RELX earnings: guidance and results
MyStockButler's October 2026 analysis: In the first half of 2026, revenue grew 2.7% on a reported basis and 7.0% underneath, while operating profit rose 6.4%, net income increased 20.2% and diluted EPS 24.3%. The next release should show whether delayed exhibitions return without exposing a deeper weakness.
What has RELX guided for 2026?
On 23 July, RELX reaffirmed its outlook for strong underlying revenue, adjusted operating profit and adjusted earnings per share, or EPS, all at constant currency. Underlying growth removes distortions such as acquisitions and exhibition timing. Constant currency holds exchange rates steady, while adjusted profit excludes specified items. These measures clarify the continuing business, but they do not give investors a precise target for reported profit or cash.
The firmest figure is the £2,250m buyback running to December 2026. A buyback reduces the number of shares sharing future earnings. If £100 of earnings is divided among ten shares, each carries £10. After two shares are bought back, the same earnings give the remaining eight shares £12.50 each. EPS can therefore rise without the underlying business improving.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Share buybacks | Year to Dec 2026 | 2,250 | 2,250 | Jul 23, 2026 |
How have RELX revenue and profit trended?
Revenue grew 2.7% on a reported basis and 7.0% underneath. Operating profit rose 6.4%, while net income increased 20.2% and diluted EPS 24.3%. That widening gap down the income statement points towards financing, tax, non-operating gains and buybacks.
| 6 months to Jun 2026 | 6 months to Dec 2025 | 6 months to Jun 2025 | 6 months to Dec 2024 | 6 months to Jun 2024 | 6 months to Dec 2023 | 6 months to Jun 2023 | 6 months to Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,871 | 4,849 | 4,741 | 4,793 | 4,641 | 4,662 | 4,499 | 4,584 |
| Operating income | 1,585 | 1,537 | 1,490 | 1,430 | 1,431 | 1,374 | 1,308 | 1,242 |
| Net income | 1,173 | 1,089 | 976 | 949 | 985 | 907 | 874 | 873 |
| EPS, diluted | 65.40 | 59.40 | 52.60 | 50.80 | 52.30 | 47.80 | 45.80 | 45.40 |
What should RELX investors watch in the next release?
The 22 October 2026 trading update, covering the first nine months, should show whether operating momentum still supports the July outlook. It should also separate the steadier information businesses from the less predictable exhibition calendar.
That recovery is not automatic. The event must take place and attract exhibitors and visitors. Management has specifically flagged uncertainty around remaining Middle East exhibitions. Travel disruption can reduce the value of an event even when it goes ahead, turning delayed revenue into lost revenue.