Management’s Discussion and Analysis EXHIBIT 99.1

This management’s discussion and analysis is designed to provide you with a narrative explanation through the eyes of our management of how we performed, as well as information about our financial condition and future prospects. As this management’s discussion and analysis is intended to supplement and complement our financial statements, we recommend that you read this in conjunction with our consolidated interim financial statements for the three and nine months ended September 30, 2026, our 2025 annual consolidated financial statements and our 2025 annual management’s discussion and analysis. This management's discussion and analysis contains forward-looking statements, which are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. Forward-looking statements include, but are not limited to, our 2026 outlooks and statements related to the impact of the sale of a 51% stake in the Global Print business on our operating results after the October 1, 2026 close date, the expected impacts from, and pre-tax gain on, the transaction, as well as other statements regarding general economic conditions and market trends and their anticipated effects on our business segments. For additional information related to forward-looking statements, material assumptions and material risks associated with them, please see the “Outlook,” and “Additional Information - Cautionary Note Concerning Factors That May Affect Future Results” sections of this management’s discussion and analysis. This management’s discussion and analysis is dated as of November 2, 2026, unless otherwise indicated.

We have organized our management’s discussion and analysis in the following key sections:

Unless otherwise indicated or the context otherwise requires, references in this discussion to “we,” “our,” “us”, the “Company” and “Thomson Reuters” are to Thomson Reuters Corporation and our subsidiaries.

Basis of presentation

We prepare our consolidated financial statements in U.S. dollars and in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board.

On October 1, 2026, the company sold a 51% stake in its Global Print business to capital accounts advised by KKR. In the three and nine months ended September 30, 2026, the Global Print business was reported as discontinued operations. Prior-year period amounts have been revised to reflect this change. Refer to the "Global Print Transaction" subsection within the "Executive Summary - Financial Highlights" section of this management's discussion and analysis for additional information. Also, see previous news release, "Thomson Reuters Provides Supplemental Financial Information Following Close of Global Print Transaction" available in the Investor Relations section of thomsonreuters.com and also filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (SEC).

Additionally, in the first quarter of 2026, we changed our segment reporting to reflect how we currently manage our segments. Prior period amounts have been revised to reflect the current presentation. Refer to the “Additional information” section of this management’s discussion and analysis for further information.

Other than earnings per share, we report our results in millions of U.S. dollars, but we compute percentage changes and margins using whole dollars to be more precise. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.

Use of non-IFRS financial measures

In this management’s discussion and analysis, we discuss our results on an IFRS and non-IFRS basis. We use non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, as supplemental indicators of our operating performance and financial position as well as for internal planning purposes, our management incentive programs and our business outlook. We believe non-IFRS financial measures provide additional insight into our performance. Non-IFRS measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.

See Appendix A of this management’s discussion and analysis for a description of our non-IFRS financial measures, including an explanation of why we believe they are useful measures of our performance. Refer to Appendix B for reconciliations of our non-IFRS financial measures to the most directly comparable IFRS measures.

Glossary of key terms

The following terms in this management’s discussion and analysis have the following meanings, unless otherwise indicated:

Executive Summary

Our company

Thomson Reuters (TSX/Nasdaq: TRI) powers business-critical professions with Fiduciary-Grade AITM they can trust in the moments that matter. We unite unparalleled expertise, proprietary content, and seamless workflows to help our customers move with speed, think with clarity, and lead with confidence. Across our products, we combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.

We derive a significant portion of our revenues from selling information and software solutions, mostly on a recurring subscription basis. Our professional-grade solutions are built on comprehensive proprietary content and deep domain expertise with software, embedded AI capabilities and automation tools. We believe our workflow solutions make our customers more productive by streamlining how they operate, enabling them to focus on higher value activities. Many of our customers use our solutions that are deeply integrated into their workflows, which has led to strong customer retention. We believe that our customers trust us because of our decades serving high-stakes workflows, where accuracy and reliability are non-negotiable, our enterprise-grade security and governance built for regulated environments, and our deep understanding of their businesses and industries. They rely on our services for navigating a rapidly changing and increasingly complex digital and global landscape. Over the years, our business model has proven to be capital efficient and cash flow generative, and it has enabled us to maintain leading and scalable positions in our chosen market segments.

