Thomson Reuters Announces $500 Million Share Repurchase Program and New Normal Course Issuer Bid

Woodbridge intends to sell proportionally into the buyback to maintain its approximately 70% ownership interest.

Rhea-AI Summary

Thomson Reuters (TSX/Nasdaq: TRI) plans to repurchase up to $500 million of its shares under a newly approved buyback program. The Toronto Stock Exchange approved purchases of up to 7 million common shares between November 13, 2026 and November 12, 2027. That represents approximately 1.6% of the 433,458,865 common shares outstanding as of October 31, 2026. Repurchased shares will be cancelled.

Controlling shareholder Woodbridge, which holds approximately 70%, intends to participate proportionally to maintain its ownership percentage. Purchases from Woodbridge will reduce the number available for open-market repurchases. An automatic purchase plan allows buying during predetermined blackout periods. In the preceding 12 months, Thomson Reuters purchased 6,155,886 shares for $600 million, at an average price of $97.48 per share.

5 points · 0 major

PositiveiHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

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0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Planned repurchases of up to $500 million provide a new capital return to selling shareholders. 1.1% of market cap
• Moderate pointCompleted repurchases totaled $600 million for 6,155,886 shares in the preceding 12 months, averaging $97.48 per share. 1.3% of market cap
• Minor pointTSX-approved authorization covers up to 7 million shares from November 13, 2026 through November 12, 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Repurchased shares will be cancelled, reducing the outstanding share count.
• Minor point. Forward-looking: it has not happened yet and may not happen.Woodbridge intends proportional participation to maintain its approximately 70% ownership interest rather than increase it through repurchases.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.Woodbridge purchases reduce the open-market allocation within the overall share repurchase authorization.
• Minor point. Forward-looking: it has not happened yet and may not happen.Woodbridge's purchase exemption ceases if required daily sales are missed, except because of a market disruption.

News Explained

Under the approved NCIB, Thomson Reuters may begin proportionate purchases from Woodbridge on November 13, 2026 under an automatic disposition plan agreement it expects to enter.

Key Figures

Repurchase authorization: $500 million Share repurchase limit: Up to 7 million common shares NCIB period: November 13, 2026–November 12, 2027 +4 more

Repurchase authorization

$500 million

Maximum planned purchases under the new NCIB

Share repurchase limit

Up to 7 million common shares

New NCIB

NCIB period

November 13, 2026–November 12, 2027

Authorized purchase period

Daily TSX purchase limit

181,938 shares

Daily limit, other than pursuant to a block purchase exception

Prior 12-month repurchases

6,155,886 common shares

Purchases preceding the announcement

Prior 12-month repurchase cost

$600 million

Cost of purchases preceding the announcement

Prior average repurchase price

$97.48 per common share

Average price during the preceding 12 months

Previous Buybacks Reports

2 past events · Latest: Feb 25

Same Type 2 events

1. Feb 25

   Share repurchase program

   24h Move

   +10.3%

   Announced NCIB alongside return-of-capital and share-consolidation transactions.

2. Aug 15

   Share repurchase program

   24h Move

   +2.1%

   Announced an NCIB permitting common-share repurchases through the following year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

normal course issuer bid, automatic share purchase plan, material non-public information

3 terms

normal course issuer bid financial

"new normal course issuer bid (NCIB) that has been approved"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

automatic share purchase plan financial

"entered into an automatic share purchase plan (ASPP) with its broker"

An automatic share purchase plan is a pre-arranged agreement that allows investors to buy a set amount of a company's shares at regular intervals without needing to make individual decisions each time. It helps investors steadily build their holdings over time, much like setting a recurring deposit into a savings account, making investing more disciplined and less influenced by short-term market fluctuations.

material non-public information regulatory

"not in possession of material non-public information relating to the company"

Material non-public information is important news about a company that hasn't been shared with the public yet, like a secret that could affect its stock price. Using this inside information to buy or sell stocks is unfair and illegal because it gives someone an unfair advantage over others who don’t have the same info.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, Nov. 11, 2026 /PRNewswire/ -- Thomson Reuters (TSX/Nasdaq: TRI), a global content and technology company, today announced that it plans to repurchase up to $500 million of its shares. Purchases of shares will occur under a new normal course issuer bid (NCIB) that has been approved by the Toronto Stock Exchange (TSX).

Under the new NCIB, up to 7 million common shares (which represents approximately 1.6% of the company's 433,458,865 issued and outstanding common shares as of October 31, 2026) may be repurchased between November 13, 2026 and November 12, 2027.

Under the NCIB, shares may be repurchased in open market transactions on the TSX, the Nasdaq Global Select Market (Nasdaq) and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX and/or Nasdaq or under applicable law, including private agreement purchases or share purchase program agreement purchases if Thomson Reuters receives, if applicable, an issuer bid exemption order in the future from applicable securities regulatory authorities in Canada for such purchases. The price that Thomson Reuters will pay for common shares in open market transactions will be the market price at the time of purchase or such other price as may be permitted by the TSX. Any private agreement purchases made under an exemption order, if applicable, may be at a discount to the prevailing market price. In accordance with TSX rules, any daily repurchases (other than pursuant to a block purchase exception) on the TSX under the new NCIB are limited to a maximum of 181,938 shares, which represents 25% of the average daily trading volume on the TSX of approximately 727,753 for the six months ended October 31, 2026. Any shares that are repurchased will be cancelled.

