costs. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 40 basis points.The Tax, Audit & Accounting Professionals segment is the company's most seasonal business with approximately 60% of full-year revenues typically generated in the first and fourth quarters. As a result, the margin performance of this segment has been generally higher in the first and fourth quarters as costs are typically incurred in a more linear fashion throughout the year.ReutersRevenues increased 7% at constant currency (increased 6% organic), primarily due to higher Agency revenues and a contractual price increase from the company's news agreement with the Data & Analytics business of London Stock Exchange Group.Adjusted EBITDA decreased 13% to $34 million and the margin decreased to 16.1% from 20.0%, primarily due to foreign currency, which negatively impacted the year-over-year change in adjusted EBITDA margin by 200 basis points, as well as higher editorial and other costs.Global Print Revenues decreased 5% at constant currency, all organic, driven by lower shipment volumes.Adjusted EBITDA decreased 2% to $43 million, and the margin increased to 38.6% from 37.8% reflecting lower expenses.Corporate CostsCorporate costs were $25 million compared to $33 million in the prior-year period, which included a corporate charge that did not repeat.2026 OutlookThe company maintained its 2026 full-year outlook announced on February 5, 2026 for all metrics, except for net interest expense which is expected to be in the $180 - $190 million range compared to the $150 - $160 million range in the company's February 2026 outlook. The increase reflects the impact of the $1.2 billion share repurchase program and return of capital and share consolidation transactions, as announced on February 25, 2026, on the company's net debt position.The company's outlook for 2026 in the table below assumes constant currency rates and incorporates the recent Noetica acquisition, but excludes the impact of any future acquisitions or dispositions that may occur during the remainder of the year. Thomson Reuters believes that this type of guidance provides useful insight into the anticipated performance of its businesses.The company expects its second-quarter 2026 organic revenue growth to be in a range of 7% - 8% and its adjusted EBITDA margin to be approximately 38%.The company's 2026 outlook is forward-looking information that is subject to risks and uncertainties (see "Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions"). In particular, the company continues to operate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth, and an evolving interest rate and inflationary backdrop. Any worsening of the global economic or business environment, among other factors, could impact the company's ability to achieve its outlook.Reported Full-Year 2025 Results and Full-Year 2026 OutlookTotal Thomson ReutersFY 2025ReportedFY 2026Outlook2/5/2026FY 2026Outlook5/5/2026Total Revenue Growth3%(2)7.5% - 8.0%UnchangedOrganic Revenue Growth(1)7 %7.5% - 8.0%UnchangedAdjusted EBITDA Margin(1)39.2 %+100bps vs 2025UnchangedCorporate Costs$118 million$115 - $125 millionUnchangedFree Cash Flow(1)$1.95 billion~ $2.1 billionUnchangedAccrued Capex as % of Revenues(1)8.2 %~ 8.0%UnchangedDepreciation & Amortization of Software    Depreciation & Amortization of Internally       Developed Software    Amortization of Acquired Software$832 million$626 million$206 million$890- $910 million$680 - $690 million$210 - $220 millionUnchangedUnchangedUnchangedNet Interest Expense$143 million$150 - $160 million$180 - $190 millionEffective Tax Rate on Adjusted Earnings(1)18.5 %~ 19%Unchanged"Big 3" Segments(1)FY 2025ReportedFY 2026Outlook2/5/2026FY 2026Outlook5/5/2026Total Revenue Growth  4%(2)~ 9.5%UnchangedOrganic Revenue Growth 9 %~ 9.5%UnchangedAdjusted EBITDA Margin 43.6 %+100bps vs 2025Unchanged

(1)Non-IFRS financial measures. See the "Non-IFRS Financial Measures" section below as well as the tables appended to this news release for more information.(2)Total revenue growth reflects the impact of the disposals of FindLaw and other non-core businesses in December 2024.The information in this section is forward-looking. Actual results, which will include the impact of currency, future acquisitions and dispositions completed during 2026, and macroeconomic events outside of the company's control may differ materially from the company's 2026 outlook. The information in this section should also be read in conjunction with the section below entitled "Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions." Return of Capital and Share Consolidation On May 4, 2026, the company returned $605 million to its shareholders and reduced its common shares outstanding by approximately 6.5 million, in accordance with its previously announced return of capital and share consolidation transactions. The transactions consisted of a special cash distribution of $1.435518 per participating common share and a share consolidation, or "reverse stock split", which reduced the number of outstanding common shares at a ratio of 1 pre-consolidated share for 0.984560 post-consolidated shares, which was proportional to the special cash distribution.Share Repurchases - Update on $600 Million Share Repurchase Program In February 2026, the company announced its plan to repurchase up to $600 million of additional common shares under an amended Normal Course Issuer Bid that was approved by the TSX. The company repurchased 2.5 million of its common shares for a total spend of $262 million.As of May 4, 2026, Thomson Reuters had approximately 436.5 million common shares outstanding.AcquisitionIn February 2026, the company acquired Noetica, Inc., a New York-based AI-native start-up that transforms transaction-deal data into structured market intelligence for deal professionals. This business will be primarily reported in the Legal Professionals segment.Dividends In February 2026, the company announced a 10% or $0.24 per share annualized increase in the dividend to $2.62 per common share, representing the 33rd consecutive year of dividend increases and the fifth consecutive 10% increase. A quarterly dividend of $0.655 per share is payable on June 10, 2026 to common shareholders of record as of May 20, 2026.Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.NON-IFRS FINANCIAL MEASURESThomson Reuters prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). This news release includes certain non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, such as adjusted EBITDA (other than at the customer segment level) and the related margin, free cash flow, adjusted earnings and the effective tax rate on adjusted earnings, adjusted EPS, accrued capital expenditures expressed as a percentage of revenues, net debt and leverage ratio of net debt to adjusted EBITDA, selected measures excluding the impact of foreign currency, changes in revenues computed on an organic basis as well as all financial measures for the "Big 3" segments. Thomson Reuters uses these non-IFRS financial measures as supplemental indicators of its operating performance and financial position as well as for internal planning purposes and the company's business outlook. Additionally, Thomson Reuters uses non-IFRS measures as the basis for management incentive programs. These measures do not have any standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the appended tables. The company's outlook contains various non-IFRS financial measures. The company believes that providing reconciliations of forward-looking non-IFRS financial measures in its outlook would be potentially misleading and not practical due to the difficulty of projecting items that are not reflective of ongoing operations in any future period. The magnitude of these items may be significant. Consequently, for purposes of its outlook only, the company is unable to reconcile these non-IFRS measures to the most directly comparable IFRS measures because it cannot predict, with reasonable certainty, the impacts of changes in foreign exchange rates which impact (i) the translation of its results reported at average foreign currency rates for the year, and (ii) other finance income or expense related to intercompany financing arrangements. Additionally, the company cannot reasonably predict the occurrence or amount of other operating gains and losses that generally arise from business transactions that the company does not currently anticipate.ROUNDINGOther than EPS, the company reports its results in millions of U.S. dollars, but computes percentage changes and margins using whole dollars to be more precise. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.REVISION TO PRIOR-YEAR SEGMENT RESULTSEffective January 1, 2026, the company made changes to its segment reporting to reflect how it currently manages its segments. The changes reflect the transfer of certain customers and their related revenues and expenses among the company's Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. These changes impact the financial results of the company's segments, but do not change its consolidated financial results. The following summarizes the changes to the applicable segment's first-quarter 2025 reported amounts:Legal Professionals revenues decreased $5 million to $688 million, adjusted EBITDA was unchanged at $336 million and adjusted EBITDA margin increased 30 basis points to 48.7%;Corporates revenues increased $7 million to $548 million, adjusted EBITDA increased $2 million to $215 million and adjusted EBITDA margin decreased 10 basis points to 39.3%; andTax, Audit & Accounting Professionals revenues decreased $2 million to $358 million, adjusted EBITDA decreased $2 million to $208 million and adjusted EBITDA margin decreased 10 basis points to 56.6%.SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL RISKS AND MATERIAL ASSUMPTIONSCertain statements in this news release, including, but not limited to, statements in Mr. Hasker's comments and the "2026 Outlook" section, are forward-looking. The words "will", "expect", "believe", "target", "estimate", "could", "should", "intend", "predict", "project" and similar expressions identify forward-looking statements. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond the company's control and the effects of them can be difficult to predict.Some of the material risk factors that could cause actual results or events to differ materially from those expressed in or implied by forward-looking statements in this news release include, but are not limited to, those discussed on pages 19-32 in the "Risk Factors" section of the company's 2025 annual report. These and other risk factors are discussed in materials that Thomson Reuters from time-to-time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (SEC). Thomson Reuters' annual and quarterly reports are also available in the "Investor Relations" section of thomsonreuters.com.The company's 2026 business outlook is based on information currently available to the company and is based on various external and internal assumptions made by the company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the company believes are appropriate under the circumstances. Material assumptions and material risks may cause actual performance to differ from the company's expectations underlying its 2026 business outlook. In particular, the global economy has experienced substantial disruption due to concerns regarding economic effects associated with the macroeconomic backdrop and ongoing geopolitical risks. The company's 2026 business outlook assumes that uncertain macroeconomic and geopolitical conditions will continue to disrupt the economy and cause periods of volatility, however, these conditions may last substantially longer than expected and any worsening of the global economic or business environment could impact the company's ability to achieve its outlook and affect its results and other expectations. For a discussion of material assumptions and material risks related to the company's 2026 outlook see pages 61-62 of the company's 2025 annual report. The company's annual report was filed with, or furnished to, the Canadian securities regulatory authorities and the U.S. SEC and are also available in the "Investor Relations" section of thomsonreuters.com. The company has provided an outlook for the purpose of presenting information about current expectations for the period presented. This information may not be appropriate for other purposes. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements. CONTACTSMEDIASamina AnsariDirector, Corporate Affairs+1 44 778 852 9542samina.ansari@thomsonreuters.com INVESTORSGary Bisbee, CFAHead of Investor Relations+1 646 540 3249gary.bisbee@thomsonreuters.com Thomson Reuters will webcast a discussion of its first-quarter 2026 results and its 2026 business outlook today beginning at 9:00 a.m. Eastern Daylight Time (EDT). You can access the webcast by visiting ir.thomsonreuters.com. An archive of the webcast will be available following the presentation. Thomson Reuters CorporationConsolidated Income Statement(millions of U.S. dollars, except per share data)(unaudited)
Three Months Ended
March 31,
2026
2025CONTINUING OPERATIONS


Revenues$2,087
$1,900Operating expenses(1,203)
(1,108)Depreciation(28)
(27)Amortization of software(193)
(174)Amortization of other identifiable intangible assets(24)
(25)Other operating losses, net-
(3)Operating profit639
563Finance costs, net:


   Net interest expense(39)
(30)   Other finance income (costs)9
(10)Income before tax and equity method investments609
523Share of post-tax losses in equity method investments(7)
(6)Tax expense(125)
(92)Earnings from continuing operations477
425(Loss) earnings from discontinued operations, net of tax     (18)
9Net earnings$459
$434Earnings attributable to common shareholders$459
$434



Earnings per share:


Basic and diluted earnings (loss) per share:


   From continuing operations$1.07
$0.94   From discontinued operations(0.04)
0.02Basic and diluted earnings per share$1.03
$0.96



Basic weighted-average common shares444,561,933
450,289,884Diluted weighted-average common shares444,657,277
450,829,350 Thomson Reuters CorporationConsolidated Statement of Financial Position(millions of U.S. dollars)(unaudited)
March 31,
December 31,
2026
2025Assets


Cash and cash equivalents$400
$511Trade and other receivables1,184
1,143Other financial assets89
94Prepaid expenses and other current assets                         460
480Current assets2,133
2,228



Property and equipment, net341
361Software, net1,697
1,645Other identifiable intangible assets, net3,077
3,102Goodwill8,056
7,913Equity method investments193
202Other financial assets460
466Other non-current assets686
680Deferred tax1,301
1,343Total assets$17,944
$17,940



Liabilities and equity


Liabilities


Current indebtedness$1,120
$795Payables, accruals and provisions934
1,090Current tax liabilities204
224Deferred revenue1,162
1,251Other financial liabilities109
108Current liabilities3,529
3,468



Long-term indebtedness1,328
1,328Provisions and other non-current liabilities662
656Other financial liabilities229
210Deferred tax384
364Total liabilities6,132
6,026



Equity


Capital3,613
3,597Retained earnings9,150
9,220Accumulated other comprehensive loss(951)
(903)Total equity11,812
11,914Total liabilities and equity$17,944
$17,940 Thomson Reuters CorporationConsolidated Statement of Cash Flow(millions of U.S. dollars)(unaudited)
Three Months Ended
March 31,
2026
2025Cash provided by (used in):


Operating activities


Earnings from continuing operations$477
$425Adjustments for:


Depreciation28
27Amortization of software193
174Amortization of other identifiable intangible assets24
25Share of post-tax losses in equity method investments7
6Deferred tax36
19Other46
64Changes in working capital and other items(305)
(293)Operating cash flows from continuing operations506
447Operating cash flows from discontinued operations(1)
(2)Net cash provided by operating activities505
445Investing activities


Acquisitions, net of cash acquired(212)
(606)Proceeds related to disposals of businesses and investments      1
-Capital expenditures(156)
(151)Other investing activities-
1Net cash used in investing activities(367)
(756)Financing activities


Net borrowings under short-term loan facilities322
-Payments of lease principal(16)
(17)Repurchases of common shares(262)
-Dividends paid on preference shares(1)
(1)Dividends paid on common shares(280)
(259)Other financing activities(11)
(11)Net cash used in financing activities(248)
(288)Translation adjustments(1)
2Decrease in cash and cash equivalents(111)
(597)Cash and cash equivalents at beginning of period511
1,968Cash and cash equivalents at end of period$400
$1,371

Thomson Reuters CorporationReconciliation of Earnings from Continuing Operations to Adjusted EBITDA(1)(millions of U.S. dollars)(unaudited)





Three months ended
March 31,
Year ended
December 31,
20262025
2025Earnings from continuing operations$477$425
$1,483Adjustments to remove:



Tax expense12592
423Other finance (income) costs(9)10
55Net interest expense3930
143Amortization of other identifiable intangible assets2425
98Amortization of software193174
721Depreciation2827
111EBITDA$877$783
$3,034Adjustments to remove:



Share of post-tax losses in equity method investments76
28Other operating losses (gains), net-3
(164)Fair value adjustments*(3)17
38Adjusted EBITDA(1)$881$809
$2,936Adjusted EBITDA margin(1)42.2 %42.3 %
39.2 %
* Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue.

Thomson Reuters CorporationReconciliation of Net Cash Provided By Operating Activities to Free Cash Flow(1)(millions of U.S. dollars)(unaudited)





Three months ended
March 31,
Year ended
December 31,
20262025
2025Net cash provided by operating activities$505$445
$2,651Capital expenditures(156)(151)
(634)Other investing activities-1
1Payments of lease principal(16)(17)
(64)Dividends paid on preference shares(1)(1)
(4)Free cash flow(1)$332$277
$1,950

Thomson Reuters CorporationReconciliation of Capital Expenditures to Accrued Capital Expenditures(1)(millions of U.S. dollars)(unaudited)


Year ended
December 31,



2025Capital expenditures


$634Remove: IFRS adjustment to cash basis


(18)Accrued capital expenditures(1)


$616Accrued capital expenditures as a percentage of revenues(1)
8.2 %
(1)          Refer to page 18 for additional information on non-IFRS financial measures. Thomson Reuters CorporationReconciliation of Net Earnings to Adjusted Earnings(1)Reconciliation of Total Change in Adjusted EPS to Change in Constant Currency(1)(millions of U.S. dollars, except for share and per share data)(unaudited)





Three months ended
March 31,
Year ended
December 31,
20262025
2025Net earnings$459$434
$1,502Adjustments to remove:



Fair value adjustments*(3)17
38Amortization of acquired software5649
206Amortization of other identifiable intangible assets2425
98Other operating losses (gains), net-3
(164)Other finance (income) costs(9)10
55Share of post-tax losses in equity method investments76
28Tax on above items(1)(14)(24)
(35)Tax items impacting comparability(1)(1)1
57Loss (earnings) from discontinued operations, net of tax18(9)
(19)Interim period effective tax rate normalization(1)11(5)
-Dividends declared on preference shares(1)(1)
(4)Adjusted earnings(1)$547$506
$1,762Adjusted EPS(1)$1.23$1.12

Total change10 %


Foreign currency0 %


Constant currency10 %


Diluted weighted-average common shares (millions)444.7450.8



Reconciliation of Full-Year Effective Tax Rate on Adjusted Earnings(1)
Year ended
December 31,



2025Adjusted earnings


$1,762Plus: Dividends declared on preference shares


4Plus: Tax expense on adjusted earnings


401Pre-tax adjusted earnings


$2,167




IFRS tax expense


$423Remove tax related to:



Amortization of acquired software


46Amortization of other identifiable intangible assets


23Share of post-tax losses in equity method investments
2Other finance costs


2Other operating gains, net


(43)Other items


5Subtotal - Remove tax benefit on pre-tax items removed from adjusted earnings
35Remove: Tax items impacting comparability


(57)Total - Remove all items impacting comparability


(22)Tax expense on adjusted earnings


$401Effective tax rate on adjusted earnings


18.5 %
*Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue.
(1)           Refer to page 18 for additional information on non-IFRS financial measures.

