Spire reported fiscal 2026 first-quarter net income of $95.0 million, or $1.54 per diluted share, up from $81.3 million, or $1.34 per share, in the year-ago period. Adjusted earnings rose to $108.4 million, or $1.77 per share, compared with $81.1 million, or $1.34 per share, representing a 33.7% increase in adjusted EPS. The company attributed the outperformance to favorable regulatory rate adjustments and efficient cost management across its core businesses.

Gas Utility adjusted earnings climbed to $103.9 million from $77.8 million a year earlier, driven by new rate plans in Missouri and Alabama and ISRS surcharge revenues, partly offset by lower volumetric margins and higher depreciation. Gas Marketing earnings increased to $4.5 million from $2.2 million, reflecting enhanced portfolio optimization. Midstream adjusted earnings rose modestly to $12.7 million from $12.0 million thanks to additional storage capacity, while other corporate activities recorded a $12.7 million loss versus $10.9 million, reflecting higher corporate costs and interest expense.

To support its Tennessee acquisition and capital expenditure program, Spire completed $900 million of junior subordinated notes and issued $825 million of senior notes under a Master Note Purchase Agreement. In October, Spire Missouri raised $200 million through first mortgage bonds for general corporate purposes. In January, Spire Inc. issued an additional $200 million of junior subordinated notes, earmarked to redeem $250 million of 5.9% preferred stock, optimizing the capital structure ahead of planned investments.

Spire reaffirmed its fiscal 2026 adjusted EPS guidance range of $5.25–$5.45 and its fiscal 2027 range of $5.65–$5.85, excluding the pending Tennessee business acquisition and the expected sale of storage assets. The company maintains a 10-year capital investment target of $11.2 billion through fiscal 2035 to drive 5–7% annual EPS growth, with $809 million of capital expenditures planned for fiscal 2026. Management emphasized confidence in regulatory engagement and infrastructure modernization as key value drivers for shareholders.