National Grid plc (NGG) annual results, year to 31 March 2025: revenue GBP 18,378 million, from the 20-F
National Grid plc files a 20-F with the SEC once a year, in pounds sterling. In the year to 31 March 2025 it reported revenue of GBP 18,378 million ($23.5 billion at the year's average rate), down 7.4% on the year before. Its profit attributable to shareholders was GBP 2,902 million, up 26.7%, and diluted earnings per share GBP 0.61.
The year to 31 March 2025, against the year before
| Year to | Mar 2024 | Mar 2025 |
|---|---|---|
| Revenue | 19,850 | 18,378 |
| Research and development | 32.0 | 43.0 |
| Operating profit | 4,475 | 4,934 |
| Finance costs | 1,712 | 1,807 |
| Profit before tax | 3,048 | 3,650 |
| Income tax | 831 | 821 |
| Profit for the year | 2,291 | 2,905 |
| Profit attributable to shareholders | 2,290 | 2,902 |
| Filing | 20-F | 20-F |
GBP million, from the 20-F on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed. A line the company does not file under the standard tag is left out rather than estimated.
GBP per ordinary share, as filed.
Cash flow
| Year to | Mar 2024 | Mar 2025 |
|---|---|---|
| Purchase of property, plant and equipment | 6,904 | 8,780 |
| Dividends paid | 1,718 | 1,529 |
| Filing | 20-F | 20-F |
GBP million. Free cash flow is cash from operations less the purchase of property, plant and equipment, arithmetic on the two filed lines.
Balance sheet at year end
| Year to | Mar 2024 | Mar 2025 |
|---|---|---|
| Total assets | 98,325 | 106,742 |
| Equity attributable to shareholders | 29,867 | 37,803 |
| Cash and cash equivalents | 559 | 1,178 |
| Borrowings, as filed | 47,072 | 47,539 |
| Lease liabilities | 779 | 829 |
| Trade and other receivables | 3,415 | 4,092 |
| Inventories | 828 | 557 |
| Goodwill | 9,729 | 9,532 |
| Filing | 20-F | 20-F |
GBP million, at each fiscal year end.
Ratios on the filed lines
| Year to | Mar 2024 | Mar 2025 |
|---|---|---|
| Operating margin | 22.5% | 26.8% |
| Net margin | 11.5% | 15.8% |
| Return on year-end equity | 7.7% | 7.7% |
| Effective tax rate | 27.3% | 22.5% |
| Filing | 20-F | 20-F |
Arithmetic on the filed lines of the same year.
The exchange rates used
| Year to | Average over the year US dollars per GBP | At the year end US dollars per GBP |
|---|---|---|
| Mar 2016 | 1.5081 | 1.4381 |
| Mar 2017 | 1.3087 | 1.2537 |
| Mar 2018 | 1.3265 | 1.4027 |
| Mar 2019 | 1.3142 | 1.3032 |
| Mar 2020 | 1.2712 | 1.2454 |
| Mar 2021 | 1.3074 | 1.3795 |
| Mar 2022 | 1.3667 | 1.3152 |
| Mar 2023 | 1.2060 | 1.2369 |
| Mar 2024 | 1.2572 | 1.2637 |
| Mar 2025 | 1.2763 | 1.2896 |
| Mar 2026 | 1.3405 | 1.3184 |
Converted by us, not by the company: the Federal Reserve's daily noon buying rates in New York (H.10), FRED series DEXUSUK. Profit and loss, cash flow and EPS use the average of the daily rates over each fiscal year; the balance sheet uses the rate on the year end, or the last one before it. Ratios are the same in either currency. The filed figures are the ones in pounds sterling.
Every annual report here
- Year to 31 March 2026
- Year to 31 March 2025, this page
- Year to 31 March 2024
- Year to 31 March 2023
- Year to 31 March 2022
- Year to 31 March 2021
- Year to 31 March 2020
- Year to 31 March 2019
- Year to 31 March 2018
- Year to 31 March 2017
- Year to 31 March 2016
Source
20-F for the year to 31 March 2025, filed 3 June 2026, accession 0001004315-26-000006: the filing on EDGAR. All of National Grid plc's filings: EDGAR company page. The figures are in pounds sterling as filed.
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