Earnings rise as Sempra (SOCGM) boosts 2026 GAAP EPS outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Sempra reported stronger first-quarter 2026 results, with GAAP earnings rising to $1.04 billion and diluted EPS of $1.58, up from $906 million and $1.39 a year earlier. Adjusted earnings were $991 million, or $1.51 per diluted share, compared with $942 million and $1.44 in 2025.
Total revenues were $3.66 billion versus $3.80 billion last year, as lower natural gas revenue offset higher electric and energy-related sales. The company invested about $3.3 billion in first‑quarter capital expenditures and investments as part of its $64.9 billion 2026‑2030 capital plan.
Sempra updated its full‑year 2026 GAAP EPS guidance to $4.87–$5.37, affirmed its 2026 adjusted EPS guidance of $4.80–$5.30, its 2027 EPS range of $5.10–$5.70, and a projected long‑term EPS growth rate of 7%–9%.
Positive
- Profitability improved meaningfully: Q1 2026 GAAP earnings rose to $1.04 billion and diluted EPS increased to $1.58 from $1.39, with adjusted EPS up to $1.51 from $1.44.
- Guidance and growth outlook reinforced: Sempra raised 2026 GAAP EPS guidance to $4.87–$5.37, affirmed 2026 adjusted EPS of $4.80–$5.30 and 2027 EPS of $5.10–$5.70, and maintained a 7%–9% projected long‑term EPS growth rate.
Negative
- None.
Insights
Q1 EPS grows, guidance affirmed, capital plan remains very large.
Sempra delivered higher first‑quarter 2026 earnings, with GAAP EPS at $1.58 and adjusted EPS at $1.51. Revenue was $3.66B, slightly below the prior year, but profit growth benefited from lower fuel costs and higher equity earnings.
The company invested about $3.3B this quarter toward a record $64.9B capital plan for 2026‑2030, heavily focused on regulated utilities in California and Texas. A $6.97B annual revenue requirement order for Oncor from the Public Utility Commission of Texas supports this investment framework.
Sempra raised its 2026 GAAP EPS guidance to $4.87–$5.37 and affirmed adjusted EPS guidance of $4.80–$5.30, its 2027 EPS outlook of $5.10–$5.70, and a 7%–9% projected long‑term EPS growth rate. Future results will depend on executing the large capital program and closing planned asset sales at Sempra Infrastructure Partners and Ecogas.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 GAAP earnings: $1.04B
Q1 2026 GAAP diluted EPS: $1.58/share
Q1 2026 adjusted EPS: $1.51/share
+5 more
8 metrics
Q1 2026 GAAP earnings
$1.04B
Net earnings attributable to common shares for quarter ended March 31, 2026
Q1 2026 GAAP diluted EPS
$1.58/share
Three months ended March 31, 2026
Q1 2026 adjusted EPS
$1.51/share
Non-GAAP measure for three months ended March 31, 2026
Q1 2026 revenue
$3.655B
Total revenues for three months ended March 31, 2026
2026 GAAP EPS guidance
$4.87–$5.37
Full-year 2026 earnings-per-share guidance range
2026 adjusted EPS guidance
$4.80–$5.30
Full-year 2026 non-GAAP EPS guidance range
2026–2030 capital plan
$64.9B
Planned capital deployment across Sempra segments
Oncor annual revenue requirement
$6.97B
PUCT-approved base rate settlement order in Texas
Key Terms
adjusted earnings, non-GAAP financial measures, Public Utility Commission of Texas, held for sale, +2 more
6 terms
adjusted earnings financial
"On an adjusted basis, first-quarter 2026 earnings were $991 million or $1.51 per diluted share"
Adjusted earnings are a company’s profit figure that has been altered to remove one-time, unusual or non-operational items so it better reflects the business’s regular performance. Think of it like looking at a household budget but ignoring a big, unusual expense or windfall to see what normal monthly cash flow looks like; investors use adjusted earnings to compare companies and trends, but should watch what is excluded because choices can change the picture.
non-GAAP financial measures financial
"Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Public Utility Commission of Texas regulatory
"the Public Utility Commission of Texas (PUCT) issued an order adopting Oncor Electric Delivery Company LLC’s base rate settlement"
State agency that oversees and sets rules for utilities—mainly electricity, and certain telecommunications and water services—within Texas. Think of it as a referee and rulebook keeper that approves rates, enforces reliability and safety standards, and decides whether infrastructure projects move forward; its decisions can change utility revenues, costs and operational risk, so investors watch it closely for signals about future profits and regulatory exposure.
held for sale financial
"as a result of classifying Sempra Infrastructure Partners, LP (SI Partners) and Ecogas México as held for sale"
An asset or a group of assets classified as 'held for sale' is one the company intends to sell rather than keep using, and management has committed to that plan with an active effort to find a buyer. Investors care because these items are removed from ongoing operating results and valued differently, offering a clearer view of the business’s continuing performance—think of it like marking a piece of furniture for the garage sale rather than counting it as part of your regular household setup.
