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Stock research / United States / SR · Natural Gas Distribution · NYSE

Spire Inc. (SR)

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Spire Inc. (SR) reported revenue of $420 million for Q3 FY2026, the quarter ended 30 June 2026, down 0.4% on the same quarter a year earlier. Net income was $211 million, up 910.5% on the year, and diluted earnings per share $3.57. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue$420 milliondown 0.4%
Net income$211 millionup 910.5%
Diluted EPS$3.57
QuarterQ3 FY2026ended 30 June 2026

Spire (SR) in brief

Spire (SR) reported revenue of $2.5 billion for fiscal 2025, the year ended 30 September 2025, down 4.5% on the year before.
Read moreNet income was $272 million and diluted earnings per share $4.37. Revenue was $2.6 billion in fiscal 2024, $2.7 billion in fiscal 2023, $2.2 billion in fiscal 2022 and $2.2 billion in fiscal 2021. Net income in the same years was $251 million, $218 million, $221 million and $272 million. Over the twelve months to 30 June 2026, Spire reported revenue of $2.5 billion and net income of $549 million. Revenue grew 5.9% a year, compounded, over the five years to fiscal 2025. Spire declared $3.14 a share in dividends over the last four quarters and had 59 million shares outstanding at the latest filed count. At the close of 8 October 2026 the market cap of Spire was $4.6 billion, 8.7 times its earnings over the last twelve months.

Ratios

From the filings

ROE15.3%
ROCE5.4%
Operating margin19.7%
Net margin21.6%
FCF margin-8.8%
Interest cover1.87
Debt to equity1.61
Cash conversion1.11
Share count, 1 year0.2%
Sales CAGR, 3 years4.0%
Profit CAGR, 3 years7.2%
EPS, TTM$8.97

At the close of 8 October 2026

Price$77.99
Market cap$4.6 billion
Stock P/E8.69
Price to book1.29
EV / EBITDA12.35
Dividend yield4.0%
Market cap / sales1.82
52-week high$95.19
52-week low$75.94
Price, 1 year-6.6%
Price CAGR, 3 years10.4%
Price CAGR, 5 years4.1%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on long-term debt as Spire Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
SRgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on SR

