Thomson Reuters Corporation (TRI): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des services d'information mondiale, Thomson Reuters Corporation (TRI) apparaît comme une puissance de l'intelligence professionnelle, pontant de manière transparente la technologie, les données et l'expertise dans plusieurs industries. Avec un modèle commercial sophistiqué qui transcende la livraison d'informations traditionnels, TRI s'est stratégiquement positionné comme un partenaire indispensable pour les professionnels juridiques, financiers et universitaires du monde entier. En tirant parti des technologies de pointe, des référentiels de données approfondis et une compréhension nuancée des besoins professionnels du flux de travail, Thomson Reuters a transformé les écosystèmes d'information complexes en informations rationalisées et exploitables qui stimulent la prise de décision et l'excellence opérationnelle.

Thomson Reuters Corporation (TRI) - Modèle commercial: partenariats clés

Alliances stratégiques avec des fournisseurs de logiciels juridiques, fiscaux et comptables

Thomson Reuters maintient des partenariats stratégiques avec les principaux fournisseurs de logiciels dans les secteurs de la technologie juridique et financière:

Partenaire	Focus de partenariat	Année établie
Microsoft	Intégration des infrastructures cloud	2018
Salesforce	Gestion de la relation client	2019
SÈVE	Solutions logicielles d'entreprise	2017

Collaboration avec les institutions financières mondiales et les organisations de médias

Thomson Reuters collabore avec plusieurs entités financières et médiatiques:

• Bloomberg LP - Échange de données financières
• S&P Global - Partage d'intelligence du marché
• NASDAQ - Données du marché et intégration technologique
• Financial Times - Contenu et collaboration de recherche

Partenariats avec des institutions universitaires et de recherche

Institution	Focus de recherche	Valeur de partenariat
École de droit de Harvard	Recherche juridique et technologie	Investissement annuel de 2,5 millions de dollars
Mit	Recherche de l'IA et de l'apprentissage automatique	Collaboration annuelle de 3,1 millions de dollars
Université de Stanford	Science et analyse des données	Subvention de recherche de 1,8 million de dollars

Intégrateurs de technologie et fournisseurs de services cloud

Thomson Reuters s'associe aux principaux fournisseurs de services de technologie et de cloud:

• Amazon Web Services (AWS) - Infrastructure cloud
• Google Cloud Platform - Analyse et stockage des données
• IBM - Solutions technologiques d'entreprise
• Oracle - Intégration de la base de données et des logiciels d'entreprise

Investissement total de partenariat en 2023: 87,4 millions de dollars

Thomson Reuters Corporation (TRI) - Modèle d'entreprise: activités clés

Développement et maintien des plateformes d'information professionnelles

Thomson Reuters exploite plusieurs plateformes d'information professionnelle avec les détails clés suivants:

Plate-forme	Investissement annuel	Base d'utilisateurs
Westlaw Edge	425 millions de dollars	90% des 200 meilleurs cabinets d'avocats
Raffinitiv eikon	385 millions de dollars	40 000 professionnels financiers
Impôt & Plate-forme comptable	265 millions de dollars	85% des services fiscaux du Fortune 500

Services d'agrégation et d'analyse de données

Les capacités clés de l'agrégation de données comprennent:

• Traitement des données du marché financier en temps réel: 500 millions + points de données par jour
• Base de données de recherche juridique: 45 millions + documents juridiques
• Agrégation de nouvelles mondiales: 600 000 sources d'information

Développement de logiciels pour les professionnels juridiques et financiers

Investissements et mesures de développement logiciel:

Catégorie de logiciels	Dépenses de R&D annuelles	Taille de l'équipe de développement
Technologie juridique	612 millions de dollars	1 850 développeurs
Logiciel financier	524 millions de dollars	1 600 développeurs
Impôt & Logiciel de comptabilité	276 millions de dollars	750 développeurs

Création et conservation du contenu dans plusieurs domaines

Métriques de génération de contenu:

• Production de contenu annuelle: 2,3 millions + articles
• Équipe éditoriale mondiale: 3 200 professionnels
• Langues couvertes: 35+ langues