We are organized as four reportable segments, reflecting how our products and services are managed and offered to target customers as described below. The operating results of Global Print, which was previously a reportable segment, is now reported as discontinued operations. See "Global Print Transaction" section below.

We refer to our Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments, on a combined basis, as our “Big 3” segments.

Our businesses rely on centrally managed commercial and technology operations, including sales capabilities, digital customer experience, product and content development and global facilities. Costs relating to these activities are allocated to our business segments. Certain other costs are not allocated to the segments and are reported separately under "Corporate Center". These include headquarters functions such as finance, legal, human resources and the executive office, as well as certain content and editorial costs associated with our former Global Print business. All of our Corporate Center costs are included in consolidated adjusted EBITDA. Starting October 1, 2026, the Corporate Center will also include a royalty paid to Thomson Reuters from Westbridge Print for the exclusive license to distribute our intellectual property and fees for certain transition services as the joint venture migrates to a stand-alone entity (see "Global Print Business Transaction" below).

Financial Highlights

Strong revenue growth continued in the third quarter as our revenues increased 10% in total and in constant currency. Our revenues on an organic basis also grew 10% which reflected 8% growth in recurring revenues and 23% growth in transactions revenues. Our "Big 3" segments, which comprised 88% of total revenues, increased 10% on an organic basis driven by 9% growth in recurring revenues and 17% growth in transactions revenues.

In the third quarter, our operating profit decreased 22% primarily related to a prior-year period other operating gain from the sale of the company’s remaining minority equity interest in the Elite business. Adjusted EBITDA, which excludes other operating gains, as well as other adjustments, increased 10% and the related margin decreased to 35.5% from 35.8% in the prior-year period. Foreign currency had no impact on the year-over-year change in adjusted EBITDA margin.

In November 2026, we updated our 2026 full-year outlook for our total company to remove and reflect the results of the Global Print business as discontinued operations. As a result, we updated the financial measures presented for the total company in our 2026 full-year outlook, as compared to the full-year outlook communicated on August 5, 2026, to reflect our expected performance on a continuing operations basis, which excludes Global Print. Our updated total company 2026 full-year outlook reflects total revenue growth of approximately 9.5%, organic revenue growth of approximately 8.5% to 9.0%, and adjusted EBITDA margin of approximately 39% compared to our 2025 adjusted EBITDA margin of 37.4%. Our revenue and adjusted EBITDA margin outlook for our "Big 3" segments were unchanged from our previously communicated August 5, 2026 outlook.

In addition to the updates to reflect the November 2026 full-year outlook on a continuing operations basis, we also raised our full-year 2026 outlook for net interest expense to approximately $190 million to incorporate the recent debt issuance and the proceeds from the Global Print transaction. We also adjusted our November 2026 outlook for depreciation and amortization of software. See both "Global Print Business Transaction" below and the “Outlook” section of this management’s discussion and analysis for further information.

Our capital capacity and liquidity remain a key asset to support acquisitions and returns to shareholders. In the third quarter of 2026, we generated net cash flows from operating activities of $599 million and free cash flow of $408 million. In aggregate, we returned $512 million to our common shareholders, which included $238 million under our recently completed February 2026 share repurchase plan, and $274 million in dividends. We received approximately $2.0 billion of net proceeds, in aggregate, from offerings of U.S. $1.3 billion notes and C$1.0 billion notes. We used the net proceeds for general corporate purposes, including the repayment of borrowings under our commercial paper program. See the “Liquidity and Capital Resources” section of this management’s discussion and analysis for additional information.

