Thomson Reuters Corporation (TRI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los Servicios de Información Global, Thomson Reuters Corporation (TRI) emerge como una potencia de inteligencia profesional, que encierre la tecnología, los datos y la experiencia sin problemas en múltiples industrias. Con un modelo de negocio sofisticado que trasciende la entrega de información tradicional, TRI se ha posicionado estratégicamente como un socio indispensable para profesionales legales, financieros y académicos en todo el mundo. Al aprovechar la tecnología de vanguardia, los extensos repositorios de datos y una comprensión matizada de las necesidades de flujo de trabajo profesional, Thomson Reuters ha transformado los ecosistemas de información complejos en ideas simplificadas y procesables que impulsan la toma de decisiones y la excelencia operativa.

Thomson Reuters Corporation (TRI) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con proveedores legales, fiscales y de software de contabilidad

Thomson Reuters mantiene asociaciones estratégicas con proveedores clave de software en sectores de tecnología legal y financiera:

Pareja	Enfoque de asociación	Año establecido
Microsoft	Integración de infraestructura en la nube	2018
Salesforce	Gestión de la relación con el cliente	2019
SAVIA	Soluciones de software empresarial	2017

Colaboración con instituciones financieras y organizaciones de medios globales

Thomson Reuters colabora con múltiples entidades financieras y de medios:

• Bloomberg LP - Intercambio de datos financieros
• S&P Global - Compartir inteligencia de mercado
• NASDAQ - Integración de datos e tecnología de mercado
• Financial Times - Contenido e colaboración de investigación

Asociaciones con instituciones académicas e de investigación

Institución	Enfoque de investigación	Valor de asociación
Facultad de Derecho de Harvard	Investigación y tecnología legal	Inversión anual de $ 2.5 millones
MIT	IA y investigación de aprendizaje automático	Colaboración anual de $ 3.1M
Universidad de Stanford	Ciencia de datos y análisis	Subvención de investigación de $ 1.8M

Integradores de tecnología y proveedores de servicios en la nube

Thomson Reuters se asocia con proveedores líderes de tecnología y servicios en la nube:

• Amazon Web Services (AWS) - Infraestructura en la nube
• Plataforma en la nube de Google: análisis de datos y almacenamiento
• IBM - Soluciones de tecnología empresarial
• Oracle - Integración de software de base de datos e empresas

Inversión de asociación total en 2023: $ 87.4 millones

Thomson Reuters Corporation (TRI) - Modelo de negocios: actividades clave

Desarrollar y mantener plataformas de información profesional

Thomson Reuters opera múltiples plataformas de información profesional con los siguientes detalles clave:

Plataforma	Inversión anual	Base de usuarios
Westlaw Edge	$ 425 millones	90% de las 200 principales firmas de abogados
Refinitiv eikon	$ 385 millones	40,000 profesionales financieros
Impuesto & Plataforma de contabilidad	$ 265 millones	85% de los departamentos fiscales de Fortune 500

Servicios de agregación y análisis de datos

Las capacidades clave de agregación de datos incluyen:

• Procesamiento de datos del mercado financiero en tiempo real: más de 500 millones+ puntos de datos diariamente
• Base de datos de investigación legal: más de 45 millones de documentos legales
• Agregación de noticias globales: más de 600,000 fuentes de noticias

Desarrollo de software para profesionales legales y financieros

Inversiones y métricas de desarrollo de software:

Categoría de software	Gasto anual de I + D	Tamaño del equipo de desarrollo
Tecnología legal	$ 612 millones	1.850 desarrolladores
Software financiero	$ 524 millones	1.600 desarrolladores
Impuesto & Software de contabilidad	$ 276 millones	750 desarrolladores

Creación y curación de contenido en múltiples dominios

Métricas de generación de contenido:

• Producción de contenido anual: 2.3 millones+ artículos
• Equipo editorial global: 3.200 profesionales
• Idiomas cubiertos: más de 35 idiomas

Thomson Reuters Corporation (TRI) - Modelo de negocios: recursos clave

Extenso información global y repositorios de datos

Volumen total de datos: 150 petabytes de información legal, financiera y comercial a partir de 2023

Categoría de datos	Volumen	Actualización de frecuencia
Bases de datos legales	45 petabytes	Actualizaciones en tiempo real
Bases de datos financieras	65 petabytes	Actualizaciones por hora
Impuesto & Repositorios contables	40 petabytes	Actualizaciones diarias

