What is Spire Inc.'s earnings per share (EPS)?

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) Financials

FY2025 annual

Revenue $2.5B -4.5% YoY

Net Income $271.7M +8.3% YoY

EPS (Diluted) $4.37 +4.3% YoY

Free Cash Flow -$344.4M -774.0% YoY

Market Cap $4.7B as of Oct 14, 2026

Price / Sales 1.9x on $2.5B revenue, FY2025

Price / Earnings 13.2x on $358.3M net income, trailing 12 months to March 31, 2026

Price / Book 1.4x on $3.4B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Mar 31, 2026 Reported May 6, 2026 Currency USD FYE September

Newest figures come from the 10-K for Q2 FY2026, filed May 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SR SEC filings page.

Spire Inc. (SR) reported $2.5B in revenue for fiscal year 2025, down 4.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 2026-10-03

Spire's earnings improved through margin expansion, but rising capital spending and weak short-term coverage make cash funding central to operations.

From FY2023 to FY2025, gross margin rose from 47.8% to 58.8% even as revenue declined, indicating that improved economics came from mix and/or cost structure rather than simply selling more. In FY2025, operating cash flow of $578M fell short of $922M of capital spending; the resulting negative free cash flow, after positive FY2024 free cash flow, shows that reported earnings do not automatically fund reinvestment.

Debt-to-equity eased from 1.2x to 1.0x, indicating modest long-term deleveraging rather than a balance-sheet reset. Meanwhile, a current ratio of 0.3x means current obligations are large relative to current assets, so day-to-day funding remains more constrained than the debt ratio alone suggests.

Capital spending is the main cash claim: capex of $922M exceeded operating cash flow of $578M in FY2025, producing negative free cash flow despite positive net income. Dividends of $182M add a recurring financing claim, meaning accounting profitability and internally generated cash are not interchangeable here.

Financial Health Signals

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

Spire Inc. has an operating margin of 21.2%, meaning the company retains $21 of operating profit per $100 of revenue. This results in a moderate score of 54/100, indicating healthy but not exceptional operating efficiency. This is up from 18.8% the prior year.

Growth

Spire Inc.'s revenue declined 4.5% year-over-year, from $2.6B to $2.5B. This contraction results in a growth score of 11/100.

Leverage

Spire Inc. has a moderate D/E ratio of 0.99. This balance of debt and equity financing earns a leverage score of 52/100.

Liquidity

Spire Inc.'s current ratio of 0.32 is below the typical benchmark, resulting in a score of 5/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Spire Inc. generated $578.0M in operating cash flow, capex of $922.4M consumed most of it, leaving -$344.4M in free cash flow. This results in a low score of 57/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Spire Inc. earns a strong 8.0% return on equity (ROE), meaning it generates $8 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 76/100. This is up from 7.8% the prior year.

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 ($4.7B) 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

2.57x

Spire Inc. earns $2.57 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

EBITDA

$388.0M

YoY+10.8%

QoQ+52.2%

5Y CAGR+4.7%

Spire Inc.'s EBITDA was $388.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.8% from the same quarter a year earlier. Against the prior quarter it is up 52.2%.

Net Income

$282.2M

YoY+34.8%

QoQ+197.1%

5Y CAGR+8.5%

10Y CAGR+10.8%

Spire Inc. reported $282.2M in net income in Q2 2026. This represents an increase of 34.8% from the same quarter a year earlier. Against the prior quarter it is up 197.1%.

EPS (Diluted)

$4.60

YoY+31.1%

QoQ+198.7%

5Y CAGR+5.3%

10Y CAGR+7.1%

Spire Inc. earned $4.60 per diluted share (EPS) in Q2 2026. This represents an increase of 31.1% from the same quarter a year earlier. Against the prior quarter it is up 198.7%.

Revenue

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$218.2M

YoY+41.6%

QoQ+279.1%

5Y CAGR+79.5%

10Y CAGR+3.8%

Spire Inc. generated $218.2M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 41.6% from the same quarter a year earlier. Against the prior quarter it is up 279.1%.

Cash & Debt

$49.5M

YoY+225.7%

QoQ+1107.3%

5Y CAGR-13.8%

10Y CAGR+19.0%

Spire Inc. held $49.5M in cash against $5.8B in long-term debt as of Q2 2026.

