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London Stock Exchange (DE:LS4C)
XETRA:LS4C
Earnings Data
Report Date
Jul 31, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
―Last Year’s EPS
2.27Same Quarter Last Year
Strong Buy
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broad set of positive operational and financial outcomes: strong revenue and organic growth, meaningful margin expansion, double-digit EPS/free cash flow per share growth, record free cash flow, active and shareholder-friendly capital allocation, clear AI and product commercialization progress (MCP, partnerships, Workspace migration) and continued Markets/Post Trade momentum. The primary negatives are near-term cash timing and working capital effects, an expected rise in net finance costs from refinancing and buybacks, slightly higher leverage from an aggressive buyback program, and the early-stage nature of AI monetization (upside not yet fully quantified). Overall, the positives — consistent growth, margin and cash generation, strategic AI/digital traction and active capital returns — materially outweigh the manageable operational and financial headwinds described.Company Guidance
Group Revenue Growth
Revenues grew 7.6% in FY2025 with all businesses contributing positively; management guides organic revenue growth of 6.5%–7.5% for 2026 and mid- to high single-digit growth in the 2027–2029 medium-term period.
Strong Organic Growth and Subscription Momentum
Organic growth was 7.1% for the year. Subscription businesses (Data & Analytics, FTSE Russell, Risk Intelligence) collectively achieved ~6% growth in 2025 with D&A accelerating (D&A organic growth ~5%) and management expecting subscription acceleration into 2026 and beyond.
EBITDA Margin Expansion and Profitability
Full-year EBITDA margin expanded ~210 basis points year-on-year (110 bps underlying + 100 bps from Post Trade Solutions), taking full-year EBITDA margins above 50% for the first time. Management targets a further 80–100 bps margin improvement in 2026 and a cumulative ~150 bps improvement across 2027–2029.
Earnings and Operating Leverage
Adjusted EPS/AEPS grew strongly: adjusted EPS grew ~16% (MAP reported 15.7% AEPS), adjusted EBITDA grew 11.8%, AOP grew 14.3%, and EPS growth was 19.4% on a constant currency basis — demonstrating operating leverage (revenues +7.1% vs. EBITDA +11.8%).
Record Free Cash Flow and Cash Returns
Record free cash flow of GBP 2.45 billion (beat guidance of at least GBP 2.4bn at constant rates). Free cash flow per share grew 14% in 2025 and ~60% over the last two years. Company returned GBP 2.8 billion (dividends + buybacks) in the year and announced a further GBP 3 billion buyback program over the next 12 months.
Dividend Increase and Share Buybacks
Final dividend proposed at 103p (up ~15.7%, in line with EPS). Share buybacks accelerated with GBP 2.1 billion completed in 2025 and a new GBP 3 billion commitment announced for the next 12 months.
Operational Efficiency and Cost Control
Total OpEx rose only 3.5% (approximately half the rate of revenue growth). Third-party services costs down 11.6% year-on-year. Total headcount decreased by ~700, internal employees now ~75% of workforce, and integration costs fell 41% as Refinitiv integration concluded.
Digital & AI Progress and Commercial Traction
LSEG Everywhere and AI initiatives showed early traction: over 60 financial institutions connected to MCP servers (hundreds of prospective users/ leads), partnerships with Microsoft and OpenAI (ChatGPT connector), and strong early demand for MCP; reported productivity improvements from internal AI adoption (e.g., 9x faster content extraction, 52% reduction in data quality issues, 11% uplift in engineering productivity).
Markets & Post Trade Strength
Markets delivered robust performance: Tradeweb extended interest rate swaps share (+180 bps), FX grew 7.5%, Equities revenue up 5.1%, clearing revenues grew double digits across interest rate swaps, FX, CDS and repos, and Post Trade Solutions revenue growing double digits with network expansion and new bank partnerships.
New KPIs and Product Innovation
Introduced new subscription KPIs: gross sales rolling up ~11% in H2 vs H1, consolidated revenue retention 92.4%, and New Product Vitality Index (NPVI) at 24% (revenue from products new/enhanced in last 5 years), indicating meaningful product renewal and innovation contribution.
DE:LS4C Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DE:LS4C Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jul 31, 2025 | €117.40 | €110.43 | -5.93% |
Feb 27, 2025 | €133.25 | €143.12 | +7.41% |
Aug 01, 2024 | €110.09 | €115.99 | +5.36% |
Feb 29, 2024 | €102.29 | €103.27 | +0.95% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does London Stock Exchange (DE:LS4C) report earnings?
London Stock Exchange (DE:LS4C) is schdueled to report earning on Jul 31, 2026, Before Open (Confirmed).
What is London Stock Exchange (DE:LS4C) earnings time?
London Stock Exchange (DE:LS4C) earnings time is at Jul 31, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of London Stock Exchange stock?
The P/E ratio of London Stock Exchange is N/A.
What is DE:LS4C EPS forecast?
Currently, no data Available