Thomson Reuters CorporationReconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency(1) and Organic Basis(1)(millions of U.S. dollars)(unaudited)
Three months ended
March 31,Change

2026
2025
TotalForeign
Currency
SUBTOTAL
Constant
CurrencyNet
Acquisitions/
(Disposals)
OrganicTotal Revenues













Legal Professionals
$756
$688
10 %
1 %
8 %
0 %
9 %Corporates
608
548
11 %
2 %
9 %
0 %
9 %Tax, Audit & Accounting Professionals
410
358
15 %
1 %
14 %
3 %
10 %"Big 3" Segments Combined(1)
1,774
1,594
11 %
1 %
10 %
1 %
9 %Reuters
212
196
8 %
1 %
7 %
1 %
6 %Global Print
112
116
-4 %
1 %
-5 %
0 %
-5 %Eliminations/Rounding
(11)
(6)









Total Revenues
$2,087
$1,900
10 %
1 %
8 %
1 %
8 %














Recurring Revenues













Legal Professionals
$739
$670
10 %
1 %
9 %
0 %
9 %Corporates
449
407
10 %
2 %
8 %
0 %
8 %Tax, Audit & Accounting Professionals
229
205
12 %
2 %
10 %
0 %
10 %"Big 3" Segments Combined(1)
1,417
1,282
10 %
2 %
9 %
0 %
9 %Reuters
186
175
6 %
1 %
5 %
1 %
5 %Eliminations/Rounding
(8)
(6)









Total Recurring Revenues
$1,595
$1,451
10 %
2 %
8 %
0 %
8 %














Transactions Revenues













Legal Professionals
$17
$18
-1 %
1 %
-2 %
0 %
-2 %Corporates
159
141
13 %
1 %
12 %
0 %
12 %Tax, Audit & Accounting Professionals
181
153
18 %
0 %
18 %
8 %
11 %"Big 3" Segments Combined(1)
357
312
15 %
1 %
14 %
4 %
11 %Reuters
26
21
22 %
0 %
21 %
3 %
18 %Eliminations/Rounding
(3)
-









Total Transactions Revenues
380
333
15 %
1 %
14 %
4 %
10 %





Year ended
December 31,
Change

2025
2024
TotalForeign
Currency
SUBTOTAL
Constant
CurrencyNet
Acquisitions/
(Disposals)
OrganicTotal Revenues













Legal Professionals
$2,843
$2,902
-2 %
0 %
-2 %
-10 %
8 %Corporates
2,023
1,875
8 %
0 %
7 %
-1 %
9 %Tax, Audit & Accounting Professionals
1,291
1,154
12 %
-1 %
13 %
3 %
11 %"Big 3" Segments Combined(1)
6,157
5,931
4 %
0 %
4 %
-5 %
9 %Reuters
853
832
3 %
1 %
2 %
1 %
1 %Global Print
490
519
-6 %
0 %
-5 %
0 %
-5 %Eliminations/Rounding
(24)
(24)









Total Revenues
$7,476
$7,258
3 %
0 %
3 %
-4 %
7 %
Growth percentages are computed using whole dollars. As a result, percentages calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.
(1)          Refer to page 18 for additional information on non-IFRS financial measures.

Thomson Reuters CorporationReconciliation of Changes in Adjusted EBITDA (1) and Related Margin(1) to Changes on a Constant Currency Basis(1)(millions of U.S. dollars)(unaudited)
Three months ended
March 31,Change

2026
2025
TotalForeign
Currency
Constant
CurrencyAdjusted EBITDA(1)









Legal Professionals
$365
$336
9 %
1 %
8 %Corporates
243
215
13 %
0 %
13 %Tax, Audit & Accounting Professionals
221
208
6 %
0 %
6 %"Big 3" Segments Combined(1)
829
759
9 %
1 %
9 %Reuters
34
39
-13 %
-9 %
-4 %Global Print
43
44
-2 %
1 %
-3 %Corporate costs
(25)
(33)
n/a
n/a
n/aTotal Adjusted EBITDA
$881
$809
9 %
0 %
9 %










Adjusted EBITDA Margin(1)









Legal Professionals
48.3 %
48.7 %
-40bp
-10bp
-30bpCorporates
40.0 %
39.3 %
70bp
-60bp
130bpTax, Audit & Accounting Professionals
53.8 %
56.6 %
-280bp
-40bp
-240bp"Big 3" Segments Combined(1)
46.7 %
47.3 %
-60bp
-40bp
-20bpReuters
16.1 %
20.0 %
-390bp
-200bp
-190bpGlobal Print
38.6 %
37.8 %
80bp
0bp
80bpTotal Adjusted EBITDA Margin
42.2 %
42.3 %
-10bp
-50bp
40bpReconciliation of adjusted EBITDA margin(1)To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue from its IFRS revenues. The charts below reconcile IFRS revenues to revenues used in the calculation of adjusted EBITDA margin, which excludes fair value adjustments related to acquired deferred revenue.(millions of U.S. dollars)
(unaudited)
Three months ended March 31, 2026     IFRS
revenues
Remove fair
value
adjustments
to acquired
deferred
revenue
Revenues
excluding
fair value
adjustments
to acquired
deferred
revenue
Adjusted
EBITDA
Adjusted
EBITDA
MarginLegal Professionals$756
-
$756
$365
48.3 %Corporates608
-
608
243
40.0 %Tax, Audit & Accounting Professionals410
-
410
221
53.8 %"Big 3" Segments Combined(1)1,774
-
1,774
829
46.7 %Reuters212
-
212
34
16.1 %Global Print112
-
112
43
38.6 %Eliminations/Rounding(11)
-
(11)
-
n/aCorporate costs-
-
-
(25)
n/aConsolidated totals$2,087
-
$2,087
$881
42.2 %









Three months ended March 31, 2025








Legal Professionals$688
-
$688
$336
48.7 %Corporates548
-
548
215
39.3 %Tax, Audit & Accounting Professionals358
$10
368
208
56.6 %"Big 3" Segments Combined(1)1,594
10
1,604
759
47.3 %Reuters196
-
196
39
20.0 %Global Print116
-
116
44
37.8 %Eliminations/Rounding(6)
-
(6)
-
n/aCorporate costs-
-
-
(33)
n/aConsolidated totals$1,900
$10
$1,910
$809
42.3 %
n/a: not applicableMargins are computed using whole dollars, as a result, margins calculated from reported amounts may differ from those presented due to rounding.(1)          Refer to page 18 for additional information on non-IFRS financial measures.

Thomson Reuters Corporation"Big 3" Segments and Consolidated Adjusted EBITDA(1) and the Related Margins(1)(millions of U.S. dollars)(unaudited)









Year ended
December 31,










2025
Adjusted EBITDA(1)










Legal Professionals








$1,354
Corporates








727
Tax, Audit & Accounting Professionals








614
"Big 3" Segments Combined(1)








2,695
Reuters








174
Global Print








185
Corporate costs








(118)
Total Adjusted EBITDA








$2,936












"Big 3" Segments Combined(1)










Adjusted EBITDA








$2,695
Revenues, excluding $20 million of fair value adjustments to acquired deferred revenue


$6,177
Adjusted EBITDA margin








43.6 %












Consolidated(1)










Adjusted EBITDA








$2,936
Revenues, excluding $20 million of fair value adjustments to acquired deferred revenue


$7,496
Adjusted EBITDA margin








39.2 %


Thomson Reuters CorporationReconciliation of Net Debt(1) and Leverage Ratio of Net Debt to Adjusted EBITDA(1)(millions of U.S. dollars)(unaudited)

March 31,
December 31,

2026
2025Current indebtedness
$1,120
$795Long-term indebtedness
1,328
1,328Total debt
2,448
2,123Swaps
17
16Total debt after swaps
2,465
2,139Remove fair value adjustments for hedges
(3)
(2)Total debt after hedging arrangements
2,462
2,137Collateral assets
(1)
(7)Remove transaction costs, premiums or discounts, included in the carrying value of debt27
28Add: Lease liabilities (current and non-current)
234
249Less: Cash and cash equivalents
(400)
(511)Net debt
$2,322
$1,896Leverage ratio of net debt to adjusted EBITDA



Adjusted EBITDA
$3,008
$2,936Net debt/adjusted EBITDA
0.8:1
0.6:1
(1)          Refer to page 18 for additional information on non-IFRS financial measures. Non-IFRS Financial MeasuresDefinitionWhy Useful to the Company and InvestorsAdjusted EBITDA and the related marginRepresents earnings or losses from continuing operations before tax expense or benefit, net interest expense, other finance costs or income, depreciation, amortization of software and other identifiable intangible assets, Thomson Reuters share of post-tax earnings or losses in equity method investments, other operating gains and losses, certain asset impairment charges and fair value adjustments, including those related to acquired deferred revenue. The related margin is adjusted EBITDA expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.Provides a consistent basis to evaluate operating profitability and performance trends by excluding items that the company does not consider to be controllable activities for this purpose. Also, represents a measure commonly reported and widely used by investors as a valuation metric, as well as to assess the company's ability to incur and service debt.Adjusted earnings and adjusted EPS Net earnings or loss including dividends declared on preference shares but excluding the post-tax impacts of fair value adjustments, including those related to acquired deferred revenue, amortization of acquired intangible assets (attributable to other identifiable intangible assets and acquired software), other operating gains and losses, certain asset impairment charges, other finance costs or income, Thomson Reuters share of post-tax earnings or losses in equity method investments, discontinued operations and other items affecting comparability. Acquired intangible assets contribute to the generation of revenues from acquired companies, which are included in the company's computation of adjusted earnings.  The post-tax amount of each item is excluded from adjusted earnings based on the specific tax rules and tax rates associated with the nature and jurisdiction of each item.  Adjusted EPS is calculated from adjusted earnings using diluted weighted-average shares and does not represent actual earnings or loss per share attributable to shareholders. Provides a more comparable basis to analyze earnings. These measures are commonly used by shareholders to measure performance.Effective tax rate on adjusted earningsAdjusted tax expense divided by pre-tax adjusted earnings. Adjusted tax expense is computed as income tax expense or benefit plus or minus the income tax impacts of all items impacting adjusted earnings (as described above), and other tax items impacting comparability.  In interim periods, the company also makes an adjustment to reflect income taxes based on the estimated full-year effective tax rate. Earnings or losses for interim periods under IFRS reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which Thomson Reuters operates. The non-IFRS adjustment reallocates estimated full-year income taxes between interim periods but has no effect on full-year income taxes. Provides a basis to analyze the effective tax rate associated with adjusted earnings.   The company's effective tax rate computed in accordance with IFRS may be more volatile by quarter because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year. Therefore, the company believes that using the expected full-year effective tax rate provides more comparability among interim periods. Free cash flowNet cash provided by operating activities and other investing activities, less capital expenditures, payments of lease principal and dividends paid on the company's preference shares. Helps assess the company's ability, over the long term, to create value for its shareholders as it represents cash available to repay debt, pay common dividends, fund share repurchases and acquisitions.Changes before the impact of foreign currency or at constant currencyThe changes in revenues, adjusted EBITDA and the related margin, and adjusted EPS before currency (at constant currency or excluding the effects of currency) are determined by converting the current and equivalent prior period's local currency results using the same foreign currency exchange rate.Provides better comparability of business trends from period to period.Changes in revenues computed on an organic basisRepresent changes in revenues of the company's existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods. Provides further insight into the performance of the company's existing businesses by excluding distortive impacts and serves as a better measure of the company's ability to grow its business over the long term.Accrued capital expenditures as a percentage of revenuesAccrued capital expenditures divided by revenues, where accrued capital expenditures include amounts that remain unpaid at the end of the reporting period. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.Reflects the basis on which the company manages capital expenditures for internal planning purposes.  "Big 3" segments The company's combined Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. All measures reported for the "Big 3" segments are non-IFRS financial measures.The "Big 3" segments comprised approximately 80% of revenues and represent the core of the company's business information service product offerings.  Net debt and leverage ratio of net debt to adjusted EBITDANet debt is total debt, plus related hedging instruments and collateral balances, along with lease liabilities, excluding unamortized transaction costs and any premiums or discounts on debt, minus cash and cash equivalents. We exclude specific hedging components to reflect the net cash outflow upon debt maturity. Net debt to adjusted EBITDA is net debt divided by adjusted EBITDA for the previous twelve-month period ending with the current fiscal quarter.Provides a commonly used measure of a company's leverage and its ability to pay its debt. Given that the company hedges some of its debt to manage risk, the company includes hedging instruments as it believes it provides a better measure of the total obligation associated with its outstanding debt. Since the company plans to hold its debt and related hedges until maturity, the net debt calculation is adjusted to reflect the net cash outflow at maturity, after deducting cash and cash equivalents. The company's non-IFRS measure is aligned with the calculation of its internal target leverage ratio and is more conservative than the maximum ratio allowed under the contractual covenants in its credit facility.Please refer to reconciliations for the most directly comparable IFRS financial measures.  View original content to download multimedia:https://www.prnewswire.com/news-releases/thomson-reuters-reports-first-quarter-2026-results-302762542.htmlSOURCE Thomson Reuters Original: Thomson Reuters Reports First-Quarter 2026 Results

Thomson Reuters Announces Cash Distribution Per Share and Share Consolidation Ratio for Return of Capital and Share Consolidation TransactionsMay 1, 2026 5:38 PM
PR Newswire (Canada)

Participating shareholders to receive cash distribution of US$1.435518 per common shareShares to begin trading on a post-consolidated basis on May 4, 2026TORONTO, May 1, 2026 /CNW/ -- Thomson Reuters (TSX/Nasdaq: TRI) today announced the cash distribution per share and the share consolidation ratio for its return of capital and share consolidation transactions, which have received the requisite approvals and will be effective at 3:01 a.m. (Toronto time) on May 4, 2026. The company's common shares will begin trading on the Toronto Stock Exchange (TSX) and the Nasdaq on a post-consolidated basis when the markets open on May 4, 2026. The company's trading symbol will remain "TRI" on both exchanges. The new CUSIP number for the post-consolidated common shares is 884903881 and the new ISIN number is CA8849038812.







The return of capital and share consolidation transactions consist of a distribution of US$1.435518 per common share (US$605 million in the aggregate) and a consolidation of the company's outstanding common shares (or "reverse stock split") at a ratio of 1 pre-consolidated share for 0.984560 post-consolidated shares. The share consolidation is proportional to the special cash distribution and the share consolidation ratio was based on the volume weighted average trading price of the shares on the Nasdaq for the five trading day period which ended today.Eligible shareholders who duly exercised their right to opt out of the return of capital will not receive the cash distribution. Each opting-out shareholder will still participate in the transactions through a share exchange and the share consolidation, but will continue to hold the same number of shares that it currently holds. Such opting-out shareholders will realize a proportionate increase in their equity and voting interests in the company by virtue of the consolidation of the participating shares under the share consolidation.As promptly as practicable after the transactions are effective, Computershare Investor Services Inc., the company's depositary for the transactions, will deliver cash distribution amounts to registered participating shareholders, subject to the terms and conditions of the transactions. The effects of the share consolidation will be reflected in the company's share register. Beneficial or non-registered shareholders participating in the return of capital will receive cash distributions from their intermediary and the effects of the share consolidation will be recorded in their accounts.Fractional shares will not be issued as part of the return of capital and share consolidation transactions and shareholders will receive the value of any fractional shares in cash, subject to certain exceptions described in the company's management proxy circular dated March 13, 2026 (the "Circular").The Canadian and U.S. tax consequences of the return of capital and share consolidation transactions are complex. Shareholders are encouraged to review the Circular and related materials carefully and to consult their financial, tax and legal advisors.Further details of the return of capital and share consolidation transactions are described in the Circular and related materials, which are available on www.thomsonreuters.com/2026specialmeeting. The return of capital and share consolidation documents were previously filed with the Canadian securities regulatory authorities on SEDAR+ and are available at www.sedarplus.ca. The documents were also furnished to the U.S. Securities and Exchange Commission through EDGAR and are available at www.sec.gov.  About Thomson ReutersThomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is the world's leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain statements in this news release are forward-looking within the meaning of applicable Canadian and U.S. securities laws, including the Private Securities Litigation Reform Act of 1995, including statements relating to the completion of the return of capital and share consolidation transactions and the anticipated tax treatment for shareholders participating in the return of capital and those opting out. These forward-looking statements are based on certain assumptions and reflect our company's current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the risk factors discussed in materials that Thomson Reuters from time to time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. There is no assurance that the return of capital and share consolidation transactions will be completed or that other events described in any forward-looking statement will materialize. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.CONTACTS
MEDIA
Zoe Zanettos
Director, Corporate Affairs
+1 647 202 8948
zoe.zanettos@thomsonreuters.com INVESTORS
Gary E. Bisbee, CFA
Head of Investor Relations 
+1 646 540 3249
gary.bisbee@thomsonreuters.com 



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Original: Thomson Reuters Announces Cash Distribution Per Share and Share Consolidation Ratio for Return of Capital and Share Consolidation Transactions

Thomson Reuters Receives Court Approval for Return of Capital and Share Consolidation TransactionsApril 30, 2026 11:39 AM
PR Newswire (US)

TORONTO, April 30, 2026 /PRNewswire/ -- Thomson Reuters (TSX/Nasdaq: TRI) today announced that the Ontario Superior Court of Justice issued a final order today approving a plan of arrangement to implement the company's proposed return of capital and share consolidation transactions. On April 28, 2026, Thomson Reuters received shareholder approval for the return of capital and share consolidation transactions at its special meeting.







