Q3 2025 Thomson Reuters Corp Earnings Call Transcript
Key Points
- Thomson Reuters Corp (TRI) reported a 7% organic revenue growth in the third quarter, with the Big 3 segments achieving a 9% growth.
- The company reaffirmed its full-year 2025 revenue and profit outlook, expecting approximately 9% organic revenue growth for the Big 3 segments.
- Thomson Reuters Corp (TRI) completed a $1 billion share repurchase program, maintaining a strong capital position with a net leverage of 0.6x.
- The Legal Professionals segment showed strong performance with 9% organic revenue growth, driven by Westlaw and CoCounsel products.
- The company anticipates larger year-over-year margin expansion and higher free cash flow in 2026, with a positive outlook for its AI-driven product innovations.
- The company's total and organic revenue growth for 2025 is trending closer to 3% and 7%, respectively, due to slower commercial print volumes and U.S. federal government cancellations.
- There were several recent downgrades and cancellations in the U.S. federal government sector, impacting revenue growth.
- The Corporate segment experienced slightly softer bookings trends following internal sales organizational changes.
- Global Print organic revenues declined by 4% year-on-year, impacting overall revenue growth.
- The company faces incremental competition in the AI assistant space, although it remains confident in its market-leading position with CoCounsel.
Good day, everyone, and welcome to the Thomson Reuters third-quarter earnings call. Today's conference is being recorded. At this time, I'd like to turn the call over to Gary Bisbee, Head of Investor Relations. Please go ahead.
Thanks, Jenny. Good morning, and thank you for joining us today for our third-quarter 2025 earnings call. joined today by our CEO, Steve Hasker; and our CFO, Mike Eastwood, each of whom will discuss our results and take your questions following their remarks. To enable us to get to as many questions as possible, we would appreciate it if you'd limit yourself to a question, one follow up each when we open the phone lines.
Throughout today's presentation, when we compare performance period-on-period, we discuss revenue growth rates before currency as well as on an organic basis. We believe this provides the best basis to measure the underlying performance of the business.
Today's presentation contains forward-looking statements and non-IFRS and other
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