NASDAQ : TRI
Thomson Reuters Corporation — Financial statements
Industrials · Specialty Business Services · Canada
Last price 116.35 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 50.40B
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Financial statements
Thomson Reuters Corporation (TRI) reported revenue of 7.83B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 7.83B | 7.48B | 7.26B | 6.79B | 6.63B | 6.35B |
| Cost of Revenue | 4.73B | 4.54B | 4.44B | 4.09B | 4.07B | 4.14B |
| Gross Profit | 3.11B | 2.93B | 2.82B | 2.70B | 2.56B | 2.21B |
| Selling, General & Admin | 58.00M | 60.00M | 59.00M | 64.00M | 52.00M | 61.00M |
| Amortization of Goodwill & Intangibles | 861.00M | 819.00M | 709.00M | 609.00M | 584.00M | 593.00M |
| Other Operating Expenses | -69.00M | -3.00M | 52.00M | -13.00M | 6.00M | -29.00M |
| Operating Expenses | 961.00M | 987.00M | 933.00M | 776.00M | 782.00M | 802.00M |
| Operating Income | 2.15B | 1.95B | 1.89B | 1.92B | 1.78B | 1.41B |
| Interest Expense | -165.00M | -157.00M | -177.00M | -211.00M | -192.00M | -185.00M |
| Interest & Investment Income | 25.00M | 40.00M | 76.00M | 84.00M | 7.00M | 2.00M |
| Earnings From Equity Investments | -29.00M | -28.00M | 40.00M | 1.07B | -432.00M | 6.24B |
| Currency Exchange Gain (Loss) | 19.00M | -78.00M | 145.00M | -227.00M | 516.00M | -2.00M |
| Other Non Operating Income (Expenses) | -26.00M | -4.00M | -12.00M | 35.00M | -72.00M | 10.00M |
| EBT Excluding Unusual Items | 1.97B | 1.72B | 1.96B | 2.68B | 1.60B | 7.47B |
| Merger & Restructuring Charges | -171.00M | -183.00M | ||||
| Gain (Loss) on Sale of Investments | 27.00M | 27.00M | -88.00M | |||
| Gain (Loss) on Sale of Assets | 161.00M | 161.00M | 196.00M | 384.00M | 217.00M | 5.00M |
| Pretax Income | 2.16B | 1.91B | 2.07B | 3.06B | 1.65B | 7.29B |
| Income Tax Expense | 475.00M | 423.00M | -123.00M | 417.00M | 259.00M | 1.61B |
| Earnings From Continuing Operations | 1.68B | 1.48B | 2.19B | 2.65B | 1.39B | 5.69B |
| Earnings From Discontinued Operations | -20.00M | 19.00M | 15.00M | 49.00M | -53.00M | 2.00M |
| Net Income to Company | 1.66B | 1.50B | 2.21B | 2.69B | 1.34B | 5.69B |
| Minority Interest in Earnings | 3.00M | |||||
| Net Income | 1.66B | 1.50B | 2.21B | 2.69B | 1.34B | 5.69B |
| Preferred Dividends & Other Adjustments | 4.00M | 4.00M | 5.00M | 5.00M | 3.00M | 2.00M |
| Net Income to Common | 1.66B | 1.50B | 2.21B | 2.69B | 1.33B | 5.69B |
| Shares Outstanding (Basic) | 437.56M | 442.04M | 443.65M | 456.02M | 459.24M | 468.31M |
| Shares Outstanding (Diluted) | 437.93M | 442.59M | 444.27M | 456.81M | 460.23M | 469.32M |
| EPS (Basic) | 3.79 | 3.39 | 4.97 | 5.90 | 2.91 | 12.14 |
| EPS (Diluted) | 3.78 | 3.38 | 4.96 | 5.89 | 2.90 | 12.12 |
