汤森路透在Global Print出售交割后披露补充财务口径，但无新增全年指引

----- d309783d6k.htm -----
6-K
1
d309783d6k.htm
6-K
6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE
13a-16
OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2026
Commission File Number:
001-31349
THOMSON REUTERS CORPORATION
(Translation of registrant’s name into English)
19 Duncan Street
Toronto, Ontario M5H 3H1, Canada
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F.
Form 20-F ☐   Form
40-F ☒
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
THOMSON REUTERS CORPORATION
(Registrant)
By:
/s/ Jennifer Ruddick
Name:
Jennifer Ruddick
Title:
Deputy Company Secretary
Date: October 19, 2026
EXHIBIT INDEX
Exhibit Number
Description
99.1
News release dated October 19, 2026 – Thomson Reuters Provides Supplemental Financial Information Following Close of Global Print Transaction

----- d309783dex991.htm -----
EX-99.1
2
d309783dex991.htm
THOMSON REUTERS-SUPPLEMENTAL FINANCIAL INFORMATION
Thomson Reuters-Supplemental Financial Information
Exhibit 99.1
NEWS RELEASE
Thomson Reuters Provides Supplemental
Financial Information Following Close of Global Print Transaction
TORONTO, October
19, 2026
-- As previously announced on
October 1, 2026, Thomson Reuters (TSX/Nasdaq: TRI) (“the company”) sold a 51% stake in its Global Print business to capital accounts advised by KKR, with the two parties forming a joint venture to operate the Global Print business,
now operating as Westbridge Print.
As a result of this transaction, Thomson Reuters will report Global Print as discontinued operations beginning in the
third-quarter of 2026. Prior periods presented will be restated to reflect this change. A supplemental schedule has been posted to the “Investor Relations” section of thomsonreuters.com with revised 2025 and 2026 results that exclude the
Global Print business.
On August 5, 2026, the company provided a third-quarter 2026 outlook for organic revenue growth of approximately 8% and adjusted EBITDA
margin of approximately 36%, which included the results of the Global Print business. Calculated on the basis the company will use to report its third-quarter results, the previously provided outlook would have been approximately 9% organic revenue
growth and approximately 35% adjusted EBITDA margin.
The revised historical information and the third-quarter 2026 outlook do not reflect certain arrangements that
began on October 1, 2026, namely:
•
Westbridge Print will pay a royalty to Thomson Reuters equal to 20% of its Professional revenue (approximately 85% –
90% of total Westbridge Print revenue) for the exclusive license to distribute the company’s intellectual property in print and on ProView, its eBook platform.
•
Westbridge Print has entered into a multi-year agreement with Thomson Reuters where it will reimburse the company for
certain transition services as the joint venture migrates to a standalone entity.
Beginning with fourth-quarter results, the impact of the
royalty and transitional services arrangements are expected to largely offset stranded costs from the separation. As a result, the company continues to expect the impact from the Global Print transaction to be approximately neutral to adjusted
EBITDA margin following the transaction close, as well as 60 – 70 basis points accretive to annual organic revenue growth.
The company will issue a revised
full-year 2026 outlook when it reports its third-quarter earnings on November 3, 2026.
Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right
decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions
needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit
thomsonreuters.com.
NON-IFRS
FINANCIAL MEASURES
Thomson Reuters prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting
Standards Board (IASB).
This news release and accompanying web site post include certain
non-IFRS
financial
measures, which include ratios that incorporate one or more
non-IFRS
financial measures, such as adjusted EBITDA (other than at the customer segment level) and the related margin, adjusted earnings and
adjusted EPS, as well as financial measures for the “Big 3” segments.
Non-IFRS
financial measures are defined and reconciled to the most directly comparable IFRS measures in the supplemental
schedules provided herein and on the website. Changes in revenues computed on an organic basis represent changes in revenues of the company’s existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions
and dispositions from not owning the business in both comparable periods.
