Spire Inc (NYSE: $SR) is a utilities company that serves 1.7 million homes and businesses, making it one of the biggest publicly-traded natural gas companies in the US. On Friday, November 14, 2025, Spire released their Q4 results. Here is a deep dive into those results.
Spire Q4 Results
For the fourth quarter of fiscal 2025, Spire reported a loss of $0.47, bigger than the estimates of a $0.46 loss. However, it was smaller than the $0.54 loss reported last year. The company reported adjusted earnings of $275.5 million or $4.44 per share compared to adjusted earnings of $247.4 million or $4.13 per share last year.
Revenue for the quarter was $334.1 million, above estimates of $308 million. The top line increased 13.7%, compared to $293.8 million last year. Spire reported full-year revenue of $2.48 billion compared to $2.59 billion in fiscal 2024, a 4.5% YoY decline.
Other Financial Highlights
Spire reported operating expenses of $334.6 million, a 22.1% increase from last year. The operating loss came in at $0.5 million compared to an operating income of $19.8 million last year. Net interest expenses were up 18.8% YoY to $58.8 million.
Segment Performance
The gas utility segment reported a loss of $31.6 million, on an adjusted basis, compared to a $32 million loss last year.
Its gas marketing segment reported adjusted earnings of $3.6 million, compared to a loss of $0.3 million last year.
The midstream segment reported adjusted earnings of $12.3 million, an 8.2% decline from last year. This decline was attributed to lower pipeline earnings, reflecting higher maintenance and operational expenses.
The Other segment reported an adjusted loss of $8.4 million, compared to an $8.7 million loss last year.
Spire Noteworthy Financial Figures
The company ended the quarter with $5.7 million in cash and cash equivalents compared to $4.5 million last year. Long-term debt, less current portion, stood at $3.37 billion compared to $3.7 billion last year. The company reported $578 million in net cash from operating activities compared to $912.4 million last year.
Spire Issues Guidance
For fiscal 2026, Spire expects adjusted earnings of $5.25 to $5.45 per share, above the analyst’s forecast of $5.09. For fiscal 2027, the company expects adjusted EPS of $5.65 to $5.85.
The company also raised its 10-year capital investment to $11.2 billion through fiscal 2035. This planned investment is expected to drive long-term adjusted EPS growth of 5-7%.
Spire (SR) Stock Performance
Following the bigger-than-forecast loss in Q4, Spire (SR) shares dipped 1.66% to $87.68 as of 3:23 PM in New York. The stock is up 29.13% year-to-date, and over the past 12 months, it has gained 32.87%. The stock is up 23.31% in the past six months. It has a market cap of $5.17 billion and a P/E ratio (TTM) of 19.21.
Analysts remain cautiously optimistic about its future, giving SR shares an overall moderate buy rating. They forecast an average price target of $91.43, which is a 4.34% upside based on the most recent price. The analysts give a wide range of forecasts, with a high of $99 and a low of $81.
Is Now The Time To Add Spire (SR) To Your Portfolio?
On a long-term scale, Spire (SR) looks like a great investment. For instance, the stock is up 29.13% YTD, compared to the 19.72% gain of the Utilities – Regulated Gas sector. Its market-beating performance means it is a great option for those seeking exposure in the utilities sector.
Analysts agree, giving it a moderate buy rating. Coupled with its planned long-term capital investment of $11.2 billion, adding SR to your portfolio could potentially be a great long-term play.
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