Thomson Reuters Business Classification


The Thomson Reuters Business Classification is an industry classification of global companies. It was developed by the Reuters Group under the name Reuters Business Sector Scheme and was rebranded to Thomson Reuters Business Classification when the Thomson Corporation acquired the Reuters Group in 2008, forming Thomson Reuters. Since the creation of Refinitiv in October 2018, TRBC has been owned and operated by Refinitiv and is the basis for Refinitiv Indices.

Coverage

TRBC covers over 70,000 public companies from 130 countries and provides over 10 years of classification history. The classification consists of five levels of hierarchical structure. Each company is allocated an Industry, which falls under an Industry group, then Business Sector, which is then part of an overall economic sector. TRBC consists of 10 Economic sectors, 28 Business sectors, 54 Industry groups, 136 Industries and 837 Activities.
The top four levels are as follows:
Economic sectorBusiness sectorIndustry groupIndustry
50 Energy5010 Energy501010 Coal50101010 Coal
50 Energy5010 Energy501020 Oil and gas50102010 Integrated Oil and gas
50 Energy5010 Energy501020 Oil and gas50102020 Oil & Gas Exploration and Production
50 Energy5010 Energy501020 Oil and gas50102030 Oil & Gas Refining and Marketing
50 Energy5010 Energy501030 Oil & Gas Related Equipment and Services50103010 Oil & Gas Drilling
50 Energy5010 Energy501030 Oil & Gas Related Equipment and Services50103020 Oil-related Services and Equipment
50 Energy5010 Energy501030 Oil & Gas Related Equipment and Services50103030 Oil & Gas Transportation Services
50 Energy5010 Energy501040 Renewable Energy Code changed, see 50201050104010 Renewable Energy Equipment & Services Code changed, see 50201010
50 Energy5010 Energy501040 Renewable Energy Code changed, see 50201050104020 Renewable Fuels Code changed, see 50201020
50 Energy5020 Renewable Energy502010 Renewable Energy50201010 Renewable Energy Equipment & Services
50 Energy5020 Renewable Energy502010 Renewable Energy50201020 Renewable Fuels
50 Energy5030 Uranium503010 Uranium50301010 Uranium
51 Basic Materials5110 Chemicals511010 Chemicals51101010 Commodity Chemicals
51 Basic Materials5110 Chemicals511010 Chemicals51101020 Agricultural Chemicals
51 Basic Materials5110 Chemicals511010 Chemicals51101030 Specialty Chemicals
51 Basic Materials5110 Chemicals511010 Chemicals51101090 Diversified Chemicals
51 Basic Materials5120 Mineral Resources512010 Metals & Mining51201010 Precious metals & Minerals
51 Basic Materials5120 Mineral Resources512010 Metals & Mining51201020 Steel
51 Basic Materials5120 Mineral Resources512010 Metals & Mining51201030 Aluminum
51 Basic Materials5120 Mineral Resources512010 Metals & Mining51201050 Specialty Mining & Metals
51 Basic Materials5120 Mineral Resources512010 Metals & Mining51201060 Gold
51 Basic Materials5120 Mineral Resources512010 Metals & Mining51201070 Mining Support Services & Equipment
51 Basic Materials5120 Mineral Resources512010 Metals & Mining51201080 Integrated Mining
51 Basic Materials5120 Mineral Resources512020 Construction Materials51202010 Construction Materials
51 Basic Materials5130 Applied Resources513010 Paper & Forest Products51301010 Forest & Wood Products
51 Basic Materials5130 Applied Resources513010 Paper & Forest Products51301020 Paper Products
51 Basic Materials5130 Applied Resources513020 Containers & Packaging51302010 Non-Paper Containers & Packaging
51 Basic Materials5130 Applied Resources513020 Containers & Packaging51302020 Paper Packaging
52 Industrials5210 Industrial Goods521010 Aerospace & Defense52101010 Aerospace & Defense
52 Industrials5210 Industrial Goods521020 Machinery, Equipment & Components52102010 Industrial Machinery & Equipment
52 Industrials5210 Industrial Goods521020 Machinery, Equipment & Components52102020 Heavy Machinery & Vehicles
