A global provider of information-based analytics and decision tools for professionals, RELX runs famous brands like the science publisher Elsevier and the legal research service LexisNexis, used by researchers, lawyers, and businesses in over 180 countries. It was born from the 1993 merger of the British publisher Reed International and the Dutch publisher Elsevier, which itself took its name from a family of famous Dutch printers. When the company rebranded in 2015, its new name RELX conveniently echoes its four business areas—Risk, Exhibitions, Legal, and X (for the science arm)—even though it's really just a shortening of "Reed Elsevier."
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
RELX adjusted operating margin widened to 34.8% as underlying revenue growth held at 7%, while reported revenue growth slowed to 2% on a sharp decline in print.
The shift to analytics and AI kept underlying growth at 7%, but the told a different story. Reported revenue rose just 2% to £9,590M as the company accelerated the wind-down of print, while adjusted rose 4% to £3,342M and the adjusted margin widened 0.9 points to 34.8%. The core business is performing, but the headline growth rate now understates it.
Key takeaways
held at 7% for the second straight year, with Risk up 8%, Legal up 9%, and Exhibitions up 8%, all driven by demand for AI-enabled analytics and decision tools.
Reported growth slowed to 2% from 9% in 2024, as a 23% drop in print and print-related revenue to £399M and currency headwinds masked the underlying expansion.
widened 0.9 points to 34.8%, extending a multi-year run of that has added roughly 4 points since 2021.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
RELX's primary market risks are interest rate and foreign exchange fluctuations, managed via derivatives and a fixed/floating debt mix.
⌄
A 100 rate rise would increase net finance costs by £23m (2025), while a 100 bps cut would decrease them by the same amount.
66% of gross debt was at fixed rate as of December 31, 2025, limiting exposure to rising rates on those borrowings.
The company repurchased £1,500M in shares, up from £1,000M in 2024, and proposed a 7% higher total of 67.5p per share, funded by of £3,735M.
rose to £7,201M, partly reflecting the increased , while the sensitivity of net finance costs to a 100bps rate move fell to £23M from £28M a year earlier as the fixed-rate debt share rose to 66%.
A small portfolio of commercial healthcare products was moved from Scientific Technical & Medical to the Risk , restating prior periods and concentrating analytics assets in the largest division.
What changed
The 7% underlying growth rate flagged as a watch item in 2024 held steady rather than accelerating, as AI-enabled product contributions scaled across segments but were offset by the deliberate print wind-down.
The widened further to 34.8% from 33.1%, answering the 2024 question of whether could keep outpacing inflation and AI investment — it did.
Share buybacks stepped up to £1,500M from £1,000M, signaling that capital return took priority over debt reduction even as rose and net finance costs remained elevated.
The Open Access risk in Scientific Technical & Medical, flagged repeatedly, is now joined by a new risk factor citing AI-enabled competitors that could circumvent intellectual property, reflecting the same technology shift that drives the company's own growth.
What to watch
Whether can stay at 7% or accelerate now that the print wind-down is largely complete and the base is cleaner.
The trajectory of the beyond 34.8% as the mix shifts further toward electronic and face-to-face formats with different cost profiles.
The pace of share buybacks in 2026 after the £1,500M spent in 2025, and whether continues to rise or capital allocation pivots toward the balance sheet.
How the new AI-competition risk factor evolves in practice — whether it affects pricing or renewal rates in Risk and Legal, the segments most exposed to analytics.
A 10% strengthening of foreign currencies against sterling would increase the fair value of by £636m and decrease forward FX contract value by £33m.
The company uses interest rate swaps and cross-currency swaps to manage the fixed/floating debt mix and hedge euro and yen earnings exposure.
Forward foreign exchange contracts are used to hedge transactional currency exposure on foreign-currency and operating costs.
Cross-currency swaps that do not qualify for may cause income statement volatility, similar to foreign exchange translation differences.
RELX faces material risks from data-privacy regulation, cybersecurity threats, AI-driven competition, and evolving scientific-publishing payment models.
⌄
Evolving data-privacy laws and enforcement could restrict RELX’s ability to collect and use personal data, harming product availability and effectiveness.
Cybersecurity breaches or unauthorized database access may disrupt operations, damage reputation, and expose the company to fines, litigation, and increased regulation.
AI and other technologies enable competitors to infringe or circumvent RELX’s intellectual property, potentially reducing demand and pricing for its products.
A shift toward publishing models in the Scientific, Technical & Medical business could alter mix and growth in primary research.
Failure to comply with FTC consent orders from 2006 and 2008 could result in civil penalties and harm the business, operations, and reputation.
RELX is a global provider of information-based analytics and decision tools operating in four segments: Risk, Scientific Technical & Medical, Legal, and Exhibitions.
⌄
The company operates in four major market segments: Risk, Scientific Technical & Medical, Legal, and Exhibitions, serving customers in over 180 countries.
from print products has declined from 64% to 4% of group revenue over 25 years, and print activities are now managed and reported separately from the four business areas.
A small portfolio of commercial healthcare products was moved from Scientific Technical & Medical to the Risk , with prior periods restated.
totaled £525 million in 2025, primarily invested in electronic product development, systems infrastructure, and office facilities.
The company engages in limited Iran-related activities, generating approximately £4.9 million in and an estimated 0.05% of in 2025.