Cash conversion remains robust with an OCF/NI ratio of 1.38 in 2025Q4, supporting a disciplined capital allocation strategy that included $1.0B in share buybacks during 2025Q2.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 2.84B | 2.61B | 2.46B | 2.4B | 2.02B | 1.6B | 2.09B | 1.99B | 1.85B | 1.68B | 1.41B | 1.38B | 1.39B | 1.41B | -3M | -5M | -8M | -11M | 829M | 585M | 158M | 151M | 756M | 709M | 927M | 605M | 584M | 501M | 708M | -7M |
| Operating CF Margin % | 29.57% | 27.64% | 26.82% | 28.07% | 27.83% | 22.45% | 26.53% | 26.49% | 25.13% | 24.39% | 23.56% | 23.85% | 22.97% | 23.01% | -0.09% | -0.16% | -0.25% | -0.39% | 34.19% | 24.53% | 5.78% | 5.93% | 29.02% | 26.7% | 20.33% | 16.06% | 17.23% | 15.7% | 20.72% | -0.39% |
| Operating CF Growth % | 8.74% | 6.15% | 2.33% | 19.1% | 26.32% | -23.6% | 5.24% | 7.41% | 9.87% | 19.55% | 2.18% | -0.65% | -1.49% | 47000% | 40% | 37.5% | 27.27% | -101.33% | 41.71% | 270.25% | 4.64% | -80.03% | 6.63% | -23.52% | 53.22% | 3.6% | 16.57% | -29.24% | 10214.29% | -177.78% |
| Net Income | 2.06B | 1.93B | 1.78B | 2.32B | 1.88B | 1.52B | 2.1B | 1.96B | 1.91B | 1.71B | 1.31B | 1.37B | 1.35B | 1.33B | 525.95M | 498.34M | 387.21M | 397.24M | 674.74M | 402.59M | 306.54M | 302.42M | 333.65M | 252.33M | 379M | 197M | 177M | 393M | 885M | -1M |
| Depreciation & Amortization | 752M | 783M | 717M | 713M | 724M | 843M | 683M | 651M | 585M | 599M | 520M | 519M | 566M | 555M | 562M | 582M | 756M | 454M | 367M | 459M | 420M | 530M | 576M | 660M | 630M | 583M | 486M | 420M | 96M | 0 |
| Stock-Based Compensation | 63M | 66M | 56M | 46M | 45M | 25M | 32M | 41M | 39M | 38M | 34M | 32M | 31M | 31M | 27M | -7M | 17M | 46M | 38M | 49M | 57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -816M | -786M | -528M | -636M | -753M | -656M | -561M | -584M | -838M | -579M | 485M | 145M | -240M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 43M | -29M | 17M | -607M | -489M | -683M | -676M | -602M | 182M | 195M | 174M | 162M | 196M | 216M | -527.95M | -500.34M | -389.21M | -398.24M | -676.74M | -404.59M | -308.54M | -641.42M | -23.65M | -108.33M | -138M | -188M | -78M | -361M | -276M | -6M |
| Working Capital Changes | -87M | -146M | -114M | -74M | -148M | -114M | -51M | -69M | -47M | -72M | -105M | -66M | -1M | -73M | -29M | 6M | 59M | 69M | -59M | -66M | -77M | -40M | -130M | -95M | 56M | 13M | -1M | 49M | 3M | 0 |
| Change in Receivables | 14M | 0 | -24M | -251M | -103M | 149M | -116M | -89M | 37M | -146M | -150M | -66M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -101M | 0 | -90M | -103M | -13M | -18M | -14M | -7M | 2M | -24M | -17M | 3M | 10M | 21M | 32M | 35M | 47M | 4M | -11M | -51M | -56M | -39M | -51M | -51M | -48M | -3M | -9M | 0 | 5M | 0 |
| Change in Payables | 0 | 0 | -1M | 280M | -32M | -245M | 79M | 27M | -76M | 98M | 62M | 66M | -5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -770M | -575M | -569M | -859M | -384M | -1.17B | -733M | -1.27B | -422M | -668M | -422M | -565M | -316M | -476M | 601M | -6M | -460M | 1.24B | -587M | -334M | -4M | -743M | -318M | -244M | -1.2B | -899M | -286M | -478M | -752M | 0 |
| Capital Expenditures | -513.49M | -20M | -30M | -436M | -337M | -362M | -380M | -362M | -354M | -333M | -307M | -270M | -308M | -333M | -350M | -311M | -242M | -172M | -145M | -196M | -195M | -192M | -155M | -163M | -175M | -141M | -137M | -151M | -142M | 0 |