| Free Cash Flow | 2.23B | 2.02B | 1.85B | 1.80B | 1.32B | 1.29B |
| Free Cash Flow Per Share | 5.10 | 4.56 | 4.16 | 3.93 | 2.87 | 2.74 |
| Dividend Per Share | 2.54 | 2.42 | 2.19 | 1.99 | 1.88 | 1.71 |
| Gross Margin | 39.66% | 39.22% | 38.88% | 39.73% | 38.62% | 34.80% |
| Operating Margin | 27.39% | 26.02% | 26.03% | 28.30% | 26.82% | 22.16% |
| Profit Margin | 21.17% | 20.04% | 30.38% | 39.59% | 20.14% | 89.59% |
| Free Cash Flow Margin | 28.50% | 26.98% | 25.49% | 26.45% | 19.92% | 20.26% |
| EBITDA | 2.29B | 2.09B | 2.04B | 2.08B | 1.96B | 1.65B |
| EBITDA Margin | 29.28% | 28.00% | 28.09% | 30.69% | 29.62% | 25.99% |
| D&A For EBITDA | 148.00M | 148.00M | 150.00M | 162.00M | 186.00M | 243.00M |
| EBIT | 2.15B | 1.95B | 1.89B | 1.92B | 1.78B | 1.41B |
| EBIT Margin | 27.39% | 26.02% | 26.03% | 28.30% | 26.81% | 22.16% |
| Effective Tax Rate | 22.02% | 22.19% | 13.61% | 15.70% | 22.03% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 577.00M | 511.00M | 1.97B | 1.30B | 1.07B | 778.00M |
| Short-Term Investments | 116.00M | 94.00M | 35.00M | 66.00M | 204.00M | 108.00M |
| Cash & Short-Term Investments | 693.00M | 605.00M | 2.00B | 1.36B | 1.27B | 886.00M |
| Accounts Receivable | 1.13B | 1.11B | 1.06B | 1.05B | 1.04B | 1.04B |
| Other Receivables | 107.00M | 96.00M | 145.00M | 97.00M | 87.00M | |
| Receivables | 1.13B | 1.22B | 1.15B | 1.19B | 1.14B | 1.12B |
| Inventory | 23.00M | 21.00M | 20.00M | 29.00M | 28.00M | |
| Prepaid Expenses | 449.00M | 205.00M | 150.00M | 161.00M | 159.00M | 170.00M |
| Other Current Assets | 177.00M | 162.00M | 182.00M | 213.00M | 244.00M | |
| Total Current Assets | 2.27B | 2.23B | 3.49B | 2.92B | 2.81B | 2.45B |
| Property, Plant & Equipment | 342.00M | 361.00M | 386.00M | 447.00M | 414.00M | 502.00M |
| Long-Term Investments | 637.00M | 668.00M | 711.00M | 2.03B | 6.68B | 6.74B |
| Goodwill | 8.09B | 7.91B | 7.26B | 6.72B | 5.87B | 5.94B |
| Other Intangible Assets | 4.77B | 4.75B | 4.59B | 4.40B | 4.15B | 4.15B |
| Long-Term Deferred Tax Assets | 1.26B | 1.34B | 1.38B | 1.10B | 1.12B | 1.14B |
| Long-Term Deferred Charges | 98.00M | 110.00M | 98.00M | 108.00M | 121.00M | 127.00M |
| Other Long-Term Assets | 607.00M | 570.00M | 527.00M | 954.00M | 540.00M | 1.10B |
| Total Assets | 18.08B | 17.94B | 18.44B | 18.68B | 21.71B | 22.15B |
| Accounts Payable | 170.00M | 147.00M | 176.00M | 181.00M | 237.00M | 227.00M |
| Accrued Expenses | 723.00M | 849.00M | 799.00M | 843.00M | 884.00M | 992.00M |
| Short-Term Debt | 1.62B | 295.00M | 130.00M | 1.05B | ||
| Current Portion of Long-Term Debt | 500.00M | 994.00M | 242.00M | 599.00M | ||
| Current Portion of Leases | 60.00M | 59.00M | 58.00M | 56.00M | 56.00M | 64.00M |
