v3.26.1
Consolidated cash flow statement - GBP (£)
£ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities      
Total operating profit from continuing operations £ 5,431 £ 4,934 £ 4,475
Adjustments for:      
Gain on sale of investments (393) (188) 0
Other fair value movements (31) 66 (16)
Depreciation, amortisation and impairment 2,247 2,479 2,061
Share-based payments 45 37 37
Changes in working capital 720 40 (147)
Changes in provisions (127) (287) 840
Changes in pensions and other post-retirement benefit obligations (31) (90) 31
Cash generated from operations – continuing operations 7,861 6,991 7,281
Tax paid (32) (183) (342)
Net cash inflow from operating activities – continuing operations 7,829 6,808 6,939
Cash flows from investing activities      
Purchases of intangible assets (586) (526) (549)
Purchases of property, plant and equipment (9,989) (8,780) (6,904)
Disposals of property, plant and equipment 68 26 52
Investments in joint ventures and associates (94) (396) (332)
Dividends received from joint ventures, associates and other investments 105 126 176
Disposal of financial and other investments 67 85 102
Acquisition of financial investments (67) (122) (81)
Net movements in short-term financial investments 3,285 (2,606) (1,141)
Interest received 231 332 148
Cash inflows on derivatives 20 11 123
Cash outflows on derivatives (6) (6) 0
Insurance claim from loss of property, plant and equipment 0 0 143
Net cash flow used in investing activities – continuing operations (4,157) (10,593) (7,601)
Net cash inflow from investing activities – discontinued operations 0 22 102
Cash flows from financing activities      
Proceeds of Rights Issue 0 7,001 0
Transaction fees related to Rights Issue 0 (162) 0
Proceeds from issue of treasury shares 40 18 20
Transactions in own shares (1) (7) (4)
Proceeds received from loans 4,172 3,237 5,563
Repayment of loans (2,961) (2,861) (1,701)
Payments of lease liabilities (145) (130) (118)
Net movements in short-term borrowings (2,225) 925 544
Cash inflows on derivatives 93 62 86
Cash outflows on derivatives (38) (106) (58)
Interest paid (1,932) (1,920) (1,627)
Dividends paid to shareholders (1,623) (1,529) (1,718)
Net cash flow (used in)/from financing activities – continuing operations (4,620) 4,528 987
Net cash flow used in financing activities – discontinued operations 0 0 0
Supplemental Cash Flow Information [Abstract]      
Net (decrease)/increase in cash and cash equivalents (948) 765 427
Reclassification to held for sale 153 (123) (30)
Exchange movements (8) (23) (1)
Cash and cash equivalents at start of year 1,178 559 163
Cash and cash equivalents at end of year 375 1,178 559
National Grid Renewables      
Cash flows from investing activities      
Disposal of interests in the UK Electricity System Operator, UK Gas Transmission business, The Narragansett Electric Company and Millennium Pipeline Company LLC [1] 1,473 0 0
Grain LNG      
Cash flows from investing activities      
Disposal of interests in the UK Electricity System Operator, UK Gas Transmission business, The Narragansett Electric Company and Millennium Pipeline Company LLC [1] 1,336 0 0
UK Electricity System Operator      
Cash flows from investing activities      
Disposal of interests in the UK Electricity System Operator, UK Gas Transmission business, The Narragansett Electric Company and Millennium Pipeline Company LLC [1] 0 577 0
UK Gas Transmission business      
Cash flows from investing activities      
Disposal of interests in the UK Electricity System Operator, UK Gas Transmission business, The Narragansett Electric Company and Millennium Pipeline Company LLC [1] 0 686 681
National Grid Renewables and Emerald Energy Venture LLC      
Cash flows from investing activities      
Contributions to National Grid Renewables and Emerald Energy Venture LLC £ 0 £ 0 £ (19)
[1] Balances consist of cash proceeds received, net of cash disposed.