YouGov runs one of the world's largest online survey panels and sells opinion and consumer data to brands, media and governments. In 2024 it bought a European shopping-data business for €315m, then lost its growth momentum: the shares fell from about 1,180p in December 2023 to 169p in March 2026. Co-founder Stephan Shakespeare is back as CEO, a cost cut is done, and a new CEO starts in November 2026.
Asking millions of people what they think and buy
YouGov is a research data and analytics group with operations in the US, Europe, the Middle East, India and Asia Pacific. Its base is a panel of registered members across 63 markets, which it uses to collect opinions and behaviour.
It earns revenue in three ways. Data Products are subscriptions to ready-made data such as BrandIndex, which tracks brand health, and Profiles. Research is custom work, such as a survey of 50,000 Americans on AI that Anthropic commissioned. Shopper, bought from GfK, tracks what households buy in Europe from purchase receipts. Renewal rates on subscriptions held at 80% in the latest renewal season. 24 Mar 2026 14 Oct 2025 9 Jan 2024
The GfK deal: a bigger group on borrowed money
In FY23 YouGov grew revenue 17% to £258m and lifted adjusted operating profit by a third. At a May 2023 Capital Markets Day it set medium-term targets of £500m revenue and a 25% adjusted operating margin. In July 2023 it raised equity and announced the purchase of GfK's Consumer Panel Services. The deal closed in January 2024 for a headline €315m and covered 18 countries. A €280m loan facility funded it.
The group went from £105m net cash to £148m net debt within a year. In March 2024 it raised the revenue target to £650m with the CPS business included, and kept the 25% margin. The company has not said whether it still holds either target. 10 Oct 2023 2 Oct 2023 9 Jan 2024 26 Mar 2024 6 Nov 2024
Sales stalled and the shares halved
On 20 June 2024 YouGov cut its FY24 guidance, citing lower sales bookings and slower growth. The shares fell from 982p at the end of May to 406p at the end of June. The full-year results blamed slow sales momentum, tougher competition and weak macro conditions. Underlying growth, which strips out acquisitions and currency, was 3%, and the margin fell to 15%.
In August 2024 it announced a cost plan worth £20m a year, covering support staff, weak products, non-core regions and suppliers. It also bought Yabble, a New Zealand generative-AI firm, for £4.5m upfront. By July 2025, 70% of the savings had been realised. Management later called FY24 "disappointing".
Steve Hatch, who became CEO in August 2023, stepped down in February 2025. Shakespeare returned as interim CEO. In FY25 reported revenue rose 16% to £389m, but underlying growth was 1%. Adjusted profit rose to £61m and the margin to 16%. 20 Jun 2024 6 Aug 2024 6 Aug 2024 6 Nov 2024 4 Feb 2025 14 Oct 2025 31 Mar 2025
“Following the disappointing performance seen in FY24, the Company initiated a cost optimisation plan to right-size the cost base for the current financial year.” 31 Mar 2025
Paying to keep Shopper competitive
Shopper is now where profit is being spent. YouGov exited most of its transitional service agreements with GfK, then began upgrading Shopper's technology and building panels in Norway, Denmark, Sweden, Germany, Italy and Austria. Shopper's half-year adjusted profit halved to £6.8m. Group half-year adjusted profit fell 20% to £24.0m, and revenue rose 2% to £195m.
In October 2025 management expected "modest progress" in profit. In March 2026 it guided FY26 adjusted operating profit to £52m-£56m, below FY25's £61m, after £6m of extra Shopper investment. It expects Shopper to break even on that spending by FY28, and began a strategic review that may include a sale. 24 Mar 2026 14 Oct 2025 31 Mar 2025
“A meaningful proportion of this investment has been directed towards Shopper to enhance its competitive positioning in the market.” 24 Mar 2026
Too much change at once
The GfK deal added scale, but management later spoke of "execution challenges" during a period of heavy change. The standalone business slowed just as debt rose. Sales cycles lengthened, and cost cuts and new leaders followed.
The Shopper business has cost more to run as a standalone unit than the earlier results suggested. The cost plan worked as promised, and the Data Products division returned to growth. But group profit has fallen again as spending went back in. 6 Nov 2024 31 Mar 2025 24 Mar 2026 14 Oct 2025
A co-founder back, a new CEO coming
Shakespeare co-founded YouGov, handed the CEO role to Hatch in 2023 and returned in February 2025. He bought shares in August and October 2025 at about £3.46 and £2.56. In August 2026 YouGov named Wayne Levings CEO. He joins on 1 November 2026 and takes the full role by 1 February 2027.
The finance and board ranks turned over too. CFO Alex McIntosh left in February 2026 after 19 years, and James Davies replaced him. Ian Griffiths became permanent Chair on 18 February 2026, and he bought shares at £1.56 in March 2026. Two non-executives are leaving, to make the board smaller. In October 2024 the auditor needed more time, so results first came out unaudited. 4 Feb 2025 29 Aug 2025 6 Aug 2026 9 Feb 2026 18 Feb 2026 24 Mar 2026 29 Oct 2024 24 Mar 2026
Lower profit, a buyback and a refinanced loan
At 31 January 2026 YouGov held £33m of cash and net debt of 2.1 times EBITDA (earnings before interest, tax, depreciation and amortisation). It plans a share buyback instead of the annual dividend, starting after the FY26 results in October 2026. In August 2026 it extended its bank loans to April 2028.
Artemis (9.0%), Liontrust (9.5%) and Octopus (7.0%) are among the larger holders. BlackRock fell to 5% in 2024. The shares were 271p at the end of October 2026, up from the March 2026 low. 24 Mar 2026 6 Aug 2026
A three-wave plan built around AI
Management has a Value Delivery Plan in three waves, set out in March 2026. Wave 1, finished that month, should add £2.5m of profit in FY27. Waves 1 and 2 together should lift the adjusted margin by more than 350 basis points from the 12.3% of the first half of FY26. Wave 3 is meant to give a margin in line with an AI-led data business, but the company has given no figure.
80% of FY26 revenue was contractually secured by March. A Capital Markets Day is due before FY26 ends. The Shopper review, the CEO handover and the buyback are the open items. Management expects returns from its AI spending within 12 to 18 months. 24 Mar 2026 6 Aug 2026 6 Aug 2026
Written by AI from YouGov's own announcements since Oct 2023 · every paragraph links to its sources