Thomson Reuters: growth after the print carve-out
· BehindLines newsroom
Thomson Reuters reported third-quarter 2026 revenue of US$1,833 million on November 3, an increase of 10%. Yet operating profit fell 22% to $402 million. These movements can coexist: sales measure business activity, while profit also reflects expenses and accounting items. The release covers continuing operations and uses a revised comparison for 2025.
The change in scope is central. In an October 19 filing with the Securities and Exchange Commission, the group had announced that Global Print would be presented as discontinued operations from the third quarter. Thomson Reuters sold a 51% interest in the business to accounts advised by KKR on October 1, retaining 49% of the joint venture. A transaction completed after September therefore changes the presentation of the quarter that had just ended.
Organic revenue also increased 10%, according to the company. This measure aims to compare existing businesses at constant exchange rates, removing certain effects of acquisitions and disposals. It is not a standardized measure under IFRS accounting rules. The three divisions serving legal professionals, corporate customers, and tax, audit and accounting professionals together recorded organic growth of 10%.
The group mainly attributes the operating profit decline to a disposal gain in the comparison period and to increased software amortization. Adjusted earnings before interest, taxes, depreciation and amortization, known as EBITDA, rose to $651 million, but the margin slipped from 35.8% to 35.5%. An increase in adjusted earnings therefore does not erase the decline in accounting profit: the calculations include or exclude different items.
For 2026, management now forecasts total revenue growth of approximately 9.5% on a continuing operations basis. This remains a management projection. Comparisons with earlier announcements require their restated versions, followed by distinctions between a quarter and a full year, and between accounting results and adjusted measures. Both cited documents originate from the same issuer; their availability on two websites does not provide independent verification of the accounts.