RELX changes

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View the full Oct 11, 2026 version

Price: $33.18 → $36.13(+8.9%)
Discount: 41.8% → 36.6%(−5.2 pts)
Balance sheet: Cash: £220M Debt: £8.9B Net debt: £8.7B Net debt / EBITDA: 2.3× (medium) Interest cover: 12× Ratings: S&P A- (stable outlook), Fitch A- (stable outlook), Moody's A3 (stable outlook) RELX funds itself with strong subscription cash flow and with bonds, bank loans and commercial paper, mostly in US dollars and euros. The borrowings have an average remaining life of only 3.7 years and 54% are at fixed rates, so RELX refinances often and higher rates pass through to its interest cost. Its finance subsidiaries issue thisthe debt, and RELX PLC guarantees it. At June 30, 2026, net debt was £8,733m. This is, up £1,532m in six months, because RELX spent £1,750m on buybacks. Gross debt wasDebt includes £8,906m, of which £119m wasof leases, and cash was only £220m. NetThe leverage ratio uses net debt including pensions was 2.3 timesand EBITDA for the twelve months to June 30, 2026, and it was up from 2.0 times at the end of 2025. FirstInterest cover is first-half adjusted operating profit of £1,727m coveredover adjusted net interest of £138m about 12 times. The borrowings have an average remaining life of only 3.7 years, and 54% are at fixed rates. Thus RELX refinances often, and higher rates pass through to its interest cost. In June 2026, itRELX issued two €750m bonds. About $4.1bn of committed bank facilities, mostly to November 2030, were undrawn. S&P and Fitch rate RELX A-, and Moody's rates it A3, all with a stable outlook. The pension schemes showed a small surplus of £87m. Shareholders' equity was only £1,238m, because years of buybacks returned more cash than the book value of the company. This is not a problem while cash flow covers the debt easily. RELX pays out about half of adjusted earnings as dividends. It uses most of the remaining free cash flow, and some new debt, for buybacks. Leverage near 2.3 times leaves room for buybacks and small acquisitions. But a large debt-funded deal would need a pause in buybacks. As of 2026-06-30.