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Spire Inc Financials

SR
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE September

This page shows Spire Inc (SR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SR FY2025

Heavy annual reinvestment keeps reported earnings respectable, but free cash flow depends on financing and leaves liquidity consistently tight.

Across FY2023-FY2025, revenue softened while operating margin expanded from 15.7% to 21.2%, so profitability improved without a top-line lift. Because FY2025 operating cash flow of $578M still topped net income of $272M, the return to negative free cash flow points more to capital intensity than to weak earnings quality.

FY2024 produced only $51.1M of free cash flow, so there was little cushion before FY2025 capital spending reached $922M. The near match between the FY2025 cash deficit and financing inflow shows investment needs, not routine operations, are what pull this business back to external funding.

The current ratio fell from 0.6x to 0.3x by FY2025, which means short-term liquidity has become thinner even as the asset base grew. Yet debt-to-equity eased to 1.0x from 1.2x since FY2023, so the balance sheet looks more stretched on timing of cash than on long-term capital structure, with little day-to-day working-capital slack.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 43 / 100
Financial Health Score 43/100
Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Spire Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
54
Growth
9
Leverage
59
Liquidity
4
Cash Flow
55
Returns
75
Altman Z-Score Distress
0.66

Spire Inc scores 0.66, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.8B) relative to total liabilities ($8.2B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral
6/9

Spire Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
2.13x

For every $1 of reported earnings, Spire Inc generates $2.13 in operating cash flow ($578.0M OCF vs $271.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
2.6x

Spire Inc earns $2.6 in operating income for every $1 of interest expense ($523.9M vs $204.1M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$2.5B
YoY-4.5%
5Y CAGR+5.9%
10Y CAGR+2.3%

Spire Inc generated $2.5B in revenue in fiscal year 2025. This represents a decrease of 4.5% from the prior year.

EBITDA
$822.1M
YoY+7.2%
5Y CAGR+15.3%
10Y CAGR+7.4%

Spire Inc's EBITDA was $822.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.2% from the prior year.

Net Income
$271.7M
YoY+8.3%
5Y CAGR+25.1%
10Y CAGR+7.1%

Spire Inc reported $271.7M in net income in fiscal year 2025. This represents an increase of 8.3% from the prior year.

EPS (Diluted)
$4.37
YoY+4.3%
5Y CAGR+24.9%
10Y CAGR+3.3%

Spire Inc earned $4.37 per diluted share (EPS) in fiscal year 2025. This represents an increase of 4.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$344.4M
YoY-774.0%

Spire Inc generated -$344.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 774.0% from the prior year.

Cash & Debt
$5.7M
YoY+26.7%
5Y CAGR+6.8%
10Y CAGR-8.5%

Spire Inc held $5.7M in cash against $3.4B in long-term debt as of fiscal year 2025.

Dividends Per Share
$3.14
YoY+4.0%
5Y CAGR+4.7%
10Y CAGR+5.5%

Spire Inc paid $3.14 per share in dividends in fiscal year 2025. This represents an increase of 4.0% from the prior year.

Shares Outstanding
59M
YoY+2.3%
5Y CAGR+2.7%
10Y CAGR+3.1%

Spire Inc had 59M shares outstanding in fiscal year 2025. This represents an increase of 2.3% from the prior year.

Margins & Returns

Gross Margin
58.8%
YoY+6.3pp

Spire Inc's gross margin was 58.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 6.3 percentage points from the prior year.

Operating Margin
21.2%
YoY+2.3pp
5Y CAGR+10.0pp
10Y CAGR+7.4pp

Spire Inc's operating margin was 21.2% in fiscal year 2025, reflecting core business profitability. This is up 2.3 percentage points from the prior year.

Net Margin
11.0%
YoY+1.3pp
5Y CAGR+6.2pp
10Y CAGR+4.0pp

Spire Inc's net profit margin was 11.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.3 percentage points from the prior year.

Return on Equity
8.0%
YoY+0.3pp
5Y CAGR+4.5pp
10Y CAGR-0.7pp

Spire Inc's ROE was 8.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$922.4M
YoY+7.1%
5Y CAGR+7.6%
10Y CAGR+12.3%

Spire Inc invested $922.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 7.1% from the prior year.

