adjusted eps
4.4–4.6 $per share
FY 2025
official guidance
| Revenue | $442.1M |
|---|---|
| Operating income | $-2.6M |
| Net income | $118.9M |
| Free cash flow | $-53.3M |
| Operating margin | -0.6% |
| Net margin | 26.9% |
| Return on equity | 63.3% |
| Period | 2025 |
OpenFilings analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
The utility earnings power depends on an unproven weather-mechanism fix and a favorable Missouri rate-case outcome.
Latest call · Q3 2025Hold: Spire delivered Q2 adjusted EPS of $3.60 versus $3.45, but reaffirmed FY2025 adjusted EPS guidance of $4.40-$4.60 after cutting Gas Utility expectations by $11 million for weather-related margin weakness. Midstream strength and a $4 million Marketing increase partly offset the issue, yet the Missouri rate case remains unresolved: staff proposed $246 million of annual revenue versus Spire's $290 million request, with a lower 9.63% ROE versus the company's 10.5% ask.
Missouri rate-case evidentiary hearings begin August 4, with new rates expected by October; settlement discussions remain possible but management said it is too early to assess the outcome.
The weather-mitigation mechanism failed to align revenue with usage, creating approximately $9 million of residential margin pressure and lowering the Gas Utility outlook.
Spire Storage West is substantially complete, with final components expected in service by summer; Midstream is trending well, but part of the $8 million guidance increase reflects volatile optimization rather than a fully recurring run-rate lift.
FY2025 capital investment was increased by $50 million to $840 million, raising near-term financing needs.
The company targets 5%-7% long-term adjusted EPS growth, supported by a $7.4 billion 10-year capital plan and 7%-8% Spire Missouri rate-base growth.
Missouri Senate Bill 4 permits future-test-year rate cases beginning in July 2026, potentially improving the timing of rate-base recovery if implementation and rulemaking proceed smoothly.
Spire plans approximately $500 million of incremental debt in 2026-2027 to fund the capital plan and refinance maturities, while targeting FFO-to-debt of 15%-16%.
The investment thesis remains heavily dependent on regulated utility execution: approximately 98% of the 10-year capital plan is targeted at utility spending.
Management acknowledged that the weather mechanism is a major issue in the Missouri rate case but provided no quantified remedy or assurance that the commission will approve decoupling or other proposed changes.
The Missouri staff proposal is materially below Spire's requested increase and uses a 9.63% ROE and 53.19% equity layer versus Spire's requested 10.5% ROE and 55% equity layer.
Management characterized part of Midstream's improvement as optimization tied to circumstances and volatility, so the full $8 million increase should not be treated as recurring.
The new CEO transition adds execution risk, although the company stated that strategy remains unchanged.
Planned ATM equity issuance through 2027 and additional debt funding could constrain per-share growth and balance-sheet flexibility.
adjusted eps
4.4–4.6 $per share
FY 2025
official guidance
revenue growth
0.05–0.07 pct
FY 2025
management target
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
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