Dividends Per Share

$0.82

YoY+5.1%

QoQ0.0%

5Y CAGR+4.9%

10Y CAGR+5.3%

Spire Inc. paid $0.82 per share in dividends in Q2 2026. This represents an increase of 5.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

59M

YoY+0.2%

QoQ0.0%

5Y CAGR+2.7%

10Y CAGR+3.1%

Spire Inc. had 59M shares outstanding in Q2 2026. This represents an increase of 0.2% from the same quarter a year earlier. It is unchanged from the prior quarter.

Margins & Returns

Return on Equity

8.3%

YoY+2.3pp

QoQ+5.5pp

5Y change+1.4pp

10Y change+2.3pp

Spire Inc.'s ROE was 8.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 2.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.5 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$192.2M

YoY-12.1%

QoQ-5.2%

5Y CAGR+6.6%

10Y CAGR+12.5%

Spire Inc. invested $192.2M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 12.1% from the same quarter a year earlier. Against the prior quarter it is down 5.2%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

SR Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SR quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	N/A	$2.5B-4.5%	$2.6B-2.7%	$2.7B+21.3%	$2.2B-1.7%	$2.2B+20.5%	$1.9B-5.0%	$2.0B	N/A	N/A	N/A	$2.0B+21.5%	$1.6B+60.0%	$1.0B-9.6%	$1.1B-28.6%	$1.6B
Cost of Revenue	N/A	$1.0B-17.1%	$1.2B-11.6%	$1.4B	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	$1.5B+6.9%	$1.4B+6.9%	$1.3B	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$574.2M	$523.9M+7.3%	$488.3M+16.7%	$418.6M+2.5%	$408.2M-9.3%	$450.2M+118.1%	$206.4M-31.7%	$302.3M+2.8%	$294.1M-13.7%	$340.9M+20.8%	$282.3M+3.6%	$272.5M+63.8%	$166.4M+72.4%	$96.5M-12.7%	$110.6M-6.5%	$118.2M
EBITDA	N/A	$822.1M+7.2%	$766.7M+13.9%	$673.4M+4.3%	$645.5M-2.7%	$663.3M+64.3%	$403.7M-16.6%	$484.0M+4.6%	$462.5M-6.6%	$495.0M+17.9%	$419.8M+4.1%	$403.3M+61.5%	$249.7M+71.3%	$145.8M-4.0%	$151.9M-3.9%	$158.0M
Interest Expense	$233.8M	$204.1M+1.5%	$201.1M+8.3%	$185.7M+55.0%	$119.8M+12.4%	$106.6M+1.0%	$105.5M+1.1%	$104.4M+6.1%	$98.4M+10.4%	$89.1M+15.4%	$77.2M+3.5%	$74.6M+61.5%	$46.2M+61.5%	$28.6M+14.9%	$24.9M-2.0%	$25.4M
Income Tax	$69.4M	$59.7M+1.7%	$58.7M+51.3%	$38.8M-34.1%	$58.9M-14.0%	$68.5M+452.4%	$12.4M-64.1%	$34.5M+230.2%	-$26.5M-134.1%	$77.6M+11.7%	$69.5M+11.7%	$62.2M+92.6%	$32.3M+83.5%	$17.6M-33.1%	$26.3M-9.9%	$29.2M
Net Income	$358.3M	$271.7M+8.3%	$250.9M+15.4%	$217.5M-1.5%	$220.8M-18.7%	$271.7M+206.7%	$88.6M-52.0%	$184.6M-13.8%	$214.2M+32.5%	$161.6M+12.1%	$144.2M+5.3%	$136.9M+61.8%	$84.6M+60.2%	$52.8M-15.7%	$62.6M-1.9%	$63.8M
EPS (Basic)	N/A	$4.39+4.5%	$4.20+8.8%	$3.86-2.5%	$3.96-20.3%	$4.97+245.1%	$1.44-59.2%	$3.53-18.9%	$4.35+26.5%	$3.44+5.5%	$3.26+3.2%	$3.16+33.9%	$2.36+16.3%	$2.03-27.5%	$2.80-2.4%	$2.87
EPS (Diluted)	$5.67	$4.37+4.3%	$4.19+8.8%	$3.85-2.5%	$3.95-20.4%	$4.96+244.4%	$1.44-59.1%	$3.52-18.7%	$4.33+26.2%	$3.43+5.9%	$3.24+2.5%	$3.16+34.5%	$2.35+16.3%	$2.02-27.6%	$2.79-2.4%	$2.86
Diluted Shares (Avg)	N/A	59+5.4%	56+5.7%	53-100.0%	52M+0.8%	52M+0.8%	51M+1.0%	51M+3.0%	49M+4.9%	47M+6.1%	44M+2.3%	43M+20.6%	36M+38.1%	26M+16.6%	22M+0.6%	22M