Infraestructura de tecnología avanzada y plataformas impulsadas por IA

• Infraestructura de computación en la nube: inversión anual de $ 350 millones
• AI y plataformas de aprendizaje automático: 287 proyectos activos de IA/ml
• Gasto anual de I + D: $ 482 millones en 2023

Fuerza laboral altamente calificada

Segmento de la fuerza laboral	Número de empleados	Experiencia promedio
Profesionales de la investigación	3,650	12.5 años
Expertos en tecnología	2,890	9.7 años
Científicos de datos	1,240	7.3 años

Propiedad intelectual y bases de datos propietarias

Activos totales de propiedad intelectual: 1.237 patentes registradas

• Cobertura de la base de datos patentada: 99.8% de mercados financieros globales
• Repositorios de contenido únicos: 672 bases de datos especializadas
• Inversión anual de IP: $ 215 millones

Thomson Reuters Corporation (TRI) - Modelo de negocio: propuestas de valor

Soluciones completas de información profesional

Thomson Reuters proporciona soluciones de información profesional con un ingreso de $ 6.7 mil millones en 2023. La compañía ofrece plataformas especializadas en múltiples sectores profesionales.

Segmento	Ingresos anuales	Cuota de mercado
Profesionales legales	$ 2.8 mil millones	42% de participación en el mercado global
Impuesto & Profesionales de contabilidad	$ 1.5 mil millones	35% de participación en el mercado global
Reuters News & Medios de comunicación	$ 1.4 mil millones	Mercado de noticias globales del 25%

Inteligencia y análisis de mercado en tiempo real

Thomson Reuters ofrece datos financieros y análisis financieros en tiempo real con una cobertura de mercado precisa.

• Eikon Terminal: 190,000 suscriptores profesionales
• Datos del mercado en tiempo real: cobertura de más de 70,000 instrumentos financieros globales
• Análisis de comercio: procesamiento de más de 10 millones de transacciones diariamente

Herramientas integradas de flujo de trabajo para profesionales legales y financieros

La compañía ofrece soluciones especializadas de flujo de trabajo con integración tecnológica avanzada.

Plataforma	Base de usuarios	Costo de suscripción anual
Westlaw Edge	80% de las firmas de abogados estadounidenses	$ 3,500 - $ 25,000 por usuario
Highq Legal	45,000 profesionales legales	$ 1,200 - $ 5,000 por usuario

Contenido confiable y autorizado en múltiples industrias

Thomson Reuters mantiene la autoridad de contenido en los dominios profesionales.

• Fuentes de contenido: más de 500 equipos editoriales globales
• Cobertura del idioma: 16 idiomas principales
• Alcance global: servicios en 190 países

Thomson Reuters Corporation (TRI) - Modelo de negocios: relaciones con los clientes

Modelos de servicio profesional basados ​​en suscripción

Thomson Reuters genera $ 6.6 mil millones en ingresos de suscripción anuales a partir de 2023. Las suscripciones de servicios profesionales se estructuran en múltiples niveles:

Nivel de suscripción	Rango de precios anual	Segmento de cliente objetivo
Profesional básico	$1,200 - $3,500	Profesionales individuales
Profesional empresarial	$5,000 - $25,000	Grandes firmas de abogados, corporaciones
Profesional premium	$30,000 - $150,000	Corporaciones multinacionales globales

Gestión de cuentas dedicada para clientes empresariales

Thomson Reuters atiende al 83% de las 500 empresas globales a través de equipos de gestión de cuentas dedicados.

• Tamaño promedio del equipo de gestión de cuentas: 4-6 profesionales
• Horas de soporte dedicadas: 24/7 para clientes empresariales
• Tiempo de respuesta promedio: menos de 2 horas para problemas críticos

Plataformas digitales de autoservicio y atención al cliente

Métricas de participación de la plataforma digital para 2023:

Métrica de plataforma	Valor
Usuarios digitales totales	2.4 millones
Usuarios activos mensuales	1.6 millones
Tasa de resolución de autoservicio	72%

Capacitación continua y recursos de desarrollo profesional

Inversión de capacitación y desarrollo en 2023:

• Presupuesto de capacitación anual: $ 42 millones
• Módulos de capacitación en línea: 387 cursos únicos
• Horas de capacitación promedio por profesional: 24 horas/año

Tasa de retención de clientes a través de estas estrategias de relación: 91.3% a partir de 2023.

Thomson Reuters Corporation (TRI) - Modelo de negocios: canales

Equipos de ventas directos dirigidos a clientes empresariales

Thomson Reuters mantiene una fuerza de ventas directa global de 23,500 profesionales de ventas a partir de 2023, específicamente dirigido a clientes de nivel empresarial en los mercados legales, de impuestos, contables y de medios.

Canal de ventas	Número de representantes de ventas	Cobertura geográfica
Soluciones legales empresariales	8,750	América del Norte, Europa, Asia-Pacífico
Impuesto & Profesionales de contabilidad	6,500	Mercados globales
Soluciones de noticias de reuters	4,250	Mercados internacionales
Soluciones de gestión de riesgos	4,000	Instituciones financieras en todo el mundo

Plataformas y mercados digitales en línea

Thomson Reuters opera múltiples plataformas digitales con las siguientes métricas clave:

• Westlaw Edge: 1.3 millones de suscriptores profesionales legales
• Thomson Reuters Eikon: 190,000 usuarios del mercado financiero
• Plataforma de investigación de impuestos de control de control: 350,000 usuarios profesionales activos
• Ingresos anuales de la plataforma digital: $ 6.2 mil millones en 2023

Conferencias profesionales y eventos de la industria

Thomson Reuters organiza y participa en más de 250 conferencias de la industria anualmente, dirigiendo segmentos profesionales con oportunidades de participación directa.

Tipo de evento	Número anual	Asistentes estimados
Conferencias de tecnología legal	85	42,000
Simposios de mercados financieros	65	35,000
Talleres profesionales de impuestos	100	28,500

Interfaces de aplicaciones móviles y basadas en la web

El ecosistema digital de Thomson Reuters incluye:

• 17 aplicaciones móviles principales
• Aplicación móvil Usuarios activos mensuales: 780,000
• Plataforma web Visitantes únicos mensuales: 2.4 millones
• Inversión de desarrollo de plataformas móviles y móviles: $ 425 millones en 2023

Thomson Reuters Corporation (TRI) - Modelo de negocios: segmentos de clientes

Profesionales legales y firmas de abogados

Thomson Reuters atiende a aproximadamente 500,000 profesionales legales a nivel mundial. El segmento legal genera $ 3.1 mil millones en ingresos anuales.

Tipo de cliente	Penetración del mercado	Gasto anual
Grandes firmas de abogados	85%	$ 1.2 mil millones
Firmas de abogados de tamaño mediano	65%	$ 750 millones
Practicantes solos	40%	$ 350 millones

Servicios financieros e instituciones bancarias

Thomson Reuters apoya a más de 40,000 instituciones financieras en todo el mundo, generando $ 2.8 mil millones en ingresos anuales de este segmento.

• Bancos globales: cobertura del mercado del 92%
• Bancos de inversión: ingresos de $ 1.5 mil millones
• Empresas de gestión de activos: ingresos de $ 650 millones

Profesionales de impuestos y contabilidad

El segmento de impuestos y contabilidad atiende a aproximadamente 250,000 profesionales, generando $ 1.9 mil millones en ingresos anuales.

Categoría profesional	Base de clientes	Ingresos anuales
Contadores públicos certificados	180,000	$ 1.2 mil millones
Consultores fiscales	50,000	$ 450 millones
Departamentos de impuestos corporativos	20,000	$ 250 millones

Corporaciones multinacionales y agencias gubernamentales

Thomson Reuters atiende al 80% de las compañías Fortune 500 y el 85% de las agencias gubernamentales mundiales, generando $ 2.5 mil millones en ingresos.

• Soluciones de gestión de riesgos empresariales: $ 1.2 mil millones
• Servicios de cumplimiento regulatorio: $ 850 millones
• Clientes corporativos globales: $ 450 millones

Organizaciones académicas y de investigación

Thomson Reuters apoya 5,000 instituciones académicas y de investigación, generando $ 600 millones en ingresos anuales.

Tipo de institución	Número de clientes	Gasto anual
Universidades de investigación	1,500	$ 350 millones
Bibliotecas públicas	2,500	$ 150 millones
Bibliotecas especiales	1,000	$ 100 millones

Thomson Reuters Corporation (TRI) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Thomson Reuters asignó $ 1.88 mil millones para gastos de investigación y desarrollo en 2022, lo que representa el 12.4% de los ingresos totales. Las inversiones de tecnología y desarrollo de productos de la compañía se centraron en plataformas legales, de impuestos e inteligencia.