contingently redeemable noncontrolling interest financial
"Earnings attributable to contingently redeemable noncontrolling interest"
capital plan financial
"record five-year 2026-2030 capital plan of approximately $65 billion"
Earnings Snapshot
Revenue: $3.655B · Guidance included
Q1 2026
Revenue
$3.655B
GAAP EPS
$1.58
Adjusted EPS
$1.51
Guidance
For 2026, Sempra guided GAAP EPS to $4.87–$5.37 and affirmed adjusted EPS of $4.80–$5.30, plus a 2027 EPS range of $5.10–$5.70 and a 7%–9% projected long-term EPS growth rate.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | ||
| Commission File No. | Exact Name of Registrant as Specified in its Charter, Address of Principal Executive Office and Telephone Number | State of Incorporation | IRS Employer Identification No. | Former name, or former address, if changed since last report | |||||||||||||
 | No change | ||||||||||||||||
 | No change | ||||||||||||||||
 | No change | ||||||||||||||||
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions: | |||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
| SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: | ||||||||
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
| Sempra: | ||||||||
| San Diego Gas & Electric Company: | ||||||||
| None | ||||||||
| Southern California Gas Company: | ||||||||
| None | ||||||||
Indicate by check mark whether the Registrants are an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). | ||||||||
If an emerging growth company, indicate by check mark if the Registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | ||||||||
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026, Sempra issued a press release announcing its financial results for the three months ended March 31, 2026. A copy of Sempra’s press release is attached hereto as Exhibit 99.1.
The information furnished in this Item 2.02 and in Exhibit 99.1 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing of Sempra, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Exhibit Description | |||||||
| 99.1 | May 7, 2026 Sempra News Release (including tables). | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| SEMPRA, | |||||
| (Registrant) | |||||
| Date: May 7, 2026 | By: /s/ Dyan Z. Wold | ||||
| Dyan Z. Wold Vice President, Controller and Chief Accounting Officer | |||||
| SAN DIEGO GAS & ELECTRIC COMPANY, | |||||
| (Registrant) | |||||
| Date: May 7, 2026 | By: /s/ Maritza Mekitarian | ||||
| Maritza Mekitarian Vice President, Controller and Chief Accounting Officer | |||||
| SOUTHERN CALIFORNIA GAS COMPANY, | |||||
| (Registrant) | |||||
| Date: May 7, 2026 | By: /s/ Sara P. Mijares | ||||
Sara P. Mijares Vice President, Controller and Chief Accounting Officer | |||||
Exhibit 99.1
NEWS RELEASE
| Media Contact: | Patrick Reynolds | |||||||||||||
| Sempra | ||||||||||||||
| (877) 340-8875 | ||||||||||||||
| media@sempra.com | ||||||||||||||
| Financial Contact: | Jenell McKay | |||||||||||||
| Sempra | ||||||||||||||
| (877) 736-7727 | ||||||||||||||
| investor@sempra.com | ||||||||||||||
Sempra Reports First-Quarter
2026 Results
SAN DIEGO, May 7, 2026 — Sempra (NYSE: SRE) today reported first-quarter 2026 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $1.04 billion or $1.58 per diluted share, compared to first-quarter 2025 GAAP earnings of $906 million or $1.39 per diluted share. On an adjusted basis, first-quarter 2026 earnings were $991 million or $1.51 per diluted share, compared to $942 million or $1.44 per diluted share in 2025.
“At Sempra, our first quarter results represent a great start to the year,” said Jeffrey W. Martin, chairman and CEO of Sempra. “We remain focused on executing our strategy to modernize and extend the reach of our utilities and complete our capital recycling initiatives as we continue to the grow the business.”
The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for first-quarter 2026 and 2025.
| (Dollars and shares in millions, except EPS) | Three months ended March 31, | ||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| GAAP Earnings | $ | 1,037 | $ | 906 | |||||||||||||
| Impact from foreign currency and inflation on monetary positions in Mexico and associated undesignated derivatives | (19) | (8) | |||||||||||||||
| Net unrealized (gains) losses on derivatives | (3) | 35 | |||||||||||||||
| Net unrealized losses on interest rate swaps related to Port Arthur LNG Phase 1 project | 11 | 9 | |||||||||||||||
| Tax items related to assets held for sale | (35) | — | |||||||||||||||
Adjusted Earnings(1) | $ | 991 | $ | 942 | |||||||||||||
| Diluted Weighted-Average Common Shares Outstanding | 655 | 653 | |||||||||||||||
| GAAP EPS | $ | 1.58 | $ | 1.39 | |||||||||||||
Adjusted EPS(1) | $ | 1.51 | $ | 1.44 | |||||||||||||
(1) See Table A for information regarding non-GAAP financial measures.
Advancing Value Creation Initiatives
During the first quarter of 2026, Sempra continued executing its 2026 value creation initiatives.
In the first quarter of 2026, Sempra’s businesses invested capital expenditures of approximately ~$3 billion to support safe, reliable and affordable energy for the communities we serve. These investments are part of Sempra’s record five-year 2026-2030 capital plan of approximately $65 billion, with 95% allocated to utility investments in Texas and California.
Sempra Texas
In April, the Public Utility Commission of Texas (PUCT) issued an order adopting Oncor Electric Delivery Company LLC’s (Oncor) base rate settlement, providing for an annual revenue requirement of approximately $6.97 billion. Moreover, the order provides for a revised regulatory capital structure ratio of 56.5% debt to 43.5% equity, authorized return on equity of 9.75% and authorized cost of debt of 4.94%.
