Thomson Reuters Recasts Financials Post-Global Print Sale; Q3 Outlook Now ~9% Organic Growth, ~35% Margin
TRI sits 39% above its 52-week low of $76.28.
Summary
Thomson Reuters restated 2025 and 2026 results to exclude the divested Global Print business and rebased its Q3 outlook to ~9% organic growth and a ~35% adjusted EBITDA margin. A revised full-year 2026 outlook comes with Q3 earnings on November 3.
Key Events · Earnings and Guidance · TRI
-
Global Print Recast as Discontinued Ops
Following the October 1 close of the 51% Global Print sale to KKR, prior periods are restated to continuing operations; FY2025 revenue becomes $6,986M and adjusted EBITDA $2,617M (37.4% margin) versus $7,476M and $2,936M as reported.
-
Q3 Outlook Rebased Higher on Growth
The August 5 outlook of ~8% organic growth and ~36% adjusted EBITDA margin, which included Global Print, translates to ~9% organic growth and ~35% margin on the basis the company will now report.
-
Royalty and Transition Terms Disclosed
Westbridge Print pays a 20% royalty on Professional revenue (~85-90% of its total revenue) for IP licensing, plus multi-year transition services reimbursement; together these are expected to largely offset stranded costs.
-
Deal Roughly Margin-Neutral, Growth-Accretive
The company continues to expect the transaction to be approximately neutral to adjusted EBITDA margin and 60-70 bps accretive to annual organic revenue growth.
Analysis · TRI · Manufacturing
With the Global Print sale to KKR closed on October 1, this filing gives investors the first clean look at what Thomson Reuters earns without it. On a continuing-operations basis, 2025 revenue was $6,986M and adjusted EBITDA $2,617M (37.4% margin), versus $7,476M and $2,936M as originally reported — so the print business was roughly $490M of revenue and $319M of EBITDA. The Q3 outlook shifts to about 9% organic growth and a 35% margin from the 8% and 36% given in August, purely because the lower-margin print unit is gone. The royalty and transition-services arrangements with Westbridge Print are expected to largely offset stranded costs, keeping the deal roughly neutral to EBITDA margin while adding 60-70 bps to organic growth. The real number to anchor on is the revised full-year 2026 outlook due with Q3 results on November 3.
How filings like this one have moved
In the 30 days to Oct 19, 2026, 29.4% of the 1386 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.50%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, TRI was trading at $105.84 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $46.9B. The 52-week trading range was $76.28 to $166.88. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.