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Highlights

  • Thomson Reuters exchanged its 45% stake in EODHD/Others for a 15% share in the LSE in 2019
  • TRI’s Q4 2024 revenue increased by 5.2% YoY, reaching USD 1,909 million
  • Net earnings for Q4 2024 fell 13.4% YoY, mainly due to higher tax expenses
  • For 2025, Thomson Reuters projects 3.0%-3.5% total revenue growth and 7.0%-7.5% organic growth

 Thomson Reuters Corporation (TSX:TRI) was formed in 2008 through a multi-billion-dollar merger of Canada's Thomson and the UK’s Reuters Group. In 2018, it carved out its finance and risk business, EODHD/Others, retaining a 45% stake. In 2019, the company exchanged this stake for a 15% share in the London Stock Exchange (LSE).

For the fourth quarter of 2024 (Q4 2024), TRI reported a 5.2% increase in revenue, reaching USD 1,909 million compared to USD 1,815 million in Q4 2023. This growth was driven by a rise in recurring and transactional revenues, alongside contributions from recent acquisitions. Operating profit also saw a notable increase, rising 29.4% YoY to USD 722 million from USD 558 million in the previous year. This growth was largely attributed to gains from the sale of FindLaw and other non-core businesses.

Adjusted EBITDA for the quarter increased by 1.6% YoY, reaching USD 718 million, up from USD 707 million in Q4 2023. The boost in adjusted EBITDA reflected a 4.0% YoY growth in the company's "Big 3" segments. However, net earnings fell by 13.4% YoY, totalling USD 587 million, compared to USD 678 million in Q4 2023. The decline in net earnings was primarily due to higher tax expenses during the reported period.

Recent Business Update

Thomson Reuters would release its first-quarter 2025 earnings on Thursday, May 1, 2025, via news release. Following the release, Steve Hasker, President and CEO, and Mike Eastwood, CFO, will host a conference call and simultaneous webcast at 8:30 a.m. EDT on the same day.

Company Outlook

Thomson Reuters has set its 2025 financial outlook, projecting total revenue growth of 3.0% to 3.5%, with organic revenue growth between 7.0% and 7.5%.

The company expects an adjusted EBITDA margin of around 39%. Additionally, the company updated its 2026 financial targets, aiming for organic revenue growth of 7.5% to 8.0%, along with a 50 basis point increase in adjusted EBITDA margin.

Top 10 Shareholders

The top 10 shareholders of Thomson Reuters (TRI) collectively hold around 79.38% of the company’s shares. Woodbridge Co., Ltd. holds the largest stake at approximately 69.67%, followed by Mackenzie Investments with a 1.90% share.

Stock Information

The stock price of TRI has witnessed a downside of ~4.58% and ~4.35% over the past week and past month, respectively. Moreover, the stock is trading above the average 52-week high price of CAD 260.45 and 52-week low price of CAD 204.57, with a closing price of CAD 239.89 as of April 09, 2025.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is April 09, 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.