National Grid plc Sponsored ADR (NGG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 21	—	$0.38	—	—	—	—
Q3 21	—	$0.89	—	—	—	—
Q2 21	—	$0.32	—	—	—	—
Q1 21	—	$0.62	—	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$3.27	—	—	$17.7B	—
FY25	—	—	—	—	$18.4B	—
FY24	—	$2.85	—	—	$19.9B	—
FY23	—	$9.79	—	—	$21.7B	—
FY22	—	$3.01	—	—	$18.4B	—
FY21	—	$2.14	—	—	$13.7B	—
FY20	—	$1.68	—	—	$13.4B	—
FY19	—	$2.05	—	—	$14.9B	—
FY18	—	$4.72

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$15B	$15.3B	$14.9B	$13.4B	$13.7B	$18.4B	$21.7B	$19.9B	$18.4B	$17.7B
YoY change	+13.8%	+1.43%	-2.08%	-10.5%	+2.28%	+35%	+17.4%	-8.35%	-7.42%	-3.76%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	15B	15.3B	14.9B	13.4B	13.7B	18.4B	21.7B	19.9B	18.4B	17.7B
Cost of revenue	2.4B	2.8B	3.1B	4B	4.3B	6.1B	8.6B	5.3B	4.2B	3.6B
Gross profit	12.7B	12.4B	11.8B	9.3B	9.4B	12.4B	13B	14.6B	14.2B	14.1B
Gross margin	84.1%	81.4%	78.9%	69.8%	68.9%	66.9%	60.2%	73.4%	77.4%	79.8%
Research & development	—	—	—	14M	17M	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	5.8B	5.8B	5.1B	4.1B	3.9B	4.6B	5.2B	5.8B	4.5B	4.7B
Operating income	5.4B	3.5B	3.4B	2.3B	2.4B	4.4B	4.9B	4.7B	5.4B	5.7B
Operating margin	35.6%	22.7%	23%	17.1%	17.6%	23.7%	22.5%	23.5%	29.6%	32.2%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	2.2B	2.7B	1.8B	1.4B	1.7B	3.4B	3.6B	3B	3.6B	4.2B
Income tax	374M	-889M	339M	370M	360M	1.3B	876M	831M	821M	939M
Net income	7.8B	3.6B	1.5B	1.3B	1.6B	2.4B	7.8B	2.3B	2.9B	3.2B
Net margin	51.8%	23.3%	10.1%	9.47%	12%	12.8%	36%	11.5%	15.8%	18.3%
EBITDA	6.9B	5.1B	5.1B	3.9B	4B	6.4B	7.2B	7B	8.4B	8.4B
EPS	10.4	4.72	2.05	1.68	2.14	3.01	9.79	2.85	—	3.27
Diluted EPS	10.3	4.69	2.04	1.67	2.13	2.99	9.75	2.84	—	3.26

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 08	Q2 09	Q2 10	Q2 11	Q2 12	Q2 13	Q2 14	Q2 15	Q2 16	Q2 17	Q2 18	Q2 19
Revenue	3.7B	—	—	—	—	—	—	—	—	—	—	—
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	-4.9B	—	—	—	—	—	—	—	—	—	—	—
Operating margin	-132.2%	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	—	—	—	—	—	—	—	—	—	—	—	—
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	410.9M	—	—	—	—	—	—	—	—	—	—	—
Net margin	11.2%	—	—	—	—	—	—	—	—	—	—	—
EBITDA	-3.6B	—	—	—	—	—	—	—	—	—	—	—
EPS	—	0	0	0	0	0	0	0	0	0	0	0
Diluted EPS	—	0	0	0	0	0	0	0	0	0	0	0

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	41.9B	34.3B	33.2B	35.4B	36.6B	—	54.1B	54.8B	—	83.7B	83.7B
Enterprise value	62B	58.3B	59.7B	64.1B	65.4B	—	94.4B	97.6B	—	127.6B	127.6B
Shares outstanding	605.3M	607.3M	594.2M	607.3M	618.2M	783.1M	796.2M	803.4M	—	989.2M	989.2M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	5.38	9.65	21.9	28	22.3	—	6.94	23.9	—	25.8	25.8
P/S	2.79	2.25	2.22	2.65	2.68	—	2.5	2.76	—	4.73	4.73
P/B	2.06	1.82	1.7	1.79	1.84	—	1.83	1.83	—	2.13	2.13
EV/EBITDA	8.96	11.4	11.6	16.6	16.4	—	13.1	13.9	—	15.2	15.2
EV/Sales	4.12	3.82	4	4.8	4.78	—	4.36	4.92	—	7.22	7.22
Earnings yield	18.6%	10.4%	4.56%	3.57%	4.48%	—	14.4%	4.18%	—	3.88%	3.88%
FCF yield	4.08%	1.73%	1.14%	0.09%	-0.4%	—	0.01%	-0.94%	—	-3.28%	-3.28%

