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
$13.70B
FY2025
NI
$1.84B
FY2025
EPS$SRE
$2.75
FY2025
OCF
$4.57B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All SRE Financial Metrics(54)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accrued Liabilities
- Short-Term Debt
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- NCI
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
SEMPRA 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.
SEMPRA 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.
SEMPRA 8-K Report, Financial Results (Aug 6, 2026)
Sempra (SRE) filed an 8-K on August 6, 2026, to report its financial results for the three and six months ended June 30, 2026. The filing includes a press release announcing these results, which are being furnished and not formally filed with the SEC. Investors should refer to Exhibit 99.1 attached to the 8-K for the detailed financial information. While the 8-K itself does not contain the specific financial figures, it serves as the official notification that Sempra has publicly disclosed its second-quarter and year-to-date performance. This is a standard procedure for material financial announcements, providing transparency to the market. Investors interested in the performance details, such as revenue, earnings per share, and any forward-looking guidance, will need to consult the accompanying press release.
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.
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