Key Highlights

  • RELX PLC (LSE:REL) reported 7% underlying Revenue growth for the first nine months of 2026 and reaffirmed its full-year outlook.
  • Legal grew 10%, Risk 8%, Scientific, Technical and Medical 6% and Exhibitions 4%.
  • The shares closed at 2,973p on 21 October, about 15% below their 12-month high of 3,510p.
  • Investors are reassessing AI-exposed stocks after the US midterm results raised questions about data centre regulation.

Why RELX Is in Focus Today

RELX PLC (LSE:REL), the information and analytics group behind LexisNexis and Elsevier, is one of the FTSE 100 companies at the centre of the debate about artificial intelligence. On Wednesday, 4 November 2026, markets were digesting the Democrats' victory in both chambers of the US Congress. Commentators expect the new political balance to bring tighter scrutiny of AI infrastructure, including possible short-term moratoria on new data centres at state and local level. Asian technology stocks sold off overnight, and the AI trade has been volatile for weeks after a global selloff in late October.

For RELX, the question cuts both ways. The company has been caught in a broad selloff of software and data businesses on fears that AI tools could replace services customers currently pay for. At the same time, RELX is a heavy user of AI in its own products and has argued that its proprietary data and deep integration into customer workflows make it a beneficiary rather than a victim of the technology. The FTSE 100 rose 1.8% on Wednesday, but RELX shares had slipped 1.1% to 2,957p on Monday, 2 November, showing the stock remains sensitive to shifts in sentiment.

Nine-Month Trading Update

On 22 October, RELX reported underlying revenue growth of 7% for the first nine months of 2026, with growth across all four divisions. Legal led with 10%, driven by Lexis+ AI and its AI legal assistant Protégé. Risk, which accounts for about 40% of group profit, grew 8%, supported by AI-enabled analytics, Fraud prevention and identity solutions. Scientific, Technical and Medical, about a third of profit, grew 6%, and Exhibitions grew 4%.

The company reaffirmed its outlook for continued solid underlying revenue growth, with underlying adjusted operating profit growth exceeding revenue growth and further growth in adjusted Earnings Per Share at constant currency. The shares were broadly flat on the day as investors weighed solid numbers against lingering concerns about AI competition.

A Volatile Year for the Shares

RELX shares have had a turbulent 2026. They fell about 14% on 3 February in a sharp sector selloff and hit a 12-month closing low of 2,013p on 11 February. They have since recovered substantially, closing at 2,973p on 21 October, almost 48% above that low but still around 15% below the 3,510p high reached in October 2025. In September the stock enjoyed a brief lift when calls to slow advanced AI development eased concerns about disruption for data businesses.

Market Context on 4 November

The midterm outcome is likely to keep AI policy in the headlines. Tighter rules on data centres could slow the pace of AI model development, which some investors see as reducing near-term disruption risk for incumbents with valuable proprietary data. However, uncertainty itself can weigh on valuations across the technology complex. RELX also continues to repurchase shares regularly, providing support during periods of volatility.

Why Investors Value RELX

RELX has long been regarded as a high-quality compounder, with recurring subscription revenue, high margins and steady cash generation. Around three quarters of revenue is subscription or repeat transactional business, giving good visibility. The group has gradually shifted its mix toward higher-growth analytics and decision tools, which use data and Machine Learning to help customers make decisions in areas such as fraud detection, insurance Underwriting and legal research. Management has argued that the combination of proprietary content, domain expertise and embedded workflows is difficult for general AI models to replicate, and that AI increases the value of its data rather than reducing it. The nine-month figures, with growth in every division, offered some support for that argument.

Risks to Consider

Risks include faster-than-expected adoption of AI tools that compete with RELX products, pressure on academic publishing from open access models and AI licensing, slower growth in legal or risk markets, and currency movements. Exhibitions can be affected by geopolitical events and corporate budgets.

What Investors Are Watching Next

Investors will watch AI policy developments in the United States, customer adoption of Lexis+ AI and Protégé, and evidence that Risk and Legal can sustain high single-digit to double-digit growth. The full-year results in February 2027 will provide the next detailed update and guidance for 2027, along with plans for share Buybacks at RELX PLC (LSE:REL).