In addition, Oncor is permitted to surcharge the difference between the new billing rates and Oncor’s current rates dating back to January 1, 2026. Given the timing of approval, Oncor will begin recognizing accounting impacts of the base rate order in the second quarter. The updated rates are expected to better align Oncor’s current cost structure with today’s operating environment and are expected to improve Oncor’s financial strength, help enable investments in Oncor’s transmission and distribution system and support Texas’ growing energy needs for years to come.
Sempra California
In California, Sempra’s utilities remained focused on safety, reliability and affordability, including enhancing their respective portfolios to reduce energy costs. For instance, during January's Winter Storm Fern, an analysis from Southern California Gas Company (SoCalGas) demonstrates that its four underground natural gas storage fields helped SoCalGas and San Diego Gas & Electric (SDGE) customers avoid higher potential energy costs, highlighting the value of the region’s natural gas storage capacity as a strategic tool in the state’s efforts to address affordability.
SDGE also filed an uncontested offer of settlement in its Federal Energy Regulatory Commission (FERC) electric transmission owner formula rate proceeding, known as TO6, reflecting a 10.28% return on equity, among other items. A final decision on the matter is expected in the second half of this year.
Transaction Update
The transactions previously announced at Sempra Infrastructure Partners (SI Partners) and Ecogas México, S. de R.L. de C.V. (Ecogas) are expected to close in the second or third quarter of 2026, subject to required approvals and customary closing conditions. In the SI Partners’ transaction, regulatory approvals have been received from FERC and Hart-Scott-Rodino, as well as antitrust approvals in Mexico and Korea.
Earnings Guidance
Sempra is updating its full-year 2026 GAAP earnings-per-common share (EPS) guidance range to $4.87 to $5.37, reflecting actual results through the first quarter, affirming its full-year 2026 adjusted EPS guidance range of $4.80 to $5.30 and affirming its full-year 2027 EPS guidance range of $5.10 to $5.70. Sempra is also affirming a 7% to 9% projected long‑term EPS growth rate.
Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra’s adjusted earnings, adjusted EPS and adjusted EPS guidance range. See Table A for additional information regarding these non-GAAP financial measures.
Internet Broadcast
Sempra will broadcast a live discussion of its earnings results over the internet today at 12 p.m. ET with the company’s senior management. Access is available by visiting the Investors section of the company’s website at sempra.com/investors. The webcast will be available on replay a few hours after its conclusion at sempra.com/investors.
About Sempra
Sempra’s mission is to build America’s leading utility growth business. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving energy resilience in California and Texas, the two largest economies in the U.S. The company is recognized as a leader in responsible business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in The Wall Street Journal’s Management Top 250 and Fortune’s World’s Most Admired Companies. More information about Sempra is available at sempra.com and on social media @sempra.
###
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.
In this press release, forward-looking statements can be identified by words such as “believe,” “expect,” “intend,” “anticipate,” “contemplate,” “plan,” “estimate,” “project,” “forecast,” “envision,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “construct,” “develop,” “opportunity,” “preliminary,” “pro forma,” “strategic,” “initiative,” “target,” “outlook,” “optimistic,” “poised,” “positioned,” “maintain,” “continue,” “progress,” “advance,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations.
Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054 and the wildfire fund continuation account established by California Senate Bill 254, rates from customers or a combination thereof; decisions, disallowances or denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, legislative actions, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) Comisión Nacional de Energía, California Public Utilities Commission (CPUC), U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service, Public Utility Commission of Texas and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions such as the planned sale of a portion of our equity interest in Sempra Infrastructure Partners, including risks related to, as applicable, (i) being able to reach a positive final investment decision, (ii) negotiating pricing and other terms in definitive contracts, (iii) completing construction projects or other transactions on schedule and budget, (iv) realizing anticipated benefits from any of these efforts if completed, (v) obtaining regulatory and other approvals and (vi) third parties honoring their contracts and commitments, including with respect to closing or post-closing payments; changes to our capital expenditure plans and their potential impact on rate base or other growth; changes, due to evolving economic, political and other factors and increasing geopolitical instability as a result of wars or other conflicts in various parts of the world, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries (and uncertainty related to the implementation and enforceability thereof), and (ii) laws and regulations, including those related to tax and the energy industry in the U.S. and Mexico; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by nation-state actors, of ransomware or other attacks on our systems, the energy grid or our other infrastructure, or the systems of third parties with which we conduct business; the availability, uses, sufficiency, and cost of
capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact of efforts to increase affordability of U.S. utility customer rates on our ability to obtain cost recovery from applicable regulators, our capital expenditure and other growth plans and our ability to advance statewide policies; the impact on affordability of customer rates, cost of capital and operating margin due to (i) volatility in inflation, interest rates, commodity prices, tariff rates, and foreign currency exchange rates and (ii) with respect to SDG&E’s and SoCalGas’ businesses, the cost of meeting the demand for lower carbon and reliable energy in California; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power, natural gas and natural gas storage and transportation capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; Oncor Electric Delivery Company LLC’s (Oncor) ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor’s independent directors or a minority member director; and other uncertainties, some of which are difficult to predict and beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra’s website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or SoCalGas, nor are they regulated by the CPUC.
