Toronto, November 3 (Reuters-affiliated PR Newswire) – Thomson Reuters ( TSX : TRI ) ( Nasdaq : TRI ) today announced its third-quarter results for the period ending September 30, 2026:

• Strong revenue growth in the third quarter
• The company's total revenue has increased by 10%.
• Organic revenue increased by 10% in total, with the “Big 3” segment – which includes legal professionals, corporate clients, as well as professionals in taxation, auditing, and accounting – also seeing a 10% growth.
• On October 1, 2026, the company completed the sale of 51% equity in the Global Print business to a capital account managed by advisors from KKR, with a total cash proceeds from the transaction amounting to approximately 500 million US dollars.
• The company has updated its outlook for the entire year of 2026, excluding the Global Print business.
• Total annual revenue is expected to grow by approximately 9.5%, with organic revenue expected to increase by about 8.5% to 9.0%.
• After adjustment, the expected profit margin for EBITDA is approximately 39%.
• The revenue growth of the “Big 3” segment and the adjusted EBITDA profit margin guidance remain unchanged from the outlook announced on August 5, 2026.
• The company issued $1.3 billion and C$1 billion in notes in September 2026, raising a total of approximately $2 billion in funds.
• The company has completed the $600 million stock repurchase plan announced in February 2026.

Thomson Reuters President and CEO Steve Hasker stated: "We are satisfied with the momentum in the third quarter; both revenue growth and profit margins exceeded our previous expectations. Customer engagement with the new generation of CoCounsel Legal is very encouraging, and we are also excited about the recently launched new generations of CoCounsel Tax, Audit, and Accounting. Discussions with customers regarding the business opportunities surrounding Thomson LLM continue, and we remain optimistic about its potential. We are confident in the ongoing success of our innovation engine, which enables us to achieve sustainable growth and create long-term value for shareholders."

Key Financial Points for the Three Months Ended September 30

Revenue increased by 10%, mainly due to a 9% increase in recurring revenue (which accounts for 88% of total revenue) and a 27% increase in transaction revenue. Foreign exchange, as well as net acquisitions and dispositions, had no significant impact on the company's total revenue growth.

• Organic revenue increased by 10%, reflecting an 8% growth in recurring revenue and a 23% increase in transaction revenue.
• The company's “Big 3” segment saw a 10% increase in organic revenue, which accounted for 88% of the total revenue.

Operating profit decreased by 22%, mainly due to other operating income generated from the sale of the remaining minority equity in the Elite business during the same period last year. In addition, it was also affected by an increase in software amortization during this period, which was partially offset by the net impact of rising revenue and operating expenses.

• After adjustment, EBITDA (excluding other operating income, software amortization, and other adjustments) increased by 10%, and the related profit margin decreased from 35.8% in the same period of the previous year to 35.5%. The foreign exchange impact had no effect on the year-over-year change in the profit margin of adjusted EBITDA.

Earnings per share diluted to $0.78, down from $0.94 in the same period last year, mainly due to a decrease in operating profit, which was partially offset by a reduction in income tax expenses and an increase in the weighted average number of common shares.

• Earnings per share after adjustment increased to $0.81, compared to $0.71 in the same period last year. This increase was mainly due to the rise in EBITDA after adjustment and the reduction in the weighted average number of common shares. However, this gain was partially offset by increased amortization of internally developed software and higher net interest expenses.

Net cash flow from operating activities decreased by $105 million. The reason for this decrease is that the increase in cash benefits due to the net impact of revenue and operating expenses was offset by certain unfavorable changes in working capital and higher income tax payments.

• Free cash flow decreased by $118 million, mainly due to a decline in net cash flow from operating activities and an increase in capital expenditures.

Key points categorized by customer segments – for the three months ending September 30

Unless otherwise stated, the revenue growth comparisons presented in this press release by customer segment are calculated using a fixed exchange rate (i.e., excluding the impact of foreign exchange), as the company believes this is the most accurate way to measure performance.

Legal professionals

Calculated at a fixed exchange rate, revenue has increased by 9%, and all of it is organic growth.

