National Grid Income Statement

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

Millions GBP. Fiscal year is Apr - Mar.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Revenue	17,687	18,378	19,850	21,659	18,449
Revenue Growth (YoY)	-3.76%	-7.42%	-8.35%	17.40%	35.01%
Provision for Bad Debts	-	200	179	220	167
Other Operating Expenses	12,521	13,188	14,085	17,234	14,077
Total Operating Expenses	12,521	13,388	14,264	17,454	14,244
Operating Income	5,166	4,990	5,586	4,205	4,205
Interest Expense	-1,526	-1,680	-1,621	-1,592	-1,084
Interest Income	263	342	140	81	35
Net Interest Expense	-1,263	-1,338	-1,481	-1,511	-1,049
Income (Loss) on Equity Investments	76	73	37	171	92
Other Non-Operating Income (Expenses)	-175	-118	-87	-6	42
EBT Excluding Unusual Items	3,804	3,607	4,055	2,859	3,290
Restructuring Charges	-	-74	-65	-100	-42
Total Merger & Restructuring Charges	-17	-65	-44	-117	-223
Gain (Loss) on Sale of Investments	2	-302	4	307	402
Gain (Loss) on Sale of Assets	393	187	-	511	-
Insurance Settlements	-	-	92	130	38
Other Unusual Items	-	297	-994	-	-24
Pretax Income	4,182	3,650	3,048	3,590	3,441
Income Tax Expense	939	821	831	876	1,258
Earnings From Continuing Ops.	3,243	2,829	2,217	2,714	2,183
Earnings From Discontinued Ops.	-	76	74	5,083	171
Net Income to Company	3,243	2,905	2,291	7,797	2,354
Minority Interest in Earnings	-2	-3	-1	-	-1
Net Income	3,241	2,902	2,290	7,797	2,353
Net Income to Common	3,241	2,902	2,290	7,797	2,353
Net Income Growth	11.68%	26.72%	-70.63%	231.36%	43.48%
Shares Outstanding (Basic)	4,946	4,707	3,692	3,659	3,599
Shares Outstanding (Diluted)	4,971	4,729	3,709	3,676	3,616
Shares Change (YoY)	5.12%	27.50%	0.90%	1.66%	2.15%
EPS (Basic)	0.66	0.62	0.62	2.13	0.65
EPS (Diluted)	0.65	0.61	0.62	2.12	0.65
EPS Growth	6.18%	-0.54%	-70.89%	226.13%	40.39%
Free Cash Flow	-2,160	-1,972	35	573	1,174
Free Cash Flow Per Share	-0.43	-0.42	0.01	0.16	0.33
Dividend Per Share	0.485	0.467	0.585	0.554	0.510
Dividend Growth	3.79%	-20.16%	5.56%	8.77%	3.68%
Profit Margin	18.32%	15.79%	11.54%	36.00%	12.75%
Free Cash Flow Margin	-12.21%	-10.73%	0.18%	2.65%	6.36%
EBITDA	7,413	6,794	7,275	5,840	6,035
EBITDA Margin	41.91%	36.97%	36.65%	26.96%	32.71%
D&A For EBITDA	2,247	1,804	1,689	1,635	1,830
EBIT	5,166	4,990	5,586	4,205	4,205
EBIT Margin	29.21%	27.15%	28.14%	19.41%	22.79%
Effective Tax Rate	22.45%	22.49%	27.26%	24.40%	36.56%

Source: S&P Global Market Intelligence. Utility template. Financial Sources.