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Dec 31, 2025
Thomson Reuters Q4 2025 Earnings Report
Thomson Reuters reported solid revenue momentum and increased profitability in Q4 2025, driven by strong organic growth across its 'Big 3' segments.
Key Takeaways
Thomson Reuters delivered a strong fourth quarter in 2025, with total revenues increasing by 5% to $2.009 billion and organic revenues up 7%. Adjusted EBITDA grew by 8% to $777 million, with the margin expanding to 38.7%. Diluted EPS decreased to $0.74, primarily due to lower operating profit compared to the prior year, which included significant other operating gains. The company also increased its annualized dividend by 10%.
Total company revenues increased 5% to $2.009 billion, with organic revenues up 7% in Q4 2025.
Adjusted EBITDA grew 8% to $777 million, and the adjusted EBITDA margin expanded by 110 basis points to 38.7%.
Diluted EPS decreased to $0.74, primarily due to lower operating profit compared to the prior year's significant other operating gains.
The company increased its annualized dividend by 10% to $2.62 per common share, marking the 33rd consecutive annual increase.
Revenue by Segment
Forward Guidance
For fiscal year 2026, Thomson Reuters anticipates organic revenue growth of approximately 7.5% - 8.0% and adjusted EBITDA margin expansion of approximately 100 basis points from 39.2% in 2025. Free cash flow is expected to be around $2.1 billion.
Positive Outlook
- Organic revenue growth expected to be between 7.5% and 8.0% for FY 2026.
- Adjusted EBITDA margin expected to expand by approximately 100 basis points from 39.2% in 2025.
- Free cash flow projected to be around $2.1 billion for FY 2026.
- First-quarter 2026 organic revenue growth expected to be approximately 7% and adjusted EBITDA margin around 42%.
- Continued investments in AI and product innovation are expected to drive future growth.
Challenges Ahead
- Outlook is subject to risks and uncertainties, including macroeconomic environment and geopolitical risks.
- Uneven economic growth and evolving interest rate and inflationary backdrop could impact performance.
- Worsening global economic or business environment could affect the company's ability to achieve its outlook.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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