National Grid
NGG · NYSENatural Gas Transmission · Fiscal year ends Mar 31 · Reports in GBP
National Grid reported revenue of GBP 18.4B in the fiscal year ended Mar 2025, down 7.4% from the year before. Operating income was GBP 4.9B, an operating margin of 26.8%, and net income was GBP 2.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Revenue | GBP 13.7B | GBP 18.4B | GBP 21.7B | GBP 19.9B | GBP 18.4B |
| Research & development | GBP 12M | GBP 11M | GBP 23M | GBP 32M | GBP 43M |
| Operating income | GBP 2.4B | GBP 4.4B | GBP 4.9B | GBP 4.5B | GBP 4.9B |
| Interest expense | GBP 853M | GBP 1.1B | GBP 1.6B | GBP 1.7B | GBP 1.8B |
| Pre-tax income | GBP 1.7B | GBP 3.4B | GBP 3.6B | GBP 3B | GBP 3.7B |
| Income tax | GBP 360M | GBP 1.3B | GBP 876M | GBP 831M | GBP 821M |
| Net income | GBP 1.6B | GBP 2.4B | GBP 7.8B | GBP 2.3B | GBP 2.9B |
Balance sheet
| Fiscal year | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | GBP 157M | GBP 204M | GBP 163M | GBP 559M | GBP 1.2B |
| Receivables | GBP 2.9B | GBP 3.7B | GBP 3.8B | GBP 3.4B | GBP 4.1B |
| Inventory | GBP 439M | GBP 511M | GBP 876M | GBP 828M | GBP 557M |
| Current assets | GBP 9.9B | GBP 18B | GBP 9.1B | GBP 10.4B | GBP 14.3B |
| Net PP&E | GBP 47B | GBP 57.5B | GBP 64.4B | – | – |
| Goodwill | GBP 4.6B | GBP 9.5B | GBP 9.8B | GBP 9.7B | GBP 9.5B |
| Total assets | GBP 67.2B | GBP 94.9B | GBP 92.7B | GBP 98.3B | GBP 107B |
| Payables | GBP 3.5B | GBP 4.9B | GBP 5.1B | GBP 4.1B | GBP 4.5B |
| Current liabilities | GBP 9.4B | GBP 24.8B | GBP 9.1B | GBP 11.4B | GBP 10.6B |
| Total liabilities | GBP 47.4B | GBP 71B | GBP 63.1B | GBP 68.4B | GBP 68.9B |
| Shareholders' equity | GBP 19.8B | GBP 23.8B | GBP 29.5B | GBP 29.9B | GBP 37.8B |
Cash flow
| Fiscal year | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Capital expenditure | GBP 4.2B | GBP 5.1B | GBP 6.3B | GBP 6.9B | GBP 8.8B |
Key ratios
| Fiscal year | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 35.0% | 17.4% | −8.4% | −7.4% |
| Operating income growth (YoY) | – | 82.0% | 11.6% | −8.3% | 10.3% |
| Operating margin | 17.6% | 23.7% | 22.5% | 22.5% | 26.8% |
| Net margin | 12.0% | 12.8% | 36.0% | 11.5% | 15.8% |
| Return on equityBlank when equity is negative | 8.3% | 9.9% | 26.4% | 7.7% | 7.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.2% | 6.2% | 5.8% | 5.1% | 5.1% |
| Receivable days | 78 | 73 | 65 | 63 | 81 |
| Interest cover | 2.81x | 4.08x | 3.05x | 2.61x | 2.73x |
| Current ratio | 1.06x | 0.73x | 1.00x | 0.91x | 1.35x |
Recent filings
More in Natural Gas Transmission
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.