None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.
| SEMPRA | |||||||||||
| Table A | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
| (Dollars in millions, except per share amounts; shares in thousands) | |||||||||||
| Three months ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| REVENUES | |||||||||||
| Utilities: | |||||||||||
| Natural gas | $ | 2,025 | $ | 2,362 | |||||||
| Electric | 1,224 | 1,059 | |||||||||
| Energy-related businesses | 406 | 381 | |||||||||
| Total revenues | 3,655 | 3,802 | |||||||||
| EXPENSES AND OTHER INCOME | |||||||||||
| Utilities: | |||||||||||
| Cost of natural gas | (335) | (493) | |||||||||
| Cost of electric fuel and purchased power | (81) | (52) | |||||||||
| Energy-related businesses cost of sales | (76) | (119) | |||||||||
| Operation and maintenance | (1,242) | (1,343) | |||||||||
| Depreciation and amortization | (621) | (640) | |||||||||
| Franchise fees and other taxes | (210) | (196) | |||||||||
| Other income, net | 100 | 91 | |||||||||
| Interest income | 40 | 34 | |||||||||
| Interest expense | (382) | (433) | |||||||||
| Income before income taxes and equity earnings | 848 | 651 | |||||||||
| Income tax expense | (65) | (57) | |||||||||
| Equity earnings | 367 | 325 | |||||||||
| Net income | 1,150 | 919 | |||||||||
| Earnings attributable to noncontrolling interests | (107) | (2) | |||||||||
| Earnings attributable to contingently redeemable noncontrolling interest | (6) | — | |||||||||
| Preferred dividends | — | (11) | |||||||||
| Earnings attributable to common shares | $ | 1,037 | $ | 906 | |||||||
| Basic earnings per common share (EPS): | |||||||||||
| Earnings | $ | 1.59 | $ | 1.39 | |||||||
| Weighted-average common shares outstanding | 653,589 | 651,992 | |||||||||
| Diluted EPS: | |||||||||||
| Earnings | $ | 1.58 | $ | 1.39 | |||||||
| Weighted-average common shares outstanding | 655,488 | 653,018 | |||||||||
SEMPRA
Table A (Continued)
Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial measures (GAAP represents generally accepted accounting principles in the United States of America). These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities and/or are infrequent in nature. These non-GAAP financial measures also exclude the impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives and net unrealized gains and losses on commodity and interest rate derivatives, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra’s business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.
RECONCILIATION OF SEMPRA ADJUSTED EARNINGS AND ADJUSTED EPS TO SEMPRA GAAP EARNINGS AND GAAP EPS
Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2026 and 2025 as follows:
Three months ended March 31, 2026:
▪$19 million impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives
▪$3 million net unrealized gains on commodity derivatives
▪$(11) million net unrealized losses on interest rate swaps related to the initial phase of the Port Arthur LNG liquefaction project (PA LNG Phase 1 project)
▪$35 million net income tax benefit as a result of classifying Sempra Infrastructure Partners, LP (SI Partners) and Ecogas México, S. de R.L. de C.V. (Ecogas) as held for sale, which such amounts could change in future periods until the dates of sale:
◦ $33 million net income tax benefit to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners
◦ $2 million income tax benefit to adjust a Mexican deferred tax liability on our outside basis difference in Ecogas
Three months ended March 31, 2025:
▪$8 million impact from foreign currency and inflation on our monetary positions in Mexico
▪$(35) million net unrealized losses on commodity derivatives
▪$(9) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 project
The table below reconciles Sempra Adjusted Earnings and Adjusted EPS to Sempra GAAP Earnings and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
| RECONCILIATION OF ADJUSTED EARNINGS AND ADJUSTED EPS TO GAAP EARNINGS AND GAAP EPS | |||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in millions, except per share amounts; shares in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
| Pretax amount | Income tax (benefit) expense(1) | Non-controlling interests | Earnings | Diluted EPS | Pretax amount | Income tax benefit(1) | Non-controlling interests | Earnings | Diluted EPS | ||||||||||||||||||||||||||||||||||||||
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
Sempra GAAP Earnings and GAAP EPS | $ | 1,037 | $ | 1.58 | $ | 906 | $ | 1.39 | |||||||||||||||||||||||||||||||||||||||
| Excluded items: | |||||||||||||||||||||||||||||||||||||||||||||||
| Impact from foreign currency and inflation on monetary positions in Mexico and associated undesignated derivatives | $ | (11) | $ | (18) | $ | 10 | (19) | (0.03) | $ | (2) | $ | (10) | $ | 4 | (8) | (0.01) | |||||||||||||||||||||||||||||||
| Net unrealized (gains) losses on commodity derivatives | 9 | 5 | (17) | (3) | (0.01) | 69 | (15) | (19) | 35 | 0.05 | |||||||||||||||||||||||||||||||||||||
| Net unrealized losses on interest rate swaps related to PA LNG Phase 1 project | 75 | (4) | (60) | 11 | 0.02 | 65 | (4) | (52) | 9 | 0.01 | |||||||||||||||||||||||||||||||||||||
| Tax items related to assets held for sale | — | (36) | 1 | (35) | (0.05) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Sempra Adjusted Earnings and Adjusted EPS | $ | 991 | $ | 1.51 | $ | 942 | $ | 1.44 | |||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted | 655,488 | 653,018 | |||||||||||||||||||||||||||||||||||||||||||||
(1) Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates.
SEMPRA
Table A (Continued)
Sempra 2026 Adjusted EPS Guidance is a non-GAAP financial measure. This non-GAAP financial measure excludes significant items that are generally not related to our ongoing business activities and/or infrequent in nature. This non-GAAP financial measure also excludes the impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives and net unrealized gains and losses on commodity and interest rate derivatives for the three months ended March 31, 2026, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra's business operations to prior and future periods.
