SPIRE INC (SR): Results of Operations and Financial Condition
SPIRE INC (SR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Investor Contact: Megan L. McPhail 314-309-6563 Megan.McPhail@SpireEnergy.com Media Contact: Jason Merrill 314-342-3300 Jason.Merrill@SpireEnergy.com For Immediate Release Spire reports FY26 third quarter results ST. LOUIS (August 5, 2026) – Spire Inc. (NYSE: SR) tod
How this was made
The 30-second read
Why it matters
Guidance reaffirmation for FY26 and FY27 is the key tradable input, but the continuing-operations loss and higher interest/depreciation highlight ongoing earnings pressure that could affect valuation multiples.
Market read
Traders can update models using the reaffirmed adjusted earnings ranges and the stated drivers (new rates, ISRS/RSE, CCM, usage, and cost management) versus the continuing-ops loss.
What to watch
The release attributes improvement to new rates effective in late 2025 and favorable CCM performance; traders may need to monitor whether those tailwinds persist into subsequent quarters and how discontinued-operations gains affect perceived earnings quality.
Spire reports FY26 third quarter results
Gas Utility adjusted losses improved year over year and Spire reaffirmed fiscal 2026 and fiscal 2027 adjusted EPS guidance, but the consolidated continuing-operations net loss widened and Other adjusted losses increased.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Gas Utility Segment adjusted earnings (loss), three months ended June 30, 2026non-GAAP | $ (3.2 ) million | – | – |
| Other adjusted earnings (loss), three months ended June 30, 2026non-GAAP | $ (12.5 ) million | – | – |
| Total adjusted earnings (loss), three months ended June 30, 2026non-GAAP | $ (15.7 ) million | – | – |
| Adjusted earnings (loss) per diluted common share, three months ended June 30, 2026non-GAAP | $ (0.26 ) | – | – |
| Acquisition activities adjustment, pre-tax, three months ended June 30, 2026other | (36.0 ) | – | – |
| Impairment adjustment, pre-tax, three months ended June 30, 2026other | (1.5 ) | – | – |
| Income tax effect of adjustments, three months ended June 30, 2026other | 10.6 | – | – |
| Net income (loss), three months ended June 30, 2026GAAP | $ (42.6 ) million | – | – |
| Net income (loss) per diluted common share, three months ended June 30, 2026GAAP | $ (0.72 ) | – | – |
| Weighted average diluted shares outstanding, three months ended June 30, 2026other | 59.1 | – | – |
| Earnings from discontinued operations, three months ended June 30, 2026GAAP | $253.8 million | – | – |
| After-tax gain on sale, three months ended June 30, 2026GAAP | $254.6 million | – | – |
| Gas Utility Segment adjusted earnings, nine months ended June 30, 2026non-GAAP | $ 335.5 million | – | – |
| Other adjusted earnings (loss), nine months ended June 30, 2026non-GAAP | (33.7 ) | – | – |
| Total adjusted earnings, nine months ended June 30, 2026non-GAAP | $ 301.8 million | – | – |
| Adjusted earnings per diluted common share, nine months ended June 30, 2026non-GAAP | $ 5.01 | – | – |
| Acquisition activities adjustment, pre-tax, nine months ended June 30, 2026other | (74.8 ) | – | – |
| Impairment adjustment, pre-tax, nine months ended June 30, 2026other | (5.4 ) | – | – |
| Gain on sale of subsidiary adjustment, nine months ended June 30, 2026other | 28.9 | – | – |
| Income tax effect of adjustments, nine months ended June 30, 2026other | 12.3 | – | – |
| Preferred share redemption costs per diluted common share, nine months ended June 30, 2026other | (0.14 ) | – | – |
| Net income, nine months ended June 30, 2026GAAP | $ 262.8 million | – | – |
| Net income per diluted common share, nine months ended June 30, 2026GAAP | $ 4.21 | – | – |
| Weighted average diluted shares outstanding, nine months ended June 30, 2026other | 59.2 | – | – |
| Earnings from discontinued operations, nine months ended June 30, 2026GAAP | $325.6 million | – | – |
| After-tax gain on sale, nine months ended June 30, 2026GAAP | $254.6 million | – | – |
Fiscal 2026 and fiscal 2027 outlook
- NoteFiscal 2026 adjusted earnings from continuing operations: $3.90–$4.10 per share
- NoteFiscal 2027 adjusted EPS: $5.40–$5.60 from our ongoing businesses
- Note10-year $11.2 billion capital investment target through fiscal 2035
- NoteLong-term adjusted earnings per share growth: 5-7% using the original fiscal 2027 adjusted EPS guidance midpoint of $5.75 as a base
- NoteExpected total capital expenditures for continuing operations in fiscal 2026: $797 million
What drove it
- New Spire Missouri rates effective October 2025.
