National Grid Cash Flow Statement

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

Millions GBP. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	5,151	4,934	4,475	4,879	4,371	2,401
Depreciation & Amortization	2,219	2,479	2,061	1,984	1,830	1,485
Stock-Based Compensation	38	37	37	48	38	23
Other Adjustments	127	-122	-16	-825	-623	-87
Changes in Other Operating Activities	85	-520	382	257	-126	-11
Operating Cash Flow	7,620	6,808	6,939	6,343	5,490	3,811
Operating Cash Flow Growth	16.14%	-1.89%	9.40%	15.54%	44.06%	-38.71%
Capital Expenditures	-9,239	-8,780	-6,904	-6,325	-5,098	-4,209
Sale of Property, Plant & Equipment	26	26	52	87	26	7
Purchases of Intangible Assets	-543	-526	-549	-567	-446	-399
Purchases of Investments	-488	-518	-413	-538	-462	-180
Proceeds from Sale of Investments	187	211	278	306	381	146
Payments for Business Acquisitions	-	-	-19	-19	-7,853	-26
Proceeds from Business Divestments	1,481	1,263	681	7,492	-	-
Other Investing Activities	3,288	-2,269	-727	368	-846	-278
Investing Cash Flow	-5,288	-10,593	-7,601	804	-14,298	-4,939
Long-Term Debt Issued	3,663	3,237	5,563	11,908	12,347	5,150
Long-Term Debt Repaid	3,583	2,861	1,701	15,260	1,261	1,654
Net Long-Term Debt Issued (Repaid)	7,246	6,098	7,264	27,168	13,608	6,804
Issuance of Common Stock	41	7,019	20	16	33	16
Repurchase of Common Stock	3	7	4	-1	3	2
Net Common Stock Issued (Repurchased)	44	7,026	24	15	36	18
Common Dividends Paid	-1,612	-1,529	-1,718	-1,607	-922	-1,413
Other Financing Activities	-1,964	-1,331	-1,173	-2,024	-1,275	-1,645
Financing Cash Flow	3,714	10,264	4,397	23,552	11,447	3,764
Net Cash Flow	-347	765	427	-35	31	95
Free Cash Flow	-1,619	-1,972	35	18	392	-398
Free Cash Flow Growth	-	-	94.44%	-95.41%	-	-
FCF Margin	-9.26%	-10.73%	0.18%	0.08%	2.12%	-2.91%
Free Cash Flow Per Share	-1.64	-2.09	0.04	0.02	0.54	-0.56
Levered Free Cash Flow	3,183	2,179	5,093	30,881	12,567	5,709
Unlevered Free Cash Flow	-3,030	-2,997	-1,206	-395.53	-621	-853.45

Updated Sep 30, 2025. Data Source: Fiscal.ai. Utilities template. Financial Sources.