Thomson Reuters
TRI Nasdaq Research & Consulting Services Financials FY2016–FY2025
Thomson Reuters' revenue rose 3.0% to $7.5 billion in fiscal 2025. Its operating margin was 28.5%, down from 29.1% a year earlier. Free cash flow was $2.0 billion, up 9.0%. It paid out $1.0 billion in dividends and buybacks, 50% of free cash flow. The diluted share count fell 0.4%.
Last close · Oct 23, 2026
$123.17
0.1%
Revenue
Total sales reported in the income statement.
$7.5B
3.0%
vs prior year
Operating margin
Operating income as a share of revenue.
28.5%
0.5 pts
Net income
Profit after all expenses, interest and tax.
$1.5B
32.0%
Free cash flow
Cash from operations minus capital spending.
$2.0B
9.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.8%
3.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$55.4B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
About these figures. Thomson Reuters is a foreign company: it files an annual report on Form 40-F, prepared under international accounting standards (IFRS), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.
What Thomson Reuters does
No business description yet.
- Legal name
- THOMSON REUTERS CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001193125-26-094222
0001075124
Revenue and margins
Thomson Reuters had $7.5B of revenue in fiscal 2025, up 3.0% on the year before.
FY16
Revenue $11.2B
FY17
Revenue $5.3B
FY18
Revenue $5.5B
FY19
Revenue $5.9B
FY20
Revenue $6.0B
FY21
Revenue $6.3B
FY22
Revenue $6.6B
FY23
Revenue $6.8B
FY24
Revenue $7.3B
FY25
Revenue $7.5B
FY16
Gross —
Operating 12.5%
Net 27.7%
FCF —
FY17
Gross —
Operating 19.5%
Net 26.3%
FCF 28.5%
FY18
Gross —
Operating 14.2%
Net 71.5%
FCF 27.0%
FY19
Gross —
Operating 20.3%
Net 26.5%
FCF 3.3%
FY20
Gross —
Operating 32.2%
Net 18.8%
FCF 20.7%
FY21
Gross —
Operating 19.6%
Net 89.6%
FCF 20.3%
FY22
Gross —
Operating 27.7%
Net 20.2%
FCF 19.9%
FY23
Gross —
Operating 34.3%
Net 39.7%
FCF 26.5%
FY24
Gross —
Operating 29.1%
Net 30.5%
FCF 25.5%
FY25
Gross —
Operating 28.5%
Net 20.1%
FCF 27.0%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −2.4% a year. Loss periods are shown in red.
FY16
Net income $3.1B
FY17
Net income $1.4B
FY18
Net income $3.9B
FY19
Net income $1.6B
FY20
Net income $1.1B
FY21
Net income $5.7B
FY22
Net income $1.3B
FY23
Net income $2.7B
FY24
Net income $2.2B
FY25
Net income $1.5B
FY16
Diluted EPS $4.13
FY17
Diluted EPS $1.94
FY18
Diluted EPS $5.88
FY19
Diluted EPS $3.11
FY20
Diluted EPS $2.25
FY21
Diluted EPS $11.50
FY22
Diluted EPS $2.75
FY23
Diluted EPS $5.80
FY24
Diluted EPS $4.89
FY25
Diluted EPS $3.33
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets —
FY17
Return on capital 5.1%
Return on equity 10.8%
Return on assets 5.1%
FY18
Return on capital 4.9%
Return on equity 35.3%
Return on assets 18.1%
FY19
Return on capital 10.8%
Return on equity 16.7%
Return on assets 9.1%
FY20
Return on capital —
Return on equity 11.5%
Return on assets 6.4%
FY21
Return on capital —
Return on equity 47.8%
Return on assets 28.4%
FY22
Return on capital 9.0%
Return on equity 10.4%
Return on assets 6.1%
FY23
Return on capital 13.2%
Return on equity 23.5%
Return on assets 13.3%
FY24
Return on capital 15.5%
Return on equity 19.2%
Return on assets 11.9%
FY25
Return on capital 11.8%
Return on equity 12.6%
Return on assets 8.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $2.0B in fiscal 2025, 27.0% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow $1.5B
FY18
Free cash flow $1.5B
FY19
Free cash flow $197M
FY20
Free cash flow $1.2B
FY21
Free cash flow $1.3B
FY22
Free cash flow $1.3B
FY23
Free cash flow $1.8B
FY24
Free cash flow $1.9B
FY25
Free cash flow $2.0B
FY16
Cash from operations $3.0B
Capital spending —
FY17
Cash from operations $2.0B
Capital spending $519M
FY18
Cash from operations $2.1B
Capital spending $576M
FY19
Cash from operations $702M
Capital spending $505M
FY20
Cash from operations $1.7B
Capital spending $504M
FY21
Cash from operations $1.8B
Capital spending $487M
FY22
Cash from operations $1.9B
Capital spending $595M
FY23
Cash from operations $2.3B
Capital spending $544M
FY24
Cash from operations $2.5B
Capital spending $607M
FY25
Cash from operations $2.7B
Capital spending $634M
Cash from operations
Capital spending
Dividends, buybacks and share count
Thomson Reuters returned $1.0B to shareholders in fiscal 2025, 50% of free cash flow. The diluted share count fell 0.4%.
