Key financial data

Our Business
- - Our business overview
  - Perspectives
  - Strategy
  - Market segments
  - Board of Directors
  - Board Committees
  - Business leaders
Investors
Corporate Responsibility
- - Being a responsible business
  - Engaging others
Careers
- - Why RELX?
  - Experienced professionals
  - Graduates and early careers
  - Join us
  - Meet our people
Media
- - Press releases
  - Brochures
  - Press kit
  - Video gallery
  - Podcasts
  - Media contacts

REVENUE

ADJUSTED OPERATING PROFIT

EBITDA MARGIN

ADJUSTED OPERATING MARGIN

ADJUSTED EARNINGS PER SHARE

DIVIDEND PER SHARE

RETURN ON INVESTED CAPITAL

ADJUSTED CASH FLOW CONVERSION

Year ended 31 December	2021 GBPm	2022 GBPm	2023 GBPm	2024 GBPm	2025 GBPm

Adjusted figures
Revenue	7,244	8,553	9,161	9,434	9,590
Underlying revenue growth	+7%	+9%	+8%	+7%	+7%
EBITDA	2,697	3,174	3,544	3,724	3,846
Adjusted operating profit	2,210	2,683	3,030	3,199	3,342
Underlying adjusted operating profit growth	+13%	+15%	+13%	+10%	+9%
Adjusted operating margin	30.5%	31.4%	33.1%	33.9%	34.8%
Adjusted net interest expense	-133	-194	-314	-296	-283
Adjusted profit before tax	2,077	2,489	2,716	2,903	3,059
Adjusted tax	-384	-530	-553	-652	-688
Non-controlling interests	-	2	-7	-10	-13
Adjusted net profit	1,689	1,961	2,156	2,241	2,358
Adjusted cash flow	2,230	2,709	2,962	3,101	3,301
Cash flow conversion	101%	101%	98%	97%	99%
Return on invested capital	11.9%	12.5%	14.0%	14.8%	15.4%
Adjusted earnings per share	87.6p	102.2p	114.0p	120.1p	128.5p
Adjusted earnings per share growth at constant currencies	+17%	+10%	+11%	+9%	+10%

Dividend
Ordinary dividend per share	49.8p	54.6p	58.8p	63.0p	67.5p

Reported figures
Revenue	7,244	8,553	9,161	9,434	9,590
Reported operating profit	1,884	2,323	2,682	2,861	3,027
Reported profit before tax	1,797	2,113	2,295	2,557	2,750
Reported net profit	1,471	1,634	1,781	1,934	2,065
Reported net margin	20.3%	19.1%	19.4%	20.5%	21.5%
Net debt	6,017	6,604	6,446	6,563	7,201
Reported earnings per share	76.3p	85.2p	94.1p	103.6p	112.6p

RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other items related to acquisitions and disposals, and the associated deferred tax movements. Reconciliations between the reported and adjusted figures are set out on pages 198 to 206 of the 2025 Annual Report. Underlying revenue growth rates are calculated at constant currency, and exclude revenue from acquisitions until 12 months after purchase, revenue of disposals and assets held for sale, print and print-related revenue and exhibition cycling. Constant currency growth rates are based on 2024 full-year average and hedge exchange rates.

Business area analysis

Year ended 31 December	2021 GBPm	2022 GBPm	Restated 2023 GBPm	Restated 2024 GBPm	2025 GBPm
Revenue
Risk	2,474	2,909	3,224	3,336	3,485
Scientific, Technical & Medical	2,649	2,909	2,581	2,624	2,714
Legal	1,587	1,782	1,655	1,718	1,806
Exhibitions	534	953	1,115	1,239	1,186
Print & print-related activities			586	517	399
	7,244	8,553	9,161	9,434	9,590
Adjusted operating profit
Risk	915	1,078	1,170	1,233	1,305
Scientific, Technical & Medical	1,001	1,100	940	981	1,035
Legal	326	372	360	381	415
Exhibitions	10	162	319	398	410
Print & print-related, and unallocated costs			253	217	185
Unallocated central costs and other operating items	-42	-29	-12	-11	-8
	2,210	2,683	3,030	3,199	3,342

nm: not meaningful

2023 and 2024 results restated to reflect business area reporting changes

Condensed consolidated statement of financial position

As at 31 December	2021 GBPm	2022 GBPm	2023 GBPm	2024 GBPm	2025 GBPm
As at 31 December
Non-current assets
Goodwill	7,366	8,388	8,023	8,216	7,930
Intangible assets	3,304	3,524	3,238	3,164	3,072
Investments in joint ventures	105	159	178	169	164
Other investments	107	127	97	92	131
Property, plant and equipment	131	126	99	82	72
Right-of-use assets	161	145	113	89	87
Other receivables	19	5	1	16	7
Deferred tax assets	210	146	128	84	75
Net pension assets	46	129	119	186	197
Derivative financial instruments	52	11	47	39	62
	11,501	12,760	12,043	12,137	11,797
Current assets
Inventories and pre-publication costs	253	309	318	331	311
Trade and other receivables	1,960	2,405	2,323	2,511	2,468
Derivative financial instruments	31	21	34	35	50
Cash and cash equivalents	113	334	155	119	131
	2,357	3,069	2,830	2,996	2,960
Assets held for sale	-	-	44	-	-
Total assets	13,858	15,829	14,917	15,133	14,757

Current liabilities
Trade and other payables	3,275	4,017	3,971	4,122	4,260
Derivative financial instruments	2	33	16	59	7
Debt	232	870	1,313	1,412	1,571
Taxation	192	249	163	119	153
Provisions	47	18	13	6	2
	3,748	5,187	5,476	5,718	5,993
Liabilities associated with assets held for sale	-	-	14	-	-
	3,748	5,187	5,490	5,718	5,993
Non-current liabilities
Derivative financial instruments	12	236	131	126	104
Debt	5,935	5,860	5,184	5,132	5,696
Deferred tax liabilities	591	590	473	473	405
Net pension obligations	315	184	182	165	154
Other payables	10	3	11	13	9
Provisions	23	15	7	2	6
	6,886	6,888	5,988	5,911	6,374
Total liabilities	10,634	12,075	11,478	11,629	12,367
Net assets	3,224	3,754	3,439	3,504	2,390

Capital and reserves
Share capital	286	279	275	272	264
Share premium	1,491	1,517	1,558	1,605	1,647
Shares held in treasury	-876	-414	-553	-722	-406
Translation reserve	250	677	392	567	129
Other reserves	2,081	1,717	1,788	1,759	732
Shareholders’ equity	3,232	3,776	3,460	3,481	2,366
Non-controlling interests	-8	-22	-21	23	24
Total equity	3,224	3,754	3,439	3,504	2,390

RELX NV Data is no longer available on this page

Note: To add/edit documents/links, please navigate through the Advanced Editing visible in the ribbon at the top.