RELX dividend: payment, cash cover and yield
RELX paid 67.5p per share in 2025, up from 49.8p in 2021, and its base forecast starts at 72.2p in October 2027. In 2025, free cash flow did not cover dividends and buybacks together; new borrowing helped fund distributions.
How much does RELX pay in dividends over time?
Dividends rise from a base of 72.2p in October 2027 to 82.6p. The bear path reaches only 71.7p, while the bull reaches 87.4p. The base follows the record of annual increases from 49.8p in 2021 to 67.5p in 2025. RELX targets dividends broadly in line with adjusted EPS and a payout of about half of earnings. The bear allows only restrained growth because first-half buybacks exceeded free cash flow; the bull requires stronger earnings and cash generation.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 112.00 | 103.10 | 93.60 | 84.70 | 75.80 |
| Free cash flow per share | 123.19 | 109.82 | 100.27 | 97.76 | 81.78 |
| − Dividends paid, per share | 64.06 | 59.73 | 55.65 | 50.95 | 47.44 |
| − Share buybacks, per share | 81.37 | 53.29 | 42.04 | 25.92 | 0.00 |
Is RELX’s dividend covered by its cash?
The 2025 shortfall came from the scale of shareholder payments. Dividends and buybacks together exceeded free cash flow, and payments to minority owners widened the gap. Asset sales were too small to close it. New borrowing therefore did more than replace maturing loans: it also helped fund distributions and other uses of cash.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 2,271 | 2,061 | 1,908 | 1,886 | 1,586 |
| − Dividends paid | 1,181 | 1,121 | 1,059 | 983 | 920 |
| − Share buybacks | 1,500 | 1,000 | 800 | 500 | 0 |
| = Free cash flow not paid out | 42 | 394 | 656 | ||
| = Paid out more than the free cash flow | 425 | 69 | |||
| + Debt issued | 1,357 | 1,172 | 735 | 397 | 0 |
What could change RELX’s dividend?
During 2027–2029, dividends and buybacks exceeding free cash flow would raise debt pressure and reduce repurchase capacity. Conversely, stronger operating cash generation in 2028–2029 would support investment, buybacks and a higher valuation.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Net asset value | 1,696 (982 / 2,120) | 1,952 (532 / 2,789) | 2,285 (82.00 / 3,608) |
| Shares (millions) | 1,705 (1,718 / 1,683) | 1,669 (1,698 / 1,621) | 1,636 (1,678 / 1,560) |
| Dividends per share | 0.72 (0.69 / 0.74) | 0.77 (0.70 / 0.80) | 0.83 (0.72 / 0.87) |
| Price to net asset value | 21.00 (17.00 / 24.00) | 21.00 (15.00 / 26.00) | 20.00 (13.00 / 27.00) |
What is RELX’s dividend yield today?
Its 4.7% free-cash-flow yield sits beside a 2.4% dividend yield and 3.1% buyback yield. Over five years, revenue growth was uneven, while operating margin and diluted EPS rose. Free cash flow computed from the company’s cash-flow statement—cash from operations minus capital spending—did not cover shareholder payments in 2025; buybacks exceeded first-half free cash flow in 2026. A 2025 share-count reduction helped EPS outpace underlying growth.