• Recurring revenue increased by 9% (accounting for 97% of total revenue, all of which was organic growth). The organic revenue growth was mainly driven by Westlaw and CoCounsel Legal.
• Transaction revenue increased by 20% (accounting for 3% of total revenue), all of which was organic growth, mainly driven by CLEAR.

After adjustment, EBITDA increased by 4% to $368 million.

• The profit margin has dropped from 49.0% to 46.6%, reflecting increases in technology and other costs.

Enterprise Customers

Calculated at a fixed exchange rate, revenue increased by 11%. Organic revenue grew by 10%.

• Recurring revenue increased by 8% (accounting for 86% of total revenue), all of which was organic growth. The organic revenue growth was mainly driven by CoCounsel Legal, Pagero, CLEAR, and the international business of that segment.
• Transaction revenue increased by 32% (accounting for 14% of total revenue, of which 23% was organic growth). The organic revenue growth was mainly driven by Pagero, Indirect Tax, Additive, and the international business of that segment.

After adjustment, EBITDA increased by 11% to $197 million.

• The profit margin decreased from 36.3% to 36.2%. Foreign exchange contributed to a year-on-year change in the EBITDA profit margin of 30 basis points after adjustment.

Tax, audit, and accounting professionals

Calculated at a fixed exchange rate, revenue has increased by 10%, and all of it is organic growth.

• Recurring revenue increased by 10% (accounting for 73% of total revenue, all of which is organic growth). The organic revenue growth was mainly driven by tax and auditing products, including GoSystem, CoCounsel Tax, Audit, Accounting, Cloud Audit Suite, as well as the Latin American business in that segment.
• Transaction revenue increased by 11% (accounting for 27% of total revenue, all of which was organic growth). The organic revenue growth was mainly driven by SafeSend, SurePrep, and Additive.

After adjustment, EBITDA increased by 10% to 83 million US dollars.

• The profit margin decreased from 30.6% to 30.2%. Foreign exchange contributed to a year-on-year change in the EBITDA profit margin of 30 basis points after adjustment.

The tax, auditing, and accounting professionals segment is the company's most seasonal business, with approximately 60% of the annual revenue typically generated in the first and fourth quarters. Therefore, the profit margin for this segment is usually higher in the first and fourth quarters, as costs are more evenly distributed throughout the year.

Reuters

Calculated at a fixed exchange rate, revenue increased by 13% (organic growth of 12%), mainly due to the increase in licensing revenue from generative AI content. This portion of revenue is largely of a transactional nature. At the same time, there was an increase in revenue from Agency and Professional, as well as an upward adjustment in contract prices resulting from the company's news agreements with the data and analytics business of the London Stock Exchange Group.

After adjustment, EBITDA increased by 37% to 56 million US dollars, and the profit margin rose from 19.9% to 24.3%, mainly driven by an increase in transaction revenue.

Company Center

The company's central cost is $53 million, compared to $55 million in the same period last year.

Key Financial Points for the Nine-Month Period Ending September 30

Revenue increased by 11%, mainly due to a 9% increase in recurring revenue (which accounts for 85% of total revenue) and an 18% increase in transaction revenue. The revenue of the head office increased by about 1% due to foreign exchange gains, and another approximately 1% was attributed to net acquisitions and dispositions.

• Organic revenue grew by 9%, reflecting an 8% increase in recurring revenue and a 13% increase in transaction revenue.
• The company's “Big 3” segment saw a 9% increase in organic revenue, which accounted for 89% of the total revenue.

Operating profit increased by 7%, as the net impact of revenue and operating expenses was offset by higher other operating income from the same period last year. The latter includes gains from the sale of the company's remaining minority interests in the Elite business, as well as an increase in software amortization for the current period.

• After adjustment, EBITDA increased by 11%, and the related profit margin rose from 37.6% to 37.9%. The foreign exchange pair adjustment had an adverse effect of 10 basis points on the year-on-year change in the profit margin of EBITDA.

Earnings per share after dilution increased to $2.83, compared to $2.59 in the same period last year, mainly due to an increase in operating profit, and to a lesser extent, driven by the reduction in the weighted average number of common shares.

