Thomson Reuters missed the supplied calendar EPS estimate but delivered 10% organic revenue growth and raised its full-year growth outlook.
Thomson Reuters Corp. (TSX: TRI) reported third-quarter 2026 results before markets opened on November 3. Calendar EPS was US$0.81, below the US$0.85 estimate by 4.7%. Adjusted EPS also came in at US$0.81, up 14% from a year earlier. Revenue reached US$1.833 billion.
Recent earnings trend
Thomson Reuters Corp
TRI.TO
TRI.TO
Thomson Reuters Corp
WealthAwesomeMarket cap
$73.83B
P/E
33.3x
Div. yield
1.53%
Div. / share
$2.54
52W high
$194.59
52W low
$106.04
1W change
-5.17%
Beta
0.19
Analyst Price Targets
Based on analyst covering TRI · as of Nov 4, 2026
Wall Street analysts forecast TRI stock price to rise 14.9% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$178.20
+14.9% Upside
Previously C$178.31 on Nov 2, 2026
Current Price
C$155.07
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on TRI's historical volatility
30-Day Vol
43.9%
Annualized
90-Day Vol
58.5%
Annualized
Trend (90d)
+39.6%
Annualized drift
90d Mean
C$178.64
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$162.56 | C$139.71 – C$189.15 |
| 60 trading days | C$170.41 | C$137.55 – C$211.12 |
| 90 trading days | C$178.64 | C$137.42 – C$232.24 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 13 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 3 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-03 | 0.8100 | 0.8500 | -4.7% |
| 2026-06-30 | 2026-08-05 | 0.9900 | 0.9600 | +3.1% |
| 2026-03-31 | 2026-05-05 | 1.2300 | 1.2100 | +1.7% |
| 2025-12-31 | 2026-02-05 | 1.0900 | 1.0800 | +0.9% |
| 2025-09-30 | 2025-11-04 | 0.8600 | 0.8400 | +2.4% |
| 2025-06-30 | 2025-08-06 | 0.8800 | 0.8500 | +3.5% |
The earnings miss came alongside strong organic growth and a higher full-year outlook. But lower free cash flow and a weaker adjusted EBITDA margin are worth watching. For more company details, see the Thomson Reuters stock page.
Investor takeaway: It was a mixed quarter. Thomson Reuters grew organic revenue by 10% and raised its 2026 organic growth outlook to 8.5%–9%. But EPS fell short of the supplied calendar estimate, and free cash flow declined year over year. The outlook and segment growth support the case for continued expansion, while margin pressure, weaker cash flow and slower expected growth in Q4 are risks. Canadian investors should also note that the company reports in U.S. dollars, while TRI.TO trades in Canadian dollars.
US$0.81 adjusted EPS, 4.7% below the calendar estimate
The calendar estimate supplied for this article was US$0.85, making the US$0.81 result a 4.7% miss. Another source cited a Zacks estimate of US$0.89, which would mean a larger shortfall. Estimates vary by provider. In its release, the company said adjusted EPS rose 14% from US$0.71 a year earlier. Revenue was US$1.833 billion, up 10% year over year, and organic revenue also grew 10%.
Bull case
Organic revenue grew 10%, with the Big 3 segments each posting 10% growth for the second quarter in a row. Management raised its full-year organic revenue growth outlook from about 8% to 8.5%–9%. GenAI-enabled products accounted for 34% of annualized contract value, up from 24% a year earlier. Management also reported encouraging customer interest in the next generation of CoCounsel Legal. Leverage was 1.0x.
Bear case
Calendar EPS missed the supplied estimate, and revenue of US$1.833 billion was below the US$1.91 billion Zacks consensus cited in company coverage. Adjusted EBITDA margin fell 30 basis points from a year earlier to 35.5%. Free cash flow dropped to US$408 million from US$526 million, reflecting working-capital changes and higher cash taxes. Management expects organic revenue growth of about 8% in Q4, with Reuters growth expected to be flat and transactional revenue to moderate.
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