Because we cannot reasonably estimate the forward-looking amount or range of amounts of reasonably estimable GAAP amounts, this non-GAAP financial measure does not contemplate the anticipated impacts of each of the following future events:
▪impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives
▪net unrealized gains and losses on commodity and interest rate derivatives
▪any potential gain from the agreement to sell Ecogas to Gas Natural del Noroeste S.A. de C.V. that was entered into in December 2025, as the purchase price is subject to closing adjustments, post-closing adjustments, and tax items related to our outside basis difference in Ecogas, all of which are subject to adjustments based on changes in carrying value, foreign exchange rates and inflation until the date of sale
▪any potential gain from the agreement to sell an equity interest in SI Partners to the KKR Partners that was entered into in September 2025, as the purchase price is subject to closing adjustments, post-closing adjustments, and tax items related to our outside basis difference in SI Partners, all of which are subject to adjustments based on changes in carrying value, foreign exchange rates and inflation until the date of sale
We expect to complete the sales in the second or third quarter of 2026, which combined are expected to be accretive. Sempra 2026 Adjusted EPS Guidance Range should not be considered an alternative to Sempra 2026 GAAP EPS Guidance Range. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.
RECONCILIATION OF SEMPRA 2026 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2026 GAAP EPS GUIDANCE RANGE
Sempra 2026 Adjusted EPS Guidance Range of $4.80 to $5.30 excludes items (after the effects of income taxes and, if applicable, NCI) for the three months ended March 31, 2026 as follows:
▪$19 million impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives
▪$3 million net unrealized gains on commodity derivatives
▪$(11) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 project
▪$35 million net income tax benefit as a result of classifying SI Partners and Ecogas as held for sale, which such amounts could change in future periods until the dates of sale:
◦ $33 million net income tax benefit to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners
◦ $2 million income tax benefit to adjust a Mexican deferred tax liability on our outside basis difference in Ecogas
The table below reconciles Sempra 2026 Adjusted EPS Guidance Range to Sempra 2026 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.
| RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE RANGE | |||||||||||
Full-Year 2026 | |||||||||||
| Sempra GAAP EPS Guidance Range | $ | 4.87 | to | $ | 5.37 | ||||||
| Excluded items: | |||||||||||
| Impact from foreign currency and inflation on monetary positions in Mexico and associated undesignated derivatives | (0.03) | (0.03) | |||||||||
| Net unrealized gains on commodity derivatives | (0.01) | (0.01) | |||||||||
| Net unrealized losses on interest rate swaps related to PA LNG Phase 1 project | 0.02 | 0.02 | |||||||||
| Tax items related to assets held for sale | (0.05) | (0.05) | |||||||||
| Sempra Adjusted EPS Guidance Range | $ | 4.80 | to | $ | 5.30 | ||||||
| Weighted-average common shares outstanding, diluted (millions) | 655 | ||||||||||
| SEMPRA | |||||||||||
| Table B | |||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| (Dollars in millions) | |||||||||||
| March 31, | December 31, | ||||||||||
| 2026 | 2025(1) | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 794 | $ | 29 | |||||||
| Restricted cash | 2 | 2 | |||||||||
| Accounts receivable – trade, net | 1,604 | 1,767 | |||||||||
| Accounts receivable – other, net | 203 | 157 | |||||||||
| Due from unconsolidated affiliates | 34 | — | |||||||||
| Income taxes receivable | 177 | 71 | |||||||||
| Inventories | 530 | 561 | |||||||||
| Regulatory assets | 561 | 761 | |||||||||
| Greenhouse gas allowances | 199 | 203 | |||||||||
| Assets held for sale | 31,865 | 31,024 | |||||||||
| Other current assets | 234 | 262 | |||||||||
| Total current assets | 36,203 | 34,837 | |||||||||
| Other assets: | |||||||||||
| Regulatory assets | 4,077 | 3,868 | |||||||||
| Greenhouse gas allowances | 1,378 | 1,221 | |||||||||
| Nuclear decommissioning trusts | 884 | 899 | |||||||||
| Dedicated assets in support of certain benefit plans | 588 | 605 | |||||||||
| Deferred income taxes | 10 | 10 | |||||||||
| Right-of-use assets – operating leases | 1,297 | 1,262 | |||||||||
| Investment in Oncor Holdings | 18,243 | 17,472 | |||||||||
| Other investments | 148 | 147 | |||||||||
| Wildfire fund | 240 | 246 | |||||||||
| Other long-term assets | 1,261 | 1,300 | |||||||||
| Total other assets | 28,126 | 27,030 | |||||||||
| Property, plant and equipment, net | 49,189 | 49,011 | |||||||||
| Total assets | $ | 113,518 | $ | 110,878 | |||||||
(1) Derived from audited financial statements.
| SEMPRA | |||||||||||
| Table B (Continued) | |||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| (Dollars in millions) | |||||||||||
| March 31, | December 31, | ||||||||||
| 2026 | 2025(1) | ||||||||||
| LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Short-term debt | $ | 3,708 | $ | 4,166 | |||||||
| Accounts payable – trade | 1,134 | 1,461 | |||||||||
| Accounts payable – other | 174 | 203 | |||||||||
| Due to unconsolidated affiliates | — | 8 | |||||||||
| Dividends and interest payable | 920 | 770 | |||||||||
| Accrued compensation and benefits | 316 | 521 | |||||||||
| Regulatory liabilities | 3 | 3 | |||||||||
| Current portion of long-term debt and finance leases | 1,878 | 1,876 | |||||||||
| Greenhouse gas obligations | 199 | 203 | |||||||||
| Liabilities held for sale | 12,249 | 11,704 | |||||||||
| Other current liabilities | 858 | 979 | |||||||||
| Total current liabilities | 21,439 | 21,894 | |||||||||
| Long-term debt and finance leases | 30,847 | 28,979 | |||||||||
| Deferred credits and other liabilities: | |||||||||||
| Regulatory liabilities | 4,303 | 4,250 | |||||||||
| Greenhouse gas obligations | 1,064 | 957 | |||||||||
| Pension and other postretirement benefit plan obligations, net of plan assets | 126 | 124 | |||||||||
| Deferred income taxes | 6,414 | 6,127 | |||||||||
| Asset retirement obligations | 3,773 | 3,743 | |||||||||
| Deferred credits and other | 2,824 | 2,805 | |||||||||
| Total deferred credits and other liabilities | 18,504 | 18,006 | |||||||||
| Contingently redeemable noncontrolling interest | 3,254 | 3,206 | |||||||||
| Equity: | |||||||||||
| Sempra shareholders’ equity | 32,239 | 31,594 | |||||||||
| Preferred stock of subsidiary | 20 | 20 | |||||||||
| Other noncontrolling interests | 7,215 | 7,179 | |||||||||
| Total equity | 39,474 | 38,793 | |||||||||
| Total liabilities, contingently redeemable noncontrolling interest, and equity | $ | 113,518 | $ | 110,878 | |||||||
(1) Derived from audited financial statements.
| SEMPRA | |||||||||||
| Table C | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (Dollars in millions) | |||||||||||
| Three months ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
| Net income | $ | 1,150 | $ | 919 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities | 420 | 402 | |||||||||
| Net change in working capital components | 89 | (35) | |||||||||
| Distributions from investments | 389 | 291 | |||||||||
| Changes in other noncurrent assets and liabilities, net | (239) | (95) | |||||||||
| Net cash provided by operating activities | 1,809 | 1,482 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Expenditures for property, plant and equipment | (2,461) | (2,336) | |||||||||
| Expenditures for investments | (876) | (486) | |||||||||
| Purchases of nuclear decommissioning and other trust assets | (368) | (292) | |||||||||
| Proceeds from sales of nuclear decommissioning and other trust assets | 395 | 329 | |||||||||
| Other | (1) | — | |||||||||
| Net cash used in investing activities | (3,311) | (2,785) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Common dividends paid | (409) | (380) | |||||||||
| Issuances of common stock, net | 9 | 10 | |||||||||
| Repurchases of common stock | (20) | (57) | |||||||||
| Issuances of debt (maturities greater than 90 days) | 3,345 | 2,941 | |||||||||
| Payments on debt (maturities greater than 90 days) and finance leases | (673) | (994) | |||||||||
| Decrease in short-term debt, net | (458) | (70) | |||||||||
| Advances from unconsolidated affiliates | 63 | 44 | |||||||||
| Contributions from noncontrolling interests | 41 | 34 | |||||||||
| Distributions to noncontrolling interests | (65) | (38) | |||||||||
| Termination of interest rate swaps, net of transaction costs | 96 | — | |||||||||
| Other | (17) | (14) | |||||||||
| Net cash provided by financing activities | 1,912 | 1,476 | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3) | — | |||||||||
| Increase in cash, cash equivalents and restricted cash | 407 | 173 | |||||||||
| Cash, cash equivalents and restricted cash, January 1 | 3,552 | 1,589 | |||||||||
| Cash, cash equivalents and restricted cash, March 31 | $ | 3,959 | $ | 1,762 | |||||||
| SEMPRA | |||||||||||
| Table D | |||||||||||
| SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES | |||||||||||
| (Dollars in millions) | |||||||||||
| Three months ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | |||||||||||
| Sempra California | $ | 720 | $ | 724 | |||||||
| Sempra Texas Utilities | 171 | 146 | |||||||||
| Sempra Infrastructure | 262 | 146 | |||||||||
| Segment earnings attributable to common shares | 1,153 | 1,016 | |||||||||
| Parent and other | (116) | (110) | |||||||||
| Sempra earnings attributable to common shares | $ | 1,037 | $ | 906 | |||||||
| CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT | |||||||||||
| Sempra California | $ | 967 | $ | 1,094 | |||||||
