The strong FY2026 results and bullish FY2027 guidance (13-15% EPS growth) reinforce National Grid's investment thesis as a regulated utility with visible growth. Traders should watch for the FERC order appeal outcome and execution on the £70 billion capex plan. The stock may re-rate on the upgraded five-year framework and accelerating earnings trajectory.
Price Chart
Executive Summary
National Grid reported FY2026 results with underlying EPS of 78.0p, up 8% at constant currency, and record capital investment of £11.6 billion. The company guided for FY2027 underlying EPS growth of 13-15% and a five-year framework targeting at least £70 billion in capital investment with 8-10% underlying EPS CAGR. The FERC order on New England transmission returns was a notable headwind, but strong regulated performance in UK ET and New York drove results.
Key Facts
- Underlying EPS of 78.0p, up 8% at constant currency (FY2025: 73.3p)
- Record capital investment of £11.6 billion, up 21% at constant currency
- FY2027 guidance: underlying EPS growth of 13-15% from 78.0p baseline
- Five-year framework: at least £70 billion capital investment, 8-10% underlying EPS CAGR
- Dividend increased 3.8% to 48.49p per share
- Asset growth of 10.9%; regulated asset growth of 11.7%
- Net debt of £44.2 billion, up from £41.4 billion
- FERC order on New England transmission ROE created a headwind; company challenging decision
Financial Impact
Underlying EPS grew 8% at constant currency to 78.0p; FY2027 guided 13-15% growth; £70 billion five-year capex plan
Risk Factors
- FERC order on New England transmission ROE could lead to further refunds or lower allowed returns
- Execution risk on the £70 billion capital investment program
- Higher net debt and rising interest costs could pressure credit metrics
- Regulatory outcomes in UK RIIO-T3 and US rate cases may differ from expectations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001654954-26-004849 |
| Document: 0001654954-26-004849-index-headers.html | 0001654954-26-004849 |
| Document: 0001654954-26-004849-index.html | 0001654954-26-004849 |
| Document: 0001654954-26-004849.txt | 0001654954-26-004849 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 9, 2026 19w ago | 6-K | $124.77 $159.25 | ▲ +27.63% | ▲ +20.78% | $100.29 (−19.62%) |
Jun 4, 2026 20w ago | 6-K | $112.00 $159.25 | ▲ +42.19% | ▲ +40.31% | $100.29 (−10.46%) |
Jun 4, 2026 20w ago | 424B5 | $112.00 $159.25 | ▲ +42.19% | ▲ +40.31% | $100.29 (−10.46%) |
Jun 3, 2026 20w ago | 6-K | $112.00 $159.25 | ▲ +42.19% | ▲ +39.69% | $100.29 (−10.46%) |
Jun 3, 2026 20w ago | 6-K | $112.00 $159.25 | ▲ +42.19% | ▲ +39.69% | $100.29 (−10.46%) |
Jun 3, 2026 20w ago | 20-F | $112.00 $159.25 | ▲ +42.19% | ▲ +39.69% | $100.29 (−10.46%) |
May 14, 2026 23w ago | 6-K | $109.62 $107.00 | ▼ −2.39% | ▼ −5.98% | $100.29 (−8.51%) |
US Market Status
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