National Grid plc

NGGNYSEUtilities● Active

$80.12

$-1.74(-2.13%)

Market Cap$79.8B

P/E Ratio—

52W High$94.64

52W Low$67.52

Avg Volume1.3M

Open$80.72

Beta0.60

Free Cash Flow Financials Revenue

National Grid plc (NGG) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NGG · free cash flow · updated Jun 8, 2026

Core FCF metrics

NGG · FCF · TTM · margin & CAGR

Free cash flow was −$3.82B for FY2026 (fiscal year ending 2026-03-31), down 12.7% year-over-year The FCF margin was -21.2%.

FY2026 Free Cash Flow−$3.82B▼ -12.7% YoY

Trailing 12M (TTM)−$7.08Btrailing 4 quarters sum

FCF Margin-21.2%−$3.82B ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NGG · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2026Latest$6.33B(10.15B)−$3.82B▼ 12.7%-21.2%

FY2025$5.27B(8.66B)−$3.39B▼ 166.8%-18.4%

FY2024$5.64B(6.91B)−$1.27B▼ 116.6%-6.4%

FY2023$5.57B(6.16B)−$585.9M▼ 272.2%-2.7%

FY2022$5.65B(5.31B)$340.3M▲ +188.9%1.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NGG · P/FCF · FCF yield · FCF per share

National Grid plc (NGG) reported negative free cash flow of −$3.82B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2026 · 2026-03-31

Cash flow statement summary

NGG · cash flow statement · operating / investing / financing

For FY2026, National Grid plc generated $6.33B in operating cash flow and spent 10.15B in capital expenditures, yielding −$3.82B in free cash flow.

Operating Activities

+$6.33B

Cash from core business operations

2026-03-31

Investing Activities

−$4.57B

CapEx, acquisitions & investments

2026-03-31

Financing Activities

−$2.73B

Buybacks, dividends & debt

2026-03-31

FCF FormulaOperating CF ($6.33B) − |CapEx| (10.15B) = FCF (−$3.82B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Utilities)

NGG vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

National Grid plcYOU

NGG

−$3.82B-12.7%-21.2%

Loss

Constellation Energy Corporation

CEG

$1.29B+125.6%5.0%

35%

Duke Energy Corporation

Utilities · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

National Grid plc (NGG) reported free cash flow of −$3.82B for FY2026 (fiscal year ending 2026-03-31), down 12.7% year-over-year. The FCF margin was -21.2%.

Based on available data, National Grid plc has maintained positive free cash flow for at least 7 fiscal year(s). FCF peaked at $1.99B in FY2016.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NGG free cash flow · 8 questions

National Grid plc free cash flow was −$3.82B for FY2026, down 12.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$7.08B.

NGG free cash flowNGG FCFNGG FCF 2026NGG free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · National Grid plc · National Grid plc SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026