Thomson Reuters uses these
non-IFRS
financial measures as supplemental indicators of its operating performance and financial position as well as for internal planning purposes and the company’s business outlook. Additionally, Thomson Reuters uses
non-IFRS
measures as the basis for management incentive programs. These measures do not have any standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of
similar measures used by other companies and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS. The company’s 2026 outlook contains various
non-IFRS
financial measures. The company believes that providing reconciliations of forward-looking
non-IFRS
financial measures in its outlook would be potentially
misleading and not practical due to the difficulty
NEWS RELEASE
Thomson Reuters Provides Supplemental Financial Information Following Close of Global Print Transaction
Page 2 of 8
of projecting items that are not reflective of ongoing operations in any future period. The magnitude of these items may be significant. Consequently, for purposes of its outlook only, the
company is unable to reconcile these
non-IFRS
measures to the most directly comparable IFRS measures because it cannot predict, with reasonable certainty, the impacts of changes in foreign exchange rates which
impact (i) the translation of its results reported at average foreign currency rates for the year, and (ii) other finance income or expense related to intercompany financing arrangements. Additionally, the company cannot reasonably predict
the occurrence or amount of other operating gains and losses that generally arise from business transactions that the company does not currently anticipate.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL RISKS AND MATERIAL ASSUMPTIONS
Certain statements in this news release, including statements regarding the company’s expectations with respect to impacts from certain arrangements entered
into with the Global Print joint venture are forward looking. The words “will”, “expect”, “believe”, “target”, “estimate”, “could”, “should”, “intend”,
“predict”, “project” and similar expressions identify forward-looking statements. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee
of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that
could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond the company’s control and the effects of them can be difficult to predict. Some of the material
risk factors that could cause actual results or events to differ materially from those expressed in or implied by forward-looking statements in this news release include, but are not limited to, those discussed on pages
19-32
in the “Risk Factors” section of the company’s 2025 annual report. These and other risk factors are discussed in materials that Thomson Reuters from
time-to-time
files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (SEC). Thomson Reuters’ annual and quarterly reports are also
available in the “Investor Relations” section of thomsonreuters.com.
The company’s 2026 business outlook is based on information currently
available to the company and is based on various external and internal assumptions made by the company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that
the company believes are appropriate under the circumstances. Material assumptions and material risks may cause actual performance to differ from the company’s expectations underlying its 2026 business outlook. In particular, the global
economy has experienced substantial disruption due to concerns regarding economic effects associated with the macroeconomic backdrop and ongoing geopolitical risks. The company’s 2026 business outlook assumes that uncertain macroeconomic and
geopolitical conditions will continue to disrupt the economy and cause periods of volatility, however, these conditions may last substantially longer than expected and any worsening of the global economic or business environment could impact the
company’s ability to achieve its outlook and affect its results and other expectations. For a discussion of material assumptions and material risks related to the company’s 2026 outlook see pages
18-19
of the company’s second-quarter management’s discussion and analysis (MD&A) for the period ended June 30, 2026. The company’s quarterly MD&A was filed with, or furnished
to, the Canadian securities regulatory authorities and the U.S. SEC and is also available in the “Investor Relations” section of thomsonreuters.com.
The company has provided an outlook for the purpose of presenting information about current expectations for the period presented. This information may not be
appropriate for other purposes. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release.
Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.
CONTACTS
MEDIA
Zoe Zanettos
Corporate Affairs
+1 647 202 8948
zoe.zanettos@thomsonreuters.com
INVESTORS
Gary E. Bisbee, CFA
Head of Investor Relations
+1 646 540 3249
gary.bisbee@thomsonreuters.com
THOMSON REUTERS CORPORATION
SUPPLEMENTAL FINANCIAL
INFORMATION- REVISIONS TO SEGMENT REVENUES, ADJUSTED EBITDA AND THE RELATED MARGINS
REVISED CONSOLIDATED ADJUSTED EARNINGS
(UNAUDITED)
(millions of U.S. dollars, except margins)
October 19, 2026
Page 3
On October 1, 2026, Thomson Reuters sold a 51% stake in its Global Print
business to capital accounts advised by KKR, with the two parties forming a joint venture to operate the Global Print business, now operating as Westbridge Print. As a result of this transaction, Thomson Reuters will report Global Print in
discontinued operations beginning in the third-quarter of 2026. Prior periods presented will be restated to reflect this change. The following supplemental information provides revised business segment information for each quarter and the six-month
period of 2026, excluding the Global Print business. The information provides the company’s historical results on a continuing operations basis. Refer to the company’s press release dated October 19, 2026, “Thomson Reuters Provides
Supplemental Financial Information Following Close of Global Print Transaction” for further information.
