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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 free cash flow 1993–2027What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.
National Grid's free cash flow in H1 FY2027, the six months to 30 September 2026, was -1.51B GBP, against -1.62B GBP on the same half a year before. National Grid's free cash flow in fiscal year 2026 was -3.82B GBP, against -3.39B GBP on the year before.
Last updated 12 Nov 2026 · Next report 20 May 2027
Free cash flow
Free cash flow Free cash flow margin
Growth
| Fiscal year | Period ending | Free cash flow | Growth | Free cash flow margin | Operating cash flow | Capital expenditure | Free cash flow per share |
|---|---|---|---|---|---|---|---|
| TTM | 30 Sept 2026 | -3.67B | — | -19.40% | 7.60B | -11.27B | -3.67 |
| FY2026 | 31 Mar 2026 | -3.82B | — | -21.58% | 6.33B | -10.15B | -3.84 |
| FY2025 | 31 Mar 2025 | -3.39B | — | -18.42% | 5.27B | -8.66B | -3.58 |
| FY2024 | 31 Mar 2024 | -1.27B | — | -6.39% | 5.64B | -6.91B | -1.57 |
| FY2023 | 31 Mar 2023 | -585.92M | -272.17% | -2.71% | 5.57B | -6.16B | -0.73 |
| FY2022 | 31 Mar 2022 | 340.31M | — | 1.84% | 5.65B | -5.31B | 0.43 |
| FY2021 | 31 Mar 2021 | -382.67M | — | -2.07% | 3.59B | -3.98B | -0.49 |
| FY2020 | 31 Mar 2020 | -795.55M | — | -5.95% | 3.92B | -4.71B | -1.05 |
| FY2019 | 31 Mar 2019 | -95.21M | -1,018.42% | -0.64% | 3.55B | -3.64B | -0.13 |
| FY2018 | 31 Mar 2018 | 10.37M | -99.20% | 0.07% | 3.53B | -3.52B | 0.01 |
| FY2017 | 31 Mar 2017 | 1.30B | -34.86% | 8.64% | 4.74B | -3.44B | 1.72 |
| FY2016 | 31 Mar 2016 | 1.99B | +50.68% | 15.09% | 4.99B | -3.00B | 2.64 |
| FY2015 | 31 Mar 2015 | 1.32B | +457.19% | 8.70% | 4.66B | -3.33B | 1.75 |
| FY2014 | 31 Mar 2014 | 237.43M | — | 1.60% | 3.07B | -2.83B | 0.32 |
| FY2013 | 31 Mar 2013 | -214.43M | -155.85% | -1.49% | 3.13B | -3.35B | -0.29 |
| FY2012 | 31 Mar 2012 | 383.96M | -59.20% | 2.78% | 3.55B | -3.16B | 0.54 |
| FY2011 | 31 Mar 2011 | 941.13M | +64.40% | 6.56% | 3.81B | -2.87B | 1.37 |
| FY2010 | 31 Mar 2010 | 572.46M | — | 4.09% | 3.73B | -3.16B | 1.04 |
| FY2009 | 31 Mar 2009 | -777.97M | — | -4.96% | 2.83B | -3.61B | -1.42 |
| FY2008 | 31 Mar 2008 | -363.52M | -312.82% | -3.16% | 2.49B | -2.85B | -0.62 |
| FY2007 | 31 Mar 2007 | 170.81M | -72.67% | 1.95% | 2.29B | -2.12B | 0.28 |
| FY2006 | 31 Mar 2006 | 625.10M | -43.50% | 6.80% | 2.32B | -1.69B | 0.99 |
| FY2005 | 31 Mar 2005 | 1.11B | +4,929.05% | 12.98% | 2.51B | -1.40B | 1.84 |
| FY2004 | 31 Mar 2004 | 22.00M | -92.81% | 0.24% | 1.42B | -1.40B | 0.04 |
| FY2003 | 31 Mar 2003 | 306.00M | +1,050.38% | 3.26% | 1.82B | -1.52B | 0.55 |
| FY2002 | 31 Mar 2002 | 26.60M | — | 0.35% | 554.40M | -527.80M | 0.08 |
| FY2001 | 31 Mar 2001 | -400.00M | — | -5.80% | 83.40M | -483.40M | -1.49 |
| FY2000 | 31 Mar 2000 | -134.70M | — | -8.34% | 149.90M | -284.60M | -0.47 |
| FY1999 | 31 Mar 1999 | -166.50M | — | -11.00% | 151.30M | -317.80M | -0.59 |
| FY1998 | 31 Mar 1998 | -800.00M | -295.26% | -49.71% | -508.60M | -291.40M | -2.59 |
| FY1997 | 31 Mar 1997 | 409.70M | — | 28.11% | 694.70M | -285.00M | 1.56 |
| FY1996 | 31 Mar 1996 | -1.24B | -1,057.89% | -83.23% | -952.30M | -285.30M | -4.74 |
