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SempraSRE

Sector
Energy
Industry
Gas & Other Services Combined
Exchange
NYSE

Stock Price $SRE

Latest filings

You are here#9 of 32 in Utilities by market cap

Filing record · 2016–202610-K1110-Q338-K216

SRE filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 216 current reports (8-K) between 2016 and 2026.

  1. Impairment8-K · Sep ’16Sep ’16
  2. Leadership change8-K · Dec ’18Dec ’18
  3. FY2020 annual report10-K · Feb ’21Feb ’21
  4. Leadership change8-K · Jun ’25Jun ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $13.70B
YoY changeLargest recent move−21.1%in FY24Latest +3.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All SRE Financial Metrics54 metrics

Income Statement11

Balance Sheet23

Cash Flow15

Per Share5

02—Overview

Sempra Financial Overview 2021–2025

Updated Nov 6, 2026

Sempra Energy is engineering a massive capital recycling program, punctuated by the planned $9.99 billiona 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 $2.01b 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 (Q2 and Q3 2026)

Sempra posted a sharp rebound across the middle quarters of 2026, highlighted by Q3 2026 GAAP earnings surging to $877 millionc, or $1.34 per share, compared to $77 million, or $0.12 per share, in Q3 2025. This operational recovery was reinforced by Q2 2026 adjusted EPS of $1.16, representing a 30% year-over-year increase, alongside year-to-date capital expenditures reaching $9.422 billion through September. Management also executed key leadership changes, appointing Justin C. Bird as Chief Financial Officer.

The bull case centers on surging transmission demand in Texas and the impending closing of the SI Partners divestiture to de-risk earnings, while the bear case highlights lingering regulatory headwinds and negative credit outlooks across California utilities. The stock trades at 29.0xd earnings as of the Q3 2026 filing, reflecting a rich multiple relative to recent trailing results.

What to watch: SI Partners transaction closing; California regulatory proceedings

