Revenue

12 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

2. REVENUE

The following tables show revenue disaggregated by source and customer type.

	2025			2024			2023
Spire
Gas Utility:
Residential	$	1,462.6		$	1,617.4		$	1,648.5
Commercial & industrial		501.3			581.0			606.0
Transportation		133.6			130.0			121.6
Off-system & other incentive		65.3			37.0			30.0
Other customer revenue		24.4			21.2			16.1
Total revenue from contracts with customers		2,187.2			2,386.6			2,422.2
Changes in accrued revenue under alternative revenue programs		20.3			51.3			34.7
Total Gas Utility operating revenues		2,207.5			2,437.9			2,456.9
Gas Marketing		157.2			99.2			179.1
Midstream		155.5			100.7			66.1
Other		20.6			17.6			16.7
Total before eliminations		2,540.8			2,655.4			2,718.8
Intercompany eliminations		(64.4	)		(62.4	)		(52.5	)
Total Operating Revenues	$	2,476.4		$	2,593.0		$	2,666.3
Spire Missouri
Residential	$	1,092.1		$	1,217.7		$	1,261.3
Commercial & industrial		326.0			390.9			411.9
Transportation		35.9			34.1			33.2
Off-system & other incentive		51.9			28.8			20.1
Other customer revenue		14.0			14.9			12.5
Total revenue from contracts with customers		1,519.9			1,686.4			1,739.0
Changes in accrued revenue under alternative revenue programs		24.2			51.0			23.9
Total Operating Revenues	$	1,544.1		$	1,737.4		$	1,762.9
Spire Alabama
Residential	$	307.5		$	336.4		$	322.9
Commercial & industrial		134.5			149.5			150.4
Transportation		87.3			85.1			77.6
Off-system & other incentive		13.4			8.1			9.9
Other customer revenue		6.3			(0.4	)		3.6
Total revenue from contracts with customers		549.0			578.7			564.4
Changes in accrued revenue under alternative revenue programs		(3.8	)		0.2			6.7
Total Operating Revenues	$	545.2		$	578.9		$	571.1

The Utilities sell natural gas to residential and other customers. The sale of natural gas is governed by the various state utility commissions, which set rates, charges, and terms and conditions of service, collectively included in a “tariff.” The performance obligation, which relates to the promise to provide natural gas, is satisfied over time as the customer simultaneously receives and consumes the natural gas, and revenue is recognized accordingly.

From time to time, the Utilities will sell natural gas to other customers outside its normal customer base or designated service territory. Off-system sales agreements with customers are entered into on an ad-hoc basis for the sale of a specific volume of gas at a specific delivery point at an agreed upon rate. Performance obligations associated with off-system sales are satisfied, and revenue is recognized, at the point in time when the agreed upon volume of natural gas is delivered, and title is transferred, in accordance with the contract terms.

The Utilities’ transportation revenue relates to the promise to transport the specified quantities of natural gas at tariff rates. This performance obligation is satisfied over time as the gas is transported, and revenue is recognized as invoiced monthly.

The Utilities have alternative revenue programs (ARPs), which represent an agreement between the utility and its regulator, currently consisting of decoupling mechanisms (also known as weather normalization adjustments) and incentive programs (primarily Alabama’s Cost Control Measure). When the criteria to recognize additional (or reduced) revenue from ARPs have been met, the Utilities establish a regulatory asset (or liability). When amounts previously recognized for ARPs are billed, the Utilities reduce the regulatory asset (or liability) and increase (or decrease) accounts receivable. Billed amounts, which are part of the overall tariff paid by customers, are included in revenue from contracts with customers, while the change in the related regulatory asset or liability is presented as revenue from ARPs. Depending on whether the beginning accrued ARP balance was a regulatory asset or liability and depending on the size and direction of the current period accrual, the amount presented as revenue from ARPs could be negative.

The Utilities read meters and bill customers on monthly cycles. Spire Missouri, Spire Gulf and Spire Mississippi record their gas utility revenues from gas sales and transportation services on an accrual basis that includes estimated amounts for gas delivered but not yet billed. The accruals for unbilled revenues are reversed in the subsequent accounting period when meters are actually read and customers are billed. Spire Alabama records natural gas distribution revenues in accordance with the tariff established by the APSC. Unbilled revenue is accrued in an amount equal to the related gas cost, as profit margin is not considered earned until billed. The Utilities, including Spire Missouri and Spire Alabama, have elected to apply the “right to invoice” practical expedient, recognizing revenue for volumes delivered for which they have a right to invoice as that amount corresponds with the value to the customer.

Gas Marketing’s contracts are derivatives. Wholesale contracts (with producers, municipalities, and utility companies) are subject to derivative accounting. Retail contracts (with large commercial and industrial customers) are designated as “normal purchase, normal sale” arrangements and are therefore accounted for as revenue from contracts with customers. The performance obligation is satisfied upon the transfer of control of natural gas to the customer, and revenue is recognized as invoiced monthly. Revenue is recognized monthly based on amounts invoiced using the “right to invoice” practical expedient.

Midstream revenues are primarily derived from firm transportation or storage service agreements, which provide customers with guaranteed access to natural gas transportation capacity to transport gas between receipt and delivery points or storage capacity and related injection and withdrawal rights. These agreements include a single performance obligation—the stand-ready service to provide firm transportation or storage capacity throughout the contract term, which is satisfied over time. The transaction price consists of fixed fees, which represents the customer’s access to transportation or storage capacity, and variable charges, which are based on volumes that are shipped, injected or withdrawn. Revenue is recognized using the right to invoice practical expedient based on amounts invoiced to the customer each month.

Payments are generally required within 30 days of billing, and contracts generally do not have a significant financing component. Spire’s revenues are not subject to significant returns, refunds, or warranty obligations.

Disclosures about remaining performance obligations are not required because either contracts have an original expected duration of one year or less, or revenue is recognized under the right to invoice practical expedient, or both.

Sales taxes imposed on applicable Spire Alabama and Spire Missouri sales are billed to customers. These amounts are not recorded in the statements of income but are recorded as tax collections payable and included in the “Other” line of the Current Liabilities section of the balance sheets.

Gross receipts taxes associated with the Company’s natural gas utility services are imposed on the Company, Spire Missouri, and Spire Alabama and billed to its customers. The expense amounts (shown in the table below) are reported gross in the “Taxes, other than income taxes” line in the statements of income, and corresponding revenues are reported in “Operating Revenues.”

	2025		2024		2023
Spire	$	115.7	$	128.2	$	131.8
Spire Missouri		82.9		93.1		96.7
Spire Alabama		27.9		30.1		29.9