Thomson Reuters (TSX:TRI) is a Toronto-based content and technology giant that has quietly built one of the most durable moats in the information services industry.
The Canadian dividend stock is down roughly 57% from its all-time high, raising its forward yield to almost 3%. But beneath that decline lies a company growing faster than it has in years, riding two powerful tailwinds with no end in sight.
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The bull case for the TSX dividend stock
Thomson Reuters is not a media company in the traditional sense. It operates across five segments: Legal Professionals, Corporates, Tax and Accounting Professionals, Reuters News, and Global Print.
Its core business serves lawyers, tax professionals, auditors, and corporate compliance teams, people who cannot afford to be wrong.
The company has been building its content library since 1799, and roughly 85% of its content is not available publicly. Notably, the content is curated by more than 2,700 in-house subject matter experts.
Thomson Reuters has been at the forefront of machine learning for 30 years. The company put a functioning search algorithm on Westlaw, its legal research platform, in the early 1990s. So when ChatGPT passed the bar exam a few years ago, it was not exactly new territory.
What is new is the scale of the opportunity. Chief Executive Steve Hasker described it at the Barclays conference this way: instead of just being a tax calculation engine, Thomson Reuters can now offer an end-to-end agentic solution that covers the entire tax return process.
For litigators, the company has moved into drafting, covering motions, contracts, and rebuttals.
The company calls this “fiduciary-grade AI.” The idea is straightforward: generic chatbots hallucinate, while lawyers and accountants cannot afford that risk. Thomson Reuters combines its proprietary content, expert-trained agents, strict data privacy, and live 24/7 attorney support to deliver something the frontier models cannot match on their own.
CoCounsel Next, the company’s next-generation legal AI assistant, entered beta a few weeks before the conference. Chief Operations and Technology Officer Kirsty Roth noted that the beta is solving roughly three times as many problems as the prior version, and demand from law firms seeking early access is already outpacing capacity.
A growing dividend
For the first quarter of 2026, Thomson Reuters reported 8% organic revenue growth. That is up from 7% in 2025 and above the 7% the company had guided for the quarter.
The Legal Professionals segment, excluding government clients, grew organically by 11%. That is the highest rate the company has seen, driven by strong adoption of Westlaw Advantage, launched last August, and continued momentum in CoCounsel.
The company reiterated its full-year guidance and sees a clear path toward double-digit growth in its three core franchises: Legal, Tax and Accounting, and Corporates.
Thomson Reuters has a long track record of paying and growing its dividend. With roughly US$9 billion in available capital, including cash on hand, balance sheet flexibility, and expected free cash flow of about US$2.1 billion this year, the company has ample room to continue rewarding shareholders.
The TSX dividend stock has raised the annual payout from US$1.52 per share in 2019 to US$2.62 per share in 2026.
For investors with a long time horizon, the combination of compounding dividend income, accelerating organic growth, and a structural AI tailwind is hard to ignore.
Thomson Reuters is not trying to compete with every AI tool on the market. It is building something narrower and far more defensible. That focus is what makes it worth owning for decades.
