Thomson Reuters Maintains 2026 Outlook as Organic Revenues Rise 8%
The professional information provider reported free cash flow of $332 million for the first quarter ended March 31, 2026
Thomson Reuters Corporation (TRI), the professional information provider, reported first-quarter 2026 revenues of $2,087 million, a 10% increase from the $1,900 million recorded in the prior-year period. Organic revenues rose 8%, driven by 8% growth in recurring revenues and 10% growth in transactions revenues, which were offset by a 5% decline in Global Print.
The company's "Big 3" segments—Legal Professionals, Corporates, and Tax, Audit & Accounting Professionals—comprised 85% of total revenues and reported organic revenue growth of 9%. Within the Legal Professionals segment, organic revenue growth was 9%, primarily driven by Westlaw and CoCounsel. The Corporates segment saw organic revenues increase 9%, with growth attributed to Westlaw, CoCounsel, Practical Law, Pagero, CLEAR and international businesses. The Tax, Audit & Accounting Professionals segment reported 10% organic revenue growth, fueled by tax and audit products and the Latin America business.
Operating profit rose 14% to $639 million from $563 million in the first quarter of 2025. Adjusted EBITDA increased 9% to $881 million, though the related margin decreased to 42.2% from 42.3%. The company said foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 50 basis points. Adjusted EPS rose to $1.23 a share from $1.12 a share in the prior-year period, benefiting from higher adjusted EBITDA and a reduction in weighted-average common shares.
Cash flow from operating activities increased by $60 million to $505 million. Free cash flow rose to $332 million from $277 million in the prior-year period. The company completed a $605 million return of capital transaction on May 4 and repurchased 2.5 million common shares for $262 million under a $600 million program announced in February. Additionally, the company increased its annualized common share dividend by 10% to $2.62.
Thomson Reuters maintained its full-year 2026 outlook for organic revenue growth of 7.5% to 8.0%, an adjusted EBITDA margin increase of 100 basis points versus 2025, and free cash flow of approximately $2.1 billion. The company revised its 2026 net interest expense outlook to a range of $180 million to $190 million, up from the $150 million to $160 million range previously projected, citing the impact of its share repurchase and return of capital transactions.
For the second quarter of 2026, the company expects organic revenue growth to be between 7% and 8% and an adjusted EBITDA margin of approximately 38%.