| Sempra Infrastructure | 1,493 | 1,241 | |||||||||
| Segment totals | 2,460 | 2,335 | |||||||||
| Parent and other | 1 | 1 | |||||||||
| Total Sempra | $ | 2,461 | $ | 2,336 | |||||||
| CAPITAL EXPENDITURES FOR INVESTMENTS | |||||||||||
| Sempra Texas Utilities | $ | 876 | $ | 486 | |||||||
| Total Sempra | $ | 876 | $ | 486 | |||||||
| SEMPRA | ||||||||||||||
| Table D (Continued) | ||||||||||||||
| RECONCILIATION OF SEMPRA'S CAPITAL PLAN TO PROJECTED FUTURE CAPITAL EXPENDITURES | ||||||||||||||
| (Dollars in billions) | ||||||||||||||
| Sempra California | Sempra Texas Utilities | Sempra Infrastructure | Total Sempra | |||||||||||
Capital Plan for 2026 – 2030(1) | ||||||||||||||
| Projected future capital expenditures for PP&E and investments – GAAP | $ | 23.5 | $ | 11.1 | $ | 4.1 | $ | 38.7 | ||||||
Capital expenditures to unconsolidated entities(2) | — | (11.1) | (2.6) | (13.7) | ||||||||||
Capital expenditures at unconsolidated entities(3) | — | 38.2 | 2.7 | 40.9 | ||||||||||
Capital expenditures attributable to NCI owners(4) | — | — | (1.0) | (1.0) | ||||||||||
| Capital Plan | $ | 23.5 | $ | 38.2 | $ | 3.2 | $ | 64.9 | ||||||
| Total Sempra | ||||||||||||||
Capital Plan for 2026(1) | ||||||||||||||
| Projected future capital expenditures for PP&E and investments – GAAP | $ | 8.6 | ||||||||||||
Capital expenditures to unconsolidated entities(2) | (2.8) | |||||||||||||
Capital expenditures at unconsolidated entities(3) | 7.9 | |||||||||||||
Capital expenditures attributable to NCI owners(4) | (1.0) | |||||||||||||
| Capital Plan | $ | 12.7 | ||||||||||||
(1) All projects in progress and future projects are subject to a number of risks and uncertainties. Sempra's Capital Plan and expectations regarding potential increases to its capital requirements are based on a number of assumptions, the failure of which to be accurate could materially impact Sempra's actual Capital Plan. Sempra's Capital Plan assumes Sempra's 70% consolidated ownership of SI Partners for the first three months of 2026 and 25% ownership thereafter, which represents Sempra's remaining interest under the equity method upon completion of the sale of a 45% equity interest in SI Partners. Sempra’s Capital Plan is considered by management to be an operating measure.
(2) Represents Sempra's projected future capital contributions to unconsolidated equity method investees.
(3) Represents Sempra's proportionate ownership interest in projected capital expenditures at unconsolidated equity method investees.
(4) Represents NCI's proportionate ownership interest in projected capital expenditures at Sempra and at unconsolidated equity method investees.
| SEMPRA'S CAPITAL DEPLOYED | |||||||||||
| (Dollars in billions) | |||||||||||
| Total Sempra | |||||||||||
| Three months ended March 31, 2026 | |||||||||||
| Capital expenditures for PP&E and investments – GAAP | $ | 3.3 | |||||||||
Capital expenditures to unconsolidated entities(1) | (0.9) | ||||||||||
Capital expenditures at unconsolidated entities(2) | 1.6 | ||||||||||
Capital expenditures attributable to NCI owners(3) | (1.0) | ||||||||||
| Capital deployed | $ | 3.0 | |||||||||
(1) Represents Sempra's actual capital contributions to unconsolidated equity method investees.
(2) Represents Sempra's proportionate ownership interest in actual capital expenditures at unconsolidated equity method investees.
(3) Represents NCI's proportionate ownership interest in actual capital expenditures at Sempra and at unconsolidated equity method investees.
| SEMPRA | ||||||||||||||
| Table E | ||||||||||||||
| OTHER OPERATING STATISTICS | ||||||||||||||
| Three months ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| UTILITIES | ||||||||||||||
| Sempra California | ||||||||||||||
Gas sales (Bcf)(1) | 93 | 116 | ||||||||||||
Transportation (Bcf)(1) | 107 | 131 | ||||||||||||
Total deliveries (Bcf)(1) | 200 | 247 | ||||||||||||
| Total gas customer meters (thousands) | 7,135 | 7,122 | ||||||||||||
Electric sales (millions of kWhs)(1) | 688 | 715 | ||||||||||||
| Community Choice Aggregation and Direct Access (millions of kWhs) | 3,299 | 3,432 | ||||||||||||
Total deliveries (millions of kWhs)(1) | 3,987 | 4,147 | ||||||||||||
| Total electric customer meters (thousands) | 1,552 | 1,535 | ||||||||||||
Oncor Electric Delivery Company LLC (Oncor)(2) | ||||||||||||||
| Total deliveries (millions of kWhs) | 40,189 | 39,006 | ||||||||||||
| Total electric customer meters (thousands) | 4,124 | 4,065 | ||||||||||||
| Ecogas | ||||||||||||||
| Natural gas sales (Bcf) | 1 | 1 | ||||||||||||
| Natural gas customer meters (thousands) | 171 | 165 | ||||||||||||
| ENERGY-RELATED BUSINESSES | ||||||||||||||
| Sempra Infrastructure | ||||||||||||||
| Termoeléctrica de Mexicali (millions of kWhs) | 777 | 702 | ||||||||||||
Wind and solar (millions of kWhs)(1) | 739 | 746 | ||||||||||||
(1) Includes intercompany sales.