Global Print Transaction

On October 1, 2026, Thomson Reuters sold a 51% stake in its Global Print business to capital accounts advised by KKR, with the two parties forming a joint venture to operate the Global Print business, now operating as Westbridge Print. We received approximately $500 million in gross proceeds at closing and retained a 49% equity interest in the joint venture. Westbridge Print, an independent company, serves legal and tax professionals across 13 countries and provides commercial printing services to book publishers across a wide range of markets. Thomson Reuters maintains intellectual property rights and full editorial control over its content portfolio. As part of the transaction, Thomson Reuters has agreed to provide certain financial support designed to give KKR a minimum return on its equity investment in the joint venture under certain circumstances.

Beginning in the fourth quarter of 2026, Westbridge Print will pay a royalty to Thomson Reuters equal to 20% of its Professional revenues (approximately 85% – 90% of its total revenues) for the exclusive license to distribute the company’s intellectual property in print and on ProView, its eBook platform. Additionally, Westbridge Print entered a multi-year agreement with Thomson Reuters whereby it will reimburse our company for certain transition services as the joint venture migrates to a stand-alone entity. The royalty and transition services reimbursement are largely expected to offset the stranded costs from the separation. As a result, we expect the impact from the Global Print transaction to be approximately neutral to our total company adjusted EBITDA margin following the transaction close, as well as 60 – 70 basis points accretive to our annual organic revenue growth rate.

The Global Print business has been classified as discontinued operations in the third quarter of 2026 and will no longer be presented as a reportable segment. We expect to record a pre-tax gain on the transaction in the fourth quarter of 2026.

Results of Operations

Our revenues and operating profit on a consolidated basis do not tend to be significantly impacted by seasonality as we record a large portion of our revenues ratably over the contract term and our costs are generally incurred evenly throughout the year. However, at the segment level, revenues on a consecutive quarter basis can be impacted by seasonality, most notably in our Tax, Audit & Accounting Professionals business, where revenues tend to be concentrated in the first and fourth quarters.

The section below contains non-IFRS measures where indicated. Refer to Appendices A and B of this management’s discussion and analysis for additional information and reconciliations of our non-IFRS financial measures to the most directly comparable IFRS financial measures.

Consolidated results

Revenues

Revenues in the third quarter increased 10% in total and in constant currency. Total revenue growth reflected 9% growth in recurring revenues (88% of total revenues) and 27% growth in transactions revenues. Foreign currency and net acquisitions and disposals had no significant impact on total company revenue growth. On an organic basis, revenues increased 10%, which reflected 8% growth in recurring revenues and 23% growth in transactions revenues. Revenues from the “Big 3” segments (88% of total revenues) increased 10% in total and in constant currency. On an organic basis, revenues increased 10% driven by 9% growth in recurring revenues and 17% growth in transactions revenues.

Revenues in the nine-month period increased 11% in total and 10% in constant currency. Total revenue growth reflected 9% growth in recurring revenues (85% of total revenues) and 18% growth in transactions revenues. Total revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals. On an organic basis, revenues increased 9%, which reflected 8% growth in recurring revenues and 13% growth in transactions revenues. Revenues from the “Big 3” segments (89% of total revenues) increased 11% in total and 10% on a constant currency basis. On an organic basis, revenues increased 9%, driven by 9% growth in recurring revenues and 13% growth in transactions revenues.

In the third quarter, the weakening of the U.S. dollar against the Brazilian real offset the strengthening of the U.S. dollar against certain other currencies we transact in, including the British pound sterling, compared to the prior-year period. In the nine-month period, the U.S. dollar weakened against most of the currencies we transact in, including both the British pound sterling and Brazilian real, compared to the prior-year period. Overall, changes in foreign exchange rates had no significant impact on our revenue growth in the third quarter and increased revenue growth by approximately 1% in the nine-month period.

Operating profit, adjusted EBITDA and adjusted EBITDA less accrued capital expenditures

Operating profit decreased 22% in the third quarter primarily related to a prior-year period other operating gain from the sale of our remaining minority equity interest in the Elite business, and to a lesser extent, higher amortization of software in the current period, partly offset by the net impact of higher revenues and operating expenses.

Operating profit increased 7% in the nine-month period primarily due to the net impact of higher revenues and operating expenses, partly offset by higher other operating gains in the prior-year period, which included a gain on the sale of the company’s remaining minority equity interest in the Elite business, as well as higher amortization of software in the current period.

