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National Grid Transco
(NYSE:NGG)
National Grid Transco (NGG) vs. SPDR S&P 500 ETF (SPY)
National Grid Transco Business Overview & Revenue Model
National Grid Transco Key Performance Indicators (KPIs)
Reveals the profitability of each business segment, highlighting which areas are driving earnings and where there may be challenges or opportunities for growth.
The FlyNational Grid Transco Earnings Call Summary
National Grid Transco Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 17.28B | 18.38B | 19.85B | 21.66B | 18.45B | 18.45B |
| Gross Profit | 5.10B | 14.23B | 14.58B | 13.04B | 12.35B | 12.35B |
| EBITDA | 7.25B | 7.63B | 6.83B | 7.25B | 6.43B | 6.43B |
| Net Income | 2.83B | 2.90B | 2.29B | 7.80B | 2.35B | 2.35B |
Balance Sheet | ||||||
| Total Assets | 103.76B | 106.74B | 98.33B | 92.70B | 94.86B | 67.22B |
| Cash, Cash Equivalents and Short-Term Investments | 4.06B | 6.93B | 4.25B | 2.73B | 3.33B | 2.49B |
| Total Debt | 45.91B | 47.54B | 47.07B | 42.98B | 45.47B | 31.22B |
| Total Liabilities | 66.54B | 68.92B | 68.43B | 63.13B | 71.00B | 47.36B |
| Stockholders Equity | 37.19B | 37.80B | 29.87B | 29.54B | 23.83B | 19.84B |
Cash Flow | ||||||
| Free Cash Flow | -1.42B | -2.50B | -514.00M | 573.00M | -119.00M | -804.00M |
| Operating Cash Flow | 7.82B | 6.81B | 6.94B | 6.90B | 5.42B | 3.80B |
| Investing Cash Flow | -4.71B | -10.57B | -7.50B | 240.00M | -14.22B | -5.21B |
| Financing Cash Flow | -3.46B | 4.53B | 987.00M | -7.17B | 8.82B | 1.50B |
National Grid Transco Technical Analysis
National Grid Transco Risk Analysis
National Grid Transco Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $74.93B | 20.01 | 7.53% | 4.15% | -7.06% | 38.21% | |
70 Outperform | $89.66B | 18.13 | 9.92% | 3.66% | 4.80% | 14.44% | |
68 Neutral | $60.96B | 16.70 | 12.85% | 3.28% | 7.66% | 37.42% | |
67 Neutral | $44.02B | 15.60 | 10.31% | 3.67% | 6.07% | 15.20% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
64 Neutral | $92.98B | 20.99 | 13.06% | 3.48% | 9.40% | -6.05% | |
63 Neutral | $50.66B | 20.19 | 9.27% | 4.50% | 12.72% | 4.90% |
National Grid Transco Corporate Events
On December 4, 2025, National Grid plc announced that Ofgem has published its Final Determination for the RIIO-T3 framework, which will guide the company’s electricity transmission operations from April 2026 to March 2031. The determination includes a real allowed cost of equity of 6.12% at 60% gearing, recognizing the need for significant investment to enhance power transfer capabilities. National Grid will review the determination to assess its viability and workability, with a focus on the incentive framework and cost recovery mechanisms. The company anticipates further consultation on proposed licence modifications and plans to announce its response in early March 2026.
On November 28, 2025, National Grid plc announced the completion of the sale of its Grain LNG business to a consortium comprising Centrica plc and Energy Capital Partners, part of Bridgepoint Group plc. This strategic move is expected to impact National Grid’s operations by allowing it to focus more on its core energy network activities, potentially enhancing its industry positioning and benefiting stakeholders through a more streamlined business model.
National Grid plc announced updates regarding its voting rights and shareholding transactions. As of October 31, 2025, the company’s registered capital consisted of 5,191,884,002 ordinary shares, with 230,345,795 held as treasury shares, leaving 4,961,538,207 shares with voting rights. This figure is crucial for shareholders to determine their notification obligations under the FCA’s Disclosure Guidance and Transparency Rules. Additionally, the company disclosed transactions involving the purchase of shares by its Chief Financial Officer, Chief Executive, Chief People Officer, and a Non-Executive Director, reflecting ongoing managerial engagement with the company’s equity.
