National Grid (ADR)
Operates regulated electricity and gas networks across Britain and the northeastern United States.
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Profile
Operates regulated electricity transmission and distribution networks in Britain and electricity and gas networks in New York and New England. Revenue and investment are shaped by UK price controls, US rate cases and federal oversight, while National Grid Ventures holds businesses outside the four regulated network segments.
Operates regulated electricity transmission and distribution networks in Britain and electricity and gas networks in New York and New England. UK Electricity Transmission, UK Electricity Distribution, New York and New England form the regulated core; National Grid Ventures holds businesses outside it.
Execution centers on maintaining reliable networks, adding capacity and modernising long-lived infrastructure. The portfolio has shifted toward electricity through the Western Power Distribution acquisition and sales of Narragansett Electric and most of UK Gas Transmission and Metering.
Allowed revenues, returns, investment allowances and performance incentives are set by Ofgem price controls, state rate cases and federal oversight. Results therefore depend on regulatory approvals, delivery against funded programmes, operational safety and network reliability.
Company facts
Key statistics
Year to date +0.8% · Average volume (30d) 742.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Mar 18, 2026 | Jefferies | Downgrade | Buy | Hold | |
| Mar 16, 2026 | UBS | Downgrade | Neutral | Sell | |
| Dec 11, 2025 | National Bank | Target | $85.50 | ||
| May 6, 2025 | Citigroup | Downgrade | Buy | Neutral | |
| Apr 29, 2025 | UBS | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| May 14, 2026Q4 FY26 | $3.24 | $3.56 | +9.9% | $16.36B | $14.22B | −13.1% | −7.77% |
| Nov 6, 2025Q2 FY26 | $1.85 | $0.84 | −54.8% | $11.22B | $9.48B | −15.4% | +1.91% |
| May 15, 2025Q4 FY25 | $2.82 | $0.59 | −79.0% | $16.34B | $13.45B | −17.7% | +1.78% |
| Nov 7, 2024Q2 FY25 | $1.77 | $0.19 | −89.5% | $11.68B | $10.43B | −10.6% | −0.56% |
Financial highlights
| 12 quarters | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $11.49B | $15.36B | $10.31B | $13.85B | $9.54B | $14.59B | |
| Gross profit | $11.49B | $4.81B | $1.57B | $4.73B | $2.18B | $5.69B | |
| Operating income | $2.69B | $4.81B | $1.57B | $4.73B | $2.18B | $5.69B | |
| Net income | $1.53B | $1.57B | $838.1M | $3.00B | $833.2M | $3.61B | |
| Diluted EPS | $1.96 | $1.94 | $0.92 | $3.06 | $0.81 | $3.65 | |
| Gross margin | 100.0% | 31.3% | 15.2% | 34.1% | 22.9% | 39.0% | |
| Operating margin | 23.4% | 31.3% | 15.2% | 34.1% | 22.9% | 39.0% |
Revenue by product · FY26
Revenue by geography · FY26
Balance sheet, Mar 31, 2026Cash & short-term investments $3.83B · Total debt $63.29B · Total assets $146.57B · Shareholders' equity $53.20B
Dividends
Last raised to $2.1738 from $1.0657 in May 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| May 29, 2026 | May 29 | Jul 23 | $2.1738 | raised from $1.0657 |
| Nov 21, 2025 | Nov 21 | Jan 13 | $1.0657 | cut from $2.0545 |
| May 30, 2025 | May 30 | Jul 17 | $2.0545 | raised from $1.0096 |
| Nov 22, 2024 | Nov 22 | Jan 14 | $1.0096 | cut from $2.4739 |
| Jun 7, 2024 | Jun 7 | Jul 19 | $2.4739 | raised from $1.1799 |
| May 31, 2024 | $3.506 | special dividend | ||
| Nov 22, 2023 | Nov 24 | Jan 11 | $1.1799 | cut from $2.3259 |
| Jun 1, 2023 | Jun 2 | Aug 9 | $2.3259 | raised from $1.021 |
Ownership
Shares outstanding 1.01B · Float 1.01B · 100.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Bank of America Corp /DE/ | 4.81M | 0.48% | 13F | Aug 14, 2026 |
| FMR LLC | 4.73M | 0.47% | 13F | Aug 13, 2026 |
| JPMorgan Chase & Co | 3.71M | 0.37% | 13F | Aug 12, 2026 |
| Morgan Stanley | 3.58M | 0.36% | 13F | Aug 13, 2026 |
| Natixis Advisors, L.P. | 2.44M | 0.24% | 13F | Aug 14, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Consolidated Edison
New York peer in regulated electric, gas, and transmission networks
- Eversource Energy
New England peer in electric transmission and utility delivery
- Fortis
North American peer in New York utilities and transmission grids
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| National Grid (ADR) | $79.35 | +0.01% | $79.78B | 18.0 | — | 3.3 | +5.7% |
| Consolidated Edison | $107.49 | +0.01% | $39.61B | 17.7 | 17.4 | 2.2 | +13.2% |
| Eversource Energy | $70.84 | +0.02% | $26.64B | 18.4 | 15.1 | 1.9 | +2.3% |
| Fortis | $54.88 | +0.38% | $27.83B | 23.9 | 21.6 | 3.1 | −0.2% |
| Median | 18.4 | 17.4 | 2.2 | +2.3% |