| Current Income Taxes Payable | 240.00M | 224.00M | 197.00M | 248.00M | 324.00M | 169.00M |
| Current Unearned Revenue | 1.26B | 1.25B | 1.06B | 992.00M | 886.00M | 874.00M |
| Other Current Liabilities | 379.00M | 143.00M | 150.00M | 541.00M | 857.00M | 255.00M |
| Total Current Liabilities | 4.45B | 3.47B | 3.44B | 3.23B | 4.89B | 2.58B |
| Long-Term Debt | 1.35B | 1.34B | 1.85B | 2.90B | 3.11B | 3.79B |
| Long-Term Leases | 181.00M | 190.00M | 198.00M | 209.00M | 179.00M | 197.00M |
| Pension & Post-Retirement Benefits | 449.00M | 504.00M | 523.00M | 535.00M | 526.00M | 506.00M |
| Long-Term Deferred Tax Liabilities | 382.00M | 364.00M | 241.00M | 553.00M | 897.00M | 1.00B |
| Other Long-Term Liabilities | 150.00M | 156.00M | 186.00M | 185.00M | 219.00M | 240.00M |
| Total Liabilities | 6.95B | 6.03B | 6.43B | 7.62B | 9.83B | 8.31B |
| Common Stock | 1.61B | 2.08B | 1.96B | 1.79B | 3.75B | 3.70B |
| Additional Paid-In Capital | 1.42B | 1.41B | 1.43B | 1.50B | 1.53B | 1.68B |
| Retained Earnings | 9.05B | 9.22B | 9.70B | 8.68B | 7.64B | 9.15B |
| Comprehensive Income & Other | -953.00M | -903.00M | -1.19B | -1.02B | -1.16B | -811.00M |
| Total Common Equity | 11.12B | 11.80B | 11.90B | 10.95B | 11.78B | 13.72B |
| Shareholders' Equity | 11.12B | 11.91B | 12.01B | 11.06B | 11.88B | 13.83B |
| Total Liabilities & Equity | 18.08B | 17.94B | 18.44B | 18.68B | 21.71B | 22.15B |
| Total Debt | 3.21B | 2.39B | 3.10B | 3.54B | 5.00B | 4.05B |
| Net Cash (Debt) | -2.51B | -1.78B | -1.09B | -2.18B | -3.72B | -3.16B |
| Net Cash Per Share | -5.74 | -4.03 | -2.46 | -4.77 | -8.09 | -6.74 |
| Filing Date Shares Outstanding | 433.22M | 437.90M | 443.15M | 444.39M | 447.81M | 461.52M |
| Total Common Shares Outstanding | 433.22M | 438.09M | 443.06M | 445.97M | 451.82M | 461.34M |
| Working Capital | -2.18B | -1.24B | 54.00M | -312.00M | -2.08B | -128.00M |
| Book Value Per Share | 25.68 | 26.94 | 26.85 | 24.56 | 26.06 | 29.75 |
| Tangible Book Value | -1.74B | -856.00M | 47.00M | -166.00M | 1.75B | 3.63B |
| Tangible Book Value Per Share | -4.01 | -1.95 | 0.11 | -0.37 | 3.88 | 7.87 |
| Land | 606.00M | 620.00M | 801.00M | 838.00M | 923.00M | |
| Buildings | 178.00M | 217.00M | ||||
| Machinery | 188.00M | 195.00M | 495.00M | 532.00M | 571.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.66B | 1.50B | 2.21B | 2.69B | 1.34B | 5.69B |
| Depreciation & Amortization | 209.00M | 209.00M | 204.00M | 213.00M | 239.00M | 296.00M |
| Other Amortization | 763.00M | 721.00M | 618.00M | 512.00M | 485.00M | 474.00M |
| Loss (Gain) From Sale of Assets | -165.00M | -165.00M | -192.00M | -336.00M | -217.00M | -5.00M |
| Asset Writedown & Restructuring Costs | 3.00M | 18.00M | -17.00M | 2.00M | -19.00M | -8.00M |
