National Grid plc (NGG)

National Grid Cash Flow 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
Net Income	2,872	2,902	2,290	7,797	2,353	1,640
Depreciation & Amortization	1,968	1,924	1,804	1,765	1,830	1,289
Other Amortization	323	323	301	291	-	196
Loss (Gain) on Sale of Investments	-188	-188	-	-846	-228	-
Asset Writedown	270	298	-60	-51	-65	-22
Stock-Based Compensation	38	37	37	48	38	23
Change in Other Net Operating Assets	178	-337	724	346	-158	80
Other Operating Activities	2,361	1,849	1,843	-3,007	1,720	670
Net Cash from Discontinued Operations	-	-	-	555	782	585
Operating Cash Flow	7,822	6,808	6,939	6,898	6,272	4,461
Operating Cash Flow Growth	16.92%	-1.89%	0.59%	9.98%	40.60%	-3.40%
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
Cash Acquisitions	-	-	-19	-19	-7,853	-26
Divestitures	2,058	1,263	681	7,492	-	-
Sale (Purchase) of Intangibles	-543	-526	-549	-567	-446	-399
Investment in Securities	2,539	-3,039	-1,452	164	-615	-552
Other Investing Activities	448	485	692	-592	-24	63
Investing Cash Flow	-4,711	-10,571	-7,499	240	-14,010	-5,116
Short-Term Debt Issued	-	925	544	-	-	-
Long-Term Debt Issued	-	3,237	5,563	11,908	12,347	5,150
Total Debt Issued	4,588	4,162	6,107	11,908	12,347	5,150
Short-Term Debt Repaid	-	-	-	-511	-11	-619
Long-Term Debt Repaid	-	-2,991	-1,819	-15,415	-1,378	-1,761
Total Debt Repaid	-4,505	-2,991	-1,819	-15,926	-1,389	-2,380
Net Debt Issued (Repaid)	83	1,171	4,288	-4,018	10,958	2,770
Issuance of Common Stock	41	7,019	20	17	33	16
Repurchase of Common Stock	-3	-7	-4	-	-3	-2
Common Dividends Paid	-1,612	-1,529	-1,718	-1,607	-922	-1,413
Other Financing Activities	-1,967	-2,126	-1,599	-1,565	-2,297	-621
Financing Cash Flow	-3,458	4,528	987	-7,173	7,769	750
Foreign Exchange Rate Adjustments	35	-23	-1	7	5	-7
Miscellaneous Cash Flow Adjustments	74	-123	-30	9	-11	-4
Net Cash Flow	-238	619	396	-19	25	84
Free Cash Flow	-1,417	-1,972	35	573	1,174	252
Free Cash Flow Growth	-	-	-93.89%	-51.19%	365.87%	-22.94%
Free Cash Flow Margin	-8.11%	-10.73%	0.18%	2.65%	6.36%	1.84%
Free Cash Flow Per Share	-0.29	-0.42	0.01	0.16	0.33	0.07
Cash Interest Paid	1,914	1,920	1,627	1,430	1,053	753
Cash Income Tax Paid	117	183	342	89	298	91
Levered Free Cash Flow	-3,579	-6,910	-2,410	-1,317	-1,948	-4,462
Unlevered Free Cash Flow	-2,539	-5,860	-1,397	-321.88	-1,271	-3,980
Change in Working Capital	178	-337	724	346	-158	80

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

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