National Grid plc (NGG) Income Statement

NYSE: NGGRevenue, profits, margins and EPS over 10 years.

NGG FY2026 at a glance

Fiscal year ended March 31, 2026 · British pounds
Revenue−2.2%
£17.97B
FY2026 · hover or tap a bar for each year
FY2017: £15.04B (+13.8%)FY2018: £15.25B (+1.4%)FY2019: £14.93B (−2.1%)FY2020: £13.36B (−10.5%)FY2021: £18.45B (+38.1%)FY2022: £18.45B (0.0%)FY2023: £21.66B (+17.4%)FY2024: £19.85B (−8.4%)FY2025: £18.38B (−7.4%)FY2026: £17.97B (−2.2%)
FY2017FY2026
Gross profit−58.7%
£5.87B
FY2026 · hover or tap a bar for each year
FY2017: £12.65B (+15.8%)FY2018: £12.41B (−1.9%)FY2019: £11.79B (−5.1%)FY2020: £9.32B (−20.9%)FY2021: £12.35B (+32.5%)FY2022: £12.35B (0.0%)FY2023: £13.04B (+5.5%)FY2024: £14.58B (+11.8%)FY2025: £14.23B (−2.4%)FY2026: £5.87B (−58.7%)
FY2017FY2026
Operating income+19.0%
£5.87B
FY2026 · hover or tap a bar for each year
FY2017: £3.21B (−0.5%)FY2018: £3.49B (+8.9%)FY2019: £2.87B (−17.8%)FY2020: £2.28B (−20.6%)FY2021: £4.37B (+91.8%)FY2022: £4.37B (0.0%)FY2023: £4.88B (+11.6%)FY2024: £4.47B (−8.3%)FY2025: £4.93B (+10.3%)FY2026: £5.87B (+19.0%)
FY2017FY2026
Net income+13.5%
£3.29B
FY2026 · hover or tap a bar for each year
FY2017: £7.79B (+200.8%)FY2018: £3.55B (−54.5%)FY2019: £1.51B (−57.4%)FY2020: £1.26B (−16.3%)FY2021: £2.35B (+86.2%)FY2022: £2.35B (0.0%)FY2023: £7.80B (+231.4%)FY2024: £2.29B (−70.6%)FY2025: £2.90B (+26.7%)FY2026: £3.29B (+13.5%)
FY2017FY2026
Net profit margin+2.5 pts
18.3%
FY2026 · hover or tap a point for each year
FY2017: 51.8% (+32.2 pts)FY2018: 23.3% (−28.6 pts)FY2019: 10.1% (−13.2 pts)FY2020: 9.5% (−0.7 pts)FY2021: 12.8% (+3.3 pts)FY2022: 12.8% (0.0 pts)FY2023: 36.0% (+23.2 pts)FY2024: 11.5% (−24.5 pts)FY2025: 15.8% (+4.3 pts)FY2026: 18.3% (+2.5 pts)
FY2017FY2026

NGG revenue and net income

RevenueNet incomeNet margin (right axis)

Where NGG's revenue goes

FY2026
Revenue
£17.97B100.0%
Cost of revenue
−£12.10B−67.3%
Gross profit
£5.87B32.7%
Other operating expenses
−£12.00B−66.7%
Operating income
£5.87B32.7%
Interest & other expense
−£1.62B−9.0%
Income taxes
−£954.3M−5.3%
Net income
£3.29B18.3%

Each bar shows an amount and its share of revenue. NGG kept 18.3% of revenue as net income.

NGG profit margins

GrossOperatingNet

NGG growth rates

to FY2026
1 year3 years5 years10 years
Revenue−2.2%−6.0%−0.5%+3.1%
Gross profit−58.7%−23.4%−13.8%−6.0%
Operating income+19.0%+6.4%+6.1%+6.2%
Net income+13.5%−25.0%+7.0%+2.4%

1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.

NGG income statement in British pounds

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Revenue£17.97B£18.38B£19.85B£21.66B£18.45B£18.45B£13.36B£14.93B£15.25B£15.04B
Cost of revenue£12.10B£4.15B£5.27B£8.62B£6.10B£6.10B£4.04B£3.15B£2.84B£2.38B
Gross profit£5.87B£14.23B£14.58B£13.04B£12.35B£12.35B£9.32B£11.79B£12.41B£12.65B
Research & development—£42.4M£32.0M£22.4M£11.4M£11.3M£14.4M£19.0M£12.3M£14.6M
Sales, general & admin—£2.34B£2.19B£2.15B£1.94B£206.0M£1.80B£1.75B£1.70B£1.68B
Total operating expenses£12.00B£9.29B£10.10B£8.16B£7.98B£7.98B£7.04B£8.91B£8.92B£9.44B
Operating income£5.87B£4.93B£4.47B£4.88B£4.37B£4.37B£2.28B£2.87B£3.49B£3.21B
Interest income£377.0M£439.0M£239.0M£165.0M£43.0M£40.0M£936.0M£950.0M£682.0M£827.0M
Interest expense£1.32B£1.38B£1.35B£1.38B£1.07B£685.0M£1.01B£929.0M£942.4M£933.2M
Income before taxes£4.25B£3.65B£3.05B£3.59B£3.44B£3.44B£1.40B£1.84B£2.66B£2.18B
Income taxes£954.3M£821.0M£831.0M£876.0M£1.26B£1.26B£370.0M£339.0M−£889.0M£374.0M
Net income£3.29B£2.90B£2.29B£7.80B£2.35B£2.35B£1.26B£1.51B£3.55B£7.79B
EBITDA£7.82B£7.65B£6.83B£7.25B£6.43B£6.17B£3.83B£4.45B£5.33B£4.74B
Gross margin32.7%77.4%73.4%60.2%66.9%66.9%69.8%78.9%81.4%84.1%
Operating margin32.7%26.8%22.5%22.5%23.7%23.7%17.1%19.2%22.9%21.3%
Net margin18.3%15.8%11.5%36.0%12.8%12.8%9.5%10.1%23.3%51.8%

Quarterly columns are labeled by the month the quarter ended. Figures in British pounds as reported in NGG's financial statements (latest annual report filed June 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.

NGG financial results

In fiscal year 2026 (ended March 31, 2026), National Grid reported revenue of £18.0 billion, down 2.2% from the year before. It had net income of £3.3 billion (up 13.5%), a net profit margin of 18.3%. Over five years revenue grew at an average rate of −0.5% a year. Figures are in British pounds, the currency of its financial statements.

See the NGG stock overview for the latest quote and news, or the NGG chart for price history and technical indicators.

NGG income statement FAQ

What is National Grid's annual revenue?

National Grid reported total revenue of £18.0 billion for fiscal year 2026, which ended on March 31, 2026. That was down 2.2% from £18.4 billion the previous year.

Is National Grid profitable?

Yes. National Grid reported net income of £3.3 billion in fiscal 2026, a net profit margin of 18.3%; its operating margin was 32.7%.

What is National Grid's gross margin?

National Grid's gross margin was 32.7% in fiscal 2026: for every $100 of revenue, National Grid kept $33 after the direct cost of its products and services.

How fast is National Grid growing?

Revenue grew −0.5% a year on average over the last five fiscal years, from £18.4 billion to £18.0 billion.

When will National Grid report its next earnings?

National Grid is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.

When does National Grid's fiscal year end?

National Grid's fiscal year ends in March. The latest annual report covers the year ended March 31, 2026 and was filed on June 3, 2026.

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