Revenue growth momentum has accelerated to 9.8% in 2026Q1, while the company maintains structural gross margins consistently between 75% and 76% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 7.66B | 7.48B | 7.26B | 6.79B | 6.63B | 6.35B | 5.98B | 5.91B | 5.5B | 5.3B | 11.17B | 11.26B | 12.61B | 12.7B | 13.13B | 13.81B | 13.07B | 13B | 11.71B | 7.3B | 6.59B | 6.17B | 8.06B | 7.44B | 7.44B | 7.24B | 6.51B | 5.75B | 5.4B | 5.85B | 7.72B |
| Revenue Growth % | 5.36% | 3% | 6.83% | 2.52% | 4.4% | 6.08% | 1.32% | 7.36% | 3.85% | -52.56% | -0.81% | -10.71% | -0.75% | -3.27% | -4.89% | 5.64% | 0.56% | 11.02% | 60.46% | 10.7% | 6.77% | -23.38% | 8.35% | -0.11% | 2.86% | 11.11% | 13.23% | 6.56% | -7.71% | -24.26% | 6.81% |
| Cost of Goods Sold | 1.85B | 1.81B | 1.79B | 1.56B | 1.58B | 1.58B | 1.16B | 1.41B | 1.04B | 864M | 2.02B | 1.98B | 2.27B | 2.13B | 2.22B | 7.95B | 10.06B | 9.88B | 8.7B | 5.28B | 4.67B | 4.35B | 5.82B | 5.4B | 5.48B | 5.45B | 4.88B | 4.25B | 4B | 4.44B | 6.39B |
| COGS % of Revenue | - | 24.2% | 24.68% | 22.96% | 23.92% | 24.92% | 19.35% | 23.89% | 18.87% | 16.31% | 18.07% | 17.62% | 17.99% | 16.75% | 16.89% | 57.56% | 76.98% | 75.98% | 74.31% | 72.3% | 70.78% | 70.48% | 72.26% | 72.57% | 73.66% | 75.32% | 74.93% | 73.92% | 74.14% | 75.91% | 82.7% |
| Gross Profit | 5.81B | 5.67B | 5.47B | 5.23B | 5.04B | 4.77B | 4.83B | 4.5B | 4.46B | 4.43B | 9.15B | 9.27B | 10.34B | 10.57B | 10.91B | 5.86B | 3.01B | 3.12B | 3.01B | 2.02B | 1.93B | 1.82B | 2.23B | 2.04B | 1.96B | 1.79B | 1.63B | 1.5B | 1.4B | 1.41B | 1.34B |
| Gross Margin % | 75.81% | 75.8% | 75.32% | 77.04% | 76.08% | 75.08% | 80.65% | 76.11% | 81.13% | 83.69% | 81.93% | 82.38% | 82.01% | 83.25% | 83.11% | 42.44% | 23.02% | 24.02% | 25.69% | 27.7% | 29.22% | 29.52% | 27.74% | 27.43% | 26.34% | 24.68% | 25.07% | 26.08% | 25.86% | 24.09% | 17.3% |
| Gross Profit Growth % | - | 3.66% | 4.45% | 3.81% | 5.79% | -1.24% | 7.36% | 0.72% | 0.68% | -51.54% | -1.35% | -10.31% | -2.22% | -3.12% | 86.28% | 94.72% | -3.62% | 3.82% | 48.79% | 4.93% | 5.71% | -18.48% | 9.56% | 4.03% | 9.8% | 9.38% | 8.86% | 7.44% | -0.92% | 5.48% | 7.93% |
| Operating Expenses | 3.77B | 3.68B | 3.36B | 2.9B | 3.21B | 3.52B | 2.9B | 3.3B | 3.68B | 3.4B | 7.76B | 7.75B | 7.79B | 9.06B | 8.34B | 6.56B | 1.59B | 1.55B | 1.34B | 724M | 678M | 650M | 905M | 866M | 825M | 920M | 842.11M | 695.38M | 625.04M | 582.02M | 553.96M |
| OpEx % of Revenue | - | 49.2% | 46.27% | 42.71% | 48.41% | 55.51% | 48.41% | 55.81% | 66.95% | 64.17% | 69.48% | 68.82% | 61.82% | 71.31% | 63.54% | 47.54% | 12.17% | 11.9% | 11.44% | 9.92% | 10.29% | 10.53% | 11.23% | 11.65% | 11.08% | 12.71% | 12.93% | 12.09% | 11.58% | 9.95% | 7.17% |
| Selling, General & Admin | 2.78B | 2.72B | 2.66B | 2.53B | 2.67B | 2.75B | 2.52B | 2.67B | 2.74B | 2.84B | 6.19B | 6.18B | 7.03B | 7.44B | 7.46B | 2.2B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 36.34% | 36.62% | 37.28% | 40.34% | 43.29% | 42.15% | 45.12% | 49.79% | 53.65% | 55.47% | 54.93% | 55.78% | 58.57% | 56.78% | 15.92% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 961M | 700M | 369M | 535M | 776M | 375M | 631M | 944M | 557M | 1.56B | 1.56B | 762M | 1.62B | 888M | 4.37B | 1.59B | 1.55B | 1.34B | 724M | 678M | 650M | 905M | 866M | 825M | 920M | 842.11M | 695.38M | 625.04M | 582.02M | 553.96M |
