Spire Inc. operates as a public utility holding company, which provides natural gas services through its regulated core utility operations while engaging ...
Spire Inc. is a regional public utility holding company headquartered in St. Louis, Missouri, with a rich history dating back to 1857 when it was founded as The Laclede Gas Light Company. The company today serves approximately 1.7 million natural gas customers across its regulated utility operations in Missouri, Alabama, ...Spire Inc. is a regional public utility holding company headquartered in St. Louis, Missouri, with a rich history dating back to 1857 when it was founded as The Laclede Gas Light Company. The company today serves approximately 1.7 million natural gas customers across its regulated utility operations in Missouri, Alabama, and Mississippi. Spire operates through three primary business segments: Gas Utility, Gas Marketing, and Midstream. The Gas Utility segment includes regulated operations under Spire Missouri, Spire Alabama, Spire Gulf, and Spire Mississippi, which deliver natural gas to residential, commercial, and industrial customers. The Gas Marketing segment, via subsidiary Spire Marketing, engages in non-regulated natural gas marketing services across the United States. The Midstream segment consists of subsidiaries like Spire STL Pipeline, Spire MoGas Pipeline, Spire Storage West, and Spire Storage Salt Plains, which provide natural gas transportation and storage services. Spire is committed to safety, reliability, and environmental stewardship, investing in modern infrastructure to ensure clean and efficient energy delivery. Financially, the company shows a market cap of approximately $4.85 billion, with a diversified revenue stream from both regulated and non-regulated activities. Key financial metrics include an EBITDA margin of 34.4%, a net profit margin of 21.6%, and a dividend yield of about 4%, reflecting a stable utility business model. Under the leadership of President and CEO Scott E. Doyle, Spire focuses on growth through system modernization, customer service excellence, and strategic investments in natural gas infrastructure. With over 3,400 employees, Spire continues to enrich communities by providing essential energy services while pursuing operational efficiency and sustainability goals.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$2.5B
-4.5%
-58.8%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$271.7M
+8.3%
-25.3%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+78.1%
+106.2%
-85.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+21.2%
+12.3%
-81.3%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+11.0%
+13.4%
+81.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-344.4M
-774.0%
-141.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-13.9%
-805.7%
-201.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
154.6%
+4.9%
-13.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.32x
-30.0%
-32.1%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator : Good day, and welcome to the Spire Inc. Third Quarter Fiscal Year 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Megan McPhail, Managing Director of Investor Relations. Please go ahead.
Megan McPhail : Good morning, and welcome to Spire's Fiscal 2026 Third Quarter Earnings Call. On the call today are Scott Doyle, President and Chief Executive Officer; and Adam Woodard, Executive Vice President and CFO. We issued an earnings news release this morning that can be accessed on our website at spireenergy.com, along with a slide presentation that accompanies our webcast. Before we begin, let me cover our safe harbor statement and use of non-GAAP earnings measures. Today's call, including responses to questions, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These statements include, among others, statements regarding our expectations, plans and objectives for future performance, future operating results, earnings guidance, capital investment plans and the expected timing and benefits of risk associated with acquisitions, dispositions and related integration and transition activities. Our forward-looking statements on today's call speak only as of today, and we assume no duty to update them unless required by law. Although our forward-looking statements are based on estimates and assumptions that we believe are reasonable, there are various uncertainties and risk factors that may cause future performance or results to be different than those anticipated. These risks and uncertainties are outlined in our quarterly and annual filings with the SEC. In our comments, we will be discussing non-GAAP measures used by management when evaluating our performance and results of operations. Explanations and reconciliations of these measures to their GAAP counterparts are contained in both our news release and slide presentation. With that, I will now turn the call over to Scott.
Scott Doyle : Good morning, and thank you for joining us. Over the past year, we've taken significant steps to position Spire into a stronger, more focused company. Through the acquisition of Spire Tennessee and the divestiture of our non-core businesses, we have completed our transformation to a fully regulated company, enhancing our earnings quality and improving visibility of our long-term growth. As we look ahead, we believe we are well positioned to benefit from the growing importance of natural gas in the nation's energy future. The EIA recently forecasted that both U.S. natural gas production and demand will reach record levels in 2026, reinforcing the critical role natural gas plays in providing reliable, affordable energy to homes, businesses and communities across the country and the world. Today, we'll …
