EarningsQ4 2026 Earnings Report
MX:NGRN Q4 2026 EPS Results
Actual EPS$11.45
Consensus EPS$11.45
Beat/MissMet expectations
One Year Ago EPS$10.73
MX:NGRN Q4 2026 Revenue Results
Actual Revenue$252.23B
Expected Revenue$288.59B
Beat/MissMissed by -$36.37B
YoY Revenue Growth+1.97%
Earnings Announcement Details
QuarterQ4 2026
Date05/14/2026
TimeBefore Open
Conference CallThursday, May 14, 2026
MX:NGRN Upcoming Earnings
National Grid's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q4 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a clear and positive investment and operational story: management outlined a major capital investment program (at least GBP 70bn), reiterated strong near-term results (underlying profit GBP 5.7bn, EPS +8%), and highlighted multiple technology-driven productivity gains and regulatory wins (e.g., T3). Material risks were acknowledged — rising net debt, portions of the plan not yet fully covered by regulation, NGV earnings decline, input-cost inflation, and RIIO-ED3 uncertainty — but management emphasized de-risking actions (2/3 covered by agreements, 3/4 delivery mechanisms secured), operational control improvements, and technology pilots that should mitigate execution risk. Overall, the positive momentum, visibility of regulated growth, and operational progress outweigh the acknowledged challenges.Company Guidance
Significant Capital Investment Step-Up
CapEx increased by more than 20% to GBP 11.6bn for the year, supporting a five-year commitment to invest at least GBP 70bn, with expected annual asset growth of ~10% and underlying EPS growth guidance of 8%–10%.
Strong Operating Performance and EPS Growth
Group underlying operating profit rose to GBP 5.7bn and underlying EPS grew 8% at constant currency (FY2026 baseline EPS GBP 0.78), in line with guidance.
Robust U.K. Transmission Outcomes
UK Electricity Transmission delivered underlying operating profit of GBP 1.7bn (up GBP 254m), CapEx of GBP 4.4bn (up 46%), RAV growth of 16% to GBP 23.8bn, and an achieved ROE of 8.2% (c.100 bps ahead of baseline allowance).
Progress in UK Distribution and Early Synergies
UK Electricity Distribution underlying operating profit rose to GBP 1.2bn (up GBP 35m), CapEx increased 13% to GBP 1.6bn, RAV grew 7% to GBP 13.1bn, and the group achieved its GBP 100m synergies target six months ahead of schedule.
Strong U.S. Business Momentum
New York underlying operating profit increased by GBP 342m to GBP 1.7bn with CapEx up 11% to GBP 3.4bn and rate base growth of 10% to $25.4bn; Niagara Mohawk allowed ROE was set at 9.5%.
Technology and Operational Productivity Gains
Pilots and digital rollouts delivered tangible benefits: up to 30% reduction in crew travel time in New York gas pilots, FLISR coverage of 34% in Massachusetts avoiding >15 million outage minutes in six months, and an 18% increase in after-call customer satisfaction across U.S. contact centers.
Innovation Delivering Network Capacity and Savings
National Grid Partners initiatives: GridCARE identified 650 MW of connection capacity in New York; Emerald AI trial (with NVIDIA) achieved up to 40% reductions in data center load; dynamic line rating rollout expected to save UK customers up to GBP 50m over five years.
Strong Cash Generation
Cash generated from continuing operations was GBP 7.9bn, up 15% year-over-year, supporting investment activity and financing needs.
High Degree of Regulatory and Supply Visibility
Around two-thirds of the GBP 70bn five-year investment plan is covered by regulatory agreements and delivery mechanisms are secured for approximately 75% of the program (including 100% of primary supply chain for ASTI projects).
Upbeat FY2027 Guidance
For FY2027 management expects CapEx to grow ~10% to nearly GBP 13bn and underlying EPS growth of 13%–15% from the FY2026 baseline, reflecting the step-up into RIIO-T3.
MX:NGRN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed