Spire Inc. (SR)

In the second quarter of fiscal year 2025, Spire Inc. reported adjusted Earnings Per Share (EPS) of $3.60, an increase from $3.45 in the prior year's second quarter. Total adjusted earnings reached over $214 million, an increase of nearly $18 million compared to the same period last year. The Gas Utility segment saw earnings of approximately $195 million, an increase of over $7 million year-over-year, and Midstream segment earnings also showed strong growth. Spire has been actively investing in infrastructure, with year-to-date capital expenditures totaling $479 million. The company increased its fiscal 2025 capital investment target by $50 million to $840 million. The company also recently declared a quarterly dividend of $0.825, payable on Thursday, April 2nd, to investors of record on Wednesday, March 11th. Spire has set its FY 2026 guidance at $5.250-$5.450 EPS and its FY 2027 guidance at $5.650-$5.850 EPS.

Demand for Spire Inc.'s natural gas products and services is inherently seasonal, largely driven by weather conditions. Natural gas usage typically increases during colder months for heating purposes. Spire's Gas Marketing and Midstream segments can help mitigate some of the impacts of this seasonality through natural gas purchasing, transportation, and storage optimization. The company's diversified approach, including strategic investments in infrastructure, also helps create a robust and resilient business model despite seasonal fluctuations.

Spire Inc. is a public utility holding company that provides natural gas services through regulated utility operations and non-regulated activities. The company operates in the Utilities sector, specifically in the Gas Distributors and Regulated Gas industries. Spire Inc. was founded in 1857 and is headquartered in St. Louis, Missouri. Its business is structured around three main segments: Gas Utility, Gas Marketing, and Midstream. Beyond its core natural gas business, Spire has expanded into related markets, including water and wastewater services, and infrastructure development. The company also engages in the operation of propane through its propane pipeline, risk management, and other activities.

Spire Inc. serves approximately 1.7 million homes and businesses across Alabama, Mississippi, and Missouri. Its service territory spans key markets in the central and southern United States, including metropolitan St. Louis, central Alabama, and central Mississippi. Specifically, in Missouri, Spire serves the City of St. Louis and St. Louis County, St. Charles County, and various communities in numerous other counties in both western and eastern Missouri. The Midstream segment's operations, including pipelines and storage facilities, extend to Texas, Wyoming, and Oklahoma.

Spire Inc. has consistently received national recognition for its sustainability efforts. For the sixth consecutive year, Spire was named one of "America's Most Responsible Companies" by Newsweek in December 2024, ranking 252 among the top 600 U.S. companies. Spire remains committed to becoming a carbon-neutral company by midcentury, reducing its CO2e emissions and methane emissions. Through its "Spire Serves" initiative, the company supported numerous organizations across its service territories and increased funding for customer financial assistance programs. Spire emphasizes operational excellence, stringent safety standards, and proactive customer engagement, investing in modernizing its infrastructure and embracing technological advancements.

Institutional investors hold a significant majority of Spire Inc. shares, accounting for nearly 90% of the total, with some reports indicating over 92% institutional ownership. As of January 16, 2026, 738 institutional owners and shareholders have filed 13D/G or 13F forms, holding a total of 70,707,486 shares. Major institutional owners include BlackRock, Inc., Vanguard Group Inc., State Street Corp, American Century Companies Inc, Deutsche Bank Ag, Macquarie Group Ltd, Fuller & Thaler Asset Management, Inc., UBS Group AG, and JPMorgan Chase & Co. Individual ownership is comparatively small, representing about 0.54% of the shares based on the 1000 largest holdings. Insiders hold approximately 2.31% of the shares.