A year ago, the London Stock Exchange Group was the market’s favorite cautionary tale about what AI might do to legacy data businesses. Now it’s trying on a different outfit: growth story.
LSEG’s shares have climbed 27% since activist investor Elliott Management revealed its stake earlier in 2026, a recovery that speaks to a broader recalibration of how Wall Street thinks about AI’s impact on financial data providers. The company that saw its stock tumble as much as 35% over the year leading up to February 2026 is now posting organic revenue growth numbers that would make its critics pause.
The numbers behind the narrative shift
In the first quarter of 2026, LSEG’s Data & Analytics segment delivered organic revenue growth of 5.1%. Within that segment, Workflows grew 2.9% while Analytics posted a 5.2% increase. Total income, excluding recoveries, rose 9.8% on an organic constant-currency basis, beating prior expectations.
For the full year, LSEG has guided for organic constant-currency total income growth of 6.5-7.5%.
Elliott’s role and the buyback catalyst
Elliott Management’s arrival in February 2026 was a catalyst for change. The activist fund disclosed a significant stake and backed a share buyback program in the range of £3-4 billion.
LSEG has since rolled out new AI-enhanced products, including a tool called Workspace AI Deep Research, while simultaneously doubling down on its traditional data services.
CEO David Schwimmer has been direct about the company’s defensive position, asserting that AI cannot replicate or replace LSEG’s real-time data offerings.
What this means for investors
LSEG’s recent results suggest the answer to AI disruption fears is more nuanced. The company’s data includes real-time pricing feeds, proprietary analytics, and deeply embedded workflow tools that financial institutions have spent years integrating into their operations.
The company acquired Refinitiv in 2021 for $27 billion, and that integration is still shaping the product roadmap.