The revised Q3 outlook on a continuing ops basis shows slightly higher organic growth (9% vs 8%) but lower margin (35% vs 36%) compared to the prior outlook including Global Print. The key catalyst is the full-year 2026 outlook revision due November 3, which will clarify the ongoing margin trajectory and the impact of the royalty/transition services arrangements.
Price Chart
Executive Summary
Thomson Reuters filed a 6-K providing supplemental financial information following the October 1, 2026 close of its sale of a 51% stake in its Global Print business to KKR. The filing restates historical results to exclude Global Print as discontinued operations and provides a revised Q3 2026 outlook of ~9% organic revenue growth and ~35% adjusted EBITDA margin on a continuing operations basis. The transaction is expected to be approximately neutral to adjusted EBITDA margin and 60-70 bps accretive to annual organic revenue growth.
Key Facts
- Sold a 51% stake in Global Print business to KKR on October 1, 2026, forming a joint venture now operating as Westbridge Print.
- Global Print will be reported as discontinued operations beginning Q3 2026; prior periods restated.
- Revised Q3 2026 outlook: ~9% organic revenue growth and ~35% adjusted EBITDA margin (continuing ops).
- Westbridge Print will pay Thomson Reuters a 20% royalty on Professional revenue (~85-90% of total Westbridge Print revenue).
- Transaction expected to be approximately neutral to adjusted EBITDA margin and 60-70 bps accretive to annual organic revenue growth.
- Revised full-year 2026 outlook to be issued with Q3 earnings on November 3, 2026.
- Revised continuing ops H1 2026 revenues: $3,818M; adjusted EBITDA: $1,489M; adjusted EPS: $1.97.
Financial Impact
Transaction expected to be neutral to adjusted EBITDA margin and 60-70 bps accretive to annual organic revenue growth. Revised continuing ops H1 2026 adjusted EBITDA margin is 39.0%.
Risk Factors
- Stranded costs from the separation may not be fully offset by royalty and transition service income as expected.
- Revised full-year 2026 outlook on November 3 could disappoint if organic growth or margins fall short of the ~9%/35% Q3 run-rate.
- Macroeconomic and geopolitical risks could impact the Big 3 segments (Legal, Corporates, Tax/Audit/Accounting) which comprise ~90% of continuing revenues.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-425302 |
| Document: d309783d6k.htm | 0001193125-26-425302 |
| Document: 0001193125-26-425302-index-headers.html | 0001193125-26-425302 |
| Document: 0001193125-26-425302-index.html | 0001193125-26-425302 |
| Document: 0001193125-26-425302.txt | 0001193125-26-425302 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | 6-K | $112.82 | awaiting T+20 | — | $122.08 (+8.21%) |
Sep 17, 2026 5w ago | 6-K | $99.48 $107.89 | ▲ +8.45% | ▲ +7.00% | $122.08 (+22.72%) |
Sep 11, 2026 6w ago | 6-K | $105.82 $104.25 | ▼ −1.48% | ▼ −3.74% | $122.08 (+15.37%) |
Sep 10, 2026 6w ago | 6-K | $97.35 $103.21 | ▲ +6.02% | ▲ +4.15% | $122.08 (+25.40%) |
Aug 5, 2026 11w ago | 6-K | $98.61 $105.87 | ▲ +7.36% | ▲ +7.96% | $122.08 (+23.80%) |
Jul 14, 2026 14w ago | 6-K | $91.74 $104.84 | ▲ +14.28% | ▲ +11.79% | $122.08 (+33.07%) |
Jun 11, 2026 19w ago | 6-K | $80.25 $88.81 | ▲ +10.67% | ▲ +8.78% | $122.08 (+52.12%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers