THOMSON REUTERS CORP /CAN/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data THOMSON REUTERS CORP /CAN/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11,166	5,297	5,501	5,906	5,984	6,348	6,627	6,794	7,258	7,476
Operating income	1,390	1,034	780	1,199	1,929	1,242	1,834	2,332	2,109	2,132
Income tax	-15	-134	136	-1,198	71	1,607	259	417	-123	423
Income from continuing operations	1,056	637	164	1,570	1,149	5,687	1,391	2,646	2,192	1,483
Net income to minority interests	51	64	90	0				0	-3	0
Net income	3,098	1,395	3,933	1,564	1,122	5,689	1,338	2,695	2,210	1,502
EBITDA	2,414	2,029
EPS, basic	4.14	1.94	5.89	3.12	2.25	11.53	2.76	5.81	4.89	3.34
EPS, diluted	4.13	1.94	5.88	3.11	2.25	11.50	2.75	5.80	4.89	3.33

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,368	874	2,706	825	1,787	778	1,069	1,298	1,968	511
Inventory	32	31	33	23	26	28	29	20	21	23
Total current assets	4,634	2,977	4,521	3,071	3,975	2,453	2,811	2,921	3,490	2,228
Property, plant and equipment	961	921	473	615	545	502	414	447	386	361
Lease right-of-use assets				254	222	181	163	195	191	190
Goodwill	14,485	15,042	5,076	5,853	5,976	5,940	5,869	6,719	7,262	7,913
Intangible assets	5,655	5,315	3,324	3,518	3,427	3,331	3,219	3,165	3,134	3,102
Total assets	27,852	26,480	17,018	17,295	17,881	22,149	21,711	18,684	18,437	17,940
Short-term debt	1,111	1,644	3	579		0	1,647	372	973	795
Total current liabilities	4,562	4,796	2,691	3,219	2,652	2,581	4,891	3,233	3,436	3,468
Lease liabilities				253	223	197	179	209	198	190
Total liabilities	14,596	12,905	7,808	7,735	7,901	8,315	9,826	7,620	6,431	6,026
Total debt	7,389	7,026	3,216	3,255	3,772	3,786	4,761	3,277	2,820	2,123
Retained earnings	7,477	7,201	4,739	4,965	5,211	9,149	7,642	8,680	9,699	9,220
Shareholders' equity	12,773	13,077	9,226
Minority interests	483	498
Total equity	13,256	13,575	9,210	9,560	9,980	13,834	11,885	11,064	12,006	11,914
Total liabilities and equity	27,852	26,480	17,018	17,295	17,881	22,149	21,711	18,684	18,437	17,940

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3,149	1,459	4,023	1,564	1,122	5,689	1,338	2,695	2,207	1,502
Depreciation and amortization	1,024	995
Cash from operations	2,984	2,029	2,062	702	1,745	1,773	1,915	2,341	2,457	2,651
Capital expenditures		-519	-576	-505	-504	-487	-595	-544	-607	-634
Cash from investing	2,186	-1,047	14,729	-1,384	-138	-504	-462	3,513	680	-1,284
Debt issued	498		1,370		2,019	0	2,352	9,587	3,280	3,257
Debt repaid	-503	-2,112	-3,719		-1,645	0	0	-600	-290	-999
Share buybacks	-1,673	-1,000	-1,174	-488	-200	-1,400	-1,282	-1,079	-639	-1,000
Cash from financing	-3,712	-2,490	-14,936	-1,201	-644	-2,273	-1,156	-5,626	-2,459	-2,828
Exchange rate effect	-13	9	-20	5	-1	-5	-6	1	-8	4
Net change in cash						-1,009	291	229	670	-1,457
Free cash flow		1,510	1,486	197	1,241	1,286	1,320	1,797	1,850	2,017
Interest paid	347	374	296	189	164	165	168	201	149	138
Income taxes paid	48	57	270	268	52	172	193	163	234	275

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $97.33 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	28.5%	Operating income / revenue.
Net margin	20.1%	Net income / revenue.
FCF margin	27.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	35.5%	Cash from operations / revenue.
Return on assets (ROA)	8.3%	Net income / average total assets.
Capex / revenue	8.5%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-32.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-31.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	7.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	9.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	15.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	10.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.64x	Current assets / current liabilities.
Quick ratio	0.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.15x	(Cash + short-term investments) / current liabilities.
Debt / assets	11.8%	Total debt / total assets.
Liabilities / assets	33.6%	Total liabilities / total assets.
Net debt	$1.61B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-$1.24B	Current assets - current liabilities.
Goodwill and intangibles / assets	61.4%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.41x	Revenue / average total assets.
Fixed asset turnover	20.0x	Revenue / average property, plant and equipment.
FCF conversion	134.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.33	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$3.34	Net income per basic share, as reported (split-adjusted).
Buybacks / FCF	49.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$42.16B	Share price x shares outstanding.
Enterprise value	$43.78B	Market cap + total debt - cash - short-term investments.
P/E	28.1x	Market cap / net income. Only when net income is positive.
P/S	5.64x	Market cap / revenue.
P/FCF	20.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.9x	Market cap / cash from operations, when positive.
EV/Sales	5.86x	Enterprise value / revenue.
EV/EBIT	20.5x	Enterprise value / operating income, when both are positive.
EV/FCF	21.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.8%	Free cash flow / market cap.
Earnings yield	3.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.
PEG	4.26x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was THOMSON REUTERS CORP /CAN/'s revenue in fiscal 2025?

THOMSON REUTERS CORP /CAN/ reported revenue of $7.48B for fiscal 2025, 3% higher than the year before.

Was THOMSON REUTERS CORP /CAN/ profitable in fiscal 2025?

Yes. Net income was $1.50B, a net margin of 20.1%.

How much free cash flow did THOMSON REUTERS CORP /CAN/ generate in fiscal 2025?

Cash from operations of $2.65B minus capital expenditures of $634.0M left free cash flow of $2.02B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to THOMSON REUTERS CORP /CAN/