Filings36 in twelve months: 26 current reports (8-K), about 12 regulation fd disclosure; 9 material agreement; 7 other events; 4 results of operations; 4 new financial obligation
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 1.36 by open interest at the 8 October 2026 close; the straddle prices a 9.6% move to 16 October 2026
13F holders6 of the followed funds hold it; largest Geode Capital Management; 4 Schedule 13D or 13G filings in twelve months
Insider trading1 sale and 3 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest2.9 million shares short, 5.54 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025 †Q3 FY2025 †Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue3107571,1284142946691,0514223347621,020420
Cost of revenuen/an/an/an/an/a297n/an/an/a343n/an/a
Gross profitn/an/an/an/an/a372n/an/an/a420n/an/a
Gross marginn/an/an/an/an/a56%n/an/an/a55%n/an/a
Operating income-3.913929930.719.814930669.2-0.517430423.4
Operating margin-1%18%26%7%7%22%29%16%-0%23%30%6%
Interest expense48.250.652.248.849.548.047.449.958.860.462.685.6
Pre-tax income-48.0106254-15.7-34.510126223.9-55.9118270-57.9
Tax raten/a20%19%n/an/a20%20%13%n/a20%19%n/a
Net income-31.185.1204-12.6-25.981.320920.9-39.895.0282211
Net margin-10%11%18%-3%-9%12%20%5%-12%12%28%50%
Diluted EPS-$0.66$1.52$3.58-$0.28-$0.51$1.34$3.51$0.29-$0.74$1.54$4.60$3.57
Operating cash flow36.170.048927082.981.1373129-4.981.0410122
Capital expenditure179226183222230261219220223203192213
Free cash flow-143-15630747.9-147-180154-91.4-228-122218-91.2
Dividends paid38.238.841.743.842.844.645.445.846.447.248.948.7
Shares outstanding53m55m58m58m58m58m59m59m59m59m59m59m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue1,6271,9761,5371,7411,9651,9521,8552,2362,1982,6662,5932,4762,536
Cost of revenuen/an/an/an/an/an/an/an/an/a1,3931,2321,021n/a
Gross profitn/an/an/an/an/an/an/an/an/a1,2741,3621,455n/a
Gross marginn/an/an/an/an/an/an/an/an/a47.8%52.5%58.8%n/a
Operating income166272282341294302206450408419488524500
Operating margin10.2%13.8%18.4%19.6%15.0%15.5%11.1%20.1%18.6%15.7%18.8%21.2%19.7%
Interest expense46.274.677.289.198.4104106107120186201204267
Pre-tax income117199214239188219101340280256310331275
Income tax32.362.269.577.6-26.534.512.468.558.938.858.759.744.7
Effective tax rate27.6%31.2%32.5%32.4%-14.1%15.7%12.3%20.1%21.1%15.1%19.0%18.0%16.3%
Net income84.613714416221418588.6272221218251272549
Net margin5.2%6.9%9.4%9.3%10.9%9.5%4.8%12.2%10.0%8.2%9.7%11.0%21.6%
Diluted EPS$2.35$3.16$3.24$3.43$4.33$3.52$1.44$4.96$3.95$3.85$4.19$4.37$8.97
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Gas Utility2,4572,4362,20889.1%
Gas Marketing17999.21576.3%
Midstream29.956.91094.4%
Other0.70.72.50.1%
Gas UtilityGas MarketingMidstreamOther
2,666FY20232,593FY20242,476FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow12332232828845745147025055.0440912578609
Capital expenditure171290293438499823638625552662861922831
Free cash flow-48.432.635.0-150-42.8-372-168-375-497-22251.1-344-222
Free cash flow margin-3.0%1.6%2.3%-8.6%-2.2%-19.1%-9.1%-16.8%-22.6%-8.3%2.0%-13.9%-8.8%
Cash from investing-1,438-299-613-434-532-838-632-622-547-696-1,027-916-2,489
Cash from financing1,278-26.027614789.13721603795012611243451,891
Depreciation and amortisation83.3131138154168182197213237255278298338
Share-based compensation4.04.94.54.112.57.28.813.96.49.85.86.7n/a
Dividends paid61.979.085.296.2109119128133142151167182191
Dividend per share$1.76$1.84$1.96$2.10$2.25$2.37$2.49$2.60$2.74$2.88$3.02$3.14n/a
Diluted shares, weighted36m43m44m47m49m51m51m52m52m53m56m59m59m
Shares outstanding at period end43m43m46m48m51m51m52m52m52m53m58m59m59m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity1,5081,5741,7681,9912,2552,5432,5222,6582,8182,9173,2333,3893,583
Non-controlling interestn/an/an/a0.0n/an/an/an/an/an/an/an/an/a
Redeemable equityn/an/an/a0.07.93.43.49.813.116.58.66.14.4
Short-term borrowings287338399477554n/an/a6721,0389569471,3171,264
Debt1,8541,7102,0861,9951,9002,0832,4242,9392,9583,5543,7043,3695,758
Operating lease liabilitiesn/an/an/an/an/an/a58.453.7n/a70.262.759.1n/a
Other liabilities1,4251,6561,8122,0832,1272,9903,2333,0243,2562,8002,9053,4343,482
Total liabilities and equity5,0745,2786,0646,5476,8447,6198,2419,35610,08410,31410,86111,57514,091
Owned
Fixed assets9.213.713.752.01744784324714916289551,007553
Goodwill9389461,1651,1721,1721,1721,1721,1721,1721,1721,1721,1721,895
Cash and equivalents16.113.85.27.44.45.84.14.36.55.64.55.720.7
Receivables29.4n/an/an/an/an/an/an/an/an/an/an/an/a
Other assets4,0824,3044,8815,3165,4935,9646,6337,7098,4148,5088,7299,39111,622
Total assets5,0745,2786,0646,5476,8447,6198,2419,35610,08410,31410,86111,57514,091
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded2.3%5.9%4.0%4.1%
Profit growth, compounded7.1%25.1%7.2%92.1%
Return on equity, average7.8%8.3%7.7%8.0%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Utilities

