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Spire Inc., together with its subsidiaries, engages in the purchase, retail distribution, and sale of natural gas to residential, commercial, industrial, and other end-users of natural gas in the United States. The company operates through three segments: Gas Utility, Gas Marketing, and Midstream. It is also involved in the marketing of natural gas and related services; and transportation and storage of natural gas. In addition, the company engages in the operation of propane through its propane pipeline, risk management, and other activities. Spire Inc. was formerly known as The Laclede Group, Inc. and changed its name to Spire Inc. in April 2016. Spire Inc. was founded in 1857 and is based in Saint Louis, Missouri.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.5B | $834M | $272M | $-344M | 8.6% | -4.5% | 8.3% |
| 2024 | $2.6B | $789M | $251M | $51M | 8.4% | -2.7% | 15.4% |
| 2023 | $2.7B | $697M | $218M | $-222M | 8.1% | 21.3% | -1.5% |
| 2022 | $2.2B | $637M | $221M | $-497M | 8.6% | - | - |
| 2021 | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,198.50 | 2,666.30 | 2,593 | 2,476.40 |
| Operating Revenue | - | 2,198.50 | 2,666.30 | 2,593 | 2,476.40 |
| Cost Of Revenue | - | 1,373.50 | 1,778.40 | 1,610.70 | 1,447.60 |
| Gross Profit | - | 825 | 887.90 | 982.30 | 1,028.80 |
| Operating Expense | - | 416.80 | 469.30 | 494 | 504.90 |
| Total Expenses | - | 1,790.30 | 2,247.70 | 2,104.70 | 1,952.50 |
| Operating Income | - | 408.20 | 418.60 | 488.30 | 523.90 |
| Total Operating Income As Reported | - | 408.20 | 418.60 | 488.30 | 523.90 |
| EBITDA | - | 636.80 | 696.80 | 789.10 | 833.70 |
| Normalized EBITDA | - | 636.80 | 696.80 | 789.10 | 833.70 |
| EBIT | - | 399.50 | 442 | 510.70 | 535.50 |
| Interest Expense | - | 119.80 | 185.70 | 201.10 | 204.10 |
| Net Interest Income | - | -119.80 | -185.70 | -201.10 | -204.10 |
| Other Non Operating Income Expenses | - | -8.70 | 23.40 | 22.40 | 11.60 |
| Other Income Expense | - | -8.70 | 23.40 | 22.40 | 11.60 |
| Interest Expense Non Operating | - | 119.80 | 185.70 | 201.10 | 204.10 |
| Net Non Operating Interest Income Expense | - | -119.80 | -185.70 | -201.10 | -204.10 |
| Pretax Income | - | 279.70 | 256.30 | 309.60 | 331.40 |
| Tax Provision | - | 58.90 | 38.80 | 58.70 | 59.70 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 220.80 | 217.50 | 250.90 | 271.70 |
| Net Income From Continuing And Discontinued Operation | - | 220.80 | 217.50 | 250.90 | 271.70 |
| Net Income From Continuing Operation Net Minority Interest | - | 220.80 | 217.50 | 250.90 | 271.70 |
| Net Income | - | 220.80 | 217.50 | 250.90 | 271.70 |
| Net Income Common Stockholders | - | 205.70 | 202.40 | 235.80 | 256.60 |
| Net Income Including Noncontrolling Interests | - | 220.80 | 217.50 | 250.90 | 271.70 |
| Normalized Income | - | 220.80 | 217.50 | 250.90 | 271.70 |
| Diluted NI Availto Com Stockholders | - | 205.70 | 202.40 | 235.80 | 256.60 |
| Basic Average Shares | - | 52 | 52.50 | 56.10 | 58.50 |
| Diluted Average Shares | - | 52.10 | 52.60 | 56.30 | 58.70 |
| Reconciled Depreciation | - | 237.30 | 254.80 | 278.40 | 298.20 |
| Reconciled Cost Of Revenue | - | 1,373.50 | 1,778.40 | 1,610.70 | 1,447.60 |
| Total Unusual Items | 0 | 0 | - | - | - |
| Total Unusual Items Excluding Goodwill | 0 | 0 | - | - | - |
| Preferred Stock Dividends | - | 14.80 | 14.80 | 14.80 | 14.80 |
| Special Income Charges | 0 | 0 | - | - | - |
| Write Off | 0 | 0 | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 237.30 | 254.80 | 278.40 | 298.20 |
| Depreciation And Amortization In Income Statement | - | 237.30 | 254.80 | 278.40 | 298.20 |
| Other Taxes | - | 179.50 | 214.50 | 215.60 | 206.70 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Spire Inc.this co. | SR | $4.8B | 17.65 | 1.52 | 8.6% | 11.95 |
| Southwest Gas Holdings, Inc. | SWX | $6.3B | 14.34 | 1.59 | 11.1% | 10.69 |
| Portland General Electric Company | POR | $5.7B | 18.79 | 1.39 | 7.4% | 9.09 |
| New Jersey Resources Corporation | NJR | $5.5B | 16.42 | 2.30 | 14.0% | 12.47 |
| Black Hills Corporation | BKH | $5.5B | 18.77 |
| - |
| - |
| - |
| 1.43 |
| 7.6% |
| 11.98 |
| Brookfield Infrastructure Corporation | BIPC | $5.1B | - | - | 18.6% | 6.17 |
| Fluence Energy, Inc. | FLNC | $5.0B | -103.57 | 11.65 | -11.2% | -276.81 |
| ONE Gas, Inc. | OGS | $4.9B | 18.36 | 1.41 | 7.7% | 10.51 |
| NorthWestern Energy Group, Inc. | NWE | $4.3B | 23.64 | 1.48 | 6.3% | 13.13 |
| Peer Median | - | 18.36 | 1.48 | 7.7% | 10.60 | |