| CapEx % of Revenue | 5.35% | 0.21% | 0.33% | 5.1% | 4.65% | 5.09% | 4.83% | 4.83% | 4.81% | 4.83% | 5.14% | 4.68% | 5.1% | 5.44% | 11.02% | 9.71% | 7.54% | 6.1% | 5.98% | 8.22% | 7.14% | 7.54% | 5.95% | 6.14% | 3.84% | 3.74% | 4.04% | 4.73% | 4.16% | - |
| Acquisitions | -256.26M | -170M | -112M | -390M | -64M | -840M | -381M | -930M | -97M | -374M | -157M | -343M | -26M | -398M | -481M | -596M | -462M | -2.16B | -327M | -163M | -317M | -645M | -181M | -196M | -2.14B | -708M | -145M | -337M | -629M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 40.83M | -385M | -419M | 33M | -284M | -288M | -297M | -272M | 39M | 45M | 58M | 54M | 230M | 27M | 1.36B | 900M | 162M | 3.57B | -193M | -14M | 475M | -295M | 6M | 6M | 6M | -110M | 15M | -144M | -180M | 0 |
| Cash from Financing | -2.05B | -2.06B | -2.06B | -1.33B | -1.61B | -474M | -1.33B | -713M | -1.47B | -1B | -1.12B | -670M | -1.6B | -1B | -598M | 11M | 468M | -1.23B | -242M | -251M | -154M | -151M | 1M | -393M | 1.45B | -1.33B | -42M | -107M | -726M | 7M |
| Debt Issued (Net) | 736M | -369M | -112M | 261M | -614M | 673M | 0 | 652M | 13M | 47M | -34M | 279M | -741M | -283M | -38M | -537M | -948M | 1.5B | 76M | 130M | -51M | -63M | -70M | -240M | 1.7B | -786M | 101M | 63M | 299M | -428M |
| Equity Issued (Net) | -1.5B | -1.07B | -809M | -550M | -1M | -187M | -637M | -743M | -739M | -729M | -523M | -639M | -600M | -202M | 9M | 11M | 834M | -40M | -96M | -192M | -2M | -8M | -4M | 26M | 11M | 1.29B | 5M | 18M | 18M | 15M |
| Dividends Paid | -1.16B | -1.12B | -1.06B | -983M | -920M | -880M | -842M | -796M | -762M | -683M | -583M | -565M | -549M | -521M | -248M | -245M | -228M | -1.25B | -206M | -186M | -168M | -153M | -144M | -135M | -255M | -196M | -339M | -362M | -336M | 0 |
| Share Repurchases | -1.54B | -1B | -800M | -550M | -1M | -187M | -637M | -743M | -739M | -729M | -523M | -639M | -600M | -250M | 0 | 0 | 0 | -94M | -273M | -285M | -27M | -29M | -18M | -4M | 0 | 0 | -4M | 0 | -3M | 0 |
| Other Financing | -131.5M | 500M | -77M | -62M | -71M | -80M | -111M | 174M | -56M | 360M | 16M | 255M | 288M | 3M | -328M | -253M | -234M | 62M | -12M | 182M | 235M | -175M | 367M | 94M | -5M | -1.64B | 191M | 174M | -707M | -324M |
| Net Change in Cash | 12M | -36M | -179M | 221M | 25M | -50M | 24M | 3M | -51M | 40M | -154M | 144M | -509M | -85M | -16M | 8M | 359M | -2.09B | 1.95B | 223M | 71M | -1M | 439M | 72M | 1.18B | -1.63B | 256M | -84M | -770M | 0 |
| Free Cash Flow | 2.81B | 2.59B | 1.98B | 1.97B | 1.68B | 1.23B | 1.71B | 1.62B | 1.49B | 1.35B | 1.1B | 1.11B | 1.08B | 1.07B | -353M | -316M | -250M | -183M | 684M | 389M | -37M | -41M | 601M | 546M | 752M | 464M | 447M | 350M | 566M | -7M |
| FCF Margin % | 29.35% | 27.43% | 21.61% | 22.97% | 23.18% | 17.36% | 21.7% | 21.66% | 20.31% | 19.56% | 18.42% | 19.18% | 17.86% | 17.56% | -11.12% | -9.87% | -7.78% | -6.49% | 28.21% | 16.31% | -1.35% | -1.61% | 23.07% | 20.56% | 16.49% | 12.31% | 13.19% | 10.97% | 16.56% | -0.39% |
| FCF Growth % | 8.77% | 30.71% | 0.76% | 17.03% | 36.06% | -27.79% | 5.3% | 8.63% | 10.75% | 22.64% | -0.63% | 2.69% | 0.37% | 404.25% | -11.71% | -26.4% | -36.61% | -126.75% | 75.84% | 1151.35% | 9.76% | -106.82% | 10.07% | -27.39% | 62.07% | 3.8% | 27.71% | -38.16% | 8185.71% | -177.78% |
| FCF per Share | 1.53 | 1.38 | 1.04 | 1.02 | 0.87 | 0.64 | 0.87 | 0.82 | 0.73 | 0.65 | 0.52 | 0.51 | 0.48 | 0.44 | -0.14 | -0.13 | -0.11 | -0.08 | 0.27 | 0.15 | -0.01 | -0.02 | 0.23 | 0.21 | 0.29 | 0.20 | 0.19 | 0.15 | 0.24 | -0.00 |
