TORONTO, Nov. 3, 2026 /CNW/ -- Thomson Reuters (TSX: TRI) (Nasdaq: TRI) today reported results for the third quarter ended September 30, 2026: 

• Strong revenue growth in the third quarter
  • Total company revenues up 10%
  • Organic revenues up 10% in total and 10% for the "Big 3" segments (Legal Professionals, Corporates and Tax, Audit & Accounting Professionals)
• Closed the sale of a 51% stake in the Global Print business to capital accounts advised by KKR for gross proceeds of approximately $500 million on October 1, 2026
• Updated full-year 2026 outlook for the total company to exclude Global Print business
  • Total revenue growth of approximately 9.5% and organic revenue growth of approximately 8.5% - 9.0%
  • Adjusted EBITDA margin of approximately 39%
  • Revenue growth and adjusted EBITDA margin guidance for the "Big 3" segments are unchanged from 2026 outlook communicated on August 5, 2026
• Issued $1.3 billion and Canadian (CDN) $1.0 billion of notes for total proceeds of approximately $2.0 billion in September 2026
• Completed $600 million share repurchase program announced in February 2026

"We are pleased with our third-quarter momentum, as revenue growth and margins came in ahead of our prior expectations," said Steve Hasker, President and CEO of Thomson Reuters. "Customer engagement with the next generation of CoCounsel Legal has been very encouraging, and we are excited about the recent launch of the next generation of CoCounsel Tax, Audit & Accounting. Customer discussions around commercial opportunities for Thomson LLM continue, and we remain optimistic about its potential. We are confident in the growing success of our innovation engine, which positions us well to deliver sustainable growth and long-term value for shareholders."

Consolidated Financial Highlights - Three Months Ended September 30

Revenues increased 10% due to 9% growth in recurring revenues (88% of total revenues) and 27% growth in transactions revenues. Foreign currency and net acquisitions and disposals did not have a significant impact on total company revenue growth.     

• Organic revenues increased 10% reflecting 8% growth in recurring revenues and 23% growth in transactions revenues.
• The company's "Big 3" segments reported organic revenue growth of 10% and collectively comprised 88% of total revenues.

Operating profit decreased 22% primarily related to a prior-year period other operating gain from the sale of the company's remaining minority equity interest in the Elite business, and to a lesser extent, higher amortization of software in the current period, partly offset by 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 10% and the related margin decreased to 35.5% from 35.8% in the prior-year period. Foreign currency had no impact on the year-over-year change in adjusted EBITDA margin.

Diluted EPS decreased to $0.78 per share compared to $0.94 per share in the prior-year period, primarily due to lower operating profit, partly offset by lower income tax expense and a benefit from a reduction in weighted-average common shares outstanding.  

• Adjusted EPS increased to $0.81 per share compared to $0.71 per share in the prior-year period, primarily due to higher adjusted EBITDA and a benefit from a reduction in weighted-average common shares outstanding, partly offset by higher amortization of internally developed software and higher net interest expense.   

Net cash provided by operating activities decreased by $105 million as higher cash benefits from the net impact of higher revenues and operating expenses were more than offset by certain unfavorable changes in working capital and higher income tax payments.    

• Free cash flow decreased by $118 million primarily due to lower net cash provided by operating activities and higher capital expenditures.   

Highlights by Customer Segment – Three Months Ended September 30

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 9% at constant currency, all organic.

• Recurring revenues increased 9% (97% of total, all organic). Organic revenue growth was primarily driven by Westlaw and CoCounsel Legal. 
• Transactions revenues increased 20% (3% of total, all organic) primarily driven by CLEAR.

Adjusted EBITDA increased 4% to $368 million.

• The margin decreased to 46.6% from 49.0%, reflecting higher technology and other costs.

Corporates

Revenues increased 11% at constant currency. Organic revenue growth was 10%.

• Recurring revenues increased 8% (86% of total, all organic). Organic revenue growth was primarily driven by CoCounsel Legal, Pagero, CLEAR and the segment's international businesses. 
• Transactions revenues increased 32% (14% of total, 23% organic). Organic revenue growth was primarily driven by Pagero, Indirect Tax, Additive, and the segment's international businesses.  

Adjusted EBITDA increased 11% to $197 million.

• The margin decreased to 36.2% from 36.3%. Foreign currency benefited the year-over-year change in adjusted EBITDA margin by 30 basis points.

Tax, Audit & Accounting Professionals

Revenues increased 10% at constant currency, all organic. 

• Recurring revenues increased 10% (73% of total, all organic). Organic revenue growth was primarily driven by tax and audit products, including GoSystem, CoCounsel Tax, Audit & Accounting, Cloud Audit Suite, and the segment's Latin America business.
• Transactions revenues increased 11% (27% of total, all organic). Organic revenue growth was primarily driven by SafeSend, SurePrep and Additive.

Adjusted EBITDA increased 10% to $83 million.

• The margin decreased to 30.2% from 30.6%. Foreign currency benefited the year-over-year change in adjusted EBITDA margin by 30 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.

Reuters

Revenues increased 13% at constant currency (12% organic), primarily due to higher generative AI content licensing revenues which were largely transactional in nature as well as higher Agency and Professional revenues, and a contractual price increase from the company's news agreement with the Data & Analytics business of London Stock Exchange Group. 

Adjusted EBITDA increased 37% to $56 million and the margin increased to 24.3% from 19.9% driven by the higher transactions revenues.

Corporate Center

Corporate Center costs were $53 million compared to $55 million in the prior-year period.   

Consolidated Financial Highlights - Nine Months Ended September 30

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