• Earnings per share after adjustment increased to $2.78, compared to $2.43 in the same period last year. This increase was mainly due to the rise in EBITDA after adjustment and the reduction in the weighted average number of common shares. However, this gain was partially offset by increased amortization of internally developed software and higher net interest expenses.

Net cash flow from operating activities increased by $129 million, mainly due to the increase in cash benefits brought about by the net impact of revenue and operating expenses, which was partially offset by certain unfavorable changes in working capital and higher income tax payments.

• Free cash flow increased by $98 million, mainly due to an increase in net cash flow from operating activities, which was partially offset by an increase in capital expenditures.

Global Print Transaction

On October 1, 2026, Thomson Reuters completed the sale of 51% of its Global Print business to a capital account managed by advisors from KKR. The two parties established a joint venture to operate the Global Print business, which is now operated under the name Westbridge Print. Thomson Reuters received approximately $500 million in total proceeds at the time of the transaction and retained 49% of the equity in the joint venture. Westbridge Print is an independent company that provides services to legal and tax professionals in 13 countries and offers commercial printing services to book publishers in multiple markets. Thomson Reuters retains the intellectual property rights to its content portfolio and full editorial control.

Starting from the fourth quarter of 2026, Westbridge Print will pay Thomson Reuters royalties equivalent to 20% of its Professional revenue (which accounts for approximately 85% to 90% of its total revenue), in order to obtain the license to exclusively distribute the company's intellectual property on print materials and its e-book platform ProView. In addition, Westbridge Print has also signed a multi-year agreement to reimburse the company for certain transition service costs during the period when the joint venture is transitioning to an independent entity. The royalties and reimbursement for transition services are expected to largely offset the holding costs resulting from the split. Therefore, the company expects that the impact of the Global Print transaction on the EBITDA profit margin, after adjustment, will be roughly neutral upon completion of the transaction, while also contributing to an increase of 60 to 70 basis points to the annual organic revenue growth rate.

As part of the transaction, Thomson Reuters agrees to provide certain financial support to KKR under certain circumstances to ensure that its equity investment in the joint venture achieves a minimum return. The company also expects to recognize the pre-tax benefits of this transaction in the fourth quarter of 2026.

Updated Outlook for 2026

On August 5, 2026, Thomson Reuters released its annual outlook for 2026, which included the Global Print business. On November 3, 2026, the company updated its annual outlook for 2026, removing the Global Print business and reflecting it as a discontinued operation (November 2026 outlook). As a result, the financial indicators for the parent company in the November 2026 outlook were updated to reflect expected performance on a going-concern basis. The November 2026 outlook for the company's “Big 3” segment remained unchanged from the August 2026 outlook.

In addition to updating the outlook for November 2026 based on ongoing operations, the company has also raised its full-year net interest expense forecast for 2026 to approximately $190 million, which is at the upper end of the range of $180 million to $190 million provided in the August 2026 forecast. The updated net interest expense forecast takes into account recent debt issuances as well as proceeds from the Global Print transaction. The company has also adjusted the software depreciation and amortization figures in the November 2026 forecast.

The following table presents the company's outlook for November 2026, prepared on a going concern basis. This outlook does not include the Global Print business, nor does it include the outlook for August 2026 which includes the Global Print business. Both annual outlooks for 2026 assume that exchange rates remain unchanged and exclude the potential impact of any future acquisitions or disposals that may occur in the remaining period of this year. Thomson Reuters believes that such guidance can provide a useful reference for the expected performance of its business.

The company's outlook for August 2026 and November 2026 are both forward-looking statements and are subject to risks and uncertainties (see "Special Notes on Forward-Looking Statements, Significant Risks, and Significant Assumptions"). In particular, the company continues to operate in an uncertain macroeconomic environment, which reflects ongoing geopolitical risks, uneven economic growth, and changing interest rates and inflationary conditions. Any further deterioration of the global economy or business environment, as well as other factors, could affect the company's ability to achieve these outlooks.

Reported and revised full-year results for 2025; full-year outlooks for August and November 2026

The company expects organic revenue growth of approximately 8% in the fourth quarter of 2026, with an adjusted EBITDA profit margin of around 42%.