2026 QUARTERLY & JUNE YEAR-TO-DATE (YTD)
AS REPORTED
ADJUSTMENTS
AS REVISED
Q1 2026
Q2 2026
YTD 2026
Q1 2026
Q2 2026
YTD 2026
Q1 2026
Q2 2026
YTD 2026
Revenues
Legal Professionals
$756
$772
$1,528
-
-
-
$756
$772
$1,528
Corporates
608
537
1,145
-
-
-
608
537
1,145
Tax, Audit & Accounting Professionals
410
311
721
-
-
-
410
311
721
“Big 3” segments combined
(1)
1,774
1,620
3,394
-
-
-
1,774
1,620
3,394
Reuters
212
229
441
-
-
-
212
229
441
Global Print
112
111
223
(112)
(111)
(223)
-
-
-
Eliminations/Rounding
(11)
(6)
(17)
-
-
-
(11)
(6)
(17)
Total revenues
$2,087
$1,954
$4,041
($112)
($111)
($223)
$1,975
$1,843
$3,818
Adjusted EBITDA
Legal Professionals
$365
$371
$736
-
-
-
$365
$371
$736
Corporates
243
200
443
-
-
-
243
200
443
Tax, Audit & Accounting Professionals
221
120
341
-
-
-
221
120
341
“Big 3” segments combined
(1)
829
691
1,520
-
-
-
829
691
1,520
Reuters
34
48
82
-
-
-
34
48
82
Global Print
43
42
85
(43)
(42)
(85)
-
-
-
Corporate costs
(25)
(36)
(61)
(27)
(25)
(52)
(52)
(61)
(113)
Total adjusted EBITDA
(1)
$881
$745
$1,626
($70)
($67)
($137)
$811
$678
$1,489
Adjusted EBITDA margin
Legal Professionals
48.3%
48.1%
48.2%
-
-
-
48.3%
48.1%
48.2%
Corporates
40.0%
37.2%
38.7%
-
-
-
40.0%
37.2%
38.7%
Tax, Audit & Accounting Professionals
53.8%
38.7%
47.3%
-
-
-
53.8%
38.7%
47.3%
“Big 3” segments combined
(1)
46.7%
42.7%
44.8%
-
-
-
46.7%
42.7%
44.8%
Reuters
16.1%
20.8%
18.6%
-
-
-
16.1%
20.8%
18.6%
Global Print
38.6%
37.7%
38.2%
-
-
-
-
-
-
Total adjusted EBITDA margin
(1)
42.2%
38.1%
40.2%
(110) bp
(130) bp
(120) bp
41.1%
36.8%
39.0%
Adjusted earnings
Adjusted EBITDA
$881
$745
$1,626
($70)
($67)
($137)
$811
$678
$1,489
Adjustments:
Depreciation and Software Amortization
(2)
(165)
(168)
(333)
2
2
4
(163)
(166)
(329)
Net Interest expense
(39)
(47)
(86)
-
-
-
(39)
(47)
(86)
Income tax
(129)
(94)
(223)
11
10
21
(118)
(84)
(202)
Dividends declared on preference shares
(1)
(1)
(2)
-
-
-
(1)
(1)
(2)
Adjusted earnings
(1)
$547
$435
$982
($57)
($55)
($112)
$490
$380
$870
Adjusted earnings per share
(1)
$1.23
$0.99
$2.22
($0.13)
($0.13)
($0.25)
$1.10
$0.87
$1.97
Weighted average shares (in millions)
444.7
438.6
441.7
444.7
438.6
441.7
The Company reports its results in millions of U.S. dollars, but computes
margins using whole-dollars to be more precise. As a result, adjusted EBITDA margins calculated from reported amounts may differ from those presented.
(1) Non-IFRS
measures. Refer to the reconciliations of adjusted EBITDA and adjusted earnings to most comparable IFRS measure and the reconciliation of adjusted EBITDA margin, both of which are included within this post. The “Big 3” segments are the
combined Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. Information for the “Big 3” segments is useful to management and investors as these businesses will comprise approximately 90% of total
company revenues as revised and represent the core of the company’s business information services product offerings. All “Big 3” financial measures are non-IFRS.
(2) Represents depreciation and amortization of internally developed software.
THOMSON REUTERS CORPORATION
October 19, 2026
SUPPLEMENTAL FINANCIAL INFORMATION- REVISIONS TO SEGMENT REVENUES, ADJUSTED EBITDA AND THE RELATED
MARGINS
Page 4
REVISED CONSOLIDATED ADJUSTED EARNINGS
(Unaudited)
(millions of U.S. dollars, except margins, share and per share amounts)
On October 1, 2026, Thomson Reuters sold a 51% stake in its Global Print business to capital accounts advised by KKR, with the two parties forming a joint
venture to operate the Global Print business, now operating as Westbridge Print. As a result of this transaction, Thomson Reuters will report Global Print in discontinued operations beginning in the third-quarter of 2026. Prior periods presented
will be restated to reflect this change. The following supplemental information provides revised business segment information for each quarter and the full year of 2025, excluding the Global Print business. The information provides the
company’s historical results on a continuing operations basis. Refer to the company’s press release dated October 19, 2026, “Thomson Reuters Provides Supplemental Financial Information Following Close of Global Print
Transaction” for further information.
2025 QUARTERLY & FULL YEAR
AS REPORTED
(3)
ADJUSTMENTS
AS REVISED
(3)
Q1 2025
Q2 2025
Q3 2025
Q4 2025
FY 2025
Q1 2025
Q2 2025
Q3 2025
Q4 2025
FY 2025
Q1 2025
Q2 2025
Q3 2025
Q4 2025
FY 2025
Revenues
Legal Professionals
$688
$704
$721
$730
$2,843
-
-
-
-
-
$688
$704
$721
$730
$2,843
Corporates
548
480
489
506
2,023
-
-
-
-
-
548
480
489
506
2,023
Tax, Audit & Accounting Professionals
358
274
247
412
1,291
-
-
-
-
-
358
274
247
412
1,291
“Big 3” segments combined
(1)
1,594
1,458
1,457
1,648
6,157
-
-
-
-
-
1,594
1,458
1,457
1,648
6,157
Reuters
196
218
207
232
853
-
-
-
-
-
196
218
207
232
853
Global Print
116
114
124
136
490
(116)
(114)
(124)
(136)
(490)
-
-
-
-
-
Eliminations/Rounding
(6)
(5)
(6)
(7)
(24)
-
-
-
-
-
(6)
(5)
(6)
(7)
(24)
Total revenues
$1,900
$1,785
$1,782
$2,009
$7,476
($116)
($114)
($124)
($136)
($490)
$1,784
$1,671
$1,658
$1,873
$6,986
Adjusted EBITDA
Legal Professionals
$336
$339
$353
$326
$1,354
-
-
-
-
-
$336
$339
$353
$326
$1,354
Corporates
215
172
177
163
727
-
-
-
-
-
215
172
177
163
727
Tax, Audit & Accounting Professionals
208
110
76
220
614
-
-
-
-
-
208
110
76
220
614
“Big 3” segments combined
(1)
759
621
606
709
2,695
-
-
-
-
-
759
621
606
709
2,695
Reuters
39
45
42
48
174
-
-
-
-
-
39
45
42
48
174
Global Print
44
41
46
54
185
(44)
(41)
(46)
(54)
(185)
-
-
-
-
-
Corporate costs
(33)
(29)
(22)
(34)
(118)
(33)
(32)
(33)
(36)
(134)
(66)
(61)
(55)
(70)
(252)
Total adjusted EBITDA
(1)
$809
$678
$672
$777
$2,936
($77)
($73)
($79)
($90)
($319)
$732
$605
$593
$687
$2,617
Adjusted EBITDA margin
Legal Professionals
48.7%
48.1%
49.0%
44.7%
47.6%
-
-
-
-
-
48.7%
48.1%
49.0%
44.7%
47.6%
Corporates
39.3%
35.7%
36.3%
32.2%
35.9%
-
-
-
-
-
39.3%
35.7%
36.3%
32.2%
35.9%
Tax, Audit & Accounting Professionals
56.6%
38.9%
30.6%
53.4%
46.9%
-
-
-
-
-
56.6%
38.9%
30.6%
53.4%
46.9%
“Big 3” segments combined
(1)
47.3%
42.3%
41.7%
43.0%
43.6%
-
-
-
-
-
47.3%
42.3%
41.7%
43.0%
43.6%
Reuters
20.0%
20.8%
19.9%
21.0%
20.4%
-
-
-
-
-
20.0%
20.8%
19.9%
21.0%
20.4%
Global Print
37.8%
36.0%
37.1%
39.6%
37.7%
-
-
-
-
-
-
-
-
-
-
Total adjusted EBITDA margin
(1)
42.3%
37.8%
37.7%
38.7%
39.2%
(150) bp
(180) bp
(190) bp
(200) bp
(180) bp
40.8%
36.0%
35.8%
36.7%
37.4%
Adjusted earnings
Adjusted EBITDA
$809
$678
$672
$777
$2,936
($77)
($73)
($79)
($90)
($319)
$732
$605
$593
$687
$2,617
Adjustments:
Depreciation and Software Amortization
(2)
(152)
(154)
(158)
(162)
(626)
2
2
3
2
9
(150)
(152)
(155)
(160)
(617)
Net Interest expense
(30)
(35)
(38)
(40)
(143)
-
-
-
-
-
(30)
(35)
(38)
(40)
(143)
Income tax
(120)
(94)
(92)
(95)
(401)
12
11
12
16
51
(108)
(83)
(80)
(79)
(350)
Dividends declared on preference shares
(1)
(1)
(1)
(1)
(4)
-
-
-
-
-
(1)
(1)
(1)
(1)
(4)
Adjusted earnings
(1)
$506
$394
$383
$479
$1,762
($63)
($60)
($64)
($72)
($259)
$443
$334
$319
$407
$1,503
Adjusted earnings per share
(1)
$1.12
$0.87
$0.85
$1.07
$3.92
($0.14)
($0.13)
($0.14)
($0.16)
($0.58)
$0.98
$0.74
$0.71
$0.91
$3.34
Weighted average shares (in millions)
450.8
451.2
450.3
445.6
449.5
450.8
451.2
450.3
445.6
449.5
The Company reports its results in millions of U.S. dollars, but computes
margins using whole-dollars to be more precise. As a result, adjusted EBITDA margins calculated from reported amounts may differ from those presented.
