Spire (NYSE:SR) reported fiscal first-quarter earnings that surpassed analyst expectations, bolstered by higher regulatory rates and an aggressive expansion of its natural gas storage and midstream capabilities.
The St. Louis-based utility posted adjusted net income of $108.4 million, or $1.77 per share, for the quarter ended Dec. 31, 2025.
This result climbed significantly from the $81.1 million reported a year earlier and beat the $1.64 Bloomberg consensus.
Net income reached $95 million, up from $81.3 million in the prior-year period.
Performance was anchored by the Gas Utility segment, which saw adjusted earnings rise to $103.9 million from $77.8 million.
The jump reflects new rate implementations in Missouri and Alabama designed to recover infrastructure investments.
Meanwhile, the Midstream segment benefited from increased capacity at Spire Storage West, which recently expanded to 39 billion cubic feet (Bcf).
Spire is currently navigating a transformational period as it nears the close of its $2.48 billion acquisition of Duke Energy’s Piedmont Natural Gas business in Tennessee.
To fund the deal, the company has executed significant financing actions, including the issuance of $900 million in junior subordinated notes.