| FY1995 | 31 Mar 1995 | 129.20M | +15.98% | 9.05% | 506.50M | -377.30M | 0.50 |
| FY1994 | 31 Mar 1994 | 111.40M | +326.82% | 7.82% | 455.10M | -343.70M | 0.43 |
| FY1993 | 31 Mar 1993 | 26.10M | — | 1.88% | 408.40M | -382.30M | 0.10 |
| Quarter | Period ending | Free cash flow | Growth on a year before | Free cash flow margin | Operating cash flow | Capital expenditure | Free cash flow per share |
|---|---|---|---|---|---|---|---|
| H1 FY2027 | 30 Sept 2026 | -1.51B | — | -18.53% | 4.14B | -5.65B | -1.50 |
| H2 FY2026 | 31 Mar 2026 | -2.16B | — | -20.05% | 3.46B | -5.62B | -2.17 |
| H1 FY2026 | 30 Sept 2025 | -1.62B | — | -22.96% | 2.82B | -4.43B | -1.63 |
| H2 FY2025 | 31 Mar 2025 | -1.25B | — | -12.24% | 3.43B | -4.68B | -1.28 |
| H1 FY2025 | 30 Sept 2024 | -2.05B | — | -26.91% | 1.76B | -3.81B | -2.25 |
| H2 FY2024 | 31 Mar 2024 | -326.20M | -148.91% | -2.87% | 3.35B | -3.68B | -0.40 |
| H1 FY2024 | 30 Sept 2023 | -795.11M | — | -11.43% | 1.93B | -2.72B | -0.99 |
| H2 FY2023 | 31 Mar 2023 | 666.87M | +7.11% | 5.46% | 3.58B | -2.91B | 0.83 |
| H1 FY2023 | 30 Sept 2022 | -1.39B | — | -14.77% | 2.18B | -3.57B | -1.75 |
| H2 FY2022 | 31 Mar 2022 | 622.63M | +286.71% | 5.28% | 3.40B | -2.78B | 0.78 |
| H1 FY2022 | 30 Sept 2021 | -279.44M | — | -4.03% | 2.09B | -2.37B | -0.36 |
| H2 FY2021 | 31 Mar 2021 | 161.00M | — | 2.17% | 2.39B | -2.22B | 0.21 |
| H1 FY2021 | 30 Sept 2020 | -595.40M | — | -10.01% | 1.42B | -2.02B | -0.78 |
| H2 FY2020 | 31 Mar 2020 | -167.89M | -207.56% | -1.96% | 2.42B | -2.58B | -0.22 |
| H1 FY2020 | 30 Sept 2019 | -635.69M | — | -9.92% | 1.54B | -2.17B | -0.85 |
| H2 FY2019 | 31 Mar 2019 | 156.09M | -19.07% | — | 1.96B | -1.80B | 0.21 |
| H1 FY2019 | 30 Sept 2018 | -249.99M | — | -3.94% | 1.54B | -1.79B | -0.34 |
| H2 FY2018 | 31 Mar 2018 | 192.87M | -86.70% | — | 2.18B | -1.98B | 0.26 |
| H1 FY2018 | 30 Sept 2017 | -191.25M | — | -2.86% | 1.52B | -1.71B | -0.25 |
| H2 FY2017 | 31 Mar 2017 | 1.45B | +22.42% | — | 2.70B | -1.25B | 1.92 |
| H1 FY2017 | 30 Sept 2016 | -206.43M | -126.64% | — | 1.75B | -1.95B | -0.27 |
| H2 FY2016 | 31 Mar 2016 | 1.19B | +50.00% | — | 2.85B | -1.66B | 1.71 |
| H1 FY2016 | 30 Sept 2015 | 775.00M | -32.08% | — | 2.52B | -1.75B | 1.12 |
| H2 FY2015 | 31 Mar 2015 | 790.00M | +86.98% | — | 2.58B | -1.79B | 1.13 |
| H1 FY2015 | 30 Sept 2014 | 1.14B | +892.17% | — | 2.43B | -1.29B | 1.63 |
| H2 FY2014 | 31 Mar 2014 | 422.50M | +72.45% | — | 1.16B | -736.00M | 0.60 |
| H1 FY2014 | 30 Sept 2013 | 115.00M | +400.00% | — | 851.00M | -736.00M | 0.17 |
| H2 FY2013 | 31 Mar 2013 | 245.00M | — | — | 1.03B | -783.00M | 0.36 |
| H1 FY2013 | 30 Sept 2012 | 23.00M | — | — | 847.00M | -824.00M | 0.03 |
Figures in GBP. Free cash flow is operating cash flow less capital expenditure; owner earnings take off only the spending that keeps the business as it is, not the spending to grow it (an estimate by Financial Modeling Prep). Quarterly growth is on the same quarter a year before; TTM is the last four quarters.
See also:Revenue,Net income,EPS,Shares outstanding,Operating income,Cash on hand,Total debt,Stock buybacks,Cash flow
Common questions about National Grid's free cash flow
Source: Financial Modeling Prep