RELX PLC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RELX PLC files with the SEC in its annual reports.

In GBP millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,889	7,341	7,492	7,874	7,110	7,244	8,553	9,161	9,434	9,590
Cost of revenue	2,488	2,628	2,644	2,755	2,487	2,562	3,045	3,216	3,300	3,233
Gross profit	4,401	4,713	4,848	5,119	4,623	4,682	5,508	5,945	6,134	6,357
General and administrative	1,627	1,693
Operating income	1,708	1,905	1,964	2,101	1,525	1,884	2,323	2,682	2,861	3,027
Interest expense	223	205	217	314	175	150	205	323	304	298
Interest income	10	6	6	9	3	8	4	8	6	12
Pre-tax income	1,459	1,721	1,720	1,847	1,483	1,797	2,113	2,295	2,557	2,750
Income tax	301	65	292	338	275	326	481	507	613	672
Net income to minority interests	8	8	6	4	-16	0	-2	7	10	13
Net income	1,150	1,648	1,422	1,505	1,224	1,471	1,634	1,781	1,934	2,065
EBITDA	2,379	2,562	2,616	2,840	2,430	2,669	3,110	3,476	3,644	3,779
EPS, basic	0.56	0.82	0.72	0.77	0.64	0.76	0.85	0.94	1.04	1.13
EPS, diluted	0.55	0.81	0.71	0.77	0.63	0.76	0.85	0.94	1.03	1.12

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	162	111	114	138	88	113	334	155	119	131
Receivables	2,015	1,873	2,015	2,067	1,927	1,960	2,405	2,323	2,511	2,468
Total current assets	2,406	2,210	2,351	2,445	2,274	2,357	3,069	2,874	2,996	2,960
Property, plant and equipment	223	194	198	162	162	131	126	99	82	72
Lease right-of-use assets	326	287	263	264	216	161	145	113	89	87
Goodwill	6,392	5,965	6,899	6,824	7,224	7,366	8,388	8,023	8,216	7,930
Intangible assets	3,604	3,194	3,534	3,452	3,425	3,304	3,524	3,238	3,164	3,072
Total assets	13,714	12,632	13,999	13,789	14,145	13,858	15,829	14,917	15,133	14,757
Accounts payable	3,479	3,298	3,432	3,479	3,260	3,275	4,017	3,971	4,122	4,268
Short-term debt	521	464	686	779	307	131
Total current liabilities	5,304	4,526			4,374	3,748	5,187	5,490	5,718	6,001
Total liabilities	11,406	10,319	11,640	11,599	12,044	10,634	12,075	11,478	11,629	12,367
Total debt	4,843	5,253	6,365	6,414	7,123	6,167	6,730	6,497	6,544	7,267
Paid-in capital	3,003	3,104	1,415	1,443	1,459	1,491	1,517	1,558	1,605	1,647
Shareholders' equity	2,270	2,292	2,329	2,166	2,099	3,232	3,776	3,460	3,481	2,366
Minority interests	38	21	30	24	2	-8	-22	-21	23	24
Total equity	2,308	2,313	2,359	2,190	2,101	3,224	3,754	3,439	3,504	2,390
Total liabilities and equity	13,714	12,632	13,999	13,789	14,145	13,858	15,829	14,917	15,133	14,757

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,158	1,656	1,428	1,509	1,208	1,471	1,632	1,788	1,944	2,078
Depreciation and amortization	671	657	652	739	905	785	787	794	783	752
Cash from operations	1,741	1,914	1,985	2,089	1,596	2,016	2,401	2,457	2,608	2,836
Capital expenditures	-51	-51	-56	-47	-43	-28	-36	-30	-20	-21
Cash from investing	-660	-415	-1,271	-733	-1,173	-384	-859	-569	-575	-770
Debt issued	603	873	958	729	2,342	0
Debt repaid	-474	-712	-211	-617	-1,233	-431
Stock issued	23	32	21	29	16	32
Share buybacks	-700	-700	-700	-600	-150
Dividends paid	-692	-772	-804	-851	-886	-930	-992	-1,066	-1,130	-1,196
Cash from financing	-1,072	-1,544	-713	-1,329	-474	-1,606	-1,334	-2,057	-2,065	-2,051
Exchange rate effect	31	-6	2	-3	1	-1	13	-10	-4	-3
Net change in cash	9	-45	1	27	-51	26
Free cash flow	1,690	1,863	1,929	2,042	1,553	1,988	2,365	2,427	2,588	2,815
Interest paid	178	169	179	175	179	119	169	303	257	274
Income taxes paid	402	449	415	464	496	342	495	619	662	638

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	66.3%	Gross profit / revenue.
Operating margin	31.6%	Operating income / revenue.
EBITDA margin	39.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	28.7%	Pre-tax income / revenue.
Net margin	21.5%	Net income / revenue.
FCF margin	29.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.6%	Cash from operations / revenue.
Effective tax rate	24.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	70.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.8%	Net income / average total assets.
Return on invested capital (ROIC)	23.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	7.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	9.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	14.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	6.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	11.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	9.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	8.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	6.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	12.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-32.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-14.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.49x	Current assets / current liabilities.
Quick ratio	0.43x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.07x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	49.2%	Total debt / total assets.
Liabilities / assets	83.8%	Total liabilities / total assets.
Net debt	£7.14B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.89x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	10.2x	Operating income / interest expense.
Working capital	-£3.04B	Current assets - current liabilities.
Goodwill and intangibles / assets	74.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-£8.64B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.64x	Revenue / average total assets.
Fixed asset turnover	125x	Revenue / average property, plant and equipment.
Receivables turnover	3.85x	Revenue / average receivables.
Days sales outstanding	95 days	365 x average receivables / revenue.
Days payables	474 days	365 x average accounts payable / cost of revenue.
FCF conversion	136.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	£1.12	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	£1.13	Net income per basic share, as reported (split-adjusted).
Payout ratio	57.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	42.5%	Dividends paid / free cash flow, when free cash flow is positive.

What was RELX PLC's revenue in fiscal 2025?

RELX PLC reported revenue of £9.59B for fiscal 2025, 1.7% higher than the year before.

Was RELX PLC profitable in fiscal 2025?

Yes. Net income was £2.07B, a net margin of 21.5%.

How much free cash flow did RELX PLC generate in fiscal 2025?

Cash from operations of £2.84B minus capital expenditures of £21.0M left free cash flow of £2.82B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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