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 | Q1 2026 | Q3 2025 | Q1 2025 | Q3 2024 | Q1 2024 | Q3 2023 | Q1 2023 | Q3 2022 | Q1 2022 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 4,203 | 3,626 | 4,196 | 2,612 | 4,078 | 2,861 | 4,370 | 2,528 | 3,855 | 2,417 |
| Capital expenditure | -5,545 | -4,444 | -4,795 | -3,985 | -3,694 | -3,210 | -3,067 | -3,258 | -2,788 | -2,310 |
| Investing cash flow | -3,621 | -536 | -4,175 | -6,396 | -5,089 | -2,410 | 866 | -626 | -3,505 | -10,505 |
| Financing cash flow | -1,215 | -3,405 | -53.0 | 4,581 | 1,375 | -388 | -5,338 | -1,835 | -636 | 8,405 |
| Dividends paid | -729 | -894 | -718 | -811 | -393 | -1,325 | -488 | -1,119 | -339 | -583 |
| Share repurchases | — | -1.0 | -2.0 | -5.0 | -3.0 | -1.0 | — | — | -1.0 | -2.0 |
| Debt issued | 1,937 | 2,235 | 2,353 | 1,809 | 3,074 | 3,033 | 2,481 | 9,427 | 1,895 | 10,452 |
| Debt repaid | -1,513 | -3,818 | -687 | -2,304 | -475 | -1,344 | -6,799 | -9,127 | -403 | -986 |
| Effect of exchange rates | -1.0 | -7.0 | 42.0 | -65.0 | -2.0 | 1.0 | -8.0 | 15.0 | 4.0 | 1.0 |
| Net change in cash | -512 | -291 | 53.0 | 566 | 332 | 64.0 | -96.0 | 77.0 | -284 | 309 |
| Free cash flow | -1,342 | -818 | -599 | -1,373 | 384 | -349 | 1,303 | -730 | 1,067 | 107 |
| Levered free cash flow | -2,225 | -900 | -3,037 | -3,873 | -467 | -1,943 | -563 | -754 | -1,988 | 35.9 |