Operating margins have demonstrated consistent structural improvement, rising to 31.3% in 2025Q4 despite a deceleration in revenue growth to 0.5%.
| 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 |
|---|
| Sales/Revenue | 9.59B | 9.43B | 9.16B | 8.55B | 7.24B | 7.11B | 7.87B | 7.49B | 7.36B | 6.89B | 5.97B | 5.77B | 6.04B | 6.12B | 3.18B | 3.2B | 3.21B | 2.82B | 2.42B | 2.39B | 2.73B | 2.55B | 2.61B | 2.66B | 4.56B | 3.77B | 3.39B | 3.19B | 3.42B | 1.79B |
| Revenue Growth % | 1.65% | 2.98% | 7.11% | 18.07% | 1.88% | -9.7% | 5.1% | 1.86% | 6.67% | 15.47% | 3.43% | -4.34% | -1.32% | 92.63% | -0.88% | -0.26% | 13.82% | 16.36% | 1.66% | -12.72% | 7.36% | -2.29% | -1.89% | -41.76% | 21.02% | 11.15% | 6.24% | -6.61% | 91.05% | -7.34% |
| Cost of Goods Sold | 3.4B | 3.3B | 3.22B | 3.04B | 2.56B | 2.49B | 2.75B | 2.64B | 2.63B | 2.49B | 2.13B | 2.01B | 2.12B | 2.14B | 1.12B | 1.17B | 1.19B | 1.01B | 859.1M | 847.46M | 999.81M | 916.76M | 933.16M | 949.03M | 1.61B | 1.33B | 1.19B | 1.09B | 1.28B | 0 |
| COGS % of Revenue | 35.5% | 34.98% | 35.11% | 35.6% | 35.37% | 34.98% | 34.99% | 35.29% | 35.77% | 36.08% | 35.66% | 34.75% | 35.1% | 34.97% | 35.42% | 36.48% | 37.09% | 35.92% | 35.43% | 35.53% | 36.59% | 36.01% | 35.82% | 35.74% | 35.33% | 35.35% | 34.96% | 34.22% | 37.52% | - |
| Gross Profit | 6.36B | 6.13B | 5.95B | 5.51B | 4.68B | 4.62B | 5.12B | 4.85B | 4.72B | 4.41B | 3.84B | 3.77B | 3.92B | 3.98B | 2.05B | 2.03B | 2.02B | 1.81B | 1.57B | 1.54B | 1.73B | 1.63B | 1.67B | 1.71B | 2.95B | 2.44B | 2.21B | 2.1B | 2.13B | 1.79B |
| Gross Margin % | 66.29% | 65.02% | 64.89% | 64.4% | 64.63% | 65.02% | 65.01% | 64.71% | 64.23% | 63.92% | 64.34% | 65.25% | 64.9% | 65.03% | 64.58% | 63.52% | 62.91% | 64.08% | 64.57% | 64.47% | 63.41% | 63.99% | 64.18% | 64.26% | 64.67% | 64.65% | 65.04% | 65.78% | 62.48% | 100% |
| Gross Profit Growth % | 3.64% | 3.18% | 7.93% | 17.64% | 1.28% | -9.69% | 5.59% | 2.62% | 7.19% | 14.71% | 1.99% | -3.83% | -1.51% | 93.96% | 0.78% | 0.71% | 11.73% | 15.47% | 1.82% | -11.26% | 6.4% | -2.59% | -2.01% | -42.13% | 21.06% | 10.48% | 5.05% | -1.69% | 19.37% | -7.34% |
| Operating Expenses | 3B | 3.27B | 3.26B | 3.2B | 2.83B | 3.11B | 3.06B | 2.92B | 2.86B | 2.74B | 2.41B | 2.4B | 2.57B | 2.64B | 1.4B | 1.41B | 1.52B | 1.34B | 1.09B | 1.12B | 1.42B | 1.31B | 1.16B | 1.22B | 2.47B | 2.12B | 369M | 1.63B | 1.28B | 1.36B |
| OpEx % of Revenue | 31.33% | 34.69% | 35.62% | 37.46% | 39.03% | 43.78% | 38.85% | 38.92% | 38.83% | 39.68% | 40.34% | 41.59% | 42.58% | 43.21% | 44.14% | 44.11% | 47.27% | 47.36% | 45.11% | 47.08% | 51.79% | 51.32% | 44.7% | 45.98% | 54.21% | 56.37% | 10.88% | 50.99% | 37.37% | 76.05% |
| Selling, General & Admin | 3.37B | 3.32B | 3.31B | 3.2B | 2.83B | 3.11B | 3.06B | 2.92B | 2.86B | 2.74B | 2.41B | 2.4B | 2.57B | 2.64B | 642.74M | 651.2M | 613.64M | 535.88M | 480.86M | 445.95M | 694.05M | 2.4B | 2B | 2.11B | 1.97B | 1.66B | 0 | 1.3B | 1.28B | 0 |
