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London Stock Exchange Group (LSEG) investor relations material

London Stock Exchange Group Q3 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 TU earnings summary23 Oct, 2025

Executive summary

  • Achieved 6.4% organic growth in Q3 2025, with all divisions contributing and total income up to £2,219m; margin guidance raised to the top of the range, reflecting strong operating leverage and cost control.

  • Announced a major post-trade transaction: 11 global banks acquired a 20% stake in Post Trade Solutions, reducing SwapClear revenue share and extending the partnership to 2045.

  • Accelerated share buybacks, with £938m completed as of October 2025 and a further £1bn planned by February 2026, totaling £2.5bn over 12 months.

  • Advanced AI-driven transformation, launching new partnerships and embedding AI/data solutions across products and operations.

  • Strategic execution supported by strong capital deployment, including £3.5bn for buybacks, M&A, and post-trade investment.

Financial highlights

  • Q3 2025 total income reached £2,219m, up 6.4% organically and 4.8% reported year-over-year.

  • Data & Analytics revenue up 4.9%, FTSE Russell up 9.3%, Risk Intelligence up 13.9%, Markets up 6.3%.

  • Subscription businesses delivered 6.5% organic growth; ASV growth at 5.6%.

  • Free cash flow guidance reaffirmed at at least £2.4bn for FY2025.

  • Gross profit rose 6.5% to £2,016m, outpacing cost of sales growth of 4.5%.

Outlook and guidance

  • Organic income growth for FY2025 expected at 6.5–7.5%, with margin guidance raised by 100 bps and an additional 100 bps benefit from SwapClear changes.

  • CapEx to remain at 10% of revenue/income, expected to decrease in future years.

  • Subscription revenue growth for 2025 expected at ~6.5%, with D&A accelerating.

  • Price increases of ~3.5% expected for 2026, consistent with prior years.

  • Underlying effective tax rate guided at 24–25%.

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London Stock Exchange Group Plc is a global financial markets infrastructure and data provider. Its services include trading platforms, clearing, settlement, and financial information services across multiple asset classes. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.

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