Spire Inc
spireenergy.comWhat Do They Do?
Distributes and sells natural gas to residential, commercial and industrial customers through regulated utilities. Also markets natural gas and provides pipeline transportation and storage services to gas customers.
10-K for FY2025, filed Nov 14, 2025Spire Inc. (“Spire” or the “Company”) was formed in 2000 and is the holding company for Spire Missouri Inc. (“Spire Missouri”), Spire…View ↗
The Gas Utility segment includes the regulated operations of Spire Missouri, Spire Alabama, Spire Gulf Inc. (“Spire Gulf”) and Spire…View ↗
The Gas Marketing segment includes Spire Marketing Inc. (“Spire Marketing”), a wholly owned subsidiary providing natural gas marketing…View ↗
The Midstream segment includes Spire STL Pipeline LLC (“Spire STL Pipeline”), Spire MoGas Pipeline LLC (“Spire MoGas Pipeline”), and Spire…View ↗
Spire Missouri is a public utility engaged in the purchase, retail distribution and sale of natural gas. Spire Missouri is the largest…View ↗
Spire Marketing is engaged in the marketing of natural gas and related services throughout the U.S., which includes customers inside and…View ↗
How Do They Make Money?
Utility customers are billed monthly for gas as they consume it and for transportation as service is provided; off-system sales are completed on delivery. Gas marketing bills monthly for delivered gas, while midstream customers are billed monthly for contracted capacity and volume-based services; payments are generally due within 30 days of billing.
10-K for FY2025, filed Nov 14, 2025The Utilities sell natural gas to residential and other customers. The sale of natural gas is governed by the various state utility…View ↗
From time to time, the Utilities will sell natural gas to other customers outside its normal customer base or designated service territory.…View ↗
The Utilities’ transportation revenue relates to the promise to transport the specified quantities of natural gas at tariff rates. This…View ↗
Gas Marketing’s contracts are derivatives. Wholesale contracts (with producers, municipalities, and utility companies) are subject to…View ↗
Midstream revenues are primarily derived from firm transportation or storage service agreements, which provide customers with guaranteed…View ↗
Payments are generally required within 30 days of billing, and contracts generally do not have a significant financing component. Spire’s…View ↗
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10-K for FY2025, filed Nov 14, 2025
FY2025 revenue by reportable segment ↗
$2.5B
-
10-K for FY2025, filed Nov 14, 2025
$2.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Gas Utility
|
89%
FY2022: 89%
|
Gas Utility, FY2025
$2.2B Sources
|
|
|
Gas Marketing
Sold outright
|
6.4%
FY2022: 11%
|
Gas Marketing, FY2025
$157.2M Sources
|
Sold outright |
|
Midstream
Mix
|
4.4%
FY2022: 0.8%
|
Midstream, FY2025
$109.2M Sources
|
Mix |
|
Other
|
0.1% |
Other, FY2025
$2.5M Sources
|
Who Are Their Customers?
Residential, commercial and industrial customers buy gas from Spire’s utilities; some large commercial and industrial customers buy their own gas and pay Spire to transport it. Gas marketing and midstream businesses served large gas buyers and utilities with gas, transportation and storage services.
10-K for FY2025, filed Nov 14, 2025Spire Missouri is a public utility engaged in the purchase, retail distribution and sale of natural gas. Spire Missouri is the largest…View ↗
Spire Alabama is a public utility engaged in the purchase, retail distribution and sale of natural gas principally in central and northern…View ↗
Spire Marketing is engaged in the marketing of natural gas and related services throughout the U.S., which includes customers inside and…View ↗
In its Midstream segment, Spire seeks to drive growth through supporting natural gas grid reliability, the ability to manage exposure to…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 11 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$344.4M.
10-K for FY2025, filed Nov 14, 2025
$523.9MView ↗
10-K for FY2025, filed Nov 14, 2025
$271.7MView ↗
10-K for FY2025, filed Nov 14, 2025
−$344.4MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Aug 5, 2026
$211.2MView ↗
- ▲ +911%
- vs $20.9M in Q3 FY2025
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Aug 5, 2026
Completed the sales of Spire Marketing and Spire Storage
Also reaffirmed fiscal 2026 and fiscal 2027 adjusted earnings guidance.
Sources
8-K, filed Aug 5, 2026
Reaffirmed fiscal 2026 adjusted earnings guidance from continuing operations of $3.90–$4.10View ↗
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Jun 30, 2026
Sold the natural gas storage businesses
Proceeds were intended to support utility operations, investment and debt reduction.
Sources
8-K, filed Jun 30, 2026
The Transaction resulted in the sale of all of the issued and outstanding membership interests of Belle Butte LLC, which directly owns…View ↗
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May 6, 2026
Acquired the Tennessee gas utility and reduced fiscal 2026 guidance
The release reaffirmed fiscal 2027 guidance.
Sources
8-K, filed May 6, 2026
Completed acquisition of the Piedmont Natural Gas Tennessee business on March 31, 2026View ↗
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Apr 22, 2026
Agreed to sell the Spire Mississippi utility
Closing is subject to Mississippi regulatory approval.
Sources
8-K, filed Apr 22, 2026
On April 21, 2026, Spire EnergySouth Inc., a Delaware corporation (the “Seller”), a wholly-owned subsidiary of Spire Inc. (“Spire”)…View ↗
Growing. Revenue grew 11% in 4 years, from $2.2B in FY2021 to $2.5B in FY2025, about 3% a year.
Midstream services
The latest report describes pipeline transportation and natural gas storage as a distinct Midstream segment serving gas customers, including Spire’s other businesses; the older report identifies Gas Utility and Gas Marketing as its key segments.
10-K for FY2022, filed Nov 16, 2022 10-K for FY2025, filed Nov 14, 2025Spire Inc. (“Spire”) was formed in 2000 and is the holding company for Spire Missouri Inc. (“Spire Missouri”), Spire Alabama Inc. (“Spire…View ↗
Spire Inc. (“Spire” or the “Company”) was formed in 2000 and is the holding company for Spire Missouri Inc. (“Spire Missouri”), Spire…View ↗
The Midstream segment includes Spire STL Pipeline LLC (“Spire STL Pipeline”), Spire MoGas Pipeline LLC (“Spire MoGas Pipeline”), and Spire…View ↗
In its Midstream segment, Spire seeks to drive growth through supporting natural gas grid reliability, the ability to manage exposure to…View ↗
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