- Higher Missouri Infrastructure System Replacement Surcharge revenues.
- Spire Alabama rates under the Rate Stabilization and Equalization mechanism effective December 2025.
- Higher Spire Alabama usage, net of weather mitigation, and favorable Cost Control Mechanism performance.
- Favorable off-system sales at Spire Missouri and Spire Alabama.
- Contribution margin increased $30.6 million.
- Depreciation expense increased $11.8 million year over year, driven by capital investment and updated depreciation schedules implemented under Spire Missouri’s new rates.
Concerns
- Other activities reported an adjusted loss from continuing operations of $12.5 million versus an adjusted loss of $3.3 million in the prior year, primarily due to higher corporate costs and interest expense.
- Operation and maintenance expense was $3.8 million higher in the quarter compared to prior year.
- Taxes other than income taxes increased $4.0 million primarily reflecting revised property tax amortization included in new rates at Spire Missouri.
- Interest expense increased $2.4 million due to higher long-term debt balances, partially offset by lower long-term and short-term rates.
- Usage, net of weather mitigation, was lower in Spire Missouri during the first nine months of fiscal 2026.
- First-nine-month benefits were partially offset by higher depreciation costs, increased taxes other than income taxes, higher interest expense and a Spire Alabama customer refund provision.
What to watch
- Execution against fiscal 2026 adjusted earnings from continuing operations guidance of $3.90–$4.10 per share.
- Delivery of fiscal 2027 adjusted EPS guidance of $5.40–$5.60 from ongoing businesses, including a full year of earnings contributions from Spire Tennessee.
- Infrastructure and new-business investment under the 10-year $11.2 billion capital investment target through fiscal 2035.
- Completion of announced dispositions, including receipt of required regulatory approvals.
- The effect of higher long-term debt balances, corporate costs, depreciation expense and taxes other than income taxes.
Analysis
Spire reported a fiscal 2026 third-quarter adjusted loss from continuing operations of $15.7 million, or $(0.26) per share, versus a loss of $13.3 million, or $(0.29) per share, a year ago. The GAAP loss from continuing operations was $42.6 million, or $(0.72) per diluted share, compared with a loss of $13.3 million, or $(0.29) per diluted share. The wider GAAP loss reflected a $(36.0) pre-tax acquisition-activities adjustment, a $(1.5) pre-tax impairment adjustment and a 10.6 income tax effect of adjustments.
Underlying utility performance improved in the seasonally weak third quarter. Gas Utility adjusted loss narrowed to $3.2 million from $10.0 million, while contribution margin increased $30.6 million. New Spire Missouri rates, higher Missouri ISRS revenues, Spire Alabama RSE rates, higher Alabama usage net of weather mitigation, favorable CCM performance and off-system sales supported results. These gains were offset in part by higher operating costs, including $11.8 million more depreciation expense, $4.0 million more taxes other than income taxes and $2.4 million more interest expense.
The Other business was the principal drag on adjusted results, with its loss increasing to $12.5 million from $3.3 million, primarily due to higher corporate costs and interest expense. Portfolio actions also materially affected reported earnings: discontinued operations generated $253.8 million in third-quarter earnings, including an after-tax gain on sale of $254.6 million. The release states that results and guidance reflect continuing operations for the gas utilities, excluding Spire Tennessee, unless otherwise noted.