| Operating Income | 2.04B | 1.99B | 2.11B | 2.33B | 1.83B | 1.24B | 1.93B | 1.2B | 780M | 1.03B | 1.39B | 1.53B | 2.54B | 1.52B | 2.57B | -705M | 1.42B | 1.57B | 1.67B | 1.3B | 1.25B | 1.17B | 1.33B | 1.17B | 1.14B | 1.79B | 790.77M | 804.59M | 771.04M | 827.07M | 781.98M |
| Operating Margin % | 26.66% | 26.61% | 29.06% | 34.32% | 27.67% | 19.57% | 32.24% | 20.3% | 14.18% | 19.52% | 12.45% | 13.56% | 20.19% | 11.94% | 19.57% | -5.11% | 10.86% | 12.12% | 14.25% | 17.78% | 18.93% | 18.99% | 16.51% | 15.79% | 15.26% | 24.68% | 12.14% | 13.99% | 14.28% | 14.14% | 10.13% |
| Operating Income Growth % | - | -5.69% | -9.56% | 27.15% | 47.67% | -35.61% | 60.88% | 53.72% | -24.56% | -25.61% | -8.91% | -40.04% | 67.88% | -41.01% | 464.54% | -149.68% | -9.9% | -5.58% | 28.6% | 3.93% | 6.48% | -11.88% | 13.29% | 3.35% | -36.39% | 125.86% | -1.72% | 4.35% | -6.77% | 5.77% | 2.83% |
| EBITDA | 2.99B | 2.92B | 2.93B | 3.06B | 2.56B | 2.01B | 2.72B | 1.92B | 1.4B | 1.64B | 2.94B | 3.11B | 4.37B | 3.35B | 4.3B | 1B | 2.99B | 3.13B | 2.99B | 2.02B | 1.93B | 1.82B | 2.23B | 2.08B | 2B | 2.81B | 1.63B | 1.5B | 1.4B | 1.41B | 1.34B |
| EBITDA Margin % | 39.04% | 39.04% | 40.38% | 45% | 38.6% | 31.7% | 45.47% | 32.44% | 25.43% | 30.94% | 26.35% | 27.61% | 34.64% | 26.34% | 32.78% | 7.27% | 22.9% | 24.09% | 25.53% | 27.7% | 29.27% | 29.52% | 27.74% | 27.95% | 26.88% | 38.83% | 25.07% | 26.08% | 25.86% | 24.09% | 17.3% |
| EBITDA Growth % | 1.18% | -0.41% | -4.12% | 19.51% | 27.14% | -26.06% | 42.01% | 36.95% | -14.64% | -44.29% | -5.34% | -28.83% | 30.51% | -22.28% | 328.78% | -66.46% | -4.41% | 4.75% | 47.9% | 4.77% | 5.87% | -18.48% | 7.56% | 3.85% | -28.79% | 72.09% | 8.86% | 7.44% | -0.92% | 5.48% | 7.93% |
| D&A (Non-Cash Add-back) | 949M | 930M | 822M | 725M | 724M | 770M | 792M | 717M | 619M | 605M | 1.55B | 1.58B | 1.82B | 1.83B | 1.74B | 1.71B | 1.57B | 1.56B | 1.32B | 724M | 681M | 650M | 905M | 904M | 865M | 1.02B | 842.11M | 695.38M | 625.04M | 582.02M | 553.96M |
| EBIT | 2.17B | 2.12B | 2.23B | 2.23B | 2.29B | 1.25B | 1.97B | 1.18B | 831M | 871M | 1.45B | 1.57B | 2.47B | 1.48B | 2.63B | -671M | 1.47B | 1.19B | 2.06B | 1.3B | 1.25B | 1.17B | 1.33B | 1.17B | 1.14B | 866M | 790.77M | 804.59M | 771.04M | 827.07M | 781.98M |
| Net Interest Income | -139.13M | -143M | -96.15M | -130.35M | -178.63M | -184.36M | -184.24M | -141.21M | -216.37M | -336.69M | -340.85M | -323.27M | -388.1M | -397.61M | -407.61M | -413.92M | -450.92M | -496.07M | -207.46M | -13.05M | -215.39M | -229.24M | -255.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 23.11M | 40M | 72.35M | 85.54M | 6.72M | 1.98M | 5.26M | 45.02M | 36.06M | 7.25M | 6.92M | 1.84M | 2.86M | 3.88M | 8.03M | 18.46M | 23.84M | 23.93M | 142.63M | 250.14M | 23.39M | 16.6M | 10.