Spire Inc.

Spire Inc. (NYSE: SR) operates regulated natural gas utilities in Missouri, Alabama, Mississippi and Tennessee. Customers pay for gas and the distribution system that delivers it. Regulation determines which costs the utilities can recover and the returns they have an opportunity to earn. Spire's fiscal year ends September 30.

Missouri's November 2026 rate request

Spire Missouri seeks about $228 million in additional annual revenue, including $57 million of expected infrastructure-surcharge recovery, for about $171 million of net new revenue. The company expects new rates in October 2027 after regulatory review.

The request uses a future test year ending September 2028, a $5.1 billion average rate base, 55% equity financing and a 10.5% return on equity. Spire also proposes a symmetric gas-usage adjustment for residential and small general-service customers. Its return request assumes the usage-recovery issue is meaningfully addressed.

The previous case produced a $210 million annual rate increase effective October 24, 2025. That included $72.6 million already collected through an infrastructure surcharge, leaving a $137.4 million net increase. For the nine months ended June 2026, the rate change added $145.1 million to Missouri revenue, partly offset by a $24.8 million unfavorable usage effect after weather adjustments.

Financial history through June 2026

The following figures cover fiscal Q3, April through June, from the August 5 results release. Amounts are USD millions, except per-share figures; results are for consolidated continuing operations.

The quarter's adjusted result removes acquisition-related costs and an impairment, after tax. Earnings are concentrated in the winter heating season. For the nine months through June, continuing-operations net income was $262.8 million, versus $248.1 million a year earlier; adjusted net income was $301.8 million, versus $248.1 million.

Total quarterly net income, including discontinued operations, was $211.2 million. Discontinued operations contributed $253.8 million, including $254.6 million of after-tax disposal gains.

Consolidated group operating cash flow for the nine months was $613.6 million, with $608.4 million of capital spending. At June 30, cash and equivalents were $20.7 million and long-term debt excluding current maturities was $5.758 billion. These group cash-flow figures include discontinued operations.

Completed transactions and the remaining sale

Spire completed its acquisition of Piedmont's Tennessee gas-distribution business on March 31, 2026, for approximately $2.5 billion in cash, including working capital and adjustments. The business now operates as Spire Tennessee.

Spire Marketing was sold on April 30 for approximately $212 million in cash, subject to adjustments. Spire Storage was sold on June 30 for approximately $657 million: $607 million in cash at closing, subject to adjustments, plus $50 million due by September 30, 2027. Both businesses are reported as discontinued operations.

The sale of Spire Mississippi to Delta Utilities was still awaiting regulatory approvals in the November 2 testimony.

Earlier earnings expectations

On August 5, Spire reaffirmed fiscal 2026 adjusted earnings guidance of $3.90 to $4.10 per share from continuing operations, excluding Spire Tennessee. Its fiscal 2027 forecast was $5.40 to $5.60, including a full year from Tennessee.

The long-term adjusted earnings growth target of 5% to 7% uses the original fiscal 2027 guidance midpoint of $5.75 as its base. Fiscal 2026 year-end results are scheduled for November 17.