RELX Information services · AI analytics · Data tools · Compounder · Thesis updated July 18, 2026

AI is lifting RELX’s old data moat

RELX is shifting from print and reference content into higher-margin analytics and AI decision tools.
Risk is the biggest segment and gets more than 90% of its revenue from machine-to-machine use.
Legal revenue grew 9% on an ex-print basis as Lexis+ AI adoption spread across enterprise customers.
STM grew 5% on an ex-print basis, and management upgraded its outlook as LeapSpace moved into commercial rollout.
Print is now reported separately and is only 4% of total revenue, but its decline still needs watching.

01 Running thesis

The AI uplift is now visible

RELX is starting to look less like a publisher and more like a high-margin analytics software company. The clearest proof is Legal, where underlying revenue grew 9% and underlying adjusted operating profit grew 12%. Management said the Lexis+ AI enterprise subscription customer base has more than doubled in the past year.

Risk remains the core engine. Its tools help customers check fraud, identity, financial crime, and other risks. More than 90% of Risk revenue comes from machine-to-machine interactions, which means RELX is built into customer systems rather than used only by people logging into a website.

STM is also improving. The segment grew 5% on an ex-print basis, and management upgraded its outlook to good to strong revenue growth as LeapSpace, its generative AI science platform, moves through commercial rollout.

The bear case is not that print will sink the company. Print is now separated and is only 4% of total revenue. The harder question is whether AI price uplifts and usage growth can last after early adopters renew, especially if universities, governments, or research buyers face tighter budgets.

Feb 2026▲RELX showed stronger AI-led growth. Legal reached 9% revenue growth and 12% profit growth, Lexis+ AI enterprise customers more than doubled, STM guidance improved, and buybacks rose 50% to £2.25 billion.

Jul 2025▲Management separated print from the core segments. That made the growth in Legal and STM clearer, with Legal at 9% and STM at 5% on an ex-print basis.

Feb 2025→The starting view framed RELX as a company moving from print toward AI-enabled analytics and decision tools. Risk was already deeply embedded, while Legal and STM were early proof points.

02 Business model

Data sold as work tools

RELX sells subscriptions, data feeds, analytics, research access, legal workflow tools, and event access. Customers pay because the products help them make decisions faster, reduce risk, or find trusted information.

The model improves when RELX moves from static content to tools that sit inside daily work. A fraud check inside a bank process, a legal draft inside Lexis+ AI, or a science search inside LeapSpace can become part of the customer’s workflow.

The company also works to keep cost growth below revenue growth. That is why revenue growth can turn into faster profit growth. In 2025, Risk profit grew 10%, Legal profit grew 12%, STM profit grew 7%, and Exhibitions profit grew 9% on an underlying basis.

The model breaks if customers decide the AI features do not justify higher spending. It also breaks if RELX has to spend much more on data, computing, product development, or sales to hold growth.

03 Product portfolio

Where the tools sit

Growth engine

Risk analytics

Risk sells fraud, identity, compliance, and decision tools. It is the largest segment by 2025 revenue and gets more than 90% of revenue from machine-to-machine use.

Growth engine

Lexis+ and Lexis+ AI

Lexis+ uses extractive AI, which pulls answers from source material. Lexis+ AI adds generative AI, which can draft and summarize for legal users.

Option

Protégé

Protégé is RELX’s next-generation legal assistant. Management says it has about 300 specialized workflows and is adding 2 to 3 workflows per day.

Steady

STM databases and journals

STM sells science, technical, and medical databases, tools, electronic reference, and primary research journals. Its growth is steadier than Legal but is now helped by AI tools.

Option

LeapSpace

LeapSpace is RELX’s new generative AI platform for science and research users. Management says early use shows a meaningful value uplift.

Steady

Exhibitions

Exhibitions runs face-to-face trade events and adds digital tools around them. Revenue grew 8% and profit grew 9% on an underlying basis.

Cash cow

Print and print-related activities

Print is declining and now reported separately. It was 4% of 2025 revenue, so it matters less, but it can still pressure reported growth if the decline speeds up.

04 Business segments

2025 revenue mix

Risk36%growing fast

Scientific, Technical and Medical28%modest

Legal19%growing fast

Exhibitions12%growing fast

Print and print-related activities4%declining

Segment shares use RELX’s 2025 annual results: Risk £3,485 million, STM £2,714 million, Legal £1,806 million, Exhibitions £1,186 million, and Print £399 million. Print is now managed and reported separately, so the core segment growth rates exclude print.

05 Risk factors

What could go wrong

AI renewal disappointment

High impact · Medium odds

Legal growth now depends partly on customers paying more for Lexis+ AI and related tools. Early adopters may be easier to convert than the next wave. If renewals come with smaller price uplifts, the 9% Legal growth rate could slow.

We watchLexis+ AI enterprise subscription growth, Legal underlying revenue growth, and management comments on renewal pricing.

Research budget pressure

Medium impact · Medium odds

STM sells to universities, researchers, governments, and healthcare users. Direct US government funding is only a low single-digit percent of research articles, but broader funding cuts can still hit research volume and buyer budgets. That would test the upgraded STM outlook.

We watchSTM underlying revenue growth, article volume trends, and US federal research funding headlines.

Print decline reappears

Medium impact · High odds

Print is only 4% of revenue and is now reported separately, which reduces the drag on Legal and STM optics. Still, print is a shrinking pool. A faster decline could offset some group growth and reduce cash that can be reinvested or returned.

We watchPrint revenue, print profit, and any change in how management reports print.

AI cost creep

Medium impact · Medium odds

RELX’s margin story depends on cost growth staying below revenue growth. Generative AI can raise computing, data, engineering, and product costs. If those costs rise faster than customer spending, profit growth could lag revenue growth.

We watchAdjusted operating margin by segment and whether profit growth stays above revenue growth.

Capital returns overreach

Low impact · Medium odds

Leverage is at the bottom of the target range at 2.0x, and buybacks rose 50% to £2.25 billion. That is useful if the business keeps compounding. It is less helpful if RELX buys heavily while AI growth fades or acquisition opportunities improve.

We watchNet leverage, buyback size, acquisition spending, and free cash flow coverage.

06 Quick answers

In one breath

What does RELX actually do?

RELX sells information and decision tools to professional customers. Its main areas are Risk, science and medical information, Legal, Exhibitions, and a small separate Print business.

Why do investors call RELX an AI company now?

RELX has used analytics for years, especially in Risk. The newer shift is generative AI in Legal and STM, through tools such as Lexis+ AI, Protégé, and LeapSpace.

Is print still a big problem for RELX?

Print is still declining, but it is now only 4% of total revenue. Management also reports it separately, which makes the growth of Legal and STM easier to see.

What is the key metric to watch?

Watch whether Legal can keep growing near 9% on an ex-print basis as Lexis+ AI renewals broaden. Also watch STM growth as LeapSpace moves from launch into paid use.