National Grid (NGG)
NYSE:NGG
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Earnings Data
Report Date
Nov 05, 2026TBA (Confirmed)
Period Ending
2027 (Q2)Consensus EPS Forecast
2.32Last Year’s EPS
1.95Same Quarter Last Year
Based on 0 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call outlines a strong growth and delivery story: materially higher capital investment (at least GBP 70bn), clear multi-year EPS and RAV targets, strong operating performance and technology-led productivity initiatives. Management backed this with specific execution actions (capital control tower, standardized designs, AI pilots) and measurable early wins (reliability, customer satisfaction, productivity and contracted supply). Key risks remain: higher net debt and leverage as investment ramps, NGV profit and capex contraction, storm/regulatory headwinds in parts of the U.S., commodity and supply-chain inflation, and some regulatory uncertainty (ED3) that may limit the pace at which efficiency gains convert into shareholder returns. On balance, the positive operational progress, visibility of regulatory coverage, and credible execution plans outweigh the risks, though execution and regulatory outcomes will be critical to realize the stated financial targets.Company Guidance
Material Step-Up in Capital Investment and Asset Growth
Group CapEx increased by more than 20% to GBP 11.6bn for the year, driving asset growth of 10.9%. Management set a five-year investment program of at least GBP 70bn (largest ever), supporting ~10% annual asset growth and providing strong multi-year visibility.
Strong Underlying Profitability and EPS Momentum
Group underlying operating profit rose to GBP 5.7bn; underlying EPS grew 8% at constant currency in line with guidance. For FY2027 management expects underlying EPS growth of 13%-15% from the FY2026 baseline (GBP 0.78) and an 8%-10% underlying EPS CAGR over the five‑year frame.
Dividend Progression Aligned with Inflation
Dividend per share was increased by 3.8%, explicitly in line with U.K. CPIH inflation, underpinning the progressive dividend policy.
U.K. Transmission and Distribution – Big Investment and RAV Expansion
U.K. plan: ~GBP 40bn of investment over five years. UK Electricity Transmission CapEx of GBP 4.4bn (up 46% year-on-year) delivering RAV growth of 16% to GBP 23.8bn; transmission five‑year investment guided at ~GBP 31bn (a 150% increase vs prior five years). Overall U.K. regulated asset value expected to grow >60% to >GBP 60bn.
U.S. Investment Upside and Strong Returns
U.S. five-year investment ~GBP 29bn (New York ~GBP 17bn, +30% vs prior period; New England ~GBP 12bn, +50%). U.S. regulated rate base expected to grow ~50% to >GBP 45bn. New York delivered a 9% ROE (96% of allowance) and New England a 9.2% ROE.
High Degree of Regulatory / Contract Coverage
About two‑thirds of the GBP 70bn program is already covered by regulatory agreements, delivery mechanisms secured for ~3/4 of the plan, and 100% of primary supply chain for ASTI projects contracted. Recent contract awards include GBP 2.5bn for Eastern Green Link 3 & 4 and ~GBP 1bn on CLCPA phase II.
World-Class Reliability and Technology-Enabled Resilience
U.K. transmission reliability cited at 99.99999%. In Massachusetts FLISR covers 34% of customers and in aggregate avoided >15 million minutes of outages in six months. Dynamic line rating rollout expected to save U.K. customers up to GBP 50m over five years. Smart meters rolled out to >2m U.S. customers. US contact center initiatives delivered an 18% increase in after-call customer satisfaction.
Operational Productivity and Quick Wins from Digital/AI
Field pilots (New York gas) reduced crew travel time by ~30% through simplified processes, planning/scheduling and AI. Capital control tower and AI-enabled planning are being deployed to optimize schedules, access and cost across portfolios.
Cashflow and Synergies Delivered
Cash generated from continuing operations increased 15% to GBP 7.9bn. The group delivered GBP 100m of synergies six months ahead of schedule (procurement and operations).
NGG 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
NGG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 14, 2026 | $84.77 | $85.21 | +0.52% |
Nov 06, 2025 | $72.43 | $73.32 | +1.22% |
May 15, 2025 | $62.99 | $65.42 | +3.86% |
Nov 07, 2024 | $58.94 | $59.10 | +0.28% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does National Grid (NGG) report earnings?
National Grid (NGG) is schdueled to report earning on Nov 05, 2026, TBA (Confirmed).
What is National Grid (NGG) earnings time?
National Grid (NGG) earnings time is at Nov 05, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is NGG EPS forecast?
NGG EPS forecast for the fiscal quarter 2027 (Q2) is 2.32.