FY16
Dividends $0.0M
Buybacks $1.7B
FY17
Dividends $0.0M
Buybacks $1.0B
FY18
Dividends $0.0M
Buybacks $1.2B
FY19
Dividends $0.0M
Buybacks $488M
FY20
Dividends $0.0M
Buybacks $200M
FY21
Dividends $0.0M
Buybacks $1.4B
FY22
Dividends $0.0M
Buybacks $1.3B
FY23
Dividends $0.0M
Buybacks $1.1B
FY24
Dividends $0.0M
Buybacks $639M
FY25
Dividends $0.0M
Buybacks $1.0B
Dividends
Buybacks
FY16
Diluted shares 0.75B
FY17
Diluted shares 0.72B
FY18
Diluted shares 0.67B
FY19
Diluted shares 0.50B
FY20
Diluted shares 0.50B
FY21
Diluted shares 0.49B
FY22
Diluted shares 0.48B
FY23
Diluted shares 0.46B
FY24
Diluted shares 0.45B
FY25
Diluted shares 0.45B
Balance sheet
Cash, debt and the ratios that show how comfortably Thomson Reuters can carry it.
FY16
Cash $2.4B
Debt $8.5B
FY17
Cash $874M
Debt $8.7B
FY18
Cash $2.7B
Debt $3.2B
FY19
Cash $825M
Debt $3.8B
FY20
Cash $1.8B
Debt —
FY21
Cash $778M
Debt $3.8B
FY22
Cash $1.1B
Debt $6.4B
FY23
Cash $1.3B
Debt $3.6B
FY24
Cash $2.0B
Debt $3.8B
FY25
Cash $511M
Debt $2.9B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $778M | $1.1B | $1.3B | $2.0B | $511M |
| Debt incl. finance leases | $3.8B | $6.4B | $3.6B | $3.8B | $2.9B |
| Net debt / EBITDA | 2.1x | 2.7x | 1.0x | 0.8x | 1.1x |
| Debt / equity | 0.3x | 0.5x | 0.3x | 0.3x | 0.2x |
| Interest coverage | 7.7x | 11.1x | 12.1x | 15.1x | 18.9x |
| Current ratio | 1.0x | 0.6x | 0.9x | 1.0x | 0.6x |
| Quick ratio | 0.9x | 0.6x | 0.9x | 1.0x | 0.6x |
| Total assets | $22.1B | $21.7B | $18.7B | $18.4B | $17.9B |
| Total liabilities | $8.3B | $9.8B | $7.6B | $6.4B | $6.0B |
| Shareholders' equity | $13.8B | $11.9B | $11.1B | $12.0B | $11.9B |
| Net debt (− = net cash) | $3.0B | $5.3B | $2.4B | $1.8B | $2.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 7 / 8 | 6 / 8 | 6 / 8 |
| Accruals ratio | 1.8% | −1.3% | −6.3% |
| Altman Z'' | 3.77 | 4.46 | 4.10 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Thomson Reuters TRI | $55.4B | 3.0% | 28.5% | 27.0% | 11.8% | — | 6 | |
| Equifax EFX | $21.5B | 6.9% | 18.0% | 18.7% | 8.5% | 29.5x | 6 | Compare → |
| Booz Allen Hamilton BAH | $9.4B | −6.4% | 9.2% | 8.5% | 24.2% | 12.2x | 5 | Compare → |
| TransUnion TRU | $15.8B | 9.4% | 18.7% | 14.5% | 7.1% | 22.6x | 8 | Compare → |
| FTI Consulting FCN | $4.6B | 2.4% | 10.3% | 2.5% | 16.6% | 18.9x | 4 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $11.2B | $5.3B | $5.5B | $5.9B | $6.0B | $6.3B | $6.6B | $6.8B | $7.3B | $7.5B |
| Operating income | $1.4B | $1.0B | $780M | $1.2B | $1.9B | $1.2B | $1.8B | $2.3B | $2.1B | $2.1B |
