Analyst Consensus ?
ConsensusHold26 ratings
Bullish1350.0%
Neutral1142.3%
Bearish27.7%
Thomson Reuters Corporation · TRI · FY2026 Q2 · Calendar Q3 2026
Thomson Reuters raises 2026 outlook as AI and Big 3 growth strengthen
Q2 results and raised guidance support a constructive view of Thomson Reuters’ growth trajectory, with AI-enabled offerings and the Big 3 segments contributing. The durability of transaction revenue, execution in Tax & Accounting, and margin delivery remain key tests.
Reported Before market openNASDAQIndustrials
$47.74B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.99
Consensus $0.96
EPS surprise
+3.1%
Reported versus consensus
Reported revenue
$1.93B
Consensus $1.89B
Revenue surprise
+2.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-9.7%
Event window
SPY move
-0.2%
Same window
Abnormal move
-9.5%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
+7.4%
Up to 20 sessions
TRISPY benchmark
Ask FN2 about TRI FY2026 Q2
Transcript, numbers and history already loaded
Why did TRI fall 9.7% after beating EPS estimates in FY2026 Q2?What changed in TRI's guidance and outlook in FY2026 Q2?Give me the bull and bear case for TRI after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management said organic revenue grew 8% and the Big 3 segments grew 10%. It raised its full-year 2026 revenue outlook to the high end of the prior 7.5%–8% range and raised the Big 3 outlook to 9.5%–10%. The company also announced the sale of a 51% stake in Global Print to KKR, forming a joint venture.
Guidance delta
Raised the full-year 2026 revenue outlook to the high end of the 7.5%–8% range; raised the Big 3 outlook to 9.5%–10%.
Key takeaways
- Organic revenue growth was 8%, with 10% growth in the Big 3 segments.
- Management raised full-year revenue guidance to the high end of the prior range.
- Management cited customer traction in CoCounsel, Thomson LLM, and ONESOURCE AI features.
- The Global Print joint venture with KKR shifts the business mix as Thomson Reuters emphasizes content-powered AI.
Management priorities
- Expand CoCounsel and integrate the Thomson LLM into additional capabilities.
- Continue expansion of Pagero and AI features across tax and audit products.
- Invest in AI innovation while evaluating strategic M&A opportunities.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$110.18Current
$85Low
$138.98Average
$183High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 4, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Outperform | Outperform | Maintain | Oct 28, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 13, 2026 |
| Barclays | Overweight | Overweight | Maintain | Sep 8, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jun 30, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | May 19, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | May 6, 2026 |
| UBS | Buy | Buy | Maintain | Apr 23, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 9, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Feb 6, 2026 |
| CIBC | Outperform | Outperform | Maintain | Jan 16, 2026 |
| Canaccord Genuity | Buy | Hold | Upgrade | Nov 5, 2025 |
| TD Securities | Buy | Hold | Upgrade | Aug 28, 2025 |
| PiperJaffray | Neutral | Underweight | Upgrade | Nov 25, 2020 |
| Nomura | Sell | Reduce | Maintain | Nov 25, 2020 |
| National Bank Financial | Perform | Underperform | Upgrade | Nov 25, 2020 |
| Macquarie | Neutral | Outperform | Downgrade | Nov 25, 2020 |
| FBR Capital | Perform | Outperform | Downgrade | Nov 25, 2020 |
| Deutsche Bank | Hold | Hold | Maintain | Nov 25, 2020 |
| Credit Suisse | Outperform | Neutral | Upgrade | Nov 25, 2020 |
| Citigroup | Buy | Buy | Maintain | Nov 25, 2020 |
| BMO Capital | Outperform | Outperform | Maintain | Nov 25, 2020 |
| Bank of America | Buy | Buy | Maintain | Nov 25, 2020 |
| Berenberg | Sell | Sell | Maintain | Apr 20, 2017 |
| Jefferies | Hold | Hold | Maintain | Jul 24, 2014 |
| Bank oferica | Buy | Buy | Maintain | May 2, 2012 |
| Evercore Partners | Equal Weight | Equal Weight | Maintain | Mar 2, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $110.18. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Surinder Thind | $130 | $108.23 | +18.0% | Oct 20, 2026 |
| Morgan Stanley | Analyst unavailable | $110 | $105.32 | -0.2% | Oct 13, 2026 |
| Scotiabank | Paul Steep | $135 | $98.61 | +22.5% | Aug 6, 2026 |
| Wells Fargo | Jason Haas | $85 | $82.66 | -22.9% | Jun 30, 2026 |
| Barclays | Manav Patnaik | $130 | $93.37 | +18.0% | May 8, 2026 |
| Scotiabank | Analyst unavailable | $138 | $95.46 | +25.2% | May 6, 2026 |
| UBS | Analyst unavailable | $183 | $89.66 | +66.1% | Apr 23, 2026 |
| Wells Fargo | Jason Haas | $87 | $87.43 | -21.0% | Apr 14, 2026 |
| Barclays | Manav Patnaik | $170 | $83.06 | +54.3% | Apr 10, 2026 |
| Goldman Sachs | Analyst unavailable | $111 | $88.07 | +0.7% | Feb 7, 2026 |
| Morgan Stanley | Analyst unavailable | $116 | $87.38 | +5.3% | Feb 6, 2026 |
| RBC Capital | Drew McReynolds | $126 | $89.54 | +14.4% | Feb 6, 2026 |
| Scotiabank | Maher Yaghi | $156 | $86.41 | +41.6% | Feb 6, 2026 |
| BMO Capital | Analyst unavailable | $165 | $88.26 | +49.8% | Feb 6, 2026 |
| UBS | Analyst unavailable | $131.5 | $88.94 | +19.4% | Feb 6, 2026 |
| Wells Fargo | Analyst unavailable | $140 | $91.95 | +27.1% | Feb 4, 2026 |
| CIBC | Analyst unavailable | $183 | $124.63 | +66.1% | Jan 16, 2026 |
| Morgan Stanley | Analyst unavailable | $165 | $132.66 | +49.8% | Dec 17, 2025 |
| Scotiabank | Maher Yaghi | $189 | $147.6 | +71.5% | Nov 5, 2025 |
| Canaccord Genuity | Analyst unavailable | $174 | $146.6 | +57.9% | Nov 4, 2025 |
| Morgan Stanley | Analyst unavailable | $172 | $146.6 | +56.1% | Nov 4, 2025 |
| CIBC | Analyst unavailable | $198 | $156.96 | +79.7% | Oct 29, 2025 |
| Goldman Sachs | Analyst unavailable | $186 | $154.68 | +68.8% | Oct 15, 2025 |
| Wells Fargo | Analyst unavailable | $212 | $175.65 | +92.4% | Sep 9, 2025 |
| Canaccord Genuity | Aravinda Galappatthige | $182 | $181.56 | +65.2% | Aug 7, 2025 |
| Scotiabank | Maher Yaghi | $182 | $167.18 | +65.2% | Aug 27, 2024 |
| RBC Capital | Drew McReynolds | $168 | $158.87 | +52.5% | Aug 2, 2024 |
| Canaccord Genuity | Aravinda Galappatthige | $156 | $162.96 | +41.6% | May 3, 2024 |
| Barclays | Manav Patnaik | $180 | $156.4 | +63.4% | Mar 13, 2024 |
| Goldman Sachs | Analyst unavailable | $127.55 | $119.93 | +15.8% | Jan 10, 2023 |
| Morgan Stanley | Analyst unavailable | $115.11 | $122.2 | +4.5% | Jan 4, 2023 |
| Scotiabank | Analyst unavailable | $130.66 | $115.9 | +18.6% | Dec 19, 2022 |
| Morgan Stanley | Analyst unavailable | $116.14 | $108.42 | +5.4% | Sep 27, 2022 |
| Canaccord Genuity | Analyst unavailable | $126.51 | $116.75 | +14.8% | Aug 5, 2022 |
| Barclays | Analyst unavailable | $119.26 | $108.07 | +8.2% | Jul 1, 2022 |
| CIBC | Scott Fletcher | $119.26 | $99.88 | +8.2% | Jun 14, 2022 |
| Morgan Stanley | Analyst unavailable | $107.85 | $98.98 | -2.1% | May 4, 2022 |
| Bank of America Securities | Heather Balsky | $136.88 | $106.32 | +24.2% | Mar 14, 2022 |
| Barclays | Manav Patnaik | $129.62 | $120.65 | +17.6% | Sep 17, 2021 |
| Goldman Sachs | George Tong | $117.18 | $114.97 | +6.4% | Aug 6, 2021 |
Track every rating change on TRI the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationThomson Reuters Corporation delivers essential business information services worldwide, with operations spanning the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. The company is structured into five distinct divisions: Legal Professionals, Corporates, Tax & Accounting Professionals, Reuters News, and Global Print. For legal professionals, including law firms and governmental bodies, the Legal Professionals segment furnishes integrated workflow solutions. These comprehensive offerings blend specialized content, sophisticated tools, and powerful analytics to enhance legal research and operational efficiency. The Corporates segment provides a robust suite of technology solutions, infused with critical content, tailored for professionals navigating corporate legal, tax, regulatory, compliance, and IT landscapes.…
Historical context
All TRI earningsIndustrials peers this season
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|---|---|---|---|---|
| AME AMETEK, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +2.8% | AMETEK raises FY2026 outlook after record Q3 and stronger orders |
| ETN Eaton Corporation plc | FY2026 Q3 · Calendar Q4 2026 | — | +7.0% | Eaton raises 2026 outlook as electrical backlog and data-center orders grow |
| RRX Regal Rexnord Corporation | FY2026 Q3 · Calendar Q4 2026 | +41.1% | +11.8% | Regal Rexnord Raises 2026 Outlook as Plant Execution Remains a Risk |
| ULS UL Solutions Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +9.8% | UL Solutions lifts FY2026 outlook as organic growth accelerates |
Latest beats and misses
Who reports nextBeat on EPS
- KDPFY2026 Q3 · November 3, 2026+6.8% EPS-5.6% move
- APTVFY2026 Q3 · November 3, 2026+6.8% EPS-6.5% move
- PHGFY2026 Q3 · November 3, 2026+24.3% EPS+3.2% move
- FANGFY2026 Q3 · November 2, 2026+2.4% EPS-3.7% move
- RRXFY2026 Q3 · November 3, 2026+41.1% EPS+11.8% move
- UDRFY2026 Q3 · November 2, 2026+340.8% EPS+0.1% move
Get the TRI recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-05T18:14:36.329993+00:00
- FN2 earnings calendar · 2026-09-10T01:23:13.706414+00:00
- Polygon adjusted daily market bars · 2026-11-04T01:50:51.266639+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-04T01:50:51.263811+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-04. For educational purposes only; not investment advice.