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Sep 30
Spire Q4 2025 Earnings Report
Spire reported a Q4 net loss, but narrowed losses on an adjusted basis compared to the same quarter last year.
Key Takeaways
Spire's Q4 2025 results showed a seasonal net loss of $39.8 million, slightly deeper than last year. Adjusted losses improved, with notable gains in gas marketing and continued strength in midstream. Gas utility losses remained stable, and guidance suggests confidence in long-term earnings growth.
Q4 net loss widened to $39.8M from $25.9M last year
Adjusted loss narrowed to $24.1M vs. $27.6M in Q4 2024
Midstream earnings remained strong at $12.3M
Gas Marketing swung to profit, contributing $3.6M in adjusted earnings
Spire
Spire
Spire Revenue by Segment
Spire Revenue by Geographic Location
Revenue by Segment
Gas Utility Revenue
CapyFin.comGas Marketing Revenue
CapyFin.comMidstream Revenue
CapyFin.comOther Revenue
CapyFin.comEliminations Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Spire issued fiscal 2026 adjusted EPS guidance between $5.25 and $5.45 and reaffirmed its long-term EPS growth target of 5–7%.
Positive Outlook
- Fiscal 2026 adjusted EPS guidance set at $5.25–$5.45
- Fiscal 2027 EPS guidance of $5.65–$5.85 includes full year Piedmont Tennessee contribution
- Dividend increased 5.1% for 23rd consecutive year
- Long-term EPS growth target reaffirmed at 5–7%
- 10-year capital investment plan raised to $11.2B
Challenges Ahead
- Q4 continues to show seasonal net losses
- Midstream earnings slightly declined YoY
- Gas utility impacted by higher O&M and depreciation
- Interest expense remained elevated
- Pending asset sales and acquisitions subject to regulatory approval