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	84.1%	81.4%	78.9%	69.8%	68.9%	66.9%	60.2%	73.4%	77.4%	79.8%	79.8%
Operating margin	35.6%	22.7%	23%	17.1%	17.6%	23.7%	22.5%	23.5%	29.6%	32.2%	32.2%
Net margin	51.8%	23.3%	10.1%	9.47%	12%	12.8%	36%	11.5%	15.8%	18.3%	18.3%
ROE	38.2%	18.8%	7.74%	6.39%	8.26%	9.87%	26.4%	7.66%	7.68%	8.25%	8.25%
ROA	11.8%	6.04%	2.39%	1.87%	2.44%	2.48%	8.41%	2.33%	2.72%	2.99%	2.99%
ROIC	11%	8.09%	6.1%	3.46%	3.89%	4.21%	5.29%	4.67%	5.38%	5.3%	5.3%
Return on tangible assets	15%	7.7%	3%	2.36%	2.98%	3.4%	11.9%	3.18%	3.61%	3.97%	3.97%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.29	0.77	0.87	0.68	1.06	0.73	1	0.91	1.35	0.76	0.76
Quick ratio	1.26	0.74	0.83	0.63	1.02	0.71	0.9	0.84	1.3	0.71	0.71
Debt / equity	1.4	1.41	1.47	1.56	1.57	1.91	1.45	1.57	1.26	1.19	1.19
Debt / assets	0.43	0.45	0.45	0.46	0.46	0.48	0.46	0.48	0.45	0.43	0.43
Net debt / EBITDA	2.9	4.71	5.15	7.42	7.2	6.61	5.59	6.11	4.81	5.24	5.24
Interest coverage	3.03	3.33	2.8	2.4	2.85	3.97	3.14	2.77	3.02	3.54	3.54
Effective tax rate	17.1%	0%	18.4%	26.4%	21.6%	36.6%	24.4%	27.3%	22.5%	22.5%	22.5%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	24.8	25.1	25.1	22	22.1	23.6	27.2	24.7	—	17.9	17.9
EPS (basic)	10.4	4.72	2.05	1.68	2.14	3.01	9.79	2.85	—	3.27	3.27
EPS (diluted)	10.3	4.69	2.04	1.67	2.13	2.99	9.75	2.84	—	3.26	3.26
Book value per share	33.7	31	32.9	32.6	32.1	30.5	37.1	37.2	—	39.8	39.8
FCF per share	2.83	0.97	0.63	0.05	-0.24	0.93	0.01	-0.64	—	-2.78	-2.78
Cash per share	14.2	4.34	3.76	3.41	4.02	4.26	3.43	5.29	—	2.86	2.86
Capex per share	5.42	6.14	6.05	6.96	6.8	6.48	—	—	—	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	21.8%	24.4%	24.1%	31.6%	30.8%	27.5%	—	—	—	—	—
Capex / operating cash flow	70.7%	103.8%	102.5%	139%	152.5%	123.1%	—	—	—	—	—
Payout ratio	18.8%	126.4%	76.6%	70.5%	86.1%	39.2%	20.6%	75%	52.6%	50%	50%
Dividend yield	3.49%	13.1%	3.5%	2.52%	3.86%	—	2.97%	3.13%	—	1.94%	1.94%

Yield

—

trailing twelve months

Frequency

Semi-annual

Last dividend

$2.174

ex-dividend May 29, 2026

Payout ratio

50%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
May 29, 2026	$2.174
Nov 21, 2025	$1.066
May 30, 2025	$2.055