(1) Non-IFRS
measures. Refer to the reconciliations of adjusted EBITDA and adjusted earnings to most comparable IFRS measure and the reconciliation of adjusted EBITDA margin, both of which are included within this post. The “Big 3” segments are the
combined Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. Information for the “Big 3” segments is useful to management and investors as these businesses comprise approximately 90% of total company
revenues as revised and represent the core of the company’s business information services product offerings. All “Big 3” financial measures are non-IFRS.
(2) Represents depreciation and amortization of internally developed software.
(3)
Reflects February 5, 2026 revisions between Legal Professionals, Corporates and Tax, Audit & Accounting Professionals to transfer certain customers reflecting how the segments are managed prospectively.
THOMSON REUTERS CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION- RECONCILIATION OF EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA
(1)
October 19, 2026
(Unaudited)
Page 5
(millions of U.S. dollars)
Three Months Ended March 31, 2025
Three Months Ended June 30, 2025
Three Months Ended September 30, 2025
Three Months Ended December 31, 2025
As Reported
Adjustments
As Revised
As Reported
Adjustments
As Revised
As Reported
Adjustments
As Revised
As Reported
Adjustments
As Revised
Earnings from continuing operations
$425
($63)
$362
$297
($60)
$237
$428
($64)
$364
$333
($71)
$262
Adjustments to remove:
Tax expense
92
(12)
80
52
(11)
41
121
(12)
109
158
(16)
142
Other finance costs (income)
10
-
10
48
-
48
(7)
-
(7)
4
-
4
Net interest expense
30
-
30
35
-
35
38
-
38
40
-
40
Amortization of other identifiable intangible assets
25
-
25
24
-
24
24
-
24
25
-
25
Amortization of software
174
-
174
178
-
178
182
(1)
181
187
-
187
Depreciation
27
(2)
25
28
(2)
26
28
(2)
26
28
(2)
26
EBITDA
783
(77)
706
662
(73)
589
814
(79)
735
775
(89)
686
Adjustments to remove:
Share of
post-tax
losses in equity method investments
6
-
6
4
-
4
13
-
13
5
-
5
Other operating losses (gains), net
3
-
3
(5)
-
(5)
(160)
-
(160)
(2)
(1)
(3)
Fair value adjustments
(2)
17
-
17
17
-
17
5
-
5
(1)
-
(1)
Adjusted EBITDA
(1)
$809
($77)
$732
$678
($73)
$605
$672
($79)
$593
$777
($90)
$687
Full Year Ended December 31, 2025
Three Months Ended March 31, 2026
Three Months Ended June 30, 2026
YTD (Six Months Ended June 30, 2026)
As Reported
Adjustments
As Revised
As Reported
Adjustments
As Revised
As Reported
Adjustments
As Revised
As Reported
Adjustments
As Revised
Earnings from continuing operations
$1,483
($258)
$1,225
$477
($57)
$420
$444
($51)
$393
$921
($108)
$813
Adjustments to remove:
Tax expense
423
(51)
372
125
(11)
114
71
(9)
62
196
(20)
176
Other finance costs (income)
55
-
55
(9)
-
(9)
(8)
-
(8)
(17)
-
(17)
Net interest expense
143
-
143
39
-
39
47
-
47
86
-
86
Amortization of other identifiable intangible assets
98
-
98
24
-
24
25
-
25
49
-
49
Amortization of software
721
(1)
720
193
-
193
201
-
201
394
-
394
Depreciation
111
(8)
103
28
(2)
26
27
(2)
25
55
(4)
51
EBITDA
3,034
(318)
2,716
877
(70)
807
807
(62)
745
1,684
(132)
1,552
Adjustments to remove:
Share of
post-tax
losses in equity method investments
28
-
28
7
-
7
4
-
4
11
-
11
Other operating (gains) losses, net
(164)
(1)
(165)
-
-
-
(68)
(5)
(73)
(68)
(5)
(73)
Fair value adjustments
(2)
38
-
38
(3)
-
(3)
2
-
2
(1)
-
(1)
Adjusted EBITDA
(1)
$2,936
($319)
$2,617
$881
($70)
$811
$745
($67)
$678
$1,626
($137)
$1,489
(1) The Company defines adjusted EBITDA as earnings or losses from continuing operations before tax expense or benefit, net interest
expense, other finance costs or income, depreciation, amortization of software and other identifiable intangible assets, Thomson Reuters share of
