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National Grid (NGG) earnings and revenue breakdown

Latest: H1 FY27 · 6-K filed Nov 5, 2026 · National Grid (NGG) H1 FY27 earnings results →

H1 FY27 Revenue up 15% year over year to $8.1B · 17¢ of every $1 of revenue kept as net profit · operating margin 29.0%

National Grid made $8.1B in H1 FY27 (+15% Y/Y). Operating margin 29.0%, net earnings $1.3B. See where every dollar goes — costs, profit and cash — as a Sankey from the 6-K filed Nov 5, 2026.

Revenue$8.1B

Year over year+15%

Operating margin29.0%

Net earnings$1.3B

Operating cash flow$4.1B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was £8.1B in H1 FY27, up 15% year over year.

Operating profit was £2.4B, a 29.0% margin (up 7.4 points year over year). Of the extra revenue versus a year earlier, 78% reached operating profit, above the 22% margin then. Total costs grew 4% against revenue growth of 15%. Net earnings were £1.3B, up 118% year over year. The effective tax rate was 22.3%.

Operating cash flow was £4.1B (up 14% year over year), 308% of net earnings. Non-cash charges added back £0.03B of share-based compensation. Working capital and other items added £2.8B. Capital expenditures of £5.7B exceeded it, leaving free cash flow of −£1.5B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
H1 FY27	6-K	Nov 5, 2026	$8.1B	+15%	29.0%	$1.3B	$4.1B

Charts

Natural Gas Transmission; dot size is quarterly revenue; dashed lines are the industry's medians.