National Grid plc
National Grid plc Q4 FY25 Results — Earnings Call Analysis
Q4 FY25 earnings call: what management said on revenue, margins and capex.
National Grid plc Q4 FY25 key numbers
- Revenue
- U.S. investments driven by ongoing rate cases, particularly in New York and New England, supporting reliability and new infrastructure like the NESE pipeline which could save New Yorkers up to $6 billion.
As stated in National Grid plc's Q4 FY25 earnings call transcript · published 29 May 2026. Reported figures, not investment advice.
The short version
- National Grid is positioning to connect up to 19 gigawatts of additional demand over the 5 years to March 2031, about half expected from data centers. - National Grid expects underlying earnings per share (EPS) growth of 6% to 8% per annum.
From National Grid plc's Q4 FY25 earnings-call transcript · updated 29 May 2026.
Revenue & Sales Performance
- National Grid is positioning to connect up to 19 gigawatts of additional demand over the 5 years to March 2031, about half expected from data centers.
- CapEx investment is set to increase, with a record GBP 5.1 billion invested in the first half of the year, up 12% YoY at constant currency, targeting over GBP 11 billion for the full year.
- Continued organic growth with a projected regulated asset base growth of over 10% this year versus 4% a decade ago.
- U.S. investments driven by ongoing rate cases, particularly in New York and New England, supporting reliability and new infrastructure like the NESE pipeline which could save New Yorkers up to $6 billion.
2 more points from National Grid plc's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- GBP 60 billion investment plan over 5 years, with over 3/4 now underpinned by delivery mechanisms.
- GBP 11 billion capital investment expected in the current year, a record for the group.
- Wave 1 ASTI projects under construction; Wave 2 projects progressing with contracting underway.
- Ongoing U.S. investments: GBP 1.6 billion in New York (up 5%), including $4 billion upstate upgrade; GBP 1 billion in New England (up 23%) for asset condition and system capacity.
- National Grid Ventures invested GBP 69 million for asset refurbishment and new transmission projects.
- Focused on transmission opportunities in the U.S., including a potential line from Maine to New England.
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Fundraising & Capital Structure
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Order Book & Pipeline
- Over 3/4 of the GBP 60 billion investment plan is now underpinned by delivery mechanisms.
- All 6 Wave 1 ASTI projects are already under construction with good progress.
- GBP 9 billion Great Grid Partnership for 8 onshore Wave 2 projects is operational with 7 strategic partners.
- Contracting for 3 remaining Wave 2 offshore projects is progressing; Sea Link contracting completed, Eagle 3 and 4 preferred suppliers announced with contracts expected soon.
- Capital investment reached a record GBP 5 billion in the first half of the year.
- Full year capital investment guidance is to deploy over GBP 11 billion.
- U.S. rate cases have approved around 75% of the 5-year investment plan.
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What the Q4 FY25 call signalled
2 of 5 strong
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Potential multibaggers · Q2 FY27
This quarter's potential multibaggers
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were National Grid plc Q4 FY25 results?
- National Grid is positioning to connect up to 19 gigawatts of additional demand over the 5 years to March 2031, about half expected from data centers. - National Grid expects underlying earnings per share (EPS) growth of 6% to 8% per annum.
What is National Grid plc share price analysis?
National Grid plc currently shows a below-average growth signal. The stock trades at a P/E of 21.7 with a market cap of $84,207. Investors should review the full earnings analysis for detailed insights.
Is National Grid plc planning capital expenditure?
- GBP 60 billion investment plan over 5 years, with over 3/4 now underpinned by delivery mechanisms. - GBP 11 billion capital investment expected in the current year, a record for the group. - Wave 1 ASTI projects under construction; Wave 2 projects progressing with contracting underway. - Ongoing U.S.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.