The London Stock Exchange Group (LSEG) reported revenue growth of 7.6% year-on-year, to £9 billion in 2025, supported in large part by positive momentum across key asset classes in its markets and data businesses.
Within fixed income and derivatives, revenue increased by to 13.7% year-on-year to more than £1.5 billion, and average daily volume across all asset classes was $2.6 trillion, a 16.9% increase on 2024, driven by Tradeweb’s trading protocols, according to LSEG.
Notably, the Group confirmed there are no plans for disposals, including its stake in Tradeweb.
Elsewhere, equities revenue was posted at £412 million, an increase of 5.1% reportedly driven by growth in trading volumes and data revenues.
FX revenue of £272 million increased 7.5% from 2024, with activity across LSEG’s platforms FXall and FX Matching remaining strong, benefiting from heightened market volatility.
Additionally, OTC Derivatives revenue increased 11.6% from 2024, up £641 million. According to LSEG, this was due to growth in clearing and compression activity across all asset classes.
Speaking in a preliminary results call, chief executive of LSEG, David Schwimmer said: “We’re innovating in our markets division, building new platforms for growth in digital assets, and our strategic partnership with eleven leading banks is accelerating growth and helping us unlock the multiyear opportunity in post-trade solutions.”
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Comparing to previous performance, LSEG senior leadership this year emphasised AI and proprietary data as central to strategy, as well as markets.
Schwimmer explained: “It’s important to note that 98% of our revenues are derived from data and workflows that are either proprietary, used in regulated environments, embedded in transactional workflows, or have material network effects, and that often have all four of these features and so are not replicable or replaceable by AI.”
“[…] We are seeing great traction in AI-enabled data distribution, and our markets businesses continue to deliver exceptional performance. The combination positions us well for the next phase of growth.”
During the fourth quarter, global institutions signed long-term contracts worth around £1.9 billion to access LSEG data services.
Over the 12 months, the group expanded partnerships with OpenAI, Microsoft, Databricks and Anthropic, distributing financial data through cloud and AI channels. Internal adoption of AI tools has reportedly improved efficiency, accelerating data ingestion and reducing quality issues.
Furthermore, the post-trade businesses also continue to perform strongly, with digital market infrastructure and tokenised settlement initiatives cited as long-term growth opportunities.