Thomson Reuters
TRI · NasdaqMiscellaneous Publishing · Fiscal year ends Dec 31
Thomson Reuters reported revenue of $7.5B in the fiscal year ended Dec 2025, up 3.0% from the year before. Operating income was $2.1B, an operating margin of 28.5%, and net income was $1.5B. Operating cash flow of $2.7B less capital expenditure of $634M left free cash flow of $2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.3B | $6.6B | $6.8B | $7.3B | $7.5B |
| Operating income | $1.2B | $1.8B | $2.3B | $2.1B | $2.1B |
| Income tax | $1.6B | $259M | $417M | −$123M | $423M |
| Net income | $5.7B | $1.3B | $2.7B | $2.2B | $1.5B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $778M | $1.1B | $1.3B | $2B | $511M |
| Inventory | $28M | $29M | $20M | $21M | $23M |
| Current assets | $2.5B | $2.8B | $2.9B | $3.5B | $2.2B |
| Net PP&E | $502M | $414M | $447M | $386M | $361M |
| Goodwill | $5.9B | $5.9B | $6.7B | $7.3B | $7.9B |
| Total assets | $22.1B | $21.7B | $18.7B | $18.4B | $17.9B |
| Current liabilities | $2.6B | $4.9B | $3.2B | $3.4B | $3.5B |
| Total liabilities | $8.3B | $9.8B | $7.6B | $6.4B | $6B |
| Shareholders' equity | $13.8B | $11.9B | $11.1B | $12B | $11.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.8B | $1.9B | $2.3B | $2.5B | $2.7B |
| Capital expenditure | $487M | $595M | $544M | $607M | $634M |
| Free cash flow | $1.3B | $1.3B | $1.8B | $1.9B | $2B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.4% | 2.5% | 6.8% | 3.0% |
| Operating income growth (YoY) | – | 47.7% | 27.2% | −9.6% | 1.1% |
| Operating margin | 19.6% | 27.7% | 34.3% | 29.1% | 28.5% |
| Net margin | 89.6% | 20.2% | 39.7% | 30.4% | 20.1% |
| Return on equityBlank when equity is negative | 41.1% | 11.3% | 24.4% | 18.4% | 12.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.3% | 10.9% | 15.1% | 14.1% | 14.7% |
| Free cash flow margin | 20.3% | 19.9% | 26.4% | 25.5% | 27.0% |
| Cash conversion (CFO ÷ net income) | 0.31x | 1.43x | 0.87x | 1.11x | 1.76x |
| Current ratio | 0.95x | 0.57x | 0.90x | 1.02x | 0.64x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.