Spire (SR) Q1 2026 earnings summary

Executive summary

• Adjusted earnings for Q1 FY2026 were $108.4 million ($1.77 per share), up from $81.1 million ($1.34 per share) year-over-year, reflecting strong utility performance, new rates, and improved segment results.

• Net income for the quarter was $95.0 million, up from $81.3 million, driven by higher revenues and improved segment performance.

• Gas Utility, Gas Marketing, and Midstream segments all contributed to earnings growth, with cost management and customer affordability as strategic priorities.

• The company responded effectively to Winter Storm Fern, maintaining reliable service during record natural gas demand.

• The pending acquisition of Piedmont Natural Gas Tennessee is on track to close in Q1 2026, with regulatory approval pending.

Financial highlights

• Q1 adjusted earnings were $108.4 million ($1.77/share), up $27.3 million year-over-year, driven by new rates and portfolio optimization.

• Operating revenues increased to $762.2 million from $669.1 million, a 13.9% rise.

• Operating income improved to $173.5 million from $148.8 million year-over-year.

• Annualized dividend for 2026 increased 5.1% to $3.30 per share, marking 23 consecutive years of increases.

• Q1 capital expenditures were $202.8 million, mainly for gas utility operations and infrastructure upgrades.

Outlook and guidance

• Fiscal 2026 adjusted EPS guidance affirmed at $5.25–$5.45, excluding pending Tennessee acquisition; 2027 guidance at $5.65–$5.85, reflecting full-year Tennessee contribution and excluding storage asset earnings.

• Long-term adjusted EPS growth target remains 5%–7% using 2027 midpoint as base.

• 10-year capital investment plan of $11.2 billion supports long-term EPS growth.

• 2026 capex expected at $809 million.

• Guidance excludes pending Tennessee acquisition for 2026 and includes full-year storage earnings; 2027 includes Tennessee and excludes storage.