| Interest expense | $339M | $327M | $259M | $155M | $156M | $161M | $165M | $193M | $140M | $113M |
| Pretax income | $3.1B | $1.3B | $4.1B | $366M | $1.2B | $7.3B | $1.6B | $3.1B | $2.1B | $1.9B |
| Income tax | −$15.0M | −$134M | $136M | −$1.2B | $71.0M | $1.6B | $259M | $417M | −$123M | $423M |
| Net income | $3.1B | $1.4B | $3.9B | $1.6B | $1.1B | $5.7B | $1.3B | $2.7B | $2.2B | $1.5B |
| Diluted EPS | $4.13 | $1.94 | $5.88 | $3.11 | $2.25 | $11.50 | $2.75 | $5.80 | $4.89 | $3.33 |
| Diluted shares | 0.75B | 0.72B | 0.67B | 0.50B | 0.50B | 0.49B | 0.48B | 0.46B | 0.45B | 0.45B |
| Cash flow | ||||||||||
| Cash from operations | $3.0B | $2.0B | $2.1B | $702M | $1.7B | $1.8B | $1.9B | $2.3B | $2.5B | $2.7B |
| Capital expenditure | — | $519M | $576M | $505M | $504M | $487M | $595M | $544M | $607M | $634M |
| Free cash flow | — | $1.5B | $1.5B | $197M | $1.2B | $1.3B | $1.3B | $1.8B | $1.9B | $2.0B |
| Depreciation and amortization | $1.0B | $995M | $110M | $154M | $184M | $177M | $140M | $116M | $113M | $111M |
| Stock-based compensation | $106M | $60.0M | $48.0M | $56.0M | $64.0M | $76.0M | $85.0M | $83.0M | $87.0M | $111M |
| Acquisitions | $112M | $2.0M | $478M | $998M | $167M | $18.0M | $191M | $1.2B | $622M | $843M |
| Share buybacks | $1.7B | $1.0B | $1.2B | $488M | $200M | $1.4B | $1.3B | $1.1B | $639M | $1.0B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $1.7B | $1.0B | $1.2B | $488M | $200M | $1.4B | $1.3B | $1.1B | $639M | $1.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.4B | $874M | $2.7B | $825M | $1.8B | $778M | $1.1B | $1.3B | $2.0B | $511M |
| Total debt | $8.5B | $8.7B | $3.2B | $3.8B | — | $3.8B | $6.4B | $3.6B | $3.8B | $2.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $4.6B | $3.0B | $4.5B | $3.1B | $4.0B | $2.5B | $2.8B | $2.9B | $3.5B | $2.2B |
| Current liabilities | $4.6B | $4.8B | $2.7B | $3.2B | $2.7B | $2.6B | $4.9B | $3.2B | $3.4B | $3.5B |
| Inventory | $32.0M | $31.0M | $33.0M | $23.0M | $26.0M | $28.0M | $29.0M | $20.0M | $21.0M | $23.0M |
| Property and equipment, net | $961M | $921M | $473M | $615M | $545M | $502M | $414M | $447M | $386M | $361M |
| Total assets | $27.9B | $26.5B | $17.0B | $17.3B | $17.9B | $22.1B | $21.7B | $18.7B | $18.4B | $17.9B |
| Total liabilities | $14.6B | $12.9B | $7.8B | $7.7B | $7.9B | $8.3B | $9.8B | $7.6B | $6.4B | $6.0B |
| Shareholders' equity | $12.8B | $13.1B | $9.2B | $9.6B | $10.0B | $13.8B | $11.9B | $11.1B | $12.0B | $11.9B |