Thomson Reuters Corporation (TRI) - Modèle d'entreprise: Ressources clés

INFORMATIONS GLOBALES ET RÉPOSITÉS D'INFORMATIONS GLOBALES

Volume total de données: 150 pétaoctets d'informations juridiques, financières et commerciales à partir de 2023

Catégorie de données	Volume	Mettre à jour la fréquence
Bases de données juridiques	45 pétaoctets	Mises à jour en temps réel
Bases de données financières	65 pétaoctets	Mises à jour horaires
Impôt & Référentiels comptables	40 pétaoctets	Mises à jour quotidiennes

Infrastructure de technologie avancée et plateformes axées sur l'IA

• Infrastructure de cloud computing: 350 millions de dollars d'investissement annuel
• Plate-formes d'apprentissage en IA et en machine: 287 projets AI / ML actifs
• Dépenses annuelles de R&D Technologie: 482 millions de dollars en 2023

Main-d'œuvre hautement qualifiée

Segment de la main-d'œuvre	Nombre d'employés	Expérience moyenne
Professionnels de la recherche	3,650	12,5 ans
Experts en technologie	2,890	9,7 ans
Data scientifiques	1,240	7,3 ans

Propriété intellectuelle et bases de données propriétaires

Actifs totaux de propriété intellectuelle: 1 237 brevets enregistrés

• Couverture de base de données propriétaire: 99,8% des marchés financiers mondiaux
• Référentiels de contenu uniques: 672 Bases de données spécialisées
• Investissement en propriété intellectuelle annuelle: 215 millions de dollars

Thomson Reuters Corporation (TRI) - Modèle d'entreprise: propositions de valeur

Solutions d'information professionnelles complètes

Thomson Reuters fournit des solutions d'information professionnelles avec un chiffre d'affaires de 6,7 milliards de dollars en 2023. La société propose des plateformes spécialisées dans plusieurs secteurs professionnels.

Segment	Revenus annuels	Part de marché
Professionnels du droit	2,8 milliards de dollars	42% de part de marché mondiale
Impôt & Professionnels de la comptabilité	1,5 milliard de dollars	35% de part de marché mondiale
Reuters News & Médias	1,4 milliard de dollars	25% du marché mondial des nouvelles

Intelligence et analyse du marché en temps réel

Thomson Reuters fournit des données financières en temps réel et des analyses avec une couverture précise du marché.

• Terminal Eikon: 190 000 abonnés professionnels
• Données du marché en temps réel: couverture de plus de 70 000 instruments financiers mondiaux
• Analyse commerciale: traitement de 10 millions + transactions quotidiennement

Outils de workflow intégrés pour les professionnels du juridique et de la finance

L'entreprise fournit des solutions de flux de travail spécialisées avec une intégration technologique avancée.

Plate-forme	Base d'utilisateurs	Coût annuel d'abonnement
Westlaw Edge	80% des cabinets d'avocats américains	3 500 $ - 25 000 $ par utilisateur
Highq Legal	45 000 professionnels du droit	1 200 $ - 5 000 $ par utilisateur

Contenu de confiance et faisant autorité dans plusieurs industries

Thomson Reuters maintient l'autorité de contenu dans les domaines professionnels.

• Sources de contenu: plus de 500 équipes éditoriales mondiales
• Couverture linguistique: 16 langues primaires
• Reach mondiale: services dans 190 pays

Thomson Reuters Corporation (TRI) - Modèle d'entreprise: relations clients

Modèles de services professionnels basés sur l'abonnement

Thomson Reuters génère 6,6 milliards de dollars de revenus d'abonnement annuels à partir de 2023. Les abonnements à service professionnel sont structurés sur plusieurs niveaux:

Niveau d'abonnement	Fourchette de prix annuelle	Segment de clientèle cible
Professionnel de base	$1,200 - $3,500	Professionnels individuels
Entreprise professionnelle	$5,000 - $25,000	Grands cabinets d'avocats, sociétés
Professionnel premium	$30,000 - $150,000	Corporations multinationales mondiales

Gestion de compte dédiée pour les clients d'entreprise

Thomson Reuters dessert 83% des 500 sociétés mondiales par le biais d'équipes de gestion de compte dédiées.

