Thomson Reuters Corporation (TRI): Business Model Canvas [Dec-2025 Updated]

Honestly, if you're trying to figure out where the real value is in professional information services right now, you need to look closely at Thomson Reuters Corporation (TRI); they're making a massive, calculated bet on embedding agentic AI, like CoCounsel, directly into their core legal and tax workflows, which is why their recurring subscription revenue already comprises over 80% of the total. This strategy is built on an incredible data moat-think Westlaw's 1.9 billion documents-and they are targeting 9% organic growth across their Big 3 segments for FY 2025, even while executing strategic moves like the $600M SafeSend acquisition in January 2025. So, let's break down the nine blocks of their business model to see exactly how Thomson Reuters Corporation (TRI) is turning proprietary content into high-margin, AI-driven subscriptions; you'll see the blueprint below.

Thomson Reuters Corporation (TRI) - Canvas Business Model: Key Partnerships

You're looking at the structure of Thomson Reuters Corporation (TRI) partnerships, which are heavily weighted toward securing its AI advantage and protecting its core professional methodologies. The commitments here show a clear focus on deep, long-term research and immediate product enhancement.

The five-year Frontier AI Research Lab with Imperial College London is a significant commitment to foundational AI, safety, and reliability. This collaboration, announced in late 2025, is set to host more than a dozen PhD students working alongside Thomson Reuters foundational research scientists and Imperial academics. While the guaranteed multi-year funding is described as substantial, the specific dollar amount has not been made public. This lab aims to translate breakthroughs into real-world use cases, offering a direct pipeline for talent and validation in high-stakes workflows.

For automating the core audit practice, Thomson Reuters Corporation (TRI) has established strategic alliances with several AI audit innovators. These partnerships are designed to embed the trusted PPC methodology-a standard used by approximately 16,000 firms in the United States-directly into AI-driven tools. This approach automates key steps of the methodology itself, rather than changing the framework.

Partner Innovator	Function/Integration Area	Methodology Focus
Trullion	Methodology-aware automation for financial statement review and testing	Full traceability back to PPC guidance
Audit Sight	Substantive analytics to reduce testing and tailor audit plans	Enabling Guided Assurance
Fieldguide	Embedding Guided Assurance directly into its AI platform	Access to 27 industry-specific packs
Validis	Secure, on-demand ingestion of client data (trial balance, GL)	Powering Audit Intelligence Analyze
Valid8 Financial	Development of Audit Intelligence Test	Automating procedures like lease accounting

When you look at the technology providers supporting the infrastructure, the scale of investment is clear. Thomson Reuters Corporation (TRI) previously stated an annual investment of more than $100 million in generative AI, which includes leveraging strategic partnerships. Internally, the company has already completed 95% of its migrations into the cloud, which provides a more agile foundation for innovation. For example, a past collaboration with Microsoft involved a contract drafting solution for Microsoft 365 Copilot for Word. The internal migration from Windows servers to Linux/Graviton containerization alone is estimated to yield potential savings in the millions of dollars based on 2024 consumption reports.

For the Reuters News content distribution side, the environment is defined by platform volatility. The Reuters Institute for the Study of Journalism surveyed 326 media leaders in 51 countries for its 2025 trends report. A key finding relevant to distribution is that 74% of these media executives worry about declining referral traffic from search engines due to AI integration by platforms. Furthermore, the report highlights that 65% of people now consume news video via social platforms like YouTube and TikTok, putting pressure on traditional distribution channels.

• The Reuters Institute 2025 report noted that only 18% of respondents across richer markets pay for online news, a figure virtually unchanged since 2022.
• In the United States, daily news consumption via social platforms stands at 54%, overtaking TV (50%) and news websites/apps (48%) for the first time.
• AI chatbots and interfaces are used for news by 7% of people weekly overall, but usage is higher at 15% among under-25s.

Thomson Reuters Corporation (TRI) - Canvas Business Model: Key Activities

You're focused on how Thomson Reuters Corporation (TRI) is actively building its future, which centers heavily on integrating advanced technology with its core information assets. The key activities reflect a dual mandate: innovation through AI and disciplined execution on core business growth.

Developing agentic AI solutions like CoCounsel Legal and CoCounsel for tax/audit is a primary focus. Thomson Reuters Corporation (TRI) unveiled its next major leap forward with agentic AI systems, starting with the launch of CoCounsel for tax, audit, and accounting professionals on June 2, 2025. This technology goes beyond standard generative AI by planning, reasoning, and acting inside real workflows to complete complex, multi-step assignments. For legal professionals, new beta releases for CoCounsel Legal, announced in November 2025, include bulk document review capabilities for up to 10,000 documents. Furthermore, CoCounsel Tax, Audit and Accounting features a 'Ready to Review' application that automates U.S. 1040 Form tax return preparation.

Curating and maintaining proprietary, authoritative legal and tax content remains foundational, as this content fuels the AI. The Westlaw legal research platform, for example, contains 1.9 billion documents and processes 300 million documents annually sourced from over 3,500+ sources. This massive, trusted content library is what allows the agentic AI to operate with professional-grade accuracy and context.

Executing strategic acquisitions is a clear activity to enhance workflow automation. Thomson Reuters Corporation (TRI) executed the acquisition of cPaperless, LLC, doing business as SafeSend, for $600 million in cash in January 2025. This move was designed to automate the "last-mile" of the tax return process. SafeSend was expected to generate approximately $60 million of revenue in 2025 before fair value adjustments.

Driving organic revenue growth, targeting 9% for the Big 3 segments in FY 2025, shows the commitment to core business health. The company reiterated its expectation that its key segments, the Big 3, will deliver approximately 9% organic growth for the full year 2025. The Big 3 segments-Legal Professionals, Corporates, and Tax & Accounting Professionals-collectively represent 82% to 83% of total revenues.

Here's a quick look at the reported organic growth performance from the first half of 2025 for context:

Segment	Reported Revenue (Q1 2025)	Organic Revenue Growth (Q1 2025)	Reported Revenue (Q2 2025)	Organic Revenue Growth (Q2 2025)
Legal Professionals	$693 million	8%	Not specified	Not specified
Corporates	$541 million	9%	Not specified	9%
Tax & Accounting Professionals	$360 million	11%	Not specified	11%

The Tax & Accounting Professionals segment saw reported revenue increase by 13% in Q2 2025, which included the impact of the SafeSend acquisition.

The company continues to emphasize that recurring revenue is a major driver, comprising over 80% of total revenue as of Q1 2025. In Q2 2025, recurring revenues grew by 9% organically, making up 82% of total revenues.

Finance: draft 13-week cash view by Friday.

Thomson Reuters Corporation (TRI) - Canvas Business Model: Key Resources

You're looking at the core assets that power Thomson Reuters Corporation (TRI) in late 2025. These aren't just line items; they are the moat protecting the business, especially as AI reshapes professional workflows.

The foundation of Thomson Reuters Corporation (TRI)'s value is its proprietary, trusted content. This content feeds the high-value AI tools that professionals rely on daily. The sheer volume and authority of this data are unmatched in many of its core markets.

• - Extensive proprietary content library, including Westlaw's 1.9 billion documents.
• - AI-powered platforms: Westlaw, Checkpoint, ONESOURCE, and CoCounsel.
• - Global network of journalists (nearly 2,500) for Reuters News.
• - Strong financial position with projected 2025 free cash flow of approximately $2.1 billion.

The legal segment, anchored by Westlaw, is a prime example of this resource strength. The platform is not just a repository; it is an active intelligence layer. The integration of generative AI into this content base is a critical resource differentiator.

Consider the adoption metrics for the AI-enhanced research tools, which show tangible use of this resource base:

• - AI-Assisted Research has seen over 1.5M searches run by customers since launch (as of July 2024).
• - The expected annual value unlocked per legal professional due to AI efficiency is estimated at $19,000.
• - The AI tools are built on a closed-loop Large Language Model (LLM) trained on millions of terabytes of trusted and verified content.

The Reuters News division represents another irreplaceable resource. This global news gathering operation provides the real-time, authoritative data that underpins many of Thomson Reuters Corporation (TRI)'s other products and serves as a standalone, globally recognized brand.

Here is a quick look at the scale of the journalistic resource:

Resource Component	Metric	Value
Reuters Journalists	Number of Journalists	2,500
Reuters Journalists	Photojournalists	600
Westlaw Content	Document Count (stated)	1.9 billion documents
Financial Strength	Projected 2025 Free Cash Flow	$2.1 billion

Finally, the financial health itself is a key resource, enabling continued investment in the technology and content acquisition that keeps the other resources ahead of the curve. The reaffirmed 2025 outlook for the 'Big 3' segments shows organic revenue growth expected to be approximately 9%, which fuels further resource development.

Finance: draft 13-week cash view by Friday.

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.