VOL. XCIV, NO. 247
WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES
Thomson Reuters Corporation TRI
TorontoInformation servicesFinancials to Jun 30, 2026 · Updated Oct 7, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 0.4 | 0.5 |
| Securities | 0.0 | 0.0 |
| Restricted cash | 0.1 | 0.1 |
| Debt | 2.1 | 2.9 |
| Net cash | -1.8 | -2.5 |
| Equity | 11.9 | 11.1 |
- Debt / EBITDA
- 0.89×
- Debt / equity
- 0.26×
- Leases (6/30/26)
- $241M
- Diluted shares
- 439M
- Book value / share
- $25.36
- Price / book
- 3.8×
- Net cash / share
- −$5.68
- Market cap
- $42.5B
- Enterprise value
- $45.0B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 9.5% | +6.9 pts | |
| Operating margin | 28.6% | +4.1 pts | |
| FCF margin | 38.0% | +5.4 pts | |
| Capex / revenue | 9.1% | -0.1 pts | |
| Legal Professionals recurring revenue | $748M | +9% | |
| Corporates recurring revenue | $462M | +9% | |
| Tax, Audit & Accounting Professionals recurring revenue | $209M | +9% | |
| Reuters revenue | $229M | +4% | |
| Retention rate · 12/31/25 | 92.0% | +1.0 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About TRI
Thomson Reuters sells research, content and workflow software to legal, corporate and tax professionals, plus Reuters news. On the recast 2025 segment basis, Legal supplies 37.9% of sales, Corporates 27.0%, Tax and Audit 17.2%, Reuters 11.4% and Print 6.5%.
- Data Workflow Lockin
Westlaw editorial content, Practical Law guidance and CoCounsel connect research to drafting and customer documents.
- Data Workflow Lockin
ONESOURCE tax and trade, Pagero e-invoicing, CLEAR and corporate legal tools connect customer records to repeated compliance tasks.
- Data Workflow Lockin
Checkpoint content, GoSystem and UltraTax tax preparation, audit software and document automation connect prior-year files, client records and current tax rules.
- Brand Trust
Reuters sells reporting that customers can use with confidence across a global network of journalists.
- Oct 1, 2026
Thomson Reuters and KKR closed the Global Print majority sale. Westbridge Print is independent, leaving Thomson Reuters with 49% and retained content rights.
- Sep 29, 2026
The Third Circuit upheld Thomson Reuters’ ROSS copyright win, reinforcing protection of Westlaw editorial headnotes while leaving other AI-training cases to their own facts.
- Sep 10, 2026
Thomson Reuters priced $1.3 billion U.S. notes and C$1.0 billion Canadian notes. The financing extends funding for debt repayment and general corporate use, with interest costs above older low-rate debt.
- Aug 20, 2026
Thomson Reuters made the next generation of CoCounsel Legal generally available, joining research and brief drafting in one workflow. Paid use will determine how much value it adds.
- May 8, 2026
Gary Bischoping became CFO after Mike Eastwood’s planned transition, changing financial leadership as Thomson Reuters scales its AI products.
Ownership
Go deeper on TRI
- Compare stock research toolsFundamentals, valuation and screening platforms for TRI.18 tools
- See TRI's price chartNo price chart here yet. See price history and indicators.17 tools
- Read TRI's earnings callsTranscripts and audio of results calls, with management's own words.16 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.80 deals
On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 14.91 | 7.35 | 8.23 | 11.75 | 12.02 | 12.84 | 13.67 | 14.64 | 16.08 | 16.63 | 17.86 | +1.2%/yr | |
| Cash flow | 3.98 | 2.82 | 3.09 | 1.40 | 3.50 | 3.59 | 3.95 | 5.05 | 5.45 | 5.90 | 6.58 | +4.5%/yr | |
| Earnings | 1.34 | 0.88 | 0.25 | 3.12 | 2.31 | 11.50 | 2.87 | 5.70 | 4.86 | 3.30 | 3.83 | +10.5%/yr | |
| Free cash flow | 2.78 | 2.10 | 2.22 | 0.39 | 2.49 | 2.60 | 2.72 | 3.87 | 4.10 | 4.49 | 5.09 | +5.5%/yr | |
| Capex | 1.21 | 0.72 | 0.86 | 1.00 | 1.01 | 0.98 | 1.23 | 1.17 | 1.35 | 1.41 | 1.49 | +1.7%/yr | |
| Dividends | 1.31 | 1.33 | 1.35 | 1.39 | 1.47 | 1.56 | 1.72 | 1.91 | 2.09 | 2.30 | 2.44 | +6.5%/yr | |
| Book value | 17.05 | 18.16 | 13.81 | 19.02 | 20.04 | 27.98 | 24.51 | 23.85 | 26.61 | 26.50 | 25.36 | +5.0%/yr | |
| Diluted shares (M) | 749 | 720 | 668 | 503 | 498 | 495 | 485 | 464 | 451 | 450 | 439 | -5.5%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 11.2 | 5.3 | 5.5 | 5.9 | 6.0 | 6.3 | 6.6 | 6.8 | 7.3 | 7.5 | 7.8 | -4.4%/yr | |
| Operating income | 1.4 | 1.0 | 0.8 | 1.2 | 1.9 | 1.2 | 1.8 | 2.3 | 2.1 | 2.1 | 2.3 | +4.9%/yr | |
| Net income | 1.0 | 0.6 | 0.2 | 1.6 | 1.1 | 5.7 | 1.4 | 2.6 | 2.2 | 1.5 | 1.7 | +4.4%/yr | |
| Free cash flow | 2.1 | 1.5 | 1.5 | 0.2 | 1.2 | 1.3 | 1.3 | 1.8 | 1.9 | 2.0 | 2.2 | -0.3%/yr | |
| Buybacks | 1.7 | 1.0 | 1.2 | 0.5 | 0.2 | 1.4 | 1.3 | 1.1 | 0.6 | 1.0 | 1.4 | -5.6%/yr | |
| Dividends | 1.0 | 1.0 | 0.9 | 0.7 | 0.7 | 0.8 | 0.8 | 0.9 | 0.9 | 1.0 | 1.1 | +0.6%/yr | |
| Net cash | -5.1 | -6.3 | -0.5 | -2.5 | -2.0 | -3.1 | -3.8 | -2.1 | -1.0 | -1.8 | -2.5 | +$3.4B | |
| Margins & returns (%) | |||||||||||||
| Operating margin | 12.4 | 19.5 | 14.2 | 20.3 | 32.2 | 19.6 | 27.7 | 34.3 | 29.1 | 28.5 | 29.7 | +16.1 pts | |
| Net margin | 9.0 | 12.0 | 3.0 | 26.6 | 19.2 | 89.6 | 21.0 | 38.9 | 30.2 | 19.8 | 21.5 | +10.8 pts | |
| FCF margin | 18.6 | 28.5 | 27.0 | 3.3 | 20.7 | 20.3 | 19.9 | 26.4 | 25.5 | 27.0 | 28.5 | +8.4 pts | |
| ROIC | 6.3 | 4.3 | 6.5 | 8.1 | 13.0 | 6.0 | 9.5 | 14.4 | 13.2 | 12.7 | 13.9 | +6.4 pts | |
| Return on equity | 7.9 | 4.9 | 1.8 | 16.4 | 11.5 | 41.1 | 11.7 | 23.9 | 18.3 | 12.4 | 15.1 | +4.6 pts | |
| Stock pay % of revenue | 0.9 | 1.1 | 0.9 | 0.9 | 1.1 | 1.2 | 1.3 | 1.2 | 1.2 | 1.5 | 1.6 | +0.5 pts | |
| Capex % of revenue | 8.1 | 9.8 | 10.5 | 8.6 | 8.4 | 7.7 | 9.0 | 8.0 | 8.4 | 8.5 | 8.3 | +0.4 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- widening
- Pricing power
- strong
- Legal Professionals37.9%1 claim
- Corporates27.0%1 claim
- Tax, Audit & Accounting Professionals17.2%1 claim
- Reuters11.4%1 claim
- Global Print6.5%No moat
Moat claims
- Applies to
- Legal Professionals
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 7, 2026
Westlaw editorial content, Practical Law guidance and CoCounsel connect research to drafting and customer documents. Replacing them requires retraining staff and rebuilding trusted workflows. Q2 recurring revenue was $748 million, with 9% organic growth; subscriptions alone do not prove customer captivity.
Legal recurring revenue grew 9% organically in Q2, while CoCounsel connects more work to Westlaw and the September appeal supports protection of editorial content. Paid AI expansion is still not separately disclosed.
- Legal Professionals recurring revenue$748M+9%
- Retention rate92.0%+1.0 pts
- CoCounsel users1,000,000
- Generative AI commoditizes baseline legal research and drafting
- Open-access legal data and cheaper aggregators improve
- Large customers negotiate aggressively or multi-home across tools
- FilingThomson Reuters Q2 2026 reportAug 6, 2026
- FilingThomson Reuters 2025 annual reportMar 5, 2026
- CourtThird Circuit: Thomson Reuters v. ROSS, No. 25-2153Sep 29, 2026
- SourceNext generation of CoCounsel Legal generally availableAug 20, 2026
- Applies to
- Corporates
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 7, 2026
ONESOURCE tax and trade, Pagero e-invoicing, CLEAR and corporate legal tools connect customer records to repeated compliance tasks. Integration and audit trails make replacement costly. Recurring revenue reached $462 million in Q2 with 9% organic growth, but ERP vendors and specialist competitors can replace individual modules.
Q2 recurring revenue grew 9% organically and transaction revenue grew 24% organically, consistent with more activity on embedded compliance tools; the segment mixes several competitive markets.
- Corporates recurring revenue$462M+9%
- Retention rate92.0%+1.0 pts
- CoCounsel users1,000,000
- Dataset commoditization and price competition in RegTech
- Customers replace point solutions with ERP-suite native modules
- Regulatory changes shift required data sources or standards
- FilingThomson Reuters Q2 2026 reportAug 6, 2026
- FilingThomson Reuters 2025 annual reportMar 5, 2026
- Applies to
- Tax, Audit & Accounting Professionals
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 7, 2026
Checkpoint content, GoSystem and UltraTax tax preparation, audit software and document automation connect prior-year files, client records and current tax rules. These repeated workflows make migration costly. Changing regulation creates demand but does not give Thomson Reuters an exclusive legal right to serve it.
Q2 recurring revenue grew 9% organically, but the 67% recurring mix and strong CCH/Intuit alternatives limit evidence that switching barriers themselves are increasing.
- Tax, Audit & Accounting Professionals recurring revenue$209M+9%
- Retention rate92.0%+1.0 pts
- CoCounsel users1,000,000
- Lower-cost SaaS competitors and bundling pressure
- Automation/AI reduces perceived value of proprietary research content
- Customer consolidation among accounting firms increases buyer power
- FilingThomson Reuters Q2 2026 reportAug 6, 2026
- FilingThomson Reuters 2025 annual reportMar 5, 2026
- Applies to
- Reuters
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 7, 2026
Reuters sells reporting that customers can use with confidence across a global network of journalists. The Trust Principles protect editorial independence and its long LSEG agreement supports distribution. Brand reliability helps win licenses, but contractual price increases do not prove that trust or renewal rates improved.
Reuters revenue grew 4% organically in Q2, partly through a contractual LSEG price increase. No separate trust or contract-retention series demonstrates a wider brand advantage.
- Reuters revenue$229M+4%
- Trust/reputation damage from perceived bias or major errors
- Customers reduce spend and treat newswires as a commodity input
- AI summarization and aggregation reduce demand for full wire feeds
- FilingThomson Reuters 2025 annual reportMar 5, 2026
- FilingThomson Reuters Q2 2026 reportAug 6, 2026
Profile change log
- Oct 7, 2026 · business change
Thomson Reuters sold 55% of Financial & Risk to a Blackstone-led consortium. The company’s revenue history moved to a much smaller professional-information business.
- Oct 7, 2026 · business change
Thomson Reuters and Blackstone sold Refinitiv to LSEG in an all-share transaction, creating an $8.075 billion equity-method gain and exposure to LSEG share prices.
- Oct 7, 2026 · business change
Thomson Reuters sold a majority of Elite to TPG and retained 19.9%, reducing its practice-management exposure. The final annual gain was $342 million.
- Oct 7, 2026 · business change
Thomson Reuters announced the sale of its remaining LSEG shares, ending equity-market exposure inherited from the Refinitiv transaction.
- Oct 7, 2026 · business change
Thomson Reuters sold FindLaw to Internet Brands, removing a legal marketing business and focusing Legal Professionals on research and workflow.
- Oct 7, 2026 · business change
Thomson Reuters bought SafeSend for $600 million, extending its tax workflow through review, signatures and return delivery.
- Oct 7, 2026 · business change
Thomson Reuters sold its remaining Elite stake, ending its equity exposure to the practice-management business and recording a $161 million gain.
- Oct 7, 2026 · business change
Thomson Reuters bought Additive, adding automation for tax documents such as Schedule K-1.
- Oct 7, 2026 · business change
Thomson Reuters bought Noetica, adding AI-based transaction intelligence to its legal workflow offering.
- Oct 7, 2026 · business change
Thomson Reuters made the next generation of CoCounsel Legal generally available, joining research and brief drafting in one workflow. Paid use will determine how much value it adds.
- Oct 7, 2026 · business change
Thomson Reuters announced one million CoCounsel users across 107 countries and territories. The milestone shows adoption, but paid and active users remain undisclosed.
- Oct 7, 2026 · business change
Gary Bischoping became CFO after Mike Eastwood’s planned transition, changing financial leadership as Thomson Reuters scales its AI products.
- Oct 7, 2026 · business change
Thomson Reuters priced $1.3 billion U.S. notes and C$1.0 billion Canadian notes. The financing extends funding for debt repayment and general corporate use, with interest costs above older low-rate debt.
- Oct 7, 2026 · business change
The Third Circuit upheld Thomson Reuters’ ROSS copyright win, reinforcing protection of Westlaw editorial headnotes while leaving other AI-training cases to their own facts.
- Oct 7, 2026 · business change
Thomson Reuters and KKR closed the Global Print majority sale. Westbridge Print is independent, leaving Thomson Reuters with 49% and retained content rights.
- Oct 7, 2026 · analyst revision
Changed the tax claim from regulated_standards_pipe to data_workflow_lockin: tax rules create demand without exclusive rights. Reduced Legal and Reuters strength from 5 to 4 because primary sources show strong but contested advantages, not dominance.
- Oct 7, 2026 · analyst revision
Replaced Q2 revenue weights with recast FY2025 weights, removed EBITDA shares that excluded corporate costs, and corrected Print from a manufacturing-only description to professional publishing. Added sourced trajectories, debate, management and five end markets.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Legal research and professional workflow software
Paid legal research, editorial guidance, drafting, document review and related matter workflows sold to law firms, corporate legal departments and governments worldwide. Excludes lawyers’ billed legal services and general-purpose enterprise software.
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| TRI | 74 | – | 29.7% | |
| Industry median | 8 | 78 | 62.6% | 24.2% |
| Sector median | 88 | 76 | 37.0% | 17.5% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Legal research and filing deadlines continue through weak economic conditions, supporting recurring subscriptions.
- Customers need verified sources and audit trails when errors can reach a court or client, supporting editorially maintained content.
- Staff shortages and pressure on legal fees encourage document automation and AI tools that save professional time.
- Transaction activity rises and falls with financing conditions, affecting deal-related research and workflows more than routine litigation.
- Providers reporting in different currencies face different translation effects; a stronger pound reduces GBP revenue from U.S. customers without changing local demand.
- AI tools and public legal data reduce the price customers will pay for routine searches and drafting.
- LexisNexis, Wolters Kluwer and specialist providers have trusted content, while firms can use several vendors or develop internal tools.
- Incorrect AI citations, privacy failures or court restrictions can slow adoption and damage supplier trust.
- Law firms that charge by the hour may lose revenue as AI lowers billable work; consolidation and lower headcount can reduce paid seats.
- A stronger U.S. dollar lowers translated foreign sales for USD-reporting vendors; currency movements do not show a change in underlying demand.
Bulls & bears
Can CoCounsel increase paid revenue per customer while renewal rates stay strong, enough to offset AI competition and the cost of building and running the products?
Arguments
What to watch
- 1Legal and Corporates organic recurring revenue
- 2Company-wide customer retention and disclosed paid CoCounsel adoption
- 3Cash capital expenditure, software amortization and operating cash flow
Next check: November 3, 2026 Q3 results: check revised continuing-operation comparatives, AI sales and the outlook after Global Print disposal.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 6, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 74/100 by <a href="https://www.findmymoat.com/stocks/XTSE:TRI">Find My Moat</a> (as of September 2026)Request update
Spot something outdated? Send a quick note and source so we can refresh this profile.
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.