52 Industrials5210 Industrial Goods521020 Machinery, Equipment & Components52102030 Electrical Components & Equipment
52 Industrials5210 Industrial Goods521020 Machinery, Equipment & Components52102040 Heavy Electrical Equipment
52 Industrials5210 Industrial Goods521020 Machinery, Equipment & Components52102050 Shipbuilding
52 Industrials5220 Industrial Services522010 Construction & Engineering52201020 Construction & Engineering
52 Industrials5220 Industrial Services522020 Diversified Trading & Distributing52202010 Diversified Trading & Distributing
52 Industrials5220 Industrial Services522030 Professional & Commercial Services52203010 Environmental Services & Equipment
52 Industrials5220 Industrial Services522030 Professional & Commercial Services52203020 Commercial Printing Services
52 Industrials5220 Industrial Services522030 Professional & Commercial Services52203030 Employment Services
52 Industrials5220 Industrial Services522030 Professional & Commercial Services52203040 Business Support Services
52 Industrials5220 Industrial Services522030 Professional & Commercial Services52203060 Business Support Supplies
52 Industrials5220 Industrial Services522030 Professional & Commercial Services52203070 Professional Information Services
52 Industrials5230 Industrial Conglomerates523010 Industrial Conglomerates52301010 Industrial Conglomerates
52 Industrials5240 Transportation524010 Air Freight & Courier Services Discontinued52401010 Air Freight & Courier Services Code changed, see 52405010
52 Industrials5240 Transportation524020 Airline Services Discontinued52402010 Airlines Code changed, see 52406010
52 Industrials5240 Transportation524020 Airline Services Discontinued52402020 Airport Services Code changed, see 52407010
52 Industrials5240 Transportation524030 Marine Services Discontinued52403010 Freight Transportation, Marine Code changed, see 52405020
52 Industrials5240 Transportation524030 Marine Services Discontinued52403020 Marine Port Services Code changed, see 52407020
52 Industrials5240 Transportation524040 Transportation, Ground Discontinued52404010 Passenger Transportation, Ground & Sea Code changed, see 52406020
52 Industrials5240 Transportation524040 Transportation, Ground Discontinued52404020 Freight Transportation, Ground Code changed, see 52405030
52 Industrials5240 Transportation524040 Transportation, Ground Discontinued52404030 Highways & Rail Tracks Code changed, see 52407030
52 Industrials5240 Transportation524050 Freight & Logistics Services52405010 Air Freight & Courier Services
52 Industrials5240 Transportation524050 Freight & Logistics Services52405020 Marine Freight & Logistics
52 Industrials5240 Transportation524050 Freight & Logistics Services52405030 Ground Freight & Logistics
52 Industrials5240 Transportation524060 Passenger Transportation Services52406010 Airlines
52 Industrials5240 Transportation524060 Passenger Transportation Services52406020 Passenger Transportation, Ground & Sea
52 Industrials5240 Transportation524070 Transport Infrastructure52407010 Airport Services
52 Industrials5240 Transportation524070 Transport Infrastructure52407020 Marine Port Services
52 Industrials5240 Transportation524070 Transport Infrastructure52407030 Highways & Rail Tracks
53 Cyclical Consumer Goods & Services5310 Automobiles & Auto Parts531010 Automobiles & Auto Parts53101010 Auto & Truck Manufacturers
53 Cyclical Consumer Goods & Services5310 Automobiles & Auto Parts531010 Automobiles & Auto Parts53101020 Auto, Truck & Motorcycle Parts
53 Cyclical Consumer Goods & Services5310 Automobiles & Auto Parts531010 Automobiles & Auto Parts53101030 Tires & Rubber Products
53 Cyclical Consumer Goods & Services5320 Cyclical Consumer Products532020 Textiles & Apparel53202010 Textiles & Leather Goods
