National Grid plc (NGG) Balance Sheet

NYSE: NGGAssets, liabilities, debt and equity over 10 years.

NGG balance sheet, FY2026

March 31, 2026 · British pounds

£108.29B assets = £68.95B liabilities + £39.33B equity

Both columns are drawn to the same scale: what NGG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

NGG financial health

Current ratio0.76

Tight · current assets cover current liabilities 0.76×

Debt / equity1.19

Moderate leverage · £1.19 of debt for each $1 of equity

Equity / assets36.3%

Balanced · of assets funded by shareholders

Cash / debt6.0%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles12.3%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal FY2026.

NGG balance sheet trends, FY2017–FY2026

National Grid plc balance sheet trends
Metric	Then	Latest	Change
Total assets	£65.84BFY2017	£108.29BFY2026	+5.7%/yr
Total liabilities	£45.46BFY2017	£68.95BFY2026	+4.7%/yr
Shareholders’ equity	£20.37BFY2017	£39.30BFY2026	+7.6%/yr
Cash & short-term investments	£9.88BFY2017	£2.83BFY2026	−13.0%/yr
Total debt	£28.64BFY2017	£46.76BFY2026	+5.6%/yr
Net cash (debt)	−£18.76BFY2017	−£43.93BFY2026	−£25.2B
Working capital	£3.06BFY2017	−£2.31BFY2026	−£5.4B
Current ratio	1.29FY2017	0.76FY2026	−0.53
Debt / equity	1.41FY2017	1.19FY2026	−0.22
Shares outstanding	754.0MFY2017	994.2MFY2026	+3.1%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NGG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

NGG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

NGG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

NGG balance sheet in British pounds

National Grid plc annual balance sheet
	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Assets
Cash & short-term investments	£2.83B	£6.93B	£4.25B	£2.73B	£3.33B	£2.49B	£2.07B	£2.23B	£3.02B	£9.88B
Cash & equivalents	£375.0M	£1.18B	£548.0M	£126.0M	£190.0M	£145.0M	£73.0M	£252.0M	£329.0M	£1.14B
Short-term investments	£2.45B	£5.75B	£3.70B	£2.60B	£3.15B	£2.34B	£2.00B	£1.98B	£2.69B	£8.74B
Receivables	£3.88B	£3.75B	£3.03B	£3.44B	£3.29B	£2.53B	£2.58B	£3.15B	£1.67B	£3.10B
Inventory	£559.0M	£557.0M	£828.0M	£876.0M	£511.0M	£347.0M	£416.0M	£370.0M	£268.0M	£300.0M
Other current assets	£215.0M	£3.09B	£2.27B	£2.06B	£10.83B	£4.57B	£736.0M	£2.19B	£1.72B	£295.0M
Total current assets	£7.49B	£14.33B	£10.38B	£9.11B	£17.96B	£9.94B	£5.80B	£7.95B	£6.68B	£13.57B
Property, plant & equipment (net)	£81.52B	£74.09B	£68.91B	£64.43B	£57.53B	£47.04B	£49.76B	£44.86B	£39.85B	£39.83B
Goodwill & intangible assets	£13.30B	£13.10B	£13.16B	£13.45B	£12.80B	£6.03B	£7.01B	£6.46B	£6.34B	£7.02B
Long-term investments	£0	£0	£0	£0	£0	£0	£0	£32.60B	£180.70B	£3.18B
Other non-current assets	£5.98B	£5.22B	£5.88B	£5.70B	£6.56B	£4.20B	£4.99B	£0	£0	£2.24B
Total assets	£108.29B	£106.74B	£98.33B	£92.70B	£94.86B	£67.22B	£67.56B	£63.41B	£58.79B	£65.84B
Liabilities
Accounts payable	£5.05B	£2.96B	£2.79B	£3.25B	£3.11B	£2.17B	£2.21B	£3.77B	£1.98B	£2.13B
Short-term debt	£3.90B	£4.66B	£4.86B	£2.96B	£12.12B	£3.74B	£4.07B	£4.54B	£4.77B	£6.55B
Deferred revenue	£110.0M	—	£127.0M	£827.0M	£754.0M	£358.0M	£297.0M	£365.0M	£440.0M	£298.0M
Total current liabilities	£9.80B	£10.62B	£11.39B	£9.13B	£24.77B	£9.37B	£8.56B	£9.13B	£8.70B	£10.51B
Long-term debt	£42.11B	£42.88B	£42.21B	£40.03B	£33.34B	£27.48B	£26.72B	£24.26B	£22.18B	£23.14B
Lease obligations	£893.0M	£829.0M	£779.0M	£714.0M	£558.0M	£685.0M	£735.0M	£270.0M	£271.0M	£308.0M
Other long-term liabilities	£17.05B	£15.42B	£14.83B	£13.97B	£12.89B	£10.51B	£12.48B	£10.46B	£413.0M	£927.0M
Total liabilities	£68.95B	£68.92B	£68.43B	£63.13B	£71.00B	£47.36B	£47.77B	£43.84B	£39.94B	£45.46B
Shareholders' equity
Common stock & paid-in capital	£647.0M	£638.0M	£493.0M	£488.0M	£485.0M	£474.0M	£470.0M	£458.0M	£452.0M	£449.0M
Retained earnings (deficit)	£41.91B	£40.11B	£32.07B	£31.61B	£26.61B	£23.16B	£21.89B	£22.00B	£21.60B	£22.58B
Treasury stock	—	—	—	—	—	—	—	£0	−£1000000.00T	−£1000000.00T
Accumulated other comprehensive income	−£4.54B	—	−£3.99B	£1.30B	£602.0M	£71.0M	£1.27B	−£4.24B	£625.0M	£1.18B
Minority interest	£31.0M	£23.0M	£25.0M	£24.0M	—	—	—	£0	£0	£0
Total shareholders' equity	£39.30B	£37.80B	£29.87B	£29.54B	£23.83B	£19.84B	£19.77B	£19.55B	£18.83B	£20.37B
Key figures
Total debt	£46.76B	£47.54B	£47.07B	£42.98B	£45.47B	£31.22B	£30.79B	£28.73B	£26.62B	£28.64B
Net cash (debt)	−£43.93B	−£40.61B	−£42.83B	−£40.25B	−£42.13B	−£28.73B	−£28.72B	−£26.50B	−£23.60B	−£18.76B
Working capital	−£2.31B	£3.71B	−£1.01B	−£17.0M	−£6.81B	£570.0M	−£2.76B	−£1.18B	−£2.02B	£3.06B
Tangible book value	£26.00B	£24.71B	£16.71B	£16.09B	£11.03B	£13.81B	£12.76B	£13.09B	£12.49B	£13.35B
Shares outstanding	994.2M	945.8M	807.1M	799.9M	786.8M	786.8M	756.8M	740.1M	756.4M	754.0M
Current ratio	0.76	1.35	0.91	1.00	0.73	1.06	0.68	0.87	0.77	1.29
Quick ratio	0.69	1.01	0.64	0.68	0.27	0.54	0.54	0.59	0.54	1.23
Debt / equity	1.19	1.26	1.58	1.46	1.91	1.57	1.56	1.47	1.41	1.41
Equity / assets	36.3%	35.4%	30.4%	31.9%	25.1%	29.5%	29.3%	30.8%	32.0%	30.9%

National Grid plc quarterly balance sheet
	Mar '26	Mar '25	Sep '24	Mar '24	Sep '23	Mar '23	Dec '22	Sep '22	Jun '22	Mar '22
Assets
Cash & short-term investments	£2.83B	£6.93B	£7.26B	£4.25B	£2.33B	£2.77B	£2.77B	£2.94B	£2.94B	£3.35B
Cash & equivalents	£375.0M	£1.18B	£1.12B	£548.0M	£277.1M	£163.0M	£163.0M	£259.0M	£259.0M	£204.0M
Short-term investments	£2.45B	£5.75B	£6.14B	£3.70B	£2.05B	£2.60B	£2.60B	£2.69B	£2.69B	£3.15B
Receivables	£3.88B	£3.75B	£2.66B	£3.03B	£4.10B	£5.39B	£5.39B	£3.81B	£3.81B	£13.98B
Inventory	£559.0M	£557.0M	£639.0M	£828.0M	£1.14B	£876.0M	£876.0M	£971.0M	£971.0M	£511.0M
Other current assets	£215.0M	£3.09B	£3.90B	£2.27B	£1.83B	£136.0M	£136.0M	£6.67B	£6.67B	£118.0M
Total current assets	£7.49B	£14.33B	£14.46B	£10.38B	£9.39B	£9.17B	£9.17B	£14.40B	£14.40B	£17.96B
Property, plant & equipment (net)	£81.52B	£74.09B	£69.19B	£68.91B	£82.26B	£64.43B	£64.43B	£65.44B	£65.44B	£57.53B
Goodwill & intangible assets	£13.30B	£13.10B	£12.76B	£13.16B	£16.63B	£13.45B	£13.45B	£13.92B	£13.92B	£12.80B
Long-term investments	£0	£0	£0	£0	£0	£0	£0	£0	£0	£0
Other non-current assets	£5.98B	£5.22B	£5.44B	£5.88B	£6.75B	£5.65B	£5.65B	£6.81B	£6.81B	£6.56B
Total assets	£108.29B	£106.74B	£101.85B	£98.33B	£115.03B	£92.70B	£92.70B	£100.57B	£100.57B	£94.86B
Liabilities
Accounts payable	£5.05B	£2.96B	£3.97B	£2.79B	£5.45B	£5.07B	£5.07B	£4.43B	£4.43B	£4.92B
Short-term debt	£3.90B	£4.66B	£3.12B	£4.86B	£3.28B	£2.96B	£2.96B	£9.21B	—	£12.12B
Deferred revenue	£110.0M	—	—	£127.0M	£194.1M	−£2.96B	—	−£9.21B	—	−£12.12B
Total current liabilities	£9.80B	£10.62B	£8.99B	£11.39B	£10.10B	£9.13B	£9.13B	£20.20B	£20.20B	£24.77B
Long-term debt	£42.11B	£42.88B	£42.47B	£42.21B	£42.11B	£40.03B	£0	£39.39B	£0	£33.34B
Lease obligations	£893.0M	£829.0M	—	£779.0M	—	£714.0M	—	—	—	£558.0M
Other long-term liabilities	£17.05B	£15.42B	£14.53B	£14.83B	£26.84B	£13.97B	£54.01B	£15.03B	£40.56B	£12.89B
Total liabilities	£68.95B	£68.92B	£65.99B	£68.43B	£79.05B	£63.13B	£63.13B	£74.62B	£74.62B	£71.00B
Shareholders' equity
Common stock & paid-in capital	£647.0M	£638.0M	£637.0M	£493.0M	£596.8M	£488.0M	£488.0M	£486.0M	£486.0M	£485.0M
Retained earnings (deficit)	£41.91B	£40.11B	£38.67B	£32.07B	£38.14B	£31.61B	£31.61B	£26.21B	£26.21B	£26.61B
Accumulated other comprehensive income	−£4.54B	—	−£4.75B	−£3.99B	−£4.38B	£1.30B	—	−£2.07B	—	£602.0M
Minority interest	£31.0M	£23.0M	—	—	—	—	—	—	—	—
Total shareholders' equity	£39.30B	£37.80B	£35.84B	£29.87B	£35.95B	£29.54B	£29.54B	£25.93B	£25.93B	£23.83B
Key figures
Total debt	£46.76B	£47.54B	£46.45B	£47.07B	£54.68B	£42.98B	£42.98B	£48.59B	£40.56B	£45.47B
Net cash (debt)	−£43.93B	−£40.61B	−£39.18B	−£42.83B	−£52.35B	−£40.22B	−£40.22B	−£45.65B	−£37.62B	−£42.12B
Working capital	−£2.31B	£3.71B	£5.47B	−£1.01B	−£710.4M	£36.0M	£36.0M	−£5.80B	−£5.80B	−£6.81B
Tangible book value	£26.00B	£24.71B	£23.08B	£16.71B	£19.32B	£16.09B	£16.09B	£12.01B	£12.01B	£11.03B
Shares outstanding	995.2M	979.5M	909.4M	809.0M	805.1M	735.3M	3.68B	732.0M	729.0M	729.0M
Current ratio	0.76	1.35	1.61	0.91	0.93	1.00	1.00	0.71	0.71	0.73
Quick ratio	0.69	1.01	1.10	0.64	0.64	0.89	0.89	0.33	0.33	0.70
Debt / equity	1.19	1.26	1.30	1.58	1.52	1.46	1.46	1.87	1.56	1.91
Equity / assets	36.3%	35.4%	35.2%	30.4%	31.3%	31.9%	31.9%	25.8%	25.8%	25.1%

