National Grid plc

Name: National Grid plc financial statements and ratios
Creator: Annalist

NG. · LSE · Utilities, electricity and gas networks · United Kingdom · IFRS · Fiscal year ends March

Latest report: FY2026, the fiscal year ended 31 March 2026. Snapshot FY2026_81f926d2.

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Overview

Revenue, fiscal year

−3.8% year on year

Operating profit, fiscal year

+10.1% year on year

Net income, fiscal year

+11.7% year on year

Diluted EPS, fiscal year

+6.2% year on year

Operating margin, fiscal year

+3.9pp year on year

Return on equity, fiscal year

−0.2pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 March 2026 was £17.7 billion, 3.8% lower than in the previous fiscal year.
Weakenedin FY2026 · stated since FY2024
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 WeakenedRevenue for the fiscal year ended 31 March 2026 was £17.7 billion, 3.8% lower than in the previous fiscal year.Recorded from FY2026_81f926d2 · data update
2. FY2025 ConfirmedRevenue for the fiscal year ended 31 March 2025 was £18.4 billion, 7.4% lower than in the previous fiscal year.Reconstructed · data update
3. FY2024 NewRevenue for the fiscal year ended 31 March 2024 was £19.9 billion, 8.4% lower than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2026 was £3.2 billion, 11.7% higher than in the previous fiscal year.
Weakenedin FY2026 · stated since FY2025
Rule: Net income against the previous fiscal year · Sources Annual financial report 2026-03
History of this finding, 4 records
1. FY2026 WeakenedNet income attributable to the company for fiscal 2026 was £3.2 billion, 11.7% higher than in the previous fiscal year.Recorded from FY2026_81f926d2 · data update
2. FY2025 NewNet income attributable to the company for fiscal 2025 was £2.9 billion, 26.7% higher than in the previous fiscal year.Reconstructed · data update
3. FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2024 NewNet income attributable to the company for fiscal 2024 was £2.3 billion, 70.6% lower than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2026 was 30.7%, 3.9 percentage points higher than a year earlier.
Weakenedin FY2026 · stated since FY2025
Rule: Operating margin against a year earlier · Sources Annual financial report 2026-03
History of this finding, 4 records
1. FY2026 WeakenedThe operating margin for fiscal 2026 was 30.7%, 3.9 percentage points higher than a year earlier.Recorded from FY2026_81f926d2 · data update
2. FY2025 NewThe operating margin for fiscal 2025 was 26.8%, 4.3 percentage points higher than a year earlier.Reconstructed · data update
3. FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2024 NewThe operating margin for fiscal 2024 was 22.5%, unchanged from a year earlier.Reconstructed · initial
Return on equity for fiscal 2026 was 8.4%, against 8.6% a year earlier.
Newin FY2026 · first stated
Rule: Return on equity against a year earlier · Sources Annual financial report 2026-03, Annual financial report 2025-03
History of this finding, 5 records
1. FY2026 NewReturn on equity for fiscal 2026 was 8.4%, against 8.6% a year earlier.Recorded from FY2026_81f926d2 · data update
2. FY2026 RetiredThe finding changed to lower than a year earlier.Recorded from FY2026_81f926d2 · data update
3. FY2025 NewReturn on equity for fiscal 2025 was 8.6%, against 7.7% a year earlier.Reconstructed · data update
4. FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. FY2024 NewReturn on equity for fiscal 2024 was 7.7%, against 29.2% a year earlier.Reconstructed · initial
Net debt was £46.4 billion at 31 March 2026.
Confirmedin FY2026 · stated since FY2024
Rule: Net debt or net cash · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 ConfirmedNet debt was £46.4 billion at 31 March 2026.Recorded from FY2026_81f926d2 · data update
2. FY2025 ConfirmedNet debt was £46.4 billion at 31 March 2025.Reconstructed · data update
3. FY2024 NewNet debt was £46.5 billion at 31 March 2024.Reconstructed · initial

Records before FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual financial report for the year to 31 March 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026_81f926d2

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, pounds sterling

Operating Profit

By fiscal year, pounds sterling

Profit Attributable to Owners of the Parent

By fiscal year, pounds sterling

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Net Debt

Total debt less cash and short-term investments, at fiscal year end, pounds sterling

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2026

Annual financial report for the year to 31 March 2026. Changes are against the previous report, and each figure shows its period.

0changes1threshold crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 1

ConfirmedDebt Against the S&P Benchmark Bands
Lease-adjusted debt was 6.1 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 12.3% of that debt. Debt to EBITDA is within the highly leveraged band of the S&P standard volatility table and FFO to debt within the aggressive band.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the highly leveraged band is number 6 of 6, and a higher number means more debt against earnings.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsHighly leveraged bandDebt to EBITDA 6.05x, FFO to debt 12.3% · FY2026

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 6.1 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 12.3% of that debt. Debt to EBITDA is within the highly leveraged band of the S&P standard volatility table and FFO to debt within the aggressive band.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the highly leveraged band is number 6 of 6, and a higher number means more debt against earnings.
Confirmedin FY2026 · stated since FY2024
Rule: Debt against the S&P benchmark bands · Sources Annual financial report 2026-03
History of this finding, 2 records
1. FY2026 ConfirmedLease-adjusted debt was 6.1 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 12.3% of that debt. Debt to EBITDA is within the highly leveraged band of the S&P standard volatility table and FFO to debt within the aggressive band.Recorded from FY2026_81f926d2 · data update
2. FY2024 NewLease-adjusted debt was 7.2 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 9.8% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2026

