RELX (RELX) Company Report

Analyst Coverage

Research analysts who have asked questions during RELX earnings calls.

George Webb

Morgan Stanley

7 questions for RELX

Henry Hayden

Rothschild & Co Redburn

7 questions for RELX

Also covers: MH, VRSK

Nick Dempsey

Barclays Capital

7 questions for RELX

Also covers: EBCRY, PSO, SGBAF +1 more

Steve Liechti

Deutsche Numis

6 questions for RELX

Also covers: PSO, WPP

Adam Berlin

UBS Group AG

5 questions for RELX

Also covers: IPG, OMC, PSO +3 more

Lisa Yang

Goldman Sachs

4 questions for RELX

Also covers: PUBGY, TKAYF, UNVGY +1 more

Sami Kassab

Exane BNP Paribas

2 questions for RELX

Also covers: PSO, SGBAF, TRI +2 more

Adam Ian Berlin

UBS Investment Bank

1 question for RELX

Christophe Cherblanc

Societe Generale

1 question for RELX

Also covers: PUBGY

Ciaran Donnelly

Panmure Liberum

1 question for RELX

Simon Berg

ING

1 question for RELX

Steven Craig Thomas Liechti

Deutsche Bank AG

1 question for RELX

Thijs Berkelder

ABN AMRO

1 question for RELX

Thymen Rundberg

ING

1 question for RELX

Latest news

Recent press releases and 8-K filings for RELX.

RELX reports 2025 results and provides 2026 outlook

RELX

Earnings

Guidance Update

Share Buyback

RELX reported £9,590m in revenue for the year ended 31 December 2025, an underlying growth of +7%, and adjusted operating profit of £3,342m, with an underlying growth of +9%.
Adjusted EPS for 2025 was 128.5p, showing a constant currency growth of +10%.
The company proposed a full-year dividend of 67.5p for 2025 and completed £1,500m in share buybacks during the year.
For 2026, RELX expects another year of strong underlying growth in revenue, adjusted operating profit, and adjusted earnings per share on a constant currency basis, and intends to deploy £2,250m on share buybacks.

Feb 12, 2026, 6:02 PM

6-K

RELX Reports Strong 2025 Financial Results and Positive 2026 Outlook

RELX

Earnings

Guidance Update

Share Buyback

RELX reported strong financial results for 2025, with underlying revenue growth of 7%, underlying adjusted operating profit growth of 9%, and adjusted earnings per share growth of 10% at constant currency, leading to an adjusted operating margin of 34.8%.
All four business areas contributed to growth, with Risk, STM, Legal, and Exhibitions showing underlying revenue growth of 8%, 5%, 9%, and 8% respectively. This growth was largely driven by AI-enabled analytics and decision tools, particularly in Risk where over 90% of divisional revenue comes from machine-to-machine interactions.
The company completed a GBP 1.5 billion share buyback and spent GBP 270 million on acquisitions, maintaining leverage at 2.0x. A 7% increase in the full-year dividend to 67.5 pence per share is proposed.
For 2026, RELX anticipates continued strong underlying growth in revenue, adjusted operating profit, and adjusted earnings per share on a constant currency basis, with an upgraded outlook for STM.

Feb 12, 2026, 8:30 AM

Transcript

RELX Reports Strong Q4 2025 Results and Announces Increased Share Buyback

RELX

Earnings

Share Buyback

Guidance Update

RELX delivered strong financial results in 2025, with 7% underlying revenue growth, 9% underlying adjusted operating profit growth, and 10% adjusted earnings per share growth at constant currency, alongside an improved adjusted operating margin of 34.8%.
All four business areas performed well, driven by the development and rollout of AI-enabled analytics and decision tools and a shift towards higher-value solutions, with Risk, STM, Legal, and Exhibitions reporting underlying revenue growth of 8%, 5%, 9%, and 8% respectively.
The company completed GBP 1.5 billion in share buybacks in 2025, announced a new GBP 2.25 billion buyback for 2026, and proposed a 7% increase in the full-year dividend to 67.5 pence per share. Management anticipates continued strong underlying growth in revenue, adjusted operating profit, and adjusted earnings per share for 2026.

Feb 12, 2026, 8:30 AM

Transcript

RELX Reports Strong 2025 Financial Results and Announces Increased Share Buyback and Dividend

RELX

Earnings

Share Buyback

Dividends

RELX delivered strong financial results in 2025, with underlying revenue growth of 7%, underlying adjusted operating profit growth of 9%, and adjusted earnings per share growth of 10% at constant currency, leading to an adjusted operating margin of 34.8%.
The company announced a GBP 2.25 billion share buyback for the upcoming year, a 50% increase from the prior year, and proposed a 7% increase in the full-year dividend to 67.5 pence per share.
All four business areas performed well, with Risk achieving 8% underlying revenue growth and Legal improving to 9% underlying revenue growth; the outlook for STM was upgraded to good to strong like-for-like growth.
Growth continues to be driven by deeply embedded AI-enabled analytics and decision tools, with over 90% of Risk divisional revenue from machine-to-machine interactions, leveraging a unique and comprehensive content advantage that is difficult to replicate.