| SG&A % of Revenue | 35.18% | 35.15% | 36.12% | 37.46% | 39.03% | 43.78% | 38.85% | 38.92% | 38.83% | 39.68% | 40.34% | 41.59% | 42.58% | 43.21% | 20.24% | 20.33% | 19.11% | 18.99% | 19.83% | 18.7% | 25.4% | 94.44% | 76.84% | 79.57% | 43.29% | 44.03% | - | 40.86% | 37.37% | - |
| Research & Development | 352M | 364M | 330M | 309M | 295M | 0 | 0 | 0 | 203M | 189M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 3.67% | 3.86% | 3.6% | 3.61% | 4.07% | - | - | - | 2.76% | 2.74% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -721.32M | -407M | -376M | 0 | 0 | 0 | 0 | 0 | 0 | -40M | -11M | -11M | 16M | 0 | 15.34M | 11.64M | 7.93M | 15.87M | -16.93M | -19.04M | -16.93M | -17.99M | 71.94M | 90.99M | 498M | 465M | 369M | 323M | 0 | 1.36B |
| Operating Income | 2.98B | 2.86B | 2.68B | 2.32B | 1.88B | 1.52B | 2.1B | 1.96B | 1.91B | 1.71B | 1.5B | 1.4B | 1.38B | 1.36B | 525.95M | 498.34M | 387.21M | 397.24M | 674.74M | 402.59M | 306.54M | 302.42M | 333.65M | 252.33M | 379M | 197M | 177M | 682M | 383M | 428.86M |
| Operating Margin % | 31.11% | 30.33% | 29.28% | 27.16% | 26.01% | 21.45% | 26.68% | 26.21% | 25.9% | 24.77% | 25.07% | 24.29% | 22.8% | 22.2% | 16.57% | 15.56% | 12.06% | 14.08% | 27.83% | 16.88% | 11.22% | 11.88% | 12.81% | 9.5% | 8.31% | 5.23% | 5.22% | 21.37% | 11.21% | 23.98% |
| Operating Income Growth % | 4.26% | 6.67% | 15.45% | 23.3% | 23.54% | -27.42% | 6.98% | 3.1% | 11.53% | 14.09% | 6.78% | 1.89% | 1.33% | 158.2% | 5.54% | 28.7% | -2.52% | -41.13% | 67.6% | 31.33% | 1.36% | -9.36% | 32.23% | -33.42% | 92.39% | 11.3% | -74.05% | 78.07% | -10.69% | 3.07% |
| EBITDA | 3.72B | 3.15B | 3.4B | 3.11B | 2.61B | 2.37B | 2.78B | 2.62B | 2.56B | 2.31B | 2.02B | 1.92B | 1.94B | 1.91B | 715.86M | 682.96M | 581.88M | 545.88M | 791.65M | 559.7M | 726.54M | 832.42M | 909.65M | 912.33M | 1.01B | 780M | 663M | 1.1B | 479M | 475.94M |
| EBITDA Margin % | 38.77% | 33.42% | 37.1% | 36.34% | 36% | 33.31% | 35.36% | 34.9% | 34.82% | 33.46% | 33.78% | 33.28% | 32.18% | 31.28% | 22.55% | 21.32% | 18.12% | 19.35% | 32.65% | 23.46% | 26.59% | 32.7% | 34.92% | 34.36% | 22.13% | 20.7% | 19.56% | 34.53% | 14.02% | 26.61% |
| EBITDA Growth % | 17.94% | -7.24% | 9.36% | 19.17% | 10.14% | -14.94% | 6.46% | 2.11% | 11.01% | 14.38% | 5% | -1.08% | 1.52% | 167.23% | 4.82% | 17.37% | 6.59% | -31.04% | 41.44% | -22.96% | -12.72% | -8.49% | -0.29% | -9.58% | 29.36% | 17.65% | -39.84% | 130.06% | 0.64% | 0.58% |
| D&A (Non-Cash Add-back) | 735.52M | 292M | 717M | 785M | 724M | 843M | 683M | 651M | 656M | 599M | 520M | 519M | 566M | 555M | 189.91M | 184.62M | 194.67M | 148.65M | 116.91M | 157.11M | 420M | 530M | 576M | 660M | 630M | 583M | 486M | 420M | 96M | 47.08M |
| EBIT | 2.98B | 2.84B | 2.6B | 2.28B | 1.92B | 1.63B | 2.15B | 1.92B | 1.9B | 1.65B | 1.46B | 1.38B | 1.38B | 1.38B | 1.15B | 1.04B | 725M | 816M | 988M | 851M | 843M | 779M | 705M | 519M | 524M | 321M | 219M | 1.15B | 186M | 688M |
