TMSOF THOMSON REUTERS CORP /CAN/
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Executive Summary
Thomson Reuters reported strong Q1 2026 results with total revenues up 10% to $2.087B, operating profit up 14% to $639M, and diluted EPS up 7% to $1.03. The company maintained its full-year 2026 outlook for organic revenue growth (7.5%-8.0%), adjusted EBITDA margin (+100bps vs 2025), and free cash flow (~$2.1B), while increasing its net interest expense guidance to $180-$190M due to share repurchase financing.
Actionable Insight
Strong beat across revenue, profit, and cash flow metrics with maintained guidance supports a positive outlook. The raised net interest expense guidance signals higher leverage from buyback activity, but free cash flow remains robust. Monitor Q2 2026 for organic revenue growth in the guided 7%-8% range and adjusted EBITDA margin of ~38%.
Key Facts
- Total revenues increased 10% to $2.087B (Q1 2026 vs Q1 2025: $1.900B)
- Organic revenue growth of 8%, with Big 3 segments growing 9% organically
- Operating profit up 14% to $639M (Q1 2026) from $563M (Q1 2025)
- Diluted EPS increased 7% to $1.03 from $0.96
- Adjusted EBITDA up 9% to $881M; margin slightly down to 42.2% from 42.3%
- Adjusted EPS up 10% to $1.23 from $1.12
- Free cash flow up 19% to $332M from $277M
- Full-year 2026 outlook maintained: organic revenue growth 7.5%-8.0%, adjusted EBITDA margin +100bps vs 2025, free cash flow ~$2.1B
- Net interest expense guidance raised to $180-$190M from $150-$160M due to share repurchase financing
- Completed $605M return of capital transaction on May 4, reducing share count by ~6.5M shares
- Repurchased $262M of shares under $600M program; increased dividend 10% to $2.62/share annualized
Financial Impact
Revenue growth of $187M YoY; operating profit growth of $76M; free cash flow increase of $55M
Risk Factors
- Higher net interest expense ($180-$190M vs prior $150-$160M) due to debt-funded share repurchases
- Adjusted EBITDA margin slightly declined to 42.2% from 42.3% despite revenue growth
- Global Print revenues continue to decline (-5% organic)
- Reuters segment adjusted EBITDA down 13% (-4% constant currency)
- Tax, Audit & Accounting Professionals margin declined 280bps to 53.8% due to higher technology costs
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-205012 |
| Document: d116991d6k.htm | 0001193125-26-205012 |
| Document: 0001193125-26-205012-index-headers.html | 0001193125-26-205012 |
| Document: 0001193125-26-205012-index.html | 0001193125-26-205012 |
| Document: 0001193125-26-205012.txt | 0001193125-26-205012 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 6, 2026
14d ago
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6-K
| $11.51 $11.51 | · 0.00% | ▼ −1.50% | $11.51 (−0.00%) |
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May 5, 2026
16d ago
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6-K
| $11.51 $11.51 | · 0.00% | ▼ −1.98% | $11.51 (−0.00%) |
US Market Status
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