Feb 12, 2026, 8:30 AM

Transcript

RELX PLC announces completion of 2025 share buyback, new program, and share cancellation

RELX

Share Buyback

RELX PLC completed its 2025 share buyback program, purchasing 39.5 million shares at a total cost of £1.5 billion.
The company announced a new irrevocable, non-discretionary share buyback program for up to £250 million, scheduled to run from January 2, 2026, to February 6, 2026.
RELX PLC also cancelled 55 million ordinary shares held in treasury, resulting in 1,823,866,471 ordinary shares in issue (excluding treasury shares).

Dec 5, 2025, 12:43 PM

6-K

RELX PLC Announces Share Buyback

RELX

Share Buyback

RELX PLC purchased 54,800 of its ordinary shares on 30 October 2025 through JP Morgan Securities plc.
These shares will be held as treasury shares.
Following this purchase, RELX PLC holds 57,887,533 ordinary shares in treasury and has 1,824,955,812 ordinary shares in issue (excluding treasury shares).
Since 2 January 2025, RELX PLC has purchased a total of 38,279,863 ordinary shares.
The volume weighted average price paid per share on October 30, 2025, was 3367.6935 pence.

Nov 3, 2025, 3:25 PM

6-K

RELX PLC Share Buyback Update

RELX

Share Buyback

RELX PLC executed a share buyback on September 11, 2025, purchasing ordinary shares to be held as treasury shares.
This transaction contributes to the ongoing share repurchase program initiated on January 2, 2025.
Following this purchase, the company's total number of ordinary shares held in treasury and in issue has been updated.

Metric	11 September 2025	Since 2 January 2025	After 11 September 2025 Purchase
Ordinary Shares Purchased (Number)	126,000	31,469,008	N/A
Volume Weighted Average Price (pence)	3376.1867	N/A	N/A
Total Treasury Shares (Number)	N/A	N/A	51,076,678
Total Shares in Issue (excluding treasury) (Number)	N/A	N/A	1,831,356,047

Oct 1, 2025, 4:21 PM

6-K

RELX's Legal Business Reports Strong Growth Driven by AI and Market Expansion

RELX

Revenue Acceleration/Inflection

Product Launch

New Projects/Investments

RELX's legal business (LexisNexis) achieved 9% underlying revenue growth in the first half, driven by a strategic transition from electronic reference to integrated AI-powered decision tools.
The portfolio's focus on analytics and decision tools has grown significantly, from approximately 25% in 2021 to 60% in 2024, expanding the addressable market to the broader legal services market, valued at over $400 billion in the U.S. alone.
Adoption of new AI products is rapid, with Lexis+ AI entitled and active users growing over 90% and Protege workflow activities increasing by 75% over recent periods, leading to double-digit pricing uplifts for customers upgrading to these advanced solutions.
The company leverages its extensive content collection and advanced technology to maintain a strong competitive moat, noting that generative AI costs are not material and unit costs for large language models have fallen by 24% in the last 12 months.

Sep 24, 2025, 7:00 AM

Transcript

RELX Accelerates Growth with AI-Powered Legal Solutions and Market Expansion

RELX

Product Launch

Revenue Acceleration/Inflection

New Projects/Investments

RELX has significantly transitioned its legal business since 2020, moving from electronic reference solutions to integrated AI platforms like Lexis+ AI, Protege, and General AI, which are driving accelerated innovation and growth.
This strategic shift has increased the proportion of revenue from analytics and decision tools from approximately 25% in 2021 to around 60% by last year, expanding the addressable market to the broader legal services sector, valued at over $400 billion in the U.S. alone.
Customer adoption of new AI tools, such as Lexis+ AI, has been rapid, leading to typical double-digit spend uplifts for customers upgrading to more advanced offerings.
The company reported 9% underlying revenue growth in the first half, and its EBITDA margin has expanded by about 10 points over a decade to 35%, as the incremental costs of generative AI are not material and unit costs for large language models have fallen by approximately 24% in the last 12 months.

Sep 24, 2025, 7:00 AM

Transcript

RELX CEO Discusses AI-Driven Growth and Market Expansion

RELX

Product Launch

Revenue Acceleration/Inflection

New Projects/Investments

RELX's portfolio has shifted significantly, with 60% of revenue now from analytics and decision tools in 2023, up from 25% in 2021, driving improved growth.
The company has launched several AI platforms, including Lexis+ AI, Protégé, and General AI, which offer double-digit pricing uplifts for customers upgrading from older platforms.
Agentic AI expands RELX's addressable market from legal information to the broader legal services market, estimated at over $400 billion in the U.S. alone.
RELX reported 9% underlying revenue growth in the first half and has expanded its EBITDA margin by approximately 10 points over a decade to 35%.
Internally, generative AI is used to generate 30% of new code, leading to 20%-30% productivity gains in development.