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 162.25M | 183M | 168.5M | 215.89M | 185.35M | 186.35M | 189.51M | 186.23M | 252.43M | 343.94M | 347.77M | 325.12M | 390.96M | 401.49M | 415.64M | 432.39M | 474.77M | 520.01M | 350.1M | 263.19M | 238.78M | 245.84M | 266.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -52M | -83M | -40M | 731M | -184M | 6.05B | -709M | -827M | -480M | -531M | -349M | -365M | -524M | -493M | -404M | -398M | -347M | -1.03B | 2M | -46M | -220M | -249M | -211M | -191M | -426M | 0 | -206.69M | -262.67M | -350.02M | -353.06M | -108.06M |
| Pretax Income | 1.99B | 1.91B | 2.07B | 3.06B | 1.65B | 7.29B | 1.22B | 372M | 300M | 503M | 1.04B | 1.16B | 2.02B | 1.02B | 2.17B | -1.1B | 1.07B | 545M | 1.67B | 1.25B | 1.03B | 923M | 1.12B | 983M | 710M | 852M | 584.08M | 541.92M | 421.02M | 474.01M | 673.91M |
| Pretax Margin % | 25.98% | 25.49% | 28.51% | 45.08% | 24.9% | 114.9% | 20.39% | 6.3% | 5.45% | 9.5% | 9.32% | 10.31% | 16.03% | 8.05% | 16.49% | -7.99% | 8.2% | 4.19% | 14.27% | 17.15% | 15.6% | 14.95% | 13.89% | 13.22% | 9.54% | 11.77% | 8.97% | 9.42% | 7.8% | 8.1% | 8.73% |
| Income Tax | 456M | 423M | -123M | 417M | 259M | 1.61B | 71M | -1.2B | 136M | -134M | -15M | 34M | 62M | 848M | 126M | 293M | 139M | -299M | 350M | 155M | 116M | 261M | 263M | 150M | 162M | 168M | -14.67M | 105.07M | 79.01M | 74.99M | 92.96M |
| Effective Tax Rate % | 22.9% | 22.19% | -5.94% | 13.61% | 15.7% | 22.03% | 5.82% | -322.04% | 45.33% | -26.64% | -1.44% | 2.93% | 3.07% | 82.89% | 5.82% | -26.56% | 12.97% | -54.86% | 20.96% | 12.39% | 11.28% | 28.28% | 23.5% | 15.26% | 22.82% | 19.72% | -2.51% | 19.39% | 18.77% | 15.82% | 13.79% |
| Net Income | 1.53B | 1.5B | 2.21B | 2.69B | 1.34B | 5.69B | 1.12B | 1.56B | 3.93B | 1.4B | 3.1B | 1.25B | 1.91B | 137M | 1.99B | -1.39B | 909M | 844M | 1.31B | 4B | 1.12B | 934M | 1.01B | 865M | 605M | 776M | 1.25B | 559.89M | 1.85B | 550.05M | 580.96M |
| Net Margin % | 19.93% | 20.09% | 30.45% | 39.67% | 20.19% | 89.62% | 18.75% | 26.48% | 71.5% | 26.34% | 27.74% | 11.15% | 15.14% | 1.08% | 15.15% | -10.07% | 6.95% | 6.49% | 11.16% | 54.88% | 16.99% | 15.13% | 12.55% | 11.63% | 8.13% | 10.72% | 19.2% | 9.73% | 34.2% | 9.4% | 7.52% |
| Net Income Growth % | -29.4% | -32.04% | -18% | 101.42% | -76.48% | 407.04% | -28.26% | -60.23% | 181.94% | -54.97% | 146.85% | -34.26% | 1293.43% | -93.11% | 243.09% | -252.92% | 7.7% | -35.42% | -67.36% | 257.5% | 19.91% | -7.62% | 16.88% | 42.98% | -22.04% | -37.96% | 123.41% | -69.67% | 235.63% | -5.32% | -27.34% |
| Net Income (Continuing) | 1.53B | 1.48B | 2.19B | 2.65B | 1.39B | 5.69B | 1.15B | 1.57B | 164M | 637M | 1.06B | 1.13B | 1.96B | 175M | 2.04B | -1.4B | 933M | 844M | 1.32B | 1.1B | 912M | 662M | 856M | 833M | 548M | 684M | 598.75M | 436.86M | 342.01M | 399.02M | 580.96M |
