Spire Inc Financials
This page shows Spire Inc (SR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Heavy annual reinvestment keeps reported earnings respectable, but free cash flow depends on financing and leaves liquidity consistently tight.
Across FY2023-FY2025, revenue softened while operating margin expanded from15.7% to21.2% , so profitability improved without a top-line lift. Because FY2025 operating cash flow of$578M still topped net income of$272M , the return to negative free cash flow points more to capital intensity than to weak earnings quality.
FY2024 produced only
The current ratio fell from 0.6x to 0.3x by FY2025, which means short-term liquidity has become thinner even as the asset base grew. Yet debt-to-equity eased to 1.0x from 1.2x since FY2023, so the balance sheet looks more stretched on timing of cash than on long-term capital structure, with little day-to-day working-capital slack.
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Spire Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Spire Inc has an operating margin of 21.2%, meaning the company retains $21 of operating profit per $100 of revenue. This strong profitability earns a score of 65/100, reflecting efficient cost management and pricing power. This is up from 18.8% the prior year.
Spire Inc's revenue declined 4.5% year-over-year, from $2.6B to $2.5B. This contraction results in a growth score of 27/100.
Spire Inc carries a low D/E ratio of 0.99, meaning only $0.99 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 82/100, indicating a strong balance sheet with room for future borrowing.
Spire Inc's current ratio of 0.32 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Spire Inc generated $578.0M in operating cash flow, capex of $922.4M consumed most of it, leaving -$344.4M in free cash flow. This results in a low score of 5/100, reflecting heavy capital investment rather than weak cash generation.
Spire Inc generates a 8.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 29/100. This is up from 7.8% the prior year.
Spire Inc scores 0.70, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($5.3B) relative to total liabilities ($8.2B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Spire Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Spire Inc generates $2.13 in operating cash flow ($578.0M OCF vs $271.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Spire Inc earns $2.6 in operating income for every $1 of interest expense ($523.9M vs $204.1M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Spire Inc generated $2.5B in revenue in fiscal year 2025. This represents a decrease of 4.5% from the prior year.
Spire Inc's EBITDA was $822.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.2% from the prior year.
Spire Inc reported $271.7M in net income in fiscal year 2025. This represents an increase of 8.3% from the prior year.
Spire Inc earned $4.37 per diluted share (EPS) in fiscal year 2025. This represents an increase of 4.3% from the prior year.
Cash & Balance Sheet
Spire Inc generated -$344.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 774.0% from the prior year.
Spire Inc held $5.7M in cash against $3.4B in long-term debt as of fiscal year 2025.
Spire Inc paid $3.14 per share in dividends in fiscal year 2025. This represents an increase of 4.0% from the prior year.
Spire Inc had 59M shares outstanding in fiscal year 2025. This represents an increase of 2.3% from the prior year.
Margins & Returns
Spire Inc's gross margin was 58.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 6.3 percentage points from the prior year.
Spire Inc's operating margin was 21.2% in fiscal year 2025, reflecting core business profitability. This is up 2.3 percentage points from the prior year.
Spire Inc's net profit margin was 11.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.3 percentage points from the prior year.
Spire Inc's ROE was 8.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the prior year.
Capital Allocation
Spire Inc invested $922.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 7.1% from the prior year.
SR Income Statement
| Metric | Q3'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $690.7M-9.4% | $762.2M+128.1% | $334.1M-20.8% | $421.9M-59.9% | $1.1B+57.1% | $669.1M+127.7% | $293.8M-29.1% | $414.1M |
| Cost of Revenue | $460.2M+34.3% | $342.6M | N/A | N/A | N/A | $296.8M | N/A | N/A |
| Gross Profit | $230.5M-45.1% | $419.6M | N/A | N/A | N/A | $372.3M | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $303.5M+74.9% | $173.5M+34800.0% | -$500K-100.7% | $69.2M-77.4% | $306.4M+105.9% | $148.8M+651.5% | $19.8M-35.5% | $30.7M |
| Interest Expense | $62.6M+3.6% | $60.4M+2.7% | $58.8M+17.8% | $49.9M+5.3% | $47.4M-1.3% | $48.0M-3.0% | $49.5M+1.4% | $48.8M |
| Income Tax | $52.7M+125.2% | $23.4M+245.3% | -$16.1M-636.7% | $3.0M-94.3% | $52.7M+162.2% | $20.1M+333.7% | -$8.6M-177.4% | -$3.1M |
| Net Income | $282.2M+197.1% | $95.0M+338.7% | -$39.8M-290.4% | $20.9M-90.0% | $209.3M+157.4% | $81.3M+413.9% | -$25.9M-105.6% | -$12.6M |
| EPS (Diluted) | $4.60+198.7% | $1.54 | N/A | $0.29-91.7% | $3.51+161.9% | $1.34 | N/A | $-0.28 |
SR Balance Sheet
| Metric | Q3'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $14.7B+23.5% | $11.9B+2.6% | $11.6B+1.6% | $11.4B+0.4% | $11.3B+0.6% | $11.3B+3.8% | $10.9B+1.4% | $10.7B |
| Current Assets | $1.6B+53.0% | $1.0B+28.6% | $807.7M+3.5% | $780.1M-14.1% | $907.8M-8.1% | $988.0M+28.1% | $771.3M-6.6% | $825.8M |
| Cash & Equivalents | $49.5M+1107.3% | $4.1M-28.1% | $5.7M-56.5% | $13.1M-13.8% | $15.2M+32.2% | $11.5M+155.6% | $4.5M-39.2% | $7.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $1.9B+61.4% | $1.2B0.0% | $1.2B0.0% | $1.2B0.0% | $1.2B0.0% | $1.2B0.0% | $1.2B0.0% | $1.2B |
| Total Liabilities | $11.3B+33.2% | $8.4B+3.2% | $8.2B+3.4% | $7.9B+1.0% | $7.8B-1.6% | $8.0B+4.4% | $7.6B+3.4% | $7.4B |
| Current Liabilities | $2.9B+69.9% | $1.7B-32.8% | $2.5B+22.1% | $2.1B-1.2% | $2.1B+6.1% | $2.0B+16.9% | $1.7B-0.3% | $1.7B |
| Long-Term Debt | $5.8B+29.5% | $4.4B+32.1% | $3.4B-3.7% | $3.5B+4.5% | $3.3B-9.4% | $3.7B-0.2% | $3.7B+8.2% | $3.4B |
| Total Equity | $3.4B-0.4% | $3.4B+1.3% | $3.4B-2.6% | $3.5B-0.8% | $3.5B+6.0% | $3.3B+2.4% | $3.2B-3.0% | $3.3B |
| Retained Earnings | $1.4B+19.7% | $1.1B+3.7% | $1.1B-7.8% | $1.2B-2.3% | $1.2B+15.0% | $1.1B+3.1% | $1.0B-6.8% | $1.1B |
SR Cash Flow Statement
| Metric | Q3'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $491.4M+506.7% | $81.0M+1753.1% | -$4.9M-103.8% | $129.1M-65.4% | $372.7M+359.6% | $81.1M-2.2% | $82.9M-69.3% | $270.1M |
| Capital Expenditures | $395.0M+94.8% | $202.8M-8.9% | $222.7M+1.0% | $220.5M+0.9% | $218.6M-16.1% | $260.6M+13.4% | $229.8M+3.4% | $222.2M |
| Free Cash Flow | $96.4M+179.1% | -$121.8M+46.5% | -$227.6M-149.0% | -$91.4M-159.3% | $154.1M+185.8% | -$179.5M-22.2% | -$146.9M-406.7% | $47.9M |
| Investing Cash Flow | -$2.9B-1323.9% | -$201.3M+8.4% | -$219.7M-0.1% | -$219.4M-1.0% | -$217.2M+16.5% | -$260.1M-15.5% | -$225.2M-3.3% | -$218.1M |
| Financing Cash Flow | $2.4B+1933.0% | $119.0M-45.3% | $217.7M+135.6% | $92.4M+161.0% | -$151.4M-181.4% | $186.0M+29.6% | $143.5M+321.8% | -$64.7M |
| Dividends Paid | $9.9M-79.0% | $47.2M+1.7% | $46.4M+1.3% | $45.8M+0.9% | $45.4M+1.8% | $44.6M+4.2% | $42.8M-2.3% | $43.8M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SR Financial Ratios
| Metric | Q3'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.4%-21.7pp | 55.0% | N/A | N/A | N/A | 55.6% | N/A | N/A |
| Operating Margin | 43.9%+21.2pp | 22.8%+22.9pp | -0.1%-16.6pp | 16.4%-12.7pp | 29.1%+6.9pp | 22.2%+15.5pp | 6.7%-0.7pp | 7.4% |
