Spire Inc reported a solid second quarter of fiscal 2025 with notable contribution from its Midstream and Gas Marketing segments, offset by Weather-related margin headwinds in the Gas Utility segment. For the quarter ending March 31, 2025, the company posted revenue of $1.0513 billion and adjusted earnings of approximately $214 million, or $3.60 per share, up from $3.45 a year earlier. GAAP-style metrics show a strong gross profit of $911.9 million, EBITDA of $383.1 million and net income of $209.3 million (EPS $3.52). Management cited capital investment, disciplined cost control, and regulatory activity as the core drivers of the results, while weather dynamics remained a key driver of utility margins. Management reaffirmed the long-term EPS growth target of 5%–7% and guided FY2025 adjusted EPS to $4.40–$4.60, supported by a 10-year, roughly $7.4 billion capital plan with ~98% utility spend. The quarter also underscored a stretch of capex execution in the Midstream/storage expansion (Spire Storage West) and ongoing regulatory activity in Missouri, where the staff proposed a $246 million annual revenue increase in the Spire Missouri rate case, highlighting the regulatory optionality and the evolving rate-setting framework (including SB 4 future test year provisions). As a result, investors should assess Spire through three lenses: (1) regulated utility income stability and rate-base growth, (2) midstream/storage economics and ongoing recoveries, and (3) regulatory risk and capital-structure discipline. While near-term free cash flow remained negative due to elevated capex, the financing plan (ATM issuances, a $150 million Spire Missouri debt issue, and 3-year plan maintained) supports capital deployment and funding needs.Overall, the stock presents a compelling mix of regulated earnings visibility with optionality from storage and Missouri regulatory evolution, albeit with weather/ratio headwinds and higher leverage than some peers.