RELX PLC: 2025 Annual Report (Form 20-F) Summary
Business Context and Reporting Period
Company: RELX PLC
Reporting Period: Fiscal year ended December 31, 2025
Filing Date: February 19, 2026
Business Overview: RELX is a global provider of information-based analytics and decision tools operating in four segments: Risk, Scientific, Technical & Medical (STM), Legal, and Exhibitions. The company serves customers in over 180 countries. In 2025, RELX restructured its reporting to separate "Print & print-related activities" from its core business segments to improve transparency and focus on electronic delivery.
Key Financial Metrics (Year Ended Dec 31, 2025)
| Metric | 2025 Value | 2024 Value (Restated) | Change |
|---|---|---|---|
| Total Revenue | £9,590 million | £9,434 million | +2% (Actual) / +4% (Constant Currency) |
| Reported Operating Profit | £3,027 million | £2,861 million | +6% |
| Adjusted Operating Profit | £3,342 million | £3,199 million | +4% (Actual) / +7% (Constant Currency) |
| Adjusted Operating Margin | 34.8% | 33.9% | +0.9 percentage points |
| Net Profit Attributable to Shareholders | £2,065 million | £1,934 million | +7% |
| Adjusted Net Profit | £2,358 million | £2,241 million | +5% |
| Basic EPS | 112.6p | 103.6p | +9% |
| Adjusted EPS | 128.5p | 120.1p | +7% |
| Operating Cash Flow | £3,735 million | £3,521 million | +6% |
| Net Debt | £7,201 million | £6,563 million | +£638 million |
| Capital Expenditure | £525 million | £484 million | +8% |
Material Changes vs. Prior Period
- Segment Performance:
- Risk: Revenue grew 4% (actual) to £3,485 million; Adjusted Operating Profit grew 6% to £1,305 million. Growth driven by AI-enabled analytics in Financial Crime Compliance and Insurance.
- STM: Revenue grew 3% to £2,714 million; Adjusted Operating Profit grew 6% to £1,035 million. Driven by volume growth in primary research and adoption of AI tools (Scopus AI, Sherpath AI).
- Legal: Revenue grew 5% to £1,806 million; Adjusted Operating Profit grew 9% to £415 million. Strong growth in Law Firms & Corporate Legal due to AI-enabled research platforms (Lexis+ AI).
- Exhibitions: Revenue declined 4% to £1,186 million due to event cycling and disposals, though underlying growth was +8%. Adjusted Operating Profit increased 3% to £410 million.
- Print: Revenue declined 23% to £399 million as the company accelerates the transition away from print formats.
- Shareholder Returns:
- Dividends: Total dividends increased 7% to 67.5p per share. The final dividend proposed was 48.0p per share.
- Buybacks: The company repurchased 39.5 million shares for £1,500 million in 2025. An additional £250 million buyback program was announced in December 2025, and a further £2,000 million program was announced in February 2026.
- Debt & Liquidity: Net debt increased to £7.201 billion, primarily due to new term debt issuances ($1.5 billion) in March 2025 to refinance maturing debt and fund operations. The company maintains a $3.5 billion committed bank facility, which was undrawn at year-end.
Guidance, Outlook, and Risks
Outlook & Strategy: Management continues to focus on developing sophisticated, AI-enabled analytics and decision tools. The company expects continued underlying revenue growth across all four core business segments. The transition from print to electronic formats is largely complete, with print revenue now managed separately. Investment in new products and infrastructure remains a priority, with capital expenditure increasing to £525 million in 2025.
Key Risks:
- Cybersecurity: Risks of data breaches, ransomware, and unauthorized access to databases remain a primary concern, potentially impacting reputation and operations.
- Regulatory & Data Privacy: Evolving laws regarding personal data collection and use (e.g., GDPR, US state laws) could increase compliance costs and limit data availability.
- Geopolitical & Economic: Global economic conditions, inflation, interest rates, and geopolitical tensions could affect customer demand and funding for research and legal services.
- Intellectual Property: Risks related to AI tools potentially infringing on IP rights or circumventing copyright protections.
- Iran Sanctions: The company discloses limited revenue (£4.9 million in 2025) from activities in Iran, subject to US sanctions and regulatory scrutiny.
Investor Verification Checklist
- Underlying Growth vs. Reported: Verify the distinction between reported revenue growth (+2%) and underlying constant currency growth (+4%) to understand the impact of currency fluctuations and portfolio changes.
- Print Segment Decline: Confirm the trajectory of the "Print & print-related activities" segment, which saw a 23% revenue drop, and assess the long-term impact on total revenue mix.
- Debt Maturity Profile: Review the contractual obligations table to understand the timing of debt maturities, particularly the new $1.5 billion term debt issued in 2025.
- AI Integration: Assess the specific revenue contribution and margin impact of new AI-enabled products (e.g., Lexis+ AI, Scopus AI) mentioned in segment commentary.
- Share Repurchase Authority: Verify the remaining capacity under the newly announced £2,000 million buyback program for 2026.
- Uncertain Tax Positions: Note the £159 million provision for uncertain tax positions identified as a critical audit matter by Ernst & Young.