The Woodbridge Company Limited (together with its affiliates) (Woodbridge) is the controlling shareholder of Thomson Reuters and holds approximately 70% of the issued and outstanding common shares. Over the last decade, Woodbridge's ownership has increased from approximately 62%, primarily due to the impact of the company's share repurchase activity. Thomson Reuters and Woodbridge believe that maintaining a healthy float is in the best interest of all shareholders. Therefore, Woodbridge intends to participate proportionally in the NCIB in order to maintain its percentage interest in Thomson Reuters.

Thomson Reuters will be permitted to purchase its common shares from Woodbridge commencing on November 13, 2026, in accordance with an exemption granted by the TSX pursuant to its rules, regulations and policies in connection with the NCIB, on a basis proportionate to Woodbridge's percentage interest in Thomson Reuters. The maximum number of common shares that may be purchased in the open market pursuant to the NCIB will be reduced by the number of common shares purchased by Thomson Reuters from Woodbridge.

Purchases from Woodbridge will be made during the TSX's Special Trading Session pursuant to an automatic disposition plan agreement (ADP Agreement) expected to be entered into between Thomson Reuters' broker, Thomson Reuters and Woodbridge. Purchases from Woodbridge will be made on trading days, as required by the ADP Agreement, that Thomson Reuters makes a purchase from other shareholders. In the event that Woodbridge does not sell common shares on any trading day as required by the terms of the ADP Agreement (other than as a result of a market disruption event), the TSX exemption will cease to apply and Thomson Reuters will not be permitted to make any further purchases from Woodbridge under the terms of the NCIB. From time to time, Woodbridge may dispose of or acquire common shares outside of the NCIB for liquidity and other reasons and such transactions may occur during the course of this NCIB, which transactions would adjust Woodbridge's proportionate interest in Thomson Reuters and, correspondingly, the number of common shares to be purchased from Woodbridge under the ADP Agreement.

Thomson Reuters has entered into an automatic share purchase plan (ASPP) with its broker to allow for the purchase of shares under the NCIB during pre-determined times when the company would ordinarily not be permitted to purchase shares due to customary blackout periods or other regulatory restrictions. Purchases under the ASPP are made by the company's broker based upon parameters set by Thomson Reuters when it is not in possession of material non-public information relating to the company or the shares. The ASPP has been entered into in accordance with the requirements of the TSX and applicable Canadian securities laws and will terminate when the NCIB expires, unless terminated earlier in accordance with its terms. All purchases made under the ASPP are included in computing the number of shares purchased under the NCIB. Outside of pre-determined blackout periods, shares may be purchased under the NCIB based on management's discretion, in compliance with TSX rules and applicable securities laws.

Thomson Reuters has historically maintained a disciplined capital strategy that balances growth, long-term financial leverage, credit ratings and returns to shareholders through dividends and share repurchases. The NCIB provides the company with a flexible way to provide returns to shareholders who choose to participate by selling their shares.

Decisions regarding any future share repurchases will depend on certain factors, such as market conditions, share price and other opportunities to invest capital for growth. Thomson Reuters may elect to suspend or discontinue share repurchases at any time, in accordance with applicable laws.

Under its amended NCIB that became effective on February 27, 2026, Thomson Reuters was approved to purchase up to $1.6 billion worth of common shares or 16 million common shares between August 19, 2025 and August 18, 2026. During the 12 months preceding the date hereof, Thomson Reuters purchased 6,155,886 common shares at a cost of $600 million, representing an average price of $97.48 per common share. Purchases of common shares were effected through the facilities of the TSX, the Nasdaq Global Select Market and/or other eligible exchanges and alternative trading systems.

Thomson Reuters

Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products 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.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this news release, including, but not limited to, statements regarding the company's plans to repurchase up to $500 million of its common shares and Woodbridge's participation in the company's NCIB, are forward-looking. The words "will", "expect", "believe" and similar expressions identify forward-looking statements. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond the company's control and the effects of them can be difficult to predict. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.

CONTACTS

Media
Zoe Zanettos
Corporate Affairs
zoe.zanettos@thomsonreuters.com 

Investors
Gary E. Bisbee, CFA
Head of Investor Relations
gary.bisbee@thomsonreuters.com

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SOURCE Thomson Reuters

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much stock does Thomson Reuters plan to buy back, and when?

Thomson Reuters plans to repurchase up to $500 million of shares under an authorization covering up to 7 million common shares between November 13, 2026 and November 12, 2027. Shares purchased under the program will be cancelled.

How can Thomson Reuters buy shares during blackout periods?

An automatic share purchase plan allows its broker to buy during predetermined periods when Thomson Reuters would ordinarily face blackout or other regulatory restrictions. The broker follows parameters set when the company does not possess material non-public information. These purchases count toward the overall repurchase authorization.

What conditions apply to Thomson Reuters buying shares from Woodbridge?

Purchases from Woodbridge require proportional sales on trading days when Thomson Reuters buys from other shareholders, under an automatic disposition agreement expected to be entered into. If Woodbridge misses a required sale other than because of a market disruption, the TSX exemption ceases and further purchases from Woodbridge under the program are not permitted.