National Grid plc (NGG) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q4'26 | Q2'26 | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 | Q4'21 | Q2'21 | Q4'20 | Q2'20 | Q4'19 | Q2'19 | Q4'18 | Q2'18 | Q4'17 | Q2'17 |
|---|
| Cash from Operations | 3.46B | 2.82B | 3.43B | 1.76B | 3.35B | 2.35B | 3.58B | 2.18B | 3.4B | 2.09B | 2.39B | 1.42B | 2.42B | 1.54B | 1.96B | 1.54B | 2.18B | 1.52B | 2.7B | 1.75B |
| Operating CF Growth % | 0.87% | 59.63% | 2.18% | -24.97% | -6.27% | 7.94% | 5.13% | 4.01% | 42.64% | 47.41% | -1.3% | -7.61% | 23.6% | -0.41% | -10.15% | 1.79% | -19.3% | -13.21% | -5.24% | -30.75% |
| Operating CF / Revenue % | 32.05% | 39.94% | 33.49% | 23.15% | 29.54% | 27.69% | 29.28% | 23.06% | 28.86% | 29.36% | 32.16% | 23.88% | 28.22% | 23.99% | - | - | - | - | - | - |
| Net Income | 2.66B | 615.54M | 2.21B | 546.43M | 1.15B | 1.1B | 1.53B | 1.23B | 1.85B | 385.25M | 792.33M | 481.62M | 919.47M | 394.25M | 1.06B | 434.93M | 2.82B | 604.65M | 1.3B | 530.82M |
| Depreciation & Amortization | 1.16B | 1.1B | 1.1B | 1.01B | 1.04B | 1.06B | 1.02B | 1.02B | 1.01B | 862.97M | 706.46M | 746.46M | 837.48M | 848.61M | 945.82M | 803.82M | 741.75M | 736.01M | 612.12M | 911.03M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -202.59M | 180.57M | 512.34M | -218.19M | 1.33B | 71.39M | 198.49M | 257.68M | 888.95M | 725.3M | 718.51M | 97.11M | 627.33M | -82.52M | 104.28M | 111.78M | -1.36B | 28.01M | 192.93M | 731.99M |
| Working Capital Changes | -167.71M | 919.82M | -398.25M | 422.98M | -168.28M | 123.12M | 828.32M | -335.53M | -352.17M | 120.2M | 167.75M | 95.15M | 32.15M | 376.93M | -153.55M | 193.08M | -26.86M | 147.78M | 593.22M | -426.55M |
| Capital Expenditures | -5.62B | -4.43B | -4.68B | -6.34B | -3.68B | -3.32B | -2.91B | -3.57B | -2.78B | -10.87B | -3.46B | -2.02B | -2.58B | -2.17B | -1.8B | -1.79B | -1.98B | 4.05B | -2.11B | -1.95B |
| CapEx / Revenue % | 55.17% | 66.58% | 48.42% | 83.27% | 34.87% | 42.4% | 26.5% | 40.43% | 25.69% | 152.37% | 46.69% | 37.14% | 32.62% | 35.79% | - | - | - | - | - | - |
| CapEx / D&A | 5.12x | 4.27x | 4.52x | 6.27x | 3.81x | 3.41x | 3.19x | 3.74x | 2.99x | 12.59x | 4.90x | 2.96x | 3.34x | 2.70x | 2.07x | 2.41x | 2.81x | 5.50x | 3.46x | 2.24x |
| CapEx Coverage (OCF/CapEx) | 0.58x | 0.60x | 0.69x | 0.28x | 0.85x | 0.65x | 1.10x | 0.57x | 1.12x | 0.19x | 0.69x | 0.64x | 0.87x | 0.67x | 1.00x | 0.80x | 1.04x | 0.37x | 1.27x | 0.86x |
| Cash from Investing | -3.82B | -726.28M | -4.27B | -6.34B | -5.21B | -2.69B | 724.34M | -825.67M | -3.38B | -10.87B | -3.46B | -1.74B | -1.58B | -1.89B | -2.35B | -786.54M | -1.79B | 4.05B | -2.11B | -2.23B |
| Acquisitions | 1.4B | 1.49B | 1.26B | 9.57M | 33.9M | 18.62M | 22.18M | 69.08M | 23.46M | 3.08M | -2.33M | 9.81M | 2.09B | 19.36M | 27.39M | 10.16M | -11.5M | 1.93M | 5.44B | 2.11M |
| Purchase of Investments | -40.3M | -120.71M | 46.43M | -3.01B | -1.36B | -194.51M | -81.79M | -489.04M | -1.09B | -197.25M | -504.7M | -132.42M | 1.28B | -1.62B | -144.08M | -115.85M | -85.43M | -112.04M | -5.5B | -195.9M |
| Sale of Investments | 771.17M | 2.58B | 50.8M | 31.58M | -850.69M | 982.89M | -2.89B | 3.99B | 546.02M | 94.52M | -591.67M | 702.32M | -1.93B | 2B | -345.55M | 1.18B | 236.8M | 5.92B | 0 | 0 |
