SEMPRASRE
SEMPRA Financial Overview 2021–2025
Updated Jul 10, 2026Sempra Energy is engineering a massive capital recycling program, punctuated by the planned $9.99 billion sale of a 45% equity interest in SI Partners to KKR in mid-2026. This divestiture anchors the central investment thesis: Sempra is aggressively monetizing its non-utility infrastructure assets to fund a colossal $38.7 billion capital expenditure pipeline focused on regulated transmission and distribution between 2026 and 2030.
To bridge this transition, the company is absorbing significant near-term accounting hits while attempting to normalize its base utility rates. GAAP earnings per share evolved from $2.01 in FY2021 to a guided range of $2.38 to $2.78 in FY2025, suppressed by an estimated $471 million after-tax charge tied to a CPUC rate disallowance and a $703 million tax expense related to classifying the SI Partners stake as held for sale. Despite these headwinds, the company's underlying capital base is expanding rapidly; total capitalization grew 11% in FY2025 to reach $81.969 billion, maintaining a balanced 53% debt-to-capitalization ratio. Concurrently, Sempra Texas Utilities secured a major rate base settlement for Oncor, increasing its annual revenue requirement by 8.8%, or $560 million. The market has largely digested this short-term earnings volatility in favor of long-term infrastructure growth, valuing the company at $88.29 per share at the close of FY2025.
Recent Developments (Q4 2025 and Q1 2026)
Sempra delivered strong Q1 2026 results, with diluted earnings per share jumping to $1.58 from $1.39 in Q1 2025. The Sempra Infrastructure segment propelled this growth, adding $116 million in year-over-year earnings while operating cash flow reached $1.81 billion. Capital structure activity was heavy, including $1.1 billion in SDG&E first mortgage bonds and an $800 million corporate note yielding 5.250%. Concurrently, SDG&E and SoCalGas launched their 2028 General Rate Case applications, requesting combined base revenues of $8.856 billion.
Bulls will applaud the infrastructure unit's momentum and a proposed settlement increasing SDG&E's authorized base return on equity to 10.28%. Bears will highlight mounting debt service burdens from recent bond issuances and lingering California wildfire liabilities. The stock traded at 20.7x earnings as of May 7, 2026, appearing richly valued despite the recent earnings surge.
What to watch: final approval of the SDG&E return on equity settlement; initial feedback on the 2028 rate case applications
Rev
$13.19B
FY2024
NI
$2.86B
FY2024
EPS$SRE
$4.44
FY2024
OCF
$4.91B
FY2024
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
SEMPRA 8-K Report, Executive Changes (Jul 9, 2026)
Sempra announced a significant leadership transition within its finance and operational arms. Effective around the closing of its planned sale of a portion of its equity interest in Sempra Infrastructure Partners, LP (expected in Q3 2026), Justin C. Bird will assume the role of Executive Vice President and Chief Financial Officer (CFO). Mr. Bird brings extensive experience within the Sempra family, having held senior leadership positions for over two decades, including his recent role as Executive Vice President and CEO of Sempra Infrastructure. Concurrently, Karen L. Sedgwick, the current CFO, will transition to lead Southern California Gas Company as its Chief Executive Officer and President. This strategic realignment positions experienced leadership within key segments of Sempra’s business. Investors should note that Mr. Bird’s compensation is not expected to change due to this appointment, and further details can be found in Sempra's 2026 Proxy Statement. The report also reiterates forward-looking statement disclaimers and risk factors, including those related to regulatory environments, project execution, capital markets, and operational disruptions.
SEMPRA 8-K Report, Regulation FD Disclosure (Jun 16, 2026)
Sempra Energy (SRE) announced through its subsidiaries, San Diego Gas & Electric Company (SDG&E) and Southern California Gas Company (SoCalGas), that they have submitted their 2028 General Rate Case (GRC) applications to the California Public Utilities Commission (CPUC). These applications seek approval for test year revenue requirements for 2028 and attrition adjustments for 2029 through 2031. The requested revenue increases are intended to cover essential operating costs, regulatory compliance, and rising expenses such as insurance and employee healthcare. SDG&E has requested $3,760 million for the 2028 test year and attrition year adjustments of $327 million, $226 million, and $240 million for 2029, 2030, and 2031, respectively. SoCalGas is seeking $5,096 million for the 2028 test year and attrition year adjustments of $315 million, $312 million, and $314 million for 2029, 2030, and 2031, respectively. The CPUC's final decision could differ from these requests, with an expected proposed decision by the end of 2027 for rates effective in January 2028. Sempra also noted its intention to utilize a "Corporate Updates" webpage on its investor relations site for disclosing important information, supplementing its other communication channels.
SEMPRA 8-K Report, Corporate Update (Jun 9, 2026)
Sempra (SRE) announced the successful closing of its public offering and sale of $1 billion in Floating Rate Notes due 2028 on June 9, 2026. The net proceeds from this offering, after deducting underwriting discounts but before other expenses, are approximately $998.5 million. This debt issuance was registered under an effective shelf registration statement on Form S-3, indicating a well-established process for capital raising. The newly issued notes bear interest at a floating rate tied to Compounded SOFR plus a spread of 0.670% per annum. They mature on January 7, 2028, with quarterly interest payments commencing October 7, 2026. Notably, the notes are not redeemable by the company prior to maturity, providing investors with a fixed maturity date. This offering represents a strategic move by Sempra to access capital for its operations and growth initiatives.
SEMPRA 8-K Report, Corporate Update (May 15, 2026)
Sempra Energy's indirect subsidiary, Southern California Gas Company (SoCalGas), has successfully closed a public offering and sale of $650 million in First Mortgage Bonds, Series FFF, due 2056. These bonds carry a coupon rate of 5.900% and mature on June 1, 2056. The offering was registered under SoCalGas's Form S-3 registration statement, providing a clear framework for the issuance. This debt issuance is a significant event for SoCalGas, aimed at securing long-term financing for its operations and potential future projects.
SEMPRA 8-K Report, Shareholder Vote Results (May 14, 2026)
Sempra (SRE) held its 2026 Annual Shareholders Meeting on May 12, 2026, with the results detailed in this 8-K filing. The meeting saw the re-election of all eleven director nominees with overwhelming support, indicating strong shareholder confidence in the current board's leadership and governance. Shareholders also overwhelmingly ratified the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for 2026, reinforcing established audit practices. Furthermore, the advisory vote on executive compensation received substantial approval, suggesting shareholders are generally satisfied with the company's compensation practices. However, a shareholder proposal requesting an independent board chairman was not approved, with a significant majority voting against it. This outcome highlights a divergence in opinion on board structure, with shareholders favoring the current approach.
View all 8-K filings →