Thomson Reuters, the information and analytics giant, has adjusted its long-term financial targets after reporting a third-quarter earnings miss. The company said it would exclude its Global Print business from its 2026 outlook, while reaffirming its core growth and profitability goals.
The move reflects a strategic shift toward its digital and software-focused offerings, as the legacy print segment continues to decline. By carving out Global Print, Thomson Reuters is effectively narrowing its forward-looking guidance to the parts of the business it expects to drive future performance.
What changed in the outlook
In its updated 2026 guidance, Thomson Reuters now targets organic revenue growth of 8.5% to 9.0%, unchanged from its previous range. It also maintained its adjusted EBITDA margin target of roughly 39%. These figures now apply only to the company's continuing operations, excluding Global Print.
The decision comes after the company reported third-quarter results that fell short of analyst expectations. While the company did not disclose specific figures in the brief, the miss likely stemmed from softer performance in certain segments or higher costs, a common theme across many information-services firms this earnings season.
By removing the print business from its long-term targets, Thomson Reuters is signaling that it views the unit as non-core and possibly a candidate for divestiture or wind-down. This is a familiar pattern for legacy media and information companies transitioning to digital models.
Why the print business matters less
Global Print, which includes legal, tax, and accounting print publications, has been a shrinking part of Thomson Reuters' revenue for years. As customers increasingly prefer digital subscriptions and online research tools, print revenue has declined steadily. The company's decision to exclude it from the 2026 outlook is a recognition that this trend is unlikely to reverse.
For investors, this is a positive signal in some ways: it removes a drag on growth metrics and makes the company's targets more comparable to its digital-first peers. However, it also means that the reported organic growth rate will be calculated on a smaller base, which could make future comparisons slightly more favorable.
What it means for investors
For everyday investors, the key takeaway is that Thomson Reuters is focusing its narrative on its higher-growth digital businesses. The maintained targets suggest management remains confident in the core operations, despite the quarterly miss.
However, the miss itself is a reminder that even well-established companies can stumble in a given quarter. Investors should watch whether the company provides more detail on the causes of the miss in its earnings call or subsequent filings. Typically, a miss driven by one-off items is less concerning than one reflecting a structural slowdown.
The company's decision to exclude Global Print also raises questions about the future of that unit. If Thomson Reuters eventually sells or spins off the print business, it could unlock value for shareholders, but it could also reduce revenue diversification.
In the broader context, Thomson Reuters' performance is often seen as a bellwether for the professional information services sector. Its clients include law firms, tax professionals, and corporate finance departments, so its results can reflect the health of those end markets. A miss here might hint at softer demand from professional services firms, though the company's maintained guidance suggests it views the quarter as an anomaly.
Looking ahead
Investors will likely focus on the company's next earnings report to see if the growth trajectory resumes. They will also watch for any further commentary on the Global Print business, including potential divestiture plans. The company's ability to hit its 8.5%-9.0% organic growth target will depend on continued adoption of its digital products, such as its legal research platforms and tax software.
For now, the tightened outlook gives investors a clearer picture of what Thomson Reuters expects from its core operations, even as it navigates the decline of its print legacy.