• Taille de l'équipe de gestion du compte moyen: 4-6 professionnels
• Heures de soutien dédiées: 24/7 pour les clients d'entreprise
• Temps de réponse moyen: moins de 2 heures pour les problèmes critiques

Plateformes numériques en libre-service et support client

Métriques d'engagement de la plate-forme numérique pour 2023:

Métrique de la plate-forme	Valeur
Total des utilisateurs numériques	2,4 millions
Utilisateurs actifs mensuels	1,6 million
Taux de résolution en libre-service	72%

Ressources de formation et de développement professionnel continues

Investissement de formation et de développement en 2023:

• Budget de formation annuel: 42 millions de dollars
• Modules de formation en ligne: 387 cours uniques
• Heures de formation moyennes par professionnel: 24 heures / an

Taux de rétention de la clientèle grâce à ces stratégies relationnelles: 91,3% en 2023.

Thomson Reuters Corporation (TRI) - Modèle d'entreprise: canaux

Équipes de vente directes ciblant les clients d'entreprise

Thomson Reuters maintient une force de vente directe mondiale de 23 500 professionnels de la vente à partir de 2023, ciblant spécifiquement les clients de niveau d'entreprise sur les marchés juridiques, fiscaux, comptables et médiatiques.

Canal de vente	Nombre de représentants commerciaux	Couverture géographique
Solutions juridiques d'entreprise	8,750	Amérique du Nord, Europe, Asie-Pacifique
Impôt & Professionnels de la comptabilité	6,500	Marchés mondiaux
Reuters News Solutions	4,250	Marchés internationaux
Solutions de gestion des risques	4,000	Institutions financières du monde

Plates-formes numériques en ligne et marchés

Thomson Reuters exploite plusieurs plateformes numériques avec les mesures clés suivantes:

• Westlaw Edge: 1,3 million d'abonnés professionnels juridiques
• Thomson Reuters Eikon: 190 000 utilisateurs du marché financier
• Plateforme de recherche fiscale des points de contrôle: 350 000 utilisateurs professionnels actifs
• Revenus annuels de plateforme numérique: 6,2 milliards de dollars en 2023

Conférences professionnelles et événements de l'industrie

Thomson Reuters héberge et participe à plus de 250 conférences de l'industrie par an, ciblant des segments professionnels avec des opportunités d'engagement directes.

Type d'événement	Numéro annuel	Participants estimés
Conférences de technologie juridique	85	42,000
Symposiums des marchés financiers	65	35,000
Ateliers de fiscalité	100	28,500

Interfaces d'application Web et mobile

L'écosystème numérique de Thomson Reuters comprend:

• 17 applications mobiles primaires
• Application mobile Utilisateurs actifs mensuels: 780 000
• Plateforme Web Visiteurs uniques mensuels: 2,4 millions
• Investissement de développement de plate-forme mobile et Web: 425 millions de dollars en 2023

Thomson Reuters Corporation (TRI) - Modèle d'entreprise: segments de clientèle

Professionnels du droit et cabinets d'avocats

Thomson Reuters dessert environ 500 000 professionnels du droit dans le monde. Le segment juridique génère 3,1 milliards de dollars de revenus annuels.

Type de client	Pénétration du marché	Dépenses annuelles
Grands cabinets d'avocats	85%	1,2 milliard de dollars
Cabinets d'avocats de taille moyenne	65%	750 millions de dollars
Praticiens en solo	40%	350 millions de dollars

Services financiers et institutions bancaires

Thomson Reuters soutient plus de 40 000 institutions financières dans le monde, générant 2,8 milliards de dollars de revenus annuels de ce segment.

• Banques mondiales: couverture du marché à 92%
• Banques d'investissement: 1,5 milliard de dollars de revenus
• Sociétés de gestion des actifs: revenus de 650 millions de dollars

Praticiens de la taxe et de la comptabilité

Le segment des taxes et comptables dessert environ 250 000 professionnels, générant 1,9 milliard de dollars de revenus annuels.

Catégorie professionnelle	Clientèle	Revenus annuels
Comptables publics certifiés	180,000	1,2 milliard de dollars
Consultants fiscaux	50,000	450 millions de dollars
Services fiscaux des sociétés	20,000	250 millions de dollars

Sociétés multinationales et agences gouvernementales

Thomson Reuters dessert 80% des entreprises du Fortune 500 et 85% des agences gouvernementales mondiales, générant 2,5 milliards de dollars de revenus.