| Net Interest Income | -279.73M | -272M | -293M | -183M | -133M | -159M | -309M | -200M | -191M | -183M | -170M | -155M | -195M | -228M | -238M | -263M | -285M | -168M | -142M | -159M | -140M | -132M | -168M | -206M | -142M | -103M | -82M | -40M | -62M | -51M |
| Interest Income | 11.74M | 9M | 7M | 4M | 8M | 3M | 9M | 6M | 4M | 8M | 3M | 7M | 10M | 16M | 8.99M | 4.23M | 3.7M | 17.46M | 22.75M | 11.11M | 19.04M | 16M | 18M | 24M | 107M | 26M | 32M | 64M | 38M | 36.57M |
| Interest Expense | 291.47M | 281M | 300M | 205M | 150M | 175M | 314M | 217M | 186M | 203M | 177M | 169M | 206M | 232M | 133.31M | 150.24M | 157.64M | 109.5M | 96.28M | 94.69M | 93.1M | 69.83M | 88.87M | 108.97M | 249M | 129M | 114M | 104M | 100M | 57.96M |
| Other Income/Expense | -233M | -304M | -387M | -229M | -87M | -57M | -254M | -244M | -184M | -235M | -185M | -173M | -180M | -182M | -266M | -322M | -352M | -284M | -76M | -159M | -138M | 328.58M | -126M | -201M | -104M | -5M | -72M | 651M | -297M | -20.86M |
| Pretax Income | 2.75B | 2.56B | 2.29B | 2.09B | 1.8B | 1.47B | 1.85B | 1.72B | 1.73B | 1.47B | 1.31B | 1.23B | 1.2B | 1.19B | 390M | 328M | 201M | 247M | 643M | 328M | 242M | 240M | 267M | 146M | 275M | 192M | 105M | 1.04B | 346M | 408M |
| Pretax Margin % | 28.68% | 27.1% | 25.05% | 24.48% | 24.81% | 20.65% | 23.46% | 22.96% | 23.58% | 21.36% | 21.97% | 21.29% | 19.82% | 19.41% | 12.28% | 10.24% | 6.26% | 8.75% | 26.52% | 13.75% | 8.86% | 9.43% | 10.25% | 5.5% | 6.03% | 5.1% | 3.1% | 32.72% | 10.13% | 22.81% |
| Income Tax | 672M | 613M | 507M | 481M | 326M | 275M | 338M | 292M | 67M | 304M | 298M | 269M | 81M | 113M | 95.75M | 63.48M | 21.16M | 82M | -43.38M | 45.49M | 125.37M | 89.93M | 96.81M | 56.6M | 148M | 159M | 167M | 271M | 138M | 106M |
| Effective Tax Rate % | 24.44% | 23.97% | 22.09% | 22.97% | 18.14% | 18.73% | 18.3% | 16.98% | 3.86% | 20.64% | 22.71% | 21.89% | 6.77% | 9.52% | 24.55% | 19.35% | 10.53% | 33.2% | -6.75% | 13.87% | 51.81% | 37.47% | 36.26% | 38.77% | 53.82% | 82.81% | 159.05% | 25.96% | 39.88% | 25.98% |
| Net Income | 2.06B | 1.93B | 1.78B | 1.63B | 1.47B | 1.22B | 1.5B | 1.42B | 1.66B | 1.16B | 1.01B | 955M | 1.11B | 1.07B | 290.55M | 261.35M | 177.72M | 172.41M | 848.25M | 298.9M | 115.57M | 149.01M | 169.13M | 88.87M | 126M | 33M | -63M | 772M | 208M | 302M |
| Net Margin % | 21.53% | 20.5% | 19.44% | 19.1% | 20.31% | 17.22% | 19.11% | 18.98% | 22.56% | 16.84% | 16.88% | 16.54% | 18.39% | 17.48% | 9.15% | 8.16% | 5.53% | 6.11% | 34.98% | 12.53% | 4.23% | 5.85% | 6.49% | 3.35% | 2.76% | 0.88% | -1.86% | 24.19% | 6.09% | 16.89% |
| Net Income Growth % | 6.77% | 8.59% | 9% | 11.08% | 20.18% | -18.67% | 5.84% | -14.29% | 42.89% | 15.18% | 5.55% | -13.96% | 3.84% | 267.93% | 11.17% | 47.05% | 3.08% | -79.67% | 183.79% | 158.64% | -22.44% | -11.9% | 90.32% | -29.47% | 281.82% | 152.38% | -108.16% | 271.15% | -31.13% | 9.03% |
| Net Income (Continuing) | 2.08B | 1.94B | 1.79B | 1.61B | 1.44B | 1.19B | 1.47B | 1.4B | 1.66B | 1.17B | 950M | 924M | 1.09B | 1.05B | 738M | 648M | 395M | 462M | 894M | 592M | 448M | 461M | 336M | 182M | 127M | 33M | -62M | 773M | -13M | 367M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 23.96M | 23M | -21M | -22M | -8M | 2M | 24M | 30M | 21M | 38M | 34M | 31M | 33M | 34M | 13.22M | 14.28M | 14.28M | 14.81M | 5.82M | 6.88M | 7.93M | 6.88M | 6.35M | 3.7M | 5M | 7M | 8M | 6M | 6M | 2.12M |
| EPS (Diluted) | 1.12 | 1.03 | 0.94 | 0.85 | 0.76 | 0.63 | 0.77 | 0.71 | 0.81 | 0.56 | 0.46 | 0.43 | 0.48 | 0.35 | 0.25 | 0.22 | 0.17 | 0.21 | 0.47 | 0.24 | 0.18 | 0.18 | 0.01 | -0.04 | -0.06 | -0.09 | -0.03 | 0.18 | -0.01 | 0.16 |
| EPS Growth % | 8.74% | 9.57% | 10.59% | 11.84% | 20.63% | -18.18% | 8.45% | -12.35% | 44.64% | 21.74% | 6.98% | -10.42% | 37.14% | 40% | 13.64% | 29.41% | -19.05% | -55.32% | 95.83% | 33.33% | 0% | 1438.46% | 129.62% | 29.46% | 38.19% | -233.09% | -115.11% | - | -103.81% | -36% |
| EPS (Basic) | 1.13 | 1.03 | 0.94 | 0.85 | 0.76 | 0.64 | 0.77 | 0.72 | 0.82 | 0.56 | 0.46 | 0.43 | 0.49 | 0.36 | 0.25 | 0.22 | 0.17 | 0.22 | 0.47 | 0.25 | 0.18 | 0.18 | 0.01 | -0.04 | -0.06 | -0.09 | -0.03 | 0.18 | -0.01 | 0.16 |
| Diluted Shares Outstanding | 1.84B | 1.88B | 1.9B | 1.93B | 1.94B | 1.94B | 1.96B | 1.99B | 2.04B | 2.08B | 2.13B | 2.18B | 2.24B | 2.45B | 2.44B | 2.43B | 2.3B | 2.22B | 2.57B | 2.56B | 2.58B | 2.58B | 2.56B | 2.57B | 2.57B | 2.35B | 2.32B | 2.32B | 2.31B | 2.26B |
| Basic Shares Outstanding | 1.83B | 1.88B | 1.9B | 1.92B | 1.93B | 1.93B | 1.94B | 1.98B | 2.02B | 2.06B | 2.11B | 2.15B | 2.21B | 2.42B | 2.42B | 2.42B | 2.28B | 2.2B | 2.54B | 2.53B | 2.56B | 2.56B | 2.56B | 2.56B | 2.55B | 2.34B | 2.32B | 2.31B | 2.31B | 2.25B |
| Dividend Payout Ratio | 55.94% | 57.96% | 59.46% | 60.16% | 62.54% | 71.9% | 55.95% | 55.98% | 45.93% | 58.83% | 57.84% | 59.16% | 49.46% | 48.74% | 171.06% | 184.81% | 257.14% | 1394.34% | 49.04% | 124.12% | 290.74% | 207.37% | 172.64% | 307.2% | 202.38% | 593.94% | - | 46.89% | 161.54% | 99.01% |
Regulatory data privacy scrutiny
According to recent financial disclosures, RELX's revenue growth has decelerated from double-digit peaks in 2022 to a modest 0.5% in 2025Q4, suggesting that the post-pandemic recovery in the Exhibitions segment has largely plateaued and the core subscription business is facing a more mature growth environment.
The transition from high-growth recovery to low-single-digit expansion indicates that the company is increasingly reliant on pricing power rather than volume growth. Investors should monitor whether the shift toward AI-integrated tools can re-accelerate organic growth or if the current trajectory reflects a structural ceiling in its core professional markets.
