GlobeNewsWire·Jun 23, 2026
National Grid Celebrates 17-Year Partnership with ISN®ISN and National Grid celebrate 17-year partnership streamlining contractor management processes and improving jobsite safety in New England and New York.
National Grid plc(NGG)Earnings, Financials & Key Ratios
NGG•NYSE•Utilities
$83.11
18.8× P/E·Price updated Jul 7, 2026
SectorUtilitiesIndustryElectric UtilitiesSub-IndustryWires-only electric transmission and distribution
AboutNational Grid plc transmits and distributes electricity and gas. The company operates through UK Electricity Transmission, UK Electricity Distribution, UK Electricity System Operator, New England, and New York segments. The UK Electricity Transmission segment provides electricity transmission and construction work services in England and Wales. The UK Electricity Distribution segment offers electricity distribution services in Midlands, and South West of England and South Wales. The UK Electricity System Operator segment provides balancing services for supply and demand of electricity on Great Britain's electricity transmission system; and acts as an agent on behalf of transmission operators. The New England segment offers electricity and gas distribution, and electricity transmission services in New England. The New York segment provides electricity and gas distribution, and electricity transmission services in New York. It also engages in the provision of transmission services through electricity interconnectors and LNG importation at the Isle of Grain; sale of renewables projects; and leasing and sale of commercial property, as well as insurance activities in the United Kingdom. The company was founded in 1990 and is headquartered in London, the United Kingdom.Show more
- Revenue$17.97B-2.2%
- EBITDA$8.15B+14.7%
- Net Income$3.29B+13.5%
- Free Cash Flow-$3.82B-12.7%
- EBITDA Margin45.36%+17.3%
- Net Margin18.32%+16.0%
- ROE8.54%-0.4%
- Interest Coverage4.45+12.2%
- Debt/Equity1.19-5.4%
NGG Price & Volume
National Grid plc (NGG) stock price & volume — 10-year historical chart
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Aggressive Infrastructure Expansion Drives Regulatory Asset Growth
Investment Thesis • Updated 2026Q4
VerdictNeutral
Growth:Accelerating
Profitability:Strong
Financial:Strained
Cash Flow:Burning
Primary Risk:Capital intensity execution risk
Key Thesis Takeaways
- National Grid is executing a massive capital deployment strategy, evidenced by a net PPE increase to $81.5 billion, aimed at securing long-term regulatory asset base expansion.
- While this transition supports a 5.4% revenue growth rate as of 2026Q4, the reliance on external financing and equity dilution remains a significant concern for shareholders.
- Investors should monitor whether the current 39.0% operating margin can be sustained as the company navigates the high capital intensity required for the energy transition.
Verdict Logic
while the company demonstrates a 19.5% EPS growth rate, the persistent negative free cash flow and a 0.76 current ratio suggest that liquidity constraints and capital intensity risks warrant a cautious approach.
NGG Growth Metrics
National Grid plc (NGG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years3.13%
5 Years-0.52%
3 Years-6.03%
TTM-14.03%
Profit CAGR
10 Years2.43%
5 Years6.96%
3 Years-24.97%
TTM-39.4%
EPS CAGR
10 Years-0.87%
5 Years1.99%
3 Years-29.7%
TTM-50.12%
Return on Capital
10 Years5.95%
5 Years5.97%
3 Years5.56%
Last Year6.03%
NGG Recent Earnings
National Grid plc (NGG) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 2/12 qtrs (17%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
May 14, 2026Metric
Actual
Est
EPS
$3.56+9.9%
$3.24
Rev
$14.2B-13.1%
$16.4B
Q4 2025
Nov 6, 2025Metric
Actual
Est
EPS
$0.84-54.8%
$1.85
Rev
$9.5B-15.4%
$11.2B
Q2 2025
May 15, 2025Metric
Actual
Est
EPS
$0.59-79.0%
$2.82
Rev
$13.4B-17.7%
$16.3B
Q4 2024
Nov 7, 2024Metric
Actual
Est
EPS
$0.19-89.5%
$1.77
Rev
$10.4B-10.6%
$11.7B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 14, 2026 | $3.56vs $3.24+9.9% | $14.2Bvs $16.4B-13.1% |
| Q4 2025 | Nov 6, 2025 | $0.84vs $1.85-54.8% | $9.5Bvs $11.2B-15.4% |
| Q2 2025 | May 15, 2025 | $0.59vs $2.82-79.0% | $13.4Bvs $16.3B-17.7% |
| Q4 2024 | Nov 7, 2024 | $0.19vs $1.77-89.5% | $10.4Bvs $11.7B-10.6% |
Based on last 12 quarters of dataView full earnings history →
Latest NGG News
Recent stock market news and headlines for National Grid plc (NGG)
Peers Comparison
Key metrics vs top competitors for National Grid plc (NGG)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $83.11 | $82.7B | 18.81 | -2.19% | 18.32% | 8.54% | 2.67% | |
| $97.29 | $109.68B | 24.82 | 10.59% | 14.46% | 11.3% | — | |
| $128.22 | $99.96B | 20.32 | 6.19% | 15.44% | 9.6% | — | |
| $47.57 | $48.67B | 17.36 | 5.34% | 11.21% | 9.76% | — | |
| $36.39 | $27.38B | 22.74 | 6.85% | 13.09% | 8.32% | — | |
| $112.99 | $41.64B | 20.03 | 10.89% | 12.52% | 8.82% | — |
Compare NGG vs Peers
National Grid plc (NGG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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NGG Frequently Asked Questions
National Grid plc (NGG) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is National Grid plc's revenue?
National Grid plc (NGG) reported $35.68B in revenue for fiscal year 2026. This represents a 2348% increase from $1.46B in 1997.
How fast is National Grid plc growing?
National Grid plc (NGG) saw revenue decline by 2.2% over the past year.
Is NGG profitable?
Yes, National Grid plc (NGG) is profitable, generating $6.11B in net income for fiscal year 2026 (18.3% net margin).
Dividend & Returns
Does NGG pay dividends?
Yes, National Grid plc (NGG) pays a dividend with a yield of 2.67%. This makes it attractive for income-focused investors.
What is NGG's return on equity?
National Grid plc (NGG) has a return on equity (ROE) of 8.5%. This is below average, suggesting room for improvement.
What is National Grid plc's free cash flow?
National Grid plc (NGG) had negative free cash flow of $9.61B in fiscal year 2026, likely due to heavy capital investments.
Industry Metrics
Is NGG's dividend sustainable?
National Grid plc (NGG) has a dividend payout ratio of 50%. This suggests the dividend is well-covered and sustainable.