| Margins | ||||||||||
| Operating margin | 12.5% | 19.5% | 14.2% | 20.3% | 32.2% | 19.6% | 27.7% | 34.3% | 29.1% | 28.5% |
| EBITDA margin | 21.6% | 38.3% | 16.2% | 22.9% | 35.3% | 22.4% | 29.8% | 36.0% | 30.6% | 30.0% |
| Net margin | 27.7% | 26.3% | 71.5% | 26.5% | 18.8% | 89.6% | 20.2% | 39.7% | 30.5% | 20.1% |
| FCF margin | — | 28.5% | 27.0% | 3.3% | 20.7% | 20.3% | 19.9% | 26.5% | 25.5% | 27.0% |
| Returns | ||||||||||
| Return on capital | — | 5.1% | 4.9% | 10.8% | — | — | 9.0% | 13.2% | 15.5% | 11.8% |
| Return on capital employed | — | 4.6% | 4.3% | 8.4% | 13.2% | 7.1% | 10.1% | 14.5% | 13.9% | 14.5% |
| Return on equity | — | 10.8% | 35.3% | 16.7% | 11.5% | 47.8% | 10.4% | 23.5% | 19.2% | 12.6% |
| Return on assets | — | 5.1% | 18.1% | 9.1% | 6.4% | 28.4% | 6.1% | 13.3% | 11.9% | 8.3% |
| Growth | ||||||||||
| Revenue growth | — | −52.6% | 3.9% | 7.4% | 1.3% | 6.1% | 4.4% | 2.5% | 6.8% | 3.0% |
| Net income growth | — | −55.0% | 181.9% | −60.2% | −28.3% | 407.0% | −76.5% | 101.4% | −18.0% | −32.0% |
| EPS growth | — | −53.0% | 203.1% | −47.1% | −27.7% | 411.1% | −76.1% | 110.9% | −15.7% | −31.9% |
| FCF growth | — | — | −1.6% | −86.7% | 530.0% | 3.6% | 2.6% | 36.1% | 3.0% | 9.0% |
| Share count change | — | −3.8% | −7.2% | −24.8% | −0.9% | −0.7% | −1.9% | −4.3% | −2.7% | −0.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.5x | 3.8x | 0.6x | 2.2x | — | 2.1x | 2.7x | 1.0x | 0.8x | 1.1x |
| Debt / equity | 0.7x | 0.7x | 0.4x | 0.4x | — | 0.3x | 0.5x | 0.3x | 0.3x | 0.2x |
| Interest coverage | 4.1x | 3.2x | 3.0x | 7.7x | 12.4x | 7.7x | 11.1x | 12.1x | 15.1x | 18.9x |
| Current ratio | 1.0x | 0.6x | 1.7x | 1.0x | 1.5x | 1.0x | 0.6x | 0.9x | 1.0x | 0.6x |
| Quick ratio | 1.0x | 0.6x | 1.7x | 1.0x | 1.5x | 0.9x | 0.6x | 0.9x | 1.0x | 0.6x |
| Capital allocation | ||||||||||
| Capex / revenue | — | 9.8% | 10.5% | 8.6% | 8.4% | 7.7% | 9.0% | 8.0% | 8.4% | 8.5% |
| Stock comp / revenue | 1.0% | 1.1% | 0.9% | 1.0% | 1.1% | 1.2% | 1.3% | 1.2% | 1.2% | 1.5% |
| Payouts / FCF | — | 66.2% | 79.0% | 247.7% | 16.1% | 108.9% | 97.1% | 60.0% | 34.5% | 49.6% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 7.0 | 4.0 | — | — | 4.0 | 7.0 | 6.0 | 6.0 |
| Altman Z'' | 2.2 | 1.8 | 3.2 | 2.6 | 3.5 | 3.4 | 2.4 | 3.8 | 4.5 | 4.1 |
| Accruals ratio | — | −2.3% | 8.6% | 5.0% | −3.5% | 19.6% | −2.6% | 1.8% | −1.3% | −6.3% |
Source: SEC EDGAR XBRL filings (CIK 0001075124). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.