Spire (SR) Q2 2026 earnings summary

Executive summary

• Completed the $2.5 billion acquisition of Piedmont Tennessee, expanding the regulated utility footprint by over 200,000 customers and a $1.6 billion rate base.

• Announced and/or completed divestitures of Spire Marketing, Spire Storage, and Spire Mississippi to focus on regulated gas utilities, enhancing earnings visibility and risk profile.

• Q2 adjusted EPS rose to $3.76 from $3.17 year-over-year, driven by new rates and disciplined cost management.

• The business is now fully regulated, reducing earnings volatility and supporting long-term value creation.

• Integration of Spire Tennessee progressing smoothly, with acquisition financing completed without issuing common equity.

Financial highlights

• Q2 adjusted earnings from continuing operations: $223.7 million ($3.76/share) vs. $189.3 million ($3.17/share) prior year.

• Six-month adjusted earnings: $317.5 million ($5.28/share) vs. $261.4 million ($4.36/share) prior year.

• Gas utility earnings rose over 20% to $235 million, mainly from new rates in Missouri and Alabama.

• Operating revenues for the quarter were $1,020.0 million, up from $976.4 million year-over-year.

• Dividend increased 5.1% to $3.30/share, marking 23 consecutive years of increases.

Outlook and guidance

• FY26 adjusted EPS guidance: $3.90–$4.10 per share; FY27 guidance reaffirmed at $5.40–$5.60, reflecting full-year Tennessee earnings.

• Long-term adjusted EPS growth target of 5–7% anchored by a $11.2 billion 10-year capital plan.

• FY26 capital expenditures planned at $797 million.

• Gas utility segment guidance lowered due to weather-driven margin shortfall.

• 10-year capex plan of $11.2 billion, with ~96% expected recovery via regulatory mechanisms.