Spire
Distributes natural gas through regulated utilities across four states.
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Profile
Operates regulated natural gas utilities in Missouri, Alabama, Mississippi and Tennessee, earning primarily through approved customer rates tied to gas delivery and infrastructure investment. Interstate pipelines provide a smaller transportation business, while utility results remain seasonal and dependent on state regulation.
Distributes natural gas through Spire Missouri, Spire Alabama, Spire Gulf, Spire Mississippi and Spire Tennessee, serving homes and businesses across Missouri, Alabama, Mississippi and the Nashville region. The recently acquired Tennessee operation expands a business now centered on regulated utilities.
Builds and maintains local distribution networks, procures gas and manages delivery capacity, with customer rates designed to recover approved operating costs and infrastructure investment. Spire STL Pipeline and Spire MoGas Pipeline add interstate transportation alongside the utility operations; gas marketing and storage were divested.
Most earnings come from regulated gas utilities and are concentrated in the winter heating season. Utility rates and investment recovery depend on state commission decisions, while the interstate pipelines operate under federal regulation.
Company facts
Categories
Key statistics
Year to date −0.7% · Average volume (30d) 450.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 23, 2026 | BTIG | Target | $99 | $101 | ||
| Jun 26, 2026 | JP Morgan | Downgrade | Overweight | Neutral | $69 | $85 |
| May 21, 2026 | Morgan Stanley | Target | $102 | $96 | ||
| May 11, 2026 | Wells Fargo | Target | $72 | $96 | ||
| May 8, 2026 | UBS | Reiterate | Buy | $100 | $103 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q3 FY26 | −$0.32 | −$0.26 | +17.9% | $394.6M | $420.2M | +6.5% | +1.53% |
| May 6, 2026Q2 FY26 | $3.72 | $3.76 | +1.1% | $1.07B | $1.02B | −4.5% | −0.80% |
| Feb 3, 2026Q1 FY26 | $1.62 | $1.77 | +9.3% | $730.8M | $762.2M | +4.3% | −0.85% |
| Nov 14, 2025Q4 FY25 | −$0.40 | −$0.47 | −18.9% | $433.3M | $334.1M | −22.9% | −2.51% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.05B | $421.9M | $334.1M | $762.2M | $1.02B | $420.2M | |
| Gross profit | $457.0M | $188.1M | $191.3M | $228.2M | $386.6M | $23.4M | |
| Operating income | $306.4M | $69.2M | −$500.0K | $173.5M | $303.5M | $23.4M | |
| Net income | $209.3M | $20.9M | −$39.8M | $95.0M | $282.2M | $210.9M | |
| Diluted EPS | $3.51 | $0.29 | −$0.74 | $1.54 | $4.60 | $3.57 | |
| Gross margin | 43.5% | 44.6% | 57.3% | 29.9% | 37.9% | 5.6% | |
| Operating margin | 29.1% | 16.4% | -0.1% | 22.8% | 29.8% | 5.6% |
Fiscal years (4-quarter sums)FY21 $2.24B · FY22 $2.20B · FY23 $2.67B · FY24 $2.59B · FY25 $2.48B
Revenue by product · Q3 FY26
Revenue by geography · Q1 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments — · Total debt — · Total assets $14.1K · Shareholders' equity $3.6K
Dividends
Raised for 39 straight years — most recently to $0.825 from $0.785 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 11, 2026 | Jun 11 | Jul 2 | $0.825 | |
| Mar 11, 2026 | Mar 11 | Apr 2 | $0.825 | |
| Dec 11, 2025 | Dec 11 | Jan 5 | $0.825 | raised from $0.785 |
| Sep 11, 2025 | Sep 11 | Oct 2 | $0.785 | |
| Jun 11, 2025 | Jun 11 | Jul 2 | $0.785 | |
| Mar 11, 2025 | Mar 11 | Apr 2 | $0.785 | |
| Dec 11, 2024 | Dec 11 | Jan 3 | $0.785 | raised from $0.755 |
| Sep 11, 2024 | Sep 11 | Oct 2 | $0.755 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 59.12M · Float 57.72M · 97.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 8.55M | 14.46% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 3.57M | 6.04% | 13F | Aug 13, 2026 |
| State Street Corp | 3.14M | 5.32% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 2.56M | 4.33% | 13F | Aug 13, 2026 |
| American Century Companies Inc | 2.22M | 3.75% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 11, 2026 | Paul D. Koonce | director | +500 | $78.46 |
| Jun 9, 2026 | Ryan L. Hyman | officer: SVP, CCIO | −3,822 | $80.51 |
| Jun 1, 2026 | Paul D. Koonce | director | +500 | $80.50 |
| May 8, 2026 | Paul D. Koonce | director | +2,000 | $85.81 |
Peers
- Atmos Energy
Largest US natural-gas-only regulated distributor; 3.3M customers in 8 southern states
- ONE Gas
Pure-play regulated gas LDC serving ~2.3M customers in Oklahoma, Kansas, and Texas
- Southwest Gas
Largest gas distributor in Arizona and Nevada serving 2.2M+ western US customers
- New Jersey Resources
Regulated NJ gas LDC with unregulated gas marketing, midstream storage, and pipeline assets
- NW Natural
Pacific Northwest gas LDC expanding into Texas gas, water, and renewable fuels
- Chesapeake Utilities
Regulated gas & electric utility serving Florida, Delmarva Peninsula, and Ohio with propane
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Spire | $82.56 | −0.05% | $4.88B | 9.2 | 16.9 | 1.9 | −0.4% |
| Atmos Energy | $166.65 | +0.01% | $27.82B | 19.8 | 18.5 | 5.7 | +4.8% |
| ONE Gas | $79.47 | −0.03% | $4.99B | 17.1 | 16.1 | 2.2 | −2.9% |
| Southwest Gas | $88.65 | −0.49% | $6.45B | 12.4 | 19.1 | 3.7 | −68.0% |
| New Jersey Resources | $53.60 | +0.02% | $5.41B | 14.8 | 16.1 | 2.4 | +16.8% |
| NW Natural | $49.50 | +0.02% | $2.08B | 16.2 | 15.7 | 1.6 | +3.1% |
| Chesapeake Utilities | $132.71 | +0.00% | $3.19B | 21.2 | 19.7 | 3.2 | +4.7% |
| Median | 16.7 | 17.3 | 2.8 | +3.9% |