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Atmos Energy Corp. ATO$27.1 billion19.179.2%37.0%6.5%0.642.2%
National Fuel GAS Co. NFG$7.4 billion10.8617.2%40.3%15.1%0.912.7%
Idacorp Inc. IDA$7.4 billion22.209.0%22.8%-0.4%0.972.6%
Txnm Energy Inc. TXNM$6.5 billion31.975.5%22.2%10.0%1.462.8%
Southwest Gas Holdings, Inc. SWX$6.0 billionn/an/an/an/a0.833.0%
Black Hills Corp. BKH$5.8 billion19.327.6%23.9%2.5%1.013.5%
Ormat Technologies, Inc. ORA$5.5 billion43.664.9%16.6%31.1%0.600.5%
Portland General Electric Co. POR$5.3 billion19.986.2%14.1%1.3%1.204.6%
NEW Jersey Resources Corp. NJR$5.2 billion14.0913.9%24.8%6.4%1.213.6%
Spire Inc. SR$4.6 billion8.6915.3%19.7%4.1%1.614.0%
NorthWestern Energy Group, Inc. NWE$4.6 billion26.945.9%18.8%10.7%1.193.5%
One Gas, Inc. OGS$4.5 billion15.598.1%20.6%-0.8%0.743.7%
All 53 in Utilities
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
NextEra Energy Inc. NEE$161.4 billion17.3916.3%29.8%10.8%1.732.9%
Constellation Energy Corp. CEG$101.2 billion27.7810.8%14.7%26.0%0.600.1%
Southern Co. SO$97.1 billion20.7611.0%24.2%6.4%1.623.4%
Duke Energy Corp. DUK$91.1 billion17.579.6%27.8%6.3%1.503.6%
Williams Companies, Inc. WMB$88.5 billion28.8223.3%38.2%8.7%2.132.8%
National Grid plc NGG *$80.2 billion17.878.2%30.7%-3.8%1.192.7%
Kinder Morgan, Inc. KMI$71.8 billion20.6711.0%29.0%12.5%0.943.6%
American Electric Power Co. Inc. AEP$66.6 billion21.209.8%23.0%10.3%1.583.1%
TC Energy Corporation TRP *$62.4 billion26.1412.9%52.7%10.7%2.204.0%
Targa Resources Corp. TRGP$61.9 billion27.5862.0%22.9%-2.0%5.351.3%
ONEOK Inc. OKE$56.9 billion15.5715.9%15.5%40.8%1.374.7%
Dominion Energy, Inc. D$54.3 billion21.528.8%21.1%19.0%1.624.3%
Vistra Corp. VST$52.5 billion26.3340.5%18.5%3.8%3.570.6%
Sempra SRE$52.4 billion23.217.0%n/a1.6%0.953.2%
Entergy Corp. ETR$46.9 billion26.289.9%22.9%9.5%1.812.4%
Xcel Energy Inc. XEL$45.8 billion20.109.3%19.1%4.7%1.543.1%
Exelon Corp. EXC$43.1 billion15.259.4%20.8%6.6%1.693.8%
Consolidated Edison Inc. ED$39.1 billion17.438.6%18.0%9.5%1.083.1%
Public Service Enterprise Group Inc. PEG$35.8 billion17.8711.6%23.1%12.7%1.363.5%
WEC Energy Group, Inc. WEC$33.8 billion20.0811.6%22.8%8.9%1.323.4%
Ameren Corp. AEE$28.2 billion17.9311.4%24.9%3.8%1.392.8%
Pg&E Corp. PCG$27.9 billion9.189.0%20.0%5.7%1.82n/a
Atmos Energy Corp. ATO$27.1 billion19.179.2%37.0%6.5%0.642.2%
DTE Energy Co. DTE$26.4 billion20.0810.8%13.3%15.9%2.133.5%
