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H2 FY2027 · Earnings report
EPS estimate 3.83Revenue estimate 14.91B
H2 FY2027 · Earnings report
EPS estimate 3.83Revenue estimate 14.91B
National Grid total debt 1993–2027What is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.
National Grid's total debt was 51.57B GBP on 30 September 2026, up 12.3% on a year before. At the end of fiscal year 2026 it was 46.76B GBP.
Last updated 12 Nov 2026 · Next report 20 May 2027
Total debt
Growth
| Fiscal year | Period ending | Total debt | Growth | Cash and short-term investments | Net cash | Debt to equity |
|---|---|---|---|---|---|---|
| Latest half | 30 Sept 2026 | 51.57B | +12.31% | 3.35B | -48.22B | 1.29 |
| FY2026 | 31 Mar 2026 | 46.76B | -1.64% | 2.83B | -43.93B | 1.19 |
| FY2025 | 31 Mar 2025 | 47.54B | +0.99% | 6.93B | -40.61B | 1.26 |
| FY2024 | 31 Mar 2024 | 47.07B | +9.51% | 4.26B | -42.81B | 1.58 |
| FY2023 | 31 Mar 2023 | 42.99B | -5.45% | 2.77B | -40.22B | 1.46 |
| FY2022 | 31 Mar 2022 | 45.47B | +45.63% | 3.35B | -42.12B | 1.91 |
| FY2021 | 31 Mar 2021 | 31.22B | +1.38% | 2.49B | -28.73B | 1.57 |
| FY2020 | 31 Mar 2020 | 30.79B | +7.18% | 2.07B | -28.72B | 1.56 |
| FY2019 | 31 Mar 2019 | 28.73B | +7.91% | 2.23B | -26.50B | 1.47 |
| FY2018 | 31 Mar 2018 | 26.63B | -7.03% | 3.02B | -23.60B | 1.41 |
| FY2017 | 31 Mar 2017 | 28.64B | +8.99% | 9.88B | -18.76B | 1.41 |
| FY2016 | 31 Mar 2016 | 26.28B | +7.30% | 3.13B | -23.15B | 1.94 |
| FY2015 | 31 Mar 2015 | 24.49B | -5.64% | 2.68B | -21.81B | 2.05 |
| FY2014 | 31 Mar 2014 | 25.95B | +0.79% | 3.95B | -22.00B | 2.18 |
| FY2013 | 31 Mar 2013 | 25.75B | +25.39% | 6.10B | -19.64B | 2.52 |
| FY2012 | 31 Mar 2012 | 20.53B | +1.42% | 2.72B | -17.81B | 2.22 |
| FY2011 | 31 Mar 2011 | 20.25B | -9.28% | 3.79B | -16.46B | 2.23 |
| FY2010 | 31 Mar 2010 | 22.32B | -5.19% | 2.37B | -19.95B | 5.32 |
| FY2009 | 31 Mar 2009 | 23.54B | +37.49% | 2.93B | -20.61B | 5.93 |
| FY2008 | 31 Mar 2008 | 17.12B | +16.58% | 2.27B | -14.85B | 3.20 |
| FY2007 | 31 Mar 2007 | 14.69B | +42.76% | 3.69B | -11.00B | 3.56 |
| FY2006 | 31 Mar 2006 | 10.29B | -6.88% | 1.84B | -8.45B | 2.95 |
| FY2005 | 31 Mar 2005 | 11.05B | -17.95% | 670.00M | -10.38B | 5.23 |
| FY2004 | 31 Mar 2004 | 13.46B | -5.55% | 616.00M | -12.85B | 11.03 |
| FY2003 | 31 Mar 2003 | 14.26B | +75.60% | 601.00M | -13.65B | 12.37 |
| FY2002 | 31 Mar 2002 | 8.12B | +116.16% | 228.00M | -7.89B | 2.54 |
| FY2001 | 31 Mar 2001 | 3.76B | +24.93% | 271.20M | -3.48B | 1.08 |
| FY2000 | 31 Mar 2000 | 3.01B | +83.61% | 1.03B | -1.98B | 1.03 |
| FY1999 | 31 Mar 1999 | 1.64B | +23.99% | 1.54B | -96.20M | 0.84 |
| FY1998 | 31 Mar 1998 | 1.32B | +64.24% | 50.00M | -1.27B | 1.42 |
