Filing Flows › National Grid (NGG) › H1 FY27
National Grid (NGG) H1 FY27 earnings results (H1 FY27)
6-K filed Nov 5, 2026
National Grid (NGG) reported revenue of $8.1B for the H1 FY27 (H1 FY27), +15% from a year earlier. Operating margin was 29.0%, net earnings $1.3B (16.5% of revenue).
National Grid, H1 FY27: revenue $8.1B (+15% year over year), operating margin 29.0%, net earnings $1.3B, operating cash flow $4.1B. The chart follows the revenue to costs, profit and cash.
| H1 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.1B | — | +15% |
| Operating profit | $2.4B | — | +55% |
| Net earnings | $1.3B | — | +117% |
| Operating cash flow | $4.1B | — | +14% |
What changed
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.
Questions
What was National Grid's revenue in the H1 FY27?
National Grid (NGG) reported revenue of $8.1B for the H1 FY27 (H1 FY27), +15% from a year earlier.
Was National Grid profitable in the H1 FY27?
Operating profit was $2.4B (29.0% of revenue) and net earnings $1.3B.
Source: National Grid 6-K on SEC EDGAR.