03—Filings

Recent SEC Filings

  1. 8-KSempra 8-K Report, Executive Changes (Nov 12, 2026)Sempra Energy (SRE) has announced the completion of a significant transaction involving its Sempra Infrastructure Partners, LP ("SI Partners") subsidiary. On November 12, 2026, Sempra sold a 45% equity interest in SI Partners to entities affiliated with Kohlberg Kravis Roberts & Co. L.P. and Canada Pension Plan Investment Board (collectively, the "KKR Partners"). This sale generated immediate cash proceeds of $4.56 billion, with the remaining purchase price structured as promissory notes and other instruments totaling approximately $5.34 billion in principal, bearing interest at rates ranging from 7.5% to 10.0% and maturing between December 31, 2027, and February 11, 2034. This transaction results in Sempra deconsolidating SI Partners, effective immediately, and will account for its retained 25% interest under the equity method. Sempra anticipates recognizing a substantial pre-tax gain on the sale, estimated between $2.80 billion and $3.30 billion. The company also expects to incur approximately $450 million to $550 million in transaction-related costs. While preliminary, these figures indicate a significant financial event for Sempra. Additionally, the company announced a CFO transition, with Justin C. Bird appointed as Executive Vice President and Chief Financial Officer, effective November 13, 2026, succeeding Karen L. Sedgwick who will become CEO of Southern California Gas Company.
  2. 8-KSempra 8-K Report, Financial Results (Nov 5, 2026)Sempra reported strong third-quarter and year-to-date results for 2026, demonstrating disciplined execution and progress on its value creation initiatives. The company's GAAP earnings for the third quarter were $877 million ($1.34 per diluted share), a significant increase from $77 million ($0.12 per diluted share) in the prior year. On an adjusted basis, third-quarter earnings were $917 million ($1.40 per diluted share), up from $728 million ($1.11 per diluted share) in Q3 2025. The company is updating its full-year 2026 GAAP EPS guidance to a range of $7.41 to $8.41 and guiding towards the high end of its adjusted EPS guidance range of $4.80 to $5.30. Key strategic moves include the expected completion of the sale of an equity stake in Sempra Infrastructure Partners, which is anticipated to strengthen the company's financial position and support growth in its Texas and California utilities. Sempra also announced an expected 20% increase to Oncor's base capital plan for 2027-2031, reflecting strong demand and investment opportunities in Texas. Despite a proposed regulatory decision in California that could impact 2027 earnings, Sempra remains focused on enhancing energy resilience and meeting increasing customer demand across its service territories.
  3. 8-KSempra 8-K Report, Corporate Update (Aug 21, 2026)Sempra's indirect subsidiary, Southern California Gas Company (SoCalGas), has successfully closed a public offering of $500 million in 5.500% First Mortgage Bonds, Series GGG, due in 2036. This issuance, registered under a Form S-3 registration statement, will provide SoCalGas with capital, with net proceeds of approximately 98.755% of the principal amount after underwriting discounts, totaling roughly $493.78 million. The company anticipates additional offering expenses of about $1.1 million.
  4. 8-KSempra 8-K Report, Corporate Update (Aug 18, 2026)Sempra's indirect subsidiary, Southern California Gas Company (SoCalGas), has entered into an underwriting agreement to issue and sell $500 million in aggregate principal amount of 5.500% First Mortgage Bonds, Series GGG, due 2036. The bonds will be offered at a public offering price of 99.405% of their principal amount in a registered public offering. This issuance is being conducted under an effective shelf registration statement, indicating that SoCalGas has previously established a framework for raising capital through public offerings. The proceeds from this bond sale are intended to fund various capital expenditures and general corporate purposes, aligning with Sempra's ongoing investment strategies in its utility operations and infrastructure.
  5. 8-KSempra 8-K Report, Financial Results (Aug 6, 2026)Sempra (NYSE: SRE) reported second-quarter 2026 GAAP earnings attributable to common shares of $796 million, or $1.21 per diluted share, up from $461 million, or $0.71, in the second quarter of 2025. Adjusted earnings were $762 million, or $1.16 per diluted share, versus $583 million, or $0.89, a year earlier. For the first half, GAAP EPS was $2.80 and adjusted EPS was $2.67. The quarter's GAAP results were lifted by a $82 million net unrealized gain on commodity derivatives and a $20 million net tax benefit tied to assets held for sale, partly offset by a $71 million FX and inflation impact in Mexico. Segment earnings were led by Sempra Texas Utilities ($346 million, up from $208 million) and Sempra Infrastructure ($230 million, up from $72 million), while Sempra California was $297 million, up from $259 million. The company raised its full-year 2026 GAAP EPS guidance to $5.02-$5.55, while affirming adjusted EPS guidance of $4.80-$5.30 and 2027 adjusted EPS guidance of $5.10-$5.70, plus a 7%-9% long-term EPS growth target. The GAAP range is higher mainly because of expected gains on the sale of Ecogas and related items. Management highlighted a record five-year 2026-2030 capital plan of about $65 billion, with 95% directed to the Texas and California utilities. Oncor's new base rates took effect June 1, and ERCOT's large-load pipeline in Oncor's territory is about 44 GW. The planned sale of a 45% equity interest in Sempra Infrastructure Partners to KKR is expected to close in the third quarter of 2026, and the Ecogas sale is expected to close in August. Investors should note that the GAAP-to-adjusted gap is driven largely by derivative mark-to-market swings and Mexico currency effects, and the filing's forward-looking statements flag risks including California wildfire liability, regulatory outcomes, transaction execution, and credit access. Total debt rose meaningfully, with long-term debt up to $31.0 billion from $29.0 billion at year-end 2025, and cash flow from operations for the first half was $3.1 billion against $6.2 billion of capital expenditures for PP&E and investments.
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04—See also

Related Companies

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