Adjusted EBITDA, which excludes other operating gains, amortization of software, as well as other adjustments, increased 10% and 11% in the third quarter and nine-month period, respectively. The third quarter increase in adjusted EBITDA reflected increases of 7% in the “Big 3” segments, and 37% in Reuters, with Reuters growth driven by the impact from higher generative AI content licensing revenues which are transactional in nature. The nine-month period increase in adjusted EBITDA reflected increases of 9% in the “Big 3” segments and 10% in Reuters.

In the third quarter, adjusted EBITDA margin decreased to 35.5% from 35.8% in the prior-year period. Foreign currency had no impact on the year-over-year change in adjusted EBITDA margin. In the nine-month period, adjusted EBITDA margin increased to 37.9% from 37.6% in the prior-year period. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 10bp.

Adjusted EBITDA less accrued capital expenditures increased in both periods as higher adjusted EBITDA was partly offset by higher accrued capital expenditures. The related margin was unchanged in the third quarter and increased 10bp in the nine-month period.

Operating expenses

Operating expenses, excluding fair value adjustments, increased in total and on a constant currency basis in both periods primarily due to higher compensation-related and technology costs.

Depreciation and amortization

Other operating (losses) gains, net

Other operating (losses) gains, net were $(1) million and $72 million in the third quarter and nine-month period of 2026, respectively. Other operating gains, net in the nine-month period primarily related to acquisitions and investments.

Other operating gains, net, were $160 million and $162 million in the third quarter and nine-month period of 2025, respectively. Both periods included a gain of $161 million on the sale of our company's remaining minority interest in Elite, an equity method investment.

Net interest expense

Net interest expense increased in both periods primarily due to higher interest expense from our commercial paper borrowings. See the "Liquidity and Capital Resources" section of the management's discussion and analysis for further information on our note issuances and repayments that occurred in 2026 and 2025.

Other finance income (costs)

Other finance income (costs) compared to prior-year periods reflected lower foreign exchange impacts primarily due to a reduction of intercompany funding arrangements.

Share of post-tax losses in equity method investments

Share of post-tax losses in equity method investments were not significant in all periods.

Tax expense

Tax expense was $59 million and $235 million in the third quarter and nine-month period of 2026, and $109 million and $230 million in the third quarter and nine-month period of 2025, respectively. Tax expense in each period reflected the mix of taxing jurisdictions in which pre-tax profits and losses were recognized. Tax expense or benefit in interim periods is not necessarily indicative of the tax expense or benefit for the full year because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year.

The comparability of our tax expense was impacted by various transactions and accounting adjustments during each period. The following table sets forth certain components within income tax expense that impact comparability from period to period:

The items described above impact the comparability of our tax expense or benefit for each period, therefore, we remove them from our calculation of adjusted earnings, along with the pre-tax items to which they relate. The computation of our adjusted tax expense is set forth below:

(1) Adjustment to reflect income taxes based on estimated full-year effective tax rates. Earnings or losses for interim periods under IFRS generally reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which we operate. The non-IFRS adjustment reallocates estimated full-year income taxes between interim periods, but has no effect on full-year income taxes.

Results of discontinued operations

The Global Print business has been classified as discontinued operations in the third quarter of 2026 and will no longer be presented as a reportable segment. Prior-year period amounts have been revised to reflect this change. Refer to the "Global Print Transaction" subsection within the "Executive Summary - Financial Highlights" section of this management's discussion and analysis for additional information.

Earnings from discontinued operations were lower in both periods due to lower earnings in the Global Print business and net impact of earnings and losses relating to a tax indemnity due to changes in foreign exchange and interest rates associated with the indemnifying party’s credit profile. The nine-month period of 2026 also included losses recognized from the resolution of a tax dispute on a portion of the receivable balance from LSEG relating to the tax indemnity.

Net earnings, diluted EPS, adjusted earnings and adjusted EPS

Net earnings and diluted EPS decreased in the third quarter primarily due to lower operating profit, partly offset by lower income tax expense. Net earnings and diluted EPS increased in the nine-month period primarily due to higher operating profit.

