SPIRE INC (SR) FY2025 10-K Annual Report
SPIRE INC (SR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Nov 14, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
SPIRE INC FY2025 10-K Analysis
Management Discussion & Analysis
- • Revenue $2,476.4M in FY25, down $116.6M YoY, mainly from Gas Utility revenue decline of $230.3M offset by Gas Marketing and Midstream increases
- • Operating income $523.9M in FY25 vs $488.3M in FY24; Gas Utility contribution margin up $37.5M; midstream net income increased $24.6M
- • Best performing segment Midstream: adjusted earnings up $22.8M, driven by storage asset optimization and MoGas acquisition; worst Other segment loss $49.7M, $19.2M worse YoY due to acquisition activity and loss of interest gains
- • Operating cash flow $578M in FY25, down $334.4M; investing cash outflows $916.4M, including capital expenditures increase of $61.1M; financing cash inflow $344.7M, up $220.8M including $478M debt increase
- • Management expects $809M capital expenditures in FY26; plans $2.48B financing for Tennessee acquisition via balanced mix of debt, equity and hybrids; considering sale of storage assets for funding; liquidity deemed sufficient; watch interest expense from bridge financing and regulatory timing risks
SPIRE INC FY2025 Key Financial MetricsXBRL
Revenue
$2.5B
▼ -4.5% YoY
Net Income
$272M
▲ +8.3% YoY
Operating Margin
21.2%
▲ +232bp YoY
Net Margin
11.0%
▲ +130bp YoY
ROE
8.0%
▲ +25bp YoY
Total Assets
$11.6B
▲ +6.6% YoY
EPS (Diluted)
$4.37
▲ +4.3% YoY
Operating Cash Flow
$578M
▼ -36.7% YoY
Source: XBRL data from SPIRE INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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