We are reaffirming our long-term adjusted earnings per share growth target of 5% to 7% and our fiscal 2025 earnings guidance of $4.40 to $4.60 per share.
— Scott Doyle
03Detailed Report
SR
Company SR
Period
Q1 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 27, 2026
Swipe to view all report sections
Executive Summary
Spire Inc reported Q1 2025 adjusted earnings of $81.1 million, or $1.34 per share, down modestly from $82.7 million ($1.47 per share) in the prior-year quarter. Revenue totaled $669.1 million, a year-over-year decline of 11.6%, driven by weaker marketing results and weather effects, despite continued strength in Gas Utility and Midstream segments. The quarter featured a favorable CapEx cadence and ongoing regulatory activity across Missouri and Alabama. Management reaffirmed a positive growth trajectory anchored by a multi-year CapEx program and rate-based expansion, while maintaining a disciplined cost posture. The year remains load-bearing on regulatory outcomes, weather patterns, and the pace of rate-case settlements. The company continues to target long-run EPS growth of 5-7% and FY2025 adjusted EPS guidance of $4.40-$4.60, supported by a $7.4 billion ten-year CapEx plan with roughly 98% of spending allocated to utilities.
Key Performance Indicators
Revenue
Decreasing
669.10M
QoQ: 127.74% | YoY: -11.56%
Gross Profit
Increasing
539.80M
80.68% margin
QoQ: 197.25% | YoY: 108.50%
Operating Income
Increasing
148.80M
QoQ: 651.52% | YoY: 6.90%
Net Income
Decreasing
81.30M
QoQ: 413.90% | YoY: -4.47%
EPS
Decreasing
1.34
QoQ: 362.75% | YoY: -11.84%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: 669.1 million in Q1 2025; YoY change -11.56%; QoQ change +127.74% (seasonality). Gross Profit: 539.8 million; Gross Margin ~80.68%; YoY margin uplift +108.5%, QoQ +197.25%. Operating Income: 148.8 million; Operating Margin ~22.24% (0.222). EBITDA: 221.7 million; EBITDA Margin ~33.13%. Net Income: 81.3 million; Net Margin ~12.15%. EPS: $1.34 basic; $1.40 diluted. Cash Flow: Net cash from operating activities 81.1 million; Free cash flow nine negative at -179.5 million; CapEx 260.6 million; Cash at end of period 41.9 million; Beginning cash 34.9 million; Net change in cash +7.0 million. Balance sheet: Total assets 11.2758 billion; Total liabilities 7.9585 billion; Shareholders’ equity 3.3089 billion. Debt: total debt 1.2005 billion; Net debt 1.189 billion. Liquidity and coverage: Current ratio 0.50; Quick ratio 0.37; Interest coverage 3.10; Payout ratio 59.4%. Dividends yield ~1.23%. Valuation signals: Price-to-earnings ~12.0x; Price-to-book ~1.18x; Price-to-sales ~5.85x; EV/EBITDA ~39.7x; FCF negative guidance reflected in price-to-FCF metrics.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
669.10M
-11.56%
127.74%
Gross Profit
539.80M
108.50%
197.25%
Operating Income
148.80M
6.90%
651.52%
Net Income
81.30M
-4.47%
413.90%
EPS
1.34
-11.84%
362.75%
Key Financial Ratios
Gross Profit Margin
Good
40.30%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Good
22.20%
Operating margin is healthy and competitive within industry standards
Net Profit Margin
Good
12.20%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Weak
0.72%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
2.46%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.50
Current ratio below safe levels, potential liquidity risk
Debt to Equity
High Risk
1.48
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
12.04x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.18x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.
Spire Inc (SR) QQ1 2026 Results: Regulated Gas Growth Focused on Missouri and Tennessee; Tennessee Acquisition and $11.2B Capex Plan Underpin Growth...
Spire Inc (SR) Q4 2024 Results Analysis: Regulated Gas Utility leadership with a heavy-capex glidepath and div idend growth; 2024 EPS up, Q4 softness;...
New Jersey Resources Corporation (NJR) QQ1 2025 Earnings Analysis: Diversified Regulated Gas Utility Positioned for Moderate Growth Amid Regulatory Mo...