Thomson Reuters (TRI) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered 9% total revenue growth and 8% organic growth, with the "Big 3" segments achieving 10% organic growth and comprising 83% of total revenues.

• Full-year 2026 revenue growth outlook was raised to ~8% for the company and 9.5–10% for the "Big 3" segments.

• Announced sale of a 51% stake in Global Print to KKR for ~$500 million, forming a joint venture and sharpening focus on AI-powered solutions.

• Strong momentum in AI-enabled offerings, including launches of next-gen CoCounsel Legal and proprietary Thomson LLM.

• Returned $605 million to shareholders and completed a $600 million share repurchase program, reducing share count.

Financial highlights

• Q2 2026 revenues were $1,954M (up 9% year-over-year); organic revenue up 8%; operating profit rose 28% to $558M.

• Adjusted EBITDA was $745M (up 10%), margin 38.1%; adjusted EPS was $0.99 (up 14%), diluted EPS $1.02 (up 48%).

• Free cash flow increased 29% to $727M; net cash from operating activities was $920M (up 23%).

• Six-month revenues were $4,041M (up 10%), with six-month adjusted EBITDA at $1,626M (up 9%), margin 40.2%.

• Net debt as of June 30, 2026, was $2,628M; net leverage ratio at 0.9x.

Outlook and guidance

• 2026 total and organic revenue growth outlook raised to ~8% for the company and 9.5–10% for "Big 3" segments.

• Adjusted EBITDA margin expected at ~40% for 2026; free cash flow guidance at ~$2.1B.

• Q3 2026 organic revenue growth expected at ~8%, with adjusted EBITDA margin at ~36%.

• Guidance assumes constant currency and excludes future acquisitions/dispositions.

• Strong margin expansion expected in Q4, driven by automation savings and lower severance.