| FCF Conversion (FCF/Net Income) | 1.37x | 1.35x | 1.38x | 1.47x | 1.37x | 1.30x | 1.39x | 1.40x | 1.11x | 1.45x | 1.40x | 1.44x | 1.25x | 1.32x | -0.01x | -0.02x | -0.05x | -0.06x | 0.98x | 1.96x | 1.37x | 1.01x | 4.47x | 7.98x | 7.36x | 18.33x | -9.27x | 0.65x | 3.40x | -0.02x |
| Interest Paid | 0 | 257M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory data privacy scrutiny
As reported in recent financial filings, RELX consistently maintains an OCF/NI ratio exceeding 1.28, with a peak of 1.51 in 2022Q4, indicating that the company's reported net income is backed by high-quality cash inflows rather than accounting accruals or non-cash adjustments.
The persistent gap between net income and operating cash flow suggests that RELX benefits from a business model where subscription revenue is collected in advance, effectively creating a structural cash advantage. Investors should interpret this as a sign of high earnings quality, as the company does not rely on aggressive revenue recognition to bolster its bottom line.
Based on the latest quarterly data, RELX's free cash flow margins have stabilized between 27% and 30.7% in recent periods, demonstrating that the company's ability to convert revenue into discretionary cash remains robust despite the deceleration in top-line growth observed in recent quarters.
The trajectory of free cash flow suggests that the business has reached a level of operational maturity where capital requirements are well-contained relative to cash generation. This consistency provides management with significant flexibility to fund dividends and share repurchases without needing to tap external debt markets frequently.
According to historical cash flow statements, RELX's CapEx/Revenue ratio has trended downward from 5.7% in 2025Q4 to as low as 0.2% in 2024Q2, highlighting a shift toward a less capital-intensive digital model that requires minimal ongoing investment to maintain its core data platforms.
The significant reduction in capital intensity implies that the company has successfully transitioned from a legacy infrastructure model to a scalable software-driven architecture. This low maintenance requirement allows a greater portion of operating cash flow to be directed toward shareholder returns rather than asset replacement.
As evidenced by the company's cash flow statements, RELX consistently deploys significant capital toward shareholder returns, with share buybacks reaching $1.0B in 2025Q2, while simultaneously maintaining a steady dividend payout that underscores management's commitment to returning excess cash to investors.
The aggressive use of buybacks alongside dividends suggests that management views the current share price as an attractive investment relative to internal growth opportunities. However, the reliance on cash for these returns warrants monitoring, as it leaves less room for error should the company decide to pursue larger, transformative acquisitions.
Quick answers to the most common questions about buying RELX stock.
RELX Plc (RELX) generated $2.84B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
RELX Plc (RELX) generated $2.81B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
RELX Plc (RELX) spent $513.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, RELX Plc (RELX) returned $1.16B to shareholders via cash dividends and spent $1.54B on share repurchases. This shows the company's commitment to returning capital to its equity investors.