Spire reports FY26 first quarter results

Rhea-AI Summary

Spire (NYSE: SR) reported fiscal 2026 first quarter net income of $95.0M ($1.54 per diluted share) and adjusted earnings of $108.4M ($1.77 per share), rising from $81.3M and $81.1M a year ago. The company affirmed fiscal 2026 adjusted EPS guidance of $5.25–$5.45 and fiscal 2027 guidance of $5.65–$5.85. Spire cited higher Gas Utility and Gas Marketing results, growth in Midstream from additional storage capacity, financing actions to support the Tennessee acquisition, and a 10-year $11.2B capital plan through fiscal 2035.

Positive

• Adjusted earnings increased to $108.4M, up ~34% year-over-year
• Net income rose to $95.0M from $81.3M, indicating stronger profitability
• Affirmed fiscal 2026 EPS guidance of $5.25–$5.45 and fiscal 2027 guidance of $5.65–$5.85
• Announced $900M junior subordinated notes and $825M Tennessee senior notes to fund acquisition

Negative

• Other activities loss widened to $12.7M, driven by higher corporate costs and interest
• Depreciation increased by $6.7M, reflecting higher capital investment and rate amortization
• First-quarter interest expense rose due to higher long-term debt balances

Key Figures

Q1 FY26 net income: $95.0M Q1 FY26 EPS: $1.54 Q1 FY26 adjusted earnings: $108.4M ($1.77/share) +5 more

8 metrics

Q1 FY26 net income $95.0M Fiscal 2026 first quarter

Q1 FY26 EPS $1.54 Net income per diluted share, fiscal 2026 Q1

Q1 FY26 adjusted earnings $108.4M ($1.77/share) Adjusted, fiscal 2026 first quarter

Q1 FY25 adjusted earnings $81.1M ($1.34/share) Prior-year fiscal 2025 first quarter

FY26 adjusted EPS guidance $5.25–$5.45 Affirmed fiscal 2026 guidance range

FY27 adjusted EPS guidance $5.65–$5.85 Affirmed fiscal 2027 guidance range

10-year capital plan $11.2B Capital investment target through fiscal 2035

FY26 capex $809M Expected total capital expenditures for fiscal 2026

Market Reality Check

Price: $85.32 Vol: Volume 465,000 vs 20-day ...

normal vol

$85.32 Last Close

Volume Volume 465,000 vs 20-day average 388,515 (relative volume 1.2x) ahead of the earnings release. normal

Technical Price at $85.32, trading above 200-day MA of $79.40 and about 6% below the 52-week high of $91.11.

Peers on Argus

SR was up about 1% while key gas-utility peers were mixed to lower (e.g., BKH -1...

SR was up about 1% while key gas-utility peers were mixed to lower (e.g., BKH -1.09%, SWX -0.97%, MDU -0.44%, OGS -0.10%, NJR +0.46%). The move appeared more company-specific than sector-driven.

Historical Context

5 past events · Latest: Jan 29 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 29	Dividend declaration	Positive	-0.4%	Quarterly dividend declared and 23rd consecutive annualized increase highlighted.
Jan 29	Preferred redemption	Positive	-0.4%	Announcement to redeem all 5.90% Series A preferred and related depositary shares.
Jan 14	Earnings call notice	Neutral	+0.3%	Scheduled FY26 Q1 earnings call and webcast with access details and replay info.
Dec 09	Executive appointment	Positive	-0.3%	New COO named to oversee natural gas utilities and midstream operations.
Nov 14	FY25 results	Positive	-2.4%	FY25 earnings growth, higher dividend, and multi-year EPS guidance and capex plan.

Pattern Detected

Recent positive fundamental announcements, including FY25 results and dividend actions, often saw mild negative next-day moves, suggesting a tendency for the stock to underreact or fade good news.

Recent Company History

Over the past few months, SR highlighted steady dividend growth, preferred stock redemption, and solid FY25 results with adjusted earnings of $275.5M and EPS guidance of $5.25–$5.45 for FY26 and $5.65–$5.85 for FY27. Despite these shareholder-friendly steps and long-term capital investment plans, shares often slipped modestly after news (e.g., FY25 results reaction of -2.42%). Today’s strong FY26 Q1 showing and affirmed guidance follow this trajectory of consistent, regulation-driven growth initiatives and balance sheet repositioning.

Market Pulse Summary

This announcement highlighted solid FY26 first-quarter results, with net income of $95.0M, adjusted ...

