David Schwimmer, CEO said:
“We continued our strong momentum in Q3, driving growth across all business lines. We are also improving profitability and are now expecting EBITDA margin at the top of guidance for 2025. We have significantly accelerated our strategic progress in the last few months, driving the long-term growth potential of the business: we have launched a series of innovative new products for customers positioning LSEG as the partner of choice in AI with the likes of Microsoft and Databricks.
“In addition, we are deploying capital effectively. Today we are announcing a significant transaction in our post trade business: a group of leading banks is acquiring a 20% stake in Post Trade Solutions, and in parallel we have amended and extended the revenue share arrangements within SwapClear. This deal strengthens our partnership and strategic alignment with key customers, while delivering attractive margin and earnings enhancement. In addition, having returned nearly £1 billion to shareholders through share buybacks in the last three months, we are committing to a further £1 billion by February 2026.”
Q3 2025 highlights
(All growth rates on an organic constant currency basis unless otherwise stated)
- Strong, broad-based growth: Total income (excl. recoveries) +6.4% (+7.3% year-to-date). Led by Risk Intelligence +13.9% and FTSE Russell +9.3%; Data & Analytics +4.9%, Markets +6.3%
- Continued strong subscription growth: combined growth of 6.5% in our subscription businesses1. Period-end ASV growth of +5.6% reflects underlying acceleration excluding the known impact of attractive new multi-year UBS contract; headline re-acceleration of ASV growth anticipated in Q4
- EBITDA margin guidance raised: expect c.100 bps increase in constant currency EBITDA margin in FY2025 – top end of previously stated range and excluding a further c.100 bps benefit from the change to SwapClear revenue share arrangements; confident in delivering all other financial targets
- Advancing our LSEG Everywhere strategy, high pace of innovation: further embedding our high-quality, trusted data into industry workflow tools in partnership with Databricks, Rogo and Snowflake; scaling distribution with MCP infrastructure
- Deepening our partnership with Microsoft: integrating LSEG data in Microsoft 365 Copilot and agentic AI tools through Copilot Studio; digital market infrastructure built on Microsoft technology live in Q3; first-of-its-kind Azure-based trade routing network for 1,600 investment firms and brokers
- Good growth in Markets: all businesses delivering positive growth against strong prior year comparator.
- Investment in Post Trade Solutions (“PTS”) and SwapClear amendment: replicates the successful SwapClear structure through partnership with PTS. Immediately accretive to Group EBITDA margin and AEPS
- Additional £1 billion share buyback: planning to complete before 2025 preliminary results; total share buybacks of £2.5 billion over the 12-month period from March 2025 to February 2026
This release contains revenues, cost of sales and key performance indicators (KPIs) for the three months ended 30 September 2025 (Q3). Constant currency variances are calculated on the basis of consistent FX rates applied across the current and prior year period (GBP:USD 1.278 GBP:EUR 1.181).Organic variance is calculated on a constant currency basis, adjusting the results to remove disposals from the entirety of the current and prior year periods, and including acquisitions from the date of acquisition with a comparable adjustment to the prior year. Certain columns and rows may not add due to the use of rounded numbers for disclosure purposes.
1. Total Income of Data & Analytics, FTSE Russell and Risk Intelligence
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