Spire Reports Higher Q1 Earnings, Reiterates Outlook

Utility rate updates, Tennessee acquisition, and natural gas storage review drive performance

Feb. 4, 2026 at 1:31am

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Spire (NYSE:SR) reported higher first-quarter fiscal 2026 results and reiterated its multi-year earnings outlook as management highlighted new rates across its utility footprint, continued progress on a pending Tennessee acquisition, and an ongoing review of potential natural gas storage asset sales.

Why it matters

Spire's strong first-quarter performance, driven by utility rate updates and contributions from its marketing and midstream segments, demonstrates the company's ability to navigate market volatility and execute on its strategic priorities. The pending Tennessee acquisition and potential natural gas storage asset sales are key swing factors that could impact Spire's future earnings.

The details

Spire posted adjusted earnings of $108 million, or $1.77 per share, for the fiscal first quarter, up from $81 million, or $1.34 per share, in the prior-year period. The year-over-year improvement reflected solid execution in the gas utility business, supported by new rates across all utilities, alongside contributions from the company's marketing and midstream segments. Spire's gas utilities earned $104 million, up about $26 million from the prior year, primarily due to new rates in Missouri and higher margin under the Rate Stabilization and Equalization (RSE) mechanism in Alabama. The company's gas marketing and midstream segments also contributed to the quarterly performance.

  • Spire issued $900 million of junior subordinated notes in November 2025 and entered into a master note purchase agreement in December 2025 for $825 million of Spire Tennessee senior notes to fund the pending Tennessee acquisition.
  • Spire filed in November 2025 for a $30.3 million revenue increase under the Infrastructure System Replacement Surcharge in Missouri, with rates expected to be effective no later than May 2026.
  • Spire Alabama and Spire Gulf rates under the RSE mechanism were updated in December 2025.

The players

Spire Inc.

A regulated natural gas distribution company headquartered in St. Louis, Missouri, serving more than 1.7 million residential, commercial, and industrial customers across its three operating divisions: Spire Missouri, Spire Alabama, and Spire Mississippi.

Scott Doyle

Chief Executive Officer of Spire Inc.

Adam Woodard

Chief Financial Officer of Spire Inc.

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