The (100) surface of Ni2MnGa ferromagnetic shape memory alloy exhibits intrinsic surface property dissimilar to the bulk as well as influence of compositional variation at the surface. It is shown that by sputtering at room temperature and annealing at high temperature, it is possible to obtain a clean, ordered and stoichiometric surface. However, for even higher annealing temperatures, the surface becomes Mn rich. The (100) surface of Ni2MnGa is found to have Mn–Ga termination. A surface reconstruction to p4gm symmetry is observed in the austenite phase, while the expected bulk truncated symmetry at surface is p4mm. For the stoichiometric surface, the XPS valence band is compared with our calculations based on first principles density functional theory and good agreement is obtained. The ultraviolet photoelectron spectroscopy (UPS) valence band spectra depend sensitively on composition varying from Ni rich to Mn rich surfaces. A satellite feature observed in both Ni 2p core-level and valence band spectra is related to the narrow 3d valence band in Ni2MnGa.