National Grid revenue and financials
Secondary listing. The primary listing is National Grid · LSE (GBp)
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In the fiscal year ended March 2026, National Grid reported revenue of £17.69B (−3.76% year over year). Net income was £3.24B, a net margin of 18.3%.
Fiscal year ending in March. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- −3.76%
- FY to Mar 2026 vs FY to Mar 2025
- Net income growth
- +11.68%
- FY to Mar 2026 vs FY to Mar 2025
- Net margin
- 18.3%
- FY to Mar 2025: 15.8%
Financial data
Amounts in millions of GBP; per-share values in GBP; shares in millions.
| Item | FY to Mar 2026 | FY to Mar 2025 | FY to Mar 2024 | FY to Mar 2023 | FY to Mar 2022 | FY to Mar 2021 | FY to Mar 2020 | FY to Mar 2019 | FY to Mar 2018 | FY to Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 7,829 | 6,808 | 6,939 | 6,898 | — | — | — | — | — | — |
| Depreciation and amortization | 2,247 | 2,479 | 2,061 | 1,984 | — | — | — | — | 1,530 | 1,481 |
| Capital expenditure | -10,575 | -8,780 | -6,904 | -6,325 | -5,098 | -4,209 | -4,291 | -3,635 | -3,738 | -3,296 |
| Investing cash flow | -4,157 | -10,571 | -7,499 | 240 | — | — | — | — | — | — |
| Financing cash flow | -4,620 | 4,528 | 987 | -7,173 | — | — | — | — | — | — |
| Dividends paid | -1,623 | -1,529 | -1,718 | -1,607 | -922 | -1,413 | -892 | -1,160 | -4,487 | -1,463 |
| Share repurchases | -1.0 | -7.0 | -4.0 | — | -3.0 | — | 0.0 | 0.0 | -1,017 | -189 |
| Debt issued | 4,172 | 3,237 | 5,563 | 11,908 | — | — | — | — | — | — |
| Debt repaid | -2,961 | -2,861 | -1,701 | -15,260 | — | — | — | — | — | — |
| Effect of exchange rates | -8.0 | -23.0 | -1.0 | 7.0 | — | — | — | — | — | — |
| Net change in cash | -948 | 765 | 427 | -35.0 | — | — | — | — | — | — |
| Free cash flow | -2,746 | -2,498 | -514 | 6.0 | — | — | — | — | — | — |