For the first nine months, adjusted earnings were $301.8 million, or $5.01 per share, compared with $248.1 million, or $4.05 per share, last year. GAAP net income was $262.8 million, or $4.21 per diluted share, versus $248.1 million, or $4.05 per diluted share. Gas Utility adjusted earnings rose to $335.5 million from $263.0 million, while Other adjusted loss expanded to $(33.7) from $(14.9). Nine-month discontinued-operations earnings were $325.6 million, including the same $254.6 million after-tax gain on sale.
Management reaffirmed fiscal 2026 adjusted earnings from continuing operations guidance of $3.90–$4.10 per share and fiscal 2027 adjusted EPS guidance of $5.40–$5.60 from ongoing businesses. Fiscal 2027 guidance reflects a full year of earnings contributions from Spire Tennessee. Spire also maintained its 10-year $11.2 billion capital investment target through fiscal 2035, its 5-7% long-term adjusted earnings per share growth target and expected total capital expenditures for continuing operations in fiscal 2026 of $797 million. The filing did not report dividends, share repurchases, cash balances, debt balances, operating cash flow or free cash flow.
Management, verbatim
Our third quarter results demonstrate the benefits of our focused utility strategy and the meaningful progress we've made in transforming Spire into a simpler, fully regulated business.
Scott Doyle, president and chief executive officer of Spire
With our portfolio optimization largely complete, we are well positioned to execute on our strategic priorities.
Scott Doyle, president and chief executive officer of Spire
The strength of our results enables us to reaffirm our fiscal 2026 and 2027 earnings guidance as we remain focused on safely delivering reliable service for our customers, investing in infrastructure and creating sustainable long-term value for our shareholders.
Scott Doyle, president and chief executive officer of Spire
Not in the filing
stated, not guessed- Total revenue and prior-year total revenue
- Segment revenue and segment revenue growth
- Gross profit and gross margin
- Operating income and operating margin
- Revenue, gross-margin, operating-expense and tax-rate guidance
- Prior-quarter comparisons for reported earnings metrics
- Operating cash flow
- Free cash flow
- Cash and cash equivalents balance
- Debt balance
- Dividend information
- Share repurchase information
- Prior outlook section for comparison with actual results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Spire filed an 8-K with Q3 FY26 results for the period ended June 30, 2026, after completing divestitures of its Marketing and Storage businesses.
Ticker impact
Spire reported FY26 Q3 results and reaffirmed adjusted earnings guidance for FY26 ($3.90-$4.10) and FY27 ($5.40-$5.60) after divesting Marketing and Storage.
Near-term volatility likely, with upside bias if guidance is viewed as credible versus the reported continuing-ops loss; downside risk if investors discount the adjusted metrics or question cost and interest headwinds.
The filing provides fresh, decision-relevant guidance ranges and segment drivers (new rates, ISRS/RSE mechanisms, CCM performance) but also shows a sizable continuing-ops net loss, creating mixed signals.
Market effects
Reinforces that regulated gas utilities can offset operating pressure through rate mechanisms (ISRS, RSE) and cost control, which may influence read-across expectations for peers.
Primarily impacts US regulated gas utility sentiment, especially in Spire’s operating footprint (Missouri and Alabama) where new rates and surcharges are cited.
Limited, as the disclosure is company-specific and US utility rate-driven.
Counterpoint
The continuing-operations net loss ($42.6M) and higher interest and depreciation could mean the adjusted earnings are less resilient than the guidance implies, especially if rate mechanisms underperform.
Key entities
- companySpire Inc.
NYSE-listed regulated gas utility reporting FY26 Q3 results and reaffirming adjusted earnings guidance.
- personScott Doyle
CEO and president quoted on progress toward a simpler, fully regulated business and guidance reaffirmation.
