Spire Inc (SR) Q1 2026 Earnings Report

Spire Inc reported a solid QQ1 2026, delivering adjusted earnings of $108 million or $1.77 per share, up from $81 million or $1.34 per share a year ago. The strength was led by Gas Utilities (adjusted earnings of $104 million, up more than 33%), supported by new Missouri rates and higher margin under the rate stabilization mechanism in Alabama, with Marketing and Midstream contributing meaningfully ($4.5 million and $12.7 million, respectively). Management attributed the quarterly performance to disciplined cost management, weather-driven demand, and ongoing regulatory momentum across jurisdictions.

Management reaffirmed a constructive growth framework: a 2026 adjusted EPS target of $5.25–$5.45, a 2027 target of $5.65–$5.85, and a long-term 5–7% adjusted EPS growth trajectory. The company reiterated plans for a ten-year, $11.2 billion capital plan focused largely on utility investments and expects 2026 CapEx of $800–$900 million, with rate-base growth of roughly 7% in Missouri, 7.5% in Tennessee, and ~6% in Alabama and Gulf. The strategic agenda includes closing the Piedmont, Tennessee acquisition in calendar Q1 2026, evaluating the sale of natural gas storage assets, and pursuing regulatory constructive outcomes.

Near-term liquidity and capital structure remain central to execution. Spire issued $900 million of junior subordinated notes in 4Q2025 and $825 million of Tennessee senior notes in 4Q2025 to finance the Tennessee transaction and fund the balance sheet, with a plan to redeem Spire preferred shares using debt proceeds. Management also signaled minimal common equity needs in the near term and targeted a FFO-to-debt ratio of 15–16%. Investors should monitor regulatory approvals, the pace of the storage asset sale, and the timing of Tennessee close as key drivers of 2026 execution and 2027 sustainability of growth targets.