(2) Includes 100% of the electric deliveries and customer meters of Oncor, in which we hold an 80.25% interest through our investment in Oncor Electric Delivery Holdings Company LLC.
| SEMPRA | |||||||||||||||||||||||||||||||||||
| Table F | |||||||||||||||||||||||||||||||||||
| STATEMENTS OF OPERATIONS DATA BY SEGMENT | |||||||||||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||||||||
Sempra California | Sempra Texas Utilities(1) | Sempra Infrastructure | Segment Totals | Consolidating Adjustments, Parent & Other | Total | ||||||||||||||||||||||||||||||
| Three months ended March 31, 2026 | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 3,231 | $ | 443 | $ | 3,674 | $ | (19) | $ | 3,655 | |||||||||||||||||||||||||
| Operation and maintenance | (1,016) | (221) | (1,237) | (5) | (1,242) | ||||||||||||||||||||||||||||||
| Depreciation and amortization | (617) | (3) | (620) | (1) | (621) | ||||||||||||||||||||||||||||||
| Interest income | 2 | 33 | 35 | 5 | 40 | ||||||||||||||||||||||||||||||
Interest expense(2) | (244) | 10 | (234) | (148) | (382) | ||||||||||||||||||||||||||||||
| Income tax (expense) benefit | (89) | (14) | (103) | 38 | (65) | ||||||||||||||||||||||||||||||
| Equity earnings | $ | 173 | 194 | 367 | 367 | ||||||||||||||||||||||||||||||
| Earnings attributable to noncontrolling interests | (107) | (107) | (107) | ||||||||||||||||||||||||||||||||
| Earnings attributable to contingently redeemable noncontrolling interest | (6) | (6) | (6) | ||||||||||||||||||||||||||||||||
Other segment items(3) | (547) | (2) | (67) | (616) | 14 | (602) | |||||||||||||||||||||||||||||
| Earnings (losses) attributable to common shares | $ | 720 | $ | 171 | $ | 262 | $ | 1,153 | $ | (116) | $ | 1,037 | |||||||||||||||||||||||
| Three months ended March 31, 2025 | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 3,401 | $ | 426 | $ | 3,827 | $ | (25) | $ | 3,802 | |||||||||||||||||||||||||
| Operation and maintenance | (1,175) | (174) | (1,349) | 6 | (1,343) | ||||||||||||||||||||||||||||||
| Depreciation and amortization | (562) | (76) | (638) | (2) | (640) | ||||||||||||||||||||||||||||||
| Interest income | 2 | 19 | 21 | 13 | 34 | ||||||||||||||||||||||||||||||
Interest expense(2) | (225) | (77) | (302) | (131) | (433) | ||||||||||||||||||||||||||||||
| Income tax (expense) benefit | (52) | (22) | (74) | 17 | (57) | ||||||||||||||||||||||||||||||
| Equity earnings | $ | 148 | 177 | 325 | 325 | ||||||||||||||||||||||||||||||
| Earnings attributable to noncontrolling interests | (2) | (2) | (2) | ||||||||||||||||||||||||||||||||
Other segment items(3) | (665) | (2) | (125) | (792) | 12 | (780) | |||||||||||||||||||||||||||||
| Earnings (losses) attributable to common shares | $ | 724 | $ | 146 | $ | 146 | $ | 1,016 | $ | (110) | $ | 906 | |||||||||||||||||||||||
(1) Substantially all earnings attributable to common shares are from equity earnings.
(2) Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.
(3) Includes cost of natural gas, cost of electric fuel and purchased power, franchise fees and other taxes, and other income (expense), net, for Sempra California; operation and maintenance for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure.
FAQ
How did Sempra (SOCGM) perform in the first quarter of 2026?
Sempra reported stronger Q1 2026 results, with GAAP earnings of $1.04 billion and diluted EPS of $1.58. Adjusted earnings were $991 million, or $1.51 per diluted share, compared with $942 million and $1.44 in the prior year.
What were Sempra (SOCGM) revenues for Q1 2026?
Sempra generated $3.66 billion in total revenues for the three months ended March 31, 2026. This compares with $3.80 billion a year earlier, reflecting lower natural gas revenues partially offset by higher electric and energy‑related business revenues.
What earnings guidance did Sempra (SOCGM) provide for 2026 and 2027?
For full‑year 2026, Sempra guided GAAP EPS to $4.87–$5.37 and affirmed adjusted EPS of $4.80–$5.30. The company also reaffirmed its 2027 EPS guidance range of $5.10–$5.70 and a projected long‑term EPS growth rate of 7%–9%.
How much is Sempra (SOCGM) planning to invest under its 2026‑2030 capital plan?
Sempra outlined a record $64.9 billion capital plan for 2026‑2030. About $23.5 billion is earmarked for Sempra California, $38.2 billion for Sempra Texas Utilities and $3.2 billion for Sempra Infrastructure, largely targeting regulated utility investments.
What were Sempra’s (SOCGM) capital expenditures in Q1 2026?
In the first quarter of 2026, Sempra recorded $2.46 billion of capital expenditures for property, plant and equipment and $876 million for investments. Combined, GAAP capital spending for PP&E and investments totaled about $3.3 billion in the quarter.
How strong is Sempra’s (SOCGM) balance sheet at March 31, 2026?
At March 31, 2026, Sempra reported total assets of $113.5 billion, including $49.2 billion of net property, plant and equipment. Total equity was $39.5 billion, while long‑term debt and finance leases stood at $30.8 billion, excluding current portions.
What regulatory developments affected Sempra’s Texas business in 2026?
In April 2026, the Public Utility Commission of Texas approved Oncor’s base rate settlement, setting an annual revenue requirement of $6.97 billion. The order also established a 56.5% debt and 43.5% equity capital structure, with a 9.75% authorized return on equity.