RELX 2025 results: revenue up 7% and margins higher
RELX has turned in another strong year. Revenue rose to £9,590m from £9,434m, with underlying growth of +7% – that is growth at constant currency and excluding acquisitions, disposals and certain cyclical print/exhibition effects. Adjusted operating profit increased to £3,342m from £3,199m, an underlying +9% rise, pushing the adjusted operating margin up to 34.8% from 33.9%.
Adjusted EPS came in at 128.5p (120.1p), up +10% at constant currency. On a reported basis, operating profit was £3,027m (£2,861m) and reported EPS was 112.6p (103.6p). In short, both the top line and bottom line moved in the right direction, and profitability stepped up.
- Revenue £9,590m – underlying growth +7%
- Adjusted operating profit £3,342m – underlying growth +9%
- Adjusted EPS 128.5p – +10% at constant currency
- Adjusted operating margin 34.8% (33.9%)
- Reported EPS 112.6p (103.6p)
Growth drivers: Risk strong, Legal steps up, STM improves, Exhibitions steady
Management’s colour on the trading mix is positive. The CEO flagged continued strong growth in Risk, improving momentum in Scientific, Technical & Medical, a further step up in Legal, and strong ongoing growth in Exhibitions. RELX is leaning into higher growth analytics and decision tools, combining proprietary content and data with advanced tech.
AI remains a tailwind. The group says the continued evolution of artificial intelligence is helping it add functionality, ship products faster, and keep cost growth below revenue growth. That combination – better products and operating discipline – is a big part of why margins expanded again in 2025.
Margins, cash and balance sheet: quality of earnings looks solid
Operating quality matters, and RELX delivered. Adjusted cash flow conversion was 99% (97%), which is excellent – a simple way to say that profits are largely turning into cash. Return on invested capital improved to 15.4% (14.8%).
Net debt was £7,201m at year end, with net debt/EBITDA at 2.0x (1.8x). That sits within a comfortable range for a recurring-revenue, data-and-analytics business. The adjusted net interest expense fell to £283m (£296m), with the average interest rate on gross debt easing to 3.9% (4.4%).
Jargon check:
- Underlying growth – growth at constant currency excluding M&A, disposals and certain print/exhibition cycling effects, giving a clearer view of organic momentum.
- Adjusted figures – strip out items like amortisation of acquired intangibles to show the performance of the core business.
- Net debt/EBITDA – a leverage measure. At 2.0x, RELX remains sensibly geared.
- Cash flow conversion – cash generated from operations relative to profit. At 99%, that is high quality.
Capital returns: dividend up 7% and buybacks stepping up in 2026
The board has proposed a full-year dividend of 67.5p (63.0p), up +7%. The proposed final dividend is 48.0p per share, subject to approval at the 2026 AGM. If approved, payment is due on 18 June 2026, with ex-dividend date 7 May 2026 and record date 8 May 2026. Shareholders can elect to receive dividends in pounds sterling or Euro depending on how they hold the shares; the currency election deadline is 26 May 2026. Dividend Reinvestment Plans are available for London and Euronext Amsterdam listings.
Buybacks continue to be a meaningful part of the capital return story. RELX completed £1,500m of share repurchases in 2025 and intends to deploy a total of £2,250m on buybacks in 2026, with £250m already completed. With strong cash generation and steady leverage, this is a confident signal.
Acquisitions and portfolio moves: five deals to deepen capability
RELX completed five acquisitions in 2025 for total consideration of £270m, alongside two small disposals. While no deal-level detail was disclosed, the direction of travel is clear – deepen analytics and decisioning capability where growth and pricing power are strongest.
On the ESG front, RELX highlighted external recognition again: AAA MSCI rating for the tenth consecutive year, top 1% of over 14,700 companies globally by Sustainalytics, and inclusion in the S&P Global Sustainability Yearbook. For investors with sustainability screens, that consistency helps.
2026 outlook: management guiding to “another year of strong growth”
Guidance is straightforward and upbeat. The group expects another year of strong underlying growth in revenue and adjusted operating profit, plus strong growth in adjusted EPS on a constant currency basis. No numeric ranges were provided.
As ever, there is a full forward-looking statements disclaimer. The RNS flags risks including regulatory changes to data use, IP and cybersecurity, macro uncertainty, FX, changes to research payment models, and operational resilience. Worth keeping in mind, but the momentum and mix shift into higher value analytics set the tone positively.
Key numbers at a glance
| Metric | 2025 | 2024 | Comment |
|---|---|---|---|
| Revenue | £9,590m | £9,434m | Underlying growth +7% |
| Adjusted operating profit | £3,342m | £3,199m | Underlying growth +9% |
| Adjusted operating margin | 34.8% | 33.9% | Process discipline showing through |
| Adjusted EPS | 128.5p | 120.1p | +10% at constant currency |
| Reported EPS | 112.6p | 103.6p | +9% reported |
| Adjusted profit before tax | £3,059m | £2,903m | Adjusted net interest £283m |
| EBITDA | £3,846m | £3,724m | Used for leverage metrics |
| Cash flow conversion | 99% | 97% | High quality cash generation |
| Return on invested capital | 15.4% | 14.8% | Improving returns |
| Net debt | £7,201m | £6,563m | Net debt/EBITDA 2.0x (1.8x) |
| Average interest rate on gross debt | 3.9% | 4.4% | Interest burden easing |
| Ordinary dividend per share | 67.5p | 63.0p | +7% |
| Share buybacks | £1,500m (2025) | n/a | Planned £2,250m in 2026; £250m completed |
What this means for investors
This reads like a textbook year from a high-quality compounder. Organic growth stayed healthy at +7%, margins expanded by 90bps, and cash conversion was near perfect. The product mix is tilting further into analytics and decision tools, with AI helping RELX deliver more value while keeping costs in check – that is a powerful flywheel.
On capital returns, a 7% dividend increase and a larger buyback programme signal confidence in cash flows and the medium-term outlook. Leverage at 2.0x EBITDA looks sensible given the stability of the model. The only obvious negatives are modest – net debt is up year on year, and the company did not provide segment-level numbers here, so we will have to wait for the annual report for more granularity.
The 2026 guidance for “another year of strong growth” keeps the story simple. With recognised ESG credentials and listings in London, Amsterdam and New York, RELX remains accessible to a broad investor base. For me, the key watch items into 2026 are continued margin discipline, sustained new sales momentum in Legal and STM, and delivery of the enlarged buyback plan alongside 99%-type cash conversion.
