NYSE : NGG
National Grid plc — Financial statements
Utilities · Utilities - Regulated Electric · United Kingdom
Last price 84.2 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 84.33B
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Financial statements
National Grid plc (NGG) reported revenue of 17.69B GBP (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in GBP.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 17.69B | 17.69B | 18.38B | 19.85B | 21.66B | 18.45B |
| Provision for Bad Debts | 243.00M | 243.00M | 200.00M | 179.00M | 220.00M | 167.00M |
| Other Operating Expenses | 12.28B | 12.28B | 13.19B | 14.09B | 17.23B | 14.08B |
| Total Operating Expenses | 12.52B | 12.52B | 13.39B | 14.26B | 17.45B | 14.24B |
| Operating Income | 5.17B | 5.17B | 4.99B | 5.59B | 4.21B | 4.21B |
| Interest Expense | -1.53B | -1.53B | -1.68B | -1.62B | -1.59B | -1.08B |
| Interest Income | 263.00M | 263.00M | 342.00M | 140.00M | 81.00M | 35.00M |
| Net Interest Expense | -1.26B | -1.26B | -1.34B | -1.48B | -1.51B | -1.05B |
| Income (Loss) on Equity Investments | 76.00M | 76.00M | 73.00M | 37.00M | 171.00M | 92.00M |
| Other Non-Operating Income (Expenses) | -178.00M | -178.00M | -118.00M | -87.00M | -6.00M | 42.00M |
| EBT Excluding Unusual Items | 3.80B | 3.80B | 3.61B | 4.05B | 2.86B | 3.29B |
| Restructuring Charges | -74.00M | -65.00M | -100.00M | -42.00M | ||
| Total Merger & Restructuring Charges | -17.00M | -17.00M | -65.00M | -44.00M | -117.00M | -223.00M |
| Gain (Loss) on Sale of Investments | 2.00M | 2.00M | -302.00M | 4.00M | 307.00M | 402.00M |
| Gain (Loss) on Sale of Assets | 393.00M | 393.00M | 187.00M | 511.00M | ||
| Insurance Settlements | 92.00M | 130.00M | 38.00M | |||
| Other Unusual Items | 297.00M | -994.00M | -24.00M | |||
| Pretax Income | 4.18B | 4.18B | 3.65B | 3.05B | 3.59B | 3.44B |
| Income Tax Expense | 939.00M | 939.00M | 821.00M | 831.00M | 876.00M | 1.26B |
| Earnings From Continuing Ops. | 3.24B | 3.24B | 2.83B | 2.22B | 2.71B | 2.18B |
| Earnings From Discontinued Ops. | 76.00M | 74.00M | 5.08B | 171.00M | ||
| Net Income to Company | 3.24B | 3.24B | 2.90B | 2.29B | 7.80B | 2.35B |
| Minority Interest in Earnings | -2.00M | -2.00M | -3.00M | -1.00M | -1.00M | |
| Net Income | 3.24B | 3.24B | 2.90B | 2.29B | 7.80B | 2.35B |
| Net Income to Common | 3.24B | 3.24B | 2.90B | 2.29B | 7.80B | 2.35B |
| Shares Outstanding (Basic) | 4.95B | 4.95B | 4.71B | 3.99B | 3.66B | 3.60B |
| Shares Outstanding (Diluted) | 4.97B | 4.97B | 4.73B | 4.01B | 3.68B | 3.62B |
| EPS (Basic) | 0.66 | 0.66 | 0.62 | 0.57 | 2.13 | 0.65 |