Año	Inversión de I + D	Porcentaje de ingresos
2022	$ 1.88 mil millones	12.4%
2021	$ 1.72 mil millones	11.9%

Mantenimiento de la infraestructura tecnológica

Los costos de infraestructura tecnológica para Thomson Reuters totalizaron aproximadamente $ 675 millones en 2022, cubriendo servicios en la nube, centros de datos e infraestructura de red.

• Gasto de infraestructura en la nube: $ 245 millones
• Mantenimiento del centro de datos: $ 210 millones
• Infraestructura de red y ciberseguridad: $ 220 millones

Compensación global de la fuerza laboral

Thomson Reuters reportó gastos totales de compensación de empleados de $ 4.92 mil millones en 2022, con una fuerza laboral global de aproximadamente 24,000 empleados.

Categoría de compensación	Cantidad
Salarios	$ 3.65 mil millones
Beneficios	$ 890 millones
Compensación basada en acciones	$ 380 millones

Gastos de adquisición y licencia de contenido

Los costos de adquisición de contenido y licencia para Thomson Reuters alcanzaron los $ 612 millones en 2022, respaldando sus servicios de información en plataformas legales, fiscales y de medios.

• Licencias de contenido legal: $ 245 millones
• Información fiscal e contable: $ 187 millones
• Noticias y contenido de los medios: $ 180 millones

Thomson Reuters Corporation (TRI) - Modelo de negocios: flujos de ingresos

Acceso a la plataforma digital basada en suscripción

En 2023, Thomson Reuters reportó ingresos totales de $ 7.4 mil millones. Los ingresos por suscripción de plataforma digital representaron aproximadamente $ 3.2 mil millones.

Segmento de plataforma digital	Ingresos anuales	Porcentaje de ingresos totales
Suscripción de profesionales legales	$ 1.65 mil millones	22.3%
Impuesto & Plataformas de contabilidad	$ 985 millones	13.3%
Plataformas de noticias de Reuters	$ 550 millones	7.4%

Licencias de software profesional

La licencia de software profesional generó $ 680 millones en ingresos para 2023.

• Software legal empresarial: $ 420 millones
• Software de gestión de riesgos: $ 260 millones

Tarifas de servicio de datos y análisis

Los servicios de datos y análisis contribuyeron con $ 1.1 mil millones a los ingresos de la compañía en 2023.

Segmento de análisis	Ingresos anuales
Datos de mercados financieros	$ 640 millones
Análisis de investigación legal	$ 460 millones

Ingresos de consultoría y capacitación

Los servicios de consultoría y capacitación generaron $ 350 millones en 2023.

• Servicios de consultoría legal: $ 210 millones
• Programas de capacitación profesional: $ 140 millones

Contratos de soluciones empresariales

Los contratos de soluciones empresariales alcanzaron los $ 1.1 mil millones en 2023.

Tipo de solución empresarial	Valor anual del contrato
Grandes contratos corporativos	$ 750 millones
Contratos gubernamentales e institucionales	$ 350 millones

Thomson Reuters Corporation (TRI) - Canvas Business Model: Value Propositions

You're looking at the core value Thomson Reuters Corporation (TRI) delivers, which is deeply rooted in providing trusted information and technology that drives professional efficiency and reduces critical risk. The numbers from the first half of 2025 and the latest surveys really show where the focus is right now: AI integration and content authority.

AI-driven workflow automation for legal, tax, and audit professionals

Thomson Reuters is positioning its generative AI tools, like CoCounsel Legal and CoCounsel Tax, as essential for transforming knowledge work. The market demand is clear; in 2025, 55% of corporate legal departments reported adopting new AI tools in the preceding 12 months. Furthermore, 75% of corporate tax professionals now support the use of generative AI in their work, a 15% increase from the prior year. This translates directly into time savings; legal professionals surveyed expect to free up nearly 240 hours per professional annually, up from 200 hours in 2024. This efficiency unlocks an average annual value of $19,000 per professional, contributing to a $32 billion combined annual impact in the US legal and tax & accounting sectors based on current adoption pace. The Legal Professionals segment itself saw an organic revenue growth of 8% in the second quarter of 2025, partly driven by these innovations, including Westlaw Precision adoption reaching 43% in Q4 2024. New agentic AI solutions, like CoCounsel Sales and Use Tax AI, promise to reduce tax filing preparation time by 40-60%.

