• In its recently reported fiscal 2026 second quarter, Spire Inc. posted adjusted earnings of US$3.76 per share with year-over-year revenue contraction and updated its full-year adjusted earnings guidance to a range below earlier market expectations.
• Alongside the softer near-term outlook, Spire outlined US$11.20 billion of planned capital investments through fiscal 2035, signaling a significant long-horizon build-out of its regulated infrastructure base.
• Next, we’ll examine how the lowered 2026 earnings guidance and long-term investment plan influence Spire’s existing investment narrative.

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Spire Investment Narrative Recap

To own Spire today, you need to be comfortable with a regulated gas utility that is leaning into heavy, long-dated infrastructure spending while facing policy and customer pressures around decarbonization. The softer fiscal 2026 earnings guidance does not appear to alter the most important short term catalyst, which remains regulatory approval and timely cost recovery on new investments, but it does sharpen the biggest current risk around financing capacity and regulatory lag on an enlarged capital plan.

The most relevant recent announcement is Spire’s plan for US$11.20 billion of capital investments through fiscal 2035, which sits at the heart of its long-term narrative. For investors watching near term earnings pressure and a share price that has lagged the wider market, the key question is how effectively this investment pipeline is translated into approved rate base growth without amplifying the existing risk of regulatory lag or disallowances on needed infrastructure work.

But while Spire is committing to this build out, investors should also be aware of the growing risk that accelerating electrification and decarbonization trends could...

Spire's narrative projects $3.3 billion revenue and $365.4 million earnings by 2029.

Uncover how Spire's forecasts yield a $98.56 fair value, a 23% upside to its current price.

Exploring Other Perspectives

Only 1 fair value estimate from the Simply Wall St Community currently pegs Spire at about US$72.04, showing how limited community pricing insight is so far. Against that backdrop, the company’s sizeable planned capital program and associated regulatory approval risk could have a significant effect on how future community members reassess Spire’s earnings resilience and financial flexibility.

Explore another fair value estimate on Spire - why the stock might be worth as much as $72.04!

Reach Your Own Conclusion

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Spire research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Spire research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Spire's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.