TRINasdaqMiscellaneous PublishingFiscal year ends December 31Also trades as TMSOF
THOMSON REUTERS CORP /CAN/
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Mar 5, 2026
$109.01+1.12 (+1.04%)
Close on Oct 16, 2026
- Market cap
- –
- P/E (TTM)
- 32.7
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2016 to 2025
Operating margin
28.5%−3.7 pts over 5 years
Net margin
20.1%+1.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.0% | +4.1% | +4.6% | – | |
| Operating income | +1.1% | +5.1% | +2.0% | – | |
| Net income | -32.0% | +3.9% | +6.0% | – | |
| EPS, diluted | -31.9% | +6.6% | +8.2% | – | |
| Free cash flow | +9.0% | +15.2% | +10.2% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | – | |
| Return on assets | – | 6.4% | 8.3% | |
| Current ratio | 1.02 | 1.50 | 0.64 | |
| Debt to equity | 0.58 | – | – | |
| Net debt to EBITDA | 2.08× | – | – | |
| Capex to revenue | – | 8.4% | 8.5% | |
| Diluted shares | 749M | 498M | 450M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Thomson Reuters generated $11.14B from operations and spent $8.27B on capital expenditure, dividends and share buybacks. 35% of that went back into the business.
Generated
$11.14B
Used
$8.27B
Capital expenditure$2.87B35%Dividends$00%Share buybacks$5.40B65%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin71.5%
×Asset turnover0.25×
×Equity multiplier1.95×
=Return on equity, FY201835.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2018 | 71.5% | 0.25× | 1.95× | 35.3% |
| FY2017 | 26.3% | 0.19× | 2.10× | 10.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.50B
- Cash generatingOperating cash flow above zero$2.65B
- Return on assets improvedROA up on the prior year11.8% → 8.1%
- Earnings backed by cashOperating cash flow above net income$2.65B vs $1.50B
- Less leverageLong-term debt to assets fell10.0% → 7.4%
- Better liquidityCurrent ratio rose1.02 → 0.64
- No dilutionShare count did not rise451M → 450M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.39 → 0.41