London Stock Exchange Group (LSEG) Q1 2026 TU earnings summary

Executive summary

• Achieved record Q1 results with 9.8% organic income growth, the strongest since the Refinitiv acquisition, driven by exceptional Markets and subscription business performance.

• Strong start toward 2026 targets, with transformative AI products, high customer adoption in AI channels, and continued innovation in digital markets and private securities.

• Multi-asset trading venues, trusted data, and digital platforms drove high customer engagement and liquidity.

• Over 150 customers connected or onboarding to the MCP server, with positive feedback for new AI tools in Workspace.

• First transaction executed on Private Securities Market, expanding private market funding.

Financial highlights

• Total income (excluding recoveries) reached £2,415m, up 6.8% reported and 9.8% organic year-over-year; gross profit increased 11.5% to £2,219m.

• Markets division led with 12.9% reported and 15.5% organic growth; Risk Intelligence up 7.0% reported and 10.5% organic.

• Data & Analytics up 5.1%, Data & Feeds up 7.3%, FTSE Russell up 8.8%, and subscription businesses grew 6.3% organically.

• Net Treasury Income rose 17.0% year-over-year, driven by higher customer cash balances.

• No MCP revenue included in Q1 results.

Outlook and guidance

• Full-year organic constant currency revenue growth expected in the upper half of the 6.5–7.5% guidance range.

• EBITDA margin improvement of 80–100 basis points anticipated for 2026; capex intensity around 9.5% of total income.

• Equity free cash flow projected at least £2.7bn for 2026; adjusted tax rate guided at 24–25%.

• Medium-term (2027–2029) guidance projects mid to high single-digit income growth and double-digit CAGR in equity free cash flow per share.

• Risk Intelligence expected to maintain double-digit growth; FTSE Russell returning to high single-digit growth.