RELX has spent two decades transforming from a traditional publisher into one of the largest data, analytics and decision-tools companies in the world. The 2025 full-year results, published in February 2026, showed that strategy in action: underlying Revenue growth of 7%, adjusted operating profit up 9% and a £2.25 billion share buyback announced for 2026.

For UK investors, RELX has often felt like the quiet compounder of the FTSE 100. The shares may not generate headlines like banks or oil majors, but the Business model — recurring subscription revenue, embedded analytics in customer workflows and a growing artificial intelligence overlay — continues to attract attention.

Key takeaways

  • RELX reported full-year 2025 revenue of £9.59 billion, with underlying growth of 7%.
  • Adjusted operating profit rose 9% on an underlying basis to £3.34 billion, with margins improving to 34.8%.
  • Adjusted EPS grew 10% on a constant currency basis to 128.5p.
  • The proposed full-year Dividend rose 7% to 67.5p per share, with a final dividend of 48.0p payable on 18 June 2026.
  • RELX increased its planned 2026 share buyback to £2.25 billion, up from £1.5 billion in 2025.
  • Management is guiding to another year of strong underlying growth in revenue, profit and adjusted EPS in 2026.

Why investors are watching this FTSE 100 stock

For UK investors, the direct answer to "why now?" is that RELX has delivered consistent Earnings growth and continues to expand operating margins, while broadening its use of artificial intelligence across legal, risk, scientific and exhibitions markets. Despite being one of the largest companies on the London market, the business model remains relatively under-discussed compared with banks and energy stocks.

The company’s Recurring Revenue base, global customer mix and continued Investment in data and AI mean it is often viewed as a quality compounder rather than a deep-Value Stock. Investors are watching how AI-enabled products affect both growth rates and competitive positioning.

Recent share price performance

RELX shares have been one of the standout long-term performers on the FTSE 100. The market has rewarded the company’s mix of recurring revenue, expanding margins and disciplined Capital allocation, although valuation multiples have also expanded.

Where the REL share price stood in May 2026

According to publicly available data, RELX was trading at 2,382p on 14 May 2026, up 2.10% on the day. Market Capitalisation figures from various sources cluster in a wide range — one quoted £48.63 billion at a recent price of 2,720p, while another data provider cited a figure of around £56 billion. Differences reflect the timing of snapshots and exchange listing used.

Drivers behind the move

The share price has been supported by the FY2025 results, an upgraded buyback programme and continued confidence in RELX’s ability to monetise AI within its core data and analytics products. Investors are watching how new product launches translate into pricing power and customer retention.

How RELX sits against global peers

RELX competes globally with information and analytics businesses such as Thomson Reuters, Wolters Kluwer and S&Amp;P Global, depending on the segment. UK investors often compare RELX with these peers when assessing valuation multiples and growth profiles. Within the FTSE 100, RELX is one of the largest non-financial, non-resources companies by Market Value.

Business performance and earnings

RELX organises its business across four main areas: Risk, Scientific, Technical & Medical, Legal and Exhibitions. According to the 2025 full-year results, underlying revenue growth of 7% reflected continued momentum in subscription-based businesses and a strong recovery in the events business. Each of the segments has its own profile, but together they have delivered a relatively consistent earnings trajectory over many years.

Adjusted operating profit rose 9% on an underlying basis to £3.34 billion, with operating margins improving to 34.8% from 33.9% the previous year. Adjusted EPS climbed 10% on a constant currency basis to 128.5p, reflecting both Leverage/">Operating Leverage and continued share Buybacks. Margin expansion has been a hallmark of the RELX story, with the business model benefiting from scale Economics and the operational leverage that comes with subscription-based revenues.

Looking at the segments individually, Risk includes LexisNexis Risk Solutions, which provides data and analytics to insurers, banks and government bodies for Fraud prevention, identity verification and risk assessment. Legal includes LexisNexis Legal & Professional, which serves lawyers and corporate legal departments with research, analytics and workflow tools. Scientific, Technical & Medical includes Elsevier, one of the largest academic publishers, with platforms for researchers, libraries and clinicians. Exhibitions runs major industry events around the world. Each segment has benefited from a combination of organic growth and selective acquisitions over many years.

Strategically, RELX has continued to integrate AI capabilities into existing platforms — for example in legal research, risk decisioning and scientific workflows — while also investing in new product modules. For 2026, the company has guided to another year of strong underlying growth in revenue, adjusted operating profit and adjusted EPS, suggesting that the operating model remains on track even in a more uncertain macroeconomic backdrop.

