XML 46 R26.htm IDEA: XBRL DOCUMENT
v3.25.3

Segment Information | 12 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | 14. SEGMENT INFORMATION The Company has three reportable segments: Gas Utility, Gas Marketing, and Midstream. The Gas Utility segment is the aggregation of the operations of the Utilities. The Gas Utility segment consists of our natural gas utilities: Spire Missouri Inc. (“Spire Missouri”) (serving areas of Missouri, including the St. Louis and Kansas City regions), Spire Alabama Inc. (serving central and northern Alabama, including Birmingham and Montgomery), Spire Gulf Inc. (serving southwestern Alabama, including Mobile) and Spire Mississippi Inc. (serving south-central Mississippi, including Hattiesburg). The Gas Marketing segment includes the results of Spire Marketing, a subsidiary engaged in the non-regulated marketing of natural gas and related activities, including utilizing natural gas storage contracts for providing natural gas sales. The Midstream segment includes Spire Storage, Spire STL Pipeline and Spire MoGas Pipeline, which are subsidiaries engaged in the storage and transportation of natural gas. All other components of the Company’s consolidated information include Spire’s subsidiaries engaged in the operation of a propane pipeline and risk management, among other activities, and unallocated corporate items, including certain debt and associated interest costs. Spire Spire’s chief operating decision maker ("CODM") is the chief executive officer. The CODM and management evaluate the performance of the segments based on the computation of adjusted earnings. Adjusted earnings excludes from reported net income, as applicable, the after-tax impacts of fair value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture and restructuring activities, and the largely non-cash impacts of other non-recurring or unusual items such as certain regulatory, legislative or GAAP standard-setting actions. For each of the Company’s segments, the CODM uses adjusted earnings to allocate resources and determine reinvestment for each segment, predominantly in the annual budget and forecasting process. Adjusted earnings is also used to monitor budget versus actual results to assess performance of the segment and establish management compensation. The CODM does not receive asset information for the individual reportable segments. Spire Missouri As a separate public gas utility company operating in a single state, Spire Missouri is a single reportable segment. The chief executive officer is the CODM, who assesses performance and decides how to allocate resources based on net income. The CODM uses comparisons of actual results with budgeted and prior year results to assess performance of Spire Missouri and in establishing management’s compensation. The CODM does not receive asset information other than asset information reported on the Spire Missouri Balance Sheets. Financial data related to income and expenses, including gross receipt taxes which are disclosed separately, for the single reportable segment are reported on Spire Missouri’s Statements of Comprehensive Income. Financial data related to gross receipt taxes and capital expenditures are as follows:
|  | 2025 |  |  | 2024 |  |  | 2023 |
Gross Receipt Taxes |  | $ | 82.9 |  |  | $ | 93.1 |  |  | $ | 96.7 |
Capital Expenditures |  |  | 641.2 |  |  |  | 553.0 |  |  |  | 447.5 |
Spire Alabama As a separate public gas utility company operating in a single state, Spire Alabama is a single reportable segment. The chief executive officer is the CODM, who assesses performance and decides how to allocate resources based on net income. The CODM uses comparisons of actual results with budgeted and prior year results to assess performance of each company and in establishing management’s compensation. The CODM does not receive asset information other than asset information reported on the Spire Alabama Balance Sheets. Financial data related to income and expenses, including gross receipts taxes which are disclosed separately, for the single reportable segment are reported on Spire Alabama’s Statements of Income. Financial data related to gross receipt taxes and capital expenditures are as follows:
|  | 2025 |  |  | 2024 |  |  | 2023 |
Gross Receipt Taxes |  |  | 27.9 |  |  |  | 30.1 |  |  |  | 29.9 |
Capital Expenditures |  |  | 144.2 |  |  |  | 112.8 |  |  |  | 117.6 |
Spire The accounting policies of the segments are the same as those described in Note 1, Summary of Significant Accounting Policies. Spire’s intersegment transactions include sales of natural gas from Spire Marketing to Spire Missouri, Spire Alabama and Spire Storage; sales of natural gas from Spire Missouri to Spire Marketing; storage services from Spire Storage to Spire Missouri and Spire Marketing; and natural gas transportation services provided by Spire STL Pipeline and Spire MoGas Pipeline to Spire Missouri and Spire Marketing. The basis of accounting for intersegment transactions is the same as that for third party transactions. For more information about segment revenue, see Note 2, Revenue. The following tables present information about Spire’s segment revenue, segment expenses, and Adjusted Earnings.
