London Stock Exchange Group (LSEG) Q3 2026 TU & M&A Announcement earnings summary

Executive summary

• Q3 total income excluding recoveries grew 8.8% organically at constant currency, led by Markets and FTSE Russell.

• Subscription growth accelerated to 6.6%; AI adoption and proprietary data investment supported raised FY 2026 guidance.

• Octus and Trumid transactions extend fixed-income capabilities across credit data, workflows and trading.

Financial highlights

• Q3 total income excluding recoveries was £2,407m, up 8.5% reported and 8.8% organically at constant currency; YTD income was £7,206m, up 8.6% organically.

• Q3 gross profit was £2,207m, up 9.9% organically; cost of sales grew 1.1%, or 12.0% excluding the revised SwapClear surplus-share agreement.

• Subscription businesses grew 6.6% in Q3, versus 6.3% in H1 2026 and 6.0% in 2025.

• FY 2026 equity free cash flow guidance increased to at least £2.8bn.

Outlook and guidance

• FY 2026 organic, constant-currency income growth guidance raised to at least 8.0%, from 6.5–7.5% initially; subscription growth guidance is 6.5%.

• FY 2026 EBITDA margin improvement guidance raised to 100–120 bps, including 30 bps from the SwapClear agreement change; capex is expected at ~9.5% of income excluding recoveries.

• Underlying EBITDA margin expansion target remains ~150 bps cumulatively for 2027–2029 from the 2026 baseline; 2027 subscription growth guidance is ~7%.

• Octus is expected to be neutral to adjusted EPS in the first full year after completion and accretive thereafter.