post-tax
earnings or losses in equity method investments, other
operating gains and losses, certain asset impairment charges, and fair value adjustments, including those related to acquired deferred revenue. The related margin is adjusted EBITDA expressed as a percentage of revenues. For purposes of this
calculation, revenues are before fair value adjustments to acquired deferred revenue. See reconciliation of adjusted EBITDA margin included in this post. These measures provide a consistent basis to evaluate operating profitability and performance
trends by excluding items that the Company does not consider to be controllable activities for this purpose.
(2) Fair
value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments
related to acquired deferred revenue.
THOMSON REUTERS CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION- RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS AND ADJUSTED EPS (earnings per share)
(1)
October 19, 2026
(Unaudited)
Page 6
(millions of U.S. dollars)
Three Months Ended March 31, 2025
Three Months Ended June 30, 2025
Three Months Ended September 30, 2025
Three Months Ended December 31, 2025
As Reported
Adjustments
As Revised
As Reported
Adjustments
As Revised
As Reported
Adjustments
As Revised
As Reported
Adjustments
As Revised
Net Earnings
$434
-
$434
$313
-
$313
$423
-
$423
$332
-
$332
Adjustments to remove:
Fair value adjustments
(2)
17
-
17
17
-
17
5
-
5
(1)
-
(1)
Amortization of acquired software
49
-
49
52
52
52
-
52
53
-
53
Amortization of other identifiable intangible assets
25
-
25
24
-
24
24
-
24
25
-
25
Other operating losses (gains), net
3
-
3
(5)
-
(5)
(160)
-
(160)
(2)
(1)
(3)
Other finance costs (income)
10
-
10
48
-
48
(7)
-
(7)
4
-
4
Share of
post-tax
losses in equity method investments
6
-
6
4
-
4
13
-
13
5
-
5
Tax on above items
(24)
-
(24)
(22)
-
(22)
16
-
16
(5)
-
(5)
Tax items impacting comparability
1
-
1
(21)
-
(21)
11
-
11
66
66
(Earnings) loss from discontinued operations, net of tax
(9)
(63)
(72)
(16)
(60)
(76)
5
(64)
(59)
1
(71)
(70)
Interim period effective tax rate normalization
(3)
(5)
-
(5)
1
-
1
2
-
2
2
2
Dividends declared on preference shares
(1)
-
(1)
(1)
-
(1)
(1)
-
(1)
(1)
-
(1)
Adjusted Earnings
(1)
$506
($63)
$443
$394
($60)
$334
$383
($64)
$319
$479
($72)
$407
Adjusted EPS
(1)
$1.12
$0.98
$0.87
$0.74
$0.85
$0.71
$1.07
$0.91
Diluted weighted-average common shares (millions)
450.8
450.8
451.2
451.2
450.3
450.3
445.6
445.6
Full Year Ended December 31, 2025
Three Months Ended March 31, 2026
Three Months Ended June 30, 2026
YTD (Six Months Ended June 30, 2026)
As Reported
Adjustments
As Revised
As Reported
Adjustments
As Revised
As Reported
Adjustments
As Revised
As Reported
Adjustments
As Revised
Net earnings
$1,502
-
$1,502
$459
-
$459
$448
-
$448
$907
-
$907
Adjustments to remove:
Fair value adjustments
(2)
38
-
38
(3)
-
(3)
2
-
2
(1)
-
(1)
Amortization of acquired software
206
-
206
56
-
56
60
-
60
116
-
116
Amortization of other identifiable intangible assets
98
-
98
24
-
24
25
-
25
49
-
49
Other operating gains, net
(164)
(1)
(165)
-
-
-
(68)
(5)
(73)
(68)
(5)
(73)
Other finance costs (income)
55
-
55
(9)
-
(9)
(8)
-
(8)
(17)
-
(17)
Share of
post-tax
losses in equity method investments
28
-
28
7
-
7
4
-
4
11
-
11
Tax on above items
(35)
-
(35)
(14)
-
(14)
(20)
1
(19)
(34)
1
(33)
Tax items impacting comparability
57
-
57
(1)
(1)
(3)
-
(3)
(4)
-
(4)
(Earnings) loss from discontinued operations, net of tax
(19)
(258)
(277)
18
(57)
(39)
(4)
(51)
(55)
14
(108)
(94)
Interim period effective tax rate normalization
(3)
-
-
-
11
-
11
-
-
-
11
-
11
Dividends declared on preference shares
(4)
-
(4)
(1)
(1)
(1)
(1)
(2)
-
(2)
Adjusted Earnings
(1)
$1,762
($259)
$1,503
$547
($57)
$490
$435
($55)
$380
