National Grid plc (ETR:NNGF)

National Grid Income Statement

Financials in millions GBP. Fiscal year is April - March.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2025	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021
Revenue	17,482	18,378	19,850	21,659	18,449	13,665
Revenue Growth (YoY)	-9.52%	-7.42%	-8.35%	17.40%	35.01%	2.28%
Provision for Bad Debts	177	200	179	220	167	325
Other Operating Expenses	12,011	13,188	14,085	17,234	14,077	10,930
Total Operating Expenses	12,188	13,388	14,264	17,454	14,244	11,255
Operating Income	5,294	4,990	5,586	4,205	4,205	2,410
Interest Expense	-1,664	-1,680	-1,621	-1,592	-1,084	-772
Interest Income	317	342	140	81	35	35
Net Interest Expense	-1,347	-1,338	-1,481	-1,511	-1,049	-737
Income (Loss) on Equity Investments	55	73	37	171	92	58
Other Non-Operating Income (Expenses)	-166	-118	-87	-6	42	-30
EBT Excluding Unusual Items	3,836	3,607	4,055	2,859	3,290	1,701
Restructuring Charges	-47	-74	-65	-100	-42	-
Total Merger & Restructuring Charges	-84	-65	-44	-117	-223	-24
Gain (Loss) on Sale of Investments	-302	-302	4	307	402	23
Gain (Loss) on Sale of Assets	91	187	-	511	-	-
Insurance Settlements	-	-	92	130	38	-
Other Unusual Items	298	297	-994	-	-24	-36
Pretax Income	3,792	3,650	3,048	3,590	3,441	1,664
Income Tax Expense	917	821	831	876	1,258	360
Earnings From Continuing Ops.	2,875	2,829	2,217	2,714	2,183	1,304
Earnings From Discontinued Ops.	-	76	74	5,083	171	337
Net Income to Company	2,875	2,905	2,291	7,797	2,354	1,641
Minority Interest in Earnings	-3	-3	-1	-	-1	-1
Net Income	2,872	2,902	2,290	7,797	2,353	1,640
Net Income to Common	2,872	2,902	2,290	7,797	2,353	1,640
Net Income Growth	58.76%	26.72%	-70.63%	231.36%	43.48%	29.75%
Shares Outstanding (Basic)	4,907	4,707	3,692	3,659	3,599	3,523
Shares Outstanding (Diluted)	4,931	4,729	3,709	3,676	3,616	3,540
Shares Change (YoY)	19.31%	27.50%	0.90%	1.66%	2.15%	1.78%
EPS (Basic)	0.59	0.62	0.62	2.13	0.65	0.47
EPS (Diluted)	-10.92	0.61	0.62	2.12	0.65	0.46
EPS Growth	-	-0.54%	-70.89%	226.13%	40.39%	27.40%
Free Cash Flow	-1,417	-1,972	35	573	1,174	252
Free Cash Flow Per Share	-0.29	-0.42	0.01	0.16	0.33	0.07
Dividend Per Share	0.472	0.467	0.585	0.554	0.510	0.492
Dividend Growth	-14.06%	-20.16%	5.56%	8.77%	3.68%	1.21%
Profit Margin	16.43%	15.79%	11.54%	36.00%	12.75%	12.00%
Free Cash Flow Margin	-8.11%	-10.73%	0.18%	2.65%	6.36%	1.84%
EBITDA	7,142	6,794	7,275	5,840	6,035	3,586
EBITDA Margin	40.85%	36.97%	36.65%	26.96%	32.71%	26.24%
D&A For EBITDA	1,848	1,804	1,689	1,635	1,830	1,176
EBIT	5,294	4,990	5,586	4,205	4,205	2,410
EBIT Margin	30.28%	27.15%	28.14%	19.41%	22.79%	17.64%
Effective Tax Rate	24.18%	22.49%	27.26%	24.40%	36.56%	21.63%

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.