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Utilities - Regulated gas · Utilities · Fiscal year ends Sep 30
SPIRE reported revenue of $2.5B in the fiscal year ended Sep 2025, down 4.5% from the year before. Operating income was $524M, an operating margin of 21.2%, and net income was $272M. Operating cash flow of $578M less capital expenditure of $922M left free cash flow of −$344M. Net debt was $3.9B.
Ranks among the 16 utilities - regulated gas companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 2,236 | 2,199 | 2,666 | 2,593 | 2,476 |
| Cost of revenue | – | – | 1,393 | 1,232 | 1,021 |
| Gross profit | – | – | 1,274 | 1,362 | 1,455 |
| Operating income | 450 | 408 | 419 | 488 | 524 |
| Interest expense | 107 | 120 | 186 | 201 | 204 |
| Pre-tax income | 340 | 280 | 256 | 310 | 331 |
| Income tax | 68.5 | 58.9 | 38.8 | 58.7 | 59.7 |
| Net income | 272 | 221 | 218 | 251 | 272 |
| Diluted EPS | 4.96 | 3.95 | 3.85 | 4.19 | 4.37 |
| Diluted shares | 51.7 | 52.1 | 0.0 | 0.0 | 0.0 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 4.3 | 6.5 | 5.6 | 4.5 | 5.7 |
| Current assets | 1,317 | 1,592 | 1,077 | 771 | 808 |
| Net PP&E | 471 | 491 | 629 | 955 | 568 |
| Goodwill | 1,172 | 1,172 | 1,172 | 1,172 | 1,172 |
| Total assets | 9,356 | 10,084 | 10,314 | 10,861 | 11,575 |
| Payables | 410 | 617 | 253 | 237 | 156 |
| Deferred revenue | 32.1 | 18.7 | 20.9 | 48.4 | 58.1 |
| Current liabilities | 1,608 | 2,354 | 1,755 | 1,704 | 2,549 |
| Short-term debt | 55.8 | 281 | 157 | 42.0 | 488 |
| Long-term debt | 2,939 | 2,959 | 3,554 | 3,704 | 3,369 |
| Total liabilities | 6,698 | 7,265 | 7,396 | 7,628 | 8,186 |
| Shareholders' equity | 2,658 | 2,819 | 2,917 | 3,233 | 3,389 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 250 | 55.0 | 440 | 912 | 578 |
| Capital expenditure | 625 | 552 | 663 | 861 | 922 |
| Free cash flow | −375 | −497 | −222 | 51.1 | −344 |
| Depreciation & amortisation | 213 | 237 | 255 | 278 | 298 |
| Stock-based compensation | 13.9 | 6.4 | 9.8 | 5.8 | 6.7 |
| Acquisitions | – | 0.0 | 37.0 | 176 | 0.0 |
| Dividends paid | 133 | 142 | 151 | 167 | 182 |
| Dividend per share | 2.60 | 2.74 | 2.88 | 3.02 | 3.14 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −1.7% | 21.3% | −2.7% | −4.5% |
| Operating income growth (YoY) | – | −9.3% | 2.5% | 16.7% | 7.3% |
| EPS growth (YoY) | – | −20.4% | −2.5% | 8.8% | 4.3% |
| Gross margin | – | – | 47.8% | 52.5% | 58.8% |
| Operating margin | 20.1% | 18.6% | 15.7% | 18.8% | 21.2% |
| Net margin | 12.2% | 10.0% | 8.2% | 9.7% | 11.0% |
| Return on equityBlank when equity is negative | 10.2% | 7.8% | 7.5% | 7.8% | 8.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.8% | 5.3% | 4.9% | 5.3% | 5.8% |
| Free cash flow margin | −16.8% | −22.6% | −8.3% | 2.0% | −13.9% |
| Cash conversion (CFO ÷ net income) | 0.92x | 0.25x | 2.02x | 3.64x | 2.13x |
| Payable days | – | – | 66 | 70 | 56 |
| Interest cover | 4.22x | 3.41x | 2.25x | 2.43x | 2.57x |
| Debt ÷ equity | 1.13x | 1.15x | 1.27x | 1.16x | 1.14x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,991 | 3,233 | 3,705 | 3,742 | 3,851 |
| Current ratio | 0.82x | 0.68x | 0.61x | 0.45x | 0.32x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.