Thomson Reuters said the first production-ready version of its proprietary Thomson LLM has produced very strong evaluation results as the company deepens its investment in Fiduciary-Grade AI, while raising its full-year organic revenue growth outlook for its Legal Professionals, Corporates and Tax, Audit & Accounting Professionals businesses to 9.5%-10%.
The AI progress comes alongside the recent release of CoCounsel Legal, which Thomson Reuters is integrating into the professional workflows supported by its proprietary content and software. Management identified expanding its position in trusted AI products as a priority for the second half of 2026.
The investment is increasingly appearing in the company’s underlying growth figures. Thomson Reuters’ Big 3 businesses produced 10% organic revenue growth during Q2 and collectively represented 83% of company revenue.
Legal Professionals revenue increased 9% at constant currency and 10% organically. Recurring revenue, representing 97% of segment sales, increased 9%, with Thomson Reuters specifically identifying Westlaw and CoCounsel as primary organic growth drivers.
Legal Professionals Adjusted EBITDA increased 10% to $371 million, while margin held at 48.1%. The segment therefore combined double-digit organic growth with a profitability level approaching half of revenue on an adjusted EBITDA basis.
The Corporates business also generated 10% organic growth, with constant-currency revenue increasing 11%. Recurring revenue rose 9%, supported by products including Westlaw, CoCounsel, Indirect Tax, Pagero and CLEAR, while transaction revenue increased 27%.
Corporates Adjusted EBITDA increased 17% to $200 million, and margin expanded 150 basis points to 37.2% from 35.7%. Thomson Reuters attributed the improvement primarily to operating leverage.
Tax, Audit & Accounting Professionals produced 8% organic growth. Recurring revenue increased 9%, with GoSystem, CoCounsel, Cloud Audit Suite and the company’s Latin American operation among the contributors. Segment Adjusted EBITDA increased 9% to $120 million.
At the consolidated level, Q2 revenue increased 9% to $1.954 billion, while operating profit increased 28% to $558 million. Adjusted EBITDA rose 10% to $745 million, adjusted EPS increased 14% to $0.99 and free cash flow increased 29% to $727 million.
The performance led Thomson Reuters to raise full-year total and organic growth expectations for the Big 3 to 9.5%-10%, compared with its previous approximately 9.5% forecast. Total-company organic and reported revenue growth are now expected at approximately 8%.
The AI focus is also influencing portfolio construction. Thomson Reuters has agreed to transfer a 51% stake in Global Print to a KKR-backed joint venture for approximately $500 million in gross proceeds, with management saying the transaction will allow the company to sharpen its focus on content-powered AI solutions for professional markets.
KEY QUOTE:
“We saw strong momentum continue in the second quarter, underscored by 10% organic revenue growth in our “Big 3” segments. Our priority for the second half of the year is further deepening our leadership in trusted Fiduciary-Grade AI solutions. We are very pleased with the recent release of CoCounsel Legal and the very strong evaluation results of the first production ready version of the Thomson LLM. The recently announced Global Print transaction with KKR allows us to sharpen our focus on content-powered AI solutions that provide fiduciary grade outcomes for our professional markets.”
Steve Hasker, President and CEO of Thomson Reuters