| EPS (Diluted) | 0.65 | 0.65 | 0.61 | 0.57 | 2.12 | 0.65 |
| Free Cash Flow | -2.16B | -2.16B | -1.97B | 35.00M | 573.00M | 1.17B |
| Free Cash Flow Per Share | -0.43 | -0.43 | -0.42 | 0.01 | 0.16 | 0.33 |
| Dividend Per Share | 0.48 | 0.48 | 0.47 | 0.59 | 0.55 | 0.51 |
| Profit Margin | 18.32% | 18.32% | 15.79% | 11.54% | 36.00% | 12.75% |
| Free Cash Flow Margin | -12.21% | -12.21% | -10.73% | 0.18% | 2.65% | 6.36% |
| EBITDA | 7.03B | 7.03B | 6.79B | 7.65B | 5.84B | 6.04B |
| EBITDA Margin | 39.72% | 39.72% | 36.97% | 38.52% | 26.96% | 32.71% |
| D&A For EBITDA | 1.86B | 1.86B | 1.80B | 2.06B | 1.64B | 1.83B |
| EBIT | 5.17B | 5.17B | 4.99B | 5.59B | 4.21B | 4.21B |
| EBIT Margin | 29.23% | 29.23% | 27.15% | 28.14% | 19.41% | 22.79% |
| Effective Tax Rate | 22.45% | 22.45% | 22.49% | 27.26% | 24.40% | 36.56% |
Balance sheet
Fiscal year April - March; amounts in GBP.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 375.00M | 375.00M | 1.18B | 559.00M | 163.00M | 204.00M |
| Short-Term Investments | 539.00M | 539.00M | 597.00M | 615.00M | 841.00M | 853.00M |
| Trading Asset Securities | 1.91B | 1.91B | 5.16B | 3.08B | 1.76B | 2.29B |
| Accounts Receivable | 2.49B | 2.49B | 2.47B | 2.02B | 2.07B | 1.95B |
| Other Receivables | 1.06B | 1.06B | 1.29B | 1.02B | 1.41B | 1.44B |
| Inventory | 559.00M | 559.00M | 557.00M | 828.00M | 740.00M | 393.00M |
| Prepaid Expenses | 336.00M | 336.00M | 340.00M | 385.00M | 389.00M | 429.00M |
| Other Current Assets | 215.00M | 215.00M | 2.74B | 1.87B | 1.73B | 10.40B |
| Total Current Assets | 7.49B | 7.49B | 14.33B | 10.38B | 9.11B | 17.96B |
| Property, Plant & Equipment | 81.52B | 81.52B | 74.09B | 68.91B | 64.43B | 57.53B |
| Goodwill | 9.42B | 9.42B | 9.53B | 9.73B | 9.85B | 9.53B |
| Other Intangible Assets | 3.88B | 3.88B | 3.56B | 3.43B | 3.60B | 3.27B |
| Long-Term Investments | 1.47B | 1.47B | 1.41B | 2.30B | 2.16B | 2.07B |
| Other Long-Term Assets | 4.51B | 4.51B | 3.82B | 3.58B | 3.54B | 4.49B |
| Total Assets | 108.28B | 108.28B | 106.74B | 98.33B | 92.70B | 94.86B |
| Accounts Payable | 3.37B | 3.37B | 2.96B | 2.79B | 3.25B | 3.11B |
| Accrued Expenses | 95.00M | 95.00M | 131.00M | 240.00M | 278.00M | |
| Short-Term Debt | 2.23B | 1.44B | 840.00M | 1.30B | ||
| Current Portion of Long-Term Debt | 3.99B | 3.99B | 2.67B | 3.55B | 2.11B | 10.85B |
| Current Unearned Revenue | 110.00M | 110.00M | 96.00M | 127.00M | 252.00M | 130.00M |
| Current Portion of Leases | 145.00M | 145.00M | 120.00M | 114.00M | 96.00M | 107.00M |
| Current Income Taxes Payable | 45.00M | 45.00M | 219.00M | 220.00M | 236.00M | 32.00M |
| Other Current Liabilities | 2.04B | 2.04B | 2.19B | 3.15B | 2.10B | 8.96B |
| Total Current Liabilities | 9.80B | 9.80B | 10.62B | 11.39B | 9.13B | 24.77B |
| Long-Term Debt | 42.82B | 42.82B | 42.95B | 42.42B | 40.44B | 33.75B |
| Long-Term Leases | 748.00M | 748.00M | 709.00M | 665.00M | 618.00M | 451.00M |
| Long-Term Unearned Revenue | 2.71B | 2.71B | 2.42B | 2.13B | 1.84B | 1.38B |
| Pension & Post-Retirement Benefits | 360.00M | 360.00M | 573.00M | 593.00M | 694.00M | 810.00M |
| Long-Term Deferred Tax Liabilities | 9.04B | 9.04B | 8.04B | 7.52B | 7.18B | 6.76B |
| Other Long-Term Liabilities | 3.48B | 3.48B | 3.60B | 3.71B | 3.24B | 3.08B |
| Total Liabilities | 68.95B | 68.95B | 68.92B | 68.43B | 63.13B | 71.00B |
| Common Stock | 647.00M | 647.00M | 638.00M | 493.00M | 488.00M | 485.00M |
| Additional Paid-In Capital | 1.28B | 1.28B | 1.29B | 1.30B | 1.30B | 1.30B |
| Retained Earnings | 41.91B | 41.91B | 40.11B | 32.07B | 31.61B | 26.61B |
| Comprehensive Income & Other | -4.54B | -4.54B | -4.23B | -3.99B | -3.86B | -4.56B |
| Total Common Equity | 39.30B | 39.30B | 37.80B | 29.87B | 29.54B | 23.83B |
| Minority Interest | 31.00M | 31.00M | 23.00M | 25.00M | 24.00M | 23.00M |
| Shareholders' Equity | 39.33B | 39.33B | 37.83B | 29.89B | 29.56B | 23.86B |
| Total Liabilities & Equity | 108.28B | 108.28B | 106.74B | 98.33B | 92.70B | 94.86B |
| Total Debt | 47.70B | 47.70B | 48.68B | 48.20B | 44.10B | 46.46B |
| Net Cash (Debt) | -44.88B | -44.88B | -41.75B | -43.94B | -41.34B | -43.11B |
| Net Cash Per Share | -9.03 | -9.03 | -8.83 | -10.96 | -11.24 | -11.92 |
| Filing Date Shares Outstanding | 4.98B | 4.98B | 4.90B | 3.72B | 3.68B | 3.65B |
| Total Common Shares Outstanding | 4.97B | 4.97B | 4.90B | 3.72B | 3.68B | 3.65B |
| Working Capital | -2.31B | -2.31B | 3.71B | -1.01B | -17.00M | -6.81B |
| Book Value Per Share | 7.90 | 7.90 | 7.72 | 8.03 | 8.03 | 6.54 |
| Tangible Book Value | 26.00B | 26.00B | 24.71B | 16.71B | 16.09B | 11.03B |
| Tangible Book Value Per Share | 5.23 | 5.23 | 5.05 | 4.49 | 4.37 | 3.03 |
| Land | 4.42B | 4.42B | 4.24B | 4.21B | 4.07B | 3.66B |
| Machinery | 84.91B | 84.91B | 79.14B | 75.90B | 70.99B | 64.09B |
| Construction In Progress | 11.82B | 11.82B | 9.07B | 7.02B | 6.76B | 5.59B |
Cash flow statement
Fiscal year April - March; amounts in GBP.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 3.24B | 3.24B | 2.90B | 2.29B | 7.80B | 2.35B |
| Depreciation & Amortization | 1.99B | 1.99B | 1.92B | 2.06B | 1.76B | 1.83B |
| Other Amortization | 339.00M | 339.00M | 323.00M | 291.00M | ||
| Loss (Gain) on Sale of Investments | -393.00M | -393.00M | -188.00M | -846.00M | -228.00M | |
| Asset Writedown | -112.00M | -112.00M | 298.00M | -16.00M | -51.00M | -65.00M |
| Stock-Based Compensation | 45.00M | 45.00M | 37.00M | 37.00M | 48.00M | 38.00M |
| Change in Other Net Operating Assets | 562.00M | 562.00M | -337.00M | 724.00M | 346.00M | -158.00M |
| Other Operating Activities | 2.16B | 2.16B | 1.85B | 1.84B | -3.01B | 1.72B |
| Net Cash from Discontinued Operations | 555.00M | 782.00M | ||||
| Operating Cash Flow | 7.83B | 7.83B | 6.81B | 6.94B | 6.90B | 6.27B |
| Capital Expenditures | -9.99B | -9.99B | -8.78B | -6.90B | -6.33B | -5.10B |
| Sale of Property, Plant & Equipment | 68.00M | 68.00M | 26.00M | 52.00M | 87.00M | 26.00M |
| Cash Acquisitions | -19.00M | -19.00M | -7.85B | |||
| Divestitures | 2.81B | 2.81B | 1.26B | 681.00M | 7.49B | |
| Sale (Purchase) of Intangibles | -586.00M | -586.00M | -526.00M | -549.00M | -567.00M | -446.00M |
| Investment in Securities | 3.19B | 3.19B | -3.04B | -1.45B | 164.00M | -615.00M |
| Other Investing Activities | 350.00M | 350.00M | 485.00M | 692.00M | -592.00M | -24.00M |
| Investing Cash Flow | -4.16B | -4.16B | -10.57B | -7.50B | 240.00M | -14.01B |
| Short-Term Debt Issued | 925.00M | 544.00M | ||||
| Long-Term Debt Issued | 4.17B | 4.17B | 3.24B | 5.56B | 11.91B | 12.35B |
| Total Debt Issued | 4.17B | 4.17B | 4.16B | 6.11B | 11.91B | 12.35B |
| Short-Term Debt Repaid | -2.23B | -2.23B | -511.00M | -11.00M | ||
| Long-Term Debt Repaid | -3.11B | -3.11B | -2.99B | -1.82B | -15.41B | -1.38B |
| Lease Payments | -145.00M | -145.00M | -130.00M | -118.00M | -155.00M | -117.00M |
| Total Debt Repaid | -5.33B | -5.33B | -2.99B | -1.82B | -15.93B | -1.39B |
| Net Debt Issued (Repaid) | -1.16B | -1.16B | 1.17B | 4.29B | -4.02B | 10.96B |
| Issuance of Common Stock | 40.00M | 40.00M | 7.02B | 20.00M | 17.00M | 33.00M |
| Repurchase of Common Stock | -1.00M | -1.00M | -7.00M | -4.00M | -3.00M | |
| Common Dividends Paid | -1.62B | -1.62B | -1.53B | -1.72B | -1.61B | -922.00M |
| Other Financing Activities | -1.88B | -1.88B | -2.13B | -1.60B | -1.56B | -2.30B |
| Financing Cash Flow | -4.62B | -4.62B | 4.53B | 987.00M | -7.17B | 7.77B |
| Foreign Exchange Rate Adjustments | -8.00M | -8.00M | -23.00M | -1.00M | 7.00M | 5.00M |
| Miscellaneous Cash Flow Adjustments | 153.00M | 153.00M | -123.00M | -30.00M | 9.00M | -11.00M |
| Net Cash Flow | -803.00M | -803.00M | 619.00M | 396.00M | -19.00M | 25.00M |
| Free Cash Flow | -2.16B | -2.16B | -1.97B | 35.00M | 573.00M | 1.17B |
| Free Cash Flow Margin | -12.21% | -12.21% | -10.73% | 0.18% | 2.65% | 6.36% |
| Free Cash Flow Per Share | -0.43 | -0.43 | -0.42 | 0.01 | 0.16 | 0.33 |
| Levered Free Cash Flow | -3.13B | -3.13B | -6.91B | -2.45B | -1.32B | -1.95B |
| Unlevered Free Cash Flow | -2.17B | -2.17B | -5.86B | -1.44B | -321.88M | -1.27B |
| Free Cash Flow After Leases | -2.31B | -2.31B | -2.10B | -83.00M | 418.00M | 1.06B |
| Cash Interest Paid | 1.93B | 1.93B | 1.92B | 1.63B | 1.43B | 1.05B |
| Cash Income Tax Paid | 32.00M | 32.00M | 183.00M | 342.00M | 89.00M | 298.00M |
| Change in Working Capital | 562.00M | 562.00M | -337.00M | 724.00M | 346.00M | -158.00M |
Ratios
Fiscal year April - March; amounts in GBP.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 84.42B | 83.34B | 63.81B | 50.08B | 49.87B | 56.17B |
| Enterprise Value | 144.59B | 139.85B | 113.93B | 106.10B | 108.51B | 111.27B |
| PE Ratio | 19.18 | 19.47 | 17.02 | 17.32 | 5.17 | 18.16 |
| PS Ratio | 3.62 | 3.57 | 2.69 | 2.00 | 1.86 | 2.32 |
| PB Ratio | 1.63 | 1.60 | 1.31 | 1.33 | 1.36 | 1.79 |
| P/FCF Ratio | 1,132.92 | 70.35 | 36.40 | |||
| P/OCF Ratio | 8.04 | 8.06 | 7.25 | 5.71 | 5.84 | 6.81 |
| EV/Sales Ratio | 6.19 | 5.99 | 4.80 | 4.23 | 4.05 | 4.59 |
| EV/EBITDA Ratio | 15.59 | 15.07 | 12.98 | 10.98 | 15.02 | 14.03 |
| EV/EBIT Ratio | 21.19 | 20.49 | 17.67 | 15.04 | 20.86 | 20.13 |
| EV/FCF Ratio | 2,400.12 | 153.08 | 72.10 | |||
| Debt / Equity Ratio | 1.21 | 1.21 | 1.29 | 1.61 | 1.49 | 1.95 |
| Debt / EBITDA Ratio | 6.66 | 6.66 | 7.04 | 6.30 | 7.39 | 7.70 |
| Debt / FCF Ratio | 1,377.09 | 76.97 | 39.57 | |||
| Net Debt / Equity Ratio | 1.14 | 1.14 | 1.10 | 1.47 | 1.40 | 1.81 |
| Net Debt / EBITDA Ratio | 6.39 | 6.39 | 6.14 | 5.75 | 7.08 | 7.14 |
| Net Debt / FCF Ratio | -20.78 | -20.78 | -21.17 | 1,255.43 | 72.14 | 36.72 |
| Quick Ratio | 0.65 | 0.65 | 1.01 | 0.64 | 0.69 | 0.27 |
| Current Ratio | 0.76 | 0.76 | 1.35 | 0.91 | 1.00 | 0.72 |
| Asset Turnover | 0.17 | 0.17 | 0.18 | 0.21 | 0.23 | 0.23 |
| Return on Equity (ROE) | 8.41% | 8.41% | 8.36% | 7.46% | 10.16% | 9.99% |
| Return on Assets (ROA) | 3.00% | 3.00% | 3.04% | 3.65% | 2.80% | 3.24% |
| Return on Capital Employed (ROCE) | 5.20% | 5.20% | 5.20% | 6.40% | 5.00% | 6.00% |
| Earnings Yield | 5.21% | 5.13% | 5.88% | 5.78% | 19.34% | 5.51% |
| FCF Yield | -3.43% | -3.42% | -3.99% | 0.09% | 1.42% | 2.75% |
| Dividend Yield | 3.83% | 3.82% | 4.63% | 5.49% | 5.06% | 4.35% |
| Payout Ratio | 73.53% | 50.08% | 52.69% | 75.02% | 20.61% | 39.18% |
| Buyback Yield / Dilution | -5.12% | -5.12% | -17.99% | -9.03% | -1.66% | -2.15% |
| Total Shareholder Return | -1.29% | -1.30% | -13.36% | -3.54% | 3.40% | 2.20% |