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TRI · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Thomson Reuters Corporation Common Shares (TRI) stock moving?
Thomson Reuters reported Q3 2026 results on Nov 3 that were mixed. Revenue of $1.833B and adjusted EPS of $0.81 missed estimates of $1.874B and $0.89, and operating profit fell 22% while free cash flow fell 23%. On the positive side, organic growth was 10%, the Reuters segment rose 13% on generative AI content licensing, full-year organic growth guidance was raised to 8.5%–9.0%, and the Global Print sale to KKR (about $500M gross) closed on Oct 1 with a royalty arrangement expected to be roughly neutral to adjusted EBITDA margin and 60–70 bps accretive to organic growth. Free cash flow guidance of about $2.1B was maintained, the $600M buyback was completed, and about $2.0B of notes were issued. Rising interest expense guidance (about $190M) is a modest headwind. The stock closed at 110.18 on Nov 3, down about 10% from 122.24 on Nov 2, on volume of 3.0M against a late-October average near 1.4M. It rebounded to 118.11 by Nov 5 after JP Morgan raised its target to $115 while keeping a Neutral rating, but then slid to 108.41 on Nov 10, below the pre-earnings range and near the 106.47 intraday low of that day. The price is now roughly 6% above the $115 target only in the sense that it sits below it, leaving limited implied upside from the broker's view. The drop has come on moderate volume, which suggests continued selling pressure without capitulation. Overall, the evidence is balanced: the earnings miss and falling profit metrics weigh against the raised organic outlook, AI licensing growth and capital returns.
News behind the analysis
- Thomson Reuters Reports Third-Quarter 2026 ResultsQ3 revenue rose 10% to $1.833B and organic growth was 10%, but operating profit fell 22% and diluted EPS fell 17%. Full-year organic revenue growth guidance was raised to 8.5%–9.0%.
- Thomson Reuters Q3 Adj. EPS $0.81 Misses $0.89 Estimate, Sales $1.833B Miss $1.874B EstimateAdjusted EPS and revenue both came in below Wall Street estimates for the quarter.
- Thomson Reuters Raises 2026 Outlook As AI Gains MomentumManagement lifted the 2026 outlook and cited growing AI momentum, despite the quarterly revenue and adjusted EPS misses.
- Thomson Reuters Q3 Reuters Segment Revenue Up 13% On Higher Generative AI Content LicensingThe Reuters segment grew 13% in Q3, driven by higher generative AI content licensing revenue.
- Thomson Reuters Sees Q4 Organic Revenue Growth ~8%, Adj. EBITDA Margin ~42%Fourth-quarter guidance calls for roughly 8% organic revenue growth and an adjusted EBITDA margin near 42%.
- Thomson Reuters Raises FY26 Net Interest Expense Outlook To ~$190M, Top Of Prior $180M-$190M RangeNet interest expense guidance moved to the top of the prior range at about $190M, while free cash flow guidance of about $2.1B was maintained.
- Thomson Reuters Completes Sale Of 51% Stake In Global Print Business To KKR For ~$500MThe sale closed on Oct 1 for gross proceeds of about $500M, and Global Print will be reported as discontinued operations. Westbridge Print will pay Thomson Reuters a royalty of 20% of its Professional revenue.
- Thomson Reuters Completes $600M Share Buyback ProgrammeThe $600M repurchase program announced in February 2026 has been completed.
- JP Morgan Maintains Neutral on Thomson Reuters, Raises Price Target to $115JP Morgan kept its Neutral rating and raised its price target to $115 from $110.
About Thomson Reuters Corporation Common Shares
Thomson Reuters is a Toronto-based content and technology company, listed on both the TSX and Nasdaq, that sells research tools, software and data to lawyers, tax and accounting firms, corporations and governments. It also owns the Reuters news agency. What sets it apart is its large archive of proprietary legal and tax content, such as Westlaw, which it increasingly sells through generative-AI tools like CoCounsel.
How it makes money
Most revenue comes from subscriptions: about 88% of revenue is recurring. The 'Big 3' segments also make up roughly 88% of revenue. In Q3 2026, Legal Professionals brought in about 43% (Westlaw, CoCounsel), Corporates about 30% (legal, tax, risk and e-invoicing tools such as Pagero and CLEAR), and Tax, Audit & Accounting Professionals about 15%. Reuters news makes up about 13%, including news licensing and AI content-licensing deals. Quarterly revenue is about $1.8 billion. In October 2026 the company sold a 51% stake in its Global Print business to KKR.
What usually moves TRI
- Organic revenue growth in the Big 3 segments
- Adoption of generative-AI products and fears that AI could disrupt its business
- Spending by law firms and the US government
- Acquisitions, buybacks and dividend increases
- Adjusted EBITDA margin trends