Spire Inc. reported fiscal 2025 results on November 14, 2025, delivering an adjusted earnings per share of $4.44—up 7.5% from $4.13 in 2024—while total revenue fell 4.5% to $2.48 billion, a decline from $2.59 billion in 2024. The revenue drop reflects a modest contraction in gas sales and a lower mix of higher‑margin Midstream contracts, offset by gains in the Gas Utility and Gas Marketing segments.
The company’s adjusted earnings rose to $275.5 million, driven by a $231.4 million gain in the Gas Utility segment, up 5% from $220.8 million in 2024, thanks to new rates in Missouri and Alabama and a higher contribution margin at Spire Missouri. Gas Marketing added $25.9 million, up 10% from $23.4 million, while the Midstream segment contributed $56.3 million, a 68% increase from $33.5 million, reflecting expanded storage capacity and higher contract rates. The Other segment recorded a $38.1 million loss, largely due to a one‑time impairment and higher corporate costs.
In the fourth quarter, Spire posted an adjusted loss of $0.47 per share, missing analysts’ estimate of a $0.46 loss. Revenue for the quarter was $334.1 million, beating the $307.96 million estimate, but the miss was driven by higher operating‑and‑maintenance costs and a one‑time impairment that weighed on profitability. The Q4 miss highlights short‑term cost pressure even as the company continues to invest in infrastructure.
Spire reaffirmed its fiscal 2026 adjusted earnings guidance at $5.25 to $5.45 per share, above the analyst consensus of $5.20, and announced a quarterly dividend of $0.825, a 5.1% increase. The company also disclosed that its 10‑year capital plan has been raised to $11.2 billion through fiscal 2035, underscoring a commitment to modernizing infrastructure and supporting future growth.
Market reaction to the earnings was muted, with the stock falling 2.33% in pre‑market trading. Investors focused on the Q4 earnings miss and the 4.5% revenue decline, weighing short‑term headwinds against the company’s long‑term growth prospects and robust guidance.
Management emphasized disciplined growth and operational excellence, noting confidence in the Missouri rate case outcome and the pending Piedmont acquisition, which is expected to close in the first quarter of 2026. The company’s strategy of infrastructure investment and rate‑case execution is positioned to sustain long‑term value creation.
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