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Spire SR Unbilled Revenue

Unbilled Revenue at other companies

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AmerenAEE
$478M+2.4%
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$89.5M+3.8%
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$520M+6.3%
CNP
CenterPoint EnergyCNP
$371M+8.5%
Unitil logo
UnitilUTL
$78.2M+29.3%
MGE Energy logo
MGE EnergyMGEE
$29.97M+0.5%

Other financials

Income statement

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Revenue$420.2M-0.4%
Gross profit$419.6M+12.7%
Operating income$23.4M+5.9%
Net income$211.2M+911%
EPS (diluted)$3.57+1,131%

Balance sheet

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Cash & equivalents$20.7M+58.0%
Total debt$7.0B+55.8%
Total equity$3.6B+3.0%
Total assets$14.1B+23.6%

Cash flow

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Operating cash flow$122.2M-5.3%
CapEx$213.4M-3.2%
Free cash flow$218.2M

Valuation

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Market cap$4.78B+8.2%
Enterprise value$11.78B+32.2%
P/E7.8×-2.2×
P/S1.9×+0.1×

Profitability

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Operating margin23.2%+4.0pp
Net margin12.7%+3.2pp
FCF margin-8.8%

Returns & leverage

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Return on equity10.6%+1.8pp
Debt / equity+0.7×
Current ratio0.4×0.0×

Where this comes from

Reported directly by Spire in its filing.

Tagged under the XBRL concept us-gaap:UnbilledReceivablesCurrent.

The source filing: Spire’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 11:59 AM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q2 2026
Accession
0001193125-26-334335
(Dollars in millions, except per share amounts)June 30, 2026September 30, 2025June 30, 2025
Utility228.8191.9228.0
Other47.147.246.1
Allowance for credit losses(30.4)(28.8)(33.8)
Delayed customer billings29.513.618.3
Inventories:
Natural gas155.7192.8133.0
Propane gas8.68.68.6
Materials and supplies45.447.046.5

Item 1. Financial Statements

FAQ

What is Spire's unbilled revenue?
Spire (SR) reported unbilled revenue of $29.5M in Q2 2026.
How has Spire's unbilled revenue changed year-over-year?
Spire's unbilled revenue increased by 61.2% year-over-year, from $18.3M to $29.5M.
What is the long-term trend for Spire's unbilled revenue?
Over 4 years (2021 to 2025), Spire's unbilled revenue has grown at a 10.3% compound annual growth rate (CAGR), from $9.2M to $13.6M.
What does unbilled revenue mean?
This represents the value of natural gas services delivered to customers that have not yet been formally invoiced as of the balance sheet date. It is a critical indicator of operational activity and revenue recognition timing in the utility sector. Significant fluctuations can signal changes in billing cycles or seasonal shifts in energy consumption patterns.

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