| Other Investing | -6.14M | 19.95M | -668.38M | 671.79M | 929.72M | 102.43M | 6.91B | -575.67M | 168.19M | -8.19B | 68.59M | -107.9M | -231.31M | 6.11M | 74.91M | 79.26M | 151.35M | 14.49M | -675.72M | 0 |
| Cash from Financing | -277.28M | -2.4B | 805.36M | 5.34B | 2.22B | 404.54M | -4.4B | -1.28B | -327.55M | 9.1B | 1.09B | 408.05M | -973.88M | 300.53M | 517.6M | -962.34M | -152.07M | -6.63B | 367.5M | 511.86M |
| Dividends Paid | -737.76M | -891.89M | -698.67M | -776.1M | -387.7M | -1.37B | -453.49M | -1.23B | -327.93M | -598.94M | -402.92M | -1.04B | -358.56M | -567.44M | -424.95M | -721.5M | -522.19M | -4B | -443.79M | -972.12M |
| Dividend Payout Ratio % | 27.7% | 144.89% | 31.55% | 125.35% | 33.4% | 121.53% | 6.93% | 97.69% | 17.04% | 123% | 39.74% | 177.2% | 40.04% | 142.09% | - | - | - | - | - | - |
| Debt Issuance (Net) | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K |
| Stock Issued | 1.94M | 36.91M | 6.72B | 9.57M | -3.07M | 19.66M | 713.34K | 17.54M | 17.94M | 15.41M | 951.64K | 15.69M | 1.33M | 15.28M | 542.24K | 16.26M | 6.1M | 27.04M | -715.64K | 17.9M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -958.03K | -2.05M | -118.95K | -1.96M | -4.19M | -2.04M | 55.76K | -2.03M | -602.33M | -403.74M | -174.08M | -18.96M |
| Other Financing | -45.57M | -44.89M | -7.07B | 6.67B | -36.77M | -54.83M | 152.73M | -483.56M | -1.29B | -96.57M | 166.42M | -152.04M | -585.38M | 265.89M | -476.24M | 0 | -756.1M | -223.12M | -2.03B | -701.44M |
| Net Change in Cash | -530.56M | -242.61M | 8.88M | 599.9M | 341.84M | 62.08M | -70.84M | 18.55M | -274.1M | 304.74M | 3.32M | 94.11M | -139.19M | -53.36M | 121.3M | -222.98M | 328.21M | 39.05M | 0 | 0 |
| Exchange Rate Effect | 111.18M | 71.64M | 46.59M | -162.8M | -21.57M | -3.1M | 28.69M | -54.91M | 29.39M | -20.92M | -4.16M | 2.89M | 2.87M | -5.48M | -4.91M | -17.71M | 96.09M | 1.1B | 0 | 0 |
| Cash at Beginning | 905.58M | 1.13B | 1.17B | 527.64M | 220.72M | 165.66M | 233.85M | 242.78M | 478.75M | 160.33M | 153.41M | 70.11M | 212.45M | 265.92M | 129.46M | 352.44M | 0 | 0 | 0 | 0 |
| Cash at End | 375.02M | 887.65M | 1.18B | 1.13B | 562.56M | 227.74M | 163.01M | 261.34M | 204.66M | 465.08M | 156.73M | 164.22M | 73.26M | 212.56M | 250.75M | 129.46M | 328.21M | 39.05M | 1.14B | 162.3M |
| Free Cash Flow | -2.16B | -1.62B | -1.25B | -4.58B | -326.2M | -970.47M | 666.87M | -1.39B | 622.63M | -8.77B | -1.08B | -595.4M | -167.89M | -635.69M | 156.09M | -249.99M | 192.87M | 5.56B | 581.07M | -206.43M |
| FCF Growth % | -72.71% | 64.67% | -283.77% | -371.94% | -148.91% | 30.42% | 7.11% | 84.1% | 157.76% | -1373.19% | -542.05% | 6.34% | -207.56% | -154.29% | -19.07% | -104.49% | -66.81% | 2795.11% | 263.17% | -126.64% |
| FCF Margin % | -20.05% | -22.96% | -12.24% | -60.12% | -2.87% | -11.43% | 5.46% | -14.77% | 5.28% | -123.01% | -14.53% | -10.01% | -1.96% | -9.92% | - | - | - | - | - | - |
| FCF / Net Income % | -81.18% | -262.88% | -56.53% | -739.72% | -28.1% | -86.03% | 10.2% | -111.05% | 32.35% | -1801.27% | -106.32% | -101% | -18.75% | -159.18% | - | - | - | - | - | - |