EarningsQ2 2026 Earnings Report
DE:LS4C Q2 2026 EPS Results
Actual EPS€2.88
Consensus EPS€2.84
Beat/MissBeat by +€0.03
One Year Ago EPS€2.34
DE:LS4C Q2 2026 Revenue Results
Actual Revenue€5.87B
Expected Revenue€2.84B
Beat/MissBeat by +€3.03B
YoY Revenue Growth+6.96%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
DE:LS4C Upcoming Earnings
London Stock Exchange's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights a materially strong first half: healthy top-line growth (8.4% organic), accelerating subscription momentum, robust profitability expansion (EBITDA +14%, EPS +17%), excellent cash generation and heavy shareholder returns, plus strong commercial traction for AI products (MCP, Workspace). Key operational wins include double-digit Markets performance and continuing acceleration in Data & Feeds. Offsetting factors include FX drag, a meaningful rise in net finance expense due to higher rates, timing impacts from the SwapClear revenue-share change that will pressure H2 margins, modest one-off transformation costs, and limited near-term MCP monetization. Overall, positive execution, upgraded guidance and strong cash returns outweigh the manageable near-term headwinds.Company Guidance
Strong Organic Revenue Growth
Organic revenue increased 8.4% in H1 2026, with reported revenue up 6.9% after a 1.5% FX headwind.
Subscription Revenue Acceleration
Subscription growth accelerated to 6.3% in H1 and management is on track for the 2026 subscription target of ~6.5%.
Profitability and Margin Expansion
Adjusted EBITDA rose 14% and adjusted EPS grew 17% (H1 EPS 245p). Underlying EBITDA margin expanded ~120bps in H1 to 52.4% (H1 2025: 49.8%); management raised full-year margin guidance to around a 100bps improvement.
Cash Generation and Shareholder Returns
Operating cash flow rose 29% to £1.2bn in H1; free cash flow per share grew 37%. Returned ~£2.6bn to shareholders (£2.1bn buybacks, £0.5bn dividends) and announced a 17% increase in the interim dividend to 55p; additional £1.4bn buybacks planned through FY.
Markets Division Outperformance
Markets grew 12% in H1. SwapClear interest rate swap notional cleared +29% H1, equities average daily volume +34%, equities revenue +12%, FX +8%, and OTC derivative businesses delivered double-digit growth.
Data & Analytics Momentum
D&A grew 5.1%: Data & Feeds +7.5%, Analytics +6%, Workflows +2.8%. Platform data volume surged +70% YoY in June and Tick History usage grew 39% annually over two years; analytic API usage +33%.
FTSE Russell and Asset-Based Growth
FTSE Russell subscription revenues +6.2%, asset-based revenue +15%, launched 52 new ETFs in H1 (+24% YoY) and introduced the Russell 9000 global index series.
Risk Intelligence Strength
Risk Intelligence grew 10% with strong World-Check demand and Digital Identity & Fraud volumes up >20% in H1.
AI/Product Adoption and MCP Traction
MCP engaged >200 customers with tool calls nearly 5x higher from May to June; MCP features in ~1/3 of AI commercial discussions. Workspace AI search rolled out to all customers (17,000 active users), deep research users quadrupled since Q1, Company Intelligence ~3,000 reports/week, FXall integration +10% engagement, Workspace messaging 40,000 MAU, Teams/Copilot distribution underway.
Cost Discipline and Operational Efficiency
Cost of sales fell 2.5% reflecting the SwapClear revenue-share change (excluding that, cost of sales grew 8.6% in line with revenues). Operating expenses grew 4.6% (below revenue growth); labor cost as % of total income improved from 30% to 28.1%; 77% of headcount now internal.
Upgraded Full-Year Guidance and Financial Targets
Management raised full-year revenue guidance to 7.0%–7.5%, margin improvement guidance to ~100bps, expects capital intensity around 9.5% of total income and equity free cash flow of at least £2.7bn for the year.
Solid Balance Sheet Position
Net debt to EBITDA at 2.1x (mid-point of stated leverage range) and incremental strategic purchase of ~1% of LCH for €70m expected to complete in H2.
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