Spire (SR) Q1 2026 earnings summary

Executive summary

• Adjusted EPS rose to $1.77 from $1.34 year-over-year, reflecting strong gas utility performance, new rates, and improved segment results.

• Net income for the quarter reached $95.0 million, up from $81.3 million, driven by higher revenues and segment contributions.

• Integration planning for the Tennessee acquisition is underway, with regulatory approval pending and financing secured; closing expected in Q1 2026.

• Portfolio simplification continues, with a storage asset sale announcement expected before the Tennessee acquisition closes.

• Gas Utility, Gas Marketing, and Midstream segments all reported higher adjusted earnings compared to the prior year.

Financial highlights

• Adjusted earnings for Q1 were $108.4 million, up from $81.1 million year-over-year, driven by new rates and portfolio optimization.

• Operating revenues increased to $762.2 million from $669.1 million, a 13.9% rise.

• Operating income improved to $173.5 million from $148.8 million year-over-year.

• Gas utilities earned $104 million, up 33% due to new Missouri rates and higher Alabama margins.

• Gas marketing contributed $4.5 million, up $2.3 million, and midstream earned $12.7 million, up $1 million.

Outlook and guidance

• Adjusted EPS guidance for 2026 is $5.25–$5.45 and for 2027 is $5.65–$5.85, with long-term EPS growth targeted at 5–7%.

• 2026 CapEx expected at $809 million, with a 10-year plan of $11.2 billion focused on utility investments.

• Guidance excludes pending Tennessee acquisition and storage asset earnings.