The information in this section is forward-looking. Actual results (including the impact of exchange rates, as well as future acquisitions and dispositions to be completed within the remaining time of 2026) may differ significantly from the company's outlook for 2026. This section of information should also be read in conjunction with the following 'Special Notes on Forward-Looking Statements, Material Risks, and Material Assumptions'.

Debt Issuance

In September 2026, the company issued the following instruments:

• CAD 350 million, coupon rate of 4.13%, maturing in 2029
• CAD 350 million, coupon rate of 4.48%, maturing in 2031
• CAD 300 million floating-rate note, maturing in 2029
• $800 million, coupon rate of 5.10%, maturing in 2028
• $500 million, coupon rate of 5.75%, maturing in 2033

The issued Canadian dollar notes were immediately converted into US dollars through cross-currency interest rate swaps. The company will use the approximately $2 billion in funds raised for general corporate purposes, including repaying loans under the commercial paper program.

Intends to voluntarily delist TR Finance LLC instruments ( Nasdaq : TRI43A , TRI40 , TRI35 )

The company announced today that it has notified NASDAQ Stock Market LLC of its decision to voluntarily delist the 4.500% notes (CUSIP : 87268LAC1 / ISIN : US87268LAC19) maturing on May 23, 2043, the 5.850% notes (CUSIP : 87268LAB3 / ISIN : US87268LAB36) maturing on April 15, 2040, and the 5.500% bonds (CUSIP : 87268LAE7 / ISIN : US87268LAE74) maturing on August 15, 2035 (collectively referred to as “notes”) from the NASDAQ Global Select Market. The company also plans to submit a delisting notice to the U.S. Securities and Exchange Commission (SEC) around November 13, 2026. It is expected that these notes will be delisted from NASDAQ around November 23, 2026, and will no longer be listed on NASDAQ thereafter. The company has not yet arranged for these notes to be listed and/or registered on stock exchanges or quotation platforms in other countries. The reason for the delisting decision is the direct and indirect costs associated with maintaining listing. The delisting will not affect the terms of the notes or the obligations of TR Finance LLC under the relevant contracts, and the notes will continue to exist.

$600 million stock repurchase plan and outstanding common shares

In February 2026, the company announced plans to repurchase an additional maximum of $600 million in common shares under the normal issuer repurchase plan, which was revised with the approval of TSX. In July 2026, the company completed this plan, repurchasing a total of 6.2 million common shares at a cost of $600 million.

As of October 30, 2026, Thomson Reuters had approximately 433.5 million ordinary shares in circulation.

Dividends

In February 2026, the company announced an increase in its annual dividend by 10%, which is an increase of $0.24 per share, bringing the annualized dividend to $2.62 per share. This marks the 33rd consecutive year that the dividend has been increased, and it is also the fifth consecutive year that a 10% increase has been achieved. Common stockholders who are registered as of November 18, 2026, will receive a quarterly dividend of $0.655 per share on December 10, 2026.

Thomson Reuters

Thomson Reuters ( TSX / Nasdaq : TRI ) guides the way by bringing together credible content and technology needed for people and organizations to make informed decisions. The company provides services to professionals in the fields of law, taxation, auditing, accounting, compliance, government, and media. Its products combine highly specialized software with insights to provide professionals with data, intelligence, and solutions to help them make wise decisions and assist institutions in pursuing justice, truth, and transparency. Reuters is a business under Thomson Reuters and is a global leader in providing credible news and information. For more information, please visit thomsonreuters.com.

Non-IFRS Financial Indicators

Thomson Reuters prepares its financial statements in accordance with the International Financial Reporting Standards ( IFRS ) issued by the International Accounting Standards Board ( IASB ).

This press release contains several non-IFRS financial indicators, including ratios that contain one or more non-IFRS financial indicators, such as adjusted EBITDA (except at the customer segment level) and related profit margins, free cash flow, adjusted earnings and effective tax rate on adjusted earnings, adjusted earnings per share, accrued capital expenditures expressed as a percentage of revenue, net debt, and the leverage ratio of net debt to adjusted EBITDA, several indicators excluding the impact of foreign exchange, revenue changes calculated on an organic basis, as well as all financial indicators for the “Big 3” segment.

