TRI
Thomson Reuters Corporation
TRI's fundamentals are mixed: it turned 28% of its revenue into free cash flow, but its operating margin fell 2 points to 28%. At 29x earnings, it's trading right at its usual valuation. Analysts expect earnings growth.
TRI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Healthy |
TRI's revenue, profitability, cash flow and balance sheet are all currently healthy.
TRI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 12x | $44.01 | -60% |
| Forward | 25x | $109 | — |
| Current | 29x | $109 | — |
| Fair | 30x | $111 | +1.2% |
| Expensive | 44x | $163 | +49% |
Historical ranges are pointers, not guarantees.
TRI's PE is in its fair range at 29x. If earnings grow as analysts expect, today's price would be 25x next year's earnings, in its cheap range.
TRI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for TRI, with profitability improving.
TRI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.45 | +19% |
| Q2 2026 | $3.74 | +4.5% |
| Q1 2026 | $3.42 | -28% |
| Q4 2025 | $3.35 | -31% |
| Q3 2025 | $3.85 | -25% |
| Q2 2025 | $3.58 | -32% |
| Q1 2025 | $4.75 | -10% |
| Q4 2024 | $4.85 | -16% |
| Q3 2024 | $5.12 | +6% |
TRI's earnings per share have fallen from their peak: $3.74 over the past year, against $13.97 in mid-2021.
TRI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $2B | +9.5% |
| Q1 2026 | $2.1B | +9.8% |
| Q4 2025 | $2B | +5.2% |
| Q3 2025 | $1.8B | +3.4% |
| Q2 2025 | $1.8B | +2.6% |
| Q1 2025 | $1.9B | +0.8% |
| Q4 2024 | $1.9B | +5.2% |
| Q3 2024 | $1.7B | +8.2% |
TRI's revenue has grown year over year every quarter since late 2020: $2B last quarter, up 9.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 29% | +4.1 points |
| Q1 2026 | 30% | +0.8 points |
| Q4 2025 | 19% | -19 points |
| Q3 2025 | 33% | +9.2 points |
| Q2 2025 | 24% | +0.6 points |
| Q1 2025 | 30% | +0.1 points |
| Q4 2024 | 38% | +7.1 points |
| Q3 2024 | 24% | -3.6 points |
TRI's operating margin was 29% last quarter, up 4.1 points from the same quarter a year ago.
TRI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $722.3M | +21% |
| Q1 2026 | $349M | +19% |
| Q4 2025 | $607.4M | +54% |
| Q3 2025 | $537.3M | -12% |
| Q2 2025 | $597.9M | +8.5% |
| Q1 2025 | $293.1M | +2.6% |
| Q4 2024 | $395M | -33% |
| Q3 2024 | $609.5M | +16% |
TRI's free cash flow has been positive every quarter for seven years: $2.2B over the past year, up 17% from the year before.
TRI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +820K shares |
| 1 year | -2.8% | -12.6M shares |
| 3 years | -6.8% | -31.8M shares |
| 5 years | -8.5% | -40.7M shares |
| Available history | -9.2% | -44.6M shares |
TRI has 439M diluted shares, down 2.8% from a year ago, with $2B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $685.1M |
| Q1 2026 | $262M |
| Q4 2025 | $335.3M |
| Q3 2025 | $672.7M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $5M |
| Q3 2024 | $34,300 |
TRI spent $2B buying back its own shares over the past year, more than ten times what it spent the year before.
TRI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.4x | Very low |
| Q3 2024 | 0.6x | Very low |
TRI's net debt is less than a year of its operating earnings (EBITDA).
TRI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.0 | Neutral |
| Stochastic | 65.0 | Neutral |
TRI's weekly RSI is 54 (neutral) and its Stochastic is 65 (neutral).
TRI PE vs Industrials Sector
| Metric | TRI | Sector median | Relative |
|---|---|---|---|
| PE | 29x | 24x | 22% above |
| PE % | 48 | 58 | 10 pts below |
TRI is trading at 29x earnings, a 22% premium to the Industrials sector's median of 24x.
TRI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $109.0 | 0.2% above |
| 20 week MA | $102.5 | 6.6% above |
| 50 week MA | $101.7 | 7.4% above |
| 100 week MA | $139.1 | 21% below |
| 200 week MA | $144.0 | 24% below |
TRI has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 24% below its 200-week average.
TRI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $75.8 | $85.0 | +12% |
| 2021 | $85.0 | $123.2 | +45% |
| 2022 | $123.2 | $119.5 | -3% |
| 2023 | $119.5 | $148.6 | +24% |
| 2024 | $148.6 | $164.6 | +11% |
| 2025 | $164.6 | $135.4 | -18% |
| 2026 YTD | $135.4 | $109.3 | -19% |
TRI has finished higher in four of the last six years. It's down 19% so far in 2026.