It has been about a month since the last earnings report for Spire (SR Quick QuoteSR - Free Report) . Shares have lost about 5.2% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Spire due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

Spire Q2 Earnings Miss Expectations, Revenues Decrease Y/Y

Spire Inc. reported second-quarter fiscal 2026 adjusted earnings of $3.76 per share, which missed the Zacks Consensus Estimate of $3.78 by 0.4%. However, the company’s bottom line rose 4.4% from $3.60 reported in the year-ago quarter.

SR’s Revenues

Total revenues for the reported quarter were $1.02 billion, which lagged the Zacks Consensus Estimate of $1.08 billion by 5.2%. The top line also decreased 2.9% from $1.05 billion in the year-ago quarter.

Highlights of SR’s Earnings Release

Operating expenses totaled $716.5 million, up 2.6% from $698.5 million recorded in the prior-year period.

Operating income came in at $303.5 million compared with $277.9 million in the prior-year quarter.

Net interest expenses increased 38.2% year over year to $62.6 million.

SR’s Segmental Performance

Gas Utility: The segment reported adjusted earnings of $234.8 million, indicating an improvement of 20.3% from the prior-year quarter’s figure. This improvement reflected higher Spire Missouri and Spire Alabama earnings.

Other: This segment reported an adjusted loss of $11.1 million compared with a loss of $5.9 million in the prior-year quarter.

SR’s Financial Highlights

Cash and cash equivalents as of March 31, 2026, were $49.5 million compared with $5.7 million as of Sept. 30, 2025.

Long-term debt (less current portion) as of March 31, 2026, totaled $5.76 billion compared with $3.37 billion as of Sept. 30, 2025.

During the first six months of fiscal 2026, the company generated net cash from operating activities of $491.4 million compared with $453.8 million in the same period last year.

SR’s Guidance

Spire updated its fiscal 2026 adjusted earnings to be in the range of $3.90-$4.10 per share. The Zacks Consensus Estimate is pegged at $5.08, which is higher than the company’s guided range.

Spire expects its fiscal 2027 adjusted earnings to be in the range of $5.40-$5.60 per share. The Zacks Consensus Estimate stands at $5.54, which is higher than the midpoint of the company’s guided range.

SR expects its 10-year capital investment to be $11.2 billion through fiscal 2035. This planned investment is likely to drive long-term adjusted earnings per share growth of 5-7%.

How Have Estimates Been Moving Since Then?

Estimates review followed a downward path over the past two months.

The consensus estimate has shifted -347.06% due to these changes.

VGM Scores

At this time, Spire has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock has a score of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Spire has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.