Analysis

This announcement highlighted solid FY26 first-quarter results, with net income of $95.0M, adjusted earnings of $108.4M, and affirmed adjusted EPS guidance of $5.25–$5.45 for FY26 and $5.65–$5.85 for FY27. Segment gains were driven by new regulated rates, storage capacity growth, and portfolio optimization. Investors may monitor progress on the Piedmont Tennessee acquisition, planned asset sales, execution of the $11.2B capital plan, and evolving financing costs as key risk and tracking points.

Key Terms

infrastructure system replacement surcharge (isrs), rate stabilization and equalization (rse), junior subordinated notes, first mortgage bonds, +1 more

5 terms

infrastructure system replacement surcharge (isrs) regulatory

"primarily due to new Spire Missouri rates and Infrastructure System Replacement Surcharge (ISRS)"

A surcharge added to customer bills to pay specifically for replacing aging infrastructure—such as pipes, power lines, or network equipment—collected separately from regular service charges and directed to capital repairs. Investors care because it creates a predictable, designated revenue stream for necessary projects, affects future cash flow and profit timing, and carries regulatory and public-acceptance risk much like a dedicated maintenance savings account that spreads big repair costs into steady smaller payments.

rate stabilization and equalization (rse) regulatory

"higher margins at Spire Alabama under the Rate Stabilization and Equalization (RSE)"

Rate stabilization and equalization (RSE) is a mechanism companies or regulators use to smooth out sudden swings in prices, premiums or charges by pooling costs, using reserves or shifting small amounts across customer groups so nobody faces sharp short-term jumps. For investors it matters because RSE programs make a business’s revenue and margins more predictable—like a shock absorber for earnings—while potentially hiding true short-term demand or cost pressure that could affect long-term returns.

junior subordinated notes financial

"completion of $900 million of Junior Subordinated Notes at Spire Inc."

Junior subordinated notes are a type of bond: a loan investors make to a company that ranks low in the repayment order if the company runs into trouble. Because they are paid after other creditors, they usually offer higher interest to compensate for greater risk; think of them as being near the back of the line at a crowded payout window. Investors care because these notes affect potential returns and downside exposure, and they influence a company’s overall borrowing risk and credit profile.

first mortgage bonds financial

"Spire Missouri issued $200 million of First Mortgage Bonds"

First mortgage bonds are debt securities backed by a company’s property, granting bondholders the primary legal claim to that real estate if the issuer cannot pay. Think of them as being first in line for repayment, like a homeowner’s mortgage lender who gets paid before other creditors. For investors, this priority and the tangible collateral typically make these bonds less risky than unsecured debt, which can mean lower yields but greater protection in bankruptcy.

master note purchase agreement financial

"$825 million of Spire Tennessee Senior Notes issued under a Master Note Purchase Agreement"

A master note purchase agreement is a standing contract that sets the rules for buying and selling debt notes between an issuer and one or more investors, covering how future note sales will be conducted, the basic payment and default terms, and the rights of each party. Think of it as a reusable order form that spells out who gets paid, when, and what happens if payments stop; investors care because it defines repayment priority, protections, and the practical risks and liquidity of the notes they buy.

AI-generated analysis. Not financial advice.

ST. LOUIS, Feb. 3, 2026 /PRNewswire/ -- Spire Inc. (NYSE: SR) today reported results for its fiscal 2026 first quarter ended December 31. Highlights include:

• First quarter net income of $95.0 million ($1.54 per diluted share) compared to $81.3 million ($1.34 per share) a year ago
• First quarter adjusted earnings* of $108.4 million ($1.77 per share) compared to $81.1 million ($1.34 per share) a year ago, an increase of $0.43
• Affirmed fiscal 2026 adjusted earnings guidance range of $5.25–$5.45
• Affirmed fiscal 2027 adjusted earnings guidance range of $5.65–$5.85

For fiscal 2026 first quarter, Gas Utility earnings increased reflecting higher earnings at Spire Missouri and Spire Alabama. The segment benefited from new rates across all of the utilities, offset, in part, by lower volumetric margin in Missouri and Alabama and higher depreciation expense. Midstream earnings reflected growth as a result of additional capacity for Spire Storage. Gas Marketing earnings were higher than the prior year due to incremental portfolio optimization.

