London, April 24, 2026, 12:04 BST
London Stock Exchange Group plc bumped up its revenue-growth target for 2026 following a record-setting first quarter. Volatile trading conditions drove volumes higher, while the company’s data arm continued to expand—this, even as some investors keep a close eye on AI risks. LSEG now sees organic constant-currency total income growth, excluding recoveries, landing in the upper half of its 6.5% to 7.5% guidance range.
LSEG’s update comes at a tricky moment. The stock has been under pressure, with investors worried that AI technology could erode the value of its core financial data business. On top of that, activist Elliott Management is agitating for changes to LSEG’s portfolio and a boost in margins. Thursday saw LSEG shares jump as much as 4% following the results, Reuters reported, but the stock is still off roughly 12% over the past year.
The quarter stood out for another reason: market action. UK equities slid once more on Friday, with investors eyeing tensions involving Iran, swings in oil prices, and the Bank of England’s warnings about inflated valuations. For LSEG’s markets division, though, heightened client trading—often a response to risk—can prove a tailwind.
Total income excluding recoveries climbed to 2.42 billion pounds for the quarter ended March 31, a 9.8% organic constant-currency gain that leaves out currency fluctuations and portfolio shifts. Analysts polled by LSEG were looking for 8.0% growth and 2.36 billion pounds; the company cleared both marks.
The markets division jumped 15.5%, with solid trading across equities, fixed income, derivatives, FX and clearing all contributing. Data & Analytics added 5.1%, FTSE Russell advanced 8.8%, and Risk Intelligence climbed 10.5%. The update, as a result, reflects gains that stretch beyond just volatility-driven spikes.
LSEG repurchased £1.1 billion in shares during the quarter and said it’s still aiming to hand back £3 billion by February 2027. The group stuck with its target for an 80 to 100 basis-point improvement in constant-currency EBITDA margin—earnings before interest, tax, depreciation and amortisation—keeping the profitability outlook steady.
Chief Executive David Schwimmer called it a “great start to 2026” for LSEG, highlighting advances in integrating its data with AI workflows. LSEG reported that over 150 customers are either live or joining its Model Context Protocol server, which allows AI models to tap into external data sources with built-in controls on access and usage. LSEG
The AI push wasn’t just for show. LSEG counted 90 customers tapping into the server since it went live in December, with 64 more lined up. Workspace AI functionalities are in deployment. The company has put its licensed data into models and cloud setups from Anthropic, Microsoft, OpenAI, Databricks and Snowflake.
Will Howlett, financials analyst at Quilter Cheviot—one of the LSEG investors flagged by Reuters—said the first-quarter outperformance and updated guidance “should help ease concerns” about growth sticking around. The issue is front and center as the stock keeps getting swept into a broader discussion: could AI end up boosting financial-data providers, or will it carve into parts of their revenue? Reuters
There’s a mixed but telling signal here for competitors. MSCI—one of the major players in indexes and analytics—reported a first-quarter profit increase this week, with gains in its index products and analytics as investors reshuffled portfolios amid choppy markets. LSEG’s FTSE Russell business shows a comparable trend in demand, albeit stemming from a distinct set of offerings.
The board secured a full slate of approvals from shareholders at Thursday’s annual meeting. Every one of the 24 proposals, spanning the annual report, dividend, and share buyback authorization, got the green light, according to a filing.
The quarter hasn’t eliminated risk. With markets less volatile, trading-fueled gains may slow, and LSEG still needs to show that opening up AI access won’t end up squeezing prices for its data and workflow offerings. Elliott’s demands are unresolved as well: the activist continues to push for stronger steps to narrow LSEG’s valuation gap with its peers. LSEG, for its part, says it’s sticking to its strategy.