| Loss (Gain) From Sale of Investments | -9.00M | |||||
| Loss (Gain) on Equity Investments | 29.00M | 28.00M | -40.00M | -1.07B | 432.00M | -6.24B |
| Other Operating Activities | 257.00M | 295.00M | -490.00M | -141.00M | -284.00M | 812.00M |
| Change in Accounts Receivable | -23.00M | -18.00M | 26.00M | -83.00M | -28.00M | 76.00M |
| Change in Accounts Payable | 47.00M | -78.00M | -144.00M | -166.00M | -137.00M | 83.00M |
| Change in Unearned Revenue | 97.00M | 152.00M | 64.00M | 74.00M | 75.00M | 36.00M |
| Change in Income Taxes | 101.00M | 88.00M | 283.00M | 642.00M | 146.00M | 773.00M |
| Change in Other Net Operating Assets | -91.00M | -101.00M | -53.00M | -10.00M | -48.00M | -136.00M |
| Operating Cash Flow | 2.88B | 2.65B | 2.46B | 2.34B | 1.92B | 1.77B |
| Capital Expenditures | -653.00M | -634.00M | -607.00M | -544.00M | -595.00M | -487.00M |
| Cash Acquisitions | -461.00M | -843.00M | -622.00M | -1.22B | -191.00M | -18.00M |
| Divestitures | 257.00M | 254.00M | 326.00M | 418.00M | 216.00M | 28.00M |
| Investment in Securities | 1.85B | 5.42B | 43.00M | 994.00M | ||
| Other Investing Activities | -62.00M | -61.00M | -271.00M | -569.00M | 65.00M | -1.02B |
| Investing Cash Flow | -919.00M | -1.28B | 680.00M | 3.51B | -462.00M | -504.00M |
| Short-Term Debt Issued | 290.00M | 1.04B | ||||
| Total Debt Issued | 1.59B | 290.00M | 1.04B | |||
| Short-Term Debt Repaid | -139.00M | -956.00M | ||||
| Long-Term Debt Repaid | -1.06B | -353.00M | -658.00M | -65.00M | -109.00M | |
| Lease Payments | -62.00M | -64.00M | -63.00M | -58.00M | -65.00M | -109.00M |
| Total Debt Repaid | -562.00M | -1.06B | -492.00M | -1.61B | -65.00M | -109.00M |
| Net Debt Issued (Repaid) | 1.03B | -773.00M | -492.00M | -1.61B | 977.00M | -109.00M |
| Repurchase of Common Stock | -1.97B | -1.00B | -639.00M | -3.12B | -1.28B | -1.40B |
| Preferred Dividends Paid | -4.00M | -4.00M | -5.00M | -5.00M | -3.00M | -2.00M |
| Common Dividends Paid | -1.07B | -1.03B | -944.00M | -887.00M | -834.00M | -773.00M |
| Dividends Paid | -1.07B | -1.04B | -949.00M | -892.00M | -837.00M | -775.00M |
| Other Financing Activities | -41.00M | -16.00M | -379.00M | 4.00M | -14.00M | 11.00M |
| Financing Cash Flow | -2.05B | -2.83B | -2.46B | -5.63B | -1.16B | -2.27B |
| Foreign Exchange Rate Adjustments | -3.00M | 4.00M | -8.00M | 1.00M | -6.00M | -5.00M |
| Net Cash Flow | -87.00M | -1.46B | 670.00M | 229.00M | 291.00M | -1.01B |
| Free Cash Flow | 2.23B | 2.02B | 1.85B | 1.80B | 1.32B | 1.29B |
| Free Cash Flow Margin | 28.50% | 26.98% | 25.49% | 26.45% | 19.92% | 20.26% |
| Free Cash Flow Per Share | 5.10 | 4.56 | 4.16 | 3.93 | 2.87 | 2.74 |
| Levered Free Cash Flow | 2.11B | 1.62B | 1.02B | 932.00M | 1.90B | 1.08B |
| Unlevered Free Cash Flow | 2.21B | 1.72B | 1.13B | 1.06B | 2.02B | 1.20B |
| Free Cash Flow After Leases | 2.17B | 1.95B | 1.79B | 1.74B | 1.25B | 1.18B |
| Cash Interest Paid | 140.00M | 138.00M | 149.00M | 201.00M | 168.00M | 165.00M |
| Cash Income Tax Paid | 339.00M | 337.00M | 551.00M | 868.00M | 200.00M | 1.92B |
| Change in Working Capital | 131.00M | 43.00M | 176.00M | 457.00M | 8.00M | 832.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 52.13B | 59.01B | 72.18B | 66.82B | 54.88B | 58.23B |
| Enterprise Value | 54.69B | 60.75B | 73.46B | 68.81B | 58.22B | 60.68B |
| Last Close Price | 118.25 | 129.10 | 154.73 | 139.22 | 106.99 | 110.31 |
| PE Ratio | 31.23 | 39.39 | 32.73 | 24.84 | 41.11 | 10.24 |
| PS Ratio | 6.56 | 7.89 | 9.94 | 9.84 | 8.28 | 9.17 |
| PB Ratio | 4.62 | 4.95 | 6.01 | 6.04 | 4.62 | 4.21 |
| P/TBV Ratio | 1,535.65 | 31.32 | 16.04 | |||
| P/FCF Ratio | 23.00 | 29.25 | 39.01 | 37.18 | 41.58 | 45.28 |
| P/OCF Ratio | 17.80 | 22.26 | 29.38 | 28.54 | 28.66 | 32.84 |
| EV/Sales Ratio | 6.88 | 8.13 | 10.12 | 10.13 | 8.79 | 9.56 |
| EV/EBITDA Ratio | 23.51 | 29.03 | 36.03 | 33.00 | 29.66 | 36.78 |
| EV/EBIT Ratio | 25.13 | 31.23 | 38.89 | 35.78 | 32.76 | 43.13 |
| EV/FCF Ratio | 24.15 | 30.12 | 39.71 | 38.29 | 44.11 | 47.19 |
| Debt / Equity Ratio | 0.29 | 0.20 | 0.26 | 0.32 | 0.42 | 0.29 |
| Debt / EBITDA Ratio | 1.36 | 1.11 | 1.48 | 1.66 | 2.48 | 2.38 |
| Debt / FCF Ratio | 1.44 | 1.18 | 1.67 | 1.97 | 3.79 | 3.15 |
| Net Debt / Equity Ratio | 0.23 | 0.15 | 0.09 | 0.20 | 0.31 | 0.23 |
| Net Debt / EBITDA Ratio | 1.10 | 0.85 | 0.54 | 1.04 | 1.90 | 1.92 |
| Net Debt / FCF Ratio | 1.12 | 0.88 | 0.59 | 1.21 | 2.82 | 2.46 |
| Asset Turnover | 0.43 | 0.41 | 0.39 | 0.34 | 0.30 | 0.32 |
| Inventory Turnover | 206.54 | 216.39 | 167.14 | 142.74 | 153.30 | |
| Quick Ratio | 0.41 | 0.53 | 0.92 | 0.79 | 0.49 | 0.78 |
| Current Ratio | 0.51 | 0.64 | 1.02 | 0.90 | 0.57 | 0.95 |
| Return on Equity (ROE) | 14.17% | 12.40% | 19.00% | 23.06% | 10.82% | 47.76% |
| Return on Assets (ROA) | 7.44% | 6.68% | 6.36% | 5.95% | 5.06% | 4.39% |
| Return on Invested Capital (ROIC) | 12.10% | 11.29% | 14.34% | 11.52% | 9.19% | 7.66% |
| Return on Capital Employed (ROCE) | 15.70% | 13.40% | 12.60% | 12.40% | 10.60% | 7.20% |
| Earnings Yield | 3.20% | 2.55% | 3.06% | 4.03% | 2.44% | 9.77% |
| FCF Yield | 4.35% | 3.42% | 2.56% | 2.69% | 2.40% | 2.21% |
| Dividend Yield | 2.15% | 1.80% | 1.35% | 1.33% | 1.54% | 1.35% |
| Payout Ratio | 67.14% | 69.17% | 42.94% | 33.10% | 62.56% | 13.62% |
| Buyback Yield / Dilution | 2.10% | 0.38% | 2.74% | 0.74% | 1.94% | 0.71% |
| Total Shareholder Return | 4.28% | 2.17% | 4.09% | 2.07% | 3.48% | 2.06% |