Spire (SR) SR FY Financial Results Summary
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Spire Inc. (SR) Q4 2025 Financial Results Summary
Spire Inc. (NYSE: SR) released its fiscal 2025 financial results on November 14, 2025, reporting key metrics for the year ended September 30, 2025. Below is a summary of the financial performance and strategic developments reported by the company.
Financial Highlights
- Net Income:
- Fiscal 2025: $271.7 million (or $4.37 per diluted share)
- Fiscal 2024: $250.9 million (or $4.19 per share)
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Year-over-Year Growth: Growth of 8.4% for net income and 4.3% for earnings per share.
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Adjusted Earnings:
- Fiscal 2025: $275.5 million (or $4.44 per share)
- Fiscal 2024: $247.4 million (or $4.13 per share)
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Year-over-Year Growth: Growth of 11.4% in adjusted earnings and 7.5% in adjusted EPS.
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Future Guidance:
- Fiscal 2026 adjusted EPS guidance: $5.25 – $5.45
- Fiscal 2027 adjusted EPS guidance: $5.65 – $5.85
- Long-term adjusted EPS growth target reaffirmed at 5–7%.
Segment Performance
- Gas Utility:
- Adjusted earnings: $231.4 million in 2025 versus $220.8 million in 2024.
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Increase driven by new rates and higher infrastructure revenues, despite lower usage net of weather mitigation. This reflects a year-over-year growth of 5.9%.
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Gas Marketing:
- Adjusted earnings: $25.9 million in 2025 compared to $23.4 million in 2024.
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Improvement attributed to strategic positioning, reflecting a year-over-year increase of 10.7%.
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Midstream:
- Adjusted earnings: $56.3 million in 2025 versus $33.5 million in 2024.
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Notable growth of nearly 68.5% driven by added storage capacity and contracts at higher rates.
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Other Activities:
- Reported a loss of $38.1 million in adjusted earnings in 2025 compared to a loss of $30.3 million in 2024, worsening year-over-year by 25.8%.
Quarterly Performance Overview (Q4)
- Total Net Loss:
- Q4 2025: $39.8 million (or $(0.74) per share)
- Q4 2024: $25.9 million (or $(0.51) per share)
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Year-over-Year Worsening: $13.9 million decrease.
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Adjusted Loss:
- Q4 2025: $24.1 million (or $(0.47) per share)
- Q4 2024: $27.6 million (or $(0.54) per share)
- Year-over-Year Improvement: Decrease of 12.7% in adjusted losses.
Dividend Declaration
- The Spire board of directors announced a 5.1% increase in the quarterly common stock dividend to $0.825 per share, reflecting the company’s strong performance. This adjustment marks the 23rd consecutive year of dividend growth.
- The dividend is payable on January 5, 2026, to shareholders of record on December 11, 2025.
Capital Investments and Future Outlook
- The company has raised its 10-year capital investment target to $11.2 billion, extending through fiscal 2035 to support long-term growth.
- The expected adjusted EPS ranges for future fiscal years signify a roadmap for continued growth while responding to evolving market conditions.
Summary
Spire Inc. demonstrates a strong financial performance in fiscal 2025, showing resilience through increased earnings and a consistent dividend policy. Strategic initiatives in the gas utility and midstream segments have contributed to a solid foundation for future growth, supported by an ambitious capital investment plan.
For further details, Spire will host a conference call and webcast on November 14, 2025, at 9 a.m. CT to discuss its fourth quarter and full-year financial results.
Here are the extracted tables from the provided press release.