SR Income Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Revenue $690.7M-9.4% $762.2M+128.1% $334.1M-20.8% $421.9M-59.9% $1.1B+57.1% $669.1M+127.7% $293.8M-29.1% $414.1M
Cost of Revenue $460.2M+34.3% $342.6M N/A N/A N/A $296.8M N/A N/A
Gross Profit $230.5M-45.1% $419.6M N/A N/A N/A $372.3M N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income $303.5M+74.9% $173.5M+519.6% $28.0M-59.5% $69.2M-75.1% $277.9M+86.8% $148.8M+651.5% $19.8M-35.5% $30.7M
Interest Expense $62.6M+3.6% $60.4M-0.8% $60.9M+22.0% $49.9M+10.2% $45.3M-5.6% $48.0M-3.0% $49.5M+1.4% $48.8M
Income Tax $52.7M+125.2% $23.4M+341.2% -$9.7M-423.3% $3.0M-93.5% $46.3M+130.3% $20.1M+333.7% -$8.6M-177.4% -$3.1M
Net Income $282.2M+197.1% $95.0M+338.7% -$39.8M-290.4% $20.9M-90.0% $209.3M+157.4% $81.3M+413.9% -$25.9M-105.6% -$12.6M
EPS (Diluted) $4.60+198.7% $1.54 N/A $0.29-91.7% $3.51+161.9% $1.34 N/A $-0.28

SR Balance Sheet

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Total Assets $14.7B+23.5% $11.9B+2.6% $11.6B+1.6% $11.4B+0.4% $11.3B+0.6% $11.3B+3.8% $10.9B+1.4% $10.7B
Current Assets $1.6B+53.0% $1.0B+28.5% $807.9M+3.6% $780.1M-14.1% $908.0M-8.1% $988.0M+28.1% $771.3M-6.6% $825.8M
Cash & Equivalents $49.5M+1107.3% $4.1M-28.1% $5.7M-56.5% $13.1M-13.8% $15.2M+32.2% $11.5M+155.6% $4.5M-39.2% $7.4M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill $1.9B+61.4% $1.2B0.0% $1.2B0.0% $1.2B0.0% $1.2B0.0% $1.2B0.0% $1.2B0.0% $1.2B
Total Liabilities $11.3B+33.2% $8.4B+3.2% $8.2B+3.4% $7.9B+1.0% $7.8B-1.6% $8.0B+4.4% $7.6B+3.4% $7.4B
Current Liabilities $2.9B+69.9% $1.7B-32.8% $2.5B+22.1% $2.1B-1.2% $2.1B+6.1% $2.0B+16.9% $1.7B-0.3% $1.7B
Long-Term Debt $5.8B+29.5% $4.4B+32.1% $3.4B-3.7% $3.5B+4.5% $3.3B-9.4% $3.7B-0.2% $3.7B+8.2% $3.4B
Total Equity $3.4B-0.4% $3.4B+1.3% $3.4B-2.6% $3.5B-0.8% $3.5B+6.0% $3.3B+2.4% $3.2B-3.0% $3.3B
Retained Earnings $1.4B+19.7% $1.1B+3.7% $1.1B-7.8% $1.2B-2.3% $1.2B+15.0% $1.1B+3.1% $1.0B-6.8% $1.1B