Adjusted earnings and adjusted EPS increased in both periods primarily due to higher adjusted EBITDA, partly offset by higher amortization of internally developed software and higher net interest expense.

Diluted and adjusted EPS in both periods benefited from a reduction in weighted-average common shares outstanding due to our return of capital transaction and share repurchases under our share repurchase program.

Segment results

The following is a discussion of our four reportable segments and our Corporate Center for the three and nine months ended September 30, 2026. We assess revenue growth for each segment, as well as the businesses within each segment, on a total, constant currency and an organic basis. See Appendix A of this management’s discussion and analysis for additional information on our non-IFRS financial measures.

Legal Professionals

Revenues increased in total, in constant currency, and on an organic basis in both periods. In the third quarter, revenues increased 9% on an organic basis due to 9% growth in recurring revenues (97% of the Legal Professionals segment revenues in the quarter) primarily driven by Westlaw and CoCounsel Legal and 20% growth in transactions revenues primarily driven by CLEAR. In the nine-month period, organic revenue growth of 9% was due to 9% growth in recurring revenues and 12% growth in transactions revenues driven substantially by the same products as in the third quarter.

Segment adjusted EBITDA increased 4% in the third quarter and 7% in the nine-month period. The related margin decreased 240bp to 46.6% in the third quarter and decreased 90bp to 47.7% in the nine-month period. Both periods reflected the impact of higher revenues offset by higher technology and other costs. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 10bp in both periods.

Corporates

Revenues increased in total, in constant currency, and on an organic basis in both periods. Revenues increased 10% on an organic basis in both periods due to growth in recurring (86% of the Corporates segment revenues in the quarter) and transactions revenues. Organic recurring revenue growth of 8% in both periods was driven substantially by CoCounsel Legal, Pagero, CLEAR and the segment’s international businesses. Organic transactions revenue growth of 23% in the third quarter and 18% in the nine-month period was led by Pagero, Indirect Tax, Additive and the segment’s international businesses. Confirmation also contributed to revenue growth in the nine-month period.

Segment adjusted EBITDA increased 11% in the third quarter and 14% in the nine-month period. The related margin decreased 10bp to 36.2% in the third quarter. In the nine-month period, the related margin increased 70bp to 37.9% due to higher operating leverage. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 30bp in the third quarter and negatively impacted segment adjusted EBITDA margin by 10bp in the nine-month period.

Tax, Audit & Accounting Professionals

Revenues increased on a total and constant currency basis in both periods. In the nine-month period, the impact of the SafeSend acquisition in 2025 also contributed to total and transactions revenue growth. In both periods, revenues increased 10% on an organic basis due to growth in recurring revenues (73% of the Tax, Audit & Accounting Professionals segment revenues in the quarter) and transactions revenues. Organic recurring revenue growth of 10% in both periods was primarily driven by tax and audit products, which include GoSystem and CoCounsel Tax, Audit & Accounting, Cloud Audit Suite, and the segment’s Latin America business. Organic transactions revenue growth of 11% in the third quarter and 9% in the nine-month period was led by SafeSend, SurePrep and Additive. UltraTax also contributed to revenue growth in the nine-month period.

Segment adjusted EBITDA increased 10% in the third quarter and 8% in the nine-month period. The related margin decreased 40bp to 30.2% in the third quarter and decreased 140bp to 42.5% in the nine-month period. Both periods reflected the impact of higher revenues offset by higher technology and other costs. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 30bp in the third quarter and negatively impacted segment adjusted EBITDA margin by 10bp in the nine-month period.

The Tax, Audit & Accounting Professionals segment is the company’s most seasonal business with approximately 60% of full-year revenues typically generated in the first and fourth quarters. As a result, the margin performance of this segment has been generally higher in the first and fourth quarters as costs are typically incurred in a more linear fashion throughout the year.

Reuters

Revenues increased in total, in constant currency, and on an organic basis in both periods primarily due to higher generative AI content licensing revenues which were largely transactional in nature, higher Agency and Professional revenues, and a contractual price increase from our news agreement with the Data & Analytics business of LSEG.

