National Grid plc (NGG) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
Revenue Growth Metrics
Revenue Breakdown (FY 2025)
NGG's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
NGG Revenue Analysis (2014–2025)
As of March 1, 2026, National Grid plc (NGG) generated trailing twelve-month (TTM) revenue of $36.80 billion, reflecting significant decline in growth of -11.3% year-over-year. The most recent quarter (Q2 2026) recorded $7.07 billion in revenue, down 32.2% sequentially.
Looking at the longer-term picture, NGG's 5-year compound annual growth rate (CAGR) stands at +6.6%, indicating steady revenue expansion. The company achieved its highest annual revenue of $21.66 billion in 2023.
Revenue diversification analysis shows NGG's business is primarily driven by Distribution (75%), Transmission (21%), and Generation (2%). With over half of revenue concentrated in Distribution, the company maintains significant focus in this area while developing other growth vectors.
When compared to Utilities sector peers including EXC (+6.1% YoY), EIX (+9.8% YoY), and FE (+12.0% YoY), NGG has underperformed the peer group in terms of revenue growth. Compare NGG vs EXC →
Peer Comparison
Compare NGG's revenue metrics with industry peers
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| NGGCurrent | $36.8B | -11.3% | +6.6% | 26.8% | |
| EXC | $24.3B | +6.1% | -6.0% | 21.2% | |
| EIX | $19.3B | +9.8% | +7.3% | 36.7% | |
| FE | $15.1B | +12.0% | +6.9% | 18.8% | |
| EDN | $2.04T | +32.4% | +61.7% | 2.1% |
Historical Revenue Data
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $18.38B | -7.4% | $14.23B | 77.4% | $4.93B | 26.8% |
| 2024 | $19.85B | -8.4% | $14.58B | 73.4% | $4.47B | 22.5% |
| 2023 | $21.66B | +17.4% | $13.04B | 60.2% | $4.88B | 22.5% |
| 2022 | $18.45B | +35.0% | $12.35B | 66.9% | $4.37B | 23.7% |
| 2021 | $13.66B | +2.3% | $13.66B | 100.0% | $2.40B | 17.6% |
| 2020 | $13.36B | -10.5% | $9.32B | 69.8% | $2.28B | 17.1% |
| 2019 | $14.93B | -2.1% | $8.13B | 54.4% | $3.56B | 23.8% |
| 2018 | $15.25B | +1.4% | $9.17B | 60.1% | $3.55B | 23.3% |
| 2017 | $15.04B | +13.8% | $11.71B | 77.9% | $3.74B | 24.9% |
| 2016 | $13.21B | -1.1% | $9.96B | 75.4% | $3.12B | 23.6% |
See NGG's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs NGG Undervalued?
See our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationCompare NGG vs GEV
See how NGG stacks up against sector leader GE Vernova Inc..
Start ComparisonFrequently Asked Questions
Is NGG's revenue growth accelerating or slowing?
NGG revenue declined -11.3% year-over-year, contrasting with the 5-year CAGR of +6.6%. TTM revenue fell to $36.8B. This reverses the prior growth trend.
What is NGG's long-term revenue growth rate?
National Grid plc's 5-year revenue CAGR of +6.6% reflects the variable expansion pattern. Current YoY growth of -11.3% is below this long-term average.
How is NGG's revenue distributed by segment?
NGG reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.