"Our strong first quarter results underscore the effectiveness of our regulatory strategy and the dedication our team delivers every day," said Scott Doyle, president and chief executive officer of Spire. "By continuing to modernize our systems, strengthen regulatory engagement and maintain disciplined cost management, we are creating meaningful value for our customers and shareholders. We are confident in our ability to continue delivering sustainable growth while safely and reliably providing affordable service to the customers and communities we serve."

First Quarter Results		Three Months Ended December 31,
		(Millions)								(Per Diluted Common Share)
		2025				2024				2025				2024
Adjusted Earnings* (Loss) by Segment
Gas Utility		$	103.9			$	77.8
Gas Marketing			4.5				2.2
Midstream			12.7				12.0
Other			(12.7)				(10.9)
Total		$	108.4			$	81.1			$	1.77			$	1.34
Fair value and timing adjustments, pre-tax			(9.2)				0.3				(0.16)				0.01
Acquisition activities, pre-tax			(8.5)				—				(0.14)				—
Income tax effect of adjustments			4.3				(0.1)				0.07				(0.01)
Net Income		$	95.0			$	81.3			$	1.54			$	1.34
Weighted Average Diluted Shares Outstanding			59.2				57.9
*Non-GAAP, see "Adjusted Earnings and Reconciliation to GAAP."

Adjusted earnings exclude from net income, as applicable, the impacts of fair value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture and restructuring activities, and the largely non-cash impacts of other non-recurring or unusual items such as impairments and certain regulatory, legislative, or GAAP standard-setting actions.

Gas Utility

Gas Utility fiscal 2026 first quarter adjusted earnings were $103.9 million, an increase from $77.8 million in the prior year, driven by higher earnings at Spire Missouri and Spire Alabama.

Contribution margin was higher by $48.0 million primarily due to new Spire Missouri rates and Infrastructure System Replacement Surcharge (ISRS) revenues in addition to higher margins at Spire Alabama under the Rate Stabilization and Equalization (RSE). These favorable items were partially offset by lower Spire Missouri and Spire Alabama volumetric margin.

After adjusting for the impact of a pension reclass and bad debt expense, operation and maintenance expense was $1.4 million higher than a year ago, reflecting an increase in operating costs, offset, in part, by lower employee-related costs.

Depreciation expense increased $6.7 million from last year, reflecting increased capital investment and an updated amortization schedule as part of Spire Missouri's new rates. Interest expense increased $1.7 million as a result of higher long-term debt balances, offset, in part, by lower short-term rates.

Gas Marketing

Gas Marketing fiscal 2026 first quarter adjusted earnings were $4.5 million compared to $2.2 million in the prior year. The higher earnings reflect increased optimization of their portfolio year over year.

Midstream

Midstream fiscal 2026 first quarter adjusted earnings were $12.7 million, up from $12.0 million in the year-ago period. The improvement was driven by higher Spire Storage revenue reflecting additional capacity, partially offset by higher depreciation and interest expense.

Other

Spire's other activities reported an adjusted loss of $12.7 million versus an adjusted loss of $10.9 million in the prior year. The variance in earnings is primarily due to higher corporate costs and interest expense.

Financing Update

During the first fiscal quarter, Spire advanced its financing strategy to support both the Tennessee acquisition and its ongoing capital plan. Acquisition-related financing included the completion of $900 million of Junior Subordinated Notes at Spire Inc. and $825 million of Spire Tennessee Senior Notes issued under a Master Note Purchase Agreement expected to fund at the closing of the acquisition.

In October 2025, Spire Missouri issued $200 million of First Mortgage Bonds, with proceeds used for general corporate purposes.

In January 2026, Spire Inc. issued $200 million of Junior Subordinated Notes and expects to use the proceeds to redeem $250 million of 5.9% Spire Inc. preferred stock.

Guidance and Outlook

Spire continues to expect fiscal 2026 adjusted earnings to be in the range of $5.25–$5.45 per share, which excludes the results of the pending acquisition of the Piedmont Natural Gas Tennessee business. Spire also expects fiscal 2027 adjusted EPS to be in the range of $5.65–$5.85, which reflects a full year of earnings contributions from the Piedmont Natural Gas Tennessee business and excludes earnings from Spire's natural gas storage facilities due to the expected sale of the assets. Both the acquisition and sale are subject to regulatory approvals. The acquisition is expected to close following standard regulatory review, while any sale of the storage assets also requires final authorization by Spire's Board of Directors.

