Thomson Reuters reports Q2 earnings down from a year ago
The company, which keeps its books in U.S. dollars, reported second-quarter net earnings of US$313 million, down from US$841 million a year ago.
Its earnings for the quarter ended June 30 amounted to 69 cents US per diluted share compared with US$1.86 per diluted share a year earlier.
Revenue for the quarter totalled US$1.79 billion, up from US$1.74 billion a year ago.
On an adjusted basis, Thomson Reuters says it earned 87 cents US per share in its latest quarter, up from an adjusted profit of 85 cents US per share a year ago.
Chief executive Steve Hasker says the company remains focused on innovation and investing in advanced agentic AI technology for its legal, tax and accounting services.
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This report by The Canadian Press was first published Aug. 6, 2025.
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These industry metrics are unaudited and are not directly derived from our financial statements. The non-IFRS measure and industry metrics are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures and industry metrics in the evaluation of issuers. Our management also uses the non-IFRS measure and industry metrics in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. 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Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. "ARPU" is the average monthly Revenue per Paying Customer in the quarter. ARPU is calculated by taking the average Revenue for each month in the quarter and dividing this by the average number of Paying Customers for the same quarter. "ARR" is the annual value of all current Paying Customer subscriptions at the end of the period, with the number of Paying Customers multiplied by 12 times the average monthly subscription plan fee in effect on the last day of that period. "GMV" is the total dollar value of all transactions of course sales, membership subscriptions, or other products or services by our customers, facilitated through our platform during the period, net of refunds. 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Forward-Looking Statements This press release includes forward-looking statements and forward–looking information within the meaning of applicable securities laws in Canada. Forward-looking statements and information may relate to our future financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "trends", "directional indicator", "indicator", "future success", "expects", "is expected", "opportunity", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "scalability", "trajectory", "prospects", "strategy", "intends", "anticipates", "adoption", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or, "will", "occur" or "be achieved", and similar words, or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements in this press release include, but are not limited to statements regarding our financial position; management's ability to increase business efficiencies necessary to build and maintain a sustainable cost structure; business strategy, budgets, operations, investments, financial results, our ability to retain a profitable Adjusted EBITDA run rate, plans and objectives around growth and profitability; industry trends; growth in our industry; our growth rates and growth strategies; the expectations regarding our revenue and the revenue generation potential of Our Platform and other products including the Spotify pilot; and our competitive position in our industry. Forward-looking statements and information are based on our opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, the Company's ability to execute on its growth strategies; the impact of changing conditions and increasing competition in the global e-learning market in which the Company operates; the Company's ability to keep pace with technological and marketplace changes including, but not limited to fluctuations in currency exchange rates and volatility in financial markets; changes in attitudes, financial condition and demand of our target market; developments and changes in applicable laws and regulations; and such other factors discussed in greater detail under the "Risk Factors" section of our 2024 Annual Information Form (" AIF"). 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Condensed Interim Consolidated Statements of Cash Flows (unaudited) Amounts expressed in thousands of U.S. dollars Six months ended June 30 2025 2024 Operating activities Net income (loss) $ 773 $ (139) Items not affecting cash and cash equivalents: Depreciation and amortization 686 671 Stock-based compensation 2,019 2,060 Unrealized foreign exchange (gain) loss (498) 528 Finance income (1,313) (2,010) Interest received 389 2,369 Changes in non-cash working capital: Trade and other receivables 733 (972) Prepaid expenses and other assets 1,097 (775) Contract acquisition assets (487) (353) Accounts payable and accrued liabilities 786 828 Deferred revenue 1,268 1,052 Cash from operating activities $ 5,453 $ 3,259 Investing activities Proceeds on disposal of property and equipment — 77 Investment in property and equipment and intangible assets (142) (233) Cash used in investing activities $ (142) $ (156) Financing activities Operating lease payments (222) (220) Exercise of stock options 45 67 Tax remittances on stock based compensation (422) (1,942) Shares repurchased for cancellation and other equity-related costs, including tax remittances (2,098) (38,486) Cash used in financing activities $ (2,697) $ (40,581) Effect of exchange rate fluctuations on cash and cash equivalents held 363 (568) Increase (decrease) in cash and cash equivalents 2,977 (38,046) Cash and cash equivalents, beginning of period 49,492 86,611 Cash and cash equivalents, end of period $ 52,469 $ 48,565 Non-cash transactions Taxes accrued on share repurchases included in accounts payable and accrued liabilities $ 24 $ 762 THINKIFIC LABS INC. Reconciliation from IFRS to Non-IFRS Measures (unaudited) Amounts expressed in thousands of U.S. dollars Three months ended June 30 Six months ended June 30 (in thousands of U.S. dollars) 2025 2024 2025 2024 Net income (loss) $ 372 $ 930 $ 773 $ (139) Stock-based compensation 1,255 615 2,019 2,060 Depreciation and amortization 334 339 686 671 Foreign exchange (gain) loss (502) 96 (495) 532 Finance income (712) (1,106) (1,313) (2,010) Non-recurring equity transaction costs 302 — 302 — Adjusted EBITDA $ 1,049 $ 874 $ 1,972 $ 1,114 SOURCE Thinkific Labs Inc.
