Spire Sets Stage for Q1 Earnings Amid High Growth and Strategic Shifts

ST. LOUIS, Jan. 14, 2026 -- Spire Inc. (NYSE: SR) has scheduled its fiscal 2026 first-quarter earnings call for February 3, an event investors and market analysts are watching with keen interest as the natural gas giant navigates an ambitious growth phase marked by massive infrastructure spending, strategic acquisitions, and a shifting regulatory landscape. The company will release its financial results before the market opens, providing the first major data point against its aggressive full-year earnings guidance.

The St. Louis-based utility, which serves 1.7 million customers across Missouri, Alabama, and Mississippi, is at a pivotal moment. After delivering a strong 7.5% earnings per share (EPS) growth in fiscal 2025, the company has set a lofty target for fiscal 2026, guiding for an adjusted EPS between $5.25 and $5.45. This forecast has been met with optimism from analysts, who have a consensus estimate near the top of that range at $5.40 per share, signaling confidence in Spire's strategy. The upcoming report will be the first test of that confidence, offering a glimpse into the company's operational performance, the success of its segment strategies, and its trajectory for the year ahead.

A High Bar Set by Past Performance and Future Guidance

Investors heading into the February 3rd announcement will be weighing the upcoming results against a complex backdrop of recent performance. Spire closed fiscal 2025 with a consolidated adjusted EPS of $4.44, a notable increase from the prior year's $4.13. This growth was fueled by strong performances across its business segments, particularly its Midstream operations, which saw adjusted earnings soar from $33.5 million to $56.3 million, thanks to new storage contracts and the integration of the MoGas acquisition.

However, the most recent comparable period, the first quarter of fiscal 2025, saw a slight downturn, with adjusted EPS dipping to $1.34 from $1.47 the year before. This was largely attributed to reduced market volatility impacting the Gas Marketing segment and lower residential usage in its Missouri utility territory.

Analysts will be closely examining whether the company can reverse that Q1 trend and start the year on a strong footing to meet its full-year goals. The optimism is palpable, underscored by a December 2025 upgrade from Morgan Stanley to "Overweight," with the investment bank citing expectations for "well above average EPS growth" and a significantly improving regulatory environment. Spire itself has reaffirmed a long-term adjusted EPS growth target of 5-7%, underpinning a strategy that relies heavily on capital deployment and favorable regulatory outcomes.

The $11.2 Billion Engine: Infrastructure and Regulation

At the core of Spire's long-term growth narrative is its massive capital investment plan. The company has expanded its 10-year capital expenditure target to an impressive $11.2 billion through fiscal 2035. This capital is earmarked for modernizing its vast network of natural gas pipelines, enhancing safety and reliability, and expanding its infrastructure to accommodate customer growth.

This strategy is inextricably linked to the regulatory frameworks in its service states. A key development bolstering investor confidence is the passage of Senate Bill 4 in Missouri in April 2025. This legislation allows for "future test year" ratemaking for cases filed after July 2026, a mechanism widely seen as constructive for utilities. It allows a company to set rates based on a forecasted budget rather than historical costs, providing a more timely and accurate recovery of investments, which is crucial for a company executing such a large capital plan.

The outcomes of ongoing and upcoming rate cases are paramount. In its last major Missouri rate case, Spire received approval for new rates effective in late 2025, designed to recover costs associated with its infrastructure investments. Similar annual rate updates and mechanisms in Alabama and Mississippi have also been crucial contributors to earnings. The February 3rd call will likely provide updates on the progress and expected impact of these regulatory proceedings, which directly affect customer bills but are essential for funding the system-wide upgrades that ensure service reliability for its 1.7 million customers.

Strategic Realignment in a Dynamic Energy Market

Beyond organic growth through infrastructure investment, Spire is actively reshaping its business portfolio. The company is in the process of acquiring the Piedmont Natural Gas business in Tennessee, a move that expands its regulated utility footprint into a new state. To finance the deal, Spire issued $900 million in junior subordinated notes in December 2025, signaling its commitment to closing the transaction. The full-year contribution from this new business is already factored into the company's fiscal 2027 guidance, which projects a midpoint EPS of $5.75.

In a contrasting move, Spire has also signaled its intent to divest its natural gas storage assets, with earnings from these facilities expected to be excluded from results by fiscal 2027. This strategic pivot suggests a deliberate shift away from the more volatile, market-exposed midstream business toward the stable, predictable earnings profile of a regulated utility. While the Midstream segment was a star performer in fiscal 2025, driven by favorable storage contracts, the Gas Marketing segment's performance has highlighted the inherent volatility in non-regulated operations. This realignment appears designed to de-risk the company's earnings stream and appeal to investors seeking consistent, long-term dividend growth, which Spire has delivered for 23 consecutive years.

As the company prepares to discuss its first-quarter results, stakeholders will be listening for details on how these strategic initiatives are progressing and how they are impacting the bottom line. The performance of the core Gas Utility segment, which benefits from infrastructure riders and new rates, will be a primary focus, alongside any commentary on the broader natural gas market, which continues to be influenced by global events, weather patterns, and domestic supply-and-demand dynamics. The report will offer a critical update on how Spire is balancing its ambitious growth plans with operational execution in a complex and ever-changing energy landscape.