As reported in the latest income statements, RELX has successfully expanded its operating margin from 25.2% in 2021Q4 to 31.3% by 2025Q4, demonstrating significant operating leverage as the company shifts its product mix toward high-margin digital analytics and automated decision-support tools within its professional segments.
The consistent improvement in operating margins suggests that the company is effectively scaling its digital infrastructure without a commensurate increase in variable costs. This trend implies that the business is successfully capturing the benefits of its proprietary data moat, though future margin gains may be harder to achieve as the low-hanging fruit of digital transformation is exhausted.
Based on the provided income statement data, RELX has maintained a stable net margin profile hovering around 20% over the last ten quarters, with EPS growth of 15.7% in 2025Q4, suggesting that reported earnings are not being artificially inflated by excessive stock-based compensation or non-operating windfalls.
The minimal and consistent level of stock-based compensation relative to net income indicates a disciplined approach to equity dilution. This stability in earnings quality provides a reliable baseline for valuation, although analysts should remain cautious regarding the potential impact of currency volatility on reported net income given the company's significant exposure to USD-denominated revenue.
Analysis of the reported figures reveals that RELX has maintained tight control over SG&A expenses, which have remained relatively flat at $1.7B despite revenue growth, highlighting management's ability to leverage existing technology platforms to support a larger user base without proportional increases in overhead costs.
The company's ability to keep SG&A stable while scaling revenue suggests a high degree of operational efficiency and successful integration of bolt-on acquisitions. However, investors should monitor whether this discipline is sustainable if the company needs to significantly increase R&D spending to maintain its competitive edge in generative AI and data analytics.
Quick answers to the most common questions about buying RELX stock.
For fiscal year 2025, RELX Plc (RELX) reported total revenue of $9.59B. This represents a 436.2% increase compared to $1.79B in 1996.
RELX Plc (RELX) is profitable, generating $2.06B in net income for the fiscal year ending 2025 with a net profit margin of 21.5%.
RELX Plc (RELX) reported an operating income of $2.98B, resulting in an operating profit margin of 31.1%. This margin reflects the operational efficiency of the business before interest and taxes.
RELX Plc (RELX) generated $6.36B in gross profit for the year, representing a gross profit margin of 66.3%. This demonstrates the company's core pricing power and production efficiency.