Reuters and the Data & Analytics business of LSEG have an agreement pursuant to which Reuters supplies news and information services to LSEG through October 1, 2048. In the first nine months of 2026, Reuters recorded revenues of $311 million under this agreement, compared to $298 million in the prior-year period.

Segment adjusted EBITDA increased 37% and related margin increased 440bp to 24.3% in the third quarter primarily driven by higher transactions revenues. In the nine-month period, segment adjusted EBITDA increased 10% and the related margin increased 30bp to 20.5% due to the net impact of revenues and expenses. Foreign currency negatively impacted the year-over-year change in segment adjusted EBITDA margin by 10bp and 90bp in the third quarter and nine-month period, respectively.

Corporate Center

Corporate Center results decreased in both periods primarily due to lower costs, including content and editorial costs, related to Global Print.

Corporate Center, which was previously called Corporate costs, includes expenses for centrally managed functions, as well as certain content and editorial costs associated with our former Global Print business. Refer to the "Global Print Transaction" subsection within the "Executive Summary - Financial Highlights" section of this management's discussion and analysis for additional information.

Liquidity and Capital Resources

We continue to maintain a disciplined capital strategy that balances growth, long-term financial leverage, credit ratings and returns to shareholders. We are focused on having the investment capacity to drive revenue growth, both organically and through acquisitions, while also maintaining our long-term financial leverage and credit ratings and continuing to provide returns to shareholders. We have diverse sources of liquidity to support our ongoing operations and the achievement of our disciplined capital strategy including cash and cash equivalents, cash provided by operating activities, and the ability to issue commercial paper, issue debt securities and borrow under our credit facility. Our principal uses of cash are for debt repayments, debt servicing costs, dividend payments, capital expenditures, share repurchases and acquisitions.

In the first nine months of 2026, we received approximately $2.0 billion of net proceeds, in aggregate, from a U.S. public offering of $1.3 billion notes and Canadian private placement of C$1.0 billion notes, which were swapped to $0.7 billion. We used the net proceeds for general corporate purposes, including the repayment of borrowings under our commercial paper program. We spent $261 million on acquisitions, which substantially related to Noetica, Inc., a New York-based AI-native start-up that transforms transaction-deal data into structured market intelligence for deal professionals, repaid our $500 million 3.35% notes upon maturity, and returned $2,034 million to our common shareholders. Returns to common shareholders consisted of: (i) the repurchase of 6.2 million of our common shares for $600 million to complete our February 2026 plan to repurchase up to $600 million of our common shares under an amended Normal Course Issuer Bid (NCIB) approved by the TSX; (ii) $829 million in dividends to our common shareholders; and (iii) $605 million from return of capital and share consolidation transactions, which consisted of a special cash distribution of $1.435518 per participating common share and a share consolidation, or "reverse stock split", that reduced the number of outstanding common shares by approximately 6.5 million. Refer to the "Share repurchases – NCIB" and "Return of capital and share consolidation transactions" subsections below for additional information.

Our capital strategy approach has provided us with a strong capital structure and liquidity position, which enables us to pursue organic and inorganic opportunities in key growth segments and drive shareholder returns. Our disciplined approach and highly recurring cash generative business model have allowed us to weather economic volatility in recent years caused by macroeconomic and geopolitical factors, while continuing to invest in our business.

We expect that the operating leverage of our business will increase our free cash flow if we increase revenues as contemplated by our outlook. We continue to target: (i) a leverage ratio of 2.5x net debt to adjusted EBITDA; (ii) a payout of 50% to 60% of our expected free cash flow as dividends to our shareholders; (iii) a return of at least 75% of our annual free cash flow to our shareholders in the form of dividends and share repurchases; and (iv) a return on invested capital (ROIC) that is double or more of our weighted-average cost of capital over time.

