National Grid (NGG) Operating Margin (2009 - 2025)
National Grid (NGG) posted Operating Margin of 21.6% for Q3 2025, up 31.36% on a QoQ basis from 16.44% in Q3 2024, and up 516.0% year-over-year from 3.51% in Q3 2024.
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Analysis
National Grid (NGG) Operating Margin (2009 - 2025) Analysis & Trends
National Grid has reported Operating Margin for 11 years, with the latest figure at 21.6% in Q3 2025.
- On a quarterly basis, Operating Margin rose 516.0% year-over-year to 21.6% in Q3 2025; TTM through Sep 2025 was 40.41%, a 824.0% decrease from a year earlier, with the FY2026 full-year figure at 30.71%, up 386.0% from the prior year.
- Operating Margin was 21.6% for Q3 2025 at National Grid, up from 16.44% in the prior quarter.
- The five-year high for Operating Margin was 48.02% in Q4 2022, with the low at 16.44% in Q3 2024.
- Average Operating Margin over 4 years is 30.8%, with a median of 23.38% recorded in 2023.
- The sharpest annual moves came in 2024 and 2025: Operating Margin slumped 694 bps in 2024, then soared 516 bps in 2025.
- Over 4 years, Operating Margin stood at 48.02% in 2022, then slumped by 51 bps to 23.38% in 2023, then declined by 30 bps to 16.44% in 2024, then jumped by 31 bps to 21.6% in 2025.
- The last three Operating Margin figures came in at 21.6% (Q3 2025), 16.44% (Q3 2024), and 23.38% (Q3 2023), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enel Chile | 306.41 Bn | 306.41 Bn | 890.00 Mn | 30.20% |
| 2 | National Grid | 79.91 Bn | 76.14 Bn | - | - |
| 3 | Dominion Energy | 54.94 Bn | 58.84 Bn | 3.50 Bn | 7.34% |
| 4 | Xcel Energy | 44.99 Bn | 42.98 Bn | 3.12 Bn | 22.64% |
| 5 | Wec Energy | 33.53 Bn | 33.88 Bn | 1.45 Bn | 20.99% |
| 6 | Ameren | 28.13 Bn | 28.25 Bn | - | 21.94% |
| 7 | Fortis | 27.32 Bn | 28.61 Bn | 1.60 Bn | 27.43% |
| 8 | American Water Works Company | 26.60 Bn | 26.40 Bn | 874.00 Mn | 40.00% |
| 9 | Atmos Energy | 26.60 Bn | 26.07 Bn | - | 36.45% |
| 10 | Firstenergy | 25.89 Bn | 27.19 Bn | 2.51 Bn | 18.41% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2025 | 21.60% |
| Sep 30, 2024 | 16.44% |
| Sep 30, 2023 | 23.38% |
| May 18, 2023 | 44.58% |
| Dec 31, 2022 | 48.02% |
| Sep 30, 2017 | 19.06% |
| Sep 30, 2016 | 20.44% |
| Mar 31, 2016 | 66.16% |
| Dec 31, 2015 | 51.85% |
| Sep 30, 2015 | 26.98% |
| Sep 30, 2014 | 39.09% |
| Sep 30, 2013 | 22.84% |
| Sep 30, 2012 | 28.62% |
| Sep 30, 2009 | 23.23% |
API Access
National Grid Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=NGG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "NGG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=NGG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();