Spire(NYSE) SR

Spire Inc. brings natural gas to homes and businesses for heating and cooking. It maintains the essential pipelines that connect energy producers to local neighborhoods. These services help millions of people meet their daily energy needs across several states.

Keeping the Heat On

• Regulated Gas Utilities: Natural gas distribution to customers in Missouri, Alabama, and Tennessee; generated $2.12 billion in operating revenues for the nine months ended June 30, 2026.
• Gas Marketing: Non-regulated natural gas marketing services across the U.S.; sold in April 2026 and now classified as a discontinued operation.
• Midstream Operations: Natural gas transportation and storage services through interstate pipelines and regional facilities.

Shifting the Portfolio

• Acquired the Tennessee natural gas business of Piedmont for $2.50 billion on March 31, 2026.
• Sold Spire Marketing to Boardwalk on April 30, 2026, for approximately $212 million in cash.
• Completed the sale of Spire Storage for approximately $657 million on June 30, 2026.
• Reached an agreement in April 2026 to sell Spire Mississippi for $75.0 million.

How Spire Stays Steady

Spire operates as a regulated utility holding company with a primary focus on natural gas distribution. The company utilizes specialized rate structures and surcharges to recover infrastructure investment costs from its customer base.

The Financial Scorecard

• Net income was $588.4 million for the nine months ended June 30, 2026, up from $311.5 million in the prior-year period.
• Operating revenues reached $2.14 billion for the nine months ended June 30, 2026, compared to $1.95 billion for the same period in 2025.
• Total long-term debt principal stood at $6.04 billion as of June 30, 2026.
• Interest expense for the three months ended June 30, 2026, increased by $37.7 million year over year.
• Planned capital expenditures for the full fiscal year 2026 are $797 million.

Moving Toward Regulated Roots

Spire is shifting its business to focus almost entirely on regulated gas utility operations through major acquisitions and divestitures. This transition emphasizes steady, rate-regulated income over non-regulated marketing and storage activities.