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SR-PA

Spire Inc.

SR-PA

Spire Inc. • NYSE
$24.15 ▼ -0.70% (-0.17)
Market Cap $4.02 B
52w High $25.17
52w Low $23.20
Dividend Yield 1.48%
P/E 5.97
Volume 6.75K
Outstanding Shares 166.60M

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 Q4-2024Q1-2025Q2-2025Q3-2025
Gas Marketing
Gas Marketing
 $40.00M ▲$30.00M ▼$50.00M ▲$40.00M ▼
Gas Utility
Gas Utility
 $1.35Bn ▲$610.00M ▼$980.00M ▲$350.00M ▼
Midstream
Midstream
 $50.00M ▲$30.00M ▼$40.00M ▲$40.00M ▲
Other Operating Segment
Other Operating Segment
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Spire’s core business looks steady rather than flashy. Revenue has been broadly stable with only mild movement up and down, which is typical for a regulated gas utility. Profitability has inched higher over time: operating profit and overall earnings have gradually improved, suggesting decent cost control and generally constructive regulatory outcomes. Earnings per share have been a bit bumpy year to year but not in a way that suggests a structural problem. Overall, the income statement points to a mature, regulated business with modest growth and relatively predictable earnings, not a high-growth story.

Balance Sheet

Balance Sheet The balance sheet shows a classic utility profile: large and growing asset base, funded by a mix of sizeable debt and rising equity. Spire has been investing heavily in its infrastructure, which explains the steady increase in total assets. Debt has also climbed over the period, so leverage is meaningful and something to watch, especially in a higher interest‑rate environment. Shareholders’ equity has grown as well, which is a positive sign of retained value over time. Cash on hand is very thin, implying reliance on ongoing cash inflow and access to capital markets. Overall, it’s a typical capital‑intensive, debt‑heavy utility balance sheet that depends on stable regulation and credit access.

Cash Flow

Cash Flow Cash flow is the area that looks most demanding. Operating cash generation has been uneven, swinging from very weak to solid and then moderating again. At the same time, capital spending has been consistently heavy, reflecting ongoing investment in pipes, infrastructure, and system upgrades. As a result, free cash flow has been negative in most years, with only a brief period of being close to breakeven. This means the company likely leans on borrowing and external financing to support its investment program and dividends. The key question going forward is whether operating cash flow becomes more consistently strong enough to comfortably cover both capital needs and financing costs.

Competitive Edge

Competitive Edge As a regulated gas utility, Spire benefits from local monopoly characteristics: limited direct competition in its service territories and revenues that are largely set through regulatory processes rather than open-market pricing. This can provide stability and visibility, but it also ties the company’s fortunes to regulators’ willingness to approve rates that cover rising costs, capital investments, and decarbonization pressures. Long term, the shift toward electrification and lower‑carbon energy sources could slowly challenge gas demand, while safety, environmental, and affordability expectations from regulators and customers will likely keep scrutiny high. In short, Spire’s competitive position is protected but tightly overseen, with policy and energy‑transition trends being the main strategic risks.

Innovation and R&D

Innovation and R&D The data provided for “innovation and moat” clearly refers to a different company in the space‑data sector, not to Spire Inc., the regulated gas utility linked to this security. For Spire Inc. itself, innovation tends to be more about system modernization and safety investments than about traditional tech‑style R&D. That likely includes upgrading pipelines, enhancing leak detection, improving grid resilience, and exploring cleaner gas options such as renewable natural gas or hydrogen blending where regulators support it. These efforts are usually embedded in capital projects rather than large, stand‑alone research budgets. The main innovation question for Spire is how effectively it can use new technology and infrastructure upgrades to improve safety, reliability, and environmental performance while still earning acceptable returns under regulatory oversight.

Summary

Putting it all together, Spire looks like a traditional, capital‑intensive regulated utility with steady but modest earnings growth, a growing asset base, and meaningful reliance on debt to fund long‑term investments. The income statement shows improving profitability over time, while the balance sheet and cash‑flow profile highlight the strain of heavy, ongoing capital spending and the need for continued access to financing. Its competitive position is sheltered by regulation and local monopoly dynamics, but that advantage is balanced by exposure to regulatory decisions and long‑term energy‑transition trends that may pressure natural gas usage. The key themes to monitor are: consistency of cash generation, management of leverage and interest costs, regulatory support for investment recovery, and how the company adapts its gas network to evolving climate and policy expectations.