| 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.
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Gas
Utility |
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Gas
Marketing |
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Midstream |
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Other |
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Eliminations |
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Consolidated |
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Three Months Ended June 30, 2025 |
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Revenues from external customers |
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$ |
347.5 |
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$ |
43.1 |
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$ |
30.2 |
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$ |
1.1 |
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$ |
— |
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$ |
421.9 |
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Intersegment revenues |
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— |
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— |
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12.0 |
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4.6 |
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(16.6 |
) |
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— |
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Total Operating Revenues |
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347.5 |
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43.1 |
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42.2 |
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5.7 |
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(16.6 |
) |
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421.9 |
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Depreciation and amortization expense |
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70.0 |
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0.2 |
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5.4 |
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0.1 |
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— |
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75.7 |
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Interest expense |
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33.2 |
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— |
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4.1 |
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23.5 |
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(10.9 |
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49.9 |
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Income tax (benefit) expense |
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(3.0 |
) |
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7.3 |
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3.5 |
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(4.8 |
) |
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— |
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3.0 |
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Adjusted (loss) earnings |
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(10.0 |
) |
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5.3 |
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16.2 |
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(7.4 |
) |
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— |
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4.1 |
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Capital expenditures |
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205.9 |
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— |
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15.3 |
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— |
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(0.7 |
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220.5 |
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Three Months Ended June 30, 2024 |
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Revenues from external customers |
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$ |
371.3 |
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$ |
21.2 |
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$ |
21.3 |
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$ |
0.3 |
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$ |
— |
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$ |
414.1 |
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Intersegment revenues |
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1.4 |
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— |
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11.2 |
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4.5 |
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(17.1 |
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— |
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Total Operating Revenues |
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372.7 |
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21.2 |
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32.5 |
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4.8 |
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(17.1 |
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414.1 |
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Depreciation and amortization expense |
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66.7 |
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0.3 |
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4.2 |
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0.2 |
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— |
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71.4 |
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Interest expense |
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34.9 |
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— |
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1.7 |
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22.3 |
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(10.1 |
) |
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48.8 |
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Income tax (benefit) expense |
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(0.9 |
) |
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(1.1 |
) |
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3.6 |
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(4.7 |
) |
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— |
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(3.1 |
) |
Adjusted (loss) earnings |
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(11.0 |
) |
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1.0 |
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13.9 |
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(8.2 |
) |
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— |
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(4.3 |
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Capital expenditures |
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189.2 |
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— |
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33.1 |
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— |
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(0.1 |
) |
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222.2 |
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Gas
Utility |
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Gas
Marketing |
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Midstream |
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Other |
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Eliminations |
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Consolidated |
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Nine Months Ended June 30, 2025 |
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Revenues from external customers |
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$ |
1,931.1 |
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$ |
129.7 |
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$ |
79.6 |
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$ |
1.9 |
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$ |
— |
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$ |
2,142.3 |
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Intersegment revenues |
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0.1 |
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— |
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34.5 |
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13.4 |
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(48.0 |
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— |
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Total Operating Revenues |
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1,931.2 |
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129.7 |
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114.1 |
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15.3 |
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(48.0 |
) |
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2,142.3 |
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Depreciation and amortization expense |
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207.6 |
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0.9 |
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12.9 |
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0.3 |
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— |
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221.7 |
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Interest expense |
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102.1 |
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— |
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6.6 |
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72.8 |
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(36.2 |
) |
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145.3 |
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Income tax expense (benefit) |
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58.3 |
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11.4 |
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12.2 |
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(6.1 |
) |
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— |
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75.8 |
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Adjusted earnings (loss) |
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263.0 |
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22.3 |
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44.0 |
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(29.7 |
) |
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— |
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299.6 |
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Capital expenditures |
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601.6 |
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0.1 |
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99.3 |
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— |
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(1.3 |
) |
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699.7 |
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Gas
Utility |
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Gas
Marketing |
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Midstream |
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Other |
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Eliminations |
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Consolidated |
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Nine Months Ended June 30, 2024 |
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Revenues from external customers |
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$ |
2,158.9 |
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$ |
103.5 |
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$ |
36.3 |
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$ |
0.5 |
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$ |
— |
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$ |
2,299.2 |
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Intersegment revenues |
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1.7 |
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— |
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32.6 |
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12.5 |
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(46.8 |
) |
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— |
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Total Operating Revenues |
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2,160.6 |
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|
103.5 |
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68.9 |
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13.0 |
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(46.8 |
) |
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2,299.2 |
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Depreciation and amortization expense |
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|
196.3 |
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|
|
1.1 |
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|
9.5 |
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0.4 |
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|
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— |
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|
207.3 |
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Interest expense |
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|
112.2 |
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|
|
— |
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5.5 |
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68.6 |
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(34.7 |
) |
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|
151.6 |
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Income tax expense (benefit) |
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56.5 |
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10.3 |
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5.7 |
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(5.2 |
) |
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— |
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|
67.3 |
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Adjusted earnings (loss) |
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252.8 |
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|
23.7 |
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|
20.1 |
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(21.6 |
) |
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— |
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|
275.0 |
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Capital expenditures |
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|
501.4 |
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— |
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131.1 |
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— |
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(1.0 |
) |
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631.5 |
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The following table reconciles the Company’s adjusted earnings (loss) to net income (loss).
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Three Months Ended
June 30, |
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Nine Months Ended
June 30, |
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|
2025 |
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|
2024 |
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2025 |
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|
2024 |
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Net Income (Loss) |
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$ |
20.9 |
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$ |
(12.6 |
) |
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$ |
311.5 |
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$ |
276.8 |
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Adjustments, pre-tax: |
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Fair value and timing adjustments |
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(22.4 |
) |
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6.2 |
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(15.8 |
) |
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(9.2 |
) |
Acquisition and restructuring activities |
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|
— |
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|
4.8 |
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|
— |
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|
6.7 |
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Income tax adjustments |
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|
5.6 |
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(2.7 |
) |
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3.9 |
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0.7 |
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Adjusted Earnings (Loss) |
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$ |
4.1 |
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$ |
(4.3 |
) |
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$ |
299.6 |
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$ |
275.0 |
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The Company’s total assets by segment were as follows:
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June 30, |
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September 30, |
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June 30, |
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|
2025 |
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|
2024 |
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|
2024 |
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Total Assets: |
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Gas Utility |
|
$ |
9,174.8 |
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$ |
8,767.2 |
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$ |
8,601.9 |
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Gas Marketing |
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|
264.9 |
|
|
|
206.1 |
|
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|
212.3 |
|
Midstream |
|
|
970.9 |
|
|
|
903.4 |
|
|
|
871.9 |
|
Other |
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|
2,687.1 |
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|
|
2,689.8 |
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|
|
2,627.4 |
|
Eliminations |
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|
(1,701.4 |
) |
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(1,705.8 |
) |
|
|
(1,602.6 |
) |
Total Assets |
|
$ |
11,396.3 |
|
|
$ |
10,860.7 |
|
|
$ |
10,710.9 |
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|