Thomson Reuters dividend
Thomson Reuters pays an annualized US$2.62 dividend per share. Thomson Reuters’ dividend consumed about 58% of free cash flow, while 2025 dividends and buybacks exceeded free cash flow.
How much does Thomson Reuters pay per share?
The dividend starts at an annualized US$2.62. The base case applies 8% annual increases, below the recent pattern, because recurring growth and cash generation support increases but investment and debt remain competing uses. The bear case holds the payout flat. The bull case repeats 10% increases, supported by five consecutive increases of that size and 33 consecutive years of increases.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow per share | 4.41 | 4.02 | 3.81 | 2.73 | 2.51 |
| − Dividends paid, per share | 2.34 | 2.12 | 1.94 | 1.81 | 1.65 |
| − Share buybacks, per share | 2.26 | 1.44 | 2.36 | 2.79 | 2.98 |
| = FCF not paid out, per share | 0.46 | ||||
| = Paid out more than FCF, per share | 0.19 | 0.50 | 1.87 | 2.12 |
What this means. The company’s own free cash flow per share is higher because it does not subtract the value of shares given to employees as pay; we subtract that cost.
Is Thomson Reuters’ dividend covered by its cash?
Free cash flow—the cash left after operating needs and capital investment—rose from $1,177 million in 2021 to $1,953 million in 2025. Yet dividends and buybacks exceeded free cash flow in four of those five years. In 2025, dividends were $1,035 million and buybacks were $1,000 million, before $789 million of acquisitions. Investment-sale proceeds helped bridge that gap.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,953 | 1,787 | 1,739 | 1,255 | 1,177 |
| − Dividends paid | 1,035 | 944 | 887 | 834 | 773 |
| − Share buybacks | 1,000 | 639 | 1,079 | 1,282 | 1,400 |
| = Free cash flow not paid out | 204 | ||||
| = Paid out more than the free cash flow | 82 | 227 | 861 | 996 | |
| − Acquisitions | 789 | 969 | 1,195 | 163 | 6 |
What could change Thomson Reuters’ dividend?
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Free cash flow after stock pay | 2,170 (1,760 / 2,300) | 2,390 (1,820 / 2,650) | 2,630 (1,900 / 3,050) |
| Shares (millions) | 430 (432 / 428) | 427 (432 / 424) | 425 (431 / 419) |
| Dividends per share | 2.78 (2.62 / 2.82) | 3.00 (2.62 / 3.10) | 3.24 (2.62 / 3.41) |
| Net debt | 1,958 (1,804 / 2,242) | 1,918 (1,687 / 2,377) | 1,733 (1,491 / 2,228) |
What is Thomson Reuters’ dividend yield against its share price?
Cash generation provides the harder test. A free-cash-flow yield of 4.3% means the business produces about C$4.30 of annual free cash flow for every C$100 invested. The 2.5% dividend yield leaves cash for acquisitions, debt repayment, repurchases or reinvestment. The dividend therefore consumes about 58% of free cash flow, assuming the periods match.