As of September 30, 2026, we had $1,394 million of cash and cash equivalents, and a net debt to adjusted EBITDA leverage ratio of 1.0:1, below our target leverage ratio of 2.5:1. As calculated under our credit facility covenant, our net debt to EBITDA leverage ratio as of September 30, 2026 was 0.9:1, which is also below the maximum leverage ratio allowed under the credit facility of 4.5:1. Our next scheduled debt repayment is in September 2028, when our $800 million 5.1% notes are due to mature.

We believe that our existing sources of liquidity will be sufficient to fund our expected cash requirements in the normal course of business for the next 12 months.

Certain information above in this section is forward-looking and should be read in conjunction with the section entitled “Additional Information - Cautionary Note Concerning Factors That May Affect Future Results”.

Cash flow

Summary of consolidated statement of cash flow

Operating activities. Net cash provided by operating activities decreased by $105 million in the third quarter as cash benefits from the net impact of higher revenues and operating expenses were more than offset by certain unfavorable changes in working capital and higher income tax payments. In the nine-month period, net cash provided by operating activities increased by $129 million as the cash benefits from the net impact of higher revenues and operating expenses were partly offset by certain unfavorable changes in working capital and higher income tax payments.

Investing activities. Net cash used in investing activities of $188 million and $761 million in the third quarter and nine-month period of 2026 included $176 million and $508 million of capital expenditures, and $13 million and $261 million of acquisition spend, respectively. In the nine-month period, acquisition spend primarily included our acquisition of Noetica in February 2026.

Net cash used in investing activities of $141 million and $1,079 million in the third quarter and nine-month period of 2025, respectively, primarily included $161 million and $475 million of capital expenditures and $193 million and $823 million of acquisition spend, which included Additive in September 2025 and SafeSend in January 2025. Net cash used in investing activities was partly offset by $247 million and $252 million in proceeds related to disposals of businesses and investments, predominately from the sale of our remaining minority equity interest in the Elite business.

Financing activities. Net cash provided by financing activities of $405 million in the third quarter of 2026 reflected the net proceeds of $2,022 million, in aggregate, from our offering of U.S. notes and the private placement of Canadian notes, partly offset by $1,068 million of repayments of commercial paper, $238 million of share repurchases and $274 million of dividend payments to our common shareholders. In the nine-month period of 2026, net cash used in financing activities of $380 million reflected the repayment of our $500 million 3.35% notes, our $605 million return of capital and share consolidation transactions, $600 million of share repurchases and $829 million of dividend payments to our common shareholders. These outflows were partly offset by the $2,022 million of net proceeds from our U.S. and Canadian note issuances and $237 million of net borrowings under our commercial paper program.

Net cash used in financing activities of $607 million in the third quarter of 2025 reflected $670 million of share repurchases and $260 million of dividend payments to our common shareholders, which were partly offset by $339 million of net borrowings under our commercial paper program. In the nine-month period of 2025, net cash used in financing activities of $2,170 million included $779 million of dividend payments to our common shareholders, $670 million of share repurchases and the repayment of our C$1.4 billion (U.S. $999 million) 2.239% notes upon maturity. These outflows were partly offset by $339 million of net borrowings under our commercial paper program.

Refer to the “Commercial paper program”, “Dividends”, “Share repurchases– NCIB” and "Return of capital and share consolidation transactions" subsections below for additional information.

Cash and cash equivalents. Cash and cash equivalents were $1,394 million as of September 30, 2026 and $511 million as of December 31, 2025.

Of total cash and cash equivalents, $129 million and $140 million as of September 30, 2026 and December 31, 2025, respectively, were held in subsidiaries which have regulatory restrictions or contractual restrictions, or operate in countries where exchange controls and other legal restrictions apply and were therefore not available for general use by our company.

Free cash flow. Free cash flow decreased by $118 million in the third quarter due to lower net cash provided by operating activities. In the nine-month period free cash flow increased $98 million due to higher net cash provided by operating activities. Both periods also included higher capital expenditures.

