NGG

MKT CAP:$87B

National Grid plc

Market Cap

$87B

Utilities·Regulated Electric·🇬🇧 United Kingdom·NYSE

Utilities·Regulated Electric·🇬🇧·NYSE

Stock Price

$87.47+$8.77 (+11.15%)

Apr 24, 2026

Company Details

National 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 T...

CEO

Zoe A. Yujnovich

IPO Date

Aug 10, 2005

Website

www.nationalgrid.com

Key Metrics TTM

Revenue

$28.2B

+133.8% YoY

Net Income

$4.4B

EPS (Diluted)

$10.60

Free Cash Flow

-$3.9B

Revenue / Share

$28.54

Gross Margin

24.4%

Operating Margin

1.2%

Net Margin

15.5%

FCF Margin

-13.7%

P/S

3.1x

P/E

19.9x

Earnings Reports

Q3 2026

May 14, 2026

PENDING

FY 2026

Nov 6, 2025

$9.5B-31.1%EPS $0.81

Q2 2026

Nov 6, 2025

$9.5BEPS $0.81

FY 2025

May 29, 2025

$13.8BEPS $3.05

Q4 2025

May 29, 2025

$13.8BEPS $3.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 02	$5.9B	$5.9B	$510M
Q2 03	$12.7B	$12.7B	$2.2B
Q2 04	$12.2B	$12.2B	$2.5B
Q2 05	$10.0B	$11.5B	$2.9B
Q2 06	$2.6B	$718M	$1.5B
Q4 06	$3.5B	$0	-$11.8B
Q2 07	$2.6B	$0	-$1.3B
Q4 07	$3.2B	$0	-$10.8B
Q2 08	$2.9B	$0	-$1.4B
Q4 08	$5.0B	$0	-$6.6B
Q4 12	$0	$0	$0
Q4 25	$13.8B	$4.7B	$4.7B
Q2 26	$9.5B	$2.2B	$2.2B

Valuation

Quarter	P/S	P/E
Q2 02	—	—
Q2 03	—	—
Q2 04	—	—
Q2 05	0.8x	10.2x
Q2 06	0.9x	4.3x
Q4 06	1.2x	4.4x
Q2 07	1.8x	5.2x
Q4 07	4.0x	9.2x
Q2 08	3.7x	14.8x
Q4 08	2.8x	12.4x
Q4 12	3.5x	14.3x
Q4 25	3.1x	13.1x
Q2 26	2.5x	16.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 25	$4.6B	-$1.7B
Q2 26	$3.8B	-$2.2B

Capital Expenditures

Quarter	CapEx
Q4 25	$6.3B
Q2 26	$6.0B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 06	-55.9%	-78.8%
Q4 06	-72.5%	+45.2%
Q2 07	-79.0%	-60.3%
Q4 07	-68.3%	+98.1%
Q2 08	+9.8%	+271.9%
Q4 08	+42.0%	-24.5%
Q4 12	-100.0%	-100.0%
Q4 25	+336.5%	-35.1%
Q2 26	+231.1%	+71.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 25	$0	0.0%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A
Q2 02	$8M	—
Q2 04	$13M	—
Q2 05	$12M	—
Q2 07	—	$554M
Q4 07	—	$554M
Q2 08	$9M	—
Q4 08	$9M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 18	$444M	$3.6B	$4.1B
Q2 19	$175M	$2.2B	$2.4B
Q4 19	$340M	$2.7B	$3.0B
Q2 20	$287M	$4.6B	$4.9B
Q4 20	$98M	$2.7B	$2.8B
Q2 21	$221M	$1.8B	$2.0B
Q4 21	$195M	$3.2B	$3.4B
Q2 22	$628M	$3.1B	$3.7B
Q4 22	$256M	$4.2B	$4.5B
Q2 23	$349M	$3.6B	$4.0B
Q4 23	$170M	$3.5B	$3.7B
Q2 24	$374M	$2.8B	$3.1B
Q4 24	$739M	$5.0B	$5.7B
Q2 25	$1.5B	$8.3B	$9.8B
Q4 25	$1.6B	$7.8B	$9.3B
Q2 26	$1.2B	$4.3B	$5.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 02	296M	—	—
Q2 03	441M	+49.0%	—
Q2 04	560M	+27.2%	—
Q2 05	560M	-0.1%	—
Q2 06	614M	+9.7%	+107.8%
Q4 06	589M	-4.1%	+33.7%
Q2 07	566M	-4.0%	+0.9%
Q4 07	499M	-11.7%	-10.8%
Q2 08	554M	+10.9%	-9.8%
Q4 08	509M	-8.2%	-13.7%
Q4 12	689M	+35.5%	+21.8%
Q4 25	980M	+42.2%	+96.1%
Q2 26	990M	+1.1%	+78.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 02	—	—
Q2 03	$6M	2K
Q2 04	$3.0B	4
Q2 05	$2.5B	4
Q2 06	$654M	4
Q4 06	$873M	4
Q2 07	$641M	4
Q4 07	$790M	4
Q2 08	$718M	4
Q4 08	$1.2B	4
Q4 12	$0	400
Q4 25	$435.8K	32K
Q2 26	$300.3K	32K

Revenue / Employee