Show M&A signals
Reuters acquires World Business Media Limited
Completed $1 billion share repurchase program (August 2025)
Acquired Safe Sign Technologies (British-based company developing LLMs for legal industry)
Acquired Materia (makes agentic AI assistants for tax and accounting industries)
Open to larger M&A deals in risk, fraud compliance, and indirect tax
Targeting $10 billion for acquisitions through 2027
$850 million spent in 2025 on four acquisitions within strategic business areas
Acquisitions in 2025 included SafeSend and Additive for tax audit and accounting, and Time Base and Imagine Images for legal solutions in Australia and the Broader segment.
Completed SafeSend acquisition to expand tax automation capabilities for approximately $600 million in January 2025.
Assessing additional inorganic opportunities with an estimated $10 billion of capital capacity through 2027.
Completed $1.0 billion share repurchase program announced in 2025.
Spent $850 million in 2025 on four acquisitions within strategic business areas.
Total capital returns exceeded 100% of free cash flow due to dividends and buybacks.
Completed $1 billion share repurchase in 2025, retiring 6 million shares.
10% dividend increase to $2.62 per share for 2026, marking 33 consecutive annual increases and five straight years at 10% growth.
The $1 billion NCIB was completed, with approximately 6 million shares repurchased as of late October.
$850 million spent in 2025 on four acquisitions within strategic business areas.
Acquisitions in 2025 included SafeSend and Additive for tax audit and accounting, and Time Base and Imagine Images for legal solutions in Australia and the Broader segment.
Thomson Reuters Ventures employs 7 people (+60.0% YoY, +3 people).
Thomson Reuters Ventures is an enterprise technology venture capital fund that invests in enduring companies forging the future of enterprise technology.
We invest in companies at the seed and series A stages building in tax, legal, fraud, risk, compliance, insurtech, and fintech.
$850 million spent in 2025 on four acquisitions within strategic business areas (SafeSend, Additive, TimeBase, Imagn).
Acquisitions in 2025 included SafeSend and Additive for tax audit and accounting, and Time Base and Imagine Images for legal solutions in Australia and the Broader segment.
Show strategic signals
AI Product Roadmap and Strategic Acquisitions driving Q1 2025 performance
Agentic AI Platform targeting professional workflow automation
AI-native workflows layered on existing platforms (e.g., CoCounsel meets HighQ) to automate data extraction
Focus on legal professionals with AI that cites sources (e.g., AI that shows where answers come from in legal research)
Practical Law Asia introduced to support legal decisions across Asia
Emphasis on legal content solutions (e.g., Westlaw Singapore team sharing expertise)
Aggressive investment in AI technology, including generative AI products like Westlaw AI and CoCounsel
Focus on integrating generative AI across legal, accounting, and corporate business segments to enhance product offerings and streamline operations
Customer reaction to new AI-driven products is highly encouraging
Company sees annual revenue growth towards the upper end of its previous guidance (6.5% to 7%)
Thomson Reuters Financial & Risk Business rebranded as Refinitiv in India (media/branding shift)
Investing over $200M in AI in 2024, up from $100M in 2023; targeting $10B for acquisitions through 2027
AI-driven product innovations (e.g., CoCounsel Legal, CoCounsel for Tax & Accounting) reshaping professional workflows by combining expertise and trusted content with cutting-edge technology
Pricing strategy aligned with value delivered by AI products, not per-seat basis, to benefit from increased efficiency
Confidence in market-leading position with CoCounsel despite incremental competition in AI assistant space
Open to larger M&A deals in risk, fraud compliance, and indirect tax, waiting for valuations to adjust to create shareholder value
Internal AI-driven automation efforts expected to contribute to margin expansion (100 bps increase in 2026 EBITDA margin expectations)
Focus on AI transformation in both product development and internal processes to drive operational efficiency
15% of Thomson Reuters' underlying annual contract value (~$6B) now comes from generative AI products
Over 85% of employees are active users of the company's internal OpenArena AI platform, with over 300 AI use cases in development across the firm.
Thomson Reuters continues to use differentiated proprietary content and a large in-house team of experts to train and refine its agentic AI models, supporting its stated market position versus general-purpose AI competitors.
CEO Stephen Hasker emphasized 'growing confidence in the value of our content and our expertise for delivering professional-grade AI solutions.'
Management highlighted that more than 85% of employees are active users of the company's internal OpenArena AI platform, with over 300 AI use cases in development across the firm.
$850 million spent in 2025 on four acquisitions within strategic business areas.
Total capital returns exceeded 100% of free cash flow due to dividends and buybacks.
Pricing strategies for GenAI and broader offerings are evolving, with management stating there will be a 'slightly higher overall pricing yield in 2026 versus 2025.'
Launch of CoCounsel Tax, Audit and Accounting, an agentic AI assistant powered by the 2024 acquisition of Materia, automating workflows and enhancing user experience for Checkpoint authoritative content.