| FY1997 | 31 Mar 1997 | 804.00M | -26.63% | 195.00M | -609.00M | 0.58 |
| FY1996 | 31 Mar 1996 | 1.10B | +213.09% | 60.60M | -1.04B | 0.99 |
| FY1995 | 31 Mar 1995 | 350.00M | -46.15% | 162.40M | -187.60M | 0.18 |
| FY1994 | 31 Mar 1994 | 650.00M | 0.00% | 491.70M | -158.30M | 0.38 |
| FY1993 | 31 Mar 1993 | 650.00M | — | 510.80M | -139.20M | 0.46 |
| Quarter | Period ending | Total debt | Growth on a year before | Cash and short-term investments | Net cash | Debt to equity |
|---|---|---|---|---|---|---|
| H1 FY2027 | 30 Sept 2026 | 51.57B | +12.31% | 3.35B | -48.22B | 1.29 |
| H2 FY2026 | 31 Mar 2026 | 46.76B | -1.64% | 2.83B | -43.93B | 1.19 |
| H1 FY2026 | 30 Sept 2025 | 45.91B | — | 4.06B | -41.86B | 1.23 |
| H2 FY2025 | 31 Mar 2025 | 47.54B | +0.99% | 6.93B | -40.61B | 1.26 |
| H1 FY2025 | 30 Sept 2024 | 0.00 | -100.00% | 7.27B | 7.27B | 0.00 |
| H2 FY2024 | 31 Mar 2024 | 47.07B | +9.51% | 4.26B | -42.81B | 1.58 |
| H1 FY2024 | 30 Sept 2023 | 44.80B | — | 1.91B | -42.89B | 1.52 |
| H2 FY2023 | 31 Mar 2023 | 42.99B | -5.45% | 2.77B | -40.22B | 1.46 |
| H1 FY2023 | 30 Sept 2022 | 0.00 | -100.00% | 2.95B | 2.95B | 0.00 |
| H2 FY2022 | 31 Mar 2022 | 45.47B | +45.63% | 3.35B | -42.12B | 1.91 |
| H1 FY2022 | 30 Sept 2021 | 44.65B | +36.36% | 2.75B | -41.89B | 2.17 |
| H2 FY2021 | 31 Mar 2021 | 31.22B | +1.38% | 2.50B | -28.72B | 1.57 |
| H1 FY2021 | 30 Sept 2020 | 32.74B | +551.82% | 1.48B | -31.26B | 1.79 |
| H2 FY2020 | 31 Mar 2020 | 30.79B | +26.94% | 2.07B | -28.72B | 1.56 |
| H1 FY2020 | 30 Sept 2019 | 5.02B | -79.32% | 3.62B | -1.40B | 0.26 |
| H2 FY2019 | 31 Mar 2019 | 24.26B | +7.38% | 2.23B | -22.03B | 1.24 |
| H1 FY2019 | 30 Sept 2018 | 24.29B | +4.89% | 1.79B | -22.50B | 1.26 |
| H2 FY2018 | 31 Mar 2018 | 22.59B | -6.14% | 3.02B | -19.57B | 1.20 |
| H1 FY2018 | 30 Sept 2017 | 23.16B | -21.94% | 2.61B | -20.55B | 1.37 |
| H2 FY2017 | 31 Mar 2017 | 24.07B | -8.40% | 9.88B | -14.19B | 1.18 |
| H1 FY2017 | 30 Sept 2016 | 29.67B | +16.68% | 3.42B | -26.25B | 2.36 |
| H2 FY2016 | 31 Mar 2016 | 26.28B | +7.30% | 3.13B | -23.15B | 1.94 |
| H1 FY2016 | 30 Sept 2015 | 25.43B | +7.36% | 2.49B | -22.94B | 2.07 |
| H2 FY2015 | 31 Mar 2015 | 24.49B | +5.95% | 2.68B | -21.81B | 2.05 |
| H1 FY2015 | 30 Sept 2014 | 23.68B | -3.00% | 3.64B | -20.05B | 1.96 |
| H2 FY2014 | 31 Mar 2014 | 23.11B | -10.23% | 3.95B | -19.16B | 1.94 |
| H1 FY2014 | 30 Sept 2013 | 24.42B | +11.49% | 4.36B | -20.06B | 2.18 |
| H2 FY2013 | 31 Mar 2013 | 25.75B | +11.82% | 6.10B | -19.64B | 2.52 |
| H1 FY2013 | 30 Sept 2012 | 21.90B | +4.33% | 3.18B | -18.72B | 2.40 |
| H2 FY2012 | 31 Mar 2012 | 23.03B | +13.73% | 2.01B | -21.02B | 2.49 |
| H1 FY2012 | 30 Sept 2011 | 20.99B | -0.09% | 2.96B | -18.04B | 2.52 |
