Thomson Reuters (TRI) financial statements
Thomson Reuters reported revenue of $7.5B in fiscal 2025, down 4.4% a year over 9 years.
Net income was $1.5B and the operating margin 28.5%, against 12.4% in 2016.
Free cash flow was $2.0B, and the company returned $1.0B in net buybacks.
The diluted share count fell 40% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Thomson Reuters's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.2B | $5.3B | $5.5B | $5.9B | $6.0B | $6.3B | $6.6B | $6.8B | $7.3B | $7.5B |
| Operating income | $1.4B | $1.0B | $780M | $1.2B | $1.9B | $1.2B | $1.8B | $2.3B | $2.1B | $2.1B |
| Income tax | -$15M | -$134M | $136M | -$1.2B | $71M | $1.6B | $259M | $417M | -$123M | $423M |
| Net income | $3.1B | $1.4B | $3.9B | $1.6B | $1.1B | $5.7B | $1.3B | $2.7B | $2.2B | $1.5B |
| EPS (diluted) | $4.13 | $1.94 | $5.88 | $3.11 | $2.25 | $11.50 | $2.75 | $5.80 | $4.89 | $3.33 |
| Diluted shares | 749M | 720M | 668M | 503M | 498M | 495M | 485M | 464M | 451M | 450M |
| Operating margin | 12.4% | 19.5% | 14.2% | 20.3% | 32.2% | 19.6% | 27.7% | 34.3% | 29.1% | 28.5% |
| Net margin | 27.7% | 26.3% | 71.5% | 26.5% | 18.8% | 89.6% | 20.2% | 39.7% | 30.4% | 20.1% |
Balance sheet
Fiscal years, from Thomson Reuters's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.4B | $874M | $2.7B | $825M | $1.8B | $778M | $1.1B | $1.3B | $2.0B | $511M |
| Inventory | $32M | $31M | $33M | $23M | $26M | $28M | $29M | $20M | $21M | $23M |
| Total current assets | $4.6B | $3.0B | $4.5B | $3.1B | $4.0B | $2.5B | $2.8B | $2.9B | $3.5B | $2.2B |
| Property, plant and equipment | $961M | $921M | $473M | $615M | $545M | $502M | $414M | $447M | $386M | $361M |
| Goodwill | $14.5B | $15.0B | $5.1B | $5.9B | $6.0B | $5.9B | $5.9B | $6.7B | $7.3B | $7.9B |
| Total assets | $27.9B | $26.5B | $17.0B | $17.3B | $17.9B | $22.1B | $21.7B | $18.7B | $18.4B | $17.9B |
| Total current liabilities | $4.6B | $4.8B | $2.7B | $3.2B | $2.7B | $2.6B | $4.9B | $3.2B | $3.4B | $3.5B |
| Long-term debt | $6.3B | $5.4B | $3.2B | $2.7B | $3.8B | $3.8B | $3.1B | $2.9B | $1.8B | $1.3B |
| Total liabilities | $14.6B | $12.9B | $7.8B | $7.7B | $7.9B | $8.3B | $9.8B | $7.6B | $6.4B | $6.0B |
| Shareholders' equity | $12.8B | $13.1B | $9.2B | $9.6B | $10.0B | $13.8B | $11.9B | $11.1B | $12.0B | $11.9B |
| Net debt | $5.0B | $6.2B | $510M | $2.4B | $2.0B | $3.0B | $3.7B | $2.0B | $852M | $1.6B |
Cash flow
Fiscal years, from Thomson Reuters's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.0B | $2.0B | $2.1B | $702M | $1.7B | $1.8B | $1.9B | $2.3B | $2.5B | $2.7B |
| Capital spending | — | $519M | $576M | $505M | $504M | $487M | $595M | $544M | $607M | $634M |
| Free cash flow | — | $1.5B | $1.5B | $197M | $1.2B | $1.3B | $1.3B | $1.8B | $1.9B | $2.0B |
| Share buybacks (net) | -$1.7B | -$1.0B | -$1.2B | -$488M | -$200M | -$1.4B | -$1.3B | -$1.1B | -$639M | -$1.0B |
| Net borrowing | -$5M | -$2.1B | -$2.3B | — | $374M | $0 | $2.4B | $9.0B | $3.0B | $2.3B |
| Free cash flow margin | — | 28.5% | 27.0% | 3.3% | 20.7% | 20.3% | 19.9% | 26.4% | 25.5% | 27.0% |
Questions
What was Thomson Reuters's revenue in 2025?
$7.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Thomson Reuters generate?
$2.0B in fiscal 2025 (operating cash flow minus capital spending).
From Thomson Reuters's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.