As described in the company's management proxy circular dated March 13, 2026 (the "Circular"), the return of capital and share consolidation transactions consist of a special cash distribution of US$605 million in the aggregate, or approximately US$1.36 per common share (estimated based on the number of common shares issued and outstanding as of the record date for the special meeting and assuming no shareholders opt-out of the return of capital), and a consolidation of the company's outstanding common shares (or "reverse stock split") on a basis that is proportional to the special cash distribution. Timeline/Next Steps The plan of arrangement for the return of capital and share consolidation transactions is subject to final approval by the Toronto Stock Exchange (TSX) and the Nasdaq.If those final approvals are received: Thomson Reuters will determine the actual cash distribution per share and the share consolidation ratio after 4:00pm EDT (Toronto time) on May 1, 2026 based on the number of participating shares, and will issue a news release later that day with applicable information to shareholders; The plan of arrangement will become effective at 3:01 a.m. EDT (Toronto time) on May 4, 2026, and the post-consolidation shares are expected to begin trading on the TSX and Nasdaq under a new CUSIP when markets open that day; As promptly as practicable after the transactions are effective, the company's depositary for the transactions (Computershare Investor Services Inc.) will deliver cash distribution amounts to registered participating shareholders, subject to the terms and conditions of the transactions. The effects of the share consolidation will be reflected in the company's share register. Beneficial or non-registered shareholders participating in the return of capital will receive cash distributions from their intermediary and the effects of the share consolidation will be recorded in their accounts; and Eligible shareholders who duly exercised their right to opt out of the return of capital will not receive the cash distribution. Each opting-out shareholder will still participate in the transactions through a share exchange and the share consolidation, but will continue to hold the same number of shares that it currently holds. Such opting-out shareholders will realize a proportionate increase in their equity and voting interests in the company by virtue of the consolidation of the participating shares under the share consolidation. The opt-out deadline for registered shareholders has passed.Further details of the proposed return of capital and share consolidation transactions are described in the Circular and related materials, which are available on www.thomsonreuters.com/2026specialmeeting. The return of capital and share consolidation documents were previously filed with the Canadian securities regulatory authorities on SEDAR+ and are available at www.sedarplus.ca. The documents were also furnished to the U.S. Securities and Exchange Commission through EDGAR and are available at www.sec.gov.  About Thomson ReutersThomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is the world's leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain statements in this news release are forward-looking within the meaning of applicable Canadian and U.S. securities laws, including the Private Securities Litigation Reform Act of 1995, including statements relating to the completion of the return of capital and share consolidation transactions. These forward-looking statements are based on certain assumptions, including shareholder approval of the transactions, and reflect our company's current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the risk factors discussed in materials that Thomson Reuters from time to time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. There is no assurance that the return of capital and share consolidation transactions will be completed or that other events described in any forward-looking statement will materialize. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.CONTACTS
MEDIA
Zoe Zanettos
Director, Corporate Affairs
+1 647 202 8948
zoe.zanettos@thomsonreuters.com INVESTORS
Gary E. Bisbee, CFA 
Head of Investor Relations 
+1 646 540 3249
gary.bisbee@thomsonreuters.com



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Original: Thomson Reuters Receives Court Approval for Return of Capital and Share Consolidation Transactions

Thomson Reuters to Present at Barclays Americas Select Franchise ConferenceApril 29, 2026 11:00 AM
PR Newswire (US)

TORONTO, April 29, 2026 /PRNewswire/ -- Steve Hasker, president and chief executive officer and Kirsty Roth, chief operations and technology officer of Thomson Reuters (TSX/Nasdaq: TRI) will present at the Barclays Americas Select Franchise Conference on Tuesday May 6, 2026 at 1:30 p.m. BST. The presentation may include forward-looking information.







A video replay will be available an hour following the presentation in the "Investor Relations" section of thomsonreuters.com.Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news. For more information, visit thomsonreuters.com. CONTACTS MEDIA 
Zoe Zanettos 
Director, Corporate Affairs 
+1 647 202 8948 
zoe.zanettos@thomsonreuters.com INVESTORS 
Gary E. Bisbee, CFA 
Head of Investor Relations 
+1 646 540 3249 
gary.bisbee@thomsonreuters.com 



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Original: Thomson Reuters to Present at Barclays Americas Select Franchise Conference

Thomson Reuters Announces Voting Results of Return of Capital and Share Consolidation TransactionsApril 28, 2026 4:56 PM
PR Newswire (US)

TORONTO, April 28, 2026 /PRNewswire/ -- Thomson Reuters (TSX/Nasdaq: TRI) today announced the voting results for its proposed return of capital and share consolidation transactions at its special meeting of shareholders held in-person today.







Shareholders approved a plan of arrangement to implement the company's proposed return of capital and share consolidation transactions. A final report on voting results will be filed by the company with the Canadian securities regulatory authorities and furnished to the U.S. Securities and Exchange Commission. As described in the company's management proxy circular dated March 13, 2026 (the "Circular"), the return of capital and share consolidation transactions consist of a special cash distribution of US$605 million in the aggregate, or approximately US$1.36 per common share (estimated based on the number of common shares issued and outstanding as of the record date for the special meeting and assuming no shareholders opt-out of the return of capital), and a consolidation of the company's outstanding common shares (or "reverse stock split") on a basis that is proportional to the special cash distribution.Timeline/Next StepsThe plan of arrangement for the return of capital and share consolidation transactions is subject to final approval by the Ontario Superior Court of Justice as well as the Toronto Stock Exchange (TSX) and the Nasdaq. The Court hearing for a final order to approve the plan of arrangement is scheduled to take place on April 29, 2026.If those final approvals are received:Thomson Reuters will determine the actual cash distribution per share and the share consolidation ratio after 4:00pm (Toronto time) on May 1, 2026 based on the number of participating shares, and will issue a news release later that day with applicable information to shareholders;The plan of arrangement will become effective at 3:01 a.m. (Toronto time) on May 4, 2026, and the post-consolidation shares are expected to begin trading on the TSX and Nasdaq under a new CUSIP when markets open that day;As promptly as practicable after the transactions are effective, the company's depositary for the transactions (Computershare Investor Services Inc.) will deliver cash distribution amounts to registered participating shareholders, subject to the terms and conditions of the transactions. The effects of the share consolidation will be reflected in the company's share register. Beneficial or non-registered shareholders participating in the return of capital will receive cash distributions from their intermediary and the effects of the share consolidation will be recorded in their accounts; andEligible shareholders who duly exercised their right to opt out of the return of capital will not receive the cash distribution. Each opting-out shareholder will still participate in the transactions through a share exchange and the share consolidation but will continue to hold the same number of shares that it currently holds. Such opting-out shareholders will realize a proportionate increase in their equity and voting interests in the company by virtue of the consolidation of the participating shares under the share consolidation. The opt-out deadline for registered shareholders passed yesterday.Further details of the proposed return of capital and share consolidation transactions are described in the Circular and related materials, which are available on www.thomsonreuters.com/2026specialmeeting. The return of capital and share consolidation documents were previously filed with the Canadian securities regulatory authorities on SEDAR+ and are available at www.sedarplus.ca. The documents were also furnished to the U.S. Securities and Exchange Commission through EDGAR and are available at www.sec.gov.About Thomson ReutersThomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is the world's leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain statements in this news release are forward-looking within the meaning of applicable Canadian and U.S. securities laws, including the Private Securities Litigation Reform Act of 1995, including statements relating to the completion of the return of capital and share consolidation transactions. These forward-looking statements are based on certain assumptions, including shareholder approval of the transactions, and reflect our company's current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the risk factors discussed in materials that Thomson Reuters from time to time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. There is no assurance that the return of capital and share consolidation transactions will be completed or that other events described in any forward-looking statement will materialize. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.CONTACTS
MEDIA
Zoe Zanettos
Director, Corporate Affairs
+1 647 202 8948
zoe.zanettos@thomsonreuters.com INVESTORS
Gary E. Bisbee, CFA
Head of Investor Relations
+1 646 540 3249
gary.bisbee@thomsonreuters.com



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Original: Thomson Reuters Announces Voting Results of Return of Capital and Share Consolidation Transactions

Thomson Reuters Reminds Non-Canadian Taxable Shareholders of "Opt-Out" Alternative for Return of CapitalApril 14, 2026 4:30 PM
PR Newswire (US)

Action is required to opt outOpt-out deadlines vary by intermediary and may be earlier than April 27, 2026TORONTO, April 14, 2026 /PRNewswire/ -- Thomson Reuters (TSX/Nasdaq: TRI) today reminded its shareholders who are taxable in a jurisdiction outside of Canada that they can "opt out" of the company's proposed return of capital. For shareholders who are subject to income tax outside Canada, opting out of the return of capital may be preferable to participating in the return of capital.As described in the company's management proxy circular dated March 13, 2026 (the "Circular"), the proposed return of capital and share consolidation transactions consist of a special cash distribution of US$605 million in the aggregate, or approximately US$1.36 per common share (estimated based on the number of common shares issued and outstanding as of March 6, 2026 and assuming no shareholders opt-out of the return of capital), and a consolidation of the company's outstanding common shares (or "reverse stock split") on a basis that is proportional to the special cash distribution.The return of capital is intended to distribute cash on a basis that is generally expected to be tax-free for Canadian tax purposes. As a result, Canadian resident shareholders are generally not eligible to opt out of the return of capital. Eligibility criteria for opting out of the return of capital is set out below.Opting outWhat happens if you opt out: If you're eligible to opt out of the return of capital and choose to do so, you will not receive the special cash distribution. Each opting-out shareholder will still participate in the proposed transactions through a share exchange and the share consolidation but will continue to hold the same number of shares that it currently holds. Such opting-out shareholders will realize a proportionate increase in their equity and voting interests in the company by virtue of the consolidation of the participating shares under the share consolidation.Process: If you're a non-registered holder (i.e., you hold shares through a bank or broker), follow your bank or broker's instructions if you'd like to opt out of the return of capital. You should contact your bank or broker if you have not received information regarding how to opt out of the return of capital. Registered shareholders should follow instructions sent to them by Computershare Trust Company of Canada, including depositing with Computershare a duly completed opt-out election and certification form prior to 5:00 p.m. EDT on April 27, 2026.Deadline: Any opt-out elections should be completed by the deadline set by your bank/broker or Computershare (depending on whether you're a non-registered or registered holder).If you're not eligible to opt out of the return of capital or are eligible to opt out but decide not to, no action is required to participate in the return of capital.Tax ConsequencesThe Canadian and U.S. tax consequences of the proposed return of capital and share consolidation transactions are complex. Shareholders are encouraged to review the Circular and related materials carefully and to consult their financial, tax and legal advisors before making a decision with respect to the transactions, including any decision to opt out of the return of capital.Conversion and Share Consolidation RatiosPursuant to the terms of the plan of arrangement to implement the return of capital and share consolidation transactions, each issued and outstanding non-participating share will be exchanged for one New Common Share and, after the return of capital to participating shareholders, each issued and outstanding New Common Share will be exchanged for a number of common shares equal to the Conversion Ratio and each issued and outstanding common share will then be consolidated into a number of post-consolidation shares equal to the Share Consolidation Ratio. Accordingly, non-participants in the return of capital will still participate in the share consolidation but will ultimately hold the same number of common shares as prior to the transactions, and participating shareholders will hold a fewer number of common shares to reflect the return of capital received.Below is a description of the Conversion and Share Consolidation Ratios, as well as a numerical example:The "Conversion Ratio" will be calculated as follows:                               1                          
1-(Cash Distribution Per Share / $X) where X is the volume weighted average trading price of Thomson Reuters shares on the Nasdaq for the five trading days on which Thomson Reuters shares trade on the Nasdaq immediately preceding the effective date of the transactions. The "Share Consolidation Ratio" will be calculated as follows:  $X-Cash Distribution Per Share
$X where X is the volume weighted average trading price of Thomson Reuters shares on the Nasdaq for the five trading days on which Thomson Reuters shares trade on the Nasdaq immediately preceding the effective date of the transactions.The Conversion and Share Consolidation Ratios will be fixed after close of business on the last trading day preceding the effective date of the transactions in order to allow Thomson Reuters to consolidate the common shares on a basis that is proportional to the return of capital distribution.The foregoing discussion of the Conversion and Share Consolidation Ratios is intended to provide a general summary only. Shareholders are encouraged to read the Circular in its entirety.Additional information and assistanceTo be eligible to opt out of the return of capital, a shareholder must be an "Eligible Opt-Out Shareholder," which means a shareholder (whether registered or non-registered) who is (a) not a resident of Canada for Canadian federal income tax purposes and is subject to income tax in a jurisdiction other than Canada (and is not exempt from income tax in that jurisdiction) or (b) an individual who is a resident of Canada for Canadian federal income tax purposes and who is also subject to income tax in a jurisdiction other than Canada as a resident of that other jurisdiction (and is not exempt from income tax in that other jurisdiction).Details of the return of capital and share consolidation transactions (including information regarding the opt-out right and tax considerations) are described in the Circular and related materials, which are available on www.thomsonreuters.com in the "Investor Relations" section. The documents were filed with the Canadian securities regulatory authorities on SEDAR+ and are available at www.sedarplus.com. The documents were also furnished to the U.S. Securities and Exchange Commission through EDGAR and are available at www.sec.gov.Registered shareholders who have questions or need assistance may contact Computershare Investor Services Inc. at 1.800.564.6253 (toll-free in Canada and the U.S.) or at 1.514.982.7555 (outside Canada and the U.S.).Non-registered shareholders who hold their shares indirectly through an intermediary (such as an investment dealer, stock broker, bank, trust company or other nominee) should contact their intermediary if they have questions or need assistance.Shareholders who have questions or need assistance may also contact D.F. King & Co., Inc., who is acting as Information Agent for the transactions at 1.800.967.5068 (toll-free in Canada and the U.S.) or at 1.212.561.5870 (outside Canada and the U.S., banks, brokers and collect calls) or at the following email address: tri@dfking.com.About Thomson ReutersThomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is the world's leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain statements in this news release are forward-looking within the meaning of applicable Canadian and U.S. securities laws, including the Private Securities Litigation Reform Act of 1995, including statements relating to the return of capital and share consolidation transactions and the anticipated tax treatment for shareholders participating in the return of capital and those opting out. These forward-looking statements are based on certain assumptions, including shareholder approval of the transactions, and reflect our company's current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the risk factors discussed in materials that Thomson Reuters from time to time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. There is no assurance that the return of capital and share consolidation transactions will be completed or that other events described in any forward-looking statement will materialize. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.CONTACTS
MEDIA
Zoe Zanettos
Director, Corporate Affairs
+1 647 202 8948
zoe.zanettos@thomsonreuters.com INVESTORS
Gary E. Bisbee, CFA
Head of Investor Relations
+1 646 540 3249
gary.bisbee@thomsonreuters.com 










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Original: Thomson Reuters Reminds Non-Canadian Taxable Shareholders of "Opt-Out" Alternative for Return of Capital

Thomson Reuters First Quarter 2026 Earnings Announcement and Webcast Scheduled for May 5, 2026April 1, 2026 11:00 AM
PR Newswire (Canada)

Conference call and webcast scheduled for 9:00 a.m. EDT TORONTO, April 1, 2026 /CNW/ -- Thomson Reuters (TSX/Nasdaq: TRI) announced today its first-quarter 2026 earnings will be issued via news release on Tuesday, May 5, 2026. 







Steve Hasker, president and chief executive officer, Mike Eastwood, chief financial officer, and Gary Bischoping, incoming chief financial officer, will host a conference call and simultaneous webcast that morning at 9:00 a.m. EDT. Discussions may include forward-looking information. You can access the webcast by visiting the Investor Relations section of the Thomson Reuters website. Registration for the webcast is now open. Additionally, an archive of the webcast will be available following the presentation. About Thomson ReutersThomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is the world's leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.CONTACTSMEDIA
Zoe Zanettos
Director, Corporate Affairs
+1 647 202 8948
zoe.zanettos@thomsonreuters.com INVESTORS
Gary E. Bisbee, CFA
Head of Investor Relations
+1 646 540 3249
gary.bisbee@thomsonreuters.com 



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Original: Thomson Reuters First Quarter 2026 Earnings Announcement and Webcast Scheduled for May 5, 2026

Smokeball and Thomson Reuters Partner to Create the Premier Legal Technology EcosystemMarch 25, 2026 10:01 AM
PR Newswire (US)

The partnership connects the business and practice of law for small to mid-size law firms, by bringing together Smokeball's practice management platform and Thomson Reuters CoCounsel Legal.CHICAGO, March 25, 2026 /PRNewswire/ -- Smokeball, the premium cloud-based practice management platform for small to mid-size law firms, and Thomson Reuters, a global content and technology company, today announced a partnership to provide a comprehensive legal technology ecosystem connecting the business and practice of law.