| Net Margin | 40.9%+28.4pp | 12.5%+24.4pp | -11.9%-16.9pp | 5.0%-15.0pp | 19.9%+7.8pp | 12.2%+21.0pp | -8.8%-5.8pp | -3.0% |
| Return on Equity | 8.3%+5.5pp | 2.8%+3.9pp | -1.2%-1.8pp | 0.6%-5.4pp | 6.0%+3.5pp | 2.5%+3.3pp | -0.8%-0.4pp | -0.4% |
| Return on Assets | 1.9%+1.1pp | 0.8%+1.1pp | -0.3%-0.5pp | 0.2%-1.7pp | 1.8%+1.1pp | 0.7%+1.0pp | -0.2%-0.1pp | -0.1% |
| Current Ratio | 0.55-0.1 | 0.61+0.3 | 0.32-0.1 | 0.37-0.1 | 0.43-0.1 | 0.50+0.0 | 0.45-0.0 | 0.48 |
| Debt-to-Equity | 1.69+0.4 | 1.30+0.3 | 0.99-0.0 | 1.01+0.1 | 0.95-0.2 | 1.12-0.0 | 1.15+0.1 | 1.03 |
| FCF Margin | 14.0%+29.9pp | -16.0%+52.1pp | -68.1%-46.5pp | -21.7%-36.3pp | 14.7%+41.5pp | -26.8%+23.2pp | -50.0%-61.6pp | 11.6% |
Note: The current ratio is below 1.0 (0.32), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Spire Inc's annual revenue?
Spire Inc (SR) reported $2.5B in total revenue for fiscal year 2025. This represents a -4.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Spire Inc's revenue growing?
Spire Inc (SR) revenue declined by 4.5% year-over-year, from $2.6B to $2.5B in fiscal year 2025.
Is Spire Inc profitable?
Yes, Spire Inc (SR) reported a net income of $271.7M in fiscal year 2025, with a net profit margin of 11.0%.
What is Spire Inc's EBITDA?
Spire Inc (SR) had EBITDA of $822.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Spire Inc have?
As of fiscal year 2025, Spire Inc (SR) had $5.7M in cash and equivalents against $3.4B in long-term debt.
What is Spire Inc's gross margin?
Spire Inc (SR) had a gross margin of 58.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Spire Inc's operating margin?
Spire Inc (SR) had an operating margin of 21.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Spire Inc's net profit margin?
Spire Inc (SR) had a net profit margin of 11.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Spire Inc pay dividends?
Yes, Spire Inc (SR) paid $3.14 per share in dividends during fiscal year 2025.
What is Spire Inc's return on equity (ROE)?
Spire Inc (SR) has a return on equity of 8.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Spire Inc's free cash flow?
Spire Inc (SR) generated -$344.4M in free cash flow during fiscal year 2025. This represents a -774.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Spire Inc's operating cash flow?
Spire Inc (SR) generated $578.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Spire Inc's total assets?
Spire Inc (SR) had $11.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Spire Inc's capital expenditures?
Spire Inc (SR) invested $922.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Spire Inc's current ratio?
Spire Inc (SR) had a current ratio of 0.32 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Spire Inc's debt-to-equity ratio?
Spire Inc (SR) had a debt-to-equity ratio of 0.99 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Spire Inc's return on assets (ROA)?
Spire Inc (SR) had a return on assets of 2.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Spire Inc's Altman Z-Score?
Spire Inc (SR) has an Altman Z-Score of 0.70, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Spire Inc's Piotroski F-Score?
Spire Inc (SR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Spire Inc's earnings high quality?
Spire Inc (SR) has an earnings quality ratio of 2.13x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Spire Inc cover its interest payments?
Spire Inc (SR) has an interest coverage ratio of 2.6x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Spire Inc?
Spire Inc (SR) scores 35 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.