12 February 2026
If you are covering RELX’s latest results, please see the following comment from Matt Dorset, equity research analyst at Quilter Cheviot:
“RELX delivered a characteristically solid set of full year results this morning, broadly in line with market expectations. Underlying sales growth came in at 7%, with every division contributing, while operating profit increased by 9% and earnings per share by 10%. Given the turbulence in the software and information services sectors, and the sharp derating in RELX’s share price, this update should provide investors with some reassurance.
“The Legal division once again stood out as the strongest performer, delivering 9% growth. This was supported by momentum in AI enhanced products such as Lexis+ AI and Protege. Management highlighted that ongoing advances in AI are enabling RELX to add more value to its customers, as well as develop and launch products at a faster pace. However, further commentary on AI related risks during the earnings call will be important if the shares are to begin recovering from recent lows.
“On capital allocation, RELX increased its dividend by 7%, in line with its policy, and completed £1.5bn of share buybacks in 2025. Notably, the company has announced a significant increase in buybacks for 2026 to £2.25bn, which is roughly 6% of its current market cap, signalling confidence in its valuation and outlook.
“As is typical for RELX, the full year outlook is relatively vague, but management continues to see positive momentum across the group and expects another year of strong underlying growth in revenue, earnings before interest and taxes and earnings per share. Following the significant derating, RELX now trades on just 14x 2026 earnings, down from a peak of 31x last year and at a substantial discount to US peers. The scale of the derating appears to be overdone, and today’s steady results, combined with the increased buyback, represent a positive step forward.”