The partnership will combine Smokeball's industry-leading practice management tools and AI matter assistant with Thomson Reuters CoCounsel Legal, the AI solution for authoritative legal research, document analysis, and drafting, into one integrated customer experience. Legal professionals will be able to leverage this partnership to deliver exceptional outcomes for their clients while saving time and reducing administrative tasks.No other combination of technology in the small to mid-size law firm market brings together this depth of legal content and AI capability with this breadth of practice management functionality."CoCounsel Legal is an agentic AI solution purpose-built for legal professionals, and we partnered with Smokeball because they provide a premium practice management software that's already an essential part of the operating stack," said Aaron Rademacher, general manager, Small Law Firms, Thomson Reuters. "Together, we're creating a solution in the market that combines a premium business-of-law platform with industry-leading practice-of-law content and solutions – a combination that simply hasn't existed until now.""Smokeball has always been focused on giving small to mid-sized firms the operational infrastructure to compete at the highest level," said Hunter Steele, CEO, Smokeball. "By partnering with Thomson Reuters, we're connecting the operational layer of running a practice with trusted legal content, analysis, and drafting tools. Our clients will be able to get, do, research, and bill their work in one place—powered by AI that understands both the mechanics of running a firm and the substance of legal work."Partnership DetailsSmokeball and Thomson Reuters are working together to create a seamless pathway for joint customers in the U.S. to access CoCounsel Legal—including Westlaw Advantage and Practical Law Dynamic Tool Set—and Smokeball through the platforms they already rely on.Initially, Thomson Reuters will launch a real-time data connector that syncs legal documents across platforms, allowing Smokeball users to push documents into CoCounsel Legal in bulk rather than uploading them one by one. Documents will flow directly from Smokeball into CoCounsel Legal, saving significant time and reducing the risk of errors or version mismatches.Further phases of integration are underway, with the trajectory pointing toward an experience where joint customers can access Thomson Reuters legal content, AI and know-how tools, combined with up-to-date matter facts and information in one seamless interface.About SmokeballSmokeball is the premium cloud-based practice management platform for small to mid-size law firms. Founded in 2012, with offices in Chicago, Sydney, and London, Smokeball serves law firms across the US, Australia, and the UK, handling case management, document automation, billing, time tracking, calendaring, and client communications. Smokeball's Archie AI Matter Assistant is embedded directly into the platform, delivering real-time document summaries, matter-specific queries, file comparisons, and document drafting using the firm's own data—all within a secure, ring-fenced environment where client data is never shared or used to train external models. Smokeball's user base is predominantly firms of 2–30 people: solo practitioners and small teams who need powerful tools to compete at the highest level. For more information, visit smokeball.com.About Thomson ReutersThomson Reuters (Nasdaq/TSX: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.Media ContactsSmokeball: Katharine Uhrich, katharine.uhrich@smokeball.com, +1.913.961.2902
Thomson Reuters: Jeff McCoy, jeffrey.mccoy@tr.com, +1.763.326.4421  



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Original: Smokeball and Thomson Reuters Partner to Create the Premier Legal Technology Ecosystem

Thomson Reuters Files Documents for Proposed Return of Capital and Share Consolidation TransactionsMarch 13, 2026 7:23 PM
PR Newswire (US)

TORONTO, March 13, 2026 /PRNewswire/ -- Thomson Reuters (TSX/Nasdaq: TRI) today filed its management proxy circular and related documents in connection with the upcoming special meeting at which shareholders will be asked to approve the proposed return of capital and share consolidation transactions, among other items. The management proxy circular and related documents are available online and for pick-up, as set out below.







The transactions consists of a special cash distribution of US$605 million in the aggregate, or approximately US$1.36 per common share (estimated based on the number of common shares issued and outstanding as of the record date and assuming no shareholders opt-out of the return of capital) followed by a consolidation of outstanding common shares (or "reverse stock split") on a basis that is proportional to the special cash distribution. The share consolidation ratio will be based on the volume weighed average trading price of the common shares on the Nasdaq Stock Market LLC ("Nasdaq") for the five trading days immediately prior to the return of capital becoming effective.The proposed return of capital is intended to distribute cash on a basis that is generally expected to be tax-free for Canadian tax purposes. Shareholders who are taxable in a jurisdiction outside of Canada (including taxable U.S. resident shareholders and others) ("Eligible Opt-Out Shareholders") will be able to opt out of the return of capital. This right to opt out is being provided to those shareholders because in jurisdictions other than Canada the tax consequences of not participating in the return of capital may be preferable to those associated with participating in the return of capital. If an Eligible Opt-Out Shareholder chooses to opt out, it will not receive the cash distribution and will continue to hold the same number of shares that it currently holds.Details of the transaction (including information regarding the opt-out right) are described in the management proxy circular and related materials, which are available on thomsonreuters.com in the "Investor Relations" section. The documents were filed with the Canadian securities regulatory authorities on SEDAR+ and are available at www.sedarplus.com. The documents will also be furnished to the U.S. Securities and Exchange Commission through EDGAR and when filed, will be available at www.sec.gov. The documents will also be available for pick-up, free of charge, at Computershare Investor Services Inc.'s offices in Toronto, Montreal, Vancouver and Calgary. Please contact Computershare Investor Services Inc. using the phone numbers set out below for the addresses of those offices.The special meeting of shareholders will be held on Tuesday, April 28, 2026 at 9:00 a.m. EDT (changed from the original planned time of 12:00 p.m.). The meeting will be a webcast on thomsonreuters.com in the "Investor Relations" section. Holders of Thomson Reuters common shares as of 5:00 p.m. EDT on March 6, 2026 are entitled to vote at the meeting.Registered shareholders who have questions or need assistance voting their shares may contact Computershare Investor Services Inc. at 1.800.564.6253 (toll-free in Canada and the U.S.) or at 1.514.982.7555 (outside Canada and the U.S.). Non-registered shareholders who hold their shares indirectly through an intermediary (such as an investment dealer, stock broker, bank, trust company or other nominee) should contact their intermediary if they have questions or need assistance. Shareholders who have questions or need assistance may also contact D.F. King & Co., Inc., who is acting as Information Agent for the transaction, at 1.800.967.5068 (toll-free in Canada and the U.S.) or at 1.212.561.5870 (outside Canada and the U.S., banks, brokers and collect calls) or at the following email address: tri@dfking.com.About Thomson ReutersThomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is the world's leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain statements in this news release are forward-looking within the meaning of applicable Canadian and U.S. securities laws, including the Private Securities Litigation Reform Act of 1995. These statements relating to the return of capital and share consolidation transactions and the anticipated tax treatment for shareholders participating in the return of capital and those opting out. These forward-looking statements are based on certain assumptions, including shareholder approval of the transactions, and reflect our company's current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the risk factors discussed in materials that Thomson Reuters from time to time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. There is no assurance that the return of capital and share consolidation transactions will be completed or that other events described in any forward-looking statement will materialize. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.CONTACTSMEDIA
Zoe Zanettos
Director, Corporate Affairs
+1 647 202 8948
zoe.zanettos@thomsonreuters.com INVESTORS
Gary E. Bisbee, CFA
Head of Investor Relations
+1 646 540 3249
gary.bisbee@thomsonreuters.com 



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Original: Thomson Reuters Files Documents for Proposed Return of Capital and Share Consolidation Transactions

Thomson Reuters to Present at Bank of America 2026 ConferenceMarch 9, 2026 11:00 AM
PR Newswire (US)

TORONTO, March 9, 2026 /PRNewswire/ -- Steve Hasker, president and chief executive officer and Mike Eastwood, chief financial officer of Thomson Reuters (TSX/Nasdaq: TRI) will present at the Bank of America 2026 Information and Business Services Conference on Thursday, March 12, 2026, at 12:15pm EDT. The presentation may include forward-looking information.







A video replay will be available an hour following the presentation in the "Investor Relations" section of thomsonreuters.com. Thomson ReutersThomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.CONTACTSMEDIA
Zoe Zanettos
Director, Corporate Affairs
+1 647 202 8948
zoe.zanettos@thomsonreuters.comINVESTORS
Gary E. Bisbee, CFA
Head of Investor Relations
+1 646 540 3249
gary.bisbee@thomsonreuters.com 



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Original: Thomson Reuters to Present at Bank of America 2026 Conference

Thomson Reuters Files 2025 Annual ReportMarch 5, 2026 5:10 PM
PR Newswire (US)

TORONTO, March 5, 2026 /PRNewswire/ -- Thomson Reuters (TSX/Nasdaq: TRI) today filed its annual report for the year ended December 31, 2025. The annual report contains audited financial statements, management's discussion and analysis (MD&A) and other disclosures.







The annual report is now available in the Investor Relations section of thomsonreuters.com. The annual report was filed with the Canadian securities regulatory agencies and is available at sedarplus.ca. The annual report was also filed with the U.S. Securities and Exchange Commission on Form 40-F and is available at sec.gov.Hard copies of the annual report may be obtained, free of charge, by contacting Thomson Reuters Investor Relations at investor.relations@thomsonreuters.com. Copies may also be requested by writing to Thomson Reuters Investor Relations, 3 Times Square, New York, NY, 10036, United States.Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.CONTACTMEDIA
Zoe Zanettos
Director, Corporate Affairs
+1 647 202 8948
zoe.zanettos@thomsonreuters.comINVESTORS
Gary E. Bisbee, CFA
Head of Investor Relations
+1 646 540 3249
gary.bisbee@thomsonreuters.com



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Original: Thomson Reuters Files 2025 Annual Report

Thomson Reuters Announces Planned CFO TransitionMarch 2, 2026 7:00 AM
PR Newswire (US)

TORONTO, March 2, 2026 /PRNewswire/ -- Thomson Reuters (TSX/Nasdaq: TRI), a global content and technology company, today announced that Mike Eastwood, Chief Financial Officer, will retire from the role following a planned transition. Mr. Eastwood will become Chairman of the Board of the Thomson Reuters Foundation, succeeding Jim Smith, who previously served as President and CEO of Thomson Reuters. Mr. Eastwood will also continue to support the company as advisor to President and CEO, Steve Hasker.







Gary E. Bischoping, Jr., will join the company on April 13, 2026, and will succeed Eastwood as Chief Financial Officer on May 8, 2026."Mike has been a principled and trusted leader for Thomson Reuters, guiding the company through a period of meaningful transformation," said Mr. Hasker. "He strengthened our financial foundation, sharpened our strategic focus, and helped position the company for long term growth. I'm grateful he will continue to advise me and expand his leadership through the Thomson Reuters Foundation."Mr. Bischoping brings more than 30 years of global finance leadership experience. His most recent role was as a Partner at Hellman & Friedman, where he led the firm's Finance Center of Excellence, working with portfolio company leadership teams to strengthen financial operations and governance. Prior to that, he held Chief Financial Officer roles at Finastra and Varian Medical Systems and spent more than 17 years at Dell Technologies in senior finance leadership roles, including divisional CFO and Treasurer."Gary is a proven finance leader with deep experience across global organizations. He brings the right combination of financial rigor, strategic insight, and operational leadership to guide Thomson Reuters through its next chapter — including the opportunities ahead in the AI era," Mr. Hasker added.As part of the transition, both Mr. Eastwood and Mr. Bischoping will participate in the company's first quarter earnings call on May 5, 2026.Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news. For more information, visit tr.com.SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release are forward-looking, including Mr. Hasker's comments. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations, including other factors discussed in materials that Thomson Reuters from time to time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. Many of these risks, uncertainties and assumptions are beyond our company's control and the effects of them can be difficult to predict. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.ContactsMEDIA
Samina Ansari
Director, Corporate Affairs
+1 44 778 852 9542
samina.ansari@tr.comINVESTORS
Gary E. Bisbee
Head of Investor Relations  
+1.646.540.3249 
gary.bisbee@thomsonreuters.com 



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Original: Thomson Reuters Announces Planned CFO Transition

Thomson Reuters to Present at Scotiabank TMT ConferenceFebruary 26, 2026 11:00 AM
PR Newswire (Canada)

TORONTO, Feb. 26, 2026 /CNW/ -- Joel Hron, Chief Technology Officer and Gary Bisbee, Head of Investor Relations at Thomson Reuters (TSX/Nasdaq:TRI) will present at the Scotiabank TMT Conference on March 3, 2026 at 3:15 p.m. EST. The presentation may include forward-looking information.







A video replay will be available an hour following the presentation in the "Investor Relations" section of tr.com.Thomson ReutersThomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.CONTACTSMEDIA
Zoe Zanettos
Director, Corporate Affairs
+1 647 202 8948
zoe.zanettos@thomsonreuters.comINVESTORS
Gary E. Bisbee, CFA
Head of Investor Relations
+1 646 540 3249
gary.bisbee@thomsonreuters.com



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Original: Thomson Reuters to Present at Scotiabank TMT Conference

Thomson Reuters Announces New US$600 Million Share Repurchase Program and US$605 Million Return of Capital and Share Consolidation TransactionsFebruary 25, 2026 7:00 AM
PR Newswire (US)

Up to US$600 million of shares to be repurchased pursuant to amended normal course issuer bidUS$605 million return of capital and share consolidation expected to be completed in MayTORONTO, Feb. 25, 2026 /PRNewswire/ -- Thomson Reuters (TSX/Nasdaq: TRI) today announced that it plans to repurchase up to US$600 million of its common shares under an amended normal course issuer bid (NCIB) that has been approved by the Toronto Stock Exchange (TSX) and that it plans to return US$605 million to shareholders through a return of capital transaction.Amended Normal Course Issuer BidShares will be repurchased for the new US$600 million repurchase program under an amended NCIB. The amended NCIB, which has been accepted by the TSX, will become effective on February 27, 2026. The amended NCIB will increase the maximum number of common shares that may be repurchased by an additional 6 million. Under the amended NCIB, up to 16 million common shares (representing approximately 3.55% of the company's 450,687,724 issued and outstanding shares as of August 12, 2025) may be repurchased between August 19, 2025 (the Effective Date) and August 18, 2026. The NCIB, as originally approved in August 2025, contemplated the repurchase of up to 10 million common shares. To date under the current NCIB, Thomson Reuters has repurchased 6,022,437 common shares for a total cost of approximately US$1.0 billion, representing an average price of US$166.05 per share.Under the amended NCIB, shares may be repurchased on the TSX, the Nasdaq Global Select Market (Nasdaq) and/or other exchanges and alternative trading systems or by such other means as may be permitted by the TSX and/or the Nasdaq or under applicable law. Based on the average daily trading volume on the TSX of 364,105 for the six months preceding the Effective Date (net of repurchases made by TR during that time period), daily purchases are limited to 91,026 common shares, other than block purchase exceptions. Any shares that are repurchased will be cancelled.Prior to its next regularly scheduled quarterly blackout period, Thomson Reuters intends to enter into an automatic share purchase plan (ASPP) with its broker to allow for the purchase of shares under the NCIB during pre-determined times when the company would ordinarily not be permitted to purchase shares due to customary blackout periods or other regulatory restrictions. Purchases under the ASPP are made by the company's broker based upon parameters set by Thomson Reuters when it is not in possession of material non-public information relating to the company or the shares. The ASPP will be entered into in accordance with the requirements of the TSX and applicable Canadian and U.S. securities laws, including Rule 10b5- 1 under the U.S. Exchange Act of 1934, and will terminate when the NCIB expires, unless terminated earlier in accordance with its terms. All purchases made under the ASPP are included in computing the number of shares purchased under the NCIB. Outside of pre-determined blackout periods, shares may be purchased under the NCIB based on management's discretion, in compliance with TSX rules and applicable securities laws.Decisions regarding any future share repurchases will depend on certain factors, such as market conditions, share price and other opportunities to invest capital for growth. Thomson Reuters may elect to suspend or discontinue share repurchases at any time, in accordance with applicable laws.Return of CapitalThomson Reuters will return gross proceeds derived from the May 2024 sales of London Stock Exchange Group shares through a return of capital consisting of a special cash distribution of US$605 million in the aggregate, or approximately US$1.36 in cash per participating share (estimated based on the number of common shares issued and outstanding as of February 24, 2026 and assuming no shareholders opt-out of the return of capital transaction), followed by a share consolidation, or "reverse stock split", which will reduce the number of common shares on a basis that is proportional to the special cash distribution. To that end, the share consolidation ratio will be based on the volume weighed average trading price of the common shares on the Nasdaq Stock Market LLC for the five trading days immediately prior to the transactions becoming effective.The proposed return of capital is intended to distribute cash on a basis that is generally expected to be tax-free for Canadian tax purposes. Taxable non-Canadian resident shareholders (which include taxable U.S. resident shareholders and others) will be able to opt out of the return of capital. This right to opt out is being provided to those shareholders because in jurisdictions other than Canada the tax consequences of not participating in the return of capital may be preferable to those associated with participating in the return of capital. A taxable non-Canadian resident shareholder that chooses to opt out will not receive the special cash distribution and will continue to hold the same number of Thomson Reuters shares that they currently hold. Taxable non-Canadian resident shareholders are strongly urged to read the management proxy circular and other related materials carefully and to consult with their financial, tax and legal advisors prior to making any decision with respect to the return of capital and share consolidation transactions.Shareholders will be asked to approve the proposed return of capital and share consolidation transactions at a special meeting of shareholders of Thomson Reuters to be held on Tuesday, April 28, 2026 at 12:00 p.m. (Toronto time). The proposed transactions require approval by at least two-thirds of the votes cast at the shareholder meeting. The board of directors of the company is unanimously recommending that shareholders vote in favor. Woodbridge has indicated that it plans to do so and, accordingly, it is expected that the shareholder vote will pass. The proposed transactions also require the approval of the Ontario Superior Court of Justice (Commercial List). If shareholder and court approval are obtained, Thomson Reuters expects to effect the proposed transactions in early May.Full details of the proposed return of capital and share consolidation transactions will be described in the company's management proxy circular and other related materials. Those documents are expected to be mailed or otherwise distributed to shareholders, filed with applicable Canadian securities regulatory authorities and made available without charge on SEDAR+ at www.sedarplus.ca and made available without charge on EDGAR at www.sec.gov, and posted on the company's website at tr.com, in mid-March.Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain statements in this news release are forward-looking statements within the meaning of Canadian and U.S. securities laws, including statements relating to the company's plans to repurchase up to US$600 million of its common shares; the timing for the approval and implementation of the return of capital and share consolidation transactions, and the filing of materials related thereto; and the anticipated tax treatment for shareholders participating in the return of capital and share consolidation transactions and those opting out of the return of capital. These forward-looking statements are based on certain assumptions and reflect our company's current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including other factors discussed in materials that Thomson Reuters from time to time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. There is no assurance that the return of capital and share consolidation transactions will be completed or that other events described in any forward-looking statement will materialize. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.CONTACTSMEDIASamina AnsariDirector, Corporate Affairs+1 447788529542samina.ansari@tr.comINVESTORSGary Bisbee, CFAHead of Investor Relations+1 646 540 3249gary.bisbee@tr.com 