Metric	Q2'2610-K	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	N/A	$762.2M+13.9%	$334.1M+13.7%	$421.9M+1.9%	$1.1B-6.8%	$669.1M-11.6%	$293.8M-5.3%	$414.1M-1.1%
Cost of Revenue	N/A	$342.6M+15.4%	N/A	N/A	N/A	$296.8M	N/A	N/A
Gross Profit	N/A	$419.6M+12.7%	N/A	N/A	N/A	$372.3M	N/A	N/A
Operating Income	$303.5M+9.2%	$173.5M+16.6%	$28.0M+41.4%	$69.2M+125.4%	$277.9M-6.9%	$148.8M+6.9%	$19.8M+607.7%	$30.7M+155.8%
EBITDA	$388.0M+10.8%	$254.9M+15.3%	$105.8M+16.4%	$144.9M+41.9%	$350.3M-4.7%	$221.1M+7.2%	$90.9M+46.8%	$102.1M+33.8%
Interest Expense	$62.6M+38.2%	$60.4M+25.8%	$60.9M+23.0%	$49.9M+2.3%	$45.3M-13.2%	$48.0M-5.1%	$49.5M+2.7%	$48.8M+4.5%
Income Tax	$52.7M+13.8%	$23.4M+16.4%	-$9.7M-12.8%	$3.0M+196.8%	$46.3M-6.3%	$20.1M-4.3%	-$8.6M+49.1%	-$3.1M+54.4%
Net Income	$282.2M+34.8%	$95.0M+16.9%	-$39.8M-53.7%	$20.9M+265.9%	$209.3M+2.4%	$81.3M-4.5%	-$25.9M+16.7%	-$12.6M+41.7%
EPS (Basic)	$4.61+31.0%	$1.55+15.7%	-$0.75-31.6%	$0.29+203.6%	$3.52-1.9%	$1.34-11.8%	-$0.57+13.6%	-$0.28+41.7%
EPS (Diluted)	$4.60+31.1%	$1.54+14.9%	-$0.76-33.3%	$0.29	$3.51-2.0%	$1.34-11.8%	-$0.57+13.6%	-$0.28+41.7%
Diluted Shares (Avg)	59M+1.2%	59M+2.2%	N/A	59M	59M+4.7%	58M+8.0%	N/A	58M+9.9%

Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.