Firstenergy Corp. FE$26.0 billion23.868.4%14.6%12.6%2.104.0%
PPL Corp. PPL$25.7 billion20.188.4%24.1%6.7%1.323.2%
American Water Works Company, Inc. AWK$25.5 billion22.219.7%36.9%6.9%1.202.6%
Centerpoint Energy Inc. CNP$25.3 billion22.609.5%23.2%7.1%1.952.3%
Eversource Energy ES$24.7 billion17.028.9%21.5%7.8%1.634.6%
NRG Energy, Inc. NRG$22.4 billion27.6217.5%6.1%12.8%4.821.7%
Edison International EIX$20.9 billion5.6021.4%32.7%10.7%2.336.2%
CMS Energy Corp. CMS$20.5 billion19.6210.5%18.9%9.9%1.863.3%
Nisource Inc. NI$19.4 billion21.569.5%27.0%12.3%1.632.8%
Evergy, Inc. EVRG$18.6 billion20.499.1%26.2%3.6%1.203.4%
Talen Energy Corp. TLN$18.1 billionn/a-11.4%2.6%60.8%5.92n/a
Alliant Energy Corp. LNT$17.0 billion20.7310.9%22.1%6.8%1.413.1%
DT Midstream, Inc. DTM$12.6 billion27.149.8%49.6%18.1%0.702.7%
Pinnacle West Capital Corp. PNW$11.9 billion18.779.1%20.5%5.7%1.393.7%
Essential Utilities, Inc. WTRG$11.0 billion19.767.9%35.1%9.9%1.204.8%
Antero Midstream Corp. AM$9.9 billion24.8220.5%52.8%6.9%1.83n/a
OGE Energy Corp. OGE$9.5 billion20.229.4%24.2%0.6%1.123.7%
UGI Corp. UGI$7.9 billion12.3512.9%16.2%-0.5%1.284.1%
National Fuel GAS Co. NFG$7.4 billion10.8617.2%40.3%15.1%0.912.7%
Idacorp Inc. IDA$7.4 billion22.209.0%22.8%-0.4%0.972.6%
Txnm Energy Inc. TXNM$6.5 billion31.975.5%22.2%10.0%1.462.8%
Southwest Gas Holdings, Inc. SWX$6.0 billionn/an/an/an/a0.833.0%
Black Hills Corp. BKH$5.8 billion19.327.6%23.9%2.5%1.013.5%
Ormat Technologies, Inc. ORA$5.5 billion43.664.9%16.6%31.1%0.600.5%
Portland General Electric Co. POR$5.3 billion19.986.2%14.1%1.3%1.204.6%
NEW Jersey Resources Corp. NJR$5.2 billion14.0913.9%24.8%6.4%1.213.6%
Spire Inc. SR$4.6 billion8.6915.3%19.7%4.1%1.614.0%
NorthWestern Energy Group, Inc. NWE$4.6 billion26.945.9%18.8%10.7%1.193.5%
One Gas, Inc. OGS$4.5 billion15.598.1%20.6%-0.8%0.743.7%
4 companies share its SEC industry code (Natural Gas Distribution); the rest are the names nearest in size in its wider industry, Utilities, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20265 August 2026EDGAR
10-Q31 March 20266 May 2026EDGAR
10-Q31 December 20253 February 2026EDGAR
10-K30 September 202514 November 2025EDGAR
10-Q30 June 20255 August 2025EDGAR
10-Q31 March 202530 April 2025EDGAR
10-Q31 December 20245 February 2025EDGAR
10-K30 September 202420 November 2024EDGAR
10-Q30 June 202431 July 2024EDGAR
10-Q31 March 20241 May 2024EDGAR

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