LSEG earnings: guidance and results
MyStockButler's October 2026 analysis: For the six months to June 2026, LSEG reported revenue of £4,838 million, reported operating income of £1,428 million and net income of £814 million. LSEG's next release should test subscription growth and clearing activity against their history, market conditions and the income they produce.
What has LSEG guided for 2026?
For 2026, management guides to 7.0%–7.5% organic constant-currency income growth and 100 basis points of EBITDA margin improvement. It promises at least £2,700 million of equity free cash flow and plans up to £1,350 million of buybacks by February 2027. That promise faces a capital-allocation test: 2025 buybacks were 393.17p per share against the company’s free cash flow of 295.07p per share.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Organic constant currency growth in total income excluding recoveries (%) | Year to Dec 2026 | 7.0% | 7.5% | Jul 30, 2026 |
| Improvement in constant currency EBITDA margin (basis points) | Year to Dec 2026 | 100 | 100 | Jul 30, 2026 |
| Capex intensity (%) | Year to Dec 2026 | 9.5% | 9.5% | Jul 30, 2026 |
| Equity free cash flow (£ millions) | Year to Dec 2026 | 2,700 | Jul 30, 2026 | |
| Underlying effective tax rate (%) | Year to Dec 2026 | 24.0% | 25.0% | Jul 30, 2026 |
| Further share buybacks (£ millions) | By Feb 2027 | 1,350 | Jul 30, 2026 |
What this means. A basis point is one hundredth of one percent, so 100 basis points means a one percentage point improvement.
Has LSEG kept its past promises?
Management reported £442 million of annualised Refinitiv savings against an original £400 million target, and later reported completion of the Workspace migration. Those achievements deserve credit, but an annualised saving is a projected recurring benefit, while completing migration is not identical to meeting an earlier rollout promise.
What has LSEG's revenue and profit trend been over the last eight reported periods?
| 6 months to Jun 2026 | 6 months to Dec 2025 | 6 months to Jun 2025 | 6 months to Dec 2024 | 6 months to Jun 2024 | 6 months to Dec 2023 | 6 months to Jun 2023 | 6 months to Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,838 | 4,541 | 4,540 | 4,332 | 4,247 | 4,047 | 4,014 | 3,852 |
| Operating income | 1,428 | 1,066 | 1,061 | 651 | 812 | 626 | 745 | 520 |
| Net income | 814 | 600 | 649 | 339 | 346 | 335 | 426 | 242 |
| EPS, diluted | 163.10 | 115.00 | 122.00 | 63.70 | 64.30 | 61.30 | 76.80 | 43.80 |
What should I watch in LSEG's next release?
The next trading statement is due on 22 October 2026. It will report revenues rather than a complete cash-flow picture, so it can test the gap between guidance and consensus but not settle the funding question. Subscription growth should be compared with its own history and with comparable data businesses. Clearing activity should be judged against the relevant market conditions and the income it produces.