v3.26.3
Consolidated cash flow statement - GBP (£)
£ in Millions
 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Operating profit £ 2,359 £ 1,526
Adjustments for:    
(Gain)/loss on sale of investments (11) 96
Other fair value movements (199) (7)
Depreciation, amortisation and impairment 1,154 1,102
Share-based payments 25 17
Changes in working capital 696 913
Changes in provisions 112 (35)
Changes in pensions and other post-retirement benefit obligations 10 26
Cash generated from operations 4,146 3,638
Tax paid (4) (12)
Net cash flow from operating activities 4,142 3,626
Cash flows from investing activities    
Purchases of intangible assets (298) (260)
Purchases of property, plant and equipment (5,650) (4,444)
Disposals of property, plant and equipment 31 10
Investments in joint ventures and associates (15) (77)
Dividends received from joint ventures, associates and other investments 57 49
Disposal of financial and other investments 134 31
Acquisition of financial investments (979) (44)
Net movements in short-term financial investments (551) 2,555
Interest received 59 143
Cash inflows on derivatives 13 20
Net cash flow used in investing activities (7,124) (536)
Cash flows from financing activities    
Proceeds from issue of treasury shares 22 38
Transactions in own shares (2) (1)
Proceeds received from loans 5,623 2,235
Repayments of loans (1,767) (1,638)
Payments of lease liabilities (86) (76)
Net movements in short-term borrowings 1,074 (2,104)
Cash inflows on derivatives 74 71
Cash outflows on derivatives (66) (40)
Interest paid (1,002) (996)
Dividends paid to shareholders (990) (894)
Net cash flow from/(used in) financing activities 2,880 (3,405)
Supplemental Cash Flow Information [Abstract]    
Net decrease in cash and cash equivalents (102) (315)
Reclassification to held for sale 0 31
Exchange movements 5 (7)
Net cash and cash equivalents at start of period 375 1,178
Net cash and cash equivalents at end of period [1] 278 887
Community Offshore Wind    
Cash flows from investing activities    
Disposal of interest in Community Offshore Wind and National Grid Renewables 75 0
National Grid Renewables    
Cash flows from investing activities    
Disposal of interest in Community Offshore Wind and National Grid Renewables [2] £ 0 £ 1,481
[1] Net cash and cash equivalents at the end of period are shown net of the Group’s bank overdraft as at 30 September 2026 of £30 million (2025: £nil)
[2] Balance consists of cash proceeds received, net of cash disposed.