The earnings call revealed robust financial performance with record capital investments and strategic regulatory progress, particularly in the U.S. However, challenges such as severe weather impacts, project delays, and significant impairments balanced the positive aspects.

Company Guidance

During the call, National Grid provided robust guidance for its future strategy, focusing on significant capital investment and asset growth. The company reaffirmed its commitment to a five-year financial framework, aiming for £60 billion in capital investment, which is expected to drive asset growth of around 10% per annum. This investment is projected to yield an underlying earnings per share (EPS) growth of 6% to 8%, while maintaining a strong balance sheet and delivering an inflation-protected dividend. The company reported a record £9.8 billion in capital investment for the year, a 20% increase from the previous year, contributing to a 10.5% growth in regulated asset base. National Grid also highlighted its achievements in regulatory agreements, securing over 70% of its U.S. investment with regulators and progressing with its strategic infrastructure projects. The company expressed confidence in its ability to deliver its £60 billion investment program and outlined plans for continued engagement with regulatory bodies to refine investment needs and secure future growth.

Record Capital Investment

National Grid delivered record capital investment of £9.8 billion, a 20% increase from last year, reflecting significant progress across all regulated businesses.

Strong Financial Performance

Underlying operating profit increased by 12% to £5.4 billion at constant currency, driven by increased regulated revenues and flat controllable costs.

Regulated Asset Growth

Helped by the capital investment, National Grid achieved a regulated asset growth of 10.5%.

Dividend Increase

The Board declared a final dividend of 30.88p per share, taking the total dividend for the year to 46.72p, an increase of 3.21% from the previous year.

UK Electricity Transmission Achievements

Investment increased by 57% to £3 billion, with the business delivering a return on equity of 8.3%, outperforming its allowed return by 100 basis points.

U.S. Regulatory Progress

New rates in Massachusetts and New York, including an improved return on equity of 9.5% for the Niagara Mohawk business.

National Grid Transco (NGG) 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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NGG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2026 (Q2)	2.00 / -	1.826	―	―	―
May 15, 2025	2025 (Q4)	2.82 / 3.06	2.701	13.22% (+0.36)
Nov 07, 2024	2025 (Q2)	1.77 / 1.83	1.344	35.86% (+0.48)
May 23, 2024	2024 (Q4)	2.64 / 2.70	2.167	24.64% (+0.53)
Nov 09, 2023	2024 (Q2)	1.31 / 1.34	1.583	-15.10% (-0.24)
May 18, 2023	2023 (Q4)	2.16 / 2.17	3.45	-37.19% (-1.28)
Nov 10, 2022	2023 (Q2)	1.57 / 1.58	0.65	143.54% (+0.93)
May 19, 2022	2022 (Q4)	2.47 / 3.45	2.411	43.09% (+1.04)	―	―
Nov 18, 2021	2022 (Q2)	1.30 / 0.65	1.038	-37.38% (-0.39)	―	―
May 20, 2021	2021 (Q4)	- / 2.41	2.22	8.60% (+0.19)	―	―

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 15, 2025	$65.54	$68.07	+3.86%
Nov 07, 2024	$61.32	$61.50	+0.29%
May 23, 2024	$61.97	$53.13	-14.26%
Nov 09, 2023	$51.31	$51.11	-0.39%

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 06, 2025, TBA (Confirmed).

What is National Grid (NGG) earnings time?

National Grid (NGG) earnings time is at Nov 06, 2025, 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 2026 (Q2) is 2.

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