Spire (SR) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 adjusted EPS rose 7.5% to $4.44, within original guidance, driven by infrastructure investments, new rates, and growth across all segments.

• Net income reached $271.7 million ($4.37 per share), up from $250.9 million ($4.19 per share) in fiscal 2024.

• Announced acquisition of Piedmont Natural Gas Tennessee business, with integration and regulatory approvals progressing and expected closure in Q1 2026.

• Invested $922 million in capital, with $817 million allocated to utility capex.

• New leadership appointments and a focus on operational excellence and regulatory engagement underpin strategic growth.

Financial highlights

• Fiscal 2025 adjusted earnings were $275.5 million ($4.44/share), up from $247.4 million ($4.13/share) year-over-year.

• Gas utilities earned $231.4 million, up from $220.8 million, supported by new rates and ISRS revenues.

• Midstream earnings rose to $56.3 million from $33.5 million, driven by storage capacity, contract renewals, and MoGas acquisition.

• Gas marketing earnings increased to $25.9 million from $23.4 million, benefiting from market positioning.

• Dividend increased 5.1% to $3.30/share annualized, marking the 23rd consecutive annual increase.

Outlook and guidance

• Fiscal 2026 adjusted EPS guidance is $5.25–$5.45, excluding the pending Tennessee acquisition but including full-year storage earnings.

• Fiscal 2027 adjusted EPS guidance is $5.65–$5.85, reflecting full-year Tennessee earnings and excluding storage due to expected sale.

• Long-term adjusted EPS growth target is 5–7%, anchored on the 2027 midpoint of $5.75.

• 10-year capital plan totals $11.2 billion, with a five-year plan of $4.8 billion focused on safety, reliability, and customer expansion.

• Dividend growth aligned with 5–7% earnings growth.