Our 10-year $11.2 billion capital investment target through fiscal 2035 is driven by investment in infrastructure and new business in the Gas Utility segment. This plan supports Spire's long-term adjusted earnings per share growth of 5-7% using the fiscal 2027 adjusted EPS guidance midpoint of $5.75 as a base. Expected total capital expenditures for fiscal 2026 remains $809 million. 

Conference Call and Webcast

Spire will host a conference call and webcast today to discuss its fiscal 2026 first quarter financial results. To access the call, please dial the applicable number approximately 5–10 minutes in advance.

Date and Time:				Tuesday, February 3
				10 a.m. CT (11 a.m. ET)
Phone Numbers:				U.S. and Canada:			844-824-3832
				International:			412-317-5142

The webcast can be accessed at Investors.SpireEnergy.com under Events & Presentations. A replay of the call will be available until February 10, 2026, by dialing 855-669-9658 (U.S. and Canada), or 412-317-0088 (international). The replay access code is 4653742.

About Spire

At Spire Inc. (NYSE: SR) we believe energy exists to help make people's lives better. It's a simple idea, but one that's at the heart of our company. Every day we serve 1.7 million homes and businesses making us one of the largest publicly traded natural gas companies in the country. We help families and business owners fuel their daily lives through our gas utilities serving Alabama, Mississippi and Missouri. Our natural gas-related businesses include Spire Marketing and Spire Midstream. We are committed to transforming our business through growing organically, investing in infrastructure, and driving continuous improvement. Learn more at SpireEnergy.com.

Forward-Looking Information and Non-GAAP Measures

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Spire's future operating results may be affected by various uncertainties and risk factors, many of which are beyond the Company's control, including weather conditions, economic factors, the competitive environment, governmental and regulatory policy and action, and risks associated with acquisitions. More complete descriptions and listings of these uncertainties and risk factors can be found in the Company's annual (Form 10-K) and quarterly (Form 10-Q) filings with the Securities and Exchange Commission.

This news release includes the non-GAAP financial measures of "adjusted earnings," "adjusted earnings per share," and "contribution margin." Management also uses these non-GAAP measures internally when evaluating the Company's performance and results of operations. Adjusted earnings exclude from net income, as applicable, the impacts of fair value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture and restructuring activities and the largely non-cash impacts of impairments and other non-recurring or unusual items such as certain regulatory, legislative, or GAAP standard-setting actions. The fair value and timing adjustments, which primarily impact the Gas Marketing segment, include net unrealized gains and losses on energy-related derivatives resulting from the current changes in the fair value of financial and physical transactions prior to their completion and settlement, lower of cost or market inventory adjustments, and realized gains and losses on economic hedges prior to the sale of the physical commodity. Management believes that excluding these items provides a useful representation of the economic impact of actual settled transactions and overall results of ongoing operations. Contribution margin adjusts revenues to remove the costs that are directly passed on to customers and collected through revenues, which are the wholesale cost of natural gas and gross receipts taxes. These internal non-GAAP operating metrics should not be considered as an alternative to, or more meaningful than, GAAP measures such as operating income, net income, or earnings per share.

Condensed Consolidated Statements of Income – Unaudited
(In Millions, except per share amounts)		Three Months Ended December 31,
		2025				2024
Operating Revenues		$	762.2			$	669.1
Operating Expenses:
Natural gas			312.7				270.0
Operation and maintenance			139.9				129.3
Depreciation and amortization			81.4				72.3
Taxes, other than income taxes			54.7				48.7
Total Operating Expenses			588.7				520.3
Operating Income			173.5				148.8
Interest Expense, Net			60.4				48.0
Other Income, Net			5.3				0.6
Income Before Income Taxes			118.4				101.4
Income Tax Expense			23.4				20.1
Net Income			95.0				81.3
Provision for preferred dividends			3.7				3.7
Income allocated to participating securities			0.1				0.1
Net Income Available to Common Shareholders		$	91.2			$	77.5
Weighted Average Number of Shares Outstanding:
Basic			59.0				57.7
Diluted			59.2				57.9
Basic Earnings Per Common Share		$	1.55			$	1.34
Diluted Earnings Per Common Share		$	1.54			$	1.34
Dividends Declared Per Common Share		$	0.825			$	0.785

 

