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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 | 8.0% | -4.5% | 8.3% |
| 2024 | $2.6B | $789M | $251M | $51M | 7.8% | -2.7% | 15.4% |
| 2023 | $2.7B | $697M | $218M | $-222M | 7.5% | 21.3% | -1.5% |
| 2022 | $2.2B | $637M | $221M | $-497M | 7.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | 408.20 | 418.60 | 488.30 | 523.90 |
| EBITDA | 636.80 | 696.80 | 789.10 | 833.70 |
| EBIT | 399.50 | 442 | 510.70 | 535.50 |
| Pretax Income | 279.70 | 256.30 | 309.60 | 331.40 |
| Tax Provision | 58.90 | 38.80 | 58.70 | 59.70 |
| Net Income | 220.80 | 217.50 | 250.90 | 271.70 |
| Net Income Common Stockholders | 205.70 | 202.40 | 235.80 | 256.60 |
| Total Expenses | 1,790.30 | 2,247.70 | 2,104.70 | 1,952.50 |
| Interest Expense | 119.80 | 185.70 | 201.10 | 204.10 |
| Normalized EBITDA | 636.80 | 696.80 | 789.10 | 833.70 |
| Normalized Income | 220.80 | 217.50 | 250.90 | 271.70 |
| Basic EPS | 3.96 | 3.86 | 4.20 | 4.39 |
| Diluted EPS | 3.95 | 3.85 | 4.19 | 4.37 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0.15 | 0.19 | 0.18 |
| Total Unusual Items | 0 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 220.80 | 217.50 | 250.90 | 271.70 |
| 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 |
| Net Interest Income | -119.80 | -185.70 | -201.10 | -204.10 |
| Net Income From Continuing And Discontinued Operation | 220.80 | 217.50 | 250.90 | 271.70 |
| Total Operating Income As Reported | 408.20 | 418.60 | 488.30 | 523.90 |
| Diluted Average Shares | 52.10 | 52.60 | 56.30 | 58.70 |
| Basic Average Shares | 52 | 52.50 | 56.10 | 58.50 |
| Diluted NI Availto Com Stockholders | 205.70 | 202.40 | 235.80 | 256.60 |
| Preferred Stock Dividends | 14.80 | 14.80 | 14.80 | 14.80 |
| Net Income Including Noncontrolling Interests | 220.80 | 217.50 | 250.90 | 271.70 |
| Net Income Continuous Operations | 220.80 | 217.50 | 250.90 | 271.70 |
| Other Income Expense | -8.70 | 23.40 | 22.40 | 11.60 |
| Other Non Operating Income Expenses | -8.70 | 23.40 | 22.40 | 11.60 |
| Special Income Charges | 0 | 0 | 0 | 0 |
| Write Off | 0 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | -119.80 | -185.70 | -201.10 | -204.10 |
| Interest Expense Non Operating | 119.80 | 185.70 | 201.10 | 204.10 |
| Other Taxes | 179.50 | 214.50 | 215.60 | 206.70 |
| 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 |
| Operating Revenue | 2,198.50 | 2,666.30 | 2,593 | 2,476.40 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Spire Inc.this co. | SR | $5.3B | 19.63 | 1.66 | 8.0% | 12.48 |
| Ormat Technologies, Inc. | ORA | $6.8B | 54.61 | 2.64 | 4.6% | 20.43 |
| Southwest Gas Holdings, Inc. | SWX | $6.7B | 28.28 | 1.68 | 11.1% | 11.64 |
| TXNM Energy, Inc. | TXNM | $6.5B | 39.77 | 1.88 | 4.4% | 14.10 |
| Portland General Electric Company | POR | $5.9B | 18.43 | 1.43 |
| 7.4% |
| 9.72 |
| Black Hills Corporation | BKH | $5.7B | 18.67 | 1.47 | 7.5% | 12.50 |
| New Jersey Resources Corporation | NJR | $5.6B | 17.15 | 2.26 | 14.0% | 13.89 |
| ONE Gas, Inc. | OGS | $5.5B | 20.05 | 1.60 | 7.7% | 11.43 |
| Brookfield Infrastructure Corporation | BIPC | $4.3B | - | -3.28 | -12.0% | 7.01 |
| Peer Median | - | 20.05 | 1.64 | 7.4% | 12.07 | |