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Original: Thomson Reuters Announces New US$600 Million Share Repurchase Program and US$605 Million Return of Capital and Share Consolidation Transactions

One Million Professionals Turn to CoCounsel as Thomson Reuters Scales AI for Regulated IndustriesFebruary 24, 2026 8:00 AM
PR Newswire (US)

Milestone Signals Shift from AI Pilots to Production Systems and Previews the Next Generation of CoCounsel LegalTORONTO, Feb. 24, 2026 /PRNewswire/ -- Thomson Reuters (TSX/Nasdaq: TRI), a global content and technology company, today announced one million professionals have chosen CoCounsel, the company's professional-grade AI technology, across 107 countries and territories. The milestone reflects a broader transition underway across high-stakes industries including legal, risk, compliance, tax, accounting, audit and global trade professionals. AI is moving from experimentation to production. Rather than standalone tools, firms are embedding AI directly into daily workflows where accuracy, sourcing, and data protection are essential.







General-purpose AI can generate plausible answers. Regulated professionals, however, need AI that withstands review in courtrooms, audits, and regulatory proceedings.These systems need to retrieve authoritative sources, verify citations, and apply jurisdiction-specific rules.CoCounsel fulfills those requirements, powering intelligent capabilities across the company's portfolio—including CoCounsel Legal, CoCounsel Tax and Audit, and ONESOURCE+. It integrates into the tools professionals already use, analyzes licensed content refined over 175 years, incorporates expert-developed validation logic, and delivers structured, citation-backed outputs. Customer data remains protected and is not repurposed to train third-party models. More than 4,500 Thomson Reuters subject matter experts contribute to the validation and continuous refinement of CoCounsel's outputs across legal, tax, and compliance domains."Professionals are not deciding whether to use AI anymore. They are deciding which AI they trust when their reputation and their clients' data are on the line," said Steve Hasker, President and Chief Executive Officer, Thomson Reuters. "CoCounsel is built for moments when being almost right is not good enough. It is grounded in decades of authoritative content, validated by domain experts, and backed by a clear commitment that customer data remains theirs. That is why one million professionals rely on CoCounsel.""When the work matters, the AI must be professional grade. Professionals need systems that can complete sophisticated work within the standards they are accountable to every day. That's the gap between CoCounsel and everything else," added David Wong, Chief Product Officer, Thomson Reuters. "One million CoCounsel users across 100+ countries and territories reflects a shared global consensus."Built for Regulated Work
CoCounsel's adoption reflects design decisions tailored to professional environments:Licensed, authoritative content. Outputs are grounded in editorially enhanced legal and tax sources, not scraped public data.Expert validation. Domain specialists shape workflow logic and quality standards in areas where errors carry consequences.Workflow integration. CoCounsel operates inside research, drafting, and compliance platforms enabling task execution within established professional systems.Data boundaries by design. Thomson Reuters does not repurpose customer inputs to train third-party models or generate outputs for other users.Multi-model architecture with governance. Thomson Reuters works with leading frontier models, including Anthropic's Claude, OpenAI's GPT and Google's Gemini, alongside proprietary AI technology and structured datasets to maintain performance control and system-level oversight.From Tool to Execution Layer
In legal, tax, audit, and compliance workflows, AI must retrieve relevant authority, analyze structured and unstructured information, apply jurisdictional rules, and generate outputs that stand under review. That requires vertically integrated systems.CoCounsel functions as an execution layer embedded within professional platforms, combining foundation models, proprietary AI engineering, proprietary content, and domain expertise to complete multi-step workflows end to end.The next generation of CoCounsel Legal, entering beta soon, is designed around conversational task execution. Soon, legal professionals within law firms and corporations, will be able to describe an objective as they would brief a colleague. CoCounsel will build a plan, retrieve authority from Westlaw and Practical Law, search relevant user documents and precedent, analyze the material, verify that citations remain in good law, and deliver structured work product within a single system. Additional next-generation capabilities within CoCounsel Tax and ONESOURCE+ are planned for later in 2026.As AI becomes embedded in professional systems, the defining question is not how quickly it can produce text, but whether it can support work that carries legal or financial consequences.With one million professionals relying on CoCounsel, Thomson Reuters is not participating in the AI race. It is defining how AI operates in the world's highest-stakes work.About Thomson Reuters 
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news. For more information, visit thomsonreuters.com/cocounsel.  Media contact 
Ali Hughes, Director, Technology and Innovation Communications 
Ali.Hughes@tr.com Notes to Editors Product scope: CoCounsel is the AI technology underpinning generative and agentic capabilities across Thomson Reuters legal, tax, accounting, audit, risk, compliance, and corporate solutions. Recent product update: Over the past year, Thomson Reuters has launched dozens of CoCounsel-powered capabilities across research, drafting, analysis, compliance, and workflow automation, including Deep Research and Ready to Review. Model Strategy: Thomson Reuters works with leading model providers and is developing a proprietary large language model designed specifically for professional and regulated use cases. Investment: Thomson Reuters continues to invest significant capital in AI development and acquisitions, reinforcing long-term commitment to professional-grade AI without raising external capital. 



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Original: One Million Professionals Turn to CoCounsel as Thomson Reuters Scales AI for Regulated Industries

Thomson Reuters Reports Fourth-Quarter and Full-Year 2025 ResultsFebruary 5, 2026 6:30 AM
PR Newswire (US)

TORONTO, Feb. 5, 2026 /PRNewswire/ -- Thomson Reuters (TSX/Nasdaq: TRI) today reported results for the fourth quarter and full year ended December 31, 2025: 







Solid revenue momentum continued in the fourth quarter and full year 2025Full-year total company revenues up 3% / organic revenues up 7%Fourth-quarter total company revenues up 5% / organic revenues up 7%Organic revenues up 9% for the "Big 3" segments (Legal Professionals, Corporates and Tax, Audit & Accounting Professionals) in the fourth quarter and full yearMet full-year 2025 outlook for organic revenue growth and adjusted EBITDA margin for total company and "Big 3"; Met free cash flow outlookFull-year 2026 outlook anticipates organic revenue growth of approximately 7.5% - 8.0% and adjusted EBITDA margin expansion of approximately 100 basis points from 39.2% in 2025Increased annualized dividend by 10% to $2.62 per common share (33rd consecutive annual increase)"Our fourth-quarter results capped a year of important progress for Thomson Reuters," said Steve Hasker, President and CEO of Thomson Reuters. "We are seeing tangible benefits from our continued investments in AI, accelerating our pace of product innovation and leveraging technology to reimagine how we work. As we move into 2026, we will continue to scale our agentic capabilities to deliver greater speed, clarity, and confidence for our customers – further demonstrating the value of professional-grade tools built on quality content and deep subject-matter expertise." Hasker added, "We remain focused on allocating capital to drive long-term shareholder value creation. Last year we executed several strategic acquisitions and continued to return capital to shareholders, enabling us to enter this year with a stronger and more strategically aligned portfolio with improved growth prospects."Consolidated Financial Highlights - Three Months Ended December 31
Three months ended December 31,

(Millions of U.S. dollars, except for EPS)

(unaudited)












IFRS Financial Measures(1)
2025
2024
Change



Revenues
$2,009
$1,909
5 %



Operating profit
$540
$722
-25 %



Diluted earnings per share (EPS)
$0.74
$1.30
-43 %



Net cash provided by operating activities
$756
$564
35 %














Non-IFRS Financial Measures(1)
2025
2024
Change
Change at
Constant
Currency

Revenue growth in constant currency






5 %

Organic revenue growth






7 %

Adjusted EBITDA
$777
$718
8 %
8 %

Adjusted EBITDA margin
38.7 %
37.6 %
110bp
140bp

Adjusted EPS
$1.07
$1.01
6 %
7 %

Free cash flow
$581
$425
38 %














(1) In addition to results reported in accordance with International Financial Reporting Standards (IFRS), the company uses certain non-
IFRS financial measures as supplemental indicators of its operating performance and financial position. See the "Non-IFRS Financial
Measures" section and the tables appended to this news release for additional information on these and other non-IFRS financial
measures, including how they are defined and reconciled to the most directly comparable IFRS measures.
Revenues increased 5% due to 6% growth in recurring revenues (84% of total revenues) and 11% growth in transactions revenues, partly offset by a 6% decline in Global Print. Total company revenue growth was negatively impacted by net acquisitions and disposals of 3%. Foreign currency had a slightly positive impact on revenue growth.   Organic revenues increased 7% reflecting 9% growth in recurring revenues, 8% growth in transactions revenues and a 6% decline in Global Print.The company's "Big 3" segments reported organic revenue growth of 9% and collectively comprised 82% of total revenues.Operating profit decreased 25% primarily due to other operating gains in the prior-year period substantially related to the sale of FindLaw, as well as higher amortization of software in the current period. These items more than offset the net impact of higher revenues and operating expenses.      Adjusted EBITDA, which excludes other operating gains, amortization of software, as well as other adjustments, increased 8% and the related margin increased to 38.7% from 37.6% in the prior-year period, primarily due to higher operating leverage. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 30 basis points.Diluted EPS decreased to $0.74 per share compared to $1.30 per share in the prior-year period primarily due to lower operating profit. Additionally, the prior-year period also included currency benefits reflected in other finance costs or income. Adjusted EPS, which excludes net other operating gains, other finance costs or income, as well as other adjustments, increased to $1.07 per share compared to $1.01 per share in the prior-year period, primarily due to higher adjusted EBITDA, partly offset by higher amortization of internally developed software and interest expense.  Net cash provided by operating activities increased by $192 million as higher cash benefits from the net impact of higher revenues and operating expenses and certain component changes in working capital were partly offset by higher income tax payments.  Free cash flow increased by $156 million as higher net cash provided by operating activities was partly offset by lower cash flows from other investing activities, which included a cash flow benefit in the prior-year period.  Highlights by Customer Segment – Three Months Ended December 31
(Millions of U.S. dollars)

(unaudited)



Three months ended
December 31,
Change



2025
2024
TotalConstant
Currency(1)
Organic(1)(2)

Revenues











Legal Professionals
$738
$729
1 %
1 %
9 %

Corporates
496
458
8 %
7 %
9 %

Tax, Audit & Accounting Professionals
414
366
13 %
13 %
11 %

"Big 3" Segments Combined(1)
1,648
1,553
6 %
5 %
9 %

Reuters
232
218
7 %
6 %
5 %

Global Print
136
144
-6 %
-6 %
-6 %

Eliminations/Rounding
(7)
(6)







Total Revenues
$2,009
$1,909
5 %
5 %
7 %














Adjusted EBITDA(1)











Legal Professionals
$327
$299
9 %
9 %



Corporates
160
153
4 %
4 %



Tax, Audit & Accounting Professionals
222
196
14 %
13 %



"Big 3" Segments Combined(1)
709
648
9 %
9 %



Reuters
48
45
7 %
12 %



Global Print
54
55
-2 %
-2 %



Corporate costs
(34)
(30)
n/a
n/a



Total Adjusted EBITDA
$777
$718
8 %
8 %
















Adjusted EBITDA Margin(1)











Legal Professionals
44.3 %
41.0 %
330bp
350bp



Corporates
32.2 %
33.5 %
-130bp
-70bp



Tax, Audit & Accounting Professionals
53.6 %
53.4 %
20bp
0bp



"Big 3" Segments Combined(1)
43.0 %
41.7 %
130bp
150bp



Reuters
21.0 %
20.8 %
20bp
140bp



Global Print
39.6 %
38.2 %
140bp
160bp



Total Adjusted EBITDA Margin
38.7 %
37.6 %
110bp
140bp
















(1) See the "Non-IFRS Financial Measures" section and the tables appended to this news release for additional information on these and
other non-IFRS financial measures. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value
adjustments related to acquired deferred revenue.

(2) Computed for revenue growth only.











n/a: not applicable










Unless otherwise noted, all revenue growth comparisons by customer segment in this news release are at constant currency (which excludes the impact of foreign currency) as the company believes this provides the best basis to measure performance. Legal Professionals Revenues increased 1% despite the disposal of FindLaw in the prior-year period, which negatively impacted recurring and transactions revenue growth. Organic revenue growth was 9%.Recurring revenues increased 1% (97% of total, increased 8% organic). Organic revenue growth was primarily driven by Westlaw, CoCounsel and Practical Law.Transactions revenues were essentially unchanged (3% of total, increased 28% organic).Adjusted EBITDA increased 9% to $327 million.The margin increased to 44.3% from 41.0% primarily reflecting higher operating leverage as well as the disposal of the lower margin FindLaw business in the prior-year period.Corporates Revenues increased 7% despite a negative impact from the sale of certain non-core businesses. Organic revenues increased 9%.Recurring revenues increased 7% (88% of total, increased 9% organic). Organic revenue growth was primarily driven by Indirect Tax, Direct Tax, Westlaw, Practical Law, Pagero and the segment's international businesses.Transactions revenues increased 7% (12% of total, all organic). Organic revenue growth was primarily driven by increases in Indirect Tax, Global Trade and the segment's international businesses.Adjusted EBITDA increased 4% to $160 million and the margin decreased to 32.2% from 33.5%. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 60 basis points.Tax, Audit & Accounting Professionals Revenues increased 13%, including the acquisition impact of SafeSend which was reflected in transactions revenues. Organic revenue growth was 11%.Recurring revenues increased 12% (86% of total, all organic). Organic revenue growth was primarily driven by UltraTax, CoCounsel and the segment's Latin America business.Transactions revenues increased 19% (14% of total, increased 3% organic). Organic revenue growth was primarily driven by SafeSend and the segment's international businesses.Adjusted EBITDA increased 14% to $222 million and the margin increased to 53.6% from 53.4%. The Tax, Audit & Accounting Professionals segment is the company's most seasonal business with approximately 60% of full-year revenues typically generated in the first and fourth quarters. As a result, the margin performance of this segment has been generally higher in the first and fourth quarters as costs are typically incurred in a more linear fashion throughout the year.ReutersRevenues increased 6% (5% organic), primarily due to higher generative AI related transactional content licensing revenue in the Agency business, as well as a contractual price increase from the company's news agreement with the Data & Analytics business of London Stock Exchange Group (LSEG).Adjusted EBITDA increased 7% to $48 million and the margin increased to 21.0% from 20.8%.Global Print Revenues decreased 6%, all organic, driven by lower shipment volumes.Adjusted EBITDA decreased 2% to $54 million, and the margin increased to 39.6% from 38.2% reflecting lower expenses.Corporate CostsCorporate costs were $34 million compared to $30 million in the prior-year period.Consolidated Financial Highlights – Year Ended December 31
Year ended December 31,

(Millions of U.S. dollars, except for EPS)

(unaudited)












IFRS Financial Measures(1)
2025
2024
Change



Revenues
$7,476
$7,258
3 %



Operating profit
$2,132
$2,109
1 %



Diluted EPS
$3.33
$4.89
-32 %



Net cash provided by operating activities
$2,651
$2,457
8 %














Non-IFRS Financial Measures(1)
2025
2024
Change
Change at
Constant
Currency

Revenue growth in constant currency






3 %

Organic revenue growth






7 %

Adjusted EBITDA
$2,936
$2,779
6 %
5 %

Adjusted EBITDA margin
39.2 %
38.2 %
100bp
80bp

Adjusted EPS
$3.92
$3.77
4 %
4 %

Free cash flow
$1,950
$1,828
7 %














(1) In addition to results reported in accordance with IFRS, the company uses certain non-IFRS financial measures as supplemental
indicators of its operating performance and financial position. See the "Non-IFRS Financial Measures" section and the tables appended to
this news release for additional information on these and other non-IFRS financial measures, including how they are defined and
reconciled to the most directly comparable IFRS measures.
Revenues increased 3% due to 3% growth in recurring revenues (81% of total revenues) and 5% growth in transactions revenues, partly offset by a 6% decline in Global Print. Total company revenue growth was negatively impacted by net acquisitions and disposals of 4%. Foreign currency had no impact on revenue growth.   Organic revenues increased 7% reflecting 9% growth in recurring revenues, 4% growth in transactions revenues and a 5% decline in Global Print.The company's "Big 3" segments reported organic revenue growth of 9% and collectively comprised 82% of total revenues.Operating profit increased 1% primarily driven by the net impact of higher revenues and operating expenses, partially offset by higher amortization of software.        Adjusted EBITDA, which excludes amortization of software, as well as other adjustments, increased 6% and the related margin increased to 39.2% from 38.2%, primarily due to higher operating leverage. Foreign currency contributed 20 basis points to the year-over-year change in adjusted EBITDA margin.Diluted EPS decreased to $3.33 per share compared to $4.89 per share in the prior year primarily because the prior-year period included a $468 million or a $1.04 per share non-cash tax benefit related to tax legislation enacted in Canada.Adjusted EPS, which excludes the non-cash tax benefit, as well as other adjustments, increased to $3.92 per share compared to $3.77 per share in the prior year, primarily due to higher adjusted EBITDA, partly offset by higher amortization of internally developed software, income tax expense and interest expense.  Net cash provided by operating activities increased by $194 million as higher cash benefits from the net impact of higher revenues and operating expenses and certain component changes in working capital were partly offset by higher income tax payments.Free cash flow increased by $122 million as higher net cash provided by operating activities was partly offset by higher capital expenditures and lower cash flows from other investing activities.Highlights by Customer Segment – Year Ended December 31
(Millions of U.S. dollars)

(unaudited)



Year ended
December 31,
Change



2025
2024
TotalConstant
Currency(1)
Organic(1)(2)

Revenues











Legal Professionals
$2,868
$2,922
-2 %
-2 %
8 %

Corporates
1,987
1,844
8 %
7 %
9 %

Tax, Audit & Accounting Professionals
1,302
1,165
12 %
13 %
11 %

"Big 3" Segments Combined(1)
6,157
5,931
4 %
4 %
9 %

Reuters
853
832
3 %
2 %
1 %

Global Print
490
519
-6 %
-5 %
-5 %

Eliminations/Rounding
(24)
(24)







Total Revenues
$7,476
$7,258
3 %
3 %
7 %














Adjusted EBITDA(1)











Legal Professionals
$1,356
$1,302
4 %
3 %



Corporates
716
671
7 %
6 %



Tax, Audit & Accounting Professionals
623
527
18 %
19 %



"Big 3" Segments Combined(1)
2,695
2,500
8 %
7 %



Reuters
174
196
-11 %
-11 %



Global Print
185
188
-2 %
-2 %



Corporate costs
(118)
(105)
n/a
n/a



Total Adjusted EBITDA
$2,936
$2,779
6 %
5 %
















Adjusted EBITDA Margin(1)











Legal Professionals
47.3 %
44.6 %
270bp
250bp



Corporates
36.0 %
36.3 %
-30bp
-30bp



Tax, Audit & Accounting Professionals
47.1 %
45.2 %
190bp
150bp



"Big 3" Segments Combined(1)
43.6 %
42.1 %
150bp
130bp



Reuters
20.4 %
23.6 %
-320bp
-290bp



Global Print
37.7 %
36.2 %
150bp
120bp



Total Adjusted EBITDA Margin
39.2 %
38.2 %
100bp
80bp
















(1) See the "Non-IFRS Financial Measures" section and the tables appended to this news release for additional information on these and
other non-IFRS financial measures. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value
adjustments related to acquired deferred revenue.

(2) Computed for revenue growth only.











n/a: not applicable










2026 Outlook The company's outlook for 2026 in the table below assumes constant currency rates and does not factor in the impact of any future acquisitions or dispositions that may occur during the year. Thomson Reuters believes that this type of guidance provides useful insight into the anticipated performance of its businesses.The company expects its first-quarter 2026 organic revenue growth to be approximately 7% and its adjusted EBITDA margin to be approximately 42%.The company's 2026 outlook is forward-looking information that is subject to risks and uncertainties (see "Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions"). In particular, the company continues to operate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth and an evolving interest rate and inflationary backdrop. Any worsening of the global economic or business environment, among other factors, could impact the company's ability to achieve its outlook.Reported Full-Year 2025 Results and Full-Year 2026 OutlookTotal Thomson ReutersFY 2025ReportedFY 2026OutlookTotal Revenue Growth3%(2)7.5% - 8.0%Organic Revenue Growth(1)7 %7.5% - 8.0%Adjusted EBITDA Margin(1)39.2 %+100bps vs 2025Corporate Costs$118 million$115 - $125 millionFree Cash Flow(1)$1.95 billion~ $2.1 billionAccrued Capex as % of Revenues(1)8.2 %~ 8.0%Depreciation & Amortization of Software    Depreciation & Amortization of Internally Developed Software    Amortization of Acquired Software$832 million$626 million$206 million$890- $910 million$680 - $690 million$210 - $220 millionNet Interest Expense$143 million$150 - $160 millionEffective Tax Rate on Adjusted Earnings(1)18.5 %~ 19%"Big 3" Segments(1)FY 2025ReportedFY 2026OutlookTotal Revenue Growth  4%(2)~ 9.5%Organic Revenue Growth 9 %~ 9.5%Adjusted EBITDA Margin 43.6 %+100bps vs 2025

(1)Non-IFRS financial measures. See the "Non-IFRS Financial Measures" section below as well as the tables appended to this news release for more information.(2)Total revenue growth reflects the impact of the disposals of FindLaw and other non-core businesses in December 2024.The information in this section is forward-looking. Actual results, which will include the impact of currency, future acquisitions and dispositions completed during 2026, and macroeconomic events outside of the company's control may differ materially from the company's 2026 outlook. The information in this section should also be read in conjunction with the section below entitled "Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions." The company's 2026 outlook is also based on certain assumptions described in the cross-referenced section, which the company believes are reasonable in the circumstances, and is subject to a number of risks, including those specifically identified in the cross-referenced section and those facing the company generally.Segment Name Changes As reflected in this earnings release, the company changed the names of its Tax & Accounting Professionals segment to Tax, Audit & Accounting Professionals and its Reuters News segment to Reuters to reflect the broader scope of the activities in each of the respective segments. These name changes did not change the segments' composition or the measurement of the segments' results as previously or currently reported.Dividends and Common Shares OutstandingThe company announced today that its Board of Directors approved a 10% or $0.24 per share annualized increase in the dividend to $2.62 per common share, representing the 33rd consecutive year of dividend increases and the fifth consecutive 10% increase. A quarterly dividend of $0.655 per share is payable on March 10, 2026 to common shareholders of record as of February 17, 2026.Thomson Reuters had approximately 445.0 million common shares outstanding as of February 3, 2026.$1.0 Billion Share Repurchase Program  In August 2025, the company announced its plan to repurchase up to $1.0 billion of its common shares under a  Normal Course Issuer Bid that was approved by the Toronto Stock Exchange (TSX). In late October 2025, the company completed the program by repurchasing 6.0 million of its common shares.Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.NON-IFRS FINANCIAL MEASURESThomson Reuters prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). This news release includes certain non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, such as adjusted EBITDA (other than at the customer segment level) and the related margin, free cash flow, adjusted earnings and the effective tax rate on adjusted earnings, adjusted EPS, accrued capital expenditures expressed as a percentage of revenues, net debt and leverage ratio of net debt to adjusted EBITDA, selected measures excluding the impact of foreign currency, changes in revenues computed on an organic basis as well as all financial measures for the "Big 3" segments. The company modified its definition of net debt to account for interest rate swap arrangements entered into during the third quarter of 2025. The change did not have a material impact on its calculation of net debt.Thomson Reuters uses these non-IFRS financial measures as supplemental indicators of its operating performance and financial position as well as for internal planning purposes and the company's business outlook. Additionally, Thomson Reuters uses non-IFRS measures as the basis for management incentive programs. These measures do not have any standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the appended tables. The company's outlook contains various non-IFRS financial measures. The company believes that providing reconciliations of forward-looking non-IFRS financial measures in its outlook would be potentially misleading and not practical due to the difficulty of projecting items that are not reflective of ongoing operations in any future period. The magnitude of these items may be significant. Consequently, for purposes of its outlook only, the company is unable to reconcile these non-IFRS measures to the most directly comparable IFRS measures because it cannot predict, with reasonable certainty, the impacts of changes in foreign exchange rates which impact (i) the translation of its results reported at average foreign currency rates for the year, and (ii) other finance income or expense related to intercompany financing arrangements. Additionally, the company cannot reasonably predict the occurrence or amount of other operating gains and losses that generally arise from business transactions that the company does not currently anticipate.ROUNDINGOther than EPS, the company reports its results in millions of U.S. dollars, but computes percentage changes and margins using whole dollars to be more precise. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL RISKS AND MATERIAL ASSUMPTIONSCertain statements in this news release, including, but not limited to, statements in Mr. Hasker's comments and the "2026 Outlook" section, are forward-looking. The words "will", "expect", "believe", "target", "estimate", "could", "should", "intend", "predict", "project" and similar expressions identify forward-looking statements. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond the company's control and the effects of them can be difficult to predict.Some of the material risk factors that could cause actual results or events to differ materially from those expressed in or implied by forward-looking statements in this news release include, but are not limited to, those discussed on pages 16-27 in the "Risk Factors" section of the company's 2024 annual report. These and other risk factors are discussed in materials that Thomson Reuters from time-to-time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (SEC). Thomson Reuters' annual and quarterly reports are also available in the "Investor Relations" section of tr.com.The company's business 2026 outlook is based on information currently available to the company and is based on various external and internal assumptions made by the company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the company believes are appropriate under the circumstances. Material assumptions and material risks may cause actual performance to differ from the company's expectations underlying its business outlook. In particular, the global economy has experienced substantial disruption due to concerns regarding economic effects associated with the macroeconomic backdrop and ongoing geopolitical risks. The company's business outlook assumes that uncertain macroeconomic and geopolitical conditions will continue to disrupt the economy and cause periods of volatility, however, these conditions may last substantially longer than expected and any worsening of the global economic or business environment could impact the company's ability to achieve its outlook and affect its results and other expectations. Material assumptions related to the company's revenue outlook are that uncertain macroeconomic and geopolitical conditions will continue to disrupt the economy and cause periods of volatility; there will be a continued need for trusted products and services that help customers navigate evolving and complex legal, tax, audit, accounting, regulatory, geopolitical and commercial changes, developments and environments, and for cloud-based digital tools that drive productivity; Thomson Reuters will have a continued ability to deliver innovative products that meet evolving customer demands; the company will acquire new customers through expanded and improved digital platforms, simplification of the product portfolio and through other sales initiatives; and the company will improve customer retention through commercial simplification efforts and customer service improvements. Material assumptions related to the company's adjusted EBITDA margin outlook are its ability to achieve revenue growth targets; the company's business mix continues to shift to higher-growth product offerings; and integration expenses associated with recent acquisitions will reduce margins. Material assumptions related to the company's free cash flow outlook are its ability to achieve its revenue and adjusted EBITDA margin targets; and accrued capital expenditures approximate the percentage of revenues as set forth in the company's outlook. Material assumptions related to the company's effective tax rate on adjusted earnings outlook are its ability to achieve its adjusted EBITDA target; the mix of taxing jurisdictions where the company recognized pre-tax profit or losses in 2025 does not significantly change; no unexpected changes in tax laws or treaties within the jurisdictions where the company operates; no significant charges or benefits from the finalization of prior tax years; depreciation and amortization of internally developed software as set forth in the company's outlook; and net interest expense as set forth in the company's outlook. Material risks related to the company's revenue outlook are that ongoing geopolitical instability and uncertainty regarding interest rates and inflation, continue to impact the global economy. The severity and duration of any one, or a combination, of these conditions could impact the global economy and lead to lower demand for our products and services (beyond our assumption that these disruptions will cause periods of volatility); uncertainty in the legal regulatory regime relating to artificial intelligence (AI) has made it difficult for the company to predict the risks associated with the use of AI in its businesses and products. Future legislation may make it harder for the company to conduct its business using AI, lead to regulatory fines or penalties, require it to change its product offerings or business practices or prevent or limit its use of AI; demand for the company's products and services could be reduced by changes in customer buying patterns or in its inability to execute on key product design or customer support initiatives; competitive pricing actions and product innovation could impact the company's revenues; and the company's sales, commercial simplification and product initiatives may be insufficient to retain customers or generate new sales. Material risks related to the company's adjusted EBITDA margin outlook are the same as the risks above related to the revenue outlook; higher than expected inflation may lead to greater than anticipated increase in labor costs, third-party supplier costs and costs of print materials; and acquisition and disposal activity may dilute the company's adjusted EBITDA margin. Material risks related to the company's free cash flow outlook are the same as the risks above related to the revenue and adjusted EBITDA margin targets; a weaker macroeconomic environment could negatively impact working capital performance, including the ability of the company's customers to pay; capital expenditures may be higher than currently expected; and the timing and amount of tax payments to governments may differ from the company's expectations. Material risks related to the company's effective tax rate on adjusted earnings outlook are the same as the risks above related to adjusted EBITDA; a material change in the geographical mix of the company's pre-tax profits and losses; a material change in current tax laws or treaties to which the company is subject, and did not expect; resolution of tax audits may cause material changes to assessments of uncertain tax positions as compared to current estimates; and depreciation and amortization of internally developed software as well as net interest expense may be significantly higher or lower than expected. The company has provided an outlook for the purpose of presenting information about current expectations for the period presented. This information may not be appropriate for other purposes. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements. CONTACTS MEDIASamina AnsariDirector, Corporate Affairs+1 44 778 852 9542samina.ansari@tr.com INVESTORSGary Bisbee, CFAHead of Investor Relations+1 646 540 3249gary.bisbee@tr.comThomson Reuters will webcast a discussion of its fourth-quarter and full-year 2025 results and its 2026 business outlook today beginning at 8:30 a.m. Eastern Standard Time (EST). You can access the webcast by visiting ir.tr.com. An archive of the webcast will be available following the presentation.  Thomson Reuters CorporationConsolidated Income Statement(millions of U.S. dollars, except per share data)(unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024CONTINUING OPERATIONS






Revenues$2,009
$1,909
$7,476
$7,258Operating expenses(1,231)
(1,183)
(4,578)
(4,471)Depreciation(28)
(26)
(111)
(113)Amortization of software(187)
(160)
(721)
(618)Amortization of other identifiable intangible assets(25)
(22)
(98)
(91)Other operating gains, net2
204
164
144Operating profit540
722
2,132
2,109Finance costs, net:






   Net interest expense(40)
(28)
(143)
(125)   Other finance (costs) income(4)
53
(55)
45Income before tax and equity method investments496
747
1,934
2,029Share of post-tax (losses) earnings in equity method investments(5)
(5)
(28)
40Tax (expense) benefit(158)
(135)
(423)
123Earnings from continuing operations333
607
1,483
2,192(Loss) earnings from discontinued operations, net of tax(1)
(20)
19
15Net earnings$332
$587
$1,502
$2,207Earnings (loss) attributable to:






   Common shareholders$332
$587
$1,502
$2,210   Non-controlling interests-
-
-
(3)







Earnings per share:






Basic earnings (loss) per share:






   From continuing operations$0.75
$1.35
$3.29
$4.86   From discontinued operations(0.01)
(0.05)
0.05
0.03Basic earnings per share$0.74
$1.30
$3.34
$4.89Diluted earnings (loss) per share:






   From continuing operations$0.75
$1.34
$3.29
$4.85   From discontinued operations(0.01)
(0.04)
0.04
0.04Diluted earnings per share$0.74
$1.30
$3.33
$4.89