Thomson Reuters uses these non-IFRS financial indicators as supplementary measures of operational performance and financial condition, as well as for internal planning and company business outlooks. In addition, the company also uses non-IFRS indicators as the basis for management incentive plans. These indicators do not have the standard meanings defined by IFRS, and therefore are not likely to be comparable to the calculation methods of similar indicators used by other companies; nor should they be regarded as substitutes for the IFRS financial performance indicators. The definitions of these non-IFRS financial indicators and their comparison with the most directly comparable IFRS indicators are listed in the appendix.

The company's outlook includes several non-IFRS financial indicators. The company believes that providing a comparison of forward-looking non-IFRS indicators in the outlook may be misleading, and it is not realistic due to the difficulty of predicting items that will not be reflected in ongoing operations in any future period. These items could be of significant magnitude. Therefore, for the purposes of the outlook alone, the company is unable to compare these non-IFRS indicators with the most directly comparable IFRS indicators, as the company cannot predict with reasonable certainty the impact of changes in foreign exchange rates, including: (i) the translation effect of reporting results at the annual average foreign exchange rate; and (ii) other financial revenues or expenses related to internal financing arrangements. In addition, the company is also unable to reasonably predict the occurrence or amount of other operating gains and losses that typically arise from business transactions not currently anticipated by the company.

Rounding

In addition to earnings per share, the company reports its financial results in millions of US dollars, but full US dollars are used when calculating percentage changes and profit margins to ensure accuracy. As a result, the percentages and profit margins calculated from the reported figures may differ from those shown in the text, and the totals of growth components may also not be exactly consistent due to rounding.

Revisions to last year's performance

On October 1, 2026, Thomson Reuters completed the sale of 51% of its Global Print business to a capital account managed by advisors from KKR. The two parties established a joint venture to operate the Global Print business, which is now operated under the name Westbridge Print. For the three-month and nine-month periods ending September 30, 2026, the Global Print business was classified as a discontinued operation. The figures for the corresponding period last year have been revised accordingly. For more information, please refer to the previous press release "Thomson Reuters Provides Supplementary Financial Information Following the Completion of the Global Print Transaction," which can be found in the thomsonreuters.com investor relations section and has also been submitted to the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (SEC).

In addition, during the first quarter of 2026, the company adjusted its segment reporting methodology to reflect its current management approach for each segment. This adjustment reflects the transfer of certain customers and their related revenues and expenses between the three segments: legal professionals, corporate clients, and tax, audit, and accounting professionals. These changes will affect the financial results of each segment of the company, but they will not alter the consolidated financial results. The following is a summary of the changes in the relevant segment reporting amounts.

For the three months ending September 30, 2025

• Legal professionals' income decreased by $7 million to $721 million; after adjustment, EBITDA decreased by $1 million to $353 million, and after adjustment, the EBITDA profit margin increased by 30 basis points to 49.0%.
• Enterprise customer revenue increased by $11 million to $489 million, and after adjustment, EBITDA increased by $3 million to $177 million; after adjustment, the EBITDA profit margin decreased by 20 basis points to 36.3%.
• Professionals in taxation, auditing, and accounting have seen their income decrease by $4 million to $247 million. After adjustments, EBITDA has decreased by $2 million to $76 million, and after adjustments, the EBITDA profit margin has fallen by 60 basis points to 30.6%.

The nine months up to September 30, 2025

• Legal professionals' income decreased by $17 million to $2.113 billion; after adjustment, EBITDA decreased by $1 million to $1.028 billion, and after adjustment, the EBITDA profit margin increased by 30 basis points to 48.6%.
• Enterprise customer revenue increased by $26 million to $1.517 billion, and after adjustment, EBITDA increased by $8 million to $564 million; after adjustment, the EBITDA profit margin decreased by 10 basis points to 37.2%.
• Professionals in taxation, auditing, and accounting saw their income decrease by $9 million to $879 million; after adjustment, EBITDA decreased by $7 million to $394 million, and the adjusted EBITDA profit margin fell by 30 basis points to 43.9%.

