LONDON, April 23, 2026, 17:22 BST
- LSEG reported first-quarter total income excluding recoveries climbed 9.8% on an organic constant-currency basis, beating the 8% figure from its company-compiled market consensus. The group is now guiding for 2026 growth toward the upper end of its 6.5%-7.5% range.
- The group stuck with its goal for EBITDA margin to grow by 80-100 basis points and confirmed it’s still targeting equity free cash flow of at least 2.7 billion pounds.
- Markets revenue climbed 15.5%, buoyed by all-time high volumes at Tradeweb. LSEG’s AI data server now counts 90 clients connected, with another 64 in the process of onboarding.
London Stock Exchange Group on Thursday projected 2026 revenue growth at the higher end of its target range, following a record-setting first quarter driven by increased trading and steady appetite for its data and index divisions. The company posted a 9.8% rise in total income, excluding recoveries, measured organically at constant currency.
This update hits following a rough year for the shares, as questions swirl among investors over whether artificial intelligence might erode LSEG’s data franchise. Elliott Management isn’t letting up, pushing for bigger margins and more value extraction. Thursday’s results hand CEO David Schwimmer some early proof that growth is possible—despite market swings and with fresh AI distribution in the mix.
Stripping out currency effects and portfolio shifts, organic constant-currency growth landed ahead of the 8% estimate from the company’s own poll. LSEG stuck with its EBITDA margin improvement target — still at 80 to 100 basis points, or 0.8 to 1 percentage point — and reiterated its equity free cash flow floor of at least 2.7 billion pounds.
Markets led the charge, pushing division revenue up 15.5%. Equities climbed 11.1%. Fixed income, derivatives and other products jumped 18.4%. Tradeweb posted an average daily volume record: $3.3 trillion.
Steadier segments held up. Data & Analytics came in with 5.1% growth, FTSE Russell posted 8.8%, and Risk Intelligence climbed 10.5%. Together, the subscription businesses saw a 6.3% increase, picking up pace versus the last quarter.
Management pressed the AI accelerator this year. LSEG reported that, since December, 90 clients have connected to its Model Context Protocol server, with another 64 currently onboarding. The MCP standard gives AI models access to external data. LSEG said it’s pushing licensed data to platforms run by Microsoft, OpenAI, Anthropic, Databricks, and Snowflake.
Schwimmer described it as a “great start to 2026 across the board,” adding that the rollout and adoption of AI services would stay front and center this year. He flagged the London Stock Exchange’s Private Securities Market’s debut trade and the TradeAgent launch—evidence, he said, that product development keeps moving. LSEG
Investors seemed to like the news. LSEG shares climbed as much as 4% earlier, holding on to a 1.9% gain by 10:40 a.m. GMT, while the FTSE 100 slipped 0.8%. “The beat and the guidance nudge should help ease concerns around the durability of growth,” said Will Howlett, financials analyst at Quilter Cheviot. Reuters
LSEG wasn’t the only one getting a lift. Nasdaq topped first-quarter profit forecasts on Thursday, crediting volatility-driven trading gains, while CME Group a day earlier reported record average daily volumes that pushed its profit up. The results underscore how geopolitical and macro turbulence continues to fuel the sector.
Even so, Schwimmer is still feeling the heat. LSEG repurchased 12.8 million shares for 1.1 billion pounds during the quarter, keeping its 3 billion pound buyback plan on pace for February 2027. But Elliott, which revealed a major holding back in February, continues to push for a deeper shake-up—demanding stronger margins, more aggressive value creation, and a fresh look at the portfolio.
The risk isn’t hard to spot. Should trading volumes slip and AI-driven upsell lag in hitting the top line, investors could shift attention right back to valuation, margins, and activist agitation. LSEG claims these new channels have the potential to deliver a significant upsell in the long run, but the market won’t wait around for that. They’ll want evidence soon.