$982
($112)
$870
Adjusted EPS
(1)
$3.92
$3.34
$1.23
$1.10
$0.99
$0.87
$2.22
$1.97
Diluted weighted-average common shares (millions)
449.5
449.5
444.7
444.7
438.6
438.6
441.7
441.7
(1) The Company defines adjusted earnings as net earnings or loss including dividends declared on preference shares
but excluding the
post-tax
impacts of fair value adjustments, including those related to acquired deferred revenue, amortization of acquired intangible assets (attributable to other identifiable intangible
assets and acquired software), other operating gains and losses, certain asset impairment charges, other finance costs or income, our share of
post-tax
earnings or losses in equity method investments,
discontinued operations and other items affecting comparability. Acquired intangible assets contribute to the generation of revenues from acquired companies, which are included in our computation of adjusted earnings. The
post-tax
amount of each item is excluded from adjusted earnings based on the specific tax rules and tax rates associated with the nature and jurisdiction of each item. Adjusted EPS is calculated from adjusted
earnings using diluted weighted-average shares and does not represent actual earnings or loss per share attributable to shareholders. These measures provide a more comparable basis to analyze earnings and are commonly used by shareholders to measure
performance.
(2) Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates
on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue.
(3) In interim periods, the company makes an adjustment to reflect income taxes based on the estimated full-year
effective tax rate. Earnings or losses for interim periods under IFRS reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which we operate. The
non-IFRS
adjustment
reallocates estimated full-year income taxes between interim periods but has no effect on full-year income taxes.
THOMSON REUTERS CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION- RECONCILIATION OF ADJUSTED EBITDA MARGIN
(1)
October 19, 2026
(Unaudited)
Page 7
(millions of U.S. dollars)
Revised IFRS
revenues
Remove fair value
adjustments to acquired
deferred revenue
Revised revenues excluding
fair value adjustments to
acquired deferred revenue
Revised Adjusted
EBITDA
Revised Adjusted
EBITDA Margin
YTD (Six Months Ended June 30, 2026)
Legal Professionals
$1,528
-
$1,528
$736
48.2%
Corporates
1,145
-
1,145
443
38.7%
Tax, Audit & Accounting Professionals
721
-
721
341
47.3%
“Big 3” Segments Combined
(1)
3,394
-
3,394
1,520
44.8%
Reuters
441
-
441
82
18.6%
Eliminations/Rounding
(17)
-
(17)
-
n/a
Corporate costs
-
-
-
(113)
n/a
Consolidated totals
$3,818
-
$3,818
$1,489
39.0%
Three Months ended June 30, 2026
Legal Professionals
$772
-
$772
$371
48.1%
Corporates
537
-
537
200
37.2%
Tax, Audit & Accounting Professionals
311
-
311
120
38.7%
“Big 3” Segments Combined
(1)
1,620
-
1,620
691
42.7%
Reuters
229
-
229
48
20.8%
Eliminations/Rounding
(6)
-
(6)
-
n/a
Corporate costs
-
-
-
(61)
n/a
Consolidated totals
$1,843
-
$1,843
$678
36.8%
Three Months March 31, 2026
Legal Professionals
$756
-
$756
$365
48.3%
Corporates
608
-
608
243
40.0%
Tax, Audit & Accounting Professionals
410
-
410
221
53.8%
“Big 3” Segments Combined
(1)
1,774
-
1,774
829
46.7%
Reuters
212
-
212
34
16.1%
Eliminations/Rounding
(11)
-
(11)
-
n/a
Corporate costs
-
-
-
(52)
n/a
Consolidated totals
$1,975
-
$1,975
$811
41.1%
(1) To compute segment and consolidated adjusted EBITDA margin, we exclude fair value adjustments related to acquired deferred
revenue from our IFRS revenues. The chart above reconciles IFRS revenues to revenues used in the calculation of adjusted EBITDA margin, which excludes fair value adjustments related to acquired deferred revenue.