53 Cyclical Consumer Goods & Services5320 Cyclical Consumer Products532020 Textiles & Apparel53202020 Apparel & Accessories
53 Cyclical Consumer Goods & Services5320 Cyclical Consumer Products532020 Textiles & Apparel53202030 Footwear
53 Cyclical Consumer Goods & Services5320 Cyclical Consumer Products532030 Homebuilding & Construction Supplies53203010 Homebuilding
53 Cyclical Consumer Goods & Services5320 Cyclical Consumer Products532030 Homebuilding & Construction Supplies53203020 Construction Supplies & Fittings
53 Cyclical Consumer Goods & Services5320 Cyclical Consumer Products532040 Household Goods53204020 Consumer Electronics Discontinued
53 Cyclical Consumer Goods & Services5320 Cyclical Consumer Products532040 Household Goods53204030 Appliances, Tools & Housewares
53 Cyclical Consumer Goods & Services5320 Cyclical Consumer Products532040 Household Goods53204040 Home Furnishing
53 Cyclical Consumer Goods & Services5320 Cyclical Consumer Products532050 Leisure Products53205010 Toys & Juvenile Products
53 Cyclical Consumer Goods & Services5320 Cyclical Consumer Products532050 Leisure Products53205020 Recreational Products
53 Cyclical Consumer Goods & Services5330 Cyclical Consumer Services533010 Hotels & Entertainment Services53301010 Hotels, Motels & Cruise Lines
53 Cyclical Consumer Goods & Services5330 Cyclical Consumer Services533010 Hotels & Entertainment Services53301020 Restaurants & Bars
53 Cyclical Consumer Goods & Services5330 Cyclical Consumer Services533010 Hotels & Entertainment Services53301030 Casinos & Gaming
53 Cyclical Consumer Goods & Services5330 Cyclical Consumer Services533010 Hotels & Entertainment Services53301040 Leisure & Recreation
53 Cyclical Consumer Goods & Services5330 Cyclical Consumer Services533020 Media & Publishing53302010 Advertising & Marketing
53 Cyclical Consumer Goods & Services5330 Cyclical Consumer Services533020 Media & Publishing53302020 Broadcasting
53 Cyclical Consumer Goods & Services5330 Cyclical Consumer Services533020 Media & Publishing53302030 Entertainment Production
53 Cyclical Consumer Goods & Services5330 Cyclical Consumer Services533020 Media & Publishing53302040 Consumer Publishing
53 Cyclical Consumer Goods & Services5330 Cyclical Consumer Services533020 Media & Publishing53302090 Diversified Media Discontinued
53 Cyclical Consumer Goods & Services5340 Retailers534020 Diversified Retail53402010 Department Stores
53 Cyclical Consumer Goods & Services5340 Retailers534020 Diversified Retail53402020 Discount Stores
53 Cyclical Consumer Goods & Services5340 Retailers534030 Specialty Retailers53403010 Auto Vehicles, Parts & Service Retailers
53 Cyclical Consumer Goods & Services5340 Retailers534030 Specialty Retailers53403020 Home Improvement Products & Services Retailers
53 Cyclical Consumer Goods & Services5340 Retailers534030 Specialty Retailers53403030 Home Furnishings Retailers
53 Cyclical Consumer Goods & Services5340 Retailers534030 Specialty Retailers53403040 Apparel & Accessories Retailers
53 Cyclical Consumer Goods & Services5340 Retailers534030 Specialty Retailers53403050 Computer & Electronics Retailers
53 Cyclical Consumer Goods & Services5340 Retailers534030 Specialty Retailers53403090 Miscellaneous Specialty Retailers
54 Non-Cyclical Consumer Goods & Services5410 Food & Beverages541010 Beverages54101010 Brewers
54 Non-Cyclical Consumer Goods & Services5410 Food & Beverages541010 Beverages54101020 Distillers & Wineries
54 Non-Cyclical Consumer Goods & Services5410 Food & Beverages541010 Beverages54101030 Non-Alcoholic Beverages
54 Non-Cyclical Consumer Goods & Services5410 Food & Beverages541020 Food & Tobacco54102010 Fishing & Farming
54 Non-Cyclical Consumer Goods & Services5410 Food & Beverages541020 Food & Tobacco54102020 Food Processing
54 Non-Cyclical Consumer Goods & Services5410 Food & Beverages541020 Food & Tobacco54102030 Tobacco