Period	Q4 08	Q2 09	Q2 10	Q2 11	Q2 12	Q2 13	Q2 14	Q2 15	Q2 16	Q2 17	Q2 18	Q2 19
Revenue	$3.7B	—	—	—	—	—	—	—	—	—	—	—
YoY change	+56.8%	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	8.6B	2.6B	2.2B	2.1B	2.5B	3.3B	2.7B	4.2B	6.9B	2.8B
Receivables	1.6B	1.7B	3.2B	1.6B	2.2B	2.7B	2.6B	2.5B	3B	3.1B
Inventory	300M	268M	370M	416M	347M	393M	876M	828M	557M	559M
Total current assets	13.6B	6.7B	7.9B	5.8B	9.9B	18B	9.1B	10.4B	14.3B	7.5B
Property, plant & equipment	78.7B	42.8B	44.9B	49.8B	47B	57.5B	64.4B	68.9B	74.1B	81.5B
Goodwill & intangibles	14B	12.7B	12.9B	14B	12.1B	25.6B	26.9B	26.3B	26.2B	26.6B
Total assets	65.8B	58.8B	63.4B	67.6B	67.2B	94.9B	92.7B	98.3B	106.7B	108.3B
Accounts payable	2.1B	2B	3.8B	2.2B	2.2B	3.1B	3.2B	2.8B	3B	3.4B
Short-term debt	5.5B	4.4B	4.5B	4.1B	3.7B	12.1B	3B	4.9B	4.7B	3.9B
Total current liabilities	10.5B	8.7B	9.1B	8.6B	9.4B	24.8B	9.1B	11.4B	10.6B	9.8B
Long-term debt	23.1B	22.2B	24.3B	26.7B	27.5B	33.3B	40B	42.2B	42.9B	42.9B
Total liabilities	45.5B	39.9B	43.8B	47.8B	47.4B	71B	63.1B	68.4B	68.9B	69B
Shareholders' equity	20.4B	18.8B	19.6B	19.8B	19.9B	23.9B	29.6B	29.9B	37.8B	39.3B
Total debt	28.6B	26.6B	28.7B	30.8B	31.2B	45.5B	43B	47.1B	47.5B	46.8B
Net debt	27.5B	26.3B	28.5B	30.7B	31.1B	45.3B	42.9B	46.5B	46.4B	46.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 08	Q2 09	Q2 10	Q2 11	Q2 12	Q2 13	Q2 14	Q2 15	Q2 16	Q2 17	Q2 18	Q2 19
Cash & short-term investments	2.7B	1.4B	2B	3.8B	3B	3.2B	4.4B	3.6B	2.5B	3.4B	2.6B	1.8B
Receivables	2.3B	2.1B	1.7B	1.7B	1.9B	1.7B	2.1B	1.9B	2.1B	2.3B	2B	2.3B
Inventory	438M	860M	647M	579M	528M	404M	419M	428M	395M	446M	469M	440M
Total current assets	5.4B	4.6B	4.8B	6.1B	5.6B	5.6B	7.3B	6.2B	5.2B	6.4B	5.9B	7B
Property, plant & equipment	24.3B	26.3B	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	8.3B	9.3B	10.4B	10.8B	10.8B	10.7B	10.6B	10.8B	11.8B	13.6B	13.2B	13.7B
Total assets	37.8B	37.8B	41.9B	45.4B	47.2B	48.5B	51.8B	52.2B	55B	62.9B	57.6B	60.8B
Accounts payable	2.5B	2.4B	2.3B	2.4B	2.6B	2.2B	2.5B	2.7B	2.9B	3.1B	2.9B	3.1B
Short-term debt	3.9B	2.4B	2.6B	2.8B	2.7B	3.6B	3B	2.8B	2.9B	4.1B	3.9B	4.1B
Total current liabilities	7.1B	6.1B	5.6B	6.2B	6.3B	6.8B	6.3B	6.4B	6.5B	8.6B	7.6B	8.2B
Long-term debt	17.1B	19.1B	22.9B	21B	21B	20.5B	23.5B	22.8B	23.8B	28.1B	22.2B	23.5B
Total liabilities	7.1B	33B	38.6B	38.5B	38.9B	39.3B	40.6B	40.1B	42.7B	50.4B	40.7B	41.4B
Shareholders' equity	5.4B	4.7B	3.3B	6.9B	8.3B	9.1B	11.2B	12.1B	12.3B	12.6B	16.9B	19.3B
Total debt	21B	21.5B	25.5B	23.8B	23.6B	24.1B	26.5B	25.6B	26.7B	32.2B	26.1B	27.6B
Net debt	20.8B	21.4B	25.1B	23.4B	23.4B	23.7B	26B	25.3B	26.5B	32.1B	26.1B	27.5B

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	3.2B	3.5B	2.9B	2.3B	2.4B	4.4B	4.9B	4.5B	4.9B	5.4B
Depreciation & amortization	1.5B	—	—	—	—	—	—	—	—	—
Stock-based compensation	32M	16M	27M	16M	23M	38M	48M	37M	37M	45M
Change in working capital	-647M	118M	40M	217M	279M	-223M	286M	-147M	40M	720M
Operating cash flow	4.6B	3.6B	3.5B	3B	2.8B	4.1B	6.9B	6.9B	6.8B	7.8B
Capital expenditure	-3.3B	-3.7B	-3.6B	-4.2B	-4.2B	-5.1B	—	—	—	—
Investing cash flow	-4.2B	2.4B	-3.2B	-3B	-4.8B	-13.8B	6.8B	-422M	-1.7B	6B
Dividends paid	-1.5B	-4.5B	-1.2B	-892M	-1.4B	-922M	-1.6B	-1.7B	-1.5B	-1.6B
Share repurchases	-195M	-1B	-2M	-6M	-2M	-3M	—	-4M	-7M	-1M
Financing cash flow	908M	-6.7B	32M	-624M	1.6B	8.9B	-5.6B	2.7B	6.7B	-2.5B
Net change in cash	1.4B	-724M	296M	-633M	-448M	-710M	8.1B	9.2B	11.8B	11.3B
Free cash flow	1.7B	592M	377M	32M	-147M	728M	6M	-514M	-2.5B	-2.7B

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Split history

National Grid plc Sponsored ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Split history