Spire Inc

Latest Results (17.05.2026):

Spire Inc.'s fiscal 2026 second quarter (ended March 31, 2026) results showed stronger earnings driven by its regulated gas utilities after completing the Piedmont Natural Gas Tennessee acquisition. Consolidated net income from continuing operations was $217.6 million ($3.51 diluted EPS), with adjusted earnings from continuing operations of $223.7 million ($3.76). The company updated FY26 adjusted EPS guidance, reaffirmed FY27 guidance, and reiterated a long-term adjusted EPS growth target of 5–7% while moving several non-core businesses to discontinued operations.

Earnings (Q2 FY2026)

Net income from continuing operations: $217.6M ($3.51 diluted EPS) vs. $189.3M ($3.17) a year ago. Adjusted earnings from continuing operations: $223.7M ($3.76) vs. $189.3M ($3.17) last year. Operating revenues for the quarter were $1,020.0M and operating income was $303.5M.

Adjusted EPS & Guidance

Updated FY26 adjusted earnings guidance (continuing operations) to $3.90–$4.10 per share. Reaffirmed FY27 adjusted EPS guidance of $5.40–$5.60 and long-term adjusted EPS growth target of 5–7%. Company notes FY26 guidance excludes Spire Tennessee results.

Gas Utility drivers

Gas Utility adjusted earnings were $234.8M (up from $195.2M). Key drivers: new Spire Missouri rates (effective Oct 2025) and Spire Alabama RSE rates (Dec 2025) increased contribution margin (about $70.4M benefit year-over-year). Offsetting items included lower Missouri weather-related usage (net of mitigation), an RSE-related customer refund provision in Alabama, higher depreciation (+$12.1M) and modestly higher taxes and interest.

Discontinued operations, acquisitions and divestitures

Completed acquisition of Piedmont Natural Gas Tennessee on March 31, 2026. Following quarter-end, sale of Spire Marketing was completed and agreements announced to sell Spire Storage and Spire Mississippi; Spire Marketing and Spire Storage were classified as discontinued operations beginning in Q2. Adjusted earnings from discontinued operations rose to $64.6M (Q2) from $20.0M a year ago.

Balance sheet, cash flow and capital plan

Total assets rose to $14.67B; net utility plant $8.76B (reflecting the Tennessee acquisition). Long-term debt (less current) increased to $5.762B. Six-month cash used in investing largely reflects the ~$2.5B acquisition. Expected FY26 continuing-operations capital expenditures: $797M; 10-year capital plan of $11.2B through FY2035 to support infrastructure and growth.

Other notable items

Spire redeemed $242M of preferred stock in the period (with related redemption costs noted). Common dividend declared per share for the quarter: $0.825 (up from $0.785 year-ago). The company reiterated its strategic focus on regulated gas utilities and improved earnings visibility following the M&A and divestiture activity.