The Company reports its results in millions of U.S. dollars, but computes margins using whole-dollars to be more precise. As a result, adjusted EBITDA
margins calculated from reported amounts may differ from those presented.
THOMSON REUTERS CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION- RECONCILIATION OF ADJUSTED EBITDA MARGIN
(1)
October 19, 2026
(Unaudited)
Page 8
(millions of U.S. dollars)
Revised IFRS
revenues
Remove fair value
adjustments to acquired
deferred revenue
Revised revenues excluding
fair value adjustments to
acquired deferred revenue
Revised Adjusted
EBITDA
Revised Adjusted
EBITDA Margin
Year ended December 31, 2025
Legal Professionals
$2,843
-
$2,843
$1,354
47.6%
Corporates
2,023
-
2,023
727
35.9%
Tax, Audit & Accounting Professionals
1,291
20
1,311
614
46.9%
“Big 3” Segments Combined
(1)
6,157
20
6,177
2,695
43.6%
Reuters
853
-
853
174
20.4%
Eliminations/Rounding
(24)
-
(24)
-
n/a
Corporate costs
-
-
-
(252)
n/a
Consolidated totals
$6,986
$20
$7,006
$2,617
37.4%
Three Months ended December 31, 2025
Legal Professionals
$730
-
$730
$326
44.7%
Corporates
506
-
506
163
32.2%
Tax, Audit & Accounting Professionals
412
-
412
220
53.4%
“Big 3” Segments Combined
(1)
1,648
-
1,648
709
43.0%
Reuters
232
-
232
48
21.0%
Eliminations/Rounding
(7)
-
(7)
-
n/a
Corporate costs
-
-
-
(70)
n/a
Consolidated totals
$1,873
-
$1,873
$687
36.7%
Three Months ended September 30, 2025
Legal Professionals
$721
-
$721
$353
49.0%
Corporates
489
-
489
177
36.3%
Tax, Audit & Accounting Professionals
247
-
247
76
30.6%
“Big 3” Segments Combined
(1)
1,457
-
1,457
606
41.7%
Reuters
207
-
207
42
19.9%
Eliminations/Rounding
(6)
-
(6)
-
n/a
Corporate costs
-
-
-
(55)
n/a
Consolidated totals
$1,658
-
$1,658
$593
35.8%
Three Months ended June 30, 2025
Legal Professionals
$704
-
$704
$339
48.1%
Corporates
480
-
480
172
35.7%
Tax, Audit & Accounting Professionals
274
10
284
110
38.9%
“Big 3” Segments Combined
(1)
1,458
10
1,468
621
42.3%
Reuters
218
-
218
45
20.8%
Eliminations/Rounding
(5)
-
(5)
-
n/a
Corporate costs
-
-
-
(61)
n/a
Consolidated totals
$1,671
$10
$1,681
$605
36.0%
Three Months ended March 31, 2025
Legal Professionals
$688
-
$688
$336
48.7%
Corporates
548
-
548
215
39.3%
Tax, Audit & Accounting Professionals
358
10
368
208
56.6%
“Big 3” Segments Combined
(1)
1,594
10
1,604
759
47.3%
Reuters
196
-
196
39
20.0%
Eliminations/Rounding
(6)
-
(6)
-
n/a
Corporate costs
-
-
-
(66)
n/a
Consolidated totals
$1,784
$10
$1,794
$732
40.8%
(1) To compute segment and consolidated adjusted EBITDA margin, we exclude fair value adjustments related to
acquired deferred revenue from our IFRS revenues. The chart above reconciles IFRS revenues to revenues used in the calculation of adjusted EBITDA margin, which excludes fair value adjustments related to acquired deferred revenue.
The Company reports its results in millions of U.S. dollars, but computes margins using whole-dollars to be more
precise. As a result, adjusted EBITDA margins calculated from reported amounts may differ from those presented.