Paul McClean of the Financial Times and his friends had been surfing in Panama village on Sri Lanka's eastern coast.
He was reported missing around 3 pm local time yesterday.
"We have found his body," a police spokesman at the village, more than 200 kilometres east of Colombo, told reporters.
The official said the body has been sent for autopsy.
The crocodile appears to have attacked McClean when he left his friends to go to toilet. The body was found later in a lagoon.
According to a report in the Financial Times, the young reporter joined the newspaper two years ago as a graduate trainee.
"Our thoughts are with his family, friends and loved ones. We are in touch with them, doing all we can to help during this difficult time," James Lamont, the FT's managing editor, was quoted as saying in the report.
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