Quarterly columns are labeled by the month the quarter ended. Figures in British pounds as reported (latest annual report filed June 3, 2026); data from EODHD.

NGG financial position

At the end of fiscal 2026 (March 31, 2026), National Grid had total assets of £108.3 billion (up 1.4% from a year earlier), total liabilities of £69.0 billion and shareholders' equity of £39.3 billion. It held £2.8 billion in cash and short-term investments against £46.8 billion of debt, net debt of £43.9 billion. Its current ratio was 0.76.

Related: NGG income statement, NGG cash flow statement, NGG key metrics. See the NGG stock overview for the latest quote and news.

NGG balance sheet FAQ

What are National Grid's total assets?

National Grid reported total assets of £108.3 billion at the end of fiscal 2026 (March 31, 2026), compared with £106.7 billion a year earlier.

How much debt does National Grid have?

National Grid had £46.8 billion of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.19.

How much cash does National Grid have?

National Grid held £2.8 billion in cash and short-term investments at the end of fiscal 2026; with £46.8 billion of debt that is net debt of £43.9 billion.

What is National Grid's book value?

National Grid's shareholders' equity (book value) was £39.3 billion at the end of fiscal 2026.

What is National Grid's current ratio?

National Grid had current assets of £7.5 billion and current liabilities of £9.8 billion, a current ratio of 0.76 (current liabilities exceed current assets).

How much goodwill does National Grid have?

National Grid carried £13.3 billion of goodwill and intangible assets, 12.3% of total assets, at the end of fiscal 2026.