RELXNYSEServices-Business Services, NECFiscal year ends December 31Also trades as RLXXF
RELX PLC
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Feb 19, 2026
$39.25+0.19 (+0.49%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
66.3%+1.3 pts over 5 years
Operating margin
31.6%+10.1 pts over 5 years
Net margin
21.5%+4.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.7% | +3.9% | +6.2% | +4.9% | |
| Gross profit | +3.6% | +4.9% | +6.6% | +5.2% | |
| Operating income | +5.8% | +9.2% | +14.7% | +7.3% | |
| Net income | +6.8% | +8.1% | +11.0% | +7.4% | |
| EPS, diluted | +8.6% | +9.8% | +12.1% | – | |
| Free cash flow | +8.8% | +6.0% | +12.6% | +7.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 57.4% | 70.6% | |
| Return on assets | – | 8.8% | 13.8% | |
| Current ratio | 0.45 | 0.52 | 0.49 | |
| Debt to equity | 2.54 | 3.54 | – | |
| Net debt to EBITDA | 2.36× | 3.02× | – | |
| Interest coverage | 7.7× | 8.7× | 10.2× | |
| Capex to revenue | 0.7% | 0.6% | 0.2% | |
| Diluted shares | 2.08B | 1.94B | 1.84B |
Where the cash went
Fiscal 2021 to 2025, five years combined
RELX generated £12.32B from operations and spent £5.45B on capital expenditure, dividends and share buybacks. 2% of that went back into the business.
Generated
£12.32B
Used
£5.45B
Capital expenditure£135.00M2%Dividends£5.31B98%Share buybacks£00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin21.5%
×Asset turnover0.64×
×Equity multiplier5.11×
=Return on equity, FY202570.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 21.5% | 0.64× | 5.11× | 70.6% |
| FY2024 | 20.5% | 0.63× | 4.33× | 55.7% |
| FY2023 | 19.4% | 0.60× | 4.25× | 49.2% |
| FY2022 | 19.1% | 0.58× | 4.24× | 46.6% |
| FY2021 | 20.3% | 0.52× | 5.25× | 55.2% |
| FY2020 | 17.2% | 0.51× | 6.55× | 57.4% |
| FY2019 | 19.1% | 0.57× | 6.18× | 67.0% |
| FY2018 | 19.0% | 0.56× | 5.76× | 61.5% |
| FY2017 | 22.4% | 0.56× | 5.78× | 72.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero£2.07B
- Cash generatingOperating cash flow above zero£2.84B
- Return on assets improvedROA up on the prior year13.0% → 13.6%
- Earnings backed by cashOperating cash flow above net income£2.84B vs £2.07B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.52 → 0.49
- No dilutionShare count did not rise1.88B → 1.84B
- Gross margin improvedGross margin up on the prior year65.02% → 66.29%
- More efficientAsset turnover rose0.63 → 0.63