Dividends and Shareholder returns

RELX combines a steadily growing dividend with significant share buybacks. The board has proposed a final dividend of 48.0p per ordinary share, taking the total 2025 dividend to 67.5p, up 7% on the prior year. If approved, the final dividend will be paid on 18 June 2026, with an ex-dividend date of 7 May 2026 and a Record Date of 8 May 2026.

On top of the dividend, RELX announced plans to deploy £2.25 billion on share buybacks in 2026, up from £1.5 billion in 2025. According to commentary at the time of the results, that figure was ahead of analyst expectations. The combination of dividend growth and meaningful buybacks has supported total shareholder returns over many years, and reinforces the company’s reputation as one of the most disciplined capital allocators on the FTSE 100.

RELX has historically grown its dividend at a steady mid-to-high single-digit pace, supported by recurring revenue and high free Cash Flow conversion. The trailing Yield/">Dividend Yield is modest by FTSE 100 standards — typically below 2% — reflecting the quality-growth nature of the business and the strong share price performance. UK investors who prioritise headline yield often look elsewhere in the index, but the combination of dividend growth and buybacks can deliver a more attractive total shareholder return when measured over a longer horizon.

Outlook for 2026 and beyond

For 2026, RELX has guided to another year of strong underlying growth in revenue, adjusted operating profit and adjusted EPS on a constant currency basis. According to the company’s 2025 results announcement, that guidance reflects continued momentum in subscription-based businesses, ongoing investment in product development and the absorption of AI capabilities across the portfolio.

Looking further out, the longer-term outlook depends on how successfully the company commercialises AI within its existing platforms. In Risk, for example, AI can support better fraud detection and Underwriting decisions. In Legal, generative AI is already being incorporated into research and drafting tools. In Scientific, Technical & Medical, AI can accelerate research workflows and analysis of scientific literature. The Exhibitions business, meanwhile, depends on continued recovery and growth in face-to-face industry events.

Capital allocation will continue to balance dividend growth, share buybacks and bolt-on M&A. RELX has historically used selective acquisitions to add capabilities and data sets, particularly in Risk and Legal. UK investors are watching whether the £2.25 billion 2026 buyback marks a step-change in capital return or remains a one-year programme, and how the company chooses to deploy any further excess cash flow generated by margin expansion.

Valuation and market position

RELX trades on a quality-growth multiple that reflects its recurring revenue base, operating margins and history of compounding earnings. Compared with deep-value FTSE 100 stocks, the headline price-to-earnings ratio looks elevated, but supporters argue this is consistent with the business model and global peer group.

Market position is a critical part of the story. In legal research and risk decisioning, RELX benefits from large, sticky customer bases and deep workflow integration. Elsevier in the scientific market and the exhibitions business in face-to-face events each provide diverse exposure. Investors are watching whether AI accelerates customer adoption of higher-value products or, conversely, opens the door to new competitors.

Sector trends shaping RELX

Several themes could shape RELX’s performance over the rest of the decade:

  • Artificial intelligence: integrating generative AI into legal, risk and scientific products can support pricing and retention.
  • Risk and fraud analytics: rising regulatory and fraud concerns drive Demand for LexisNexis Risk Solutions products.
  • Scientific publishing: growing volumes of research and the role of digital workflows in laboratories and universities.
  • Events and exhibitions: recovery and growth in face-to-face industry events post-Pandemic.
  • Data privacy and regulation: heightened focus on data use, AI ethics and global regulation, particularly in the EU and US.

Risks to watch

RELX is exposed to several specific risks. Disruption from generative AI is both an opportunity and a threat: while the company can embed AI in its own products, third-party AI tools could potentially erode the value of certain content-heavy services. Regulatory developments around data privacy, AI Training and copyright could also affect specific business lines.

Customer budgets in academic publishing, law firms and corporate risk teams can be cyclical, and a major Recession could weigh on Advertising-linked or exhibition-related revenue. Currency movements between sterling, the US dollar and the euro can affect reported financials given the global customer mix.

Concentration in specific customer groups is another consideration. In scientific publishing, large university library deals are renegotiated periodically, and any major disruption to so-called "big deal" arrangements would affect revenue trajectories. In risk and legal markets, competition from US and European peers such as Thomson Reuters, Wolters Kluwer and S&P Global continues to push innovation and pricing pressure. Investors are also watching how the rise of open access publishing models affects the long-term economics of the scientific publishing business, which has historically been a high-margin contributor to group results.