Thomson Reuters is the go-to toolbox for professionals like lawyers and accountants, bundling legal research, tax software, and news into one subscription service. Think of it as the Bloomberg Terminal for the legal and tax world.
The money comes from recurring subscriptions to its Legal Professionals and Tax & Accounting divisions, which together drive most of the USD 7.48B annual revenue. These are high-margin, sticky contracts—gross margin sits at 75.8%, and net margin at 20.1%.
Its moat is solid because switching costs are brutal: law firms and tax pros are trained on its tools, and the content is proprietary. Competitors like LexisNexis (RELX) and Bloomberg Tax can't easily replicate the depth of its integrated workflows.
Strong Buy (sector percentile 97) — value B, growth B, profitability A, momentum A-, revisions A+. Updated daily, sector-relative, identical for every user.
Key events, in time order
Expanded integration brings CoCounsel Legal, HighQ, Noetica and Legal Tracker together with governed iManage knowledge.
New Westlaw Brief Builder helps litigators move from research to first-draft briefs in one AI workflow.
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