Information by Operating Segment

6 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Information by Operating Segment

10. INFORMATION BY OPERATING SEGMENT

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 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. Other components of the Company’s consolidated information include Spire’s subsidiaries engaged in the operation of a natural gas liquids pipeline and risk management, among other activities, and unallocated corporate items, including certain debt and associated interest costs.

Accounting policies are described in Note 1, Summary of Significant Accounting Policies. Intersegment transactions include sales of natural gas from Spire Marketing to Spire Missouri, Spire Alabama and Spire Storage, 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.

Management evaluates the performance of the operating segments based on the computation of adjusted earnings. Adjusted earnings exclude from reported net income 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 impairments and other non-recurring or unusual items such as certain regulatory, legislative, or GAAP standard-setting actions.

	Gas Utility		Gas Marketing		Midstream		Other			Eliminations			Consolidated
Three Months Ended March 31, 2025
Revenues from external customers	$	970.1	$	53.6	$	27.1	$	0.5		$	—		$	1,051.3
Intersegment revenues		0.1		—		11.3		4.4			(15.8	)		—
Total Operating Revenues		970.2		53.6		38.4		4.9			(15.8	)		1,051.3
Depreciation and amortization expense		69.5		0.3		3.8		0.1			—			73.7
Interest expense		33.8		—		1.3		24.5			(12.2	)		47.4
Income tax expense (benefit)		45.2		3.3		4.9		(0.7	)		—			52.7
Adjusted earnings (loss)		195.2		14.8		15.8		(11.4	)		—			214.4
Capital expenditures		177.8		—		41.3		—			(0.5	)		218.6

Three Months Ended March 31, 2024
Revenues from external customers	$	1,072.4	$	46.0	$	10.0	$	0.1		$	—		$	1,128.5
Intersegment revenues		0.3		—		11.5		4.0			(15.8	)		—
Total Operating Revenues		1,072.7		46.0		21.5		4.1			(15.8	)		1,128.5
Depreciation and amortization expense		65.4		0.4		3.0		0.1			—			68.9
Interest expense		38.3		—		2.0		22.3			(10.4	)		52.2
Income tax expense		41.7		7.6		1.5		(1.4	)		—			49.4
Adjusted earnings (loss)		188.0		15.5		3.8		(10.7	)		—			196.6
Capital expenditures		137.3		—		46.0		—			(0.5	)		182.8

	Gas Utility		Gas Marketing		Midstream		Other			Eliminations			Consolidated
Six Months Ended March 31, 2025
Revenues from external customers	$	1,583.6	$	86.6	$	49.4	$	0.8		$	—		$	1,720.4
Intersegment revenues		0.1		—		22.5		8.8			(31.4	)		—
Total Operating Revenues		1,583.7		86.6		71.9		9.6			(31.4	)		1,720.4
Depreciation and amortization expense		137.6		0.7		7.5		0.2			—			146.0
Interest expense		68.9		—		2.5		49.3			(25.3	)		95.4
Income tax expense (benefit)		61.3		4.1		8.7		(1.3	)		—			72.8
Adjusted earnings (loss)		273.0		17.0		27.8		(22.3	)		—			295.5
Capital expenditures		395.7		0.1		84.0		—			(0.6	)		479.2
	Gas Utility		Gas Marketing		Midstream		Other			Eliminations			Consolidated
Six Months Ended March 31, 2024
Revenues from external customers	$	1,787.6	$	82.3	$	15.0	$	0.2		$	—		$	1,885.1
Intersegment revenues		0.3		—		21.4		8.0			(29.7	)		—
Total Operating Revenues		1,787.9		82.3		36.4		8.2			(29.7	)		1,885.1
Depreciation and amortization expense		129.6		0.8		5.3		0.2			—			135.9
Interest expense		77.3		—		3.8		46.3			(24.6	)		102.8
Income tax expense (benefit)		57.4		11.4		2.1		(0.5	)		—			70.4
Adjusted earnings (loss)		263.8		22.7		6.2		(13.4	)		—			279.3
Capital expenditures		312.2		—		98.0		—			(0.9	)		409.3

The following table reconciles the Company’s adjusted earnings (loss) to net income (loss).

	Three Months Ended March 31,						Six Months Ended  March 31,
	2025			2024			2025			2024
Net Income	$	209.3		$	204.3		$	290.6		$	289.4
Adjustments, pre-tax:
Fair value and timing adjustments		6.9			(10.2	)		6.6			(15.4	)
Acquisition and restructuring activities		—			—			—			1.9
Income tax adjustments		(1.8	)		2.5			(1.7	)		3.4
Adjusted Earnings	$	214.4		$	196.6		$	295.5		$	279.3

The Company’s total assets by segment were as follows:

	March 31,			September 30,			March 31,
	2025			2024			2024
Total Assets:
Gas Utility	$	9,140.5		$	8,767.2		$	8,646.3
Gas Marketing		276.9			206.1			191.4
Midstream		963.2			903.4			845.2
Other		2,736.9			2,689.8			2,467.2
Eliminations		(1,770.8	)		(1,705.8	)		(1,438.7	)
Total Assets	$	11,346.7		$	10,860.7		$	10,711.4