TRI

Beat

Earnings Call

May 5, 2026

Q1 FY2026

EPS Estimate

1.18

EPS Actual

1.23

Post-Earnings Close

$95.46

Earnings Reaction

-0.3%

Overview

Thomson Reuters opened 2026 with its strongest quarterly organic revenue growth in recent memory, posting 8% consolidated organic growth, up from 7% throughout all of 2025, and adjusted EPS of $1.23, up 10% year-over-year. The Big 3 segments (Legal Professionals, Corporate, and Tax, Audit & Accounting) collectively grew 9% organically, with Legal ex-government accelerating to 11% from 9% in Q4 2025, Corporate at 9%, and Tax, Audit & Accounting at 10%. Adjusted EBITDA rose 9% to $881 million, with a margin of 42.2%, and free cash flow grew 19% to $332 million. Management reaffirmed full-year 2026 guidance for 7.5%, 8% organic revenue growth and approximately 40% adjusted EBITDA margins, representing 100 basis points of expansion year-over-year.

Key Themes

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Notable Quotes

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Chief Executive Officer

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Report generated on May 7, 2026

AI-generated earnings analysis. Not investment advice.

Q&A Summary

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.

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Overview

Q&A Summary