Condensed Consolidated Statements of Income – Unaudited
(In Millions, except per share amounts)
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| Operating Revenues | $ 334.1 | $ 293.8 | $ 2,476.4 | $ 2,593.0 |
| Operating Expenses: | ||||
| Natural gas | 77.4 | 54.6 | 905.5 | 1,103.3 |
| Operation and maintenance | 142.8 | 112.2 | 542.1 | 507.4 |
| Depreciation and amortization | 76.5 | 71.1 | 298.2 | 278.4 |
| Taxes, other than income taxes | 37.9 | 36.1 | 206.7 | 215.6 |
| Total Operating Expenses | 334.6 | 274.0 | 1,952.5 | 2,104.7 |
| Operating (Loss) Income | (0.5) | 19.8 | 523.9 | 488.3 |
| Interest Expense | 58.8 | 49.5 | 204.1 | 201.1 |
| Other Income (Expense), Net | 3.4 | (4.8) | 11.6 | 22.4 |
| (Loss) Income Before Income Taxes | (55.9) | (34.5) | 331.4 | 309.6 |
| Income Tax (Benefit) Expense | (16.1) | (8.6) | 59.7 | 58.7 |
| Net (Loss) Income | (39.8) | (25.9) | 271.7 | 250.9 |
| Provision for preferred dividends | 3.7 | 3.7 | 14.8 | 14.8 |
| (Loss) income allocated to participating securities | (0.1) | – | 0.3 | 0.3 |
| Net (Loss) Income Available to Common Shareholders | $ (43.4) | $ (29.6) | $ 256.6 | $ 235.8 |
| Weighted Average Number of Shares Outstanding: | ||||
| Basic | 59.0 | 57.7 | 58.5 | 56.1 |
| Diluted | 59.0 | 57.7 | 58.7 | 56.3 |
| Basic (Loss) Earnings Per Share | $ (0.74) | $ (0.51) | $ 4.39 | $ 4.20 |
| Diluted (Loss) Earnings Per Share | (0.74) | (0.51) | 4.37 | 4.19 |
| Dividends Declared Per Common Share | 0.785 | 0.755 | 3.14 | 3.02 |
Condensed Consolidated Balance Sheets – Unaudited
(In Millions)
| ASSETS | September 30, 2025 | September 30, 2024 |
|---|---|---|
| Utility Plant | $ 9,333.9 | $ 8,779.1 |
| Less: Accumulated depreciation and amortization | 2,577.4 | 2,535.8 |
| Net Utility Plant | 6,756.5 | 6,243.3 |
| Other Property and Investments | 1,135.2 | 1,070.6 |
| Current Assets: | ||
| Cash and cash equivalents | 5.7 | 4.5 |
| Accounts receivable, net | 315.8 | 277.4 |
| Inventories | 282.5 | 263.9 |
| Other | 203.7 | 225.5 |
| Total Current Assets | 807.7 | 771.3 |
| Deferred Charges and Other Assets: | ||
| Goodwill | 1,171.6 | 1,171.6 |
| Other deferred charges and other assets | 1,704.3 | 1,603.9 |
| Total Deferred Charges and Other Assets | 2,875.9 | 2,775.5 |
| Total Assets | $ 11,575.3 | $ 10,860.7 |
| CAPITALIZATION AND LIABILITIES | ||
| Capitalization: | ||
| Preferred stock | $ 242.0 | $ 242.0 |
| Common stock and paid-in capital | 2,040.4 | 1,959.9 |
| Retained earnings | 1,087.6 | 1,018.7 |
| Accumulated other comprehensive income | 19.4 | 12.1 |
| Total Shareholders’ Equity | 3,389.4 | 3,232.7 |
| Temporary equity | 6.1 | 8.6 |
| Long-term debt (less current portion) | 3,369.4 | 3,704.4 |
| Total Capitalization | 6,764.9 | 6,945.7 |
| Current Liabilities: | ||
| Current portion of long-term debt | 487.5 | 42.0 |
| Notes payable | 1,317.0 | 947.0 |
| Accounts payable | 248.3 | 237.2 |
| Accrued liabilities and other | 495.8 | 477.7 |
| Total Current Liabilities | 2,548.6 | 1,703.9 |
| Deferred Credits and Other Liabilities: | ||
| Deferred income taxes | 887.4 | 808.4 |
| Other deferred credits and other liabilities | 1,374.4 | 1,402.7 |
| Total Deferred Credits and Other Liabilities | 2,261.8 | 2,211.1 |
| Total Capitalization and Liabilities | $ 11,575.3 | $ 10,860.7 |