SR Balance Sheet

SR quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$11.6B+6.6%	$10.9B+5.3%	$10.3B+2.3%	$10.1B+7.8%	$9.4B+13.5%	$8.2B+8.2%	$7.6B+11.3%	$6.8B+4.5%	$6.5B+8.0%	$6.1B+14.9%	$5.3B+4.0%	$5.1B+62.3%	$3.1B+66.2%	$1.9B+5.5%	$1.8B
Current Assets	$807.9M+4.7%	$771.3M-28.4%	$1.1B-32.4%	$1.6B+20.9%	$1.3B+122.9%	$590.6M-3.9%	$614.5M-6.8%	$659.6M-9.1%	$725.5M+27.4%	$569.6M+7.5%	$530.1M-15.6%	$628.0M+32.0%	$475.9M+38.7%	$343.0M-7.1%	$369.1M
Cash & Equivalents	$5.7M+26.7%	$4.5M-19.6%	$5.6M-13.8%	$6.5M+51.2%	$4.3M+4.9%	$4.1M-29.3%	$5.8M+31.8%	$4.4M-40.5%	$7.4M+42.3%	$5.2M-62.3%	$13.8M-14.3%	$16.1M-69.6%	$53.0M+92.7%	$27.5M-36.5%	$43.3M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$29.4M	N/A	N/A	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$1.2B0.0%	$1.2B0.0%	$1.2B0.0%	$1.2B0.0%	$1.2B0.0%	$1.2B0.0%	$1.2B0.0%	$1.2B0.0%	$1.2B+0.6%	$1.2B+23.1%	$946.0M+0.9%	$937.8M+279.5%	$247.1M	$0	N/A
Total Liabilities	$8.2B+7.3%	$7.6B+3.1%	$7.4B+1.8%	$7.3B+8.5%	$6.7B+17.1%	$5.7B+12.7%	$5.1B+10.6%	$4.6B+0.7%	$4.6B+6.0%	$4.3B+16.0%	$3.7B+3.9%	$3.6B+71.5%	$2.1B+62.6%	$1.3B+5.7%	$1.2B
Current Liabilities	$2.5B+49.6%	$1.7B-2.9%	$1.8B-25.4%	$2.4B+46.3%	$1.6B+11.0%	$1.4B-1.3%	$1.5B+11.1%	$1.3B+20.4%	$1.1B-5.5%	$1.2B+36.0%	$853.8M+8.7%	$785.8M+122.5%	$353.2M+40.1%	$252.1M+8.7%	$231.9M
Non-Current Liabilities	$5.6B-4.8%	$5.9B+5.0%	$5.6B+14.8%	$4.9B-3.5%	$5.1B+19.2%	$4.3B+18.4%	$3.6B+10.4%	$3.3B-5.5%	$3.5B+10.3%	$3.1B+187.3%	$1.1B+17.5%	$928.8M+14.2%	$813.2M+18.4%	$687.1M+12.0%	$613.5M
Long-Term Debt	$3.4B-9.0%	$3.7B+4.2%	$3.6B+20.1%	$3.0B+0.7%	$2.9B+21.3%	$2.4B+16.4%	$2.1B+9.6%	$1.9B-4.8%	$2.0B+9.6%	$1.8B+2.8%	$1.8B-4.3%	$1.9B+102.8%	$912.7M+168.9%	$339.4M-6.8%	$364.4M
Total Equity	$3.4B+4.8%	$3.2B+10.8%	$2.9B+3.5%	$2.8B+6.0%	$2.7B+5.4%	$2.5B-0.8%	$2.5B+12.8%	$2.3B+13.3%	$2.0B+12.6%	$1.8B+12.4%	$1.6B+4.3%	$1.5B+44.2%	$1.0B+73.9%	$601.6M+4.9%	$573.3M
Retained Earnings	$1.1B+6.8%	$1.0B+6.3%	$958.0M+5.8%	$905.5M+7.4%	$843.0M+17.0%	$720.7M-7.1%	$775.5M+8.4%	$715.6M+16.5%	$614.2M+11.5%	$550.9M+11.5%	$494.2M+13.0%	$437.5M+4.1%	$420.1M+1.3%	$414.6M+6.5%	$389.3M

Metric	Q2'2610-K	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$14.7B+29.3%	$11.9B+5.4%	$11.6B+6.6%	$11.4B+6.4%	$11.3B+5.9%	$11.3B+6.1%	$10.9B+5.3%	$10.7B+6.7%
Current Assets	$1.6B+74.9%	$1.0B+5.1%	$807.9M+4.7%	$780.1M-5.5%	$908.0M-9.7%	$988.0M-19.0%	$771.3M-28.4%	$825.8M-4.1%
Cash & Equivalents	$49.5M+225.7%	$4.1M-64.3%	$5.7M+26.7%	$13.1M+77.0%	$15.2M-40.6%	$11.5M+139.6%	$4.5M-19.6%	$7.4M+39.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$1.9B+61.4%	$1.2B0.0%	$1.2B0.0%	$1.2B0.0%	$1.2B0.0%	$1.2B0.0%	$1.2B0.0%	$1.2B0.0%
Total Liabilities	$11.3B+43.6%	$8.4B+6.1%	$8.2B+7.3%	$7.9B+7.3%	$7.8B+7.1%	$8.0B+5.1%	$7.6B+3.1%	$7.4B+3.8%
Current Liabilities	$2.9B+37.8%	$1.7B-14.0%	$2.5B+49.6%	$2.1B+22.0%	$2.1B+28.0%	$2.0B-9.9%	$1.7B-2.9%	$1.7B+11.7%
Non-Current Liabilities	$8.3B+45.7%	$6.7B+12.7%	$5.6B-4.8%	$5.8B+2.9%	$5.7B+1.0%	$6.0B+11.3%	$5.9B+5.0%	$5.7B+1.7%
Long-Term Debt	$5.8B+72.1%	$4.4B+20.3%	$3.4B-9.0%	$3.5B+2.2%	$3.3B-2.1%	$3.7B+13.9%	$3.7B+4.2%	$3.4B-3.7%
Total Equity	$3.4B-2.6%	$3.4B+3.7%	$3.4B+4.8%	$3.5B+4.4%	$3.5B+3.5%	$3.3B+8.5%	$3.2B+10.8%	$3.3B+13.7%
Retained Earnings	$1.4B+11.8%	$1.1B+7.3%	$1.1B+6.8%	$1.2B+7.9%	$1.2B+4.5%	$1.1B+5.3%	$1.0B+6.3%	$1.1B+6.3%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable.