Basic weighted-average common shares445,215,119
450,077,127
448,971,715
450,609,712Diluted weighted-average common shares445,597,771
450,600,114
449,532,466
451,239,490 Thomson Reuters CorporationConsolidated Statement of Financial Position(millions of U.S. dollars)(unaudited)


December 31,
December 31,




2025
2024Assets






Cash and cash equivalents



$511
$1,968Trade and other receivables



1,143
1,087Other financial assets



94
35Prepaid expenses and other current assets



480
400Current assets



2,228
3,490







Property and equipment, net



361
386Software, net



1,645
1,453Other identifiable intangible assets, net



3,102
3,134Goodwill



7,913
7,262Equity method investments



202
269Other financial assets



466
442Other non-current assets



680
625Deferred tax



1,343
1,376Total assets



$17,940
$18,437







Liabilities and equity






Liabilities






Current indebtedness



$795
$973Payables, accruals and provisions



1,090
1,091Current tax liabilities



224
197Deferred revenue



1,251
1,062Other financial liabilities



108
113Current liabilities



3,468
3,436







Long-term indebtedness



1,328
1,847Provisions and other non-current liabilities



656
675Other financial liabilities



210
232Deferred tax



364
241Total liabilities



6,026
6,431







Equity






Capital



3,597
3,498Retained earnings



9,220
9,699Accumulated other comprehensive loss



(903)
(1,191)Total equity



11,914
12,006Total liabilities and equity



$17,940
$18,437 Thomson Reuters CorporationConsolidated Statement of Cash Flow(millions of U.S. dollars)(unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024Cash provided by (used in):






Operating activities






Earnings from continuing operations$333
$607
$1,483
$2,192Adjustments for:






 Depreciation28
26
111
113 Amortization of software187
160
721
618 Amortization of other identifiable intangible assets25
22
98
91 Share of post-tax losses (earnings) in equity method investments5
5
28
(40) Net gains on disposals of businesses and investments(1)
(195)
(165)
(192) Deferred tax9
47
60
(640) Other49
(22)
272
151Changes in working capital and other items122
(76)
43
176Operating cash flows from continuing operations757
574
2,651
2,469Operating cash flows from discontinued operations(1)
(10)
-
(12)Net cash provided by operating activities756
564
2,651
2,457Investing activities






Acquisitions, net of cash acquired(20)
(130)
(843)
(622)Proceeds related to disposals of businesses and investments2
297
254
326Proceeds from sales of LSEG shares-
-
-
1,854Capital expenditures(158)
(161)
(634)
(607)Other investing activities-
40
1
46Taxes paid on sales of LSEG shares and disposals(29)
(115)
(62)
(317)Net cash (used in) provided by investing activities(205)
(69)
(1,284)
680Financing activities






Repayments of debt-
-
(999)
(290)Net (repayments) borrowings under short-term loan facilities(49)
-
290
(139)Payments of lease principal(16)
(17)
(64)
(63)Repurchases of common shares(330)
-
(1,000)
(639)Dividends paid on preference shares(1)
(1)
(4)
(5)Dividends paid on common shares(256)
(236)
(1,035)
(944)Purchase of non-controlling interests-
-
-
(384)Other financing activities(6)
2
(16)
5Net cash used in financing activities(658)
(252)
(2,828)
(2,459)Translation adjustments-
(6)
4
(8)(Decrease) increase in cash and cash equivalents(107)
237
(1,457)
670Cash and cash equivalents at beginning of period618
1,731
1,968
1,298Cash and cash equivalents at end of period$511
$1,968
$511
$1,968 Thomson Reuters CorporationReconciliation of Earnings from Continuing Operations to Adjusted EBITDA(1)(millions of U.S. dollars)(unaudited)






Three months ended
December 31,
Year ended
December 31,
20252024
20252024Earnings from continuing operations$333$607
$1,483$2,192Adjustments to remove:




 Tax expense (benefit)158135
423(123) Other finance costs (income)4(53)
55(45) Net interest expense4028
143125 Amortization of other identifiable intangible assets2522
9891 Amortization of software187160
721618 Depreciation2826
111113EBITDA$775$925
$3,034$2,971Adjustments to remove:




 Share of post-tax losses (earnings) in equity method investments55
28(40) Other operating gains, net(2)(204)
(164)(144) Fair value adjustments*(1)(8)
38(8)Adjusted EBITDA(1)$777$718
$2,936$2,779Adjusted EBITDA margin(1)38.7 %37.6 %
39.2 %38.2 %
* Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue. Thomson Reuters CorporationReconciliation of Net Cash Provided By Operating Activities to Free Cash Flow(1)(millions of U.S. dollars)(unaudited)






Three months ended
December 31,
Year ended
December 31,
20252024
20252024Net cash provided by operating activities$756$564
$2,651$2,457Capital expenditures(158)(161)
(634)(607)Other investing activities-40
146Payments of lease principal(16)(17)
(64)(63)Dividends paid on preference shares(1)(1)
(4)(5)Free cash flow(1)$581$425
$1,950$1,828 Thomson Reuters CorporationReconciliation of Capital Expenditures to Accrued Capital Expenditures(1)(millions of U.S. dollars)(unaudited)




Year ended
December 31,






2025Capital expenditures





$634Remove: IFRS adjustment to cash basis





(18)Accrued capital expenditures(1)





$616Accrued capital expenditures as a percentage of revenues(1)



8.2 %
(1)       Refer to page 21 for additional information on non-IFRS financial measures. Thomson Reuters CorporationReconciliation of Net Earnings to Adjusted Earnings(1)Reconciliation of Total Change in Adjusted EPS to Change in Constant Currency(1)(millions of U.S. dollars, except for share and per share data)(unaudited)






Three months ended
December 31,
Year ended
December 31,
20252024
20252024Net earnings$332$587
$1,502$2,207Adjustments to remove:




 Fair value adjustments*(1)(8)
38(8) Amortization of acquired software5338
206147 Amortization of other identifiable intangible assets2522
9891 Other operating gains, net(2)(204)
(164)(144) Other finance costs (income)4(53)
55(45) Share of post-tax losses (earnings) in equity method investments55
28(40) Tax on above items(1)(5)36
(35)(9) Tax items impacting comparability(1)665
57(478) Loss (earnings) from discontinued operations, net of tax120
(19)(15)Interim period effective tax rate normalization(1)27
--Dividends declared on preference shares(1)(1)
(4)(5)Adjusted earnings(1)(2)$479$454
$1,762$1,701Adjusted EPS(1)(2)$1.07$1.01
$3.92$3.77Total change6 %

4 %
Foreign currency-1 %

0 %
Constant currency7 %

4 %
Diluted weighted-average common shares (millions)445.6450.6
449.5451.2 Reconciliation of Effective Tax Rate on Adjusted Earnings(1)

Year ended
December 31,






2025Adjusted earnings





$1,762Plus: Dividends declared on preference shares





4Plus: Tax expense on adjusted earnings





401Pre-tax adjusted earnings





$2,167







IFRS tax expense





$423Remove tax related to:






 Amortization of acquired software





46 Amortization of other identifiable intangible assets





23 Share of post-tax losses in equity method investments



2 Other finance costs





2 Other operating gains, net





(43) Other items





5Subtotal - Remove tax benefit on pre-tax items removed from adjusted earnings



35Remove: Tax items impacting comparability





(57)Total - Remove all items impacting comparability





(22)Tax expense on adjusted earnings





$401Effective tax rate on adjusted earnings





18.5 %

*Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue.

(1)Refer to page 21 for additional information on non-IFRS financial measures.(2)The adjusted earnings impact of non-controlling interests, which was applicable to the year-ended December 31, 2024, was not material. Thomson Reuters CorporationReconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency(1) and Organic Basis(1)(millions of U.S. dollars)(unaudited)
Three months ended
December 31,Change

2025
2024
TotalForeign
Currency
SUBTOTAL
Constant
CurrencyNet
Acquisitions/
(Disposals)
OrganicTotal Revenues













Legal Professionals
$738
$729
1 %
0 %
1 %
-8 %
9 %Corporates
496
458
8 %
1 %
7 %
-2 %
9 %Tax, Audit & Accounting Professionals
414
366
13 %
0 %
13 %
2 %
11 %"Big 3" Segments Combined(1)
1,648
1,553
6 %
1 %
5 %
-4 %
9 %Reuters
232
218
7 %
1 %
6 %
1 %
5 %Global Print
136
144
-6 %
0 %
-6 %
0 %
-6 %Eliminations/Rounding
(7)
(6)









Total Revenues
$2,009
$1,909
5 %
1 %
5 %
-3 %
7 %














Recurring Revenues













Legal Professionals
$716
$707
1 %
0 %
1 %
-7 %
8 %Corporates
434
401
8 %
1 %
7 %
-2 %
9 %Tax, Audit & Accounting Professionals
357
319
12 %
0 %
12 %
0 %
12 %"Big 3" Segments Combined(1)
1,507
1,427
6 %
1 %
5 %
-4 %
9 %Reuters
183
173
6 %
1 %
5 %
1 %
4 %Eliminations/Rounding
(7)
(6)









Total Recurring Revenues
$1,683
$1,594
6 %
1 %
5 %
-4 %
9 %














Transactions Revenues













Legal Professionals
$22
$22
0 %
-1 %
0 %
-28 %
28 %Corporates
62
57
9 %
2 %
7 %
0 %
7 %Tax, Audit & Accounting Professionals
57
47
20 %
1 %
19 %
16 %
3 %"Big 3" Segments Combined(1)
141
126
11 %
1 %
10 %
2 %
8 %Reuters
49
45
10 %
1 %
9 %
2 %
8 %Total Transactions Revenues
$190
$171
11 %
1 %
10 %
2 %
8 %

Growth percentages are computed using whole dollars. As a result, percentages calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.

(1)Refer to page 21 for additional information on non-IFRS financial measures. Thomson Reuters CorporationReconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency(1) and Organic Basis(1)(millions of U.S. dollars)(unaudited)
Year ended
December 31,Change

2025
2024
TotalForeign
Currency
SUBTOTAL
Constant
CurrencyNet
Acquisitions/
(Disposals)
OrganicTotal Revenues













Legal Professionals
$2,868
$2,922
-2 %
0 %
-2 %
-10 %
8 %Corporates
1,987
1,844
8 %
0 %
7 %
-1 %
9 %Tax, Audit & Accounting Professionals
1,302
1,165
12 %
-1 %
13 %
3 %
11 %"Big 3" Segments Combined(1)
6,157
5,931
4 %
0 %
4 %
-5 %
9 %Reuters
853
832
3 %
1 %
2 %
1 %
1 %Global Print
490
519
-6 %
0 %
-5 %
0 %
-5 %Eliminations/Rounding
(24)
(24)









Total Revenues
$7,476
$7,258
3 %
0 %
3 %
-4 %
7 %














Recurring Revenues













Legal Professionals
$2,789
$2,828
-1 %
0 %
-1 %
-10 %
9 %Corporates
1,670
1,543
8 %
0 %
8 %
-2 %
9 %Tax, Audit & Accounting Professionals
937
867
8 %
-2 %
10 %
0 %
10 %"Big 3" Segments Combined(1)
5,396
5,238
3 %
0 %
3 %
-6 %
9 %Reuters
712
668
7 %
1 %
6 %
1 %
5 %Eliminations/Rounding
(24)
(24)









Total Recurring Revenues
$6,084
$5,882
3 %
0 %
3 %
-5 %
9 %














Transactions Revenues













Legal Professionals
$79
$94
-16 %
1 %
-17 %
-21 %
4 %Corporates
317
301
5 %
0 %
5 %
0 %
5 %Tax, Audit & Accounting Professionals
365
298
22 %
0 %
23 %
10 %
12 %"Big 3" Segments Combined(1)
761
693
10 %
0 %
10 %
1 %
9 %Reuters
141
164
-14 %
1 %
-15 %
0 %
-16 %Total Transactions Revenues
$902
$857
5 %
0 %
5 %
1 %
4 %

Growth percentages are computed using whole dollars. As a result, percentages calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.

(1)Refer to page 21 for additional information on non-IFRS financial measures. Thomson Reuters CorporationReconciliation of Changes in Adjusted EBITDA (1) and Related Margin(1) to Changes on a Constant Currency Basis(1)(millions of U.S. dollars)(unaudited)
Three months ended
December 31,Change

2025
2024
TotalForeign
Currency
Constant
CurrencyAdjusted EBITDA(1)









Legal Professionals
$327
$299
9 %
0 %
9 %Corporates
160
153
4 %
0 %
4 %Tax, Audit & Accounting Professionals
222
196
14 %
1 %
13 %"Big 3" Segments Combined(1)
709
648
9 %
0 %
9 %Reuters
48
45
7 %
-5 %
12 %Global Print
54
55
-2 %
0 %
-2 %Corporate costs
(34)
(30)
n/a
n/a
n/aTotal Adjusted EBITDA
$777
$718
8 %
0 %
8 %










Adjusted EBITDA Margin(1)









Legal Professionals
44.3 %
41.0 %
330bp
-20bp
350bpCorporates
32.2 %
33.5 %
-130bp
-60bp
-70bpTax, Audit & Accounting Professionals
53.6 %
53.4 %
20bp
20bp
0bp"Big 3" Segments Combined(1)
43.0 %
41.7 %
130bp
-20bp
150bpReuters
21.0 %
20.8 %
20bp
-120bp
140bpGlobal Print
39.6 %
38.2 %
140bp
-20bp
160bpTotal Adjusted EBITDA Margin
38.7 %
37.6 %
110bp
-30bp
140bp Thomson Reuters CorporationReconciliation of Changes in Adjusted EBITDA (1) and Related Margin(1) to Changes on a Constant Currency Basis(1)(millions of U.S. dollars)(unaudited)
Year ended
December 31,Change

2025
2024
TotalForeign
Currency
Constant
CurrencyAdjusted EBITDA(1)









Legal Professionals
$1,356
$1,302
4 %
1 %
3 %Corporates
716
671
7 %
0 %
6 %Tax, Audit & Accounting Professionals
623
527
18 %
0 %
19 %"Big 3" Segments Combined(1)
2,695
2,500
8 %
0 %
7 %Reuters
174
196
-11 %
-1 %
-11 %Global Print
185
188
-2 %
1 %
-2 %Corporate costs
(118)
(105)
n/a
n/a
n/aTotal Adjusted EBITDA
$2,936
$2,779
6 %
0 %
5 %










Adjusted EBITDA Margin(1)









Legal Professionals
47.3 %
44.6 %
270bp
20bp
250bpCorporates
36.0 %
36.3 %
-30bp
0bp
-30bpTax, Audit & Accounting Professionals
47.1 %
45.2 %
190bp
40bp
150bp"Big 3" Segments Combined(1)
43.6 %
42.1 %
150bp
20bp
130bpReuters
20.4 %
23.6 %
-320bp
-30bp
-290bpGlobal Print
37.7 %
36.2 %
150bp
30bp
120bpTotal Adjusted EBITDA Margin
39.2 %
38.2 %
100bp
20bp
80bp

n/a: not applicableGrowth percentages and margins are computed using whole dollars. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.(1)Refer to page 21 for additional information on non-IFRS financial measures.Reconciliation of adjusted EBITDA margin(1)To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue from its IFRS revenues. The charts below reconcile IFRS revenues to revenues used in the calculation of adjusted EBITDA margin, which excludes fair value adjustments related to acquired deferred revenue.
Three months ended December 31, 2025(millions of U.S. dollars)
(unaudited)IFRS
revenues
Remove fair
value
adjustments
to acquired
deferred
revenue
Revenues
excluding
fair value
adjustments
to acquired
deferred
revenue
Adjusted
EBITDA
Adjusted
EBITDA
MarginLegal Professionals$738
-
$738
$327
44.3 %Corporates496
-
496
160
32.2 %Tax, Audit & Accounting Professionals414
-
414
222
53.6 %"Big 3" Segments Combined(1)1,648
-
1,648
709
43.0 %Reuters232
-
232
48
21.0 %Global Print136
-
136
54
39.6 %Eliminations/Rounding(7)
-
(7)
-
n/aCorporate costs-
-
-
(34)
n/aConsolidated totals$2,009
-
$2,009
$777
38.7 % 
Year ended December 31, 2025(millions of U.S. dollars)
(unaudited)IFRS
revenues
Remove fair
value
adjustments
to acquired
deferred
revenue
Revenues
excluding
fair value
adjustments
to acquired
deferred
revenue
Adjusted
EBITDA
Adjusted
EBITDA
MarginLegal Professionals$2,868
-
$2,868
$1,356
47.3 %Corporates1,987
-
1,987
716
36.0 %Tax, Audit & Accounting Professionals1,302
$20
1,322
623
47.1 %"Big 3" Segments Combined(1)6,157
20
6,177
2,695
43.6 %Reuters853
-
853
174
20.4 %Global Print490
-
490
185
37.7 %Eliminations/Rounding(24)
-
(24)
-
n/aCorporate costs-
-
-
(118)
n/aConsolidated totals$7,476
$20
$7,496
$2,936
39.2 % 
Three months ended December 31, 2024(millions of U.S. dollars)
(unaudited)IFRS
revenues
Remove fair
value
adjustments
to acquired
deferred
revenue
Revenues
excluding
fair value
adjustments
to acquired
deferred
revenue
Adjusted
EBITDA
Adjusted
EBITDA
MarginLegal Professionals$729
-
$729
$299
41.0 %Corporates458
$1
459
153
33.5 %Tax, Audit & Accounting Professionals366
-
366
196
53.4 %"Big 3" Segments Combined(1)1,553
1
1,554
648
41.7 %Reuters218
-
218
45
20.8 %Global Print144
-
144
55
38.2 %Eliminations/Rounding(6)
-
(6)
-
n/aCorporate costs-
-
-
(30)
n/aConsolidated totals$1,909
$1
$1,910
$718
37.6 %

n/a: not applicableMargins are computed using whole dollars, as a result, margins calculated from reported amounts may differ from those presented due to rounding.(1)Refer to page 21 for additional information on non-IFRS financial measures. Reconciliation of adjusted EBITDA margin(1)
Year ended December 31, 2024(millions of U.S. dollars)
(unaudited)IFRS
revenues
Remove fair
value
adjustments
to acquired
deferred
revenue
Revenues
excluding
fair value
adjustments
to acquired
deferred
revenue
Adjusted
EBITDA
Adjusted
EBITDA
MarginLegal Professionals$2,922
$1
$2,923
$1,302
44.6 %Corporates1,844
6
1,850
671
36.3 %Tax, Audit & Accounting Professionals1,165
-
1,165
527
45.2 %"Big 3" Segments Combined(1)5,931
7
5,938
2,500
42.1 %Reuters832
2
834
196
23.6 %Global Print519
-
519
188
36.2 %Eliminations/Rounding(24)
-
(24)
-
n/aCorporate costs-
-
-
(105)
n/aConsolidated totals$7,258
$9
$7,267
$2,779
38.2 %
n/a: not applicable
Margins are computed using whole dollars, as a result, margins calculated from reported amounts may differ from those presented due to rounding. Thomson Reuters CorporationReconciliation of Net Debt(1) and Leverage Ratio of Net Debt to Adjusted EBITDA(1)(millions of U.S. dollars)(unaudited)



     December 31,
December 31,




2025
2024Current indebtedness



$795
$973Long-term indebtedness



1,328
1,847Total debt



2,123
2,820Swaps



16
21Total debt after swaps



2,139
2,841Remove fair value adjustments for hedges



(2)
5Total debt after hedging arrangements



2,137
2,846Collateral assets



(7)
-Remove transaction costs, premiums or discounts, included in the carrying value of debt28
22Add: Lease liabilities (current and non-current)



249
256Less: Cash and cash equivalents



(511)
(1,968)Net debt



$1,896
$1,156Leverage ratio of net debt to adjusted EBITDA






Adjusted EBITDA



$2,936
$2,779Net debt/adjusted EBITDA



0.6:1
0.4:1

(1)Refer to page 21 for additional information on non-IFRS financial measures. Non-IFRS
Financial
MeasuresDefinitionWhy Useful to the Company and InvestorsAdjusted EBITDA and the related marginRepresents earnings or losses from continuing operations before tax expense or benefit, net interest expense, other finance costs or income, depreciation, amortization of software and other identifiable intangible assets, Thomson Reuters share of post-tax earnings or losses in equity method investments, other operating gains and losses, certain asset impairment charges and fair value adjustments, including those related to acquired deferred revenue. The related margin is adjusted EBITDA expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.Provides a consistent basis to evaluate operating profitability and performance trends by excluding items that the company does not consider to be controllable activities for this purpose. Also, represents a measure commonly reported and widely used by investors as a valuation metric, as well as to assess the company's ability to incur and service debt.Adjusted earnings and adjusted EPS Net earnings or loss including dividends declared on preference shares but excluding the post-tax impacts of fair value adjustments, including those related to acquired deferred revenue, amortization of acquired intangible assets (attributable to other identifiable intangible assets and acquired software), other operating gains and losses, certain asset impairment charges, other finance costs or income, Thomson Reuters share of post-tax earnings or losses in equity method investments, discontinued operations and other items affecting comparability. Acquired intangible assets contribute to the generation of revenues from acquired companies, which are included in the company's computation of adjusted earnings.  The post-tax amount of each item is excluded from adjusted earnings based on the specific tax rules and tax rates associated with the nature and jurisdiction of each item.  Adjusted EPS is calculated from adjusted earnings using diluted weighted-average shares and does not represent actual earnings or loss per share attributable to shareholders. Provides a more comparable basis to analyze earnings. These measures are commonly used by shareholders to measure performance.   Effective tax rate on adjusted earningsAdjusted tax expense divided by pre-tax adjusted earnings. Adjusted tax expense is computed as income tax expense or benefit plus or minus the income tax impacts of all items impacting adjusted earnings (as described above), and other tax items impacting comparability.  In interim periods, the company also makes an adjustment to reflect income taxes based on the estimated full-year effective tax rate. Earnings or losses for interim periods under IFRS reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which Thomson Reuters operates. The non-IFRS adjustment reallocates estimated full-year income taxes between interim periods but has no effect on full-year income taxes. Provides a basis to analyze the effective tax rate associated with adjusted earnings.   The company's effective tax rate computed in accordance with IFRS may be more volatile by quarter because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year. Therefore, the company believes that using the expected full-year effective tax rate provides more comparability among interim periods. Free cash flowNet cash provided by operating activities and other investing activities, less capital expenditures, payments of lease principal and dividends paid on the company's preference shares. Helps assess the company's ability, over the long term, to create value for its shareholders as it represents cash available to repay debt, pay common dividends, fund share repurchases and acquisitions.Changes before the impact of foreign currency or at constant currencyThe changes in revenues, adjusted EBITDA and the related margin, and adjusted EPS before currency (at constant currency or excluding the effects of currency) are determined by converting the current and equivalent prior period's local currency results using the same foreign currency exchange rate.Provides better comparability of business trends from period to period.Changes in revenues computed on an organic basisRepresent changes in revenues of the company's existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods. Provides further insight into the performance of the company's existing businesses by excluding distortive impacts and serves as a better measure of the company's ability to grow its business over the long term.Accrued capital expenditures as a percentage of revenuesAccrued capital expenditures divided by revenues, where accrued capital expenditures include amounts that remain unpaid at the end of the reporting period. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.Reflects the basis on which the company manages capital expenditures for internal planning purposes.   "Big 3" segments The company's combined Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. All measures reported for the "Big 3" segments are non-IFRS financial measures.The "Big 3" segments comprised approximately 80% of revenues and represent the core of the company's business information service product offerings.  Net debt and leverage ratio of net debt to adjusted EBITDANet debt is total debt, plus related hedging instruments and collateral balances, along with lease liabilities, excluding unamortized transaction costs and any premiums or discounts on debt, minus cash and cash equivalents. We exclude specific hedging components to reflect the net cash outflow upon debt maturity. Net debt to adjusted EBITDA is net debt divided by adjusted EBITDA for the previous twelve-month period ending with the current fiscal quarter. Provides a commonly used measure of a company's leverage and its ability to pay its debt. Given that the company hedges some of its debt to manage risk, the company includes hedging instruments as it believes it provides a better measure of the total obligation associated with its outstanding debt. Since the company plans to hold its debt and related hedges until maturity, the net debt calculation is adjusted to reflect the net cash outflow at maturity, after deducting cash and cash equivalents. The company's non-IFRS measure is aligned with the calculation of its internal target leverage ratio and is more conservative than the maximum ratio allowed under the contractual covenants in its credit facility.
Please refer to reconciliations for the most directly comparable IFRS financial measures. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/thomson-reuters-reports-fourth-quarter-and-full-year-2025-results-302680103.htmlSOURCE Thomson Reuters

Original: Thomson Reuters Reports Fourth-Quarter and Full-Year 2025 Results

Software Shares Slide as Alphabet Earnings Loom; Gold Rebounds: Dow Jones, S&P, Nasdaq, Wall Street FuturesFebruary 4, 2026 5:21 AM
IH Market News
Futures tied to major U.S. equity indices were modestly higher, even as a sharp sell-off in software stocks and looming earnings from big technology names shaped market sentiment. Investors are awaiting quarterly results from Google parent Alphabet (NASDAQ:GOOG), due after the opening bell, with particular focus on spending plans linked to artificial intelligence. Elsewhere, reports said Federal Reserve Governor Stephen Miran has stepped down from his role as a White House economic adviser, while fresh U.S. services-sector data is due and gold prices climb back toward $5,100 an ounce.



Futures point higher despite tech jitters



U.S. equity futures edged up early Wednesday as markets weighed growing unease around AI-exposed software stocks against anticipation of results from mega-cap technology groups.By 02:53 ET, Dow futures were up 134 points, or 0.3%, S&P 500 futures had added 19 points, or 0.3%, and Nasdaq 100 futures were higher by 57 points, or 0.2%.Wall Street’s main indices fell sharply in the previous session, dragged lower by heavy losses in AI leaders Nvidia (NASDAQ:NVDA) and Microsoft (NASDAQ:MSFT), both of which slid nearly 3%. Sentiment toward software stocks has deteriorated as investors worry about intensifying competition from new AI models.Those concerns deepened after AI firm Anthropic launched a new legal-analysis tool, triggering steep declines in shares of publishing and data companies such as Thomson Reuters (NYSE:TRI) and LegalZoom (NASDAQ:LZ). The weakness spread across the sector, hitting names including PayPal (NASDAQ:PYPL) and Expedia Group (NASDAQ:EXPE), which both fell more than 10%. According to the Wall Street Journal, two S&P indices tracking software, financial data and exchange companies together shed about $300 billion in market value.“[T]he big story was the collapse in tech as the market increasingly views AI as a net negative, with companies levered to the aggressive infrastructure build no longer benefiting while fears about AI disruption and displacement decimate wide swaths of the market,” analysts at Vital Knowledge said in a note.Not all stocks were under pressure, however. Shares of Walmart (NYSE:WMT) surged after the retailer continued to gain market share from cost-conscious consumers, lifting its market capitalisation to $1 trillion for the first time.



Alphabet results in focus



Against this volatile backdrop, traders are bracing for Alphabet’s earnings release later in the day. Attention is expected to centre on the group’s costly push into artificial intelligence, which includes billions of dollars earmarked for data centres and specialised chips.Alphabet shares jumped roughly 29% in the final three months of 2025, buoyed by strong reception for its latest Gemini AI model and a partnership with Apple to support the iPhone maker’s Siri voice assistant. Analysts cited by Reuters have suggested Alphabet has pulled ahead in the race to develop and monetise AI, overtaking rivals such as Microsoft, which had previously benefited from early investments in AI developers.“Google sentiment is (justifiably) very bullish as the company’s core advertising businesses continue to perform very well while it emerges as the best positioned firm in the entire AI ecosystem,” the Vital Knowledge analysts said. They cautioned, however, that it remains unclear whether strong results will stabilise sentiment around AI or instead intensify concerns about the wider ecosystem surrounding competitors like OpenAI.Further insight into the health of the tech sector may come on Thursday, when Amazon (NASDAQ:AMZN) is scheduled to report. Outside technology, pharmaceutical group Eli Lilly (NYSE:LLY), which has made major investments in weight-loss drugs, is also among the earnings highlights before U.S. markets open later Wednesday.



Reports: Miran exits White House adviser role



Media reports said Stephen Miran has resigned from his position as an economic adviser to the White House, honouring a commitment he made to the U.S. Senate. The move allows Miran—appointed last year by President Donald Trump to temporarily fill a vacancy on the Federal Reserve Board until January 31—to remain at the central bank until a successor is confirmed.“I promised the Senate that if I should stay on the Board past January, I would formally depart the Council,” Miran said in a resignation letter cited by multiple outlets, adding that it was “important to stay true to my word.”Since joining the Fed, Miran has been a vocal advocate for aggressive interest-rate cuts, often diverging sharply from other policymakers. His stance has aligned with Trump’s calls for rapid rate reductions to support economic growth, drawing criticism from some Democratic senators who have urged him to resign from the Fed board “immediately.”



U.S. services data awaited



The Federal Reserve last month held rates steady in the 3.5%–3.75% range, despite dissent from Miran and Fed Governor Christopher Waller. While labour market indicators have softened, inflation has remained above the Fed’s 2% target, reducing urgency among policymakers to resume the aggressive easing seen in 2025.With the monthly U.S. jobs report delayed earlier this week, attention will turn to other indicators, including January data on services-sector activity. The Institute for Supply Management’s non-manufacturing PMI is expected at 53.5, down from 54.4 previously. Readings above 50 signal expansion.



Gold climbs back toward $5,100



Gold prices pushed higher on Wednesday, moving back toward $5,100 per ounce as renewed tensions between the U.S. and Iran boosted demand for safe-haven assets. The metal extended gains after rebounding sharply from losses earlier in the week.Safe-haven buying intensified following reports that the U.S. shot down an Iranian drone approaching a U.S. aircraft carrier in the Arabian Sea. Separately, Iranian gunboats were seen near a U.S.-linked tanker in the Strait of Hormuz.These developments undermined earlier comments from Tehran and Washington suggesting talks would take place on Friday. News of the planned discussions had briefly eased market anxiety and reduced demand for gold.Alphabet stock priceNvidia stock priceMicrosoft stock priceThomson Reuters stock priceLegalZoom.com stock pricePayPal stock priceExpedia stock priceWalmart stock price

Original: Software Shares Slide as Alphabet Earnings Loom; Gold Rebounds: Dow Jones, S&P, Nasdaq, Wall Street Futures

Thompson Reuters - 222 Cdn

April 2021 (was 115 ?) https://investorshub.advfn.com/boards/read_msg.aspx?message_id=163262854




Subscriptions required for more than 5 year charts





Bigcharts has been TERMINATED - Can't UPDATE this chart (without learning and subsacribing to a whole new platform).....

Which to ME seems very "cunning"..............Given that everything's gone SO parabolic







Total "obfuscation" there......... April 2021s' 115 can't easily be recognized in top chart


Is it a Barrons / Marketwatch / Bigcharts Rug Pull ?.......Capitalisms' Wall St Shell Game ?







.

TRI 1 month

TRI, new 52 week high

TRI, new 52 week high

$TRI Total Debt (mrq) $3.1B

TRI, new 52 week high

TRI new 52 week high

What ?????.......Now it's over 215 ???

Oh, brother !.......

That's pathetic !








.

TRI new 52=week high

I know......It's like pretty frickin' amazing.......
They're like the Nvidia of media companies.
Well, SOMEBODY had to come out on top



Wish Id'a jumped in 9 months ago......when this happened......AT 115 Canadian










They're like the Nvidia of media companies........Well no, not quite, but sorta.






.





.

TRI new 52 week high

Thomson Reuters Corp NYSE: TRI

GoSymbol lookup
Industrials : Professional Services | Large Cap Growth | Based in CanadaCompany profile
Thomson Reuters Corp is a Canada-based provider of business information services. The Company is organized in five segments: Legal Professionals serves law firms and governments with research and workflow products, focusing on legal research powered by technologies and workflow solutions that combine content, tools and analytics. Corporates serves corporate customers with a suite of content-enabled technology solutions for in-house legal, tax, regulatory, compliance and IT professionals. Tax & Accounting Professionals serves tax, accounting and audit professionals in accounting firms with research and workflow products, focusing on tax offerings and automating tax workflows. Reuters News supplies business, financial and global news to media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and the Refinitiv business of LSEG; and Global Print provides legal and tax information primarily in print format.

Let's look at Reuters !......THOMPSON Reuters


1984

Reuters have ceased its operations as a news agency and a media outlet. This enterprise systematically engages in forging and spreading deliberate misinformation, legalization of rumors in the interests of its sponsors; invents news opportunities with the aim of damaging Russian economy, Russian companies and the Russian state,” the statement read.

Those actions by the international news organization constitute “informational sabotage,” it said.

Rosneft insisted that it had no other choice but to “address the law enforcement agencies in order to curb the activities of this bogus agency [Reuters] on the territory of Russia.”

9B shares Buyback

thanks for requesting.

IHUB Amin (Edward) corrected the error on the Board identity. Thanks to Edward and the IHUB Admin steam.

This is the Thompson Reuters Corp board, but the board is mislabeled as Triad Hospitals. I requested Admin to correct the board name.

Q2-Earnings-Transcript

This quarter marked the lowest negative net sales quarter since Q3 2011
http://www.earningsimpact.com/Transcript/82551/TRI/Q2-2013-Earnings-Call

Effective today, Thomson Reuters trades as TRI. Inauspicious beginning: down 2.22 to 35.21.

Jim McElhaney
Vice President
Acquisition and Development

James Lee McElhaney, Vice President of Acquisition and Development. Jim is responsible for acquisitions, divestitures, development and real estate. He is a licensed securities broker and licensed real estate broker. Jim received his BS in Marketing from The University of Arkansas in 1970 and his MBA from Southern Methodist University in 1980. He lives in Plano with wife, Lisa, and their two sons, Chance and Hunter.


Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund.
A former banker, top analyst at iexchange.com before
they ran out of money.