Spire Inc (NYSE: SR) is a natural gas utility company that purchases, distributes, and sells natural gas to residential, commercial, and industrial customers across Missouri, Alabama, Mississippi, and Gulf Coast markets. Revenue comes primarily from regulated gas utility rates set by state public service commissions, with supplemental income from a gas marketing segment that buys and sells natural gas in wholesale markets and a midstream segment that operates pipeline and storage infrastructure. The Gas Utility segment generated $2,207.6M in operating revenues for the fiscal year ended September 30, 2025, out of $2,476.4M consolidated. Operating income across all segments totaled $523.9M in FY2025. Spire Alabama serves more than 0.4 million customers and is the largest natural gas distribution utility in Alabama. Spire previously operated as The Laclede Group, Inc. before renaming to Spire Inc. effective April 28, 2016. Key subsidiaries include Spire Missouri, Spire Alabama, Spire Gulf, Spire Mississippi, and Spire MoGas Pipeline LLC.

Revenue model

Regulated utility tariff rates approved by state commissions (Missouri PSC, Alabama PSC, and others) drive the majority of revenue. The Gas Marketing segment earns margins buying and selling natural gas on wholesale markets ($157.2M operating revenues, FY2025). The Midstream segment earns fees from pipeline and storage services ($155.5M operating revenues, FY2025). Weather normalization adjustment riders and temperature adjustment riders partially insulate utility margins from volume swings.

Products and services

Retail natural gas distribution to residential, commercial, and industrial customers. Natural gas transportation services for large commercial and industrial customers for a fee. Wholesale natural gas marketing and supply contracts via Spire Marketing. Midstream pipeline transportation and underground storage, including Spire STL Pipeline, Spire MoGas Pipeline, and on-system storage fields. On-system LNG storage (Spire Alabama operates 2.0 Bcf of LNG storage capacity).

Customers and end markets

Residential heating customers (primary demand driver, earnings primarily generated by heating energy sales). Commercial and industrial customers served by Spire Missouri, Spire Alabama, Spire Gulf, and Spire Mississippi. Spire Alabama alone serves more than 0.4 million customers. Spire Gulf and Spire Mississippi collectively serve 0.1 million customers. Wholesale natural gas buyers served by Spire Marketing.

Value-chain role

Regulated last-mile natural gas distribution utility sitting between interstate pipeline systems and end-use customers. Spire Missouri supplements pipeline supply with its own underground storage field capable of approximately 0.35 Bcf peak-day withdrawals and up to approximately 4.0 Bcf annual net withdrawals. Spire Alabama contracts for 13.6 Bcf of storage capacity across SNG, Gulf South, Transco, and Tennessee Gas pipelines, plus 2.0 Bcf of on-system LNG storage. Midstream operations own and operate pipelines that feed the utility distribution systems.

Geographic exposure

Missouri (Spire Missouri, including St. Louis and Kansas City service areas). Alabama (Spire Alabama, including Birmingham and Montgomery). Mississippi (Spire Mississippi). Gulf Coast region (Spire Gulf). Operations are concentrated in the south-central and southeastern United States.

Source: SEC 10-K, filed 2025-11-14

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