National Grid plc released its Q2 2026 financial results on November 6 2025, reporting a 6 % year‑over‑year increase in underlying earnings per share to 29.8 p. The company’s underlying operating profit rose 13 % at constant currency to £2.29 billion, while revenue fell 11 % to £7.07 billion from £7.96 billion a year earlier. The earnings beat was driven by disciplined cost management and a favorable mix shift toward higher‑margin regulated businesses, offsetting a decline in legacy generation assets.
Revenue decline was concentrated in the UK’s legacy generation portfolio, where output fell due to lower wholesale prices and a shift toward renewable sources. In contrast, the company’s regulated businesses in the United Kingdom and the United States grew, with the UK Electricity Transmission segment reporting a 4 % rise in revenue and the US Regulated Businesses segment posting a 7 % increase. These gains were supported by higher transmission charges and a rebound in demand for clean‑energy infrastructure.
Underlying EPS growth was largely attributable to a 6 % increase in operating profit, which outpaced the 11 % revenue decline. Management highlighted that the company’s five‑year capital investment plan—totaling £60 billion through March 2029—has accelerated, with £5 billion invested in the first half of the fiscal year. The investment focus on network upgrades and renewable integration has improved asset utilization and positioned the company for long‑term growth.
CEO John Pettigrew emphasized that the results reflect “strong operational performance” and that the company is “on track to invest over £11 billion this year.” He added that the investment in networks is “critical to ensure continued resilience, enable economic growth, deliver cleaner energy, and meet growing power demand.” These comments underscore the company’s commitment to the energy transition and its confidence in sustaining profitability amid rising demand for clean‑energy infrastructure.
For the full fiscal year 2026, National Grid expects underlying EPS to remain within the 6 %–8 % compound annual growth rate range set in the 2025 baseline. The company’s guidance reflects confidence in continued demand growth, disciplined cost management, and the execution of its capital investment program, which is expected to deliver additional revenue and margin expansion in the coming quarters.
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