Additional information about our debt and credit arrangements, dividends and share repurchases is as follows:

We guarantee borrowings by our subsidiaries under the credit facility. We must also maintain a ratio of net debt as defined in the credit agreement (total debt plus hedging agreements, less cash and cash equivalents) as of the last day of each fiscal quarter to EBITDA as defined in the credit agreement (earnings before interest, income taxes, depreciation and amortization and other modifications described in the credit agreement) for the last four quarters ended of not more than 4.5:1. If we complete an acquisition with a purchase price of over $500 million, we may elect, subject to notification, to temporarily increase the ratio of net debt to EBITDA to 5.0:1 at the end of the quarter within which the transaction closed and for each of the three immediately following fiscal quarters. At the end of that period, the ratio would revert to 4.5:1. As of September 30, 2026, we complied with this covenant as our ratio of net debt to EBITDA, as calculated under the terms of our syndicated credit facility, was 0.9:1.

Details of the notes issued and repaid are as follows:

In connection with the issuance of Canadian dollar denominated notes in September 2026, we entered into cross-currency interest rate swaps, which swap Canadian dollar denominated principal and interest payments into U.S. dollars. The swaps were designated as cash flow hedges of foreign exchange risk on the notes. The details of these instruments are set forth below.

The public U.S. dollar notes were issued under a base shelf prospectus pursuant to which Thomson Reuters Corporation (TRC) and one of its U.S. subsidiaries, TR Finance LLC (TR Finance), may collectively issue up to $3.0 billion of unsecured debt securities from time to time through April 2027. To date, $1.3 billion aggregate principal amount of debt securities have been issued under the prospectus. Any debt securities issued by TR Finance are fully and unconditionally guaranteed on an unsecured basis by TRC and West Publishing Corporation, Thomson Reuters Applications Inc. and Thomson Reuters (Tax & Accounting) Inc., each of which is an indirect 100% owned U.S. and consolidated subsidiary of TRC. Any debt securities issued by TRC are also guaranteed by the three U.S. subsidiary guarantors on the same basis as the TR Finance debt securities. Except for TR Finance and the subsidiary guarantors, none of TRC’s other subsidiaries have guaranteed or would otherwise become obligated with respect to any issued TR Finance or TRC debt securities. Please refer to Appendix D of this management’s discussion and analysis for condensed consolidating financial information of the Company, including TR Finance and the subsidiary guarantors.

Fixed-to-floating interest rate swaps. As of September 30, 2026, we have fixed-to-floating interest rate swaps totaling $1,050 million in notional amount, of which $415 million was entered into during the third quarter of 2026 and $640 million were entered into during the nine months ended September 30, 2026 .Additionally, $410 million notional amount of swaps were entered in September 2025. Under these arrangements, we receive a fixed rate of interest and pay a floating rate based on daily compounded SOFR plus a spread. These swaps are designated as fair value hedges for a portion of each of our $400 million principal amount of 5.50% debentures due August 2035 ($190 million hedged), $500 million principal amount of 5.85% notes due April 2040 ($450 million hedged), $119 million principal amount of 4.50% notes due May 2043 ($80 million hedged) and $350 million principal amount of 5.65% notes due November 2043 ($330 million hedged), covering the remaining term to debt maturity. The swaps were entered into as part of the Company's strategy to manage interest rate risk and the swap notional is aligned 1:1 with the portion of the debt being hedged.

In addition, we have credit support agreements with our counterparties under which one party may call on the other party to post cash collateral when the market value of the swaps exceeds specific thresholds, thus limiting credit exposure. As of September 30, 2026, we had a cash collateral receivable of $44 million (December 31, 2025 - $7 million) related to our fixed-to-floating interest rate swaps. Cash flows associated with collateral movements were classified as financing activities in the consolidated statement of cash flow.

The following table sets forth the credit ratings from rating agencies in respect of TRC and TR Finance's outstanding securities as of the date of this management's discussion and analysis:

These credit ratings are not recommendations to purchase, hold, or sell securities and do not address the market price or suitability of a specific security for a particular investor. Credit ratings may not reflect the potential impact of all risks on the value of securities. We cannot ensure that our credit ratings will not be lowered in the future or that rating agencies will not issue adverse commentaries regarding our securities.

Details of dividends declared per common share and dividends paid on common shares are as follows: