National Grid plc (NGG) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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NGG Revenue Growth
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 May 6, 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 SO (+8.3% YoY), DUK (+7.6% YoY), and EXC (+6.1% YoY), NGG has underperformed the peer group in terms of revenue growth. Compare NGG vs SO →
NGG Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| NGGCurrent | $36.8B | -11.3% | +6.6% | 26.8% | |
 SO | $29.6B | +8.3% | +7.7% | 24.6% | |
 DUK | $32.2B | +7.6% | +6.6% | 26.6% | |
 EXC | $24.3B | +6.1% | -6.0% | 21.2% | |
 PPL | $9.0B | +6.9% | +10.6% | 23.6% | |
 ED | $16.9B | +10.3% | +6.7% | 17.3% |
NGG Historical Revenue Data (2014–2025)
| 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% |
Full NGG Stock Analysis
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Start ComparisonNGG — Frequently Asked Questions
Quick answers to the most common questions about buying NGG stock.
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.