• Solutions de gestion des risques d'entreprise: 1,2 milliard de dollars
• Services de conformité réglementaire: 850 millions de dollars
• Clients corporatifs mondiaux: 450 millions de dollars

Organisations universitaires et de recherche

Thomson Reuters soutient 5 000 établissements universitaires et de recherche, générant 600 millions de dollars de revenus annuels.

Type d'institution	Nombre de clients	Dépenses annuelles
Universités de recherche	1,500	350 millions de dollars
Bibliothèques publiques	2,500	150 millions de dollars
Bibliothèques spéciales	1,000	100 millions de dollars

Thomson Reuters Corporation (TRI) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Thomson Reuters a alloué 1,88 milliard de dollars pour les frais de recherche et de développement en 2022, ce qui représente 12,4% des revenus totaux. Les investissements technologiques et de développement de produits de l'entreprise se sont concentrés sur les plateformes juridiques, fiscales et de renseignement.

Année	Investissement en R&D	Pourcentage de revenus
2022	1,88 milliard de dollars	12.4%
2021	1,72 milliard de dollars	11.9%

Maintenance des infrastructures technologiques

Les coûts d'infrastructure technologique pour Thomson Reuters ont totalisé environ 675 millions de dollars en 2022, couvrant les services cloud, les centres de données et l'infrastructure réseau.

• Dépenses d'infrastructure cloud: 245 millions de dollars
• Maintenance du centre de données: 210 millions de dollars
• Infrastructure de réseau et de cybersécurité: 220 millions de dollars

Compensation mondiale de la main-d'œuvre

Thomson Reuters a déclaré des frais totaux d'indemnisation des employés de 4,92 milliards de dollars en 2022, avec une main-d'œuvre mondiale d'environ 24 000 employés.

Catégorie de compensation	Montant
Salaires	3,65 milliards de dollars
Avantages	890 millions de dollars
Compensation en stock	380 millions de dollars

Dépenses d'acquisition et d'octroi de licences de contenu

Les frais d'acquisition et de licence de contenu pour Thomson Reuters ont atteint 612 millions de dollars en 2022, soutenant leurs services d'information sur les plateformes juridiques, fiscales et médiatiques.

• Licence de contenu juridique: 245 millions de dollars
• Informations fiscales et comptables: 187 millions de dollars
• Contenu des nouvelles et des médias: 180 millions de dollars

Thomson Reuters Corporation (TRI) - Modèle d'entreprise: Strots de revenus

Accès à la plate-forme numérique basée sur l'abonnement

En 2023, Thomson Reuters a déclaré des revenus totaux de 7,4 milliards de dollars. Les revenus d'abonnement à la plate-forme numérique représentaient environ 3,2 milliards de dollars.

Segment de plate-forme numérique	Revenus annuels	Pourcentage du total des revenus
Abonnement des professionnels du droit	1,65 milliard de dollars	22.3%
Impôt & Plates-formes comptables	985 millions de dollars	13.3%
Plateformes d'information Reuters	550 millions de dollars	7.4%

Licence de logiciel professionnel

Les licences logicielles professionnelles ont généré 680 millions de dollars de revenus pour 2023.

• Logiciel juridique d'entreprise: 420 millions de dollars
• Logiciel de gestion des risques: 260 millions de dollars

Frais de service de données et d'analyse

Les services de données et d'analyse ont contribué 1,1 milliard de dollars aux revenus de l'entreprise en 2023.

Segment d'analyse	Revenus annuels
Données sur les marchés financiers	640 millions de dollars
Analyse de recherche juridique	460 millions de dollars

Revenus de conseil et de formation

Les services de conseil et de formation ont généré 350 millions de dollars en 2023.

• Services de conseil juridique: 210 millions de dollars
• Programmes de formation professionnelle: 140 millions de dollars

Contrats de solution d'entreprise

Les contrats de solution d'entreprise ont atteint 1,1 milliard de dollars en 2023.

Type de solution d'entreprise	Valeur du contrat annuel
Grands contrats d'entreprise	750 millions de dollars
Contrats gouvernementaux et institutionnels	350 millions de dollars

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.