SR Cash Flow Statement

SR quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$615.6M	$578.0M-36.7%	$912.4M+107.3%	$440.2M+700.4%	$55.0M-78.0%	$249.8M-46.8%	$469.9M+4.2%	$450.9M-1.2%	$456.6M+58.4%	$288.3M-12.2%	$328.3M+1.8%	$322.4M+163.0%	$122.6M-25.2%	$163.9M+27.9%	$128.1M-23.4%	$167.2M
Depreciation & Amortization	N/A	$298.2M+7.1%	$278.4M+9.3%	$254.8M+7.4%	$237.3M+11.4%	$213.1M+8.0%	$197.3M+8.6%	$181.7M+7.9%	$168.4M+9.3%	$154.1M+12.1%	$137.5M+5.1%	$130.8M+57.0%	$83.3M+69.0%	$49.3M+19.4%	$41.3M+3.9%	$39.8M
Stock-Based Compensation	N/A	$6.7M+15.5%	$5.8M-40.8%	$9.8M+53.1%	$6.4M-54.0%	$13.9M+58.0%	$8.8M+22.2%	$7.2M-42.4%	$12.5M+204.9%	$4.1M-8.9%	$4.5M-8.2%	$4.9M+22.5%	$4.0M+29.0%	$3.1M+63.2%	$1.9M-37.8%	$3.1M
Capital Expenditures	$838.2M	$922.4M+7.1%	$861.3M+30.0%	$662.5M+20.0%	$552.2M-11.6%	$624.8M-2.1%	$638.4M-22.5%	$823.3M+64.9%	$499.4M+14.0%	$438.1M+49.4%	$293.3M+1.2%	$289.8M+69.5%	$171.0M+30.7%	$130.8M+20.2%	$108.8M+60.9%	$67.6M
Free Cash Flow	-$222.6M	-$344.4M-774.0%	$51.1M+123.0%	-$222.3M+55.3%	-$497.2M-32.6%	-$375.0M-122.6%	-$168.5M+54.8%	-$372.4M-770.1%	-$42.8M+71.4%	-$149.8M-528.0%	$35.0M+7.4%	$32.6M+167.4%	-$48.4M-246.2%	$33.1M+71.5%	$19.3M-80.6%	$99.5M
Investing Cash Flow	-$3.3B	-$916.4M+10.8%	-$1.0B-47.7%	-$695.5M-27.2%	-$546.7M+12.1%	-$622.0M+1.5%	-$631.6M+24.7%	-$838.3M-57.7%	-$531.7M-22.7%	-$433.5M+29.2%	-$612.7M-105.1%	-$298.7M+79.2%	-$1.4B-29.7%	-$1.1B-951.5%	-$105.4M-57.3%	-$67.0M
Financing Cash Flow	$2.7B	$344.7M+178.2%	$123.9M-52.5%	$260.6M-48.0%	$500.9M+32.0%	$379.4M+137.1%	$160.0M-57.0%	$371.8M+317.3%	$89.1M-39.6%	$147.4M-46.6%	$275.8M+1160.8%	-$26.0M-102.0%	$1.3B+31.8%	$969.9M+2619.2%	-$38.5M+73.2%	-$143.8M
Dividends Paid	$188.3M	$182.2M+9.0%	$167.1M+10.9%	$150.7M+6.2%	$141.9M+6.5%	$133.2M+4.1%	$128.0M+7.6%	$119.0M+9.5%	$108.7M+13.0%	$96.2M+12.9%	$85.2M+7.8%	$79.0M+27.6%	$61.9M+45.6%	$42.5M+15.2%	$36.9M+3.0%	$35.8M

