Thomson Reuters Corporation has revised its historical comparisons after transferring control of Global Print, giving investors a lower continuing-operations revenue base ahead of the company’s third-quarter report.
In an unaudited schedule published Oct. 19, Thomson Reuters put full-year 2025 revenue from continuing operations at $6.986 billion, down from $7.476 billion with Global Print included. Adjusted EBITDA, which the company identifies as a non-IFRS measure, fell to $2.617 billion from $2.936 billion. Its margin moved to 37.4% from 39.2%. The figures are in U.S. dollars.
For the six months ended June 30, 2026, revenue was revised to $3.818 billion from $4.041 billion. Adjusted EBITDA was recast to $1.489 billion from $1.626 billion, while its margin changed to 39.0% from 40.2%.
The company also recalculated its earlier third-quarter outlook without Global Print. On that basis, Thomson Reuters said the outlook would have shown about 9% organic revenue growth and about a 35% adjusted EBITDA margin. Its August outlook, which included the unit, was about 8% growth and about a 36% margin. These are revised comparisons of earlier guidance, not third-quarter results.
Capital accounts advised by KKR acquired a 51% stake in Global Print on Oct. 1. The venture now operates as Westbridge Print, with Thomson Reuters retaining 49%, its intellectual property rights and control over editorial decisions for its content portfolio. Global Print supplies legal and tax information in print and through ProView, as well as commercial printing services to publishers. Thomson Reuters said the transaction would sharpen its focus on AI products.
Westbridge will pay a royalty equal to 20% of its Professional revenue and reimburse certain transition services. Professional revenue is estimated by Thomson Reuters to represent 85% to 90% of Westbridge’s total revenue. The company expects those arrangements to largely offset stranded costs from the separation beginning with fourth-quarter 2026 results. Thomson Reuters also expects the transaction to add 60 to 70 basis points to annual organic revenue growth, with an approximately neutral effect on adjusted EBITDA margin after closing. The July deal announcement said Thomson Reuters agreed to provide conditional financial support designed to give KKR a minimum return.
Starting with its third-quarter 2026 report, Thomson Reuters plans to show Global Print separately from continuing operations and revise earlier comparison periods. It plans to issue revised full-year 2026 guidance with third-quarter earnings on Nov. 3.