54 Non-Cyclical Consumer Goods & Services5420 Personal & Household Products & Services542010 Personal & Household Products & Services54201010 Household Products
54 Non-Cyclical Consumer Goods & Services5420 Personal & Household Products & Services542010 Personal & Household Products & Services54201020 Personal Products
54 Non-Cyclical Consumer Goods & Services5420 Personal & Household Products & Services542010 Personal & Household Products & Services54201030 Personal Services
54 Non-Cyclical Consumer Goods & Services5430 Food & Drug Retailing543010 Food & Drug Retailing54301010 Drug Retailers
54 Non-Cyclical Consumer Goods & Services5430 Food & Drug Retailing543010 Food & Drug Retailing54301020 Food Distribution & Convenience Stores
55 Financials5510 Banking & Investment Services551010 Banking Services55101010 Banks
55 Financials5510 Banking & Investment Services551010 Banking Services55101030 Consumer Financial Services
55 Financials5510 Banking & Investment Services551010 Banking Services55101050 Corporate Financial Services
55 Financials5510 Banking & Investment Services551020 Investment Banking & Investment Services55102010 Investment Banking & Brokerage Services
55 Financials5510 Banking & Investment Services551020 Investment Banking & Investment Services55102020 Investment Management & Fund Operators
55 Financials5510 Banking & Investment Services551020 Investment Banking & Investment Services55102030 Diversified Investment Services
55 Financials5510 Banking & Investment Services551020 Investment Banking & Investment Services55102040 Specialty Investment Services Discontinued
55 Financials5510 Banking & Investment Services551020 Investment Banking & Investment Services55102050 Financial & Commodity Market Operators
55 Financials5510 Banking & Investment Services551030 Diversified Financial Services Discontinued55103010 Diversified Financial Services Discontinued
55 Financials5530 Insurance553010 Insurance55301010 Multiline Insurance
55 Financials5530 Insurance553010 Insurance55301020 Property & Casualty Insurance
55 Financials5530 Insurance553010 Insurance55301030 Life & Health Insurance
55 Financials5530 Insurance553010 Insurance55301050 Reinsurance
55 Financials5530 Insurance553010 Insurance55301060 Insurance Brokers Discontinued
55 Financials5540 Real Estate554020 Real Estate Operations55402010 Real Estate Development & Operations
55 Financials5540 Real Estate554020 Real Estate Operations55402020 Real Estate Services
55 Financials5540 Real Estate554030 Residential & Commercial REITs55403010 Diversified REITs
55 Financials5540 Real Estate554030 Residential & Commercial REITs55403020 Commercial REITs
55 Financials5540 Real Estate554030 Residential & Commercial REITs55403030 Residential REITs
55 Financials5540 Real Estate554030 Residential & Commercial REITs55403040 Specialized REITs
55 Financials5550 Collective Investments555010 Collective Investments55501010 Investment Trusts
55 Financials5550 Collective Investments555010 Collective Investments55501020 Mutual Funds
55 Financials5550 Collective Investments555010 Collective Investments55501030 Closed End Funds
55 Financials5550 Collective Investments555010 Collective Investments55501040 Exchange Traded Funds
55 Financials5550 Collective Investments555010 Collective Investments55501050 Pension Funds
55 Financials5550 Collective Investments555010 Collective Investments55501060 Insurance Funds
55 Financials5560 Holding Companies556010 Holding Companies55601010 Holding Companies
56 Healthcare5610 Healthcare Services561010 Healthcare Equipment & Supplies56101010 Advanced Medical Equipment
56 Healthcare5610 Healthcare Services561010 Healthcare Equipment & Supplies56101020 Medical Equipment, Supplies & Distribution
56 Healthcare5610 Healthcare Services561020 Healthcare Providers & Services56102010 Healthcare Facilities & Services
