NATIONAL GRID PLC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NATIONAL GRID PLC files with the SEC in its annual reports.

In GBP millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,212	15,035	15,250	14,933	13,360	13,665	18,449	21,659	19,850	18,378
Research and development	19	14	13	19	9	12	11	23	32	43
Operating income	3,225	3,208	3,493	2,870	2,279	2,401	4,371	4,879	4,475	4,934
Interest expense	977	1,140	1,009	1,157	1,020	853	1,072	1,598	1,712	1,807
Interest income	22	53	127	88	54	58	50	138	248	450
Pre-tax income	2,329	2,184	2,660	1,841	1,400	1,664	3,441	3,590	3,048	3,650
Income tax	427	374	-889	339	370	360	1,258	876	831	821
Income from continuing operations	1,902	1,810	3,549	1,502	1,030	1,304	2,183	2,714	2,217	2,829
Net income to minority interests	3	-1	1	3				0	1	3
Net income	2,591	7,795	3,550	1,511	1,264	1,640	2,353	7,797	2,290	2,902
EBITDA	4,536	4,689	5,023
EPS, basic	0.64	1.92	0.95	0.41	0.34	0.43	0.61	1.97	0.57	0.62
EPS, diluted	0.63	1.91	0.94	0.41	0.34	0.43	0.60	1.96	0.57	0.61

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	124	1,139	329	252	73	157	204	163	559	1,178
Receivables		2,728	2,798	3,153	2,986	2,919	3,715	3,830	3,415	4,092
Inventory		403	341	370	549	439	511	876	828	557
Total current assets		13,574	6,681	7,946	5,801	9,938	17,963	9,113	10,379	14,332
Property, plant and equipment		39,825	40,730	44,859	49,762	47,043	57,532	64,433
Lease right-of-use assets					684	630	505	671	728	773
Goodwill		6,096	4,984	5,372	5,712	4,588	9,532	9,847	9,729	9,532
Intangible assets		923	899	1,084	1,295	1,443	3,272	3,604	3,431	3,564
Total assets		65,840	59,204	63,412	67,560	67,216	94,860	92,697	98,325	106,742
Accounts payable		3,345	3,453	3,769	3,602	3,517	4,915	5,068	4,076	4,472
Total current liabilities		10,511	8,697	9,129	8,564	9,368	24,770	9,130	11,389	10,621
Lease liabilities				205	623	586	451	618	665	709
Total liabilities		45,456	40,171	43,844	47,767	47,356	71,004	63,135	68,433	68,916
Total debt	28,344	28,638	26,625	28,730	30,794	31,220	45,465	42,985	47,072	47,539
Paid-in capital		1,324	1,321	1,314	1,301	1,296	1,300	1,302	1,298	1,292
Retained earnings		22,582	21,784	21,999	21,895	23,163	26,611	31,608	32,066	40,106
Shareholders' equity		20,368	19,017	19,548	19,771	19,839	23,833	29,538	29,867	37,803
Minority interests		16	16	20	22	21	23	24	25	23
Total equity	13,565	20,384	19,033	19,568	19,793	19,860	23,856	29,562	29,892	37,826
Total liabilities and equity		65,840	59,204	63,412	67,560	67,216	94,860	92,697	98,325	106,742

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,594	7,794	3,551	1,514	1,265	1,641	2,354	7,797	2,291	2,905
Depreciation and amortization	1,311	1,481	1,530
Capital expenditures	-2,855	-3,296	-3,738	-3,635	-4,291	-4,209	-5,098	-6,325	-6,904	-8,780
Debt issued	2,726	2,463	1,941	2,932	3,921	5,150	12,347	11,908	5,563	3,237
Debt repaid	-896	-1,616	-2,156	-1,969	-3,037	-1,654	-1,261	-15,260	-1,701	-2,861
Stock issued							16	5	2	5
Share buybacks	-267	-189	-1,017	0	0
Dividends paid	-1,337	-1,463	-4,487	-1,160	-892	-1,413	-922	-1,607	-1,718	-1,529
Exchange rate effect	4	16	-3	3	4	-7	5	7	-1	-23
Net change in cash	4	984	-807	-80	-183	95	9	-48
Income taxes paid	230	132	-8	75	92	91	298	89	342	183

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Operating margin	26.8%	Operating income / revenue.
Pre-tax margin	19.9%	Pre-tax income / revenue.
Net margin	15.8%	Net income / revenue.
Effective tax rate	22.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.8%	Net income / average total assets.
Return on invested capital (ROIC)	4.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.2%	Research and development expense / revenue.
Capex / revenue	47.8%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-7.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	10.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	16.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	26.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	18.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	7.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	0.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	26.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.35x	Current assets / current liabilities.
Quick ratio	0.50x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.26x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	44.5%	Total debt / total assets.
Liabilities / assets	64.6%	Total liabilities / total assets.
Net debt	£46.36B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	2.73x	Operating income / interest expense.
Working capital	£3.71B	Current assets - current liabilities.
Goodwill and intangibles / assets	12.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	£24.71B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.18x	Revenue / average total assets.
Receivables turnover	4.90x	Revenue / average receivables.
Days sales outstanding	75 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	£0.61	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	£0.62	Net income per basic share, as reported (split-adjusted).
Payout ratio	52.7%	Dividends paid / net income, when net income is positive.

What was NATIONAL GRID PLC's revenue in fiscal 2025?

NATIONAL GRID PLC reported revenue of £18.38B for fiscal 2025, 7.4% lower than the year before.

Was NATIONAL GRID PLC profitable in fiscal 2025?

Yes. Net income was £2.90B, a net margin of 15.8%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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