Spire Inc. reported an adjusted loss of $0.26 per share for the third quarter of fiscal 2026, an improvement from a loss of $0.29 per share in the same period last year. The utility company reaffirmed its fiscal 2026 adjusted EPS guidance of $3.90 to $4.10 and its long-term growth target of 5% to 7%.

The improvement in the quarterly loss was primarily driven by new rates in Missouri and Alabama, including Infrastructure, Safety, and Reliability (ISRS) rates implemented in Missouri and the Cost Control Mechanism (CCM) in Alabama. The Gas Utilities segment reported an adjusted loss of $3 million, improving from a $10 million loss in the prior year. This was partially offset by higher operations and maintenance expenses, which increased by approximately $4 million due to higher bad debt expense.

Strategic Portfolio Transformation

Spire completed the divestitures of Spire Marketing and Spire Storage during the quarter, transitioning into a fully regulated company focused on gas utilities and a FERC-regulated pipeline. The earnings from discontinued operations for the quarter totaled $253.8 million, which includes an after-tax gain on sale of $254.6 million. Management stated that the exit of these businesses reduces earnings volatility and enhances predictability.

Integration of Spire Tennessee continues to progress, with the company on track to exit transition services in fiscal 2027. The expected sale of Spire Mississippi is targeted to close in the first quarter of fiscal 2027.

Regulatory Updates and Capital Plan

The company is advancing several regulatory initiatives across its jurisdictions:

• Alabama: Renewal hearings for the Rate Stabilization and Equalization (RSE) mechanism are scheduled for August 6 and 7. Spire requested an adjustment point ROE of 10.5% for Spire Alabama and 10.75% for Spire Gulf.
• Missouri: A settlement was reached in the Accounting Authority Order proceeding to enhance the Weather Normalization Adjustment Rider (WNAR). A request to recover approximately $21 million of ISRS revenues is pending, with new rates expected in November.
• Tennessee: An annual review mechanism was filed in May requesting a $14 million revenue increase, with new rates expected to be effective October 1, 2026.

Spire invested nearly $600 million in capital expenditures during the first nine months of the year. Full-year fiscal 2026 capital expenditures are expected to be approximately $800 million, consistent with the ten-year $11.2 billion capital plan.

What the Numbers Show

A divergence exists between the core operational performance and the total reported earnings. While the continuing operations reported a net loss of $15 million, the inclusion of discontinued operations resulted in a significant positive earnings contribution of $253.8 million. This highlights that the current period's headline profitability is driven entirely by one-time gains from asset divestitures rather than operational utility performance, which remains in a seasonal loss position typical for this quarter.

C Spire, an advanced technology provider based in Ridgeland, Miss., has earned the Cisco Secure Networking Specialization in the United States. The company is now one of only four entities in the nation to hold this designation and stands as the only regionally based provider to achieve it. This milestone underscores C Spire’s capacity to deliver sophisticated Cisco solutions, addressing the growing need for secure network infrastructure as businesses adopt AI and prioritize cybersecurity.

The specialization was awarded after C Spire underwent a rigorous three-day assessment evaluating its technical capabilities, service delivery processes, and customer support operations. The review verified the company’s ability to help organizations securely connect users, locations, applications, and data across complex network environments. Brad Carpenter, Chief Operating Officer and Executive Vice President of Business Technology at C Spire, stated that the achievement demonstrates the firm’s deep technical expertise and advanced sales capabilities.

C Spire has maintained a partnership with Cisco for 19 years, continuously expanding its portfolio of advanced networking, cybersecurity, and managed technology solutions for businesses across the Southeast and beyond. The recent specialization complements the company’s triple ISO certifications, reinforcing its position as a trusted technology partner. Carpenter noted that these credentials help customers navigate an increasingly complex digital landscape while staying at the forefront of technological advancement.

Strategic Implications

The designation reflects C Spire’s continued investment in engineering expertise and cybersecurity best practices. As organizations expand cloud adoption, remote connectivity, and AI-powered applications, secure and resilient network infrastructure has become a critical business requirement. C Spire aims to help customers reduce risk while supporting business growth and digital transformation initiatives.

Carpenter emphasized that the core of C Spire’s mission is improving lives through technology, driven by its people and proven processes. The company operates as the largest privately held U.S. wireless carrier and a leading fiber internet provider in Alabama, Mississippi, and Tennessee. With services spanning 49 states, C Spire continues to elevate connected living through fiber-powered smart homes, AI-enhanced experiences, and 5G connectivity.

What the Numbers Show

The scarcity of the designation—held by only four companies nationwide—highlights the high barrier to entry for secure networking specializations. For a regionally focused provider like C Spire, achieving parity with national competitors in this specific certification signals a competitive advantage in enterprise cybersecurity contracts. The combination of this specialization with existing ISO certifications suggests a strategic push to capture market share in the high-growth sectors of AI infrastructure and secure cloud adoption.