National Grid earnings date and guidance
National Grid's next results are expected on November 5, 2026. Watch whether recurring network earnings turn into cash generation.
What has National Grid guided for FY27?
For FY27, UK Electricity Transmission is expected to add £850 million of underlying net revenue. Depreciation rises £80 million, while costs rise £50 million. Group net finance costs are also expected to rise £200 million, so more network revenue must first absorb higher equipment and borrowing costs.
The new framework targets 8–10% annual compound EPS growth from FY26’s 78.0p through March 2031. The earlier framework targeted 6–8% from the FY25 baseline, so investors need the bridge from network returns, financing, tax and share count—not just the higher percentage.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| UK Electricity Transmission, Underlying net revenue increase (£ millions) | Year to Mar 2027 | 850 | 14 May 2026 | |
| UK Electricity Transmission, Depreciation increase (£ millions) | Year to Mar 2027 | 80 | 80 | 14 May 2026 |
| UK Electricity Transmission, Costs increase (£ millions) | Year to Mar 2027 | 50 | 50 | 14 May 2026 |
| Net finance costs increase (£ millions) | Year to Mar 2027 | 200 | 200 | 14 May 2026 |
| Group capital investment (£ billions) | Year to Mar 2027 | 13 | 14 May 2026 | |
| Underlying EPS growth (%) | Year to Mar 2027 | 15.0% | 14 May 2026 |
What were National Grid's last eight reported periods?
The 5 October update offered a mixed signal: regulated businesses were in line with expectations, but about £130 million of upside included one-off fair-value gains from National Grid Partners transactions. The accounts therefore point to a company with genuine regulated growth, improving earnings and strong assets—but also negative free cash flow, rising financing demands and a continuing gap between money invested and useful capacity delivered.
| 6 months to Mar 2026 | 6 months to Sep 2025 | 6 months to Mar 2025 | 6 months to Sep 2024 | 6 months to Mar 2024 | 6 months to Sep 2023 | 6 months to Mar 2023 | 6 months to Sep 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10,622 | 7,065 | 10,417 | 7,961 | 11,361 | 8,489 | 12,215 | 9,444 |
| Operating income | 3,905 | 1,526 | 3,625 | 1,309 | 2,490 | 1,985 | 2,640 | 2,239 |
| Net income | 2,624 | 617 | 2,255 | 571 | 1,153 | 1,063 | 1,495 | 1,219 |
| EPS, diluted | 52.70 | 12.50 | 47.20 | 12.60 | 28.70 | 26.60 | 37.59 | 30.71 |
| Cash from operations | 4,203 | 3,626 | 4,196 | 2,612 | 4,078 | 2,861 | 4,071 | 2,272 |
| = Free cash flow | -2,673 | -2,150 | -1,855 | -2,693 | -801 | -1,458 | -177 | -1,957 |
What should investors watch in National Grid's next results?
The first checkpoint is 5 November 2026, when National Grid reports its September half-year. The important evidence will be the composition of earnings: recurring network operations, investment revaluations and cash generation. Because underlying EPS normally favours the second half, doubling the interim figure would mislead.
FERC, the US federal transmission regulator, reduced the base return on equity in New England to 9.57% and ordered historical refunds with interest. National Grid plans to challenge that decision. Separately, transmission owners requested a forward-looking return of 11.39%. The refund concerns money already charged; the proposed return concerns what future investment may earn. One does not cancel the other.