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National Grid (GB:NG)
LSE:NG
UK Market
NG
National Grid
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National Grid (NG) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date
Nov 05, 2026
TBA (Confirmed)
Period Ending
2027 (Q2)
Consensus EPS Forecast
0.34
Last Year’s EPS
0.3
Same Quarter Last Year
Analyst Consensus
Moderate Buy
Based on 12 Analysts Ratings

Earnings Call Summary

Q4 2026
Earnings Call Date:May 14, 2026|
% Change Since:
|
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
Management set out a five‑year framework to invest at least GBP70bn, supporting ~10% annual asset growth and an underlying EPS CAGR of 8–10% (FY27 guidance: capex ~+10% to nearly GBP13bn and EPS +13–15% from a FY26 baseline of GBP0.78), with dividend growth tied to CPIH (this year DPS +3.8%). FY26 delivery included CapEx >20% to GBP11.6bn, underlying operating profit GBP5.7bn and underlying EPS +8% at constant currency; about 2/3 of the GBP70bn is already covered by regulatory agreements, delivery mechanisms secured for 3/4 and 100% of primary ASTI supply chain, with GBP2.5bn and GBP1bn contracted on major projects. Regional plans are ~GBP40bn in the U.K. (transmission ~GBP31bn, distribution ~GBP9bn) to connect 35GW of generation and 19GW of demand, build ~7,500 km, grow RAV >60% to >GBP60bn and recruit ~6,000 staff (2,000 graduates/apprentices); and ~GBP29bn in the U.S. (New York ~GBP17bn, New England ~GBP12bn) to grow U.S. RAV ~50% to >GBP45bn. Key operating/efficiency metrics cited include UK transmission reliability 99.99999%, UK ET underlying profit GBP1.7bn (CapEx GBP4.4bn, RAV GBP23.8bn, ROE 8.2%), New York underlying profit GBP1.7bn (CapEx GBP3.4bn, rate base $25.4bn, ROE 9%), Massachusetts FLISR coverage 34% (avoided >15m outage minutes), dynamic line ratings saving up to GBP50m over five years, GridCARE identifying 650MW of capacity, Emerald AI trials reducing data‑center load up to 40%, >2m U.S. smart meters, US after‑call satisfaction +18%, cash from operations GBP7.9bn, net debt GBP44.2bn and net finance costs GBP1.3bn, with ~70% of U.S. gross assets hedged in dollars.
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.

National Grid (GB:NG) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced
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GB:NG Earnings History

Report Date
Fiscal Quarter
Forecast / EPS
Last Year's EPS
EPS YoY Change
Press Release
Slides
Play Transcript
Nov 05, 2026
2027 (Q2)
0.34 / -
0.298―――
May 14, 2026
2026 (Q4)
0.48 / 0.48
0.4526.64% (+0.03)――
Nov 06, 2025
2026 (Q2)
0.27 / 0.30
0.2816.05% (+0.02)――
May 15, 2025
2025 (Q4)
0.45 / 0.45
0.4246.60% (+0.03)――
Nov 07, 2024
2025 (Q2)
0.27 / 0.28
0.21928.31% (+0.06)――
May 23, 2024
2024 (Q4)
0.42 / 0.42
0.34921.49% (+0.08)――
Nov 09, 2023
2024 (Q2)
0.22 / 0.22
0.271-19.19% (-0.05)――
May 18, 2023
2023 (Q4)
0.35 / 0.35
0.552-36.78% (-0.20)――
Nov 10, 2022
2023 (Q2)
0.27 / 0.27
0.097179.38% (+0.17)――
May 19, 2022
2022 (Q4)
0.28 / 0.55
0.3462.35% (+0.21)――
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

GB:NG Earnings-Related Price Changes

Report Date
Price 1 Day Before
Price 1 Day After
Percentage Change
May 14, 2026
1243.71 p1257.84 p+1.14%
Nov 06, 2025
1106.48 p1115.13 p+0.78%
May 15, 2025
947.68 p976.14 p+3.00%
Nov 07, 2024
902.75 p901.64 p-0.12%
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 (GB:NG) report earnings?
National Grid (GB:NG) is schdueled to report earning on Nov 05, 2026, TBA (Confirmed).
    What is National Grid (GB:NG) earnings time?
    National Grid (GB:NG) 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 the P/E ratio of National Grid stock?
          The P/E ratio of National Grid is N/A.
            What is GB:NG EPS forecast?
            GB:NG EPS forecast for the fiscal quarter 2027 (Q2) is 0.34.