0000950170-25-102597
SEC filingNotes reveal $1.79B purchase commitments, $123.6M buyback authorization remaining, and segment revenue decline of 10.6% in Gas Utility.
As of June 30, 2025, Spire held $13.1M in cash and equivalents, while total debt (including current portion) stood at $3.89B, up from $3.75B at September 30, 2024. Shareholders' equity was $3.48B. Inventory totaled $224.9M, consisting of natural gas, propane, and materials. The company's liquidity is supported by a $1.5B revolving credit facility, under which no borrowings were outstanding at quarter end, and a commercial paper program with $1.0B outstanding at a 4.3% weighted average rate.
Spire has significant purchase commitments totaling $1.79B as of June 30, 2025, under long-term contracts for natural gas storage, transportation, and supply, expiring through 2039. These costs are recoverable through regulatory mechanisms (PGA/GSA riders). Additionally, the company has $15.5M in unfunded capital commitments to unconsolidated partnerships. Environmental contingencies related to former manufactured gas plant sites are deemed immaterial but could vary.
During the nine months ended June 30, 2025, Spire invested $699.7M in capital expenditures (32.7% of revenue), funded by operating cash flow of $582.9M and debt/equity issuance. The company issued $150M in long-term debt at Spire Missouri and $76M in common stock through its ATM program. Dividends totaled $146.9M ($135.8M common, $11.1M preferred), with a quarterly common dividend of $0.785 per share. As of June 30, 2025, $123.6M remained available under the ATM program, and a $200M authorization was approved in January 2024. No share repurchases were disclosed.
Spire's Gas Utility segment remains the core, generating $1.93B in revenue (90% of consolidated) for the nine months, though down 10.6% YoY due to lower natural gas costs. Gas Marketing grew 25.3% to $129.7M, while Midstream surged 65.6% to $114.1M, driven by the MoGas acquisition. Adjusted earnings for the segments were: Gas Utility $263.0M, Gas Marketing $22.3M, Midstream $44.0M, and Other ($29.7M). The Gas Utility segment operates in Missouri, Alabama, and Mississippi, with geographic mix detailed in regulatory filings but not separately disclosed in segment notes.