Spire Raises Quarterly Dividend 4.9% to $0.865

Spire Inc. raised its quarterly dividend to $0.865 per share from $0.825, an increase of 4.9%. The next ex-dividend date is December 11, 2026, and payment is scheduled for January 5, 2027. The regular quarterly increase lifts cash income while preserving the company’s established cadence.

Why the dividend changed

The increase fits Spire’s shift toward a simpler regulated gas utility portfolio and management’s earnings-growth framework. In a prior investor presentation, Spire linked its dividend program to long-term adjusted earnings growth. Its latest quarterly update said new utility rates, infrastructure investment and cost control supported operating performance, giving the board a clearer recurring-earnings base for the higher payout.

The business mix changed materially during fiscal 2026. Spire completed the divestitures of its gas marketing and storage operations, classified those businesses as discontinued operations, and said the portfolio changes left it focused on regulated utilities. Chief Executive Scott Doyle described the company as a “simpler, fully regulated business” with portfolio optimization largely complete. The increase is therefore a regular dividend decision following a strategic reshaping, not a split adjustment or a special distribution. Spire’s third-quarter release details the portfolio changes.

The latest results also provided the financial setting. Gas Utility performance improved from the prior-year quarter as new Missouri and Alabama rates, higher Alabama usage after weather mitigation and favorable cost-control performance lifted contribution margin. Spire reaffirmed fiscal 2026 adjusted earnings guidance from continuing operations of $3.90 to $4.10 per share and fiscal 2027 adjusted earnings guidance of $5.40 to $5.60 per share. It also maintained a long-term adjusted earnings growth target of 5% to 7%. The company reported those results and guidance on August 5, 2026.

Infrastructure remains the core use of capital. Spire said its 10-year capital investment target through fiscal 2035 is $11.2 billion, driven by infrastructure and new business, with fiscal 2026 continuing-operations capital spending expected at $797 million. That plan ties dividend capacity to regulated investment, rate recovery and execution rather than proceeds from the asset sales. Spire’s quarterly outlook provides the capital targets.

Dividend track record

The payment history shows annual increases delivered through step-ups in the quarterly rate. Four payments associated with ex-dividend dates from December 11, 2024, through September 11, 2025, were $0.785 each. The next four, from December 11, 2025, through September 11, 2026, were $0.825 each. The move to $0.865 continues that once-a-year reset pattern.

Full-year distributions rose from $2.52 per share in 2020 to $2.64 in 2021, $2.78 in 2022, $2.92 in 2023, $3.05 in 2024 and $3.18 in 2025. The annual increases were 4.6%, 5.3%, 5.1%, 4.6% and 4.3%, respectively. That sequence indicates controlled, mid-single-digit growth rather than irregular large changes. The five-year record is 4.7% annual growth, and the current increase extends 22 consecutive years of dividend growth.

Is the dividend covered?

The dividend uses 72% of earnings. That ratio means most reported earnings are distributed, leaving a narrower earnings buffer than a low-payout company but still providing earnings coverage for the declared rate. For a regulated utility, the durability of allowed returns, financing costs and capital-spending recovery is central to maintaining that coverage.

SmarterDividends rates the dividend A with a safety score of 88. The grade means very safe (score 80-100): the available earnings coverage and payment record point to a low level of current dividend risk under the methodology. It does not eliminate sensitivity to regulatory decisions, operating costs or funding needs.

Yield and valuation

At a share price of $88.27, Spire’s forward yield is 3.74%. That is below the Utilities sector median forward yield of 4.20%, so the stock offers less forward income at the stated price than the sector midpoint. The annual dividend per share is $3.30, equal to $330.00 of annual income for 100 shares.

Spire has a market value of $5.2 billion. SmarterDividends estimates fair value at $92.62 and assigns a fair valuation verdict, representing 4% upside to that estimate. The valuation reading places the market price near the estimate rather than at a large discount, while the yield comparison shows that income is also below the sector median.

What to watch

The immediate calendar item is the December 11, 2026, ex-dividend date. Investors entitled to the payment are scheduled to receive $0.865 per share on January 5, 2027. The payment will be the first at the higher quarterly rate.

Spire scheduled its fiscal 2026 year-end earnings call for November 17, 2026, according to its investor-relations news page. The report will provide the next check on continuing-operations earnings guidance, the regulated utility investment plan and the effect of the completed marketing and storage divestitures. It will also offer an update on the Tennessee utility business, which Spire said is included for a full year in its fiscal 2027 outlook.

Regulatory and financing execution remain the operational markers after the dividend increase. The latest quarter showed that new rates helped utility results, while depreciation and interest expense increased with capital investment and debt balances. Rate recovery, infrastructure spending and cost control are the factors governing how much room remains around the 72% earnings payout ratio.