RELX PLC (RELX) Cash Flow Statement
Where RELX’s cash came from and went, 2025
December 31, 2025 · British pounds- Cash from operations
- £2.88B +8.7% vs 2024
- Capital expenditures
- £21.0M 0.2% of revenue
- Free cash flow
- £2.85B 29.8% margin
- Returned to shareholders
- £2.76B 97% of free cash flow
- Change in cash
- £12.0M cash at year-end £131.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RELX operating cash flow, capex and free cash flow
RELX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | £1.73B2016 | £2.88B2025 | +5.8%/yr | |
| Capital expenditures | £51.0M2016 | £21.0M2025 | −9.4%/yr | |
| Free cash flow | £1.68B2016 | £2.85B2025 | +6.1%/yr | |
| Free cash flow margin | 24.3%2016 | 29.8%2025 | +5.5 pts | |
| Operating cash flow / net income | 1.492016 | 1.392025 | −0.09 | |
| Stock-based compensation | £38.0M2016 | £63.0M2025 | +5.8%/yr | |
| Dividends paid | £683.0M2016 | £1.18B2025 | +6.3%/yr | |
| Share buybacks (net) | £729.0M2016 | £1.58B2025 | +8.9%/yr | |
| Capex / revenue | 0.7%2016 | 0.2%2025 | −0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RELX cash flow by activity
RELX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RELX cash flow statement in British pounds
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | £2.06B | £1.93B | £1.78B | £2.32B | £1.88B | £1.52B | £2.10B | £1.42B | £1.65B | £1.16B |
| Depreciation & amortization | £727.2M | £781.7M | £778.2M | £713.0M | £724.0M | £843.0M | £683.0M | £651.0M | £656.0M | £599.0M |
| Stock-based compensation | £63.0M | £66.0M | £56.0M | £46.0M | £45.0M | £25.0M | £32.0M | £41.0M | £39.0M | £38.0M |
| Change in working capital | −£63.0M | −£146.0M | −£115.0M | −£74.0M | −£148.0M | −£114.0M | −£51.0M | −£69.0M | −£37.0M | −£72.0M |
| Other non-cash items | £83.8M | £9.3M | −£22.2M | −£607.0M | −£489.0M | −£683.0M | −£676.0M | −£30.0M | −£354.0M | £0 |
| Cash from operating activities | £2.88B | £2.65B | £2.48B | £2.40B | £2.02B | £1.60B | £2.09B | £2.02B | £1.95B | £1.73B |
| Investing activities | ||||||||||
| Capital expenditures | −£21.0M | −£20.0M | −£30.0M | −£436.0M | −£337.0M | −£362.0M | −£380.0M | −£56.0M | −£51.0M | −£51.0M |
| Investments (net) | −£42.0M | −£575.0M | −£569.0M | −£859.0M | −£8.0M | −£1.17B | −£733.0M | −£1.27B | −£422.0M | −£668.0M |
| Acquisitions & other investing | −£766.0M | −£18.0M | £9.0M | £436.0M | −£39.0M | £362.0M | £380.0M | £26.0M | £20.0M | £7.0M |
| Cash from investing activities | −£829.0M | −£613.0M | −£590.0M | −£859.0M | −£384.0M | −£1.17B | −£733.0M | −£1.30B | −£453.0M | −£712.0M |
| Financing activities | ||||||||||
| Dividends paid | −£1.18B | −£1.12B | −£1.06B | −£983.0M | −£920.0M | −£880.0M | −£842.0M | −£796.0M | −£762.0M | −£683.0M |
| Share repurchases & issuance (net) | −£1.58B | −£1.07B | −£850.0M | −£550.0M | −£1.0M | −£187.0M | −£637.0M | −£743.0M | −£739.0M | −£729.0M |
| Net borrowing (repayment) | £736.0M | £155.0M | −£112.0M | £182.0M | −£724.0M | £568.0M | £108.0M | £799.0M | −£76.0M | £318.0M |
| Shares issued | £0 | £0 | £41.0M | £26.0M | £32.0M | £16.0M | £29.0M | £21.0M | £0 | £0 |
| Other financing | −£11.0M | −£23.0M | −£77.0M | −£9.0M | £7.0M | £9.0M | £13.0M | £6.0M | £33.0M | £89.0M |
| Cash from financing activities | −£2.03B | −£2.06B | −£2.06B | −£1.33B | −£1.61B | −£474.0M | −£1.33B | −£713.0M | −£1.54B | −£1.00B |
| Summary | ||||||||||
| Net change in cash | £12.0M | −£36.0M | −£179.0M | £221.0M | £25.0M | −£50.0M | £24.0M | £3.0M | −£51.0M | £40.0M |
| Cash at end of period | £131.0M | £119.0M | £155.0M | £334.0M | £113.0M | £88.0M | £138.0M | £114.0M | £111.0M | £162.0M |
| Free cash flow | £2.85B | £2.62B | £2.45B | £1.97B | £1.68B | £1.23B | £1.71B | £1.96B | £1.90B | £1.68B |
| Free cash flow margin | 29.8% | 27.8% | 26.7% | 23.0% | 23.2% | 17.4% | 21.7% | 26.1% | 25.8% | 24.3% |
| Capex / revenue | 0.2% | 0.2% | 0.3% | 5.1% | 4.7% | 5.1% | 4.8% | 0.7% | 0.7% | 0.7% |
| Operating cash flow / net income | 1.39 | 1.37 | 1.39 | 1.03 | 1.07 | 1.05 | 0.99 | 1.42 | 1.18 | 1.49 |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Dec '23 | Jun '23 | Dec '22 | Sep '22 | Jun '22 | Mar '22 | Dec '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | £1.17B | £1.09B | £976.0M | £949.0M | £985.0M | £907.0M | £874.0M | £873.0M | £436.5M | £761.0M | £380.5M | £807.0M |
| Depreciation & amortization | £383.0M | £371.3M | £380.7M | £394.0M | £389.0M | £401.0M | £355.0M | £448.0M | £104.5M | £337.0M | £97.5M | £374.0M |
| Stock-based compensation | — | — | £34.0M | £32.0M | £34.0M | £28.0M | £28.0M | £21.0M | — | £25.0M | — | £18.0M |
| Change in working capital | −£10.0M | −£45.0M | −£18.0M | −£34.0M | −£112.0M | −£40.0M | −£75.0M | −£67.0M | — | −£7.0M | — | −£201.0M |
| Other non-cash items | −£75.0M | £38.7M | £49.3M | £33.0M | −£25.0M | −£9.0M | £9.0M | £40.0M | £103.5M | £3.0M | £78.0M | −£30.0M |
| Cash from operating activities | £1.47B | £1.45B | £1.42B | £1.37B | £1.27B | £1.29B | £1.19B | £1.31B | £644.5M | £1.12B | £556.0M | £968.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −£12.0M | −£9.0M | −£12.0M | −£12.0M | −£8.0M | −£17.0M | −£13.0M | −£23.0M | −£11.5M | −£13.0M | −£6.5M | −£18.0M |
| Investments (net) | — | — | — | — | — | — | — | −£31.0M | −£31.0M | −£2.0M | −£2.0M | −£4.0M |
| Acquisitions & other investing | −£370.0M | −£290.0M | −£518.0M | −£350.0M | −£243.0M | −£232.0M | −£328.0M | −£294.0M | −£118.0M | −£530.0M | −£260.5M | −£377.0M |
| Cash from investing activities | −£382.0M | −£299.0M | −£530.0M | −£362.0M | −£251.0M | −£249.0M | −£341.0M | −£348.0M | −£160.5M | −£545.0M | −£269.0M | −£399.0M |
| Financing activities | ||||||||||||
| Dividends paid | −£851.0M | −£357.0M | −£824.0M | −£339.0M | −£782.0M | −£321.0M | −£738.0M | −£301.0M | −£150.5M | −£682.0M | −£341.0M | −£286.0M |
| Share repurchases & issuance (net) | −£1.81B | −£501.0M | −£1.07B | −£300.0M | −£775.0M | −£250.0M | −£600.0M | −£200.0M | — | −£350.0M | — | −£46.0M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | −£123.0M | −£123.0M | £214.0M | £214.0M | −£129.0M |
| Shares issued | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 |
| Other financing | £1.66B | −£379.0M | £1.10B | −£396.0M | £528.0M | −£408.0M | £260.0M | −£118.0M | −£98.0M | £227.0M | −£168.5M | −£61.0M |
| Cash from financing activities | −£1.00B | −£1.24B | −£795.0M | −£1.03B | −£1.03B | −£979.0M | −£1.08B | −£742.0M | −£371.5M | −£591.0M | −£295.5M | −£522.0M |
| Summary | ||||||||||||
| Net change in cash | £89.0M | −£80.0M | £92.0M | −£21.0M | −£15.0M | £56.0M | −£235.0M | £232.0M | £116.0M | −£11.0M | −£5.5M | £47.0M |
| Cash at end of period | £220.0M | £131.0M | £211.0M | £119.0M | £140.0M | £155.0M | £99.0M | £334.0M | £102.0M | £102.0M | £113.0M | £113.0M |
| Free cash flow | £1.46B | £1.45B | £1.41B | £1.36B | £1.26B | £1.27B | £1.18B | £1.29B | £633.0M | £1.11B | £549.5M | £950.0M |
| Free cash flow margin | 30.0% | 29.8% | 29.7% | 28.4% | 27.2% | 27.2% | 26.2% | 28.2% | — | 27.9% | — | 24.7% |
| Capex / revenue | 0.2% | 0.2% | 0.3% | 0.3% | 0.2% | 0.4% | 0.3% | 0.5% | — | 0.3% | — | 0.5% |
| Operating cash flow / net income | 1.25 | 1.34 | 1.46 | 1.45 | 1.29 | 1.42 | 1.36 | 1.51 | 1.48 | 1.47 | 1.46 | 1.20 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in British pounds as reported; data from EODHD.
RELX cash generation
In fiscal 2025 (ended December 31, 2025), RELX generated £2.9 billion of cash from operations (up 8.7%) and spent £21.0 million on capital expenditures, leaving free cash flow of £2.9 billion, 29.8% of revenue. It returned £2.8 billion to shareholders through dividends (£1.2 billion) and net share buybacks (£1.6 billion). Cash and equivalents rose by £12.0 million over the year.
Related: RELX income statement, RELX balance sheet, RELX dividend history. See the RELX stock overview for the latest quote and news.
RELX cash flow FAQ
What is RELX's free cash flow?
RELX's free cash flow was £2.9 billion in fiscal 2025: £2.9 billion of operating cash flow minus £21.0 million of capital expenditures It was £2.6 billion a year earlier..
How much cash does RELX generate from operations?
RELX generated £2.9 billion of cash from operating activities in fiscal 2025, 1.39 times its net income of £2.1 billion.
How much does RELX spend on capital expenditures?
RELX spent £21.0 million on capital expenditures in fiscal 2025, 0.2% of revenue, compared with £20.0 million the year before.
How much stock does RELX buy back?
RELX spent £1.6 billion on net share repurchases in fiscal 2025.
How much does RELX pay in dividends?
RELX paid £1.2 billion in dividends in fiscal 2025, 41.4% of free cash flow.