SR earnings analysis
What we found in SR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Spire Inc. reported Q2 2026 results with strong revenue growth to $1.02 billion and EPS of $3.51, slightly surpassing estimates. The company improved its fiscal 2026 adjusted EPS guidance to $3.90-$4.10 amid continued robust performance in its Gas Utility segment despite weather-related headwinds. Key acquisitions were completed during the quarter, contributing positively to results, while divestitures are expected to enhance liquidity.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenue increased to $1.02 billion, up from $976.4 million YoY.
- Strong EPS Performance
- Diluted EPS for Q2 was reported at $3.51, up from $3.17 in the prior-year quarter.
- Gas Utility Segment Recovery
- Gas Utility segment net income rose by $36.6 million year-over-year.
- Adjusted EPS Guidance Increased
- Fiscal 2026 adjusted EPS guidance revised to $3.90-$4.10 from $4.00-$4.30.
- Successful Acquisition Completion
- Acquired Piedmont Natural Gas Tennessee for $2.50 billion, expected to enhance market reach.
- Improved Operating Cash Flow
- Net cash from operating activities rose to $491.4 million from $453.8 million in the prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Weather-Related Usage Declines
- Adverse weather resulted in lower volumetric usage, impacting revenue by $29.5 million.
- Increased Depreciation Costs
- Depreciation increased by $12.1 million due to infrastructure capital expenditures.
- Integration Risks from Acquisitions
- Potential challenges related to the integration of Piedmont Natural Gas Tennessee business.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.51
- Segment
- Gas Utility Segment
What they said about what is next.
Updated fiscal 2026 adjusted earnings guidance from continuing operations to $3.90–$4.10.
The filing reads better than the one before it.
What came before.
- 10-Q · April 30, 2025
- Spire reported Q2 operating revenues of $1,051.3 million and diluted EPS of $3.51 for the three months ended March 31, 2025. Margins were strong (gross 56.7%, operating 29.1%) while YTD operating cash flow was $453.8…
- 10-Q · February 5, 2025
- Spire reported consolidated operating revenues of $669.1 million and diluted EPS of $1.34 for the three months ended December 31, 2024. Revenue fell year-over-year by $87.5 million (from $756.6M to $669.1M) and EPS…
- 10-Q · July 31, 2024
- Spire reported Q3 (three months ended June 30, 2024) operating revenues of $414.1M and an operating income of $30.7M, with a diluted (loss) EPS of $(0.28). Gross margin improved to 66.0% and operating margin to 7.4%…
- 10-K · November 16, 2023
- Spire Inc. (Form 10-K for fiscal year ended September 30, 2023) positions itself as a regulated gas utility with three reportable segments — Gas Utility, Gas Marketing and Midstream — focused on organic growth,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing SR makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever