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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SR

SR fundamentals

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