Revenue growth stabilized at 3.5% in 2026Q2, yet operating leverage drove net income up 24.5% YoY, with net margin expanding to 24.1% from 20.6% a year earlier.
RELX Plc (RELX) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | 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 | 19.22B | 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 % | 4.56% | 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 | 6.79B | 3.23B | 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 | - | 33.71% | 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 | 12.44B | 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 % | 64.69% | 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 | 6.43B | 3.33B | 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 | - | 34.72% | 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 | 6.74B | 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 | 360M | 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 | -4M | -396M | -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 | 6B | 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 % | 31.23% | 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 | 7.39B | 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 % | 38.46% | 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 % | 5.76% | 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) | 1.39B | 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 | 6.01B | 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 | -528.53M | -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 | 18.56M | 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 | 544.51M | 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 | -481.67M | -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 | 5.53B | 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 % | 28.74% | 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 | 1.32B | 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 % | 23.92% | 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 | 4.18B | 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 % | 21.75% | 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 % | 14.87% | 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) | 4.2B | 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 | 0 | 33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 17M | 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) | 2.33 | 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 % | 19.37% | 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 | 1.79B | 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 | 1.79B | 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% |
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.
Key Metrics
Top Statement Risk
Elevated leverage and AI investment pressure
Growth Stabilizing at Modest Levels
RELX's revenue growth has decelerated from 13.4% in 2023Q2 to 3.5% in 2026Q2, per reported figures, indicating a shift toward steadier, lower-growth expansion.
The sharp deceleration from the post-pandemic rebound reflects normalization in Exhibitions and maturing subscription growth in Risk and STM. While the 3.5% YoY increase in 2026Q2 is modest, it appears to be driven by recurring electronic subscriptions rather than one-off event revenue, suggesting durability. Investors should monitor whether the higher-growth Risk segment can re-accelerate, as the overall pace may not justify the premium valuation.
Margin Expansion Driven by Mix Shift
Gross margin improved from 59.8% in 2021Q4 to 64.1% in 2026Q2, as reported, reflecting the ongoing shift toward higher-margin digital analytics and away from print.
Operating margin has expanded from 25.2% to 32.3% over the same period, outpacing gross margin gains, which suggests operating leverage from scale and cost discipline. The margin trajectory appears sustainable given the low marginal cost of digital distribution, but wage inflation for specialized AI talent could pressure future gains. The 2026Q2 gross margin of 64.1% is slightly below the 2025Q2 peak of 66.3%, indicating potential near-term stabilization.
Operating Leverage Amplifying Profit Growth
Operating income grew 24.5% YoY in 2026Q2 versus 3.5% revenue growth, per financial statements, demonstrating significant operating leverage from fixed-cost infrastructure.
The gap between revenue and operating income growth highlights the scalability of RELX's data platforms, where incremental revenue flows through at high margins. SG&A as a percentage of revenue has declined from roughly 33% in 2021Q4 to 32.7% in 2026Q2, indicating modest overhead efficiency gains. However, the absence of R&D disclosure in recent quarters (reported as zero) may obscure true investment intensity, warranting scrutiny of capitalized development costs.
Earnings Quality Supported by Tax and Mix
Net income grew 24.5% YoY in 2026Q2, with net margin rising to 24.1% from 20.6% a year earlier, as reported, suggesting improved operational efficiency.
The EPS growth of 24.5% in 2026Q2 outpaced net income growth, indicating a lower share count, likely from buybacks. Stock-based compensation has been minimal (ranging from $18M to $34M per quarter), which supports reported earnings quality. The effective tax rate appears stable, but investors should monitor any one-time items or currency effects that could distort quarterly comparisons.
Cost Discipline Amidst Digital Transition
COGS as a percentage of revenue declined from 40.2% in 2021Q4 to 35.9% in 2026Q2, per reported data, reflecting the shift to digital delivery and cost efficiencies.
The reduction in COGS margin suggests that RELX is successfully managing content production costs while scaling digital distribution. SG&A has remained relatively flat as a percentage of revenue, indicating controlled overhead despite investments in AI and analytics. The reported R&D line has been inconsistent, with some quarters showing zero, which may indicate reclassification or capitalization of development costs, a factor that could affect comparability.
2022-2023 Marked a Structural Shift
The period from 2021Q4 to 2023Q2 saw revenue growth accelerate from 6.7% to 13.4% and operating margin rise from 25.2% to 29.1%, as reported, signaling a post-pandemic inflection.
This inflection was driven by the recovery of Exhibitions and accelerated adoption of digital analytics, particularly in Risk and Legal. The lasting impact is a higher baseline for margins and a more diversified revenue mix, with recurring subscriptions now dominating. However, the subsequent deceleration to 3.5% growth suggests the initial surge was partly cyclical, and future gains will rely on sustained AI-driven product adoption.
Leverage and AI Costs Could Pressure Returns
With a debt-to-equity ratio of 3.07 and ROE of 70.1%, as reported, RELX's high leverage amplifies downside risk if growth stalls or interest rates rise.
Short-sellers might argue that the elevated leverage, combined with the need for continuous AI investment, could compress margins if revenue growth fails to accelerate. The modest 1.7% YoY revenue growth in 2025Q4 suggests that the transformation to analytics may be slower than the bull case implies, potentially leaving little room for error. Additionally, the skipped guidance in Q2 2026 may indicate management uncertainty, which could be a red flag for near-term visibility.