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 6.1 years of adjusted EBITDA; a year of funds from operations equals 12.3% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	6.05x5x and above
FFO to debt	60% and above	45% to 60%	30% to 45%	20% to 30%	12.3%12% to 20%	below 12%

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added				n/a
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities				n/a
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	highly leveraged	highly leveraged	highly leveraged	n/a	highly leveraged
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	highly leveraged	aggressive	highly leveraged	n/a	aggressive
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA				n/a
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)				n/a
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities				n/a
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities				n/a
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Borrowings	£0	£0	£0	£0	£0
Lease liabilities	£0	£0	£0	£0	£0
Borrowings and lease liabilities presented as one line	£45.5bn	£43.0bn	£47.1bn	£47.5bn	£46.8bn
Lease-adjusted debt	£45.5bn	£43.0bn	£47.1bn	£47.5bn	£46.8bn
EBIT	£4.4bn	£4.9bn	£4.5bn	n/a	£5.4bn
Depreciation and amortisation, with the impairment reported with them	£1.8bn	£2.0bn	£2.1bn	n/a	£2.2bn
Share-based payments	£38.0m	£48.0m	£37.0m	n/a	£45.0m
Adjusted EBITDA	£6.2bn	£6.9bn	£6.6bn	n/a	£7.7bn
Cash interest	−£1.1bn	−£1.4bn	−£1.6bn	n/a	−£1.9bn
Cash taxes	−£298m	−£89.0m	−£342m	n/a	−£32.0m
Funds from operations	£4.9bn	£5.4bn	£4.6bn	n/a	£5.8bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityAccruals and the cash backing of reported earnings.

Accruals and the cash backing of reported earnings.

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 2.06 · FY2026

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2026 was 2.06, between the distress threshold of 1.10 and the safe threshold of 2.60.
Interpretation. By this model, the company is between the 2 groups of its original study: below 1.10 the profile resembles companies that went bankrupt, above 2.60 companies that did not. Large share buybacks lower book equity and so lower the score.
Confirmedin FY2026 · stated since FY2024
Rule: Altman Z'' zone · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 ConfirmedThe Altman Z'' score for fiscal 2026 was 2.06, between the distress threshold of 1.10 and the safe threshold of 2.60.Recorded from FY2026_81f926d2 · data update
2. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 2.34, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
3. FY2024 NewThe Altman Z'' score for fiscal 2024 was 1.76, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	grey zone	grey zone	grey zone	grey zone
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a

Altman Z'' Score

fiscal 2026

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

2.06Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 2.06 is in the grey zone of the model, between 1.10 and 2.60. The largest part is retained earnings, at 1.26; working capital below zero lowers the score by 0.14.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.021	6.560	−0.140
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.387	3.260	1.262
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.050	6.720	0.337
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.570	1.050	0.599
Score			2.058

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Dechow F-score

fiscal 2026

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.73 means a probability of a misstatement 0.73 times the average rate in the Dechow sample: 0.27% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.021	0.790	0.017
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.002	2.518	−0.005
Change in inventories / average total assetsThe growth of stock against average assets.	0.000	1.191	0.000
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.997	1.979	1.972
Change in cash salesThe growth of sales collected in cash.	0.012	0.171	0.002
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.002	−0.932	−0.002
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−5.909
Probability of a misstatement			0.27%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 March 2026 Search page of the FCA National Storage Mechanism	11 Jun 2026, added to the index	AFR:8R95QZMKZLJX5Q2XR704-2026-03-31-0
Annual financial report for the year to 31 March 2025 Search page of the FCA National Storage Mechanism	8 Jan 2026, added to the index	AFR:8R95QZMKZLJX5Q2XR704-2025-03-31-0
Annual financial report for the year to 31 March 2024 Search page of the FCA National Storage Mechanism	11 Jun 2024, added to the index	AFR:8R95QZMKZLJX5Q2XR704-2024-03-31-0
Annual financial report for the year to 31 March 2023 Search page of the FCA National Storage Mechanism	11 Jul 2023, added to the index	AFR:8R95QZMKZLJX5Q2XR704-2023-03-31-0
Annual financial report for the year to 31 March 2022 Search page of the FCA National Storage Mechanism	19 Jul 2022, added to the index	AFR:8R95QZMKZLJX5Q2XR704-2022-03-31-0

Checks

203200 of 203 checks passed, 3 warnings

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement with the 20-F175 of 176 passedEach figure equals the figure of the annual report on Form 20-F that the company files with the SEC for the same fiscal year. A figure that differs is withheld. Checked at warning level.

Depreciation, amortisation and impairment, FY2025: £2,175m against £2,479m

Withheld values2 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Purchases of own shares, FY2023: withheld, negative where the item cannot be negative

Depreciation, amortisation and impairment, FY2025: withheld, another official report of the company gives it differently

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	221
Proven by a check	80.5%, 178 values
Confirmed by a second document	79.2%, 175 values
Derived from reported figures	0.0%, 0 values
Values withheld	2
Restated figures tracked	8
Changes compared on one basis	1
Company lines mapped	0 of 0 reviewed

Citation

Annalist, National Grid plc, snapshot national-grid/FY2026_81f926d2 (as of FY2026); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026_81f926d2 · dataset SHA-256 81f926d2c0bef50ea0302de411e95292a772c256ca04d12c7d3dea95b5eb6447 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json