London Stock Exchange Group plc

Name: London Stock Exchange Group plc financial statements and ratios
Creator: Annalist

LSEG · LSE · Financials, market infrastructure and data · United Kingdom · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025. Snapshot FY2025_61513729.

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Overview

Revenue, fiscal year

+5.5% year on year

Operating profit, fiscal year

+45.4% year on year

Net income, fiscal year

+82.3% year on year

Diluted EPS, fiscal year

+85.2% year on year

Operating margin, fiscal year

+6.2pp year on year

Return on equity, fiscal year

+2.9pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was £9.3 billion, 5.5% higher than in the previous fiscal year.
Confirmedin FY2025 · stated since FY2023
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedRevenue for the fiscal year ended 31 December 2025 was £9.3 billion, 5.5% higher than in the previous fiscal year.Recorded from FY2025_61513729 · data update
2. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was £8.9 billion, 5.7% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was £8.4 billion, 8.2% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was £1.2 billion, 82.3% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was £1.2 billion, 82.3% higher than in the previous fiscal year.Recorded from FY2025_61513729 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_61513729 · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was £685 million.Reconstructed · initial
The operating margin for fiscal 2025 was 22.8%, 6.2 percentage points higher than a year earlier.
Strengthenedin FY2025 · stated since FY2024
Rule: Operating margin against a year earlier · Sources Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 StrengthenedThe operating margin for fiscal 2025 was 22.8%, 6.2 percentage points higher than a year earlier.Recorded from FY2025_61513729 · data update
2. FY2024 NewThe operating margin for fiscal 2024 was 16.5%, 0.2 percentage points higher than a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewThe operating margin for fiscal 2023 was 16.4%, 1.9 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 5.8%, against 2.9% a year earlier.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual financial report 2025-12, Annual financial report 2024-12
History of this finding, 3 records
1. FY2025 NewReturn on equity for fiscal 2025 was 5.8%, against 2.9% a year earlier.Recorded from FY2025_61513729 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_61513729 · data update
3. FY2024 NewReturn on equity for fiscal 2024 was 2.9%.Reconstructed · initial
Free cash flow for fiscal 2025 was £3.5 billion, and operating cash flow was 2.9 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin FY2025 · stated since FY2024
Rule: Free cash flow · Sources Annual financial report 2025-12
History of this finding, 2 records
1. FY2025 StrengthenedFree cash flow for fiscal 2025 was £3.5 billion, and operating cash flow was 2.9 times net income attributable to the company.Recorded from FY2025_61513729 · data update
2. FY2024 NewFree cash flow for fiscal 2024 was £3.3 billion, and operating cash flow was 5.0 times net income attributable to the company.Reconstructed · initial
Net debt was £7.8 billion at 31 December 2025.
Strengthenedin FY2025 · stated since FY2023
Rule: Net debt or net cash · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedNet debt was £7.8 billion at 31 December 2025.Recorded from FY2025_61513729 · data update
2. FY2024 StrengthenedNet debt was £6.5 billion at 31 December 2024.Reconstructed · data update
3. FY2023 NewNet debt was £6.1 billion at 31 December 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual financial report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_61513729

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, pounds sterling

Operating Profit

By fiscal year, pounds sterling

Profit Attributable to Owners of the Parent

By fiscal year, pounds sterling

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, pounds sterling

Net Debt

Total debt less cash and short-term investments, at fiscal year end, pounds sterling

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual financial report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 2.58x, FFO to debt 32.8% · FY2025

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 2.6 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 32.8% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the intermediate band is number 3 of 6, and a higher number means more debt against earnings.
Confirmedin FY2025 · stated since FY2023
Rule: Debt against the S&P benchmark bands · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedLease-adjusted debt was 2.6 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 32.8% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Recorded from FY2025_61513729 · data update
2. FY2024 ConfirmedLease-adjusted debt was 2.4 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 34.0% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Reconstructed · data update
3. FY2023 NewLease-adjusted debt was 2.7 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 33.3% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2025

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 2.6 years of adjusted EBITDA; a year of funds from operations equals 32.8% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2.58x2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	60% and above	45% to 60%	32.8%30% to 45%	20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet	n/a	n/a
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	n/a	n/a	intermediate	intermediate	intermediate
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	n/a	n/a	intermediate	intermediate	intermediate
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA	n/a	n/a
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted	n/a	n/a	n/a
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt	n/a	n/a	n/a
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt	n/a	n/a	n/a
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)	n/a	n/a
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt	n/a	n/a

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	n/a	n/a	£0	£0	£0
Lease liabilities	n/a	n/a	£0	£0	£0
Borrowings and lease liabilities presented as one line	n/a	n/a	£9.7bn	£10.0bn	£11.7bn
Lease-adjusted debt	n/a	n/a	£9.7bn	£10.0bn	£11.7bn
EBIT	£1.1bn	£1.4bn	£1.4bn	£1.5bn	£2.1bn
Depreciation and amortisation, with the impairment reported with them	£1.6bn	£1.9bn	£2.1bn	£2.5bn	£2.2bn
Share-based payments	£141m	£158m	£143m	£162m	£176m
Adjusted EBITDA	£2.8bn	£3.5bn	£3.7bn	£4.1bn	£4.5bn
Cash interest	−£152m	−£171m	−£212m	−£325m	−£304m
Cash taxes	−£390m	−£351m	−£217m	−£395m	−£396m
Funds from operations	£2.2bn	£3.0bn	£3.2bn	£3.4bn	£3.8bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 1.82x, Debt due within 12 months £3.3bn · FY2025

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2025 equalled 1.8 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Weakenedin FY2025 · stated since FY2024
Rule: Liquidity cover · Sources Annual financial report 2025-12
History of this finding, 2 records
1. FY2025 WeakenedCash, short-term investments and operating cash flow for fiscal 2025 equalled 1.8 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_61513729 · data update
2. FY2024 NewCash, short-term investments and operating cash flow for fiscal 2024 equalled 3.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2025

Sources	Amount
Cash and short-term investments	£3.9bn
Operating cash flow	£3.6bn
Sources	£7.6bn

Uses	Amount
Debt due within 12 months	£3.3bn
Capital expenditure	£124m
Dividends paid	£718m
Uses	£4.2bn

Liquidity cover 1.82x

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included	n/a
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityAccruals and the cash backing of reported earnings.

Accruals and the cash backing of reported earnings.

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company

Method

Not computed: the balance sheet holds the balances of the company's clearing houses with their members, which ratios on total assets, liabilities and working capital would count as the company's own.
Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresPublished distress and misstatement models, with their original coefficients and thresholds.

Published distress and misstatement models, with their original coefficients and thresholds.

These ratios are not computed for this company; the method below gives the reason.

Method

Not computed: the balance sheet holds the balances of the company's clearing houses with their members, which ratios on total assets, liabilities and working capital would count as the company's own.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 December 2025 Search page of the FCA National Storage Mechanism	18 Mar 2026, added to the index	AFR:213800QAUUUP6I445N30-2025-12-31-0
Annual financial report for the year to 31 December 2024 Search page of the FCA National Storage Mechanism	15 Apr 2025, added to the index	AFR:213800QAUUUP6I445N30-2024-12-31-0
Annual financial report for the year to 31 December 2023 Search page of the FCA National Storage Mechanism	26 Mar 2024, added to the index	AFR:213800QAUUUP6I445N30-2023-12-31-1
Annual financial report for the year to 31 December 2022 Search page of the FCA National Storage Mechanism	28 Mar 2023, added to the index	AFR:213800QAUUUP6I445N30-2022-12-31-0
Annual financial report for the year to 31 December 2021 Search page of the FCA National Storage Mechanism	13 Apr 2022, added to the index	AFR:213800QAUUUP6I445N30-2021-12-31-0

Checks

2727 checks, all passed

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit6 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Earnings per share2 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	237
Proven by a check	15.2%, 36 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	16
Changes compared on one basis	3
Company lines mapped	1 of 1 reviewed

Citation

Annalist, London Stock Exchange Group plc, snapshot lseg/FY2025_61513729 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_61513729 · dataset SHA-256 61513729f0403426d39a7857de2ade2225e117b7f470729b59fee4898aeaf218 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json