Spire (SR) Q3 2026 earnings summary

Executive summary

• Completed transformation to a fully regulated utility through the $2.5 billion acquisition of Spire Tennessee and divestitures of Spire Marketing and Spire Storage, enhancing earnings quality and regulatory diversity.

• Net income for the quarter was $211.2 million, up from $20.9 million year-over-year, driven by gains from divestitures; adjusted EPS from continuing operations improved to a loss of $0.26 per share, compared to a loss of $0.29 per share in the prior year quarter.

• Integration of Spire Tennessee is progressing on schedule, with key transition milestones targeted for fiscal 2027.

• Maintained focus on cost management, customer affordability, and operational excellence, reaffirming long-term growth strategy centered on regulated utility operations.

• Pending sale of Spire Mississippi for $75 million, expected to close in fiscal Q1 2027.

Financial highlights

• Q3 FY26 adjusted loss from continuing operations was $15.7 million ($0.26 per share), compared to $13.3 million ($0.29 per share) in the prior year; operating revenues for the quarter rose to $420.2 million from $352.5 million year-over-year.

• Year-to-date adjusted earnings from continuing operations were $301.8 million ($5.01 per share), up from $248.1 million ($4.05 per share) last year.

• Gas Utility segment adjusted loss improved to $3.2 million from $10 million last year, driven by new rates and higher usage in Missouri and Alabama.

• Operating expenses increased, notably in O&M, depreciation, taxes, and interest expense.

• Discontinued operations contributed $253.8 million in net income for the quarter, including a $254.6 million after-tax gain on sale.

Outlook and guidance

• Reaffirmed fiscal 2026 adjusted EPS guidance at $3.90–$4.10 per share and fiscal 2027 at $5.40–$5.60 per share, with a long-term adjusted EPS growth target of 5–7% annually.

• 10-year capital investment plan of $11.2 billion through FY2035, with $797–$800 million in capex expected for FY26.

• Growth supported by 7% rate base expansion and full-year contributions from Spire Tennessee.