SR Cash Flow Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Operating Cash Flow $410.4M+406.7% $81.0M+1753.1% -$4.9M-103.8% $129.1M-65.4% $372.7M+359.6% $81.1M-2.2% $82.9M-69.3% $270.1M
Capital Expenditures $192.2M-5.2% $202.8M-8.9% $222.7M+1.0% $220.5M+0.9% $218.6M-16.1% $260.6M+13.4% $229.8M+3.4% $222.2M
Free Cash Flow $218.2M+279.1% -$121.8M+46.5% -$227.6M-149.0% -$91.4M-159.3% $154.1M+185.8% -$179.5M-22.2% -$146.9M-406.7% $47.9M
Investing Cash Flow -$2.7B-1223.9% -$201.3M+8.4% -$219.7M-0.1% -$219.4M-1.0% -$217.2M+16.5% -$260.1M-15.5% -$225.2M-3.3% -$218.1M
Financing Cash Flow $2.3B+1833.0% $119.0M-45.3% $217.7M+135.6% $92.4M+161.0% -$151.4M-181.4% $186.0M+29.6% $143.5M+321.8% -$64.7M
Dividends Paid $48.9M+3.6% $47.2M+1.7% $46.4M+1.3% $45.8M+0.9% $45.4M+1.8% $44.6M+4.2% $42.8M-2.3% $43.8M
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

SR Financial Ratios

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Gross Margin 33.4%-21.7pp 55.0% N/A N/A N/A 55.6% N/A N/A
Operating Margin 43.9%+21.2pp 22.8%+14.4pp 8.4%-8.0pp 16.4%-10.0pp 26.4%+4.2pp 22.2%+15.5pp 6.7%-0.7pp 7.4%
Net Margin 40.9%+28.4pp 12.5%+24.4pp -11.9%-16.9pp 5.0%-15.0pp 19.9%+7.8pp 12.2%+21.0pp -8.8%-5.8pp -3.0%
Return on Equity 8.3%+5.5pp 2.8%+3.9pp -1.2%-1.8pp 0.6%-5.4pp 6.0%+3.5pp 2.5%+3.3pp -0.8%-0.4pp -0.4%
Return on Assets 1.9%+1.1pp 0.8%+1.1pp -0.3%-0.5pp 0.2%-1.7pp 1.8%+1.1pp 0.7%+1.0pp -0.2%-0.1pp -0.1%
Current Ratio 0.55-0.1 0.61+0.3 0.32-0.1 0.37-0.1 0.43-0.1 0.50+0.0 0.45-0.0 0.48
Debt-to-Equity 1.69+0.4 1.30+0.3 0.99-0.0 1.01+0.1 0.95-0.2 1.12-0.0 1.15+0.1 1.03
FCF Margin 14.0%+29.9pp -16.0%+52.1pp -68.1%-46.5pp -21.7%-36.3pp 14.7%+41.5pp -26.8%+23.2pp -50.0%-61.6pp 11.6%

Note: The current ratio is below 1.0 (0.32), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Spire Inc (SR) reported $2.5B in total revenue for fiscal year 2025. This represents a -4.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Spire Inc (SR) revenue declined by 4.5% year-over-year, from $2.6B to $2.5B in fiscal year 2025.

Yes, Spire Inc (SR) reported a net income of $271.7M in fiscal year 2025, with a net profit margin of 11.0%.

Spire Inc (SR) reported diluted earnings per share of $4.37 for fiscal year 2025. This represents a 4.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Spire Inc (SR) had EBITDA of $822.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Spire Inc (SR) had $5.7M in cash and equivalents against $3.4B in long-term debt.

Spire Inc (SR) had a gross margin of 58.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Spire Inc (SR) had an operating margin of 21.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Spire Inc (SR) had a net profit margin of 11.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Spire Inc (SR) paid $3.14 per share in dividends during fiscal year 2025.

Spire Inc (SR) has a return on equity of 8.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Spire Inc (SR) generated -$344.4M in free cash flow during fiscal year 2025. This represents a -774.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Spire Inc (SR) generated $578.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Spire Inc (SR) had $11.6B in total assets as of fiscal year 2025, including both current and long-term assets.

Spire Inc (SR) invested $922.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Spire Inc (SR) had 59M shares outstanding as of fiscal year 2025.

Spire Inc (SR) had a current ratio of 0.32 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Spire Inc (SR) had a debt-to-equity ratio of 0.99 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Spire Inc (SR) had a return on assets of 2.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Spire Inc (SR) has an Altman Z-Score of 0.66, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Spire Inc (SR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Spire Inc (SR) has an earnings quality ratio of 2.13x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Spire Inc (SR) has an interest coverage ratio of 2.6x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Spire Inc (SR) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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