Condensed Consolidated Balance Sheets – Unaudited
(In Millions)		December 31,				September 30,				December 31,
		2025				2025				2024
ASSETS
Utility Plant		$	9,490.1			$	9,333.9			$	8,946.3
Less:  Accumulated depreciation and amortization			2,628.2				2,577.4				2,570.3
Net Utility Plant			6,861.9				6,756.5				6,376.0
Non-utility Property			1,003.4				1,007.2				982.5
Other Investments			125.4				128.0				118.5
Total Other Property and Investments			1,128.8				1,135.2				1,101.0
Current Assets:
Cash and cash equivalents			4.1				5.7				11.5
Accounts receivable, net			596.3				315.8				517.2
Inventories			259.5				282.5				242.6
Other			178.6				203.7				216.7
Total Current Assets			1,038.5				807.7				988.0
Deferred Charges and Other Assets			2,852.7				2,875.9				2,810.8
Total Assets		$	11,881.9			$	11,575.3			$	11,275.8
CAPITALIZATION AND LIABILITIES
Capitalization:
Preferred stock		$	242.0			$	242.0			$	242.0
Common stock and paid-in capital			2,040.9				2,040.4				1,992.0
Retained earnings			1,127.7				1,087.6				1,050.5
Accumulated other comprehensive income			22.1				19.4				24.4
Total Shareholders' Equity			3,432.7				3,389.4				3,308.9
Temporary equity			5.9				6.1				8.4
Long-term debt (less current portion)			4,449.4				3,369.4				3,697.7
Total Capitalization			7,888.0				6,764.9				7,015.0
Current Liabilities:
Current portion of long-term debt			488.1				487.5				42.5
Notes payable			412.0				1,317.0				1,158.0
Accounts payable			309.5				248.3				292.3
Accrued liabilities and other			503.7				495.8				498.4
Total Current Liabilities			1,713.3				2,548.6				1,991.2
Deferred Credits and Other Liabilities:
Deferred income taxes			914.1				887.4				838.3
Pension and postretirement benefit costs			47.7				74.7				126.6
Asset retirement obligations			589.5				583.2				586.0
Regulatory liabilities			587.6				578.0				577.2
Other			141.7				138.5				141.5
Total Deferred Credits and Other Liabilities			2,280.6				2,261.8				2,269.6
Total Capitalization and Liabilities		$	11,881.9			$	11,575.3			$	11,275.8

 

Condensed Consolidated Statements of Cash Flows – Unaudited
(In Millions)		Three Months Ended  December 31,
		2025				2024
Operating Activities:
Net Income		$	95.0			$	81.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			81.4				72.3
Deferred income taxes and investment tax credits			21.9				19.4
Changes in assets and liabilities			(120.3)				(94.0)
Other			3.0				2.1
Net cash provided by operating activities			81.0				81.1
Investing Activities:
Capital expenditures			(202.8)				(260.6)
Other			1.5				0.5
Net cash used in investing activities			(201.3)				(260.1)
Financing Activities:
Issuance of long-term debt			1,100.0				—
Repayment of long-term debt			(7.5)				(7.0)
(Repayment) issuance  of short-term debt			(905.0)				211.0
Issuance of common stock			0.3				32.8
Dividends paid on common stock			(47.2)				(44.6)
Dividends paid on preferred stock			(3.7)				(3.7)
Other			(17.9)				(2.5)
Net cash provided by financing activities			119.0				186.0
Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash			(1.3)				7.0
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period			41.2				34.9
Cash, Cash Equivalents, and Restricted Cash at End of Period		$	39.9			$	41.9

 

Adjusted Earnings and Reconciliation to GAAP
(In Millions, except per share amounts)		Gas Utility				Gas Marketing				Midstream				Other				Total				Per Diluted Common Share (2)
Three Months Ended December 31, 2025
Net Income (Loss) [GAAP]		$	103.9			$	(2.4)			$	12.7			$	(19.2)			$	95.0			$	1.54
Adjustments, pre-tax:
Fair value and timing adjustments			—				9.2				—				—				9.2				0.16
Acquisition activities			—				—				—				8.5				8.5				0.14
Income tax effect of adjustments (1)			—				(2.3)				—				(2.0)				(4.3)				(0.07)
Adjusted Earnings (Loss) [Non-GAAP]		$	103.9			$	4.5			$	12.7			$	(12.7)			$	108.4			$	1.77
Three Months Ended December 31, 2024
Net Income (Loss) [GAAP]		$	77.8			$	2.4			$	12.0			$	(10.9)			$	81.3			$	1.34
Adjustments, pre-tax:
Fair value and timing adjustments			—				(0.3)				—				—				(0.3)				(0.01)
Income tax effect of adjustments (1)			—				0.1				—				—				0.1				0.01
Adjusted Earnings (Loss) [Non-GAAP]		$	77.8			$	2.2			$	12.0			$	(10.9)			$	81.1			$	1.34

(1) Income tax adjustments include amounts calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items.