Launch of CoCounsel chat experience within Westlaw and Practical Law, enhancing capability and user experience through a more connected suite of legal offerings.
Focus on delivering new agentic expert-guided workflows, grounded in trusted authoritative content and subject matter expertise for CoCounsel, Westlaw, Practical Law, and other offerings.
Completed acquisition of SafeSend for $600M in January 2025 to expand tax automation capabilities.
Reaffirmed full-year 2025 outlook: organic growth in a range of 7% to 7.5%, including approximately 9% for the Big 3 segments (Legal Professionals, Corporates, Tax & Accounting Professionals).
Proportion of revenue from products growing at double-digit rate has more than doubled, from 11% in 2019 to 25% in 2024.
Capital capacity and liquidity remain a key asset; committed to a balanced capital allocation approach and assessing additional inorganic opportunities with an estimated $10B capital capacity through 2027.
Reuters News organic revenues declined 7%, driven by a difficult comparison from significant transactional generative AI licensing revenue in the prior-year period.
Thomson Reuters is leveraging agentic AI to enhance its legal, tax, and accounting portfolios, embedding AI capabilities into customer workflows and leveraging proprietary content and domain expertise.
The company is investing heavily in AI innovation, including the launch of CoCounsel Legal (with Deep Research on Westlaw and guided workflows) and CoCounsel for tax, audit, and accounting.
More than 85% of employees are active users of the company's internal OpenArena AI platform, with over 300 AI use cases in development across the firm.
Thomson Reuters uses differentiated proprietary content and a large in-house team of experts to train and refine its agentic AI models, positioning itself against general-purpose AI competitors.
The company completed $850 million in acquisitions in 2025 within strategic business areas, including SafeSend and Additive (tax audit and accounting) and Time Base and Imagine Images (legal solutions).
Thomson Reuters has $11 billion in capital capacity through 2028, enabling further M&A, dividend increases, and ongoing share repurchases.
The company reaffirmed 2026 guidance for higher organic growth and margin advancement, supported by stronger pricing, product innovation, and disciplined cost control.
Adjusted EBITDA margin is projected to expand by 100 basis points annually through 2026-2028, driven by operating leverage and productivity initiatives.
Over $200 million invested in AI and GenAI for the calendar year, with spend to continue at this level into 2026. More than 1,500 attorney editors provide proprietary content, and over 1.6 million editorial enhancements are made per year.
Management reaffirmed targets for approximately 9% organic growth in the Big Three segments for the full year and guided toward approximately 7% organic revenue growth company-wide in the fourth quarter, with the Big Three expected at 9%.
Management now expects 7.5%-8% organic revenue growth for fiscal 2026 (ending Dec. 31, 2026), 9.5% growth for the Big Three in 2026, roughly 100 basis points of adjusted EBITDA margin expansion for fiscal 2026, and free cash flow of $2.1 billion (upper end of prior guidance) for 2026.
The ACV contribution from GenAI-enabled products rose sharply to 28% of the total, a result of swift adoption across both small and large law firms as well as corporate tax and audit clients.
More than 85% of employees are active users of the company's internal OpenArena AI platform, with over 300 AI use cases in development across the firm.
We have not seen a change in competitive dynamics in our areas of core franchise and growing confidence in the value of our content and our expertise for delivering professional-grade AI solutions.
Pricing strategies for GenAI and broader offerings are evolving, with management stating there will be a 'slightly higher overall pricing yield in 2026 versus 2025.'
Thomson Reuters Ventures is an enterprise technology venture capital fund that invests in enduring companies forging the future of enterprise technology. They work closely with founders and enable access to the assets and expertise of Thomson Reuters.
We invest in companies at the seed and series A stages building in tax, legal, fraud, risk, compliance, insurtech, and fintech.
Thomson Reuters continues to use differentiated proprietary content and a large in-house team of experts to train and refine its agentic AI models, supporting its stated market position versus general-purpose AI competitors.
GenAI-enabled products ACV reached 28% of total, up from 24% in the previous quarter and 15% in Q3 2024, indicating rapid adoption of AI in professional services.
Over 85% of employees are active users of the company's internal OpenArena AI platform, with over 300 AI use cases in development.
$850 million spent in 2025 on four acquisitions within strategic business areas (SafeSend, Additive, TimeBase, Imagn).
Management reaffirmed 2026 guidance for higher organic growth (7.5%-8%) and margin advancement (100 basis points annually through 2028), supported by pricing strategies and product innovation.
Pricing strategies for GenAI and broader offerings are evolving, with management stating there will be a 'slightly higher overall pricing yield in 2026 versus 2025.'
Thomson Reuters continues to use differentiated proprietary content and a large in-house team of experts to train and refine its agentic AI models, supporting its stated market position versus general-purpose AI competitors.
The company held its leverage ratio at 0.6x and forecasts $11 billion in capital capacity through 2028, enabling further M&A, dividend increases, and ongoing share repurchases.