Latest Earnings Summary
For H1 2026 (RELX reports results semi-annually), the company reported total revenue of £4,871 million, representing a 3% total growth in GBP (5% at constant currency and 7% on an underlying basis) compared to £4,741 million in H1 2025. Adjusted operating profit increased by 9% underlying to £1,727 million, expanding the adjusted operating margin by 70 basis points to 35.5%. Adjusted EPS grew 11% at constant currency to 68.6p. The board declared an interim dividend of 20.9p per share, up 7% year-over-year. The company maintained strong cash generation with a 98% adjusted cash flow conversion rate and free cash flow exceeding £1.1 billion.
Business Segments and Regional Breakdown
Segment Revenue Breakdown (H1 2026):
- Risk (37.2% of revenue / £1,810m): Provides data analytics, fraud prevention, identity verification, and compliance tools. Underlying revenue grew 8%, driven by demand for machine-to-machine financial crime compliance and digital identity solutions.
- Scientific, Technical & Medical – STM (28.1% of revenue / £1,370m): Operates primary research publishing (ScienceDirect) and analytical tools (ClinicalKey, Scopus). Underlying revenue grew 6%, supported by increased article submission volume and AI adoption.
- Legal (19.7% of revenue / £959m): Offers legal databases, workflow tools, and legal generative AI platforms (Lexis+, Lexis+ Protégé). Underlying revenue grew 10%, serving as the group’s fastest-growing segment due to legal generative AI integration.
- Exhibitions (11.8% of revenue / £575m): Organizes international trade shows and B2B events. Underlying revenue grew 6%, benefiting from face-to-face event demand supplemented by digital event management solutions.
Geographic Revenue Breakdown & Overview:
- North America (59% of revenue): Core driver of growth, benefiting from high corporate and legal penetration of generative AI legal tools (Lexis+) and strong adoption of Risk anti-fraud solutions.
- Europe (21% of revenue): Stable market supported by consistent institutional subscriptions in STM research and legal information services.
- Rest of the World (20% of revenue): Driven by expansion in Asia-Pacific across scientific research publishing and regional trade show recovery.
Quarterly Drivers, Next Quarter Focus, and Future Outlook
H1 Changes and Key Operational Shifts:
Operational efficiency improved through cost control, keeping expense growth below revenue growth. Margin expansion was primarily driven by the ongoing structural shift toward high-value, AI-integrated decision tools and analytics, which now account for over 86% of electronic revenue.
Next Period Focus & Key Metrics to Watch:
- Lexis+ Protégé Expansion: Tracking the monetization rate and subscription renewal acceleration of the newly launched legal AI assistant.
- Capital Returns Execution: Delivery of the remaining £400 million in share buybacks from the £2,250 million total program for 2026.
- Exhibitions Segment Margins: Monitoring event scheduling cycles and regional venue disruptions that briefly squeezed H1 margins down to 39.3%.
Future Outlook:
RELX reaffirmed its full-year guidance for 2026, targeting another year of strong underlying revenue and profit growth. Management expects underlying revenue growth to remain on a structurally higher long-term trajectory as generative AI tools deliver enhanced workflows across Risk, STM, and Legal segments.
Recent Stock Price Performance (3 Months) and Market Factors
Over the past three months (Late May 2026 to August 2026), RELX’s share price (LON: REL) traded in a range between approximately 2,328 GBX and 2,874 GBX, currently trading around 2,618 GBX.
Key Market Drivers:
- Late May to June 2026 (Pullback): Shares experienced a temporary pullback down to ~2,328 GBX due to broader market fears that generative AI models could displace traditional legal and scientific information aggregators.
- July to August 2026 (Recovery & Earnings Boost): Following the H1 2026 earnings release on July 23, 2026, the stock surged past 2,800 GBX. Investors reacted positively to the 10% underlying growth in Legal and 6% growth in STM, proving that RELX’s proprietary datasets and deeply embedded AI tools (e.g., Lexis+ Protégé) make it a net beneficiary rather than a victim of AI disruption.
Sources
- https://www.londonstockexchange.com/news-article/REL/relx-2026-interim-results/17701578
- https://www.investing.com/news/transcripts/earnings-call-transcript-relx-posts-strong-h1-2026-growth-as-ai-tools-gain-traction-93CH-4807825
- https://www.investing.com/news/company-news/relx-h1-2026-slides-7-revenue-growth-ai-tools-drive-legal-gains-93CH-4807853
- https://www.hl.co.uk/shares/share-research/relx-hy-results-solid-results
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