(2) Adjusted earnings per share is calculated by replacing consolidated net income with consolidated adjusted earnings in the GAAP diluted EPS calculation, which includes reductions for cumulative preferred dividends and participating shares.

 

Contribution Margin and Reconciliation to GAAP
(In Millions)		Gas Utility				Gas Marketing				Midstream				Other				Elimi- nations				Consoli- dated
Three Months Ended December 31, 2025
Operating Income (Loss) [GAAP]		$	161.6			$	(3.9)			$	21.4			$	(5.6)			$	—			$	173.5
Operation and maintenance			119.7				4.0				9.8				11.0				(4.6)				139.9
Depreciation and amortization			74.8				0.1				6.3				0.2				—				81.4
Taxes, other than income taxes			54.0				—				0.7				—				—				54.7
Less: Gross receipts tax expense			(29.9)				—				—				—				—				(29.9)
Contribution Margin [Non-GAAP]			380.2				0.2				38.2				5.6				(4.6)				419.6
Natural gas costs			283.2				40.9				0.8				—				(12.2)				312.7
Gross receipts tax expense			29.9				—				—				—				—				29.9
Operating Revenues		$	693.3			$	41.1			$	39.0			$	5.6			$	(16.8)			$	762.2
Three Months Ended December 31, 2024
Operating Income [GAAP]		$	127.8			$	2.7			$	17.3			$	1.0			$	—			$	148.8
Operation and maintenance			115.0				4.0				11.0				3.6				(4.3)				129.3
Depreciation and amortization			68.1				0.4				3.7				0.1				—				72.3
Taxes, other than income taxes			48.0				(0.1)				0.8				—				—				48.7
Less: Gross receipts tax expense			(26.7)				(0.1)				—				—				—				(26.8)
Contribution Margin [Non-GAAP]			332.2				6.9				32.8				4.7				(4.3)				372.3
Natural gas costs			254.6				26.0				0.7				—				(11.3)				270.0
Gross receipts tax expense			26.7				0.1				—				—				—				26.8
Operating Revenues		$	613.5			$	33.0			$	33.5			$	4.7			$	(15.6)			$	669.1

 

Investor Contact:
Megan L. McPhail
314-309-6563
Megan.McPhail@SpireEnergy.com

Media Contact:
Jason Merrill
314-342-3300
Jason.Merrill@SpireEnergy.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/spire-reports-fy26-first-quarter-results-302676942.html

SOURCE Spire Inc.

FAQ

What were Spire (SR) fiscal 2026 Q1 GAAP and adjusted results on February 3, 2026?

GAAP net income was $95.0 million ($1.54 per diluted share). According to the company, adjusted earnings were $108.4 million ($1.77 per share), compared with $81.3M and $81.1M in the prior-year quarter, respectively.

How did Spire's (SR) Gas Utility segment perform in Q1 fiscal 2026?

Gas Utility adjusted earnings rose to $103.9 million in Q1. According to the company, gains came from new Missouri rates, ISRS revenues, and higher Alabama margins, partly offset by lower volumetric margin and higher depreciation.

What guidance did Spire (SR) provide for fiscal 2026 and 2027 on Feb 3, 2026?

Spire affirmed fiscal 2026 adjusted EPS guidance of $5.25–$5.45 and fiscal 2027 guidance of $5.65–$5.85. According to the company, 2027 guidance reflects a full year contribution from the Tennessee acquisition and excludes expected storage asset sale results.

What financing did Spire (SR) complete to support the Tennessee acquisition?

Spire completed $900M of junior subordinated notes and expects $825M of Tennessee senior notes at closing. According to the company, these financings are intended to fund the Piedmont Tennessee acquisition and support its capital plan.

How large is Spire's capital investment plan and what growth does it target?

Spire plans a $11.2 billion capital investment target through fiscal 2035. According to the company, this 10-year plan supports a targeted long-term adjusted EPS growth rate of 5–7% annually using fiscal 2027 midpoint as the base.