RELX PLC

Name: RELX PLC financial statements and ratios
Creator: Annalist

REL · LSE · Industrials, information and analytics · United Kingdom · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025. Snapshot FY2025_a19613c8.

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Overview

Revenue, fiscal year

+1.7% year on year

Operating profit, fiscal year

+5.8% year on year

Net income, fiscal year

+6.8% year on year

Diluted EPS, fiscal year

+8.6% year on year

Operating margin, fiscal year

+1.2pp year on year

Return on equity, fiscal year

+14.9pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was £9.6 billion, 1.7% higher than in the previous fiscal year.
Weakenedin FY2025 · stated since FY2023
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedRevenue for the fiscal year ended 31 December 2025 was £9.6 billion, 1.7% higher than in the previous fiscal year.Recorded from FY2025_a19613c8 · data update
2. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was £9.4 billion, 3.0% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was £9.2 billion, 7.1% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was £2.1 billion, 6.8% higher than in the previous fiscal year.
Weakenedin FY2025 · stated since FY2023
Rule: Net income against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedNet income attributable to the company for fiscal 2025 was £2.1 billion, 6.8% higher than in the previous fiscal year.Recorded from FY2025_a19613c8 · data update
2. FY2024 ConfirmedNet income attributable to the company for fiscal 2024 was £1.9 billion, 8.6% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewNet income attributable to the company for fiscal 2023 was £1.8 billion, 9.0% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 31.6%, 1.2 percentage points higher than a year earlier.
Confirmedin FY2025 · stated since FY2023
Rule: Operating margin against a year earlier · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedThe operating margin for fiscal 2025 was 31.6%, 1.2 percentage points higher than a year earlier.Recorded from FY2025_a19613c8 · data update
2. FY2024 WeakenedThe operating margin for fiscal 2024 was 30.3%, 1.1 percentage points higher than a year earlier.Reconstructed · data update
3. FY2023 NewThe operating margin for fiscal 2023 was 29.3%, 2.1 percentage points higher than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 70.6%, against 55.7% a year earlier.
Strengthenedin FY2025 · stated since FY2023
Rule: Return on equity against a year earlier · Sources Annual financial report 2025-12, Annual financial report 2024-12
History of this finding, 3 records
1. FY2025 StrengthenedReturn on equity for fiscal 2025 was 70.6%, against 55.7% a year earlier.Recorded from FY2025_a19613c8 · data update
2. FY2024 StrengthenedReturn on equity for fiscal 2024 was 55.7%, against 49.2% a year earlier.Reconstructed · data update
3. FY2023 NewReturn on equity for fiscal 2023 was 49.2%, against 46.6% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2025 was £2.8 billion, and operating cash flow was 1.4 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedFree cash flow for fiscal 2025 was £2.8 billion, and operating cash flow was 1.4 times net income attributable to the company.Recorded from FY2025_a19613c8 · data update
2. FY2024 StrengthenedFree cash flow for fiscal 2024 was £2.6 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
3. FY2023 NewFree cash flow for fiscal 2023 was £2.4 billion, and operating cash flow was 1.4 times net income attributable to the company.Reconstructed · initial
Net debt was £7.1 billion at 31 December 2025.
Strengthenedin FY2025 · stated since FY2023
Rule: Net debt or net cash · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedNet debt was £7.1 billion at 31 December 2025.Recorded from FY2025_a19613c8 · data update
2. FY2024 ConfirmedNet debt was £6.4 billion at 31 December 2024.Reconstructed · data update
3. FY2023 NewNet debt was £6.3 billion at 31 December 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual financial report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_a19613c8

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, pounds sterling

Operating Profit

By fiscal year, pounds sterling

Profit Attributable to Owners of the Parent

By fiscal year, pounds sterling

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, pounds sterling

Net Debt

Total debt less cash and short-term investments, at fiscal year end, pounds sterling

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual financial report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	£0	£0	£0	£0	£0
Lease liabilities	£0	£0	£0	£0	£0
Borrowings and lease liabilities presented as one line	£6.2bn	£6.7bn	£6.5bn	£6.5bn	£7.3bn
Lease-adjusted debt	£6.2bn	£6.7bn	£6.5bn	£6.5bn	£7.3bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 1.07x, Debt due within 12 months £1.6bn · FY2025

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2025 equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Confirmedin FY2025 · stated since FY2023
Rule: Liquidity cover · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedCash, short-term investments and operating cash flow for fiscal 2025 equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_a19613c8 · data update
2. FY2024 ConfirmedCash, short-term investments and operating cash flow for fiscal 2024 equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. FY2023 NewCash, short-term investments and operating cash flow for fiscal 2023 equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2025

Sources	Amount
Cash and short-term investments	£131m
Operating cash flow	£2.8bn
Sources	£3.0bn

Uses	Amount
Debt due within 12 months	£1.6bn
Capital expenditure	£21.0m
Dividends paid	£1.2bn
Uses	£2.8bn

Liquidity cover 1.07x

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −5.2% · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 5.2% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin FY2025 · stated since FY2023
Rule: Cash backing of earnings · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 5.2% of average total assets.Recorded from FY2025_a19613c8 · data update
2. FY2024 ConfirmedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 4.5% of average total assets.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 4.4% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresPiotroski 7 of 9

Published distress and misstatement models, with their original coefficients and thresholds.

The Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were long-term debt to assets lower than a year earlier and current ratio higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Weakenedin FY2025 · stated since FY2024
Rule: Piotroski F-score · Sources Annual financial report 2024-12, Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 WeakenedThe Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were long-term debt to assets lower than a year earlier and current ratio higher than a year earlier.Recorded from FY2025_a19613c8 · data update
2. FY2024 NewThe Piotroski F-score for fiscal 2024 was 8 of 9. The signal not met was long-term debt to assets lower than a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to a high score.Reconstructed · data update
4. FY2023 NewThe Piotroski F-score for fiscal 2023 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, current ratio higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

7 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Not met	Not met
Current ratio higher than a year earlier	Not met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Met
Asset turnover higher than a year earlier	Met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 December 2025 Search page of the FCA National Storage Mechanism	4 Mar 2026, added to the index	AFR:549300WSX3VBUFFJOO66-2025-12-31-0
Annual financial report for the year to 31 December 2024 Search page of the FCA National Storage Mechanism	25 Feb 2025, added to the index	AFR:549300WSX3VBUFFJOO66-2024-12-31-0
Annual financial report for the year to 31 December 2023 Search page of the FCA National Storage Mechanism	27 Feb 2024, added to the index	AFR:549300WSX3VBUFFJOO66-2023-12-31-0
Annual financial report for the year to 31 December 2022 Search page of the FCA National Storage Mechanism	2 Mar 2023, added to the index	AFR:549300WSX3VBUFFJOO66-2022-12-31-0
Annual financial report for the year to 31 December 2021 Search page of the FCA National Storage Mechanism	8 Mar 2022, added to the index	AFR:549300WSX3VBUFFJOO66-2021-12-31-0

Checks

241241 checks, all passed

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit6 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement with the 20-F210 passedEach figure equals the figure of the annual report on Form 20-F that the company files with the SEC for the same fiscal year. A figure that differs is withheld. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	222
Proven by a check	94.6%, 210 values
Confirmed by a second document	94.6%, 210 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	6
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, RELX PLC, snapshot relx/FY2025_a19613c8 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_a19613c8 · dataset SHA-256 a19613c8bb6589e91f54d2f5c7256873ac74e5fa5db4a0ebaf03e18bd41a3b3a · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json