Metric	Q2'2610-K	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$410.4M+10.1%	$81.0M-0.1%	-$4.9M-105.9%	$129.1M-52.2%	$372.7M-23.8%	$81.1M+15.9%	$82.9M+129.6%	$270.1M+20.5%
Depreciation & Amortization	$84.5M+16.7%	$81.4M+12.6%	$76.5M+7.6%	$75.7M+6.0%	$72.4M+5.1%	$72.3M+7.9%	$71.1M+8.1%	$71.4M+11.0%
Capital Expenditures	$192.2M-12.1%	$202.8M-22.2%	$222.7M-3.1%	$220.5M-0.8%	$218.6M+19.6%	$260.6M+15.1%	$229.8M+28.2%	$222.2M+26.6%
Free Cash Flow	$218.2M+41.6%	-$121.8M+32.1%	-$227.6M-54.9%	-$91.4M-290.8%	$154.1M-49.7%	-$179.5M-14.7%	-$146.9M-2.7%	$47.9M-1.6%
Investing Cash Flow	-$2.7B-1127.0%	-$201.3M+22.6%	-$219.7M+2.4%	-$219.4M-0.6%	-$217.2M+39.4%	-$260.1M-15.5%	-$225.2M-25.7%	-$218.1M-24.1%
Financing Cash Flow	$2.3B+1619.4%	$119.0M-36.0%	$217.7M+51.7%	$92.4M+242.8%	-$151.4M-38.1%	$186.0M+20.2%	$143.5M-0.2%	-$64.7M-44.7%
Dividends Paid	$48.9M+7.7%	$47.2M+5.8%	$46.4M+8.4%	$45.8M+4.6%	$45.4M+8.9%	$44.6M+14.9%	$42.8M+12.0%	$43.8M+15.3%

Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.

SR Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SR quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	58.8%+6.3pp	52.5%+4.7pp	47.8%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	21.2%+2.3pp	18.8%+3.1pp	15.7%-2.9pp	18.6%-1.6pp	20.1%+9.0pp	11.1%-4.4pp	15.5%	N/A	N/A	N/A	13.8%+3.6pp	10.2%+0.7pp	9.5%-0.3pp	9.8%+2.3pp	7.5%
Net Margin	11.0%+1.3pp	9.7%+1.5pp	8.2%-1.9pp	10.0%-2.1pp	12.2%+7.4pp	4.8%-4.7pp	9.5%	N/A	N/A	N/A	6.9%+1.7pp	5.2%0.0pp	5.2%-0.4pp	5.6%+1.5pp	4.0%
Return on Equity	8.0%+0.3pp	7.8%+0.3pp	7.5%-0.4pp	7.8%-2.4pp	10.2%+6.7pp	3.5%-3.8pp	7.3%-2.2pp	9.5%+1.4pp	8.1%0.0pp	8.2%-0.5pp	8.7%+3.1pp	5.6%+0.6pp	5.1%-5.4pp	10.4%-0.7pp	11.1%
Return on Assets	2.4%0.0pp	2.3%+0.2pp	2.1%-0.1pp	2.2%-0.7pp	2.9%+1.8pp	1.1%-1.3pp	2.4%-0.7pp	3.1%+0.7pp	2.5%+0.1pp	2.4%-0.2pp	2.6%+0.9pp	1.7%0.0pp	1.7%-1.6pp	3.3%-0.2pp	3.6%
Current Ratio	0.32-0.1x	0.45-0.2x	0.61-0.1x	0.68-0.1x	0.82+0.4x	0.410.0x	0.42-0.1x	0.50-0.2x	0.66+0.2x	0.49-0.1x	0.62-0.2x	0.80-0.5x	1.350.0x	1.36-0.2x	1.59
Debt-to-Equity	0.99-0.2x	1.15-0.1x	1.22+0.2x	1.05-0.1x	1.11+0.1x	0.96+0.1x	0.820.0x	0.84-0.2x	1.000.0x	1.03-0.1x	1.13-0.1x	1.23+0.4x	0.87+0.3x	0.56-0.1x	0.64
Asset Turnover	0.210.0x	0.240.0x	0.260.0x	0.220.0x	0.240.0x	0.230.0x	0.26	N/A	N/A	N/A	0.37+0.1x	0.320.0x	0.33-0.3x	0.60-0.3x	0.88
FCF Margin	-13.9%-15.9pp	2.0%+10.3pp	-8.3%+14.3pp	-22.6%-5.9pp	-16.8%-7.7pp	-9.1%+10.0pp	-19.1%	N/A	N/A	N/A	1.7%+4.6pp	-3.0%-6.2pp	3.3%+1.5pp	1.7%-4.6pp	6.3%

