RELX PLC

What they do

RELX produces subscription and transactional information products and services for professional customers. Its four reported segments are Scientific, Technical & Medical (STM), Risk, Legal, and Print & Print-Related Activities and Exhibitions, each with distinct customer bases. Revenue is split between subscription-based recurring products and transactional or face-to-face revenue.

Revenue drivers

• Scientific, Technical & Medical subscriptions — STM is a reported segment earning subscription revenue from scientific and medical information products; the filing tags STM subscriptions as a component of market risk and revenue split across North America, Europe and Rest of World.
• Risk subscriptions and transactional — The Risk segment generates both subscriptions and transactional revenue, with geographic revenue reported for North America, Europe and Rest of World.
• Legal subscriptions and transactional — Legal is a reported segment with subscription and transactional revenue and has tagged platforms and infrastructure assets, with revenue split across the three geographic regions.
• Print & print-related activities and Exhibitions — Print, print-related and Exhibitions activities are reported separately, with Exhibitions tied to face-to-face revenue and both segments split across North America, Europe and Rest of World.

Recent performance

The filing excerpts provided do not contain summarized income statement figures such as revenue, operating profit or earnings per share for fiscal year 2025. The 20-F was filed 2026-02-19 covering the year ended 2025-12-31. Detailed financial performance figures are not present in the provided excerpts, so we do not quote them here.

Strategy

The source excerpts do not include a management narrative strategy section. They do show segment and geographic revenue disaggregation across STM, Risk, Legal, Print & Print-Related, and Exhibitions, plus investment in platforms and infrastructure for Legal. Debt issuance activity in 2025 included USD-denominated term debt and fixed notes with maturities in 2029, 2030, 2032 and 2035, alongside cross-currency exposure to JPY and EUR borrowings. No further strategic statements are supported by the provided text.

Risks

• Foreign exchange exposure — RELX reports revenue across North America, Europe and Rest of World and holds long-term borrowings denominated in JPY and EUR, creating translation and hedging exposure.
• Interest rate and hedging risk — The company uses interest rate swaps and fixed-rate notes due 2029, 2030, 2032 and 2035, exposing it to fair value and cash flow interest rate movements.
• Pension actuarial assumptions — The filing discloses actuarial assumptions including assumed life expectancy, inflation rates and discount rates for US and UK members aged 45 and 60, which affect pension obligations.
• Tax loss and deferred tax realization — RELX discloses unused trading losses, state and local tax losses, and capital losses with varying expiration profiles, including amounts not expiring.

Outlook

The provided excerpts do not contain forward-looking guidance or management outlook commentary. The filing data supports only the reported segment, geographic and revenue-type breakdowns plus debt maturity and pension assumption disclosures. No revenue, margin or earnings guidance is available in the source material.