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NGGNational Grid plc
$79.44$79.1B
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NGG logoNational Grid plc(NGG)Earnings, Financials & Key Ratios

NGG•NYSE•Utilities
18.1× P/E·Price updated Jun 19, 2026
SectorUtilitiesIndustryElectric UtilitiesSub-IndustryWires-only electric transmission and distribution
AboutNational Grid plc transmits and distributes electricity and gas. The company operates through UK Electricity Transmission, UK Electricity Distribution, UK Electricity System Operator, New England, and New York segments. The UK Electricity Transmission segment provides electricity transmission and construction work services in England and Wales. The UK Electricity Distribution segment offers electricity distribution services in Midlands, and South West of England and South Wales. The UK Electricity System Operator segment provides balancing services for supply and demand of electricity on Great Britain's electricity transmission system; and acts as an agent on behalf of transmission operators. The New England segment offers electricity and gas distribution, and electricity transmission services in New England. The New York segment provides electricity and gas distribution, and electricity transmission services in New York. It also engages in the provision of transmission services through electricity interconnectors and LNG importation at the Isle of Grain; sale of renewables projects; and leasing and sale of commercial property, as well as insurance activities in the United Kingdom. The company was founded in 1990 and is headquartered in London, the United Kingdom.Show more
  • Revenue$17.97B-2.2%
  • EBITDA$8.15B+14.7%
  • Net Income$3.29B+13.5%
  • Free Cash Flow-$3.82B-12.7%
  • EBITDA Margin45.36%+17.3%
  • Net Margin18.32%+16.0%
  • ROE8.54%-0.4%
  • Interest Coverage4.45+12.2%
  • Debt/Equity1.19-5.4%

NGG Key Insights

National Grid plc (NGG) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong interest coverage of 4.5x
  • ✓Healthy dividend yield of 2.8%

✗Weaknesses

  • ✗High leverage: 5.7x Debt/EBITDA

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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NGG Price & Volume

National Grid plc (NGG) stock price & volume — 10-year historical chart

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NGG Growth Metrics

National Grid plc (NGG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years3.13%
5 Years-0.52%
3 Years-6.03%
TTM-14.03%

Profit CAGR

10 Years2.43%
5 Years6.96%
3 Years-24.97%
TTM-39.4%

EPS CAGR

10 Years-0.87%
5 Years1.99%
3 Years-29.7%
TTM-50.12%

Return on Capital

10 Years5.95%
5 Years5.97%
3 Years5.56%
Last Year6.03%

NGG Recent Earnings

National Grid plc (NGG) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 2/12 qtrs (17%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
May 14, 2026
Metric
Actual
Est
EPS
$3.56+9.9%
$3.24
Rev
$14.2B-13.1%
$16.4B
Q4 2025
Nov 6, 2025
Metric
Actual
Est
EPS
$0.84-54.8%
$1.85
Rev
$9.5B-15.4%
$11.2B
Q2 2025
May 15, 2025
Metric
Actual
Est
EPS
$0.59-79.0%
$2.82
Rev
$13.4B-17.7%
$16.3B
Q4 2024
Nov 7, 2024
Metric
Actual
Est
EPS
$0.19-89.5%
$1.77
Rev
$10.4B-10.6%
$11.7B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 14, 2026
$3.56vs $3.24+9.9%
$14.2Bvs $16.4B-13.1%
Q4 2025Nov 6, 2025
$0.84vs $1.85-54.8%
$9.5Bvs $11.2B-15.4%
Q2 2025May 15, 2025
$0.59vs $2.82-79.0%
$13.4Bvs $16.3B-17.7%
Q4 2024Nov 7, 2024
$0.19vs $1.77-89.5%
$10.4Bvs $11.7B-10.6%
Based on last 12 quarters of dataView full earnings history →

NGG Peer Comparison

National Grid plc (NGG) competitors in Wires-only electric transmission and distribution — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
SO logoSOThe Southern CompanyDirect Competitor104.94B93.0923.7510.59%14.46%11.3%1.69
DUK logoDUKDuke Energy CorporationDirect Competitor96.56B123.8619.636.19%15.44%9.6%1.71
EXC logoEXCExelon CorporationDirect Competitor46.87B45.8116.725.34%11.21%9.76%1.76
PPL logoPPLPPL CorporationDirect Competitor26.62B35.3822.116.85%13.09%8.32%1.30
ED logoEDConsolidated Edison, Inc.Direct Competitor39.2B106.3618.8610.89%12.52%8.82%1.19
AEE logoAEEAmeren CorporationDirect Competitor30.06B108.6720.3115.43%17.17%11.6%1.47
ETR logoETREntergy CorporationProduct Competitor50.87B111.1128.428.98%13.56%10.57%1.80
EIX logoEIXEdison InternationalProduct Competitor27.66B71.896.229.76%18.87%19.39%2.21

Compare NGG vs Peers

National Grid plc (NGG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SO

Most directly comparable listed peer for NGG.

Scale Benchmark

vs GE

Larger-name benchmark to compare NGG against a more recognizable public peer.

Peer Set

Compare Top 5

vs SO, DUK, EXC, PPL

NGG Income Statement

National Grid plc (NGG) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Revenue
15.25B14.93B13.36B18.45B18.45B21.66B19.85B18.38B17.97B
Revenue Growth %
1.43%-2.08%-10.53%38.09%0%17.4%-8.35%-7.42%-2.19%
Cost of Revenue
2.84B3.15B4.04B6.1B6.1B8.62B5.27B4.15B12.1B
Gross Profit
12.41B▲ 0%
11.79B▼ 5.1%
9.32B▼ 20.9%
12.35B▲ 32.5%
12.35B▲ 0.0%
13.04B▲ 5.5%
14.58B▲ 11.8%
14.23B▼ 2.4%
5.87B▼ 58.7%
Gross Margin %
81.39%78.92%69.79%66.95%66.95%60.19%73.44%77.42%32.66%
Gross Profit Growth %
-1.89%-5.05%-20.88%32.46%0%5.55%11.83%-2.4%-58.74%
Operating Expenses
8.92B8.91B7.04B7.98B7.98B8.16B10.1B9.29B0
Other Operating Expenses
---------
EBITDA
5.02B4.46B3.71B6.2B6.2B6.86B6.54B7.11B8.15B
EBITDA Margin %
32.94%29.85%27.8%33.61%33.61%31.69%32.93%38.68%45.36%
EBITDA Growth %
7.12%-11.25%-16.69%66.96%0%10.68%-4.76%8.77%14.69%
Depreciation & Amortization
1.53B1.59B1.44B1.83B1.83B1.98B2.06B2.17B2.28B
D&A / Revenue %
10.03%10.63%10.74%9.92%9.92%9.16%10.38%11.83%12.7%
Operating Income (EBIT)
3.49B▲ 0%
2.87B▼ 17.8%
2.28B▼ 20.6%
4.37B▲ 91.8%
4.37B▲ 0.0%
4.88B▲ 11.6%
4.47B▼ 8.3%
4.93B▲ 10.3%
5.87B▲ 19.0%
Operating Margin %
22.9%19.22%17.06%23.69%23.69%22.53%22.54%26.85%32.66%
Operating Income Growth %
8.88%-17.84%-20.59%91.79%0%11.62%-8.28%10.26%18.97%
Interest Expense
942.39M929.01M1.01B685.03M1.07B1.38B1.35B1.38B1.32B
Interest Coverage
4.03x3.08x2.38x6.71x4.31x3.81x3.55x3.97x4.45x
Interest / Revenue %
6.18%6.22%7.54%3.71%5.78%6.39%6.78%7.48%7.33%
Non-Operating Income
-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K
Pretax Income
2.66B▲ 0%
1.84B▼ 30.8%
1.4B▼ 24.0%
3.44B▲ 145.8%
3.44B▲ 0.0%
3.59B▲ 4.3%
3.05B▼ 15.1%
3.65B▲ 19.8%
4.25B▲ 16.4%
Pretax Margin %
17.44%12.33%10.48%18.65%18.65%16.58%15.36%19.86%23.64%
Income Tax
-889M339M370M1.26B1.26B876M831M821M954.27M
Effective Tax Rate %
-33.42%18.41%26.43%36.56%36.56%24.4%27.26%22.49%22.45%
Net Income
3.55B▲ 0%
1.51B▼ 57.4%
1.26B▼ 16.3%
2.35B▲ 86.2%
2.35B▲ 0.0%
7.8B▲ 231.4%
2.29B▼ 70.6%
2.9B▲ 26.7%
3.29B▲ 13.5%
Net Margin %
23.28%10.12%9.46%12.75%12.75%36%11.54%15.79%18.32%
Net Income Growth %
-54.46%-57.44%-16.35%86.16%0%231.36%-70.63%26.72%13.5%
EPS (Diluted)
4.42▲ 0%
2.05▼ 53.6%
1.70▼ 17.1%
2.99▲ 75.9%
3.11▲ 4.0%
9.50▲ 205.5%
2.84▼ 70.1%
3.03▲ 6.7%
3.30▲ 8.9%
EPS Growth %
29.24%-53.62%-17.07%75.88%4.01%205.47%-70.11%6.69%8.91%
EPS (Basic)
4.442.061.713.013.139.552.853.043.35
Diluted Shares Outstanding
756.38M740.06M756.82M786.84M786.84M799.9M807.08M945.8M994.2M

NGG Balance Sheet

National Grid plc (NGG) balance sheet — assets, liabilities & shareholders' equity

MetricMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Total Assets
58.79B63.41B67.56B67.22B94.86B92.7B98.33B106.74B108.29B
Asset Growth %
-10.71%7.87%6.54%-0.51%41.13%-2.28%6.07%8.56%1.45%
PP&E (Net)
39.85B44.86B49.76B47.04B57.53B64.43B68.91B74.09B81.52B
PP&E / Total Assets %
67.79%70.74%73.66%69.99%60.65%69.51%70.08%69.41%75.29%
Total Current Assets
6.68B7.95B5.8B9.94B17.96B9.11B10.38B14.33B7.49B
Cash & Equivalents
329M252M73M145M190M126M548M1.18B375.02M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory
268M370M416M347M511M876M828M557M559.03M
Other Current Assets
1.49B2.19B328M4.18B10.4B1.68B1.89B2.75B215.01M
Long-Term Investments
3.07B1.27B000001.41B2.09B
Goodwill
5.44B5.37B5.71B4.59B9.53B9.85B9.73B9.53B9.42B
Intangible Assets
899M1.08B1.29B1.44B3.27B3.6B3.43B3.56B3.88B
Other Assets
-51M-56M4.92B4.2B6.56B5.7B5.88B3.82B3.89B
Total Liabilities
39.94B43.84B47.77B47.36B71B63.13B68.43B68.92B68.95B
Total Debt
26.63B28.73B30.79B31.22B45.47B42.98B47.07B47.54B46.76B
Net Debt
26.3B28.48B30.72B31.07B45.27B42.86B46.52B46.36B46.38B
Long-Term Debt
22.59B24.05B26.1B26.9B32.89B39.41B41.55B42.17B42.86B
Short-Term Borrowings
4.71B4.47B3.96B3.64B12.01B2.86B4.75B4.54B3.9B
Capital Lease Obligations
271M270M735M685M558M714M779M829M0
Total Current Liabilities
8.7B9.13B8.56B9.37B24.77B9.13B11.39B10.62B9.8B
Accounts Payable
1.98B3.77B2.21B2.17B3.11B3.25B2.79B2.96B5.05B
Accrued Expenses
173M-430M0000000
Deferred Revenue
440M365M1.18B1.17B1.38B1.84B2.54B2.83B110M
Other Current Liabilities
1.33B458M941M2.19B8.19B1.27B2.27B1.3B693.03M
Deferred Taxes
1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Liabilities
-207M5.31B6.85B4.52B4.74B4.96B4.77B4.55B4.56B
Total Equity
18.85B▲ 0%
19.57B▲ 3.8%
19.79B▲ 1.1%
19.86B▲ 0.3%
23.86B▲ 20.1%
29.56B▲ 23.9%
29.89B▲ 1.1%
37.83B▲ 26.5%
39.33B▲ 4.0%
Equity Growth %
-7.54%3.82%1.15%0.34%20.12%23.92%1.12%26.54%3.98%
Shareholders Equity
18.83B19.55B19.77B19.84B23.83B29.54B29.87B37.8B39.3B
Minority Interest
16M20M22M21M23M24M25M23M31M
Common Stock
452M458M470M474M485M488M493M638M647.03M
Additional Paid-in Capital
1.32B1.31B1.32B1.31B1.32B1.3B1.32B1.31B1.29B
Retained Earnings
21.6B22B21.89B23.16B26.61B31.61B32.07B40.11B41.91B
Accumulated OCI
625M-4.24B000000-4.54B
Return on Assets (ROA)
5.7%2.47%1.93%3.49%2.9%8.31%2.4%2.83%3.06%
Return on Equity (ROE)
18.1%7.87%6.42%11.87%10.76%29.19%7.7%8.57%8.54%
Debt / Equity
1.41x1.47x1.56x1.57x1.91x1.45x1.57x1.26x1.19x
Debt / Assets
45.29%45.31%45.58%46.45%47.93%46.37%47.87%44.54%43.18%
Net Debt / EBITDA
5.24x6.39x8.27x5.01x7.30x6.24x7.12x6.52x5.69x
Book Value per Share
24.9226.4426.1525.2430.3236.9637.0439.9939.56

NGG Cash Flow Statement

National Grid plc (NGG) cash flow — operating, investing & free cash flow history

MetricMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash from Operations
3.53B3.55B3.92B3.59B5.65B5.57B5.64B5.27B6.33B
Operating CF Growth %
-25.45%0.42%10.36%-8.19%57.08%-1.34%1.27%-6.56%20.17%
Operating CF / Revenue %
23.17%23.76%29.3%19.48%30.6%25.72%28.42%28.68%35.24%
Net Income
3.34B1.5B1.31B1.23B2.27B2.64B2.22B2.79B3.29B
Depreciation & Amortization
1.5B1.81B1.76B1.47B1.98B2.01B2.16B2.26B2.28B
Deferred Taxes
000000000
Other Non-Cash Items
-1.43B199.43M444.03M642.52M1.63B385.42M1.31B184.38M-14.23M
Working Capital Changes
111.2M40.09M404.97M248.5M-232.08M532.39M-49.04M39.44M771.34M
Capital Expenditures
-3.52B-3.64B-4.71B-3.98B-14.79B-6.16B-6.91B-8.66B-10.15B
CapEx / Revenue %
24.17%26.45%37.7%23.6%80.19%30.97%37.58%49.93%59.79%
CapEx / D&A
2.45x2.19x2.87x2.96x7.48x3.34x3.46x4.06x4.71x
CapEx Coverage (OCF/CapEx)
0.96x0.90x0.78x0.83x0.38x0.83x0.76x0.57x0.59x
Cash from Investing
2.01B-3.18B-3.44B-4.92B-14.79B-14.6M-7.83B-10.87B-4.57B
Acquisitions
-9.42M38.08M2.09B6.61M-8.13B84.68M52.05M1.27B2.92B
Purchase of Investments
-187.54M-263.57M-338.16M-608.5M-1.31B-523.63M-1.56B-3.08B-163.62M
Sale of Investments
5.74B841.83M71.95M62.36M653.56M683.25M102.09M83.81M3.41B
Other Investing
161.15M156.34M-223.04M-31.18M-239.36M6.45B1.03B26.62M14.23M
Cash from Financing
-6.31B-450.98M-667.07M1.42B9.18B-5.59B2.62B6.36B-2.73B
Dividends Paid
-4.23B-1.16B-916.84M-1.34B-959.53M-1.56B-1.72B-1.51B-1.65B
Dividend Payout Ratio %
119.11%76.94%72.53%56.74%40.78%20.06%75.09%51.95%50.08%
Debt Issuance (Net)
-1000K1000K1000K1000K1000K-1000K1000K1000K-1000K
Stock Issued
31.1M17.04M16.45M15.12M34.34M16.55M16.01M6.75B39.63M
Share Repurchases
-963.12M-2M-6.17M-1.89M-3.12M0000
Other Financing
-945.22M-268.58M-316.58M23.62M-1.42B-282.25M-90.08M-171.56M-91.46M
Net Change in Cash
-684.66M▲ 0%
-101.68M▲ 85.1%
-192.52M▼ 89.3%
91.24M▲ 147.4%
39.61M▼ 56.6%
-54.24M▼ 236.9%
402M▲ 841.2%
629.41M▲ 56.6%
-778.07M▼ 223.6%
Exchange Rate Effect
75.85M-21.51M-4.42M1.48M7.35M-20.17M-25.37M-124.85M185.35M
Cash at Beginning
1.01B352.44M265.78M65.49M165.05M217.24M160.56M545.79M1.15B
Cash at End
328.21M250.75M73.26M156.73M204.66M163.01M562.56M1.18B375.02M
Free Cash Flow
10.37M▲ 0%
-95.21M▼ 1018.4%
-795.55M▼ 735.6%
-382.67M▲ 51.9%
-9.15B▼ 2290.8%
-585.92M▲ 93.6%
-1.27B▼ 116.6%
-3.39B▼ 166.8%
-3.82B▼ 12.7%
FCF Growth %
-99.2%-1018.42%-735.61%51.9%-2290.76%93.6%-116.6%-166.78%-12.74%
FCF Margin %
0.07%-0.64%-5.95%-2.07%-49.59%-2.71%-6.39%-18.42%-21.24%
FCF / Net Income %
0.29%-6.3%-62.94%-16.26%-388.82%-7.51%-55.42%-116.67%-115.89%

NGG Key Ratios

National Grid plc (NGG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2017201820192020202120222023202420252026
Return on Equity (ROE)
45.92%18.1%7.87%6.42%11.87%10.76%29.19%7.7%8.57%8.54%
EBITDA Margin
31.19%32.94%29.85%27.8%33.61%33.61%31.69%32.93%38.68%45.36%
Net Debt / EBITDA
5.86x5.24x6.39x8.27x5.01x7.30x6.24x7.12x6.52x5.69x
Interest Coverage
3.49x4.03x3.08x2.38x6.71x4.31x3.81x3.55x3.97x4.45x
CapEx / Revenue
24.43%24.17%26.45%37.7%23.6%80.19%30.97%37.58%49.93%59.79%
Dividend Payout Ratio
19.59%119.11%76.94%72.53%56.74%40.78%20.06%75.09%51.95%50.08%
Debt / Equity
1.40x1.41x1.47x1.56x1.57x1.91x1.45x1.57x1.26x1.19x
EPS Growth
-5%29.24%-53.62%-17.07%75.88%4.01%205.47%-70.11%6.69%8.91%
Related:NGG Dividend History·NGG Revenue History·NGG Price History·NGG P/E History·NGG Financial Ratios·NGG Institutional Holders

NGG Frequently Asked Questions

National Grid plc (NGG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

National Grid plc (NGG) reported $35.68B in revenue for fiscal year 2026. This represents a 2348% increase from $1.46B in 1997.

National Grid plc (NGG) saw revenue decline by 2.2% over the past year.

Yes, National Grid plc (NGG) is profitable, generating $6.11B in net income for fiscal year 2026 (18.3% net margin).

Dividend & Returns

Yes, National Grid plc (NGG) pays a dividend with a yield of 2.78%. This makes it attractive for income-focused investors.

National Grid plc (NGG) has a return on equity (ROE) of 8.5%. This is below average, suggesting room for improvement.

National Grid plc (NGG) had negative free cash flow of $9.61B in fiscal year 2026, likely due to heavy capital investments.

Industry Metrics

National Grid plc (NGG) has a dividend payout ratio of 50%. This suggests the dividend is well-covered and sustainable.

What if you invested $1,000 in NGG back in 1997?

Total return calculator · dividends reinvested · 29+ years of data

See returns →

How much would $100/month in NGG be worth today?

Dollar cost averaging calculator · DCA vs lump sum

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