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NGG

National Grid plc

NGG

National Grid plc • NYSE
$76.11 ▲ 0.79% (+0.60)
Market Cap $75.52 B
52w High $78.49
52w Low $55.82
Dividend Yield 3.11%
P/E 19.27
Volume 456.76K
Outstanding Shares 992.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $7.065B ▼ $5.539B ▼ $617M ▼ 8.733% ▼ $0.65 ▼ $2.593B ▼
Q4-2025 $10.417B ▲ $6.792B ▲ $2.255B ▲ 21.647% ▲ $2.3 ▲ $4.377B ▲
Q2-2025 $7.961B ▼ $6.652B ▼ $647M ▼ 8.127% ▼ $0.7 ▼ $2.46B ▼
Q4-2024 $11.361B ▲ $8.871B ▲ $1.162B ▲ 10.228% ▼ $1.55 $4.26B ▲
Q2-2024 $8.489B $6.504B $1.128B 13.288% $1.55 $3.015B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $4.059B ▼ $103.76B ▼ $66.542B ▼ $37.19B ▼
Q4-2025 $6.931B ▼ $106.742B ▲ $68.916B ▲ $37.803B ▲
Q2-2025 $7.265B ▲ $101.852B ▲ $65.986B ▼ $35.841B ▲
Q4-2024 $4.247B ▲ $98.325B ▼ $68.433B ▼ $29.867B ▼
Q2-2024 $2.328B $115.033B $79.051B $35.951B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $617M ▼ $3.626B ▼ $-536M ▲ $-3.405B ▼ $887M ▲ $-818M ▼
Q4-2025 $2.255B ▲ $4.196B ▲ $-4.175B ▲ $-53M ▼ $-1.125B ▼ $-599M ▲
Q2-2025 $647M ▼ $2.612B ▼ $-6.396B ▼ $4.581B ▲ $1.125B ▲ $-1.373B ▼
Q4-2024 $1.162B ▲ $4.078B ▲ $-5.089B ▼ $1.375B ▲ $32M ▼ $384M ▲
Q2-2024 $1.063B $2.272B $-2.6B $391M $64M $-1.207B

Five-Year Company Overview

Income Statement

Income Statement National Grid’s revenue has grown meaningfully over the past five years, with a noticeable step up after 2021, followed by a modest cooling in the last two years. Profitability has generally trended upward as well, with operating profits and cash-based earnings both improving as the business scales. One year stands out with unusually high reported profit, which likely reflects one‑off items rather than a permanent jump in earnings power. Overall, the core picture is of a large, regulated utility whose underlying earnings are growing steadily, but with headline net income that can swing from special gains or charges.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, driven by heavy investment in energy networks. Total assets and shareholder equity have both risen, showing that the company is building out its infrastructure base and retaining more capital in the business. Debt has also increased and now sits at a high level in absolute terms, which is typical for a regulated utility but still worth watching given rising interest rate and regulatory environments. Cash on hand remains relatively small compared with the size of the balance sheet, again common for utilities that rely on stable cash inflows and ongoing access to financing.

Cash Flow

Cash Flow Cash generated from day‑to‑day operations is strong and has grown over time, which is a key positive for a capital‑intensive utility. However, National Grid is spending heavily on new infrastructure and upgrades, so capital expenditure has climbed steadily and now sits at a very high level. As a result, free cash flow has often been negative in recent years, meaning the company is regularly investing more than it generates after maintenance needs. This pattern suggests a deliberate build‑out phase that depends on continued access to debt and equity markets and on regulators allowing an adequate return on these investments.

Competitive Edge

Competitive Edge National Grid enjoys a powerful position as the owner and operator of critical electricity and gas networks in the UK and parts of the US Northeast. In these regions it effectively functions as a regulated monopoly, with limited direct competition and relatively predictable revenue frameworks. Its vast scale, long‑lived assets, and embedded networks create substantial barriers for any new entrant. Beyond the core regulated business, its interconnectors, LNG terminal, and early moves in offshore wind and other clean‑energy infrastructure add distinctive capabilities. Key risks around this position are regulatory decisions, political scrutiny over energy bills and returns, and the need to successfully adapt gas networks to a lower‑carbon future.

Innovation and R&D

Innovation and R&D National Grid is pushing a broad innovation agenda rather than relying solely on traditional utility economics. It is digitizing its networks using artificial intelligence, data analytics, and digital twin technology to improve reliability, cut costs, and manage more complex power flows from renewables. The company uses sensors, drones, and advanced mapping to maintain infrastructure more efficiently, and is experimenting with tools like augmented and virtual reality for operations. Through National Grid Ventures and its venture capital arm, it invests in interconnectors, offshore wind, storage, hydrogen, and carbon‑capture‑related opportunities, as well as AI‑driven software startups. This approach blends large physical projects with a portfolio of emerging technologies that could deepen its moat if executed well, but also introduces project, technology, and integration risk.

Summary

National Grid looks like a mature, regulated utility that is in the middle of an unusually intense investment cycle. Underlying earnings and operating cash flow are solid and have generally improved, but reported profit can be noisy from special items. The balance sheet is heavily geared, reflecting large, long‑term network assets funded by substantial debt, while free cash flow is pressured by very high capital spending tied to grid upgrades and the energy transition. Competitively, its regulated monopoly networks and scale give it a durable advantage, and its ventures in interconnectors, offshore wind, LNG, and digital grid technologies add optionality and growth angles. The main things to watch are regulatory outcomes, execution on large projects like the “Great Grid Upgrade,” the pace and cost of decarbonizing gas infrastructure, and how effectively it converts its innovation and venture activities into stable, long‑run earnings contributions.

NEWS

November 14, 2025 · 4:16 PM UTC

National Grid Partners with Local Food Banks to Provide Funding for Families Facing Food Insecurity

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November 6, 2025 · 6:33 PM UTC

NGG Investor News: If You Have Suffered Losses in National Grid plc (NYSE: NGG), You Are Encouraged to Contact The Rosen Law Firm About Your Rights

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November 5, 2025 · 9:03 PM UTC

ROSEN, GLOBAL INVESTOR COUNSEL, Encourages National Grid plc Investors to Inquire About Securities Class Action Investigation - NGG

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October 30, 2025 · 6:20 PM UTC

NGG Investor News: If You Have Suffered Losses in National Grid plc (NYSE: NGG), You Are Encouraged to Contact The Rosen Law Firm About Your Rights

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October 28, 2025 · 7:25 PM UTC

Rosen Law Firm Encourages National Grid plc Investors to Inquire About Securities Class Action Investigation - NGG

Read more