What were the key takeaways from Spire’s earnings call?

What is the revenue and EPS growth rate for Spire year over year?

What factors drove the changes in Spire's revenue and profit?

What is Spire's gross profit margin?

What is Spire's latest dividend and current dividend yield?

What were the key takeaways from Spire's earnings call?

What is the market's earnings forecast for Spire next quarter?

What does Spire do and what are its main business segments?

- **EPS Growth**: Q1 2026 adjusted EPS of $1.77 (+32% YoY), reaffirming 5-7% long-term target.
- **Acquisition Progress**: Tennessee close on track, with $1.725B financing secured and integration planning underway.
- **Storage Sale Update**: Evaluation extended to achieve value, with update by end of Q1.
- **Regulatory Momentum**: Missouri rate case expected Q4 2026 filing, supporting 7% rate base growth.
- **Financial Discipline**: 2026 capex of $809M, with FFO/debt of 15-16%.


**【Management Opening Remarks】**
- Reported Q1 2026 adjusted EPS of $1.77, up 32% YoY, driven by new rates in Missouri and Alabama. 
- Reaffirmed 2026 EPS guidance of $5.25-$5.45 and long-term 5-7% growth target.
- Tennessee acquisition on track for Q1 close, with $900M JSN issued and $825M Senior Notes secured.
- Storage asset sale evaluation extended, with update expected by end of Q1.

**【CEO Commentary】**
- Missouri rate base growth of 7%, Tennessee 7.5%, and 6% regulated equity growth in Alabama/Gulf.
- $230M Q1 capex (75% utility-focused) supporting reliability through extreme weather.
- 10-year $11.2B capex plan underpins growth, with 2026 capex of $809M.
- Tennessee integration planning underway with 18-month transition services agreement.

**【CFO Financial Commentary】**
- Gas Utilities EBIT up 33% YoY to $104M, driven by rate increases and RSE mechanism.
- Midstream EBIT +8% to $12.7M, offsetting higher depreciation.
- 2026 guidance includes $50M equity needs, with FFO/debt target of 15-16%.
- Preferred stock redemption ($90M EPS impact) offset by storage sale proceeds.

**【Q&A Highlights】**
- Storage sale process extended due to value maximization focus, with bridge financing secured.
- Tennessee acquisition equity needs minimal, with $750M remaining to raise/recycle.
- Missouri rate case expected Q4 2026 filing, aligning with 18-24 month approval timeline.
- Marketing segment captured volatility during Winter Storm Fern, with hedging strategy protecting affordability.


Spire Inc. (SR) Q1 2026 Earnings Call Transcript

- **EPS Growth**: 2026 EPS $5.25-$5.45 (+20%), 2027 EPS $5.65-$5.85 (+7.5%). Long-term 5-7% target. 
- **Acquisition Impact**: Piedmont Tennessee adds $11.2B to 10-year capex, driving 7.5% rate base growth. 
- **Affordability**: Natural gas 2-3x cheaper than electricity, rate hikes <inflation. 
- **Dividend Strength**: 23rd straight increase, payout ratio 55-65%. 
- **Financial Discipline**: FFO/debt 15-16%, minimal equity issuance. 
- **Midstream Expansion**: Storage sale evaluation on track, Midstream 65% storage/35% pipeline mix. 


**【CEO Summary Section】**
- **Fiscal 2025 Performance**: Adjusted EPS of $4.44, up 7.5% YoY, driven by infrastructure investments ($922M) and regulatory wins in Missouri and Alabama. 
- **Piedmont Tennessee Acquisition**: On track to close Q1 2026, adding $11.2B to 10-year capital plan. 2026-2030 rate base growth: 7% (Missouri), 7.5% (Tennessee), 6% (Alabama). 
- **Financial Guidance**: 2026 EPS $5.25-$5.45 (20%+ growth), 2027 EPS $5.65-$5.85 (+7.5% YoY). 5-7% long-term EPS growth target. 
- **Dividend Policy**: 5.1% increase to $3.30 annualized, 23rd consecutive raise. 
- **Regulatory Progress**: Missouri future test year rate case filed, Alabama RSE mechanism in place. Natural gas affordability maintained (<2-3x electricity cost). 

**【CFO Financial Commentary】**
- **Segment Performance**: 
  - **Gas Utilities**: $231M earnings (+5%), benefiting from Missouri ISRS and Alabama RSE. 
  - **Midstream**: $56M earnings (+$23M YoY) from Spire Storage expansion. 
  - **Gas Marketing**: $26M earnings (+$2.5M) from market positioning. 
- **Capital Plan**: 5-year ($4.8B) and 10-year ($11.2B) plans focused on safety (70%), expansion (19%). 
- **Financial Targets**: FFO/debt 15-16%, 300bps above downgrade thresholds. Minimal equity issuance (<$50M/year). 
- **2026 Outlook**: Gas utilities $285-315M, Midstream $42-48M, Marketing $19-23M. O&M <inflation, interest expense down. 

