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- **Revenue Momentum**: Q3 organic revenue +7%, with big three segments at 9% YoY. Legal segment accelerates to 9% growth, Tax & Accounting up 10%.
- **AI Differentiation**: Westlaw Advantage and Co Council tools leverage 85% editorially enhanced legal content, delivering 1.4 billion connections via Keysight network.
- **2026 Outlook**: 100bps margin expansion (vs. prior 50bps+) and $2.1 billion free cash flow, driven by AI automation and operating leverage.
- **Risk Management**: Government headwinds (20bps drag) offset by long-term confidence in federal solutions; corporate segment reorg delays resolved, with 9-11% 2026 growth reaffirmed.

**【CEO Summary Section】**
- **Revenue Growth**: Total organic revenue rose 7% Q3, with the big three segments (Legal, Corporates, Tax & Accounting) growing 9% year-over-year. Legal segment revenue accelerated to 9% YoY, driven by Westlaw and Co Council Drafting. Tax & Accounting grew 10%, led by SafeSend and Latin American markets.
- **AI Strategy**: Launched Westlaw Advantage and Co Council for Tax, with early sales trends positive. Emphasized differentiation through proprietary content (85% of legal content editorially enhanced) and AI tools like Keysight and Litigation Document Analyzer.
- **2026 Outlook**: Reaffirmed 7.5-8% organic revenue growth for 2026, with big three segments targeting 9.5% growth. Highlighted margin expansion and free cash flow improvements due to AI-driven efficiency and cost control.

**【CFO Financial Commentary】**
- **Q3 Financials**: Adjusted EBITDA of $672 million (+10% YoY), margin up 20bps to 37.7%. Free cash flow for first nine months was $1.4 billion, down 3% YoY due to working capital timing. Completed $1 billion share buyback program in Q3.
- **2025 Guidance**: Full year organic revenue growth trending closer to 3.5-7.5% range, with headwinds from slower print volume ramp, federal government cancellations, and corporate segment booking delays. Q4 organic growth expected at 7%, including 9% for big three segments.
- **2026 Outlook**: Updated to 100bps margin expansion (vs. prior 50bps+), driven by operating leverage and AI automation. Free cash flow raised to $2.1 billion, up from prior range of $2-2.1 billion.

**【Q&A Highlights】**
- **Government Risks**: CFO cited 20bps drag from federal efficiency programs and cancellations, but CEO emphasized long-term confidence in government solutions (e.g., Westlaw Advantage, CLEAR law enforcement tools).
- **AI Competition**: CEO highlighted Co Council's leadership in workflow automation, with 24% of ACV now Gen AI-enabled. CFO noted $200 million+ annual AI investments continuing into 2026.
- **Corporate Segment**: CEO reaffirmed 9-11% 2026 growth target, despite Q3 booking delays caused by internal sales reorg. CFO pointed to strong pipeline coverage and product demand as key drivers.
- **Margin Expansion**: CFO attributed 2026 margin expansion to operating leverage (110bps natural lift) and automation initiatives (e.g., AWS tools reducing code review time by 4x).

Thomson Reuters Corp (TRI) Q3 2025 Earnings Call Transcript

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