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Sep 30, 2025
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
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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