RELX (NYSE: RELX), the global provider of information-based analytics and decision tools, reported solid full-year 2025 performance. Underlying revenue grew 7% to £9,590 million from £9,434 million, fueled by a shift toward higher-growth analytics products. The company anticipates another year of strong growth in 2026, driven by AI integration and portfolio evolution.
Profitability and Margin Expansion
Adjusted operating profit rose 9% on an underlying basis to £3,342 million from £3,199 million, lifting the group adjusted operating margin to 34.8% from 33.9%. This improvement stemmed from continuous process innovation, keeping cost growth below revenue growth.
Reported operating profit increased to £3,027 million from £2,861 million, after accounting for £248 million in amortization of acquired intangible assets (down from £258 million). Adjusted profit before tax climbed to £3,059 million from £2,903 million, supported by a lower adjusted net interest expense of £283 million versus £296 million, with the average interest rate on gross debt at 3.9% (previously 4.4%).
Reported profit before tax reached £2,750 million from £2,557 million, with reported net interest at £286 million (down from £298 million).
Earnings, Dividend, and Shareholder Returns
Adjusted earnings per share (EPS) advanced 10% in constant currency to 128.5p from 120.1p, while reported EPS grew to 112.6p from 103.6p. The adjusted effective tax rate held steady at 22.5%, with the adjusted tax charge at £688 million (up from £652 million) and reported tax at £672 million (from £613 million).
RELX proposed a full-year dividend of 67.5p, a 7% increase from 63.0p, reflecting confidence in sustained cash flows. Adjusted cash flow conversion improved to 99% from 97%.
The company executed £1,500 million in share buybacks during 2025. Building on its strong financial position, RELX plans £2,250 million in buybacks for 2026, including £250 million already completed.
Balance Sheet and Portfolio Activity
Net debt stood at £7,201 million at year-end, up from £6,563 million, resulting in a net debt/EBITDA ratio of 2.0x (from 1.8x). EBITDA grew to £3,846 million from £3,724 million.
Portfolio development included five acquisitions totaling £270 million and two small disposals, sharpening focus on high-growth areas.
Business Momentum and CEO Perspective
CEO Erik Engstrom highlighted robust segment performance: continued strong growth in Risk; good growth with improving momentum in Scientific, Technical & Medical; a step up in Legal; and strong ongoing growth in Exhibitions. “RELX delivered strong underlying revenue and profit growth and strong new sales in 2025,” Engstrom said.
He emphasized the long-term growth trajectory, powered by analytics and decision tools that blend unique content, data sets, and advanced technologies. AI evolution accelerates product development and functionality, a trend spanning over a decade. “This evolution has been a key driver of our business for well over a decade, and will remain a key driver of customer value and growth in our business for many years to come,” Engstrom added.
Corporate Responsibility Achievements
RELX excelled in corporate responsibility, earning a AAA MSCI rating for the tenth straight year, top 1% ranking by Sustainalytics among over 14,700 global companies, and inclusion in the S&P Global Sustainability Yearbook.