Spire Inc

Latest Results (22.11.2025):

Spire Inc.'s latest report covers fiscal year 2025 (year ended September 30, 2025) and the fiscal fourth quarter of 2025. For the full year, Spire reported GAAP net income of $271.7 million ($4.37 per diluted share) and adjusted earnings of $275.5 million ($4.44 per diluted share), both up vs. fiscal 2024. The company provided fiscal 2026 adjusted EPS guidance of $5.25–$5.45 and fiscal 2027 adjusted EPS guidance of $5.65–$5.85, affirmed a long‑term adjusted EPS growth target of 5–7%, and increased the common dividend by 5.1%.

Full‑Year Results

Fiscal 2025 GAAP net income: $271.7M ($4.37/share) vs. $250.9M ($4.19) in FY2024. Adjusted earnings: $275.5M ($4.44/share) vs. $247.4M ($4.13) prior year (7.5% adjusted EPS growth).

Quarter (Q4 FY2025) Snapshot

Fiscal fourth quarter ended Sept. 30, 2025: GAAP net loss $39.8M (−$0.74/share); adjusted loss $24.1M (−$0.47/share). Seasonal demand and timing of regulatory recovery drove the quarter’s loss, though adjusted loss improved vs. prior year (−$0.47 vs. −$0.54).

Segment Performance

Adjusted earnings by segment (FY2025): Gas Utility $231.4M, Midstream $56.3M, Gas Marketing $25.9M, Other −$38.1M. Gas Utility improved on new rates and ISRS revenues but faced lower usage and higher O&M/depreciation; Midstream growth driven by added storage, higher‑rate contracts, optimization and the MoGas acquisition; Marketing benefited from favorable positioning.

Guidance & M&A/Asset Plans

Fiscal 2026 adjusted EPS guidance: $5.25–$5.45 (excludes Piedmont Tennessee). Fiscal 2027 guidance: $5.65–$5.85 (reflects a full year of Piedmont Tennessee contributions and excludes earnings from Spire’s storage facilities due to an expected sale). Both transactions require regulatory approvals.

Capital Allocation & Dividend

Spire raised its 10‑year capital investment target to $11.2B through fiscal 2035 to support growth. The common quarterly dividend was increased 5.1% to $0.825 (annualized $3.30), marking 23 consecutive years of dividend increases.

Key Drivers and Risks

Positive drivers: rate actions (Missouri, Alabama), midstream capacity/contract improvements, marketing value creation, and strategic M&A. Offsets/risks: seasonal demand volatility, higher O&M and depreciation from capital spending, lower gas carrying cost credits, interest expense dynamics, and regulatory approvals required for acquisitions/sales.