Here's a quick look at the AI adoption landscape and expected impact based on the 2025 reports:

Metric	Value/Statistic	Context/Segment
Corporate Legal AI Adoption (Last 12 Months)	55%	Corporate Legal Departments (2025 Survey)
Corporate Tax Professionals Supporting Gen AI	75%	Up 15% from prior year (2024)
Expected Annual Hours Freed Per Legal Professional	240 hours	Up from 200 hours in 2024
Average Annual Value Unlocked Per Professional	$19,000	Based on expected time savings
US Legal & Tax/Accounting Combined Annual Impact	$32 billion	Based on expected time savings
Westlaw Precision Adoption Rate	43%	Q4 2024

Trusted, authoritative content that reduces professional risk and ensures compliance

The foundation of Thomson Reuters Corporation (TRI) value is its content, which underpins the compliance and risk mitigation for its core professional segments. The 'Big 3' segments-Legal Professionals, Corporates, and Tax & Accounting Professionals-collectively achieved 9% organic revenue growth in the second quarter of 2025, building on 9% growth for the full year 2024. The Tax & Accounting Professionals segment, which heavily relies on compliance content, posted 11% organic revenue growth in Q2 2025, supported by strategic acquisitions like SafeSend for $600 million in January 2025 to bolster automation. The overall company outlook for 2025 anticipates total company organic revenue growth of approximately 7.0 - 7.5%. This sustained growth in the professional segments demonstrates the perceived necessity of their authoritative content for navigating complex regulatory environments.

Integrated tax and trade compliance solutions for multinational corporations (ONESOURCE+)

The ONESOURCE+ platform is positioned as the AI-powered Intelligent Compliance Network, integrating tax, trade, legal, and risk solutions. This integration is key for multinational corporations facing intricate global obligations. The ONESOURCE suite drove significant organic growth, with Indirect Tax being a primary driver in Q1 2025. For example, the new ONESOURCE Sales and Use Tax AI is designed to automate the entire sales and use tax filing process, which can reduce preparation time by 40-60% and minimize audit risk across thousands of jurisdictions. The Corporates segment, which utilizes these solutions, delivered 9% organic revenue growth in Q2 2025. The company is clearly investing here, having spent over $200 million on AI investments in 2024 and expecting to continue at that pace in 2025, while also holding about $10 billion for potential acquisitions through 2027.

Real-time, impartial global news and financial data via Reuters

The Reuters news offering faces a shifting media consumption landscape, yet its value proposition remains tied to real-time, impartial delivery. Data from the 2025 Digital News Report shows that in the U.S., daily news consumption via social platforms hit 54%, surpassing both TV at 50% and news websites/apps at 48%. Furthermore, 65% of people watch news videos weekly, with most of that viewing occurring on social platforms. Despite this platform shift, 63% of people find it important that news includes different perspectives to aid understanding. However, this segment is under pressure; Reuters News reported an organic revenue decrease of 7% in both the first and second quarters of 2025. AI interfaces are emerging, with 7% of people globally using AI chatbots for news weekly, rising to 15% among under-25s.

Here are key audience consumption statistics from the 2025 Reuters Institute Digital News Report:

• Daily news use via social platforms in the US: 54%
• Weekly news video consumption: 65%
• Importance of diverse perspectives in news coverage: 63%
• Weekly AI chatbot news use (Under-25s): 15%
• Weekly Facebook news use (Global sample): 36%
• Weekly YouTube news use (Global sample): 30%

Finance: draft 13-week cash view by Friday.

Thomson Reuters Corporation (TRI) - Canvas Business Model: Customer Relationships

You're looking at how Thomson Reuters Corporation (TRI) manages its connections with its diverse professional clientele, which heavily leans on long-term, high-value relationships for its core business.

Dedicated enterprise sales and account management for large law firms and corporations is a clear focus area. For major accounts, which are defined in some roles as companies with revenues of $500M+, the relationship involves handling the entire sales process from initial contact through renewal. A specific strategic focus involves owning executive relationships with the 7 major professional services firms: Deloitte, EY, KPMG, PWC, BDO, RSM, and GT. These relationships require establishing multi-year sales roadmaps aligned to the firm's strategic priorities.