Metric	Q2'2610-K	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	N/A	55.0%-0.6pp	N/A	N/A	N/A	55.6%	N/A	N/A
Operating Margin	N/A	22.8%+0.5pp	8.4%+1.6pp	16.4%+9.0pp	26.4%0.0pp	22.2%+3.8pp	6.7%+8.0pp	7.4%+4.5pp
Net Margin	N/A	12.5%+0.3pp	-11.9%-3.1pp	5.0%+8.0pp	19.9%+1.8pp	12.2%+0.9pp	-8.8%+1.2pp	-3.0%+2.1pp
Return on Equity	8.3%+2.3pp	2.8%+0.3pp	-1.2%-0.4pp	0.6%+1.0pp	6.0%-0.1pp	2.5%-0.3pp	-0.8%+0.3pp	-0.4%+0.4pp
Return on Assets	1.9%+0.1pp	0.8%+0.1pp	-0.3%-0.1pp	0.2%+0.3pp	1.8%-0.1pp	0.7%-0.1pp	-0.2%+0.1pp	-0.1%+0.1pp
Current Ratio	0.55+0.1x	0.61+0.1x	0.32-0.1x	0.37-0.1x	0.43-0.2x	0.50-0.1x	0.45-0.2x	0.48-0.1x
Debt-to-Equity	1.69+0.7x	1.30+0.2x	0.99-0.2x	1.010.0x	0.95-0.1x	1.12+0.1x	1.15-0.1x	1.03-0.2x
Asset Turnover	N/A	0.060.0x	0.030.0x	0.040.0x	0.090.0x	0.060.0x	0.030.0x	0.040.0x
FCF Margin	N/A	-16.0%+10.8pp	-68.1%-18.1pp	-21.7%-33.2pp	14.7%-12.5pp	-26.8%-6.1pp	-50.0%-3.9pp	11.6%-0.1pp

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

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Spire Inc. SR	FY2025	$2.5B	$271.7M	11.0%	$4.7B	43/100
Black Hills Corporation BKH	FY2025	$2.3B	$291.6M	12.6%	$5.9B	58/100
ONE GAS, INC. OGS	FY2025	N/A	$264.2M	N/A	$4.7B	—
New Jersey Resources Corp NJR	FY2025	$1.4B	$335.6M	24.8%	$5.3B	59/100
Southwest Gas Holdings, Inc. SWX	FY2025	N/A	$439.8M	N/A	$6.2B	—
MDU Resources Group, Inc. MDU	FY2025	$1.9B	$190.4M	10.2%	$3.9B	39/100

Where Spire Inc. Ranks

Frequently Asked Questions

What is Spire Inc.'s annual revenue?

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.

How fast is Spire Inc.'s revenue growing?

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

Is Spire Inc. profitable?

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

What is Spire Inc.'s EBITDA?

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

How much debt does Spire Inc. have?

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

What is Spire Inc.'s gross margin?

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.

What is Spire Inc.'s operating margin?

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.

What is Spire Inc.'s net profit margin?

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.

Does Spire Inc. pay dividends?

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

What is Spire Inc.'s return on equity (ROE)?

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.

What is Spire Inc.'s free cash flow?

Spire Inc. (SR) recorded an outflow of $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.

What is Spire Inc.'s operating cash flow?

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

What are Spire Inc.'s total assets?

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

What are Spire Inc.'s capital expenditures?

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

How many shares does Spire Inc. have outstanding?

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

What is Spire Inc.'s current ratio?

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.

What is Spire Inc.'s debt-to-equity ratio?

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.

What is Spire Inc.'s return on assets (ROA)?

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.

What is Spire Inc.'s P/E ratio?

Spire Inc. (SR) trades at 13.2x earnings, its market capitalization divided by net income of $358.3M net income, trailing 12 months to March 31, 2026. The market capitalization is $4.7B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Spire Inc.'s price-to-sales ratio?

Spire Inc. (SR) trades at 1.9x sales, its market capitalization divided by revenue of $2.5B revenue, FY2025. The market capitalization is $4.7B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Spire Inc.'s Altman Z-Score?

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.

What is Spire Inc.'s Piotroski F-Score?

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.

Are Spire Inc.'s earnings high quality?

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.

Can Spire Inc. cover its interest payments?

Spire Inc. (SR) has an interest coverage ratio of 2.57x, 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.

How financially healthy is Spire Inc.?

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.