Spire reports FY26 third quarter results

Spire posts higher net loss but boosts adjusted earnings and reaffirms long-term growth targets.

Risk flags

• ●The company's long-term capital investment target of $11.2 billion through 2035 is not supported by project-level detail, funding sources, or regulatory approvals, making the timeline and returns highly uncertain.
• ●A significant portion of reported earnings improvement comes from discontinued operations and one-time after-tax gains, which do not reflect ongoing profitability or cash flow from continuing operations.
• ●The absence of a full balance sheet and cash flow statement restricts assessment of leverage, liquidity, and the company's ability to finance its capital plan without raising additional debt or equity.
• ●Forward-looking earnings guidance and growth targets are reaffirmed without providing granular evidence of how rate changes, cost controls, or new investments will drive future results, increasing the risk that targets may not be met if assumptions prove optimistic.

Bottom line

Spire's quarterly results are a mixed picture: while adjusted earnings and consolidated net income have improved year-to-date, the core utility business posted a larger net loss from continuing operations in the third quarter. Much of the reported profit stems from divestitures and one-time gains, not from ongoing operations. The company is betting on a decade-long, $11.2 billion capital plan to drive future growth, but provides little detail on project execution, regulatory progress, or funding. Forward-looking guidance for 2026 and 2027 is maintained, but the lack of transparency on key drivers and the omission of a full balance sheet raise questions about the achievability of these targets. For investors, the most important takeaway is that near-term performance relies heavily on non-recurring items, while the long-term growth story is capital-intensive and unproven without further disclosure. Greater detail on project milestones, funding, and operational improvements would be needed to strengthen the investment case.

Announcement summary

(NYSE: SR) Spire Inc. reported a net loss from continuing operations of $42.6 million, or $(0.72) per diluted share, for its fiscal 2026 third quarter ended June 30, compared to a net loss of $13.3 million, or $(0.29) per share, a year ago. Adjusted loss from continuing operations was $15.7 million, or $(0.26) per share, compared to a loss of $13.3 million, or $(0.29) per share a year ago. Spire completed divestitures of Spire Marketing and Spire Storage businesses, resulting in earnings from discontinued operations of $253.8 million during the third quarter, including an after-tax gain on sale of $254.6 million. For the first nine months of fiscal 2026, Spire reported consolidated net income of $262.8 million ($4.21 per diluted share) and adjusted earnings of $301.8 million ($5.01 per share). The company reaffirmed its fiscal 2026 adjusted earnings guidance from continuing operations of $3.90–$4.10 per share and fiscal 2027 adjusted earnings guidance range of $5.40–$5.60 per share. Spire's 10-year $11.2 billion capital investment target through fiscal 2035 is driven by investment in infrastructure and new business. Expected total capital expenditures for continuing operations in fiscal 2026 is $797 million.

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