**【Q&A Highlights】**
- **Growth Drivers**: Missouri rate case recovery, Tennessee acquisition, and Storage sale proceeds. 
- **ROE Expectations**: Missouri near allowed returns, Alabama at allowed, Midstream stable. 
- **O&M Discipline**: 2026 O&M <inflation, best practices from Tennessee integration. 
- **Storage Sale**: Evaluation on track for Q4 2025 announcement. 
- **Dividend Policy**: Payout ratio 55-65%, dividend growth aligned with EPS. 
- **Regulatory Clarity**: Missouri future test year case to align capital timing with earnings. 
- **Balance Sheet**: Tennessee recapitalization balanced with debt/equity mix. 


Spire Inc. (SR) Q4 2025 Earnings Call Transcript

- **5-7% EPS Growth Target**: Reaffirmed by management, driven by $7.4 billion capital plan and regulatory wins.
- **$210M Missouri Rate Case Win**: Stabilizes volumetric revenue and supports long-term infrastructure investment.
- **Tennessee Acquisition**: Adds $900M to capital plan, expanding into a high-growth jurisdiction with constructive regulation.
- **Midstream Strength**: Storage expansion and pipeline optimization drove segment growth, with stable returns.
- **O&M Discipline**: Year-to-date expenses up <1%, targeting sub-inflation growth to support margin expansion.

**【CEO Summary Section】**
- Reported adjusted earnings of $0.01 per share, up from a loss of $0.14 per share last year, driven by infrastructure investments and cost management.
- Secured a $210 million annual revenue increase in Missouri and a $19 million ISRS rider, supporting volumetric revenue stability.
- Announced acquisition of Piedmont Natural Gas in Tennessee, adding $900 million to the 5-year capital plan and expanding the regulated utility footprint.
- Reaffirmed 5-7% long-term EPS growth target, supported by $7.4 billion 10-year capital plan and disciplined cost management.
- Highlighted O&M expense control, targeting below inflation growth rates.

**【CFO Financial Commentary】**
- Q3 adjusted earnings up $8 million year-over-year, with Gas Marketing and Midstream segments driving growth.
- Capital expenditures increased 20% YoY to $700 million, focused on utility infrastructure modernization.
- Updated fiscal 2025 guidance of $4.40-$4.60 EPS, with higher Midstream and lower Utility earnings in the range.
- Maintained long-term EPS growth target of 5-7%, excluding one-time benefits from the Missouri rate case.

**【Q&A Key Highlights】**
- **FFO to Debt Targets**: CFO reaffirmed 15-16% target, noting potential delay due to acquisition but commitment to achieving it.
- **Midstream Performance**: Storage expansion drove 90% of Midstream growth, with pipeline operations stable and optimized.
- **O&M Expense Trends**: Year-to-date O&M up less than 1%, targeting sub-inflation growth.
- **EPS Growth Clarification**: 5-7% target excludes catch-up from Missouri rate case, focusing on rate base growth.
- **Tennessee Acquisition**: Expected to close Q1 2026, with regulatory filings underway and integration planning underway.

Spire Inc. (SR) Q3 2025 Earnings Call Transcript

- **EPS Growth**: Adjusted EPS rose to $3.60, up 4.4% YoY, driven by Utility and Midstream expansion.
- **CapEx Boost**: $50M capital increase supports infrastructure modernization and storage expansion.
- **Regulatory Progress**: Missouri rate case proposes $246M revenue increase; SB 4 enables forward-looking rate setting from 2026.
- **Midstream Momentum**: $8M earnings upgrade reflects higher rates and asset optimization, with strong project returns.

**【CEO Opening Remarks】**
- Adjusted EPS increased to $3.60, up $0.15 from last year, driven by strong performance in Utility and Midstream segments.
- Emphasized strategic focus on organic growth, infrastructure investment, and cost management.
- Capital expenditure plan for FY25 increased by $50 million to $840 million, with $35 million allocated to Midstream storage expansion.

**【CFO Financial Review】**
- Q2 adjusted net income of $214 million, up $18 million year-over-year, with Midstream earnings up $8 million due to new contracts and asset optimization.
- Gas Utility segment earnings rose $7 million, supported by ISRS revenue growth and new rates in Alabama.
- Updated FY25 adjusted EPS guidance of $4.40-$4.60, reflecting $9 million margin headwind in Missouri and $12 million Midstream/Marketing upside.

