RELX Plc
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Range $24 – $28
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About the company
RELX Plc is a global enterprise that delivers data-driven analytical solutions and strategic decision-making instruments to professional and corporate clients across North America, Europe, and other international markets. Its operations are structured into four distinct divisions: Risk, Scientific, Technical & Medical (STM), Legal, and Exhibitions. The Risk division specializes in providing advanced analytical platforms and decision support systems.
- CEO
- Erik Engstrom
- IPO
- 1994
- Employees
- 34,580
- HQ
- London, GL, GB
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- Market Cap
- $60.11B
- P/E
- 20.38
- Fwd P/E
- 24.66
- PEG
- 0.96
- P/S
- 4.61
- P/B
- 37.06
- EV/EBITDA
- 13.24
- Div Yield
- 2.63%
- Gross Margin
- 62.65%
- Op Margin
- 31.55%
- Net Margin
- 23.27%
- ROE
- 125.53%
- ROIC
- 21.44%
Latest fiscal year · YoY change
- Revenue
- $9.59B+1.7%
- Gross Profit
- $6.36B+3.6%
- Op Income
- $2.98B
- Net Income
- $2.06B+6.8%
- EPS
- $1.13+9.7%
- OCF Growth
- +8.7%
- FCF Growth
- +8.8%
- 52W High
- $52.36
- 52W Low
- $27.57
- 50D MA
- $32.83
- 200D MA
- $36.75
- Beta
- 0.26
- RSI (14)
- 60
- Avg Volume
- 2.65M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
RELX said first-half growth remained strong across all four businesses, with Legal and STM accelerating and margins improving as AI-enabled products and cost discipline continued to drive earnings.· July 23, 2026
- Underlying revenue grew 7% and underlying adjusted operating profit grew 9% in the first half; adjusted EPS rose 11% at constant currency.
- Adjusted operating margin improved 70 basis points to 35.5%, and cash conversion was strong at 98%.
- Risk, STM and Legal all posted stronger growth, while Exhibitions was solid but affected by travel disruption and event timing.
- Management said AI-enabled tools and new product introductions are driving higher-value mix shifts and long-term growth.
- The company raised the interim dividend 7% to 20.9p and completed GBP 1.75 billion of share buybacks in the first half.
First-half underlying revenue increased 7%, underlying adjusted operating profit increased 9%, and adjusted EPS increased 11% at constant currency. Adjusted operating margin improved 70 basis points to 35.5%; net profit rose 7% at constant currency and adjusted EPS was 68.6p in sterling. Cash conversion was 98%, EBITDA was almost GBP 2 billion, capex was GBP 292 million, free cash flow was over GBP 1.1 billion, net debt was GBP 8.7 billion, and leverage was 2.3x. By division, Risk grew revenue 8% and operating profit 10%; STM grew revenue 6% and operating profit 8%; Legal grew revenue 10% and operating profit 13%; and Exhibitions grew revenue 6% and operating profit 2%. For the full year, management expects continued strong underlying revenue growth in Risk, STM and Legal with operating profit growth exceeding revenue growth, and in Exhibitions expects strong revenue growth with an improvement in adjusted operating margin over the prior full year, aside from uncertainty around remaining Middle East events.
Erik Engstrom struck an upbeat tone, saying the group made further operational and strategic progress and continued to see positive momentum. He emphasized the ongoing shift toward higher-growth analytics and decision tools, with AI enabling faster product development and more value for customers. Across Risk, STM, and Legal, he framed the quarter as evidence that the company is still early in its AI rollout and can keep improving growth trajectories over time.
Nick Luff focused on the financial execution: 7% underlying revenue growth, 9% underlying adjusted operating profit growth, and a 70 basis point margin expansion to 35.5%. He highlighted 98% cash conversion, nearly GBP 2 billion of EBITDA, GBP 292 million of capex, over GBP 1.1 billion of free cash flow, and leverage of 2.3x at June, within the company’s typical 2.0x to 2.5x range. He also said the interim dividend will rise 7% to 20.9p, and noted GBP 103 million of acquisitions, GBP 62 million of disposal proceeds, GBP 151 million of dividends, and GBP 1.75 billion of buybacks completed.
Analysts pressed on STM article submissions and publication trends, adoption of the new LEAP space product, Legal’s growth acceleration and AI competition, margin durability, capital allocation, and the impact of U.S. science funding policy. Management said STM submissions remain very strong and are likely to moderate over time to low double digits, while lower publication growth is intentional because the company is becoming more selective. On Legal, management said new sales are now overwhelmingly on AI-enabled platforms and that the first platform conversion is only the start of a longer monetization journey through add-ons and new functionality; on margins and buybacks, they said the strategy is unchanged, with cost growth kept below revenue growth and buybacks serving as the balancing figure after organic investment and M&A.
The call showed broad-based momentum, with every division growing and Legal and STM both stepping up. Management believes AI-enabled tools are still early in adoption, with positive customer feedback, rising usage, and room for continued mix shift toward higher-value products and better margins.
Exhibitions faces some near-term uncertainty from remaining Middle East events and travel disruption, and print continues to decline. Management also said STM’s strong submission growth should normalize over time, and Legal growth is expected to improve gradually rather than tick up every quarter, implying the current pace may not be linear.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 100.0%
- Shares Outstanding
- 1.75B
- Float Shares
- 1.75B
of shares held by institutions
455 13F filers
Congressional trading
Senate and House stock disclosures for RELX, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Capital International Investors | 8.73M | ▼ 1.93M |
| Morgan Stanley | 6.30M | ▲ 19.71K |
| Arrowstreet Capital, Limited Partnership | 4.25M | ▲ 2.76M |
| Bank Of America Corp | 4.18M | ▲ 522.62K |
| Goldman Sachs Group Inc | 3.75M | ▼ 25 |
| Fmr LLC | 3.46M | ▼ 71.53K |
| Dimensional Fund Advisors LP | 3.30M | ▼ 205.44K |
| Lazard Asset Management LLC | 3.04M | ▲ 328.28K |
| Northern Trust Corp | 3.03M | ▲ 408.09K |
| Blackrock, Inc. | 2.41M | ▲ 201.46K |
| Causeway Capital Management LLC | 2.31M | ▲ 1.12M |
| Raymond James Financial Inc | 2.17M | ▲ 1.19M |
Held by 26 ETFs
Biggest fund positions in RELX by dollar value.
Our RELX coverage
Recent articles, reports, and earnings notes.
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RELX results suggest 'AI worries look overplayed', Deutsche Bank says
proactiveinvestors.co.uk · Jul 24
RELX PLC (RELX) Q2 2026 Earnings Call Transcript
seekingalpha.com · Jul 23
RELX: Glad That I Went Long
seekingalpha.com · Jul 23
RELX rises as AI helps with new products and costs
proactiveinvestors.co.uk · Jul 23
RELX's growth accelerates in scientific and legal units
reuters.com · Jul 23
Relx H1 Earnings Call Highlights
marketbeat.com · Jul 23
2026 LexisNexis U.S. Home Insurance Trends Report: Claims Severity Reaches All-Time High While Frequency Declines
prnewswire.com · Jul 22
Is RELX Overvalued? DCF Says Worth $20
gurufocus.com · Jul 15
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
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