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Spire cash flow, quarter by quarter

Latest: Q2 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$218M in Q2 FY26 · −$223M over twelve months

Operating cash flow$410M
Capital spending−$192M
Free cash flow+$218M
Cash / net income1.5×

Analysis

In Q2 FY26, Spire generated $410M of operating cash flow and spent $192M on capital projects, leaving free cash flow of $218M. That is $64.1M more than in Q2 FY25 ($154M).

Over the twelve months to Mar 31, 2026, operating cash flow was $616M; the largest uses were acquisitions ($2.5B), capital spending ($838M), dividends ($188M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.4B), other financing ($522M); the cash balance rose by $39.6M.

Operating cash flow was $410M against net income of $282M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: receivables +$148M, other operating capital −$119M, depreciation & amortization +$87.7M.

Free cash flow

Spire: free cash flow by quarterSpire: free cash flow by quarter$47.9MQ3 FY24−$147MQ4 FY24−$180MQ1 FY25$154MQ2 FY25−$91.4MQ3 FY25−$228MQ4 FY25−$122MQ1 FY26$218MQ2 FY26
Operating cash flow less capital spending.
Spire: operating cash flow against capital spendingSpire: operating cash flow against capital spendingOperating cash flowCapital spending$270M$222MQ3 FY24$82.9M$230MQ4 FY24$81.1M$261MQ1 FY25$373M$219MQ2 FY25$129M$220MQ3 FY25−$4.9M$223MQ4 FY25$81.0M$203MQ1 FY26$410M$192MQ2 FY26
Latest (Q2 FY26): Operating cash flow $410M, Capital spending $192M.

Capital allocation, year by year

Spire: where the cash came from (up) and went (down), by fiscal yearSpire: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsDividendsFY21: Operating cash flow $250MFY21: Net borrowing $538MFY21: Shares issued $1.0MFY21: Capital spending −$625MFY21: Dividends −$133M$788MFY21FY22: Operating cash flow $55.0MFY22: Net borrowing $610MFY22: Shares issued $51.9MFY22: Capital spending −$552MFY22: Dividends −$142M$717MFY22FY23: Operating cash flow $440MFY23: Net borrowing $392MFY23: Shares issued $41.9MFY23: Capital spending −$662MFY23: Acquisitions −$37.0MFY23: Dividends −$151M$874MFY23FY24: Operating cash flow $912MFY24: Net borrowing $29.9MFY24: Shares issued $287MFY24: Capital spending −$861MFY24: Acquisitions −$176MFY24: Dividends −$167M$1.2BFY24FY25: Operating cash flow $578MFY25: Net borrowing $478MFY25: Shares issued $76.2MFY25: Capital spending −$922MFY25: Dividends −$182M$1.1BFY25
Over these 5 years operating cash flow totalled $2.2B; the largest uses were capital spending ($3.6B) and dividends ($775M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$49.5M
Debt$8.2B
Net debt$8.2B
Due within a year$488M

Spire's operations bring cash in ($616M over twelve months), and it spends more than that on capital projects: a gap of $223M funded from its $49.5M of cash and investments and from borrowing ($8.2B of debt, $488M due within a year). That is a choice to invest, not a cash runway running down.

Spire: debt maturities by year (FY25)Spire: debt maturities by year (FY25)$488MYear 1$108MYear 2$53.6MYear 3$28.5MYear 4$595MYear 5
Principal due in each year as disclosed in the annual report, against $49.5M of cash and investments now.

Where the cash came from and went

Spire: sources (+) and uses (−) of cash, Q2 FY26Spire: sources (+) and uses (−) of cash, Q2 FY26Other investing−$2.5BNet borrowing (+) / repaid (−)$1.8BOther financing$559MOperating cash flow$410MCapital spending−$192MDividends−$48.9MCash drawn (+) / kept (−)−$45.7MShares issued$400K
Spire: sources (+) and uses (−) of cash, TTM to Q2 FY26Spire: sources (+) and uses (−) of cash, TTM to Q2 FY26Acquisitions−$2.5BNet borrowing (+) / repaid (−)$2.4BCapital spending−$838MOperating cash flow$616MOther financing$522MDividends−$188MCash drawn (+) / kept (−)−$39.6MOther investing$33.6MShares issued$1.3M

From profit to cash

Spire: net income to operating cash flow, Q2 FY26Spire: net income to operating cash flow, Q2 FY26Net income$282MDepreciation & amortization$87.7MDeferred taxes$74.7MImpairments$3.9MReceivables$148MInventory$68.4MPayables−$85.2MIncome taxes payable$18.1MOther operating capital−$119MOperating cash flow$410M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY26$410M−$192M—−$48.9M$1.8B$400K−$45.7M$218M
Q1 FY26$81.0M−$203M—−$47.2M$188M$300K$1.3M−$122M
Q4 FY25−$4.9M−$223M—−$46.4M$272M$200K$6.9M−$228M
Q3 FY25$129M−$220M—−$45.8M$144M$400K−$2.1M−$91.4M
Q2 FY25$373M−$219M—−$45.4M−$143M$42.8M−$4.1M$154M
Q1 FY25$81.1M−$261M—−$44.6M$204M$32.8M−$7.0M−$180M
Q4 FY24$82.9M−$230M—−$42.8M$196M−$200K−$1.2M−$147M
Q3 FY24$270M−$222M$1.5M−$43.8M−$15.0M$400K$12.7M$47.9M

Spire: income statement and cash flow

Spire, Q3 FY26: revenue $420M (-0.4% year over year), operating margin 5.6%. The chart follows the revenue to costs, profit and cash.

Spire: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.