56 Healthcare5610 Healthcare Services561020 Healthcare Providers & Services56102020 Managed Healthcare
56 Healthcare5620 Pharmaceuticals & Medical Research562010 Pharmaceuticals56201010 Diversified Pharmaceuticals Discontinued
56 Healthcare5620 Pharmaceuticals & Medical Research562010 Pharmaceuticals56201030 Generic & Specialty Pharmaceuticals Discontinued
56 Healthcare5620 Pharmaceuticals & Medical Research562010 Pharmaceuticals56201040 Pharmaceuticals
56 Healthcare5620 Pharmaceuticals & Medical Research562020 Biotechnology & Medical Research56202010 Biotechnology & Medical Research
57 Technology5710 Technology Equipment571010 Semiconductors & Semiconductor Equipment57101010 Semiconductors
57 Technology5710 Technology Equipment571010 Semiconductors & Semiconductor Equipment57101020 Semiconductor Equipment & Testing
57 Technology5710 Technology Equipment571020 Communications Equipment57102010 Communications Equipment
57 Technology5710 Technology Equipment571030 Communications & Office Equipment Discontinued57103010 Computer Hardware Code changed, see 57106010
57 Technology5710 Technology Equipment571030 Communications & Office Equipment Discontinued57103020 Office Equipment Code changed, see 57105010
57 Technology5710 Technology Equipment571040 Electronic Equipments & Parts57104010 Electronic Equipments & Parts
57 Technology5710 Technology Equipment571050 Office Equipment57105010 Office Equipment
57 Technology5710 Technology Equipment571060 Computers, Phones & Household Electronics57106010 Computer Hardware
57 Technology5710 Technology Equipment571060 Computers, Phones & Household Electronics57106020 Phones & Handheld Devices
57 Technology5710 Technology Equipment571060 Computers, Phones & Household Electronics57106030 Household Electronics
57 Technology5720 Software & IT Services572010 Software & IT Services57201010 IT Services & Consulting
57 Technology5720 Software & IT Services572010 Software & IT Services57201020 Software
57 Technology5720 Software & IT Services572010 Software & IT Services57201030 Internet Services
58 Telecommunications Services5810 Telecommunications Services581010 Telecommunications Services58101010 Integrated Telecommunications Services
58 Telecommunications Services5810 Telecommunications Services581010 Telecommunications Services58101020 Wireless Telecommunications Services
59 Utilities5910 Utilities591010 Electric Utilities & IPPs59101010 Electric Utilities
59 Utilities5910 Utilities591010 Electric Utilities & IPPs59101020 Independent Power Producers
59 Utilities5910 Utilities591020 Natural Gas Utilities59102010 Natural Gas Utilities
59 Utilities5910 Utilities591030 Water & Other Utilities59103010 Water & Other Utilities
59 Utilities5910 Utilities591040 Multiline Utilities59104010 Multiline Utilities

A market-based classification

TRBC is a market-based classification schema, similar to the GICS and ICB systems. These classify companies on the basis of degree of impact on markets, rather than establishment-based classification systems such as the North American Industry Classification System.

Use of TRBC

TRBC is used primarily in the Financial Investment and Advisory space, where investors identify and select groups of comparable companies and look at trends. More specifically, this could be Investment Managers allocating funds and benchmarking their portfolios; Investment Bankers highlighting acquisition targets and opportunities for financial restructuring, or more generally corporates performing competitive analysis of their peers in the marketplace.

Versions

Three versions of the classification scheme have been published: RBSS 2004, TRBC 2008 and TRBC 2012. The first two versions had four levels: Economic sectors, Business sectors, Industry groups, and Industries. The third version added a fifth level: Activities.