The financial backbone is built on multi-year subscription contracts for core professional products. Recurring revenues are significant, comprising 83% of total revenues for the Legal Professionals, Corporates, and Tax & Accounting Professionals "Big 3" segments combined as of the third quarter of 2025. For the Legal Professionals segment specifically, recurring revenues accounted for 97% of that segment's total revenue in Q3 2025. While some products, like a specific Human Resources Series, are offered on a 2 year (24-month term) monthly subscription at $757.00 USD per month, many standard monthly subscriptions are subject to a continuous agreement that automatically renews monthly unless canceled 30 days prior to the next term start. Negotiation insights suggest that renewals can be difficult, with some buyers using competitor quotes to secure discounts.

For complex software implementation, high-touch professional services and training are necessary, especially when dealing with enterprise-level solutions and driving upsell and cross-sell opportunities within existing accounts. This high-touch approach is necessary to support the consultative, value-based selling required for complex, enterprise software deals targeting over $500M revenue accounts.

Conversely, the model supports smaller users through less intensive channels. For smaller firms or individual users, the relationship shifts toward self-service portals and online support. This is evidenced by the tiered pricing structure for products like Westlaw Edge, which offers entry-level plans starting as low as $115.00 per month for a Single State Essentials package. The existence of these lower-cost, lower-commitment options suggests a segment that relies more on digital access and less on dedicated account management.

The customer relationship structure is supported by the overall revenue mix:

Segment/Metric	Value/Percentage (Late 2025 Data)	Context
Recurring Revenue (% of 'Big 3' Total Revenue)	83%	Q3 2025 Total Revenue Composition
Legal Professionals Recurring Revenue (% of Segment Total)	97%	Q3 2025 Segment Composition
Westlaw Edge Entry Price (Monthly)	$115.00	Single State Essentials Plan
Westlaw Edge Premium Price (Monthly)	$582.00	Highest Tier Example
Enterprise Account Revenue Target Example	>$500M	Revenue threshold for major accounts
Specific Multi-Year Contract Term Example	24-month term	Example for a print/looseleaf subscription

The organic growth in recurring revenues for the "Big 3" segments was 9% in Q3 2025, showing the health of these long-term customer relationships.

Thomson Reuters Corporation (TRI) - Canvas Business Model: Channels

You're looking at how Thomson Reuters Corporation moves its value propositions-the trusted content and technology-to its professional customer base. The channel strategy is a mix of high-touch direct engagement and scalable digital delivery, which is key to their recurring revenue model.

• - Direct sales force to large law firms. While the exact penetration number for the top 100 U.S. firms isn't explicitly stated in the latest reports, the Legal Professionals segment, which heavily relies on this channel, saw its organic revenue grow by 8% in the second quarter of 2025, indicating strong engagement with the large firm market. The performance of Am Law 100 firms is a key indicator of this channel's health.
• - Proprietary digital platforms are the core delivery mechanism. Products like Westlaw and the newer CoCounsel are driving growth. CoCounsel itself is showing double-digit growth. Furthermore, a multi-year contract with the U.S. Federal Judiciary provides access to Westlaw Precision with CoCounsel and Practical Law for more than 25,000 legal professionals. For the Legal Professionals segment overall, 97% of its total revenues in Q2 2025 came from recurring sources, showing the stickiness of these digital channels.
• - Third-party media organizations for Reuters News distribution. Specific financial data on distribution reach is not detailed in the latest earnings releases, but the broader media environment shows that 65% of people globally watch news videos weekly, often via third-party platforms, which is the environment Reuters News content feeds into.
• - Print distribution for Global Print segment. This channel is actively shrinking, with organic revenues declining by 7% in the second quarter of 2025. However, the segment is still a cash generator, expected to produce about $165 million in free cash flow for the full year 2025.

Here's a quick look at how the revenue mix reflects the channel focus, based on Q2 2025 organic performance:

Segment/Channel Indicator	Metric/Value	Period/Context
Legal Professionals Organic Revenue Growth	8%	Three Months Ended June 30, 2025
Legal Professionals Recurring Revenue Share	97%	Q2 2025 Total Segment Revenue
CoCounsel Organic Growth Rate	Double-digit	As of Q1 2025 commentary
Global Print Organic Revenue Decline	7%	Three Months Ended June 30, 2025
Global Print Expected Free Cash Flow	$165 million	Full Year Calendar 2025
Federal Judiciary Digital Access	More than 25,000 professionals	Access to Westlaw/CoCounsel

The reliance on recurring revenue in the Legal segment, which is primarily delivered through these digital channels, is a defining feature. The direct sales force is clearly effective at landing the largest customers, which then become long-term digital subscribers.

Thomson Reuters Corporation (TRI) - Canvas Business Model: Customer Segments

You're looking at the core markets Thomson Reuters Corporation serves, the groups that drive the bulk of their recurring revenue. Honestly, the company is laser-focused on professionals in high-stakes, complex fields, which is why their 'Big 3' segments-Legal, Tax & Accounting, and Corporates-made up 82% of total revenues on an organic basis in the third quarter of 2025.

Here is the breakdown of those key customer groups:

• - Legal Professionals: Law firms, corporate legal departments, and government lawyers.
• - Tax & Accounting Professionals: CPA firms (100 of the top 100 U.S. firms) and tax authorities.
• - Corporates: Tax, finance, and compliance departments of multinational corporations (99 of the Fortune 100).
• - Media Organizations and Consumers: Global news consumers and broadcasters.

The Legal Professionals segment shows extreme reliance on subscription-like income; for the three months ended September 30, 2025, recurring revenues accounted for 97% of that segment's total. This group saw organic revenue growth of 9% in Q3 2025. The strategic move to acquire Casetext for $650 million in 2023 and the disposal of FindLaw in late 2024 clearly shaped the 2025 recurring revenue picture.

For Tax & Accounting Professionals, you see a highly seasonal business model, with approximately 60% of full-year revenues typically landing in the first and fourth quarters. In Q3 2025, recurring revenues represented 73% of the segment's total, and the segment delivered strong organic growth of 10%. The January 2025 acquisition of SafeSend for about $600 million is already contributing to transaction revenue growth.

The Corporates segment, which includes the seven largest global accounting firms, saw its recurring revenue base hit 89% of its total in Q3 2025. This segment also posted a solid organic revenue growth rate of 9% for the same period.

The impact of technology adoption across these professional services is quantifiable. For instance, Thomson Reuters' 2025 Future of Professionals report suggests that AI-driven efficiency in the U.S. legal and tax & accounting sectors could translate to a combined annual impact of $32 billion. This highlights the value proposition for these segments-delivering efficiency gains that translate directly to client value.

The customer base can be further detailed by looking at the revenue composition across the 'Big 3' segments for the nine months ended September 30, 2025:

Customer Segment	Recurring Revenue % of Segment Total (Q3 2025)	Organic Revenue Growth (Q3 2025)	Key 2025 Activity
Legal Professionals	97%	9%	FindLaw disposal impact noted
Corporates	89%	9%	Serves 99 of the Fortune 100 [Required Outline]
Tax & Accounting Professionals	73%	10%	Approx. 60% of annual revenue in Q1/Q4

Finally, the Reuters News business serves media organizations and consumers, generating revenue through Agency and Professional sources, with Q3 2025 organic revenue growth at 3%. This segment also has a significant contractual relationship with the Data & Analytics business of London Stock Exchange Group, which is included entirely in the U.K. revenue reporting.

Thomson Reuters Corporation (TRI) - Canvas Business Model: Cost Structure

You're looking at the cost side of Thomson Reuters Corporation (TRI)'s business model, and honestly, it's dominated by the price of staying ahead in information and technology. For a company whose value is intrinsically tied to the freshness and accuracy of its data, the fixed costs are substantial.

The commitment to content creation, editorial staff, and data maintenance represents a significant, non-negotiable expense base. We see this reflected in the operational figures. For instance, in the fourth quarter of 2024, Thomson Reuters reported $1.19B in Operating Expenses. Looking at the full-year 2024 data, Total Operating Expenses were reported at $678 million, against a Total Gross Profit of $2.79 billion. The cost of maintaining the news arm is clear: for Reuters News in the second quarter of 2025, Adjusted EBITDA fell 11% to $45 million, largely due to higher editorial coverage costs and investments across the business.

Significant investment in technology and AI development (R&D) is another major cost driver, essential for defending those high-margin recurring revenue streams. Thomson Reuters is actively building out its AI capabilities, evidenced by plans to pilot new review-ready offerings in 2025 and introduce additional AI-powered audit automation, following the 2024 launch of Reuters Audit Intelligence Analyze. While the specific funding for the new Frontier AI Research Lab with Imperial College London wasn't made public, such a 5-year partnership is certainly substantial. On the capital side, the expectation for 2025 is that accrued capital expenditures will approximate 8% of revenues.

Sales, marketing, and distribution costs are naturally high to reach a global professional audience across Legal, Tax, and Corporate segments. While specific Sales & Marketing line items aren't isolated in the latest reports, the overall expense structure supports this. For example, Corporate Costs-which cover centrally managed functions like finance, legal, and HR-were $62 million for the first six months of 2025, up from $46 million in the same period in 2024. The quarterly corporate costs also saw a jump to $33 million in the first quarter of 2025 from $17 million in the first quarter of 2024.

Personnel costs are a core component of the fixed cost base. This includes the highly skilled workforce that creates and curates the proprietary content. Specifically, the Reuters news division employs around 2,500 journalists and 600 photojournalists across about 200 locations worldwide. This human capital is the foundation of the news value proposition.

Here's a quick look at some of the most recent reported expense and cost-related metrics for Thomson Reuters Corporation:

Cost Metric / Period	Amount / Percentage
Operating Expenses (Q4 2024 Quarter)	$1.19B
Total Operating Expenses (FY 2024)	$678 million
Accrued Capital Expenditures (FY 2025 Expectation)	Approx. 8% of revenues
Corporate Costs (Six Months Ended June 30, 2025)	$62 million
Reuters News Adjusted EBITDA (Q2 2025)	$45 million
Reuters Journalists Employed	Approx. 2,500

Finance: draft 13-week cash view by Friday.

Thomson Reuters Corporation (TRI) - Canvas Business Model: Revenue Streams

You're looking at how Thomson Reuters Corporation brings in its money, which is heavily weighted toward predictable, long-term contracts. This structure gives the company a solid base, even when parts of the business see headwinds.

The core of Thomson Reuters Corporation's revenue generation is built on subscriptions, which you can see clearly when looking at the latest figures. For the third quarter ended September 30, 2025, recurring revenues represented 83% of total revenues, up from 81% in the second quarter of 2025. This recurring portion grew organically by 9% in Q3 2025.

Here's a quick look at the revenue composition based on the Q3 2025 results, where total revenues were $1,782 million:

Revenue Type	Q3 2025 Percentage of Total Revenue	Q3 2025 Organic Growth Rate	Notes
Recurring Revenue	83%	9% increase	The largest and most stable component.
Transactions Revenue	Implied Remainder (less Print)	12% increase	Driven by usage-based services and software transactions.
Global Print Revenue	Implied Remainder (declining)	4% decrease	Represents the legacy print business.

Transactional revenue, which covers usage-based services and software transactions, is the second major piece. In Q3 2025, this stream saw strong growth, increasing by 12%. This contrasts with the Q1 2025 results where transactions revenue growth was only 3%, showing acceleration in usage or transaction volume as the year progressed.

Licensing fees for Reuters News content are a distinct part of the revenue mix, often tied to specific agreements. For the third quarter of 2025, Reuters News revenues increased 4% organically, helped by higher Agency revenues and a contractual price increase from the news agreement with the Data & Analytics business of London Stock Exchange Group (LSEG). To give you a concrete example from the prior year, Q3 2024 Reuters News revenues were $199 million, with organic growth driven by Generative AI related content licensing revenue.

The Global Print segment continues its expected contraction. In Q3 2025, this segment saw its revenues decrease by 4%. This decline is consistent with prior periods; for example, the organic decline was 7% for the full year 2024 and 6% in Q3 2024. You should definitely track this as a legacy stream that Thomson Reuters Corporation is actively managing down.

The overall revenue picture for Thomson Reuters Corporation in late 2025 is one of high subscription stickiness, supported by strong transactional growth, while managing the planned decline of the print business. You can see the strength in the 'Big 3' segments (Legal Professionals, Corporates, and Tax & Accounting Professionals), which collectively comprised 82% of total revenues in Q3 2025 and grew organically by 9%.

• Recurring revenue growth in Q1 2025 was 9% organically, showing consistent demand across the portfolio.
• The Tax & Accounting Professionals segment saw its transactions revenue grow by 23% in Q2 2025, partly due to acquisitions like SafeSend.
• The company reaffirmed its full-year 2025 outlook for organic revenue growth in November 2025.

Finance: review Q4 2025 revenue projections against the reaffirmed full-year outlook by next Tuesday.