Financials Thomson Reuters Corporation

Equities

TRI

CA8849038085

Professional Information Services

Delayed Toronto S.E. Other stock markets 01:13:58 2025-07-10 pm EDT			5-day change	1st Jan Change
276.17 ^CAD	+0.89%		+1.37%	+19.65%

Jul. 01	FiscalNote Completes $6.5 Million Divestment of TimeBase to Thomson Reuters	MT
Jun. 30	Thomson Reuters Corporation completed the acquisition of TimeBase Pty Limited from FiscalNote, Inc.	CI

Projected Income Statement: Thomson Reuters Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	5,984	6,348	6,627	6,794	7,258	7,490	8,075	8,662
Change	-	6.08%	4.4%	2.52%	6.83%	3.2%	7.81%	7.27%
EBITDA ¹	1,975	1,970	2,329	2,678	2,779	2,922	3,211	3,510
Change	-	-0.25%	18.22%	14.98%	3.77%	5.15%	9.9%	9.29%
EBIT ¹	1,306	1,319	1,704	2,050	2,048	2,159	2,440	2,738
Change	-	1%	29.19%	20.31%	-0.1%	5.41%	13.04%	12.19%
Interest Paid ¹	-195	-196	-196	-152	-125	-145	-152	-149.5
Earnings before Tax (EBT) ¹	1,764	1,054	2,082	1,988	2,029	1,806	2,124	2,348
Change	-	-40.25%	97.53%	-4.51%	2.06%	-10.99%	17.64%	10.52%
Net income ¹	1,122	5,689	1,402	2,695	2,210	1,515	1,740	2,002
Change	-	407.04%	-75.36%	92.23%	-18%	-31.43%	14.83%	15.03%
Announcement Date	2/23/21	2/8/22	2/9/23	2/8/24	2/6/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	1,405	1,443	1,616	1,580	1,532	1,526	1,710	1,674	1,614	1,574	1,765	1,738	1,647	1,594	1,815	1,885	1,740	1,724	1,909	1,900	1,792	1,777	2,014	2,064	1,930	1,916	2,173	2,197
Change	-	2.7%	11.99%	-2.23%	-3.04%	-0.39%	12.06%	-2.11%	-3.58%	-2.48%	12.13%	-1.53%	-5.24%	-3.22%	13.86%	3.86%	-7.69%	-0.92%	10.73%	-0.47%	-5.68%	-0.82%	13.3%	2.5%	-6.47%	-0.73%	13.4%	1.11%
EBITDA ¹	479	491	525	558	502	458	452	600	561	535	633	677	662	632	707	806	646	609	718	809	659.1	653	801.8	877.8	725.6	726.5	893.7	950.9
Change	-	2.51%	6.92%	6.29%	-10.04%	-8.76%	-1.31%	32.74%	-6.5%	-4.63%	18.32%	6.95%	-2.22%	-4.53%	11.87%	14%	-19.85%	-5.73%	17.9%	12.67%	-18.53%	-0.93%	22.8%	9.48%	-17.34%	0.12%	23.03%	6.4%
EBIT ¹	318	297	362	397	338	299	285	448	402	382	472	529	506	472	543	625	463	428	532	608	480.2	479.7	609.5	713.1	533.5	541.7	703	742
Change	-	-6.6%	21.89%	9.67%	-14.86%	-11.54%	-4.68%	57.19%	-10.27%	-4.98%	23.56%	12.08%	-4.35%	-6.72%	15.04%	15.1%	-25.92%	-7.56%	24.3%	14.29%	-21.02%	-0.11%	27.06%	17.01%	-25.19%	1.54%	29.77%	5.55%
Charge d'intérêts ¹	-52	-49	-49	-51	-49	-46	-50	-48	-49	-48	-51	-59	-34	-32	-31	-40	-36	-21	-28	-30	-34.25	-32.75	-39.33	-42	-42	-42	-42	-
Earnings before Tax (EBT)	300	271	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-9.67%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	126	241	562	5,036	1,068	-240	-	1,007	-115	228	282	756	894	367	678	481	841	301	587	434	330.4	316.2	411.3	-	-	-	-	-
Change	-	91.27%	133.2%	796.09%	-78.79%	-122.47%	-	-	-111.42%	298.26%	23.68%	168.09%	18.25%	-58.95%	84.74%	-29.06%	74.84%	-64.21%	95.02%	-26.06%	-23.88%	-4.29%	30.07%	-	-	-	-	-
Announcement Date	8/5/20	11/3/20	2/23/21	5/4/21	8/5/21	11/2/21	2/8/22	5/3/22	8/4/22	11/1/22	2/9/23	5/2/23	8/2/23	11/1/23	2/8/24	5/2/24	8/1/24	11/5/24	2/6/25	5/1/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Thomson Reuters Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,985	3,008	3,692	1,979	852	1,011	564	70.1
Change	-	51.54%	22.74%	-46.4%	-56.95%	18.66%	-44.21%	-87.57%
Announcement Date	2/23/21	2/8/22	2/9/23	2/8/24	2/6/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Thomson Reuters Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	504	487	595	544	607	602.4	655.2	705.5
Change	-	-3.37%	22.18%	-8.57%	11.58%	-0.76%	8.77%	7.68%
Free Cash Flow (FCF) ¹	1,330	1,256	1,340	1,871	1,828	1,888	2,068	1,970
Change	-	-5.56%	6.69%	39.63%	-2.3%	3.27%	9.56%	-4.75%
Announcement Date	2/23/21	2/8/22	2/9/23	2/8/24	2/6/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Thomson Reuters Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	33%	31.03%	35.14%	39.42%	38.29%	39.01%	39.77%	40.52%
EBIT Margin (%)	21.82%	20.78%	25.71%	30.17%	28.22%	28.82%	30.22%	31.61%
EBT Margin (%)	29.48%	16.6%	31.42%	29.26%	27.96%	24.11%	26.31%	27.11%
Net margin (%)	18.75%	89.62%	21.16%	39.67%	30.45%	20.23%	21.55%	23.11%
FCF margin (%)	22.23%	19.79%	20.22%	27.54%	25.19%	25.2%	25.61%	22.74%
FCF / Net Income (%)	118.54%	22.08%	95.58%	69.42%	82.71%	124.58%	118.86%	98.42%
Profitability
ROA	5.24%	4.82%	5.65%	8.07%	9.16%	9.08%	10.18%	11.4%
ROE	9.43%	8.1%	9.61%	14.2%	14.75%	14.39%	15.47%	17.03%
Financial Health
Leverage (Debt/EBITDA)	1.01x	1.53x	1.59x	0.74x	0.31x	0.35x	0.18x	0.02x
Debt / Free cash flow	1.49x	2.39x	2.76x	1.06x	0.47x	0.54x	0.27x	0.04x
Capital Intensity
CAPEX / Current Assets (%)	8.42%	7.67%	8.98%	8.01%	8.36%	8.04%	8.11%	8.15%
CAPEX / EBITDA (%)	25.52%	24.72%	25.55%	20.31%	21.84%	20.61%	20.4%	20.1%
CAPEX / FCF (%)	37.89%	38.77%	44.4%	29.08%	33.21%	31.91%	31.68%	35.81%
Items per share
Cash flow per share ¹	3.635	3.719	4.097	5.046	5.445	5.618	5.893	6.57
Change	-	2.32%	10.14%	23.16%	7.92%	3.17%	4.9%	11.49%
Dividend per Share ¹	1.577	1.681	1.847	1.96	2.16	2.376	2.558	2.802
Change	-	6.58%	9.88%	6.14%	10.2%	9.99%	7.67%	9.54%
Book Value Per Share ¹	20.79	29.08	25.62	24.43	26.68	27.36	26.79	27.07
Change	-	39.91%	-11.92%	-4.65%	9.23%	2.56%	-2.07%	1.04%
EPS ¹	2.334	11.93	2.988	5.8	4.89	3.373	3.892	4.371
Change	-	411.11%	-74.96%	94.13%	-15.69%	-31.03%	15.38%	12.32%
Nbr of stocks (in thousands)	479,200	469,581	463,557	455,491	449,914	450,478	450,478	450,478
Announcement Date	2/23/21	2/8/22	2/9/23	2/8/24	2/6/25	-	-	-