| H2 FY2011 | 31 Mar 2011 | 20.25B | -9.28% | 3.32B | -16.92B | 2.23 |
| H1 FY2011 | 30 Sept 2010 | 21.01B | -8.19% | 3.81B | -17.20B | 3.05 |
| H2 FY2010 | 31 Mar 2010 | 22.32B | -5.19% | 2.25B | -20.07B | 5.32 |
| H1 FY2010 | 30 Sept 2009 | 22.88B | +19.86% | 2.03B | -20.86B | 7.05 |
| H2 FY2009 | 31 Mar 2009 | 23.54B | +37.49% | 3.37B | -20.17B | 5.93 |
| H1 FY2009 | 30 Sept 2008 | 19.09B | +19.04% | 1.41B | -17.68B | 4.05 |
| H2 FY2008 | 31 Mar 2008 | 17.12B | +16.58% | 2.70B | -14.42B | 3.19 |
| H1 FY2008 | 30 Sept 2007 | 16.04B | +19.55% | 2.20B | -13.84B | 2.89 |
| H2 FY2007 | 31 Mar 2007 | 14.69B | +42.76% | 3.40B | -11.29B | 3.56 |
| H1 FY2007 | 30 Sept 2006 | 13.42B | +29.51% | 3.13B | -10.29B | 4.08 |
| H2 FY2006 | 31 Mar 2006 | 10.29B | -19.63% | 1.84B | -8.45B | 2.95 |
| H1 FY2006 | 30 Sept 2005 | 10.36B | -13.26% | 2.71B | -7.65B | 3.83 |
| H2 FY2005 | 31 Mar 2005 | 12.80B | -4.93% | 670.00M | -12.13B | 9.42 |
| H1 FY2005 | 30 Sept 2004 | 11.94B | — | 688.00M | -11.25B | 9.13 |
| H2 FY2004 | 31 Mar 2004 | 13.46B | -5.55% | 616.00M | -12.85B | 11.10 |
| H1 FY2004 | 30 Sept 2003 | 0.00 | — | 499.00M | 499.00M | 0.00 |
| H2 FY2003 | 31 Mar 2003 | 14.26B | +75.60% | 601.00M | -13.65B | 12.37 |
| H1 FY2003 | 30 Sept 2002 | 0.00 | — | 354.00M | 354.00M | 0.00 |
| H2 FY2002 | 31 Mar 2002 | 8.12B | +116.16% | 228.00M | -7.89B | 2.54 |
| H1 FY2002 | 30 Sept 2001 | 0.00 | — | 500.90M | 500.90M | 0.00 |
| H2 FY2001 | 31 Mar 2001 | 3.76B | +24.93% | 271.20M | -3.48B | 1.08 |
| H1 FY2001 | 30 Sept 2000 | 0.00 | — | 649.70M | 649.70M | 0.00 |
| H2 FY2000 | 31 Mar 2000 | 3.01B | +83.61% | 1.03B | -1.98B | 1.03 |
| H1 FY2000 | 30 Sept 1999 | 0.00 | — | 1.52B | 1.52B | 0.00 |
| H2 FY1999 | 31 Mar 1999 | 1.64B | +23.99% | 1.54B | -96.20M | 0.84 |
| H2 FY1998 | 31 Mar 1998 | 1.32B | +64.24% | 50.00M | -1.27B | 1.42 |
| H2 FY1997 | 31 Mar 1997 | 804.00M | -26.63% | 195.00M | -609.00M | 0.58 |
| H2 FY1996 | 31 Mar 1996 | 1.10B | +213.09% | 60.60M | -1.04B | 0.99 |
| H2 FY1995 | 31 Mar 1995 | 350.00M | -46.15% | 162.40M | -187.60M | 0.18 |
| H2 FY1994 | 31 Mar 1994 | 650.00M | 0.00% | 491.70M | -158.30M | 0.38 |
| H2 FY1993 | 31 Mar 1993 | 650.00M | — | 510.80M | -139.20M | 0.46 |
Figures in GBP at the end of each period. Net cash is cash and short-term investments less total debt; book value per share is on the diluted share count. The latest column is the most recent quarter.
Total debt counts commercial paper, term debt and lease liabilities.
See also:Revenue,Net income,EPS,Shares outstanding,Operating income,Cash on hand,Free cash flow,Stock buybacks,Balance sheet
Common questions about National Grid's debt
Source: Financial Modeling Prep