| Discontinued Operations | -2M | 19M | 15M | 49M | -53M | 2M | -27M | -6M | 3.86B | 822M | 2.09B | 184M | 0 | 10M | 2M | 4M | 0 | 23M | 1M | 2.91B | 208M | 272M | 155M | 32M | 57M | 92M | 652.09M | 123.04M | 1.5B | 151.03M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 498M | 483M | 487M | 481M | 394M | 353M | 345M | 353M | 68M | 72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.49 | 3.40 | 4.89 | 5.90 | 2.64 | 11.40 | 2.39 | 3.18 | 0.11 | 2.21 | 1.53 | 1.56 | 2.69 | 0.17 | 2.76 | -1.91 | 1.24 | 1.21 | 1.92 | 7.08 | 1.98 | 1.62 | 1.76 | 1.53 | 1.04 | 1.36 | 2.24 | 0.98 | 3.39 | 1.04 | 1.08 |
| EPS Growth % | -28% | -30.47% | -17.12% | 123.48% | -76.84% | 376.99% | -24.84% | 2790.91% | -95.02% | 44.44% | -1.92% | -42.01% | 1482.35% | -93.84% | 244.5% | -254.03% | 2.48% | -36.98% | -72.88% | 257.58% | 22.22% | -7.95% | 15.03% | 47.12% | -23.53% | -39.29% | 128.57% | -71.09% | 225.96% | -3.7% | -29.41% |
| EPS (Basic) | - | 3.40 | 4.89 | 5.91 | 2.65 | 11.42 | 2.40 | 3.19 | 0.11 | 2.21 | 1.53 | 1.83 | 2.70 | 0.17 | 2.76 | -1.91 | 1.24 | 1.21 | 1.93 | 7.13 | 1.98 | 1.62 | 1.76 | 1.53 | 1.04 | 1.36 | 2.24 | 0.98 | 3.39 | 1.04 | 1.08 |
| Diluted Shares Outstanding | 437.79M | 449.53M | 451.24M | 463.97M | 484.93M | 494.5M | 498.03M | 502.52M | 644.13M | 630.3M | 655.47M | 686.26M | 709.71M | 727.26M | 726.05M | 729.42M | 732.04M | 728.97M | 678.42M | 564.35M | 564.06M | 573.18M | 573.95M | 571.49M | 563.58M | 550.85M | 546.02M | 536.67M | 535.76M | 501.41M | 524.97M |
| Basic Shares Outstanding | 437.7M | 448.97M | 450.61M | 463.18M | 483.89M | 493.44M | 496.72M | 500.83M | 643.52M | 629.05M | 654.04M | 683.75M | 707.05M | 724.85M | 724.33M | 729.42M | 728.42M | 726.4M | 674.62M | 560.73M | 564.06M | 573.18M | 572.84M | 559.07M | 563.58M | 550.85M | 546.02M | 444.57M | 535.76M | 501.41M | 524.97M |
| Dividend Payout Ratio | - | 70.11% | 40.66% | 33.52% | 59.86% | 13.47% | 68.5% | 45.67% | 21.72% | 70.99% | 31.25% | 74.34% | 51.6% | 734.77% | 51.54% | - | 98.79% | 116.65% | 39.42% | 16.62% | 48.12% | 56.08% | 52% | 77.34% | 50.41% | 35.95% | 21.64% | 45.54% | 13.06% | 42.73% | 33.74% |
AI-driven data commoditization
According to recent financial disclosures, Thomson Reuters achieved a 9.8% year-over-year revenue growth in 2026Q1, marking a notable acceleration from the 0.8% growth observed in 2025Q1, suggesting that the company's strategic pivot toward high-value digital subscription models is successfully capturing increased demand within its core professional segments.
The recent revenue acceleration appears to be driven by the successful migration of users to premium, AI-enabled platforms like Westlaw Precision. This trend suggests that the company is effectively transitioning from volume-based seat licensing to value-based pricing, which may provide a more durable growth trajectory despite the ongoing decline of legacy print products.
As reported in quarterly filings, Thomson Reuters maintains a robust gross margin profile, consistently hovering near 75% to 76% over the last ten quarters, which underscores the inherent scalability of its proprietary legal and tax information databases once the primary editorial infrastructure is fully established.
The stability of these margins indicates significant pricing power and a high barrier to entry rooted in the company's proprietary indexing systems. Investors should monitor whether the integration of generative AI tools necessitates a shift in the cost structure that could eventually compress these margins if competitive pressures intensify.
Based on the provided income statement data, operating margins reached 30.5% in 2026Q1, demonstrating that the company is successfully leveraging its fixed-cost base as revenue scales, with operating income growth often outpacing top-line expansion during periods of disciplined expense management across the core professional services segments.
The ability to maintain operating margins above 30% while simultaneously investing in product innovation suggests that the company's operating leverage is a core component of its profitability. This efficiency appears to be a direct result of the high-margin nature of digital information delivery compared to the legacy print business.
Financial statements indicate that net income has experienced significant quarterly fluctuations, such as the 48.3% net margin recorded in 2024Q2, which appears largely attributable to non-operating items like LSEG share price movements rather than fundamental changes in the underlying profitability of the core business operations.
The presence of non-operating noise warrants careful adjustment when evaluating the company's true earnings power. Analysts should focus on operating income trends to better understand the core business performance, as the LSEG stake creates accounting volatility that does not reflect the recurring nature of the subscription revenue.
While current figures show strong profitability, a critical challenge remains the potential for generative AI to lower the barrier to entry for new, lower-cost competitors, which could threaten the long-term sustainability of the company's premium pricing model and lead to future margin compression in the legal research market.
The market's current valuation may be overly optimistic regarding the company's ability to defend its moat against AI-native startups. If these new entrants successfully commoditize basic legal research, Thomson Reuters may face pressure to lower prices, which would challenge the current narrative of AI-driven margin expansion.
Quick answers to the most common questions about buying TRI stock.
For fiscal year 2025, Thomson Reuters Corporation (TRI) reported total revenue of $7.48B. This represents a 3.2% decline compared to $7.72B in 1996.
Thomson Reuters Corporation (TRI) is profitable, generating $1.50B in net income for the fiscal year ending 2025 with a net profit margin of 20.1%.
Thomson Reuters Corporation (TRI) reported an operating income of $1.99B, resulting in an operating profit margin of 26.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Thomson Reuters Corporation (TRI) generated $5.67B in gross profit for the year, representing a gross profit margin of 75.8%. This demonstrates the company's core pricing power and production efficiency.