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