Core Insights - Thomson Reuters reported a 3% increase in total revenues for Q2 2025, reaching $1,785 million, driven by a 3% growth in recurring revenues and a 5% increase in transaction revenues, despite a 7% decline in Global Print revenues [2][3][5] - The company launched new AI solutions, including CoCounsel Legal, aimed at enhancing its offerings in legal, tax, and accounting markets [1][5] - The company maintained its full-year 2025 outlook for organic revenue growth, adjusted EBITDA margin, and free cash flow [5][27] Financial Performance - Operating profit for Q2 2025 increased by 5% to $436 million, attributed to higher revenues and other operating gains [2][4] - Diluted earnings per share (EPS) decreased to $0.69, down 63% from $1.86 in the prior year, primarily due to currency losses and a significant non-cash tax benefit in the previous year [2][4] - Adjusted EBITDA rose by 5% to $678 million, with an adjusted EBITDA margin of 37.8%, up from 37.1% [2][4][5] Revenue Breakdown - The "Big 3" segments (Legal Professionals, Corporates, and Tax & Accounting Professionals) collectively accounted for 82% of total revenues, with organic revenue growth of 9% [6][8] - Legal Professionals segment revenues decreased by 2% to $709 million, while organic revenue growth was 8% [11][12] - Corporates segment revenues increased by 7% to $472 million, with organic growth of 9% [15][25] - Tax & Accounting Professionals segment revenues rose by 11% to $277 million, with organic growth of 11% [16][17] Cash Flow and Capital Allocation - Net cash provided by operating activities increased by $41 million to $746 million, reflecting higher operating profit [7][21] - Free cash flow for Q2 2025 increased by $25 million to $566 million [7] - The company repaid Canadian $1.4 billion (U.S. $1.0 billion) in notes with cash on hand in May 2025 [33] Outlook - The company expects approximately 7% organic revenue growth and an adjusted EBITDA margin of around 36% for Q3 2025 [28] - The full-year 2025 outlook remains unchanged, with total revenue growth projected at 3.0% to 3.5% and organic revenue growth at 7.0% to 7.5% [30][27]

Financial Performance - Revenues for Q2 2025 were $621 million, a decrease of $29 million compared to Q2 2024[58] - Adjusted EBITDA for Q2 2025 was $262 million, with a margin of 42.1%[15, 58] - Adjusted Diluted EPS for Q2 2025 was $0.18, a decrease of $0.02 year-over-year[15, 58] - The company utilized free cash flow to repurchase 11.5 million shares in Q2 2025[13] - H1 2025 Free Cash Flow conversion was 32%[13] Business Segments and Growth - Organic ACV grew by 1.3%, up 10 bps sequentially[13] - The renewal rate was 93%, an increase of 1% year-over-year[13] - Academia & Government (A&G) segment experienced 2% organic ACV & subscription revenue growth in H1 2025[13] - Intellectual Property (IP) segment returned to organic revenue growth in patent annuities in H1 2025[13] - Life Sciences & Healthcare (LS&H) segment returned to organic ACV growth in H1 2025[14] Strategic Initiatives and Outlook - The company is pursuing a refined path forward based on insights from the initial evaluation process of strategic alternatives and expects to complete the review and share the outcome with year-end results[46] - The company reaffirms FY 2025 guidance, expecting revenues of approximately $2390 million and Adjusted EBITDA of approximately $980 million[80]