National Grid Income 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
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%
Operations and Maintenance Expenses	12,154	13,244	15,208	17,549	14,139	10,939
Gross Profit	5,328	5,134	4,642	4,110	4,310	2,726
Other Operating Expenses	177	200	167	-769	-61	325
Operating Income	5,151	4,934	4,475	4,879	4,371	2,401
Interest Income	479	523	285	309	142	116
Interest Expense	-1,838	-1,807	-1,712	-1,598	-1,072	-853
Total Non-Operating Income (Expense)	-1,359	-1,284	-1,427	-1,289	-930	-737
Pretax Income	3,792	3,650	3,048	3,590	3,441	1,664
Provision for Income Taxes	917	821	831	876	1,258	360
Net Income	2,872	2,902	2,290	7,797	2,353	1,640
Minority Interest in Earnings	3	3	1	-	1	1
Earnings From Discontinued Operations	-	76	74	5,083	171	337
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)	981	941	798	791	720	705
Shares Outstanding (Diluted)	986	946	802	795	723	708
Shares Change (YoY)	15.14%	17.99%	0.88%	9.87%	2.15%	1.78%
EPS (Basic)	2.99	2.99	2.77	3.43	3.03	1.85
EPS (Diluted)	2.98	2.99	2.77	3.42	3.01	1.84
EPS Growth	44.55%	8.14%	-19.03%	13.27%	63.86%	1.38%
Free Cash Flow	-1,619	-1,972	35	18	392	-398
Free Cash Flow Growth	-	-	94.44%	-95.41%	-	-
Free Cash Flow Per Share	-1.64	-2.09	0.04	0.02	0.54	-0.56
Dividends Per Share	0.472	0.467	0.585	0.554	0.510	0.492
Dividend Growth	1.09%	-20.16%	5.56%	8.77%	3.68%	1.21%
Gross Margin	30.48%	27.94%	23.39%	18.98%	23.36%	19.95%
Operating Margin	29.46%	26.85%	22.54%	22.53%	23.69%	17.57%
Profit Margin	16.45%	15.39%	11.17%	12.53%	11.83%	9.54%
FCF Margin	-9.26%	-10.73%	0.18%	0.08%	2.12%	-2.91%
EBITDA	7,370	7,413	6,536	6,863	6,201	3,886
EBITDA Margin	42.16%	40.34%	32.93%	31.69%	33.61%	28.44%
EBIT	5,151	4,934	4,475	4,879	4,371	2,401
EBIT Margin	29.46%	26.85%	22.54%	22.53%	23.69%	17.57%
Effective Tax Rate	24.18%	22.49%	27.26%	24.40%	36.56%	21.63%

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

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