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Global provider of legal, tax, accounting and news information and software, including the Reuters news agency.
Global provider of legal, tax, accounting and news information and software, including the Reuters news agency.
Earns recurring subscription revenue from legal, tax and accounting customers, with Reuters news as a smaller, separate business. It sold the majority of its financial-data arm, now part of LSEG, to Blackstone in 2018 to become a legal, tax and news company. Woodbridge, the Thomson family's holding company, controls it.
In one line: Canada's Bloomberg/RELX hybrid.
Moat: wide (switching costs, scale, brand). Deeply embedded legal/tax research and workflow software with proprietary content that is costly to switch away from.
Headquarters: Toronto, Canada · Founded: 2008 · Employees: 27,100
Size Thomson Reuters (TRI.TO) is a Canada Industrials company (Internet Software/Services) with a market value of $49.1B, the 26th largest of 420 Canada companies the cockpit tracks. Shares closed at C$158.85 on 6 Nov 2026.
Performance Over six months the shares gained 24.8%, against +10.0% for the median peer and +5.2% for the Canada market (cap-weighted) — 2nd highest of 7 in its peer set.
Growth Revenue grew 5.9% over the last twelve months (peer median +7.7%); the operating margin is 26.2% (peer median 17.9%).
Valuation It trades at 24.8× forward earnings against a peer median of 21.1× (2nd most expensive of 7).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.8 points above its cost of capital (5.1% WACC).
Backlog Backlog (remaining performance obligations) was $18.8B at 31 Dec 2025, up 4% on a year earlier — 2.5 years of trailing revenue. Backlog detail →
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$10.9B | C$10.4B | C$9.94B | C$9.17B | C$8.63B |
| Revenue growth | — | +5% | +8% | +6% | — |
| Gross profit | C$2.86B | C$2.78B | C$2.67B | C$2.61B | C$2.31B |
| EBITDA | C$4.23B | C$4.25B | C$3.79B | C$3.59B | C$3.25B |
| Net income | C$2.19B | C$2.10B | C$3.03B | C$3.64B | C$1.74B |
| Free cash flow | C$2.93B | C$2.82B | C$2.53B | C$2.43B | C$1.77B |
| Capital expenditure | C$924M | C$886M | C$832M | C$734M | C$775M |
| Total debt | C$5.41B | C$3.25B | C$4.42B | C$4.67B | C$6.77B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Thomson Reuters TRI.TO | $49.1B | +25% | +6% | 26% | 24.8× | 2.7% |
| Relx REL.L | $70.4B | +23% | +2% | 32% | 21.3× | 1.8% |
| Wolters Kluwer WKL.AS | $22.0B | +54% | 0% | 26% | 15.9× | -3.0% |
| Intuit INTU | $91.3B | -14% | +14% | 29% | 14.8× | 3.1% |
| Intapp INTA | $3.35B | +76% | +14% | -4% | 25.7× | 4.3% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TRI.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.1% | +10.4% | 3rd highest of 7 |
| 6-month return | +24.8% | +10.0% | 2nd highest of 7 |
| Distance from 52-week high | -21.7% | -10.8% | 2nd lowest of 7 |
| Revenue growth (TTM) | +5.9% | +7.7% | 2nd lowest of 7 |
| Operating margin | 26.2% | 17.9% | 3rd highest of 7 |
| Forward P/E | 24.8× | 21.1× | 2nd most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | 2.7% | 10.0% | 2nd least demanding of 7 |
| Growth delivered (Del g) | +5.4% | +13.5% | 2nd lowest of 7 |
| Hurdle (Req g minus delivered) | -2.7 pp | +0.6 pp | 3rd least demanding of 7 |
| ROIC minus cost of capital | +5.8 pp | +2.3 pp | 2nd highest of 7 |
| EV / EBITDA | 17.1× | 15.5× | 3rd most expensive of 7 |
| Net debt / EBITDA | 0.8× | 2.8× | least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Thomson Reuters TRI.TO | Canada | $49.1B | +25% | +6% | 26% | 24.8× | 2.7% | +5.4% |
| Waste Connections WCN.TO | Canada | $47.6B | +27% | +6% | 18% | 31.6× | 10.7% | +12.6% |
| Canadian National Railway CNR.TO | Canada | $75.0B | +16% | +7% | 38% | 20.0× | 9.4% | +4.6% |
| Canadian Pacific Kansas City CP.TO | Canada | $80.6B | +12% | +7% | 37% | 23.0× | 17.4% | +14.4% |
| Bombardier BBD-B.TO | Canada | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% | +8.9% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
| RB Global RBA.TO | Canada | $17.4B | -7% | +9% | 18% | 19.9× | 6.9% | +28.3% |
Thomson Reuters reported $18.8B of remaining performance obligations at 31 Dec 2025, up 4% from a year earlier. That is 2.5 years of trailing revenue already under contract.