National Grid plc (NGG) Cash Flow Statement

NYSE: NGGOperating cash, capex, free cash flow and buybacks.

Where NGG’s cash came from and went, FY2026

March 31, 2026 · British pounds
Cash from operations
£6.33B
+20.2% vs FY2025
Capital expenditures
£10.15B
56.5% of revenue
Free cash flow
−£3.82B
−21.2% margin
Returned to shareholders
£1.65B
Change in cash
−£778.1M
cash at year-end £375.0M
Cash from operations: £6.33BCash from operations£6.33BInvestments (net): £3.30BInvestments (net)£3.30BAcquisitions & other: £2.29BAcquisitions & other£2.29BDrawn from cash: £778.1MDrawn from cash£778.1MShares issued, Currency & other: £224.3MOther sources£224.3MCapital expenditures: £10.15BCapital expenditures£10.15B · 79%Dividends: £1.65BDividends£1.65B · 13%Debt repayment: £1.01BDebt repayment£1.01B · 8%Other financing: £107.3MOther financing£107.3M · 1%£12.92B
Cash from operations
£6.33B
Capital expenditures
−£10.15B
Investments (net)
+£3.30B
Acquisitions & other
+£2.29B
Dividends
−£1.65B
Net borrowing (repayment)
−£1.01B
Shares issued
+£40.0M
Other financing
−£107.3M
Currency & other
+£184.3M
Change in cash
−£778.1M

Drawn to scale: where the cash came from and how it was used. Hover for values.

NGG operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

NGG cash flow trends, FY2017–FY2026

MetricTrendThenLatestChange
Operating cash flow£4.74BFY2017£6.33BFY2026+3.3%/yr
Capital expenditures£3.44BFY2017£10.15BFY2026+12.8%/yr
Free cash flow£1.30BFY2017−£3.82BFY2026—
Free cash flow margin8.6%FY2017−21.2%FY2026−29.9 pts
Operating cash flow / net income2.51FY20171.92FY2026−0.59
Stock-based compensation£32.0MFY2017£45.0MFY2026+3.9%/yr
Dividends paid£1.53BFY2017£1.65BFY2026+0.9%/yr
Share buybacks (net)£203.6MFY2017£1.0MFY2026−44.6%/yr
Capex / revenue22.9%FY201756.5%FY2026+33.6 pts

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

NGG cash flow by activity

OperatingInvestingFinancingChange in cash

NGG net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

NGG cash flow statement in British pounds

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Operating activities
Net income£3.29B£2.79B£2.22B£7.80B£2.35B£1.64B£1.26B£1.50B£3.34B£1.89B
Depreciation & amortization£2.25B£2.19B£2.06B£1.68B£1.52B£1.29B£1.29B£1.59B£1.53B£1.48B
Stock-based compensation£45.0M£37.0M£37.0M£48.0M£38.0M£23.0M£16.0M£27.0M£16.0M£32.0M
Change in working capital£771.3M£39.4M−£49.0M£263.0M£361.0M£312.0M£8.0M£40.1M£111.2M£157.6M
Other non-cash items−£22.7M£222.6M£1.37B−£2.89B£2.00B£1.20B£2.04B£390.3M−£1.47B£1.18B
Cash from operating activities£6.33B£5.27B£5.64B£6.90B£6.27B£4.46B£4.62B£3.55B£3.53B£4.74B
Investing activities
Capital expenditures−£10.15B−£8.66B−£6.91B−£6.33B−£5.10B−£4.21B−£4.29B−£3.64B−£3.52B−£3.44B
Investments (net)£3.30B−£10.57B−£7.50B£240.0M−£615.0M−£550.0M−£3.19B−£3.03B£2.24B−£4.31B
Acquisitions & other investing£2.29B£8.35B£6.58B£6.33B−£8.30B−£357.0M£4.29B£3.50B£3.30B£3.09B
Cash from investing activities−£4.57B−£10.87B−£7.83B£240.0M−£14.01B−£5.12B−£3.19B−£3.18B£2.01B−£4.66B
Financing activities
Dividends paid−£1.65B−£1.51B−£1.72B−£1.61B−£922.0M−£1.41B−£892.0M−£1.16B−£4.23B−£1.53B
Share repurchases & issuance (net)−£1.0M−£7.0M−£4.0M£15.40B−£3.0M−£2.0M−£6.0M−£2.0M−£963.1M−£203.6M
Net borrowing (repayment)−£1.01B£1.30B£4.41B−£3.86B£10.96B£3.11B£420.0M£1.07B−£1.05B£937.0M
Shares issued£40.0M£7.02B£20.0M£16.0M£33.0M£16.0M£16.0M£17.0M£0£0
Other financing−£107.3M−£448.0M−£86.2M−£17.12B−£2.30B−£962.0M−£1.14B−£375.5M−£66.7M£1.74B
Cash from financing activities−£2.73B£6.36B£2.62B−£7.17B£7.77B£750.0M−£1.61B−£451.0M−£6.31B£944.7M
Summary
Net change in cash−£778.1M£629.4M£402.0M−£19.0M£25.0M£84.0M−£179.0M−£101.7M−£684.7M£995.0M
Cash at end of period£375.0M£1.18B£562.6M£163.0M£182.0M£157.0M£73.0M£250.8M£328.2M£1.14B
Free cash flow−£3.82B−£3.39B−£1.27B£573.0M£1.17B£252.0M£327.0M−£95.2M£10.4M£1.30B
Free cash flow margin−21.2%−18.4%−6.4%2.6%6.4%1.4%2.4%−0.6%0.1%8.6%
Capex / revenue56.5%47.1%34.8%29.2%27.6%22.8%32.1%24.4%23.1%22.9%
Operating cash flow / net income1.921.892.540.882.672.723.652.361.062.51

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in British pounds as reported; data from EODHD.

NGG cash generation

In fiscal 2026 (ended March 31, 2026), National Grid generated £6.3 billion of cash from operations (up 20.2%) and spent £10.2 billion on capital expenditures, leaving free cash flow of -£3.8 billion, −21.2% of revenue. It returned £1.7 billion to shareholders through dividends (£1.6 billion) and net share buybacks (£1.0 million). Cash and equivalents fell by £778.1 million over the year.

Related: NGG income statement, NGG balance sheet, NGG dividend history. See the NGG stock overview for the latest quote and news.

NGG cash flow FAQ

What is National Grid's free cash flow?

National Grid's free cash flow was -£3.8 billion in fiscal 2026: £6.3 billion of operating cash flow minus £10.2 billion of capital expenditures It was -£3.4 billion a year earlier..

How much cash does National Grid generate from operations?

National Grid generated £6.3 billion of cash from operating activities in fiscal 2026, 1.92 times its net income of £3.3 billion.

How much does National Grid spend on capital expenditures?

National Grid spent £10.2 billion on capital expenditures in fiscal 2026, 56.5% of revenue, compared with £8.7 billion the year before.

How much stock does National Grid buy back?

National Grid spent £1.0 million on net share repurchases in fiscal 2026.

How much does National Grid pay in dividends?

National Grid paid £1.6 billion in dividends in fiscal 2026.

Utilities - Regulated Electric: cash flow