Thomson Reuters (TRI) J.P. Morgan 2025 Ultimate Services Investor Conference summary

Product innovation and AI integration

• Accelerated product roadmap with a strong focus on generative and agentic AI across legal, tax, and compliance segments.

• Recent launches include CoCounsel Legal and Westlaw Advantage, integrating advanced AI for seamless user experience and higher accuracy.

• Significant investments in GenAI, exceeding $200 million annually through 2026, split evenly between operating expenses and CapEx.

• Modernized technology infrastructure and talent in data science have enabled rapid innovation and product integration.

• Customer success teams in all major segments drive adoption and sustained usage of new products.

Competitive positioning and market differentiation

• Deep content repositories and thousands of expert attorneys provide a unique advantage in training AI agents for legal research.

• Westlaw Advantage leverages expert-trained AI to break down complex research tasks, creating a difficult-to-replicate capability.

• Core tax calculation engines and research libraries maintain strong moats, with incumbents favored due to high switching costs and embedded workflows.

• AI agents are being used to automate ancillary tasks in tax and accounting, expanding the role in customer workflows.

• Workflow automation solutions leverage proprietary content and expertise, making them hard for competitors to match.

Financial outlook and growth drivers

• Targeting 9.5% revenue growth for the big three segments in 2026, with price contributing 3-3.5% and the remainder from volume and product mix.

• International and indirect tax segments are growing rapidly, with international contributing one-third of organic growth at 16% YTD.

• Tax and accounting segment targets 11-13% organic growth in 2026, driven by price, acquisitions, strong retention, and GenAI product launches.

• Legal segment delivered 9% organic growth in Q3 and expects similar performance in Q4, with steady high growth anticipated.

• Corporate segment identified as the largest TAM, with recent go-to-market changes and technology adoption expected to drive multi-year growth.