2025 |  | Gas Utility |  |  | Gas Marketing |  |  | Midstream |  |  | Total Reportable Segments |  |  | Other(b) |  |  | Intersegment Eliminations |  |  | Consolidated |
Revenues from external customers |  | $ | 2,207.5 |  |  | $ | 157.2 |  |  | $ | 109.2 |  |  | $ | 2,473.9 |  |  | $ | 2.5 |  |  | $ | — |  |  | $ | 2,476.4 |
Intersegment revenues |  |  | 0.1 |  |  |  | - |  |  |  | 46.3 |  |  |  | 46.4 |  |  |  | — |  |  |  | (46.4 | ) |  |  | - |
Total Operating Revenues |  |  | 2,207.6 |  |  |  | 157.2 |  |  |  | 155.5 |  |  |  | 2,520.3 |  |  |  | 2.5 |  |  |  | (46.4 | ) |  |  | 2,476.4 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Significant segment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of gas sold, incl. gross receipts taxes |  |  | 970.9 |  |  |  | 93.7 |  |  |  | 3.0 |  |  |  | 1,067.6 |  |  |  | — |  |  |  | (46.4 | ) |  |  | 1,021.2 |
Operation and maintenance expense |  |  | 467.1 |  |  |  | 19.4 |  |  |  | 45.3 |  |  |  | 531.8 |  |  |  | 10.3 |  |  |  | — |  |  |  | 542.1 |
Depreciation and amortization expense |  |  | 277.6 |  |  |  | 1.0 |  |  |  | 19.2 |  |  |  | 297.8 |  |  |  | 0.4 |  |  |  | — |  |  |  | 298.2 |
Interest expense |  |  | 137.1 |  |  |  | — |  |  |  | 11.6 |  |  |  | 148.7 |  |  |  | 55.4 |  |  |  | — |  |  |  | 204.1 |
Income tax expense (benefit) |  |  | 47.4 |  |  |  | 11.1 |  |  |  | 15.7 |  |  |  | 74.2 |  |  |  | (14.5 | ) |  |  | — |  |  |  | 59.7 |
Other segment items (a) |  |  | 76.1 |  |  |  | 6.1 |  |  |  | 4.4 |  |  |  | 86.6 |  |  |  | (11.0 | ) |  |  | — |  |  |  | 75.6 |
Adjusted earnings (loss) [Non-GAAP] |  | $ | 231.4 |  |  | $ | 25.9 |  |  | $ | 56.3 |  |  | $ | 313.6 |  |  | $ | (38.1 | ) |  | $ | - |  |  | $ | 275.5 |
Capital expenditures |  |  | 816.8 |  |  |  | 0.1 |  |  |  | 106.8 |  |  |  | 923.7 |  |  |  | (1.3 | ) |  |  | — |  |  |  | 922.4 |
2024 |  | Gas Utility |  |  | Gas Marketing |  |  | Midstream |  |  | Total Reportable Segments |  |  | Other(b) |  |  | Intersegment Eliminations |  |  | Consolidated |
Revenues from external customers |  | $ | 2,436.2 |  |  | $ | 99.2 |  |  | $ | 56.9 |  |  | $ | 2,592.3 |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | 2,593.0 |
Intersegment revenues |  |  | 1.7 |  |  |  | — |  |  |  | 43.8 |  |  |  | 45.5 |  |  |  | - |  |  |  | (45.5 | ) |  |  | - |
Total Operating Revenues |  |  | 2,437.9 |  |  |  | 99.2 |  |  |  | 100.7 |  |  |  | 2,637.8 |  |  |  | 0.7 |  |  |  | (45.5 | ) |  |  | 2,593.0 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Significant segment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of gas sold, incl. gross receipts taxes |  |  | 1,238.7 |  |  |  | 37.1 |  |  |  | 1.1 |  |  |  | 1,276.9 |  |  |  | 0.1 |  |  |  | (45.5 | ) |  |  | 1,231.5 |
Operation and maintenance expense |  |  | 452.8 |  |  |  | 18.2 |  |  |  | 34.7 |  |  |  | 505.7 |  |  |  | 1.7 |  |  |  | — |  |  |  | 507.4 |
Depreciation and amortization expense |  |  | 263.6 |  |  |  | 1.5 |  |  |  | 12.8 |  |  |  | 277.9 |  |  |  | 0.5 |  |  |  | — |  |  |  | 278.4 |
Interest expense |  |  | 147.3 |  |  |  | — |  |  |  | 7.0 |  |  |  | 154.3 |  |  |  | 46.8 |  |  |  | — |  |  |  | 201.1 |
Income tax expense (benefit) |  |  | 48.0 |  |  |  | 10.8 |  |  |  | 9.6 |  |  |  | 68.4 |  |  |  | (9.7 | ) |  |  | — |  |  |  | 58.7 |
