Wound-core transformers are characterized by their economical and efficient design and are therefore widely used in power distribution systems; for this reason it is of paramount importance to determine their electrical characteristics. One of the most important parameters in these transformers is leakage reactance, since this is what largely determines short-circuit currents and voltage regulation. And yet the authors have found a conspicuous gap in the scientific literature concerning analytical formulations for the calculation of leakage reactance in wound-core transformers. In order to fill this gap, the authors propose a formula in terms of leakage areas and the Rogowski’s height of the windings. A geometric model of the active part of the transformer is proposed which allows for the exact calculation of the leakage areas. The results of the proposed formula are compared with simulations with the finite element method in 3D (FEM3D) and with measurements in eight real case studies. It is concluded that although the FEM3D calculates the closest results to measurements, the proposed formula reported sufficiently accurate results for transformer design purposes.