**【Regulatory Updates】**
- Missouri rate case: PSC staff proposed $246 million annual revenue increase, vs. company request of $290 million. Key issues include return on equity (9.63% vs. requested 10.5%) and weather mitigation mechanism ineffectiveness.
- SB 4 legislation enables future test-year rate setting starting July 2026, enhancing capital attraction and system reliability.

**【Q&A Highlights】**
- Weather mechanism adjustment in Missouri caused $9 million margin shortfall; company proposed decoupling and updated weather time horizon solutions.
- Midstream guidance increase reflects higher rates, capacity utilization, and optimization gains, with project returns exceeding expectations.
- Regulatory engagement remains constructive, with potential for settlement in current rate case and forward-looking rate model adoption in 2026.

Spire (SR)-30 Apr 25-2025 Q2 Earnings call transcript

- **Q1 2025 Results**: Adjusted EPS $1.34 (-8.8% YoY), driven by Gas Utility growth (Alabama/Gulf) offset by Missouri usage decline and lower Marketing segment.
- **Capital Allocation**: $790M FY2025 CapEx for utility modernization; 10-year $7.4B plan remains intact.
- **Regulatory Progress**: Missouri rate case seeks $289.5M increase, with new rates effective Oct 2025. Discrete adjustments balance investments/costs to limit bill impact.
- **Marketing Outlook**: Confident in FY2025 guidance despite Q1 underperformance, citing stable contracts and reduced volatility.
- **O&M Efficiency**: 2025 O&M flat YoY; inflationary pressures under control.


**【Management Opening Remarks】**
- Adjusted EPS for Q1 2025 was $1.34, down 8.8% YoY due to lower Gas Marketing segment earnings and warmer-than-normal weather in Missouri and Alabama.
- 10-year capital expenditure plan remains at $7.4 billion, with $790 million allocated for FY2025, focusing on utility infrastructure modernization.
- Regulatory updates include a Missouri rate case filing seeking $289.5 million in revenue increases, with new rates expected effective October 2025.
- CEO Steve Lindsey returns on February 10th after a leave of absence.

**【CFO Financial Review】**
- Gas Utility segment earnings growth driven by Spire Alabama and Gulf, offset by lower Missouri usage (4% decline in residential customers).
- Midstream segment revenue up due to new contracts and rate renewals; Marketing segment down 23% YoY due to reduced market volatility.
- O&M expenses flat YoY at Gas Utilities, with $1.6 million reduction in Q1 2025.
- FY2025 EPS guidance reaffirmed at $4.40-$4.60, with long-term 5-7% EPS growth target.

**【Q&A Key Takeaways】**
- **Weather Impact**: Missouri residential usage down 4% in Q1, but colder weather in January could mitigate losses. Alabama weather mitigation fully offset volumetric margin declines.
- **Marketing Segment**: Despite Q1 underperformance, confident in achieving FY2025 guidance range due to stable contracts and reduced volatility.
- **Regulatory Strategy**: Discrete adjustments in Missouri rate case balance capital investments with cost updates, aiming to avoid customer bill increases beyond gas cost reductions.
- **O&M Control**: 2025 run rate O&M flat YoY, with inflationary pressures managed through operational efficiency.
- **Legislation Update**: Senate Substitute Bill 4 advancing with provisions for future test years, supporting timely cost recovery.


Actual											2.75	0.07	-0.37	1.42	3.71	0.06	-0.32	1.14	3.42	0.01	-0.66	1.55	3.7	-0.42	-0.78	1.47	3.45	-0.14	-0.54	1.34	3.6	0.01	-0.47	1.77
Forecast											2.9548	0.0735	-0.4063	1.3211	3.0854	0.0305	-0.695	1.3213	3.1083	0.0233	-0.6415	1.1654	3.5189	-0.032	-0.6381	1.3807	3.7784	-0.1845	-0.5333	1.4158	3.6737	-0.0845	-0.3954	1.6355
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-6.93%	-4.76%	+8.93%	+7.49%	+20.24%	+96.72%	+53.96%	-13.72%	+10.03%	-57.08%	-2.88%	+33.00%	+5.15%	-1212.50%	-22.24%	+6.47%	-8.69%	+24.12%	-1.26%	-5.35%	-2.01%	+111.83%	-18.87%	+8.22%

SR

SR fundamentals

SR Q1 2026 Earnings

Earnings Call

You can ask Aime

SR

SR fundamentals

SR Q1 2026 Earnings

Earnings Call

SR Earnings Call Summary for Q1/202611:00 AM on Feb 3, 2026

SR Earnings Call Summary for Q4/202510:00 AM on Nov 14, 2025

SR Earnings Call Summary for Q3/202511:00 AM on Aug 5, 2025

SR Earnings Call Summary for Q2/202510:00 AM on Apr 30, 2025

SR Earnings Call Summary for Q1/202510:00 AM on Feb 5, 2025

You can ask Aime