Special Note on Forward-Looking Statements, Material Risks, and Material Assumptions

Certain statements in this press release, including but not limited to those in Mr. Hasker's comments, the "Outlook for 2026" section, statements regarding the completion of the transaction with Global Print on October 1, 2026, and the corresponding royalty arrangements and transition service agreements for the joint venture, statements regarding certain financial support provided to KKR, statements about the expected financial impact and pre-tax earnings of the transaction, as well as statements regarding the voluntary delisting of the securities from NASDAQ, are forward-looking statements. The terms "_will", "_expect", "_believe", "_target", "_estimate", "_could", "_should", "_intend", "_predict", "_project", and similar expressions are used to identify forward-looking statements. Although the company believes that the forward-looking statements in this press release are based on reasonable assumptions, these statements do not guarantee future performance or results, and there is no assurance that any other events described in the forward-looking statements will necessarily occur. Forward-looking statements are subject to various risks, uncertainties, and assumptions, which may result in significant differences between actual results or events and current expectations. Many of these risks, uncertainties, and assumptions are beyond the company's control, and their effects are difficult to predict.

There are certain significant risk factors that could lead to substantial differences between actual results or events and those expressed or implied in the forward-looking statements contained in this press release, including but not limited to the content discussed on pages 19 to 32 of the "Risk Factors" section of the company's 2025 annual report. These and other risk factors are also discussed in the materials that Thomson Reuters submits from time to time to the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (SEC). Thomson Reuters' annual and quarterly reports can also be found under the "Investor Relations" section at thomsonreuters.com.

The company's business outlook for 2026 is based on currently available information, combined with the company's own experience, its judgment of historical trends, current conditions, and expected future developments, as well as various external and internal assumptions deemed appropriate under those circumstances. Significant assumptions and risks could lead to actual performance differing from the expectations upon which the company's 2026 business outlook is based. In particular, due to concerns related to the macroeconomic environment and ongoing geopolitical risks, the global economy has experienced significant disruptions. The company's 2026 business outlook assumes that uncertain macroeconomic and geopolitical conditions will continue to disrupt the economy and create a period of volatility, but these conditions may last longer than anticipated. Any deterioration in the global economy or business environment could affect the company's ability to achieve its outlooks and impact its performance and other expectations. The company provides the November 2026 outlook, as well as the August 2026 outlook communicated earlier, for comparison purposes. For information regarding the significant assumptions and risks related to the November 2026 and August 2026 outlooks, please refer to pages 18 to 19 of the company's second-quarter report as of June 30, 2026, MD &A. In addition to the significant risks and assumptions listed in the second-quarter MD &A, the November 2026 outlook also faces one additional significant assumption and one additional significant risk. This significant assumption is that, for the November 2026 outlook, the company's adjusted EBITDA profit margin forecast expects that royalty income from joint ventures, plus reimbursement for transition services, will offset the costs of shelving the previous Global Print business. The significant risk is that the total royalties and expense reimbursements may be lower than expected and may not be able to fully offset the shelving costs.The company's quarterly MD and annual reports have been submitted or provided to the Canadian securities regulatory authorities and the US SEC. They can also be found in the “Investor Relations” section of thomsonreuters.com.

The company provides outlooks intended to present current expectations for the stated period, and such information may not be applicable for other purposes. Please note that one should not rely excessively on the forward-looking statements that only reflect expectations as of the date of issuance of this press release.

Except as required by applicable laws, Thomson Reuters assumes no obligation to update or revise any forward-looking statements.

Contact Information

Thomson Reuters will begin a webcast discussion about its third-quarter results for 2026 and business outlook for 2026 at 8:30 a.m. Eastern Standard Time today. You can access ir.thomsonreuters.com to watch the live broadcast. A replay archive will be available after the presentation.

Adjusted EBITDA Profit Margin Comparison

To calculate the adjusted EBITDA profit margin for the segments and consolidations, the company excluded the portion related to the adjustment of the fair value of acquisition deferred income from the IFRS revenue. The figure below compares the IFRS revenue with the revenue used to calculate the adjusted EBITDA profit margin, which does not include the portion related to the adjustment of the fair value of acquisition deferred income.