Other segment items (a) |  |  | 66.7 |  |  |  | 8.2 |  |  |  | 2.0 |  |  |  | 76.9 |  |  |  | (8.4 | ) |  |  | — |  |  |  | 68.5 |
Adjusted earnings (loss) [Non-GAAP] |  | $ | 220.8 |  |  | $ | 23.4 |  |  | $ | 33.5 |  |  | $ | 277.7 |  |  | $ | (30.3 | ) |  | $ | - |  |  | $ | 247.4 |
Capital expenditures |  |  | 691.1 |  |  |  | 0.1 |  |  |  | 171.3 |  |  |  | 862.5 |  |  |  | (1.2 | ) |  |  | — |  |  |  | 861.3 |
2023 |  | Gas Utility |  |  | Gas Marketing |  |  | Midstream |  |  | Total Reportable Segments |  |  | Other(b) |  |  | Intersegment Eliminations |  |  | Consolidated |
Revenues from external customers |  | $ | 2,456.6 |  |  | $ | 179.1 |  |  | $ | 29.9 |  |  | $ | 2,665.6 |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | 2,666.3 |
Intersegment revenues |  |  | 0.3 |  |  |  | — |  |  |  | 36.2 |  |  |  | 36.5 |  |  |  | — |  |  |  | (36.5 | ) |  |  | - |
Total Operating Revenues |  |  | 2,456.9 |  |  |  | 179.1 |  |  |  | 66.1 |  |  |  | 2,702.1 |  |  |  | 0.7 |  |  |  | (36.5 | ) |  |  | 2,666.3 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Significant segment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of gas sold, incl. gross receipts taxes |  |  | 1,321.1 |  |  |  | 108.0 |  |  |  | — |  |  |  | 1,429.1 |  |  |  | — |  |  |  | (36.5 | ) |  |  | 1,392.6 |
Operation and maintenance expense |  |  | 461.8 |  |  |  | 19.4 |  |  |  | 30.5 |  |  |  | 511.7 |  |  |  | 5.9 |  |  |  | — |  |  |  | 517.6 |
Depreciation and amortization expense |  |  | 244.4 |  |  |  | 1.5 |  |  |  | 8.4 |  |  |  | 254.3 |  |  |  | 0.5 |  |  |  | — |  |  |  | 254.8 |
Interest expense |  |  | 139.9 |  |  |  | — |  |  |  | 8.6 |  |  |  | 148.5 |  |  |  | 37.2 |  |  |  | — |  |  |  | 185.7 |
Income tax expense (benefit) |  |  | 32.7 |  |  |  | 12.8 |  |  |  | 3.8 |  |  |  | 49.3 |  |  |  | (10.5 | ) |  |  | — |  |  |  | 38.8 |
Other segment items (a) |  |  | 56.5 |  |  |  | (10.2 | ) |  |  | 0.7 |  |  |  | 47.0 |  |  |  | 1.7 |  |  |  | — |  |  |  | 48.7 |
Adjusted earnings (loss) |  | $ | 200.5 |  |  | $ | 47.6 |  |  | $ | 14.1 |  |  | $ | 262.2 |  |  | $ | (34.1 | ) |  | — |  |  | $ | 228.1 |
Capital expenditures |  |  | 588.6 |  |  |  | 0.4 |  |  |  | 73.6 |  |  |  | 662.6 |  |  |  | (0.1 | ) |  |  | — |  |  |  | 662.5 |
(a) Other segment items for each reportable segment include fair value and timing adjustments, acquisition and restructuring activities, taxes other than income and gross receipt taxes, and miscellaneous income and deductions. (b) All other components of the Company's consolidated information include Spire's subsidiaries engaged in the operation of a propane pipeline and risk management, among other activities, and unallocated corporate items, including certain debt and associated interest costs.
Reconciliation of Consolidated Net Income to Consolidated Adjusted Earnings |  | 2025 |  |  | 2024 |  |  | 2023 |
Net Income |  | $ | 271.7 |  |  | $ | 250.9 |  |  | $ | 217.5 |
Adjustments, pre-tax: |  |  |  |  |  |  |  |  |
Fair value and timing adjustments |  |  | (10.4 | ) |  |  | (12.4 | ) |  |  | 11.4 |
Acquisition and restructuring activities |  |  | 15.2 |  |  |  | 7.6 |  |  |  | 2.5 |
Income tax adjustments |  |  | (1.0 | ) |  |  | 1.3 |  |  |  | (3.3 | )
Adjusted Earnings |  | $ | 275.5 |  |  | $ | 247.4 |  |  | $ | 228.1 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration