LSEG dividend
LSEG's latest full-year dividend rate was £1.50 per share. In 2025, dividends and buybacks consumed 179.4% of free cash flow, so free cash flow did not cover the full distribution.
How much does LSEG pay in dividends?
Base dividends per share rise to £1.65 and then £1.80. They reach £1.95 at the final date. The latest full-year rate was £1.50. Management expects at least £2,700m of equity free cash flow, supporting gradual increases. Bear growth slows because payouts have exceeded free cash flow, while bull growth requires stronger cash conversion and more flexibility between dividends and buybacks.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 237.00 | 128.00 | 138.10 | 141.10 | 85.20 |
| Real free cash flow per share | 261.67 | 386.92 | 282.94 | 254.64 | 295.93 |
| − Dividends paid, per share | 136.24 | 120.00 | 110.89 | 101.25 | 78.74 |
| − Share buybacks, per share | 393.17 | 187.85 | 219.06 | 54.11 | 0.00 |
| = FCF not paid out, per share | 95.33 | 112.86 | 225.69 |
What this means. The company's own free cash flow per share is higher because it leaves out some spending, including the 921 million pound SwapClear purchase and sales commissions, that our count includes.
Does LSEG's dividend come from its free cash flow?
Free cash flow was £1,742 million in 2021, when shareholder payouts were £426 million. By 2025, free cash flow was £1,555 million, while payouts reached £2,790 million. Dividends and buybacks consumed 179.4% of free cash flow that year, so current cash generation did not fund the entire distribution.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,555 | 2,232 | 1,702 | 1,584 | 1,742 |
| − Dividends paid | 718 | 642 | 611 | 567 | 426 |
| − Share buybacks | 2,072 | 1,005 | 1,207 | 303 | 0 |
| = Free cash flow not paid out | 510 | 632 | 1,221 | ||
| = Paid out more than the free cash flow | 1,277 | 196 | |||
| Paid out, % of free cash flow | 179.4% | 73.8% | 106.8% | 54.9% | 24.5% |
What this means. The company's own net debt is higher because it also counts leases and financial-contract adjustments that our simple debt-minus-cash calculation leaves out.
What could change LSEG's dividend?
LSEG’s operating guidance sets the practical test. It expects organic constant-currency income growth of 7.0–7.5%, about one percentage point of EBITDA margin improvement and at least £2.7 billion of equity free cash flow in 2026. Additional sales must become profit and then cash; purchased SwapClear benefits and buybacks cannot replace customer growth indefinitely.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 2,475 (2,228 / 2,575) | 2,657 (2,215 / 2,904) | 2,841 (2,173 / 3,224) |
| Shares (millions) | 467 (472 / 467) | 455 (468 / 446) | 444 (467 / 427) |
| Dividends per share | 1.65 (1.62 / 1.70) | 1.80 (1.65 / 1.95) | 1.95 (1.68 / 2.20) |
| Price to earnings | 25.00 (20.00 / 30.00) | 24.00 (18.00 / 31.00) | 23.00 (16.00 / 32.00) |
What is LSEG's dividend yield at today's price?
At 8,350.00p, the 30.0x trailing P/E implies about 278.3p of trailing EPS. The 17.4x forward P/E implies about 479.9p. That difference would suggest roughly 72% growth if both denominators used identical accounting. They do not: doubling adjusted H1 2026 EPS gives 489.8p, close to the forward implication, while reported EPS is much lower.