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SR

Spire Inc.

SR

Spire Inc. • NYSE
$88.66 ▲ 0.57% (+0.50)
Market Cap $5.23 B
52w High $91.11
52w Low $64.44
Dividend Yield 3.14%
P/E 20.29
Volume 121.54K
Outstanding Shares 59.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $334.1M ▼ $191.8M ▲ $-39.8M ▼ -11.913% ▼ $-0.74 ▼ $79.4M ▼
Q3-2025 $421.9M ▼ $118.9M ▼ $20.9M ▼ 4.954% ▼ $0.29 ▼ $149.5M ▼
Q2-2025 $1.051B ▲ $150.6M ▲ $209.3M ▲ 19.909% ▲ $3.52 ▲ $383.1M ▲
Q1-2025 $669.1M ▲ $121M ▲ $81.3M ▲ 12.151% ▲ $1.34 ▲ $221.7M ▲
Q4-2024 $293.8M $107.2M $-25.9M -8.816% $-0.51 $86.1M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $5.7M ▼ $11.575B ▲ $8.18B ▲ $3.389B ▼
Q3-2025 $13.1M ▼ $11.396B ▲ $7.911B ▲ $3.48B ▼
Q2-2025 $15.2M ▲ $11.347B ▲ $7.838B ▼ $3.509B ▲
Q1-2025 $11.5M ▲ $11.276B ▲ $7.958B ▲ $3.317B ▲
Q4-2024 $4.5M $10.861B $7.619B $3.233B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-177.1M ▼ $-4.9M ▼ $-219.7M ▼ $217.7M ▲ $-6.9M ▼ $-208.1M ▼
Q3-2025 $20.9M ▼ $129.1M ▼ $-219.4M ▼ $92.4M ▲ $-2.1M ▼ $-91.4M ▼
Q2-2025 $209.3M ▲ $372.7M ▲ $-217.2M ▲ $-151.4M ▼ $4.1M ▼ $154.1M ▲
Q1-2025 $81.3M ▲ $81.1M ▼ $-260.1M ▼ $186M ▲ $7M ▲ $-179.5M ▼
Q4-2024 $-25.9M $82.9M $-225.2M $143.5M $1.2M $-146.9M

Revenue by Products

Product Q4-2024Q1-2025Q3-2025Q4-2025
Gas Marketing
Gas Marketing
 $0 ▲$30.00M ▲$40.00M ▲$80.00M ▲
Gas Utility
Gas Utility
 $280.00M ▲$610.00M ▲$350.00M ▼$1.25Bn ▲
Midstream
Midstream
 $30.00M ▲$30.00M ▲$40.00M ▲$80.00M ▲
Other Segments
Other Segments
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Spire’s income statement shows a steady, fairly predictable utility business. Revenue has been broadly stable over the last few years, with only modest ups and downs, which is typical for a regulated gas provider. Profitability has actually improved: gross profit and operating profit have crept higher, helped by cost control and rate adjustments. Net income and earnings per share have moved up from recent lows, even though they remain within a relatively narrow band. Overall, the company looks like a slow‑growing but consistent earner, with slightly better margins over time but no sign of rapid expansion.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive, regulated utility that leans heavily on debt to fund its system. Total assets have steadily increased as Spire invests in pipes, meters, and related infrastructure. Debt has also climbed, and it now represents a meaningful portion of the capital structure, while equity has grown more slowly. Cash on hand is very small, which is common for utilities that rely on ongoing cash inflows and external financing. The picture is one of rising scale but also higher leverage, which regulators and credit markets will watch closely.

Cash Flow

Cash Flow Cash flow tells a story of heavy investment. Operating cash flow has been volatile but recently strengthened, showing that the core business generates solid cash in normal conditions. However, free cash flow has been weak or negative in most recent years because capital spending is high. Spire is clearly pouring money into its network and modernization projects, and it is doing so mainly by raising capital rather than from surplus internal cash. This is standard for utilities, but it means the company depends on continued access to debt and equity markets and on supportive regulation.

Competitive Edge

Competitive Edge Spire operates in a regulated gas niche, which gives it a strong local position and a relatively protected customer base in its territories. Its earnings are largely shaped by rate cases and regulatory approvals rather than by pure competition. The company’s focus on infrastructure investment, efficiency, and customer service helps expand its rate base and supports allowed returns. At the same time, its exposure to natural gas means it faces long‑term questions about decarbonization, electrification, and potential policy shifts. Its competitive edge is stability and regulatory support, not high growth.

Innovation and R&D

Innovation and R&D For a utility, Spire is relatively active on the innovation front. It is using robotics for pipeline inspection and repair, rolling out advanced meters at scale, and leaning on data analytics to run its system more efficiently. The company is also investing in renewable natural gas projects and exploring future options like hydrogen blending, signaling preparation for a lower‑carbon future. Acquisitions of pipeline assets and service territories add another layer of strategic evolution. Overall, its innovation is practical and focused on safety, reliability, regulatory favorability, and gradual decarbonization rather than on disruptive technology bets.

Summary

Spire looks like a classic regulated gas utility with a modern twist. Financially, it shows steady revenue, improving profitability, and a balance sheet built around large physical assets and significant debt. Cash flow is dominated by ongoing infrastructure and modernization spending, which depresses free cash flow but supports long‑term earnings potential through rate base growth. Competitively, Spire benefits from regulation and local monopoly‑like positions, while facing long‑run energy transition risks. Its active work in grid modernization, robotics, renewable natural gas, and future fuels suggests a company trying to remain relevant and resilient as the energy system slowly shifts. The overall profile is one of stability with measured, infrastructure‑driven growth and meaningful dependence on constructive regulation and capital markets.

NEWS

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November 17, 2025 · 4:45 PM UTC

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