On November 27, 2025, National Grid announced the scrip dividend reference price for the 2025/26 interim dividend. The reference price for ordinary shareholders is set at 1,130.40 pence, while for American Depositary Receipt holders, it is US$74.2334. This announcement is part of the company’s ongoing dividend policy, impacting shareholders by offering them the option to receive dividends in the form of additional shares rather than cash, which could influence the company’s liquidity and shareholder value.
On November 25, 2025, National Grid plc announced a significant change in its shareholder structure following a notification from BlackRock, Inc. The notification revealed that BlackRock’s total interest in National Grid’s voting ordinary shares had increased to 8.17% as of November 24, 2025. This increase in holdings by a major institutional investor like BlackRock could impact National Grid’s market positioning and influence shareholder decisions.
On November 17, 2025, National Grid plc announced a significant change in its shareholding structure, as BlackRock, Inc. reported an increase in its voting rights in National Grid’s ordinary shares. This notification, dated November 14, 2025, indicates that BlackRock’s total voting rights have risen to 8.12%, reflecting a strategic acquisition of voting rights and financial instruments. This development could impact National Grid’s corporate governance and shareholder dynamics, potentially influencing future decisions and strategies.
On November 6, 2025, National Grid plc announced its half-year results for the period ending September 30, 2025, highlighting a strong financial performance with a 17% increase in operating profit and a 21% rise in profit before tax. The company invested a record £5 billion in the first half of the year, with plans to invest over £11 billion annually, focusing on infrastructure resilience and economic growth. Strategic initiatives include securing supply chains, expanding talent, and supporting AI Growth Zones in the UK. Key projects and regulatory approvals are progressing well, with significant investments in electricity transmission and modernization plans in the US. Zoë Yujnovich is set to succeed John Pettigrew as CEO on November 17, 2025.
On November 6, 2025, National Grid announced its half-year results for the period ending September 30, 2025, highlighting a strong operational performance with a 17% increase in statutory operating profit and a 21% rise in profit before tax compared to the previous year. The company invested a record £5 billion in the first half of the year and is on track to invest over £11 billion annually, supporting strategic initiatives such as AI Growth Zones and significant infrastructure projects in the UK and US. The announcement also marked a leadership transition, with Zoë Yujnovich set to succeed John Pettigrew as CEO on November 17, 2025.
On October 1, 2025, National Grid plc announced an update on its total voting rights, reporting that as of September 30, 2025, the company had 4,961,449,896 shares with voting rights. This figure is crucial for shareholders to determine their notification requirements under the FCA’s Disclosure Guidance and Transparency Rules. Additionally, on October 8, 2025, the company disclosed transactions by key executives, including the Chief Financial Officer, Chief Executive, and Chief People Officer, involving the purchase of partnership shares under the Share Incentive Plan. These transactions, conducted on October 7, 2025, were part of routine monthly purchases and were reported in compliance with the Market Abuse Regulation.
National Grid plc released a pre-close update for the six months ending 30 September 2025, indicating that the group’s performance aligns with expectations. The UK Electricity Transmission and Distribution sectors are expected to have an even profit distribution across the year, while the US regulated businesses anticipate higher profits in the second half due to fewer storms and new distribution rates. The announcement suggests stable operations and potential positive impacts on profitability, maintaining National Grid’s industry position.
On September 1, 2025, National Grid plc announced an update on its voting rights, reporting a total of 4,961,315,993 shares with voting rights as of August 31, 2025. This information is crucial for shareholders to determine their notification requirements under the FCA’s rules. Additionally, the company disclosed the appointment of Zoë Yujnovich as Chief Executive Designate, effective September 1, 2025. She was granted share awards under the Long Term Performance Plan, which align with the Directors’ Remuneration Policy approved in July 2025. These developments reflect National Grid’s ongoing commitment to transparency and strategic leadership transitions, potentially impacting shareholder engagement and corporate governance.
On September 24, 2025, National Grid announced that John Pettigrew, the current Chief Executive, will retire on November 16, 2025. He is set to join the Board of BAE Systems plc as a Non-executive Director and member of its Audit and Risk Committee starting February 23, 2026. This leadership transition could impact National Grid’s strategic direction and stakeholder relationships.