01—Abstract
Summary
Summary of the 10-Q filed August 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Sempra reported a strong first half of 2026, with earnings attributable to common shares increasing by 57% to $1.833 billion compared to $1.367 billiona in the first half of 2025.
This growth was driven by significant increases in equity earnings from Oncor Holdings and favorable performance in the Sempra Infrastructure segment. Sempra California also saw improved earnings, primarily due to higher income tax benefits and regulatory adjustments. Operationally, the company is progressing with its strategic initiatives, including the planned sale of a portion of its equity interest in SI Partners, expected to close in Q3 2026.
This divestiture, along with the sale of Ecogas, is part of Sempra's capital recycling program. The company continues to manage its operations and investments, with substantial capital expenditures planned for property, plant, and equipment, particularly in its Sempra Infrastructure segment.
02—Key points
Key Highlights
- Sempra's earnings attributable to common shares increased to $1.833 billion for the six months ended June 30, 2026, up from $1.367 billion in the prior year period.
- Equity earnings from Oncor Holdings significantly boosted results, driven by higher revenues from rate adjustments and increased invested capital.
- Sempra Infrastructure showed strong performance, with earnings increasing due to asset optimization, favorable commodity derivative results, and lower depreciation expenses following the classification of certain assets as held for sale.
- The company is actively pursuing strategic divestitures, including the planned sale of a 45% equity interest in SI Partners, expected to close in Q3 2026, and the sale of Ecogas, expected in August 2026.
- SDG&E and SoCalGas are navigating regulatory proceedings, including the 2024 GRC and Track 3 requests, with ongoing settlements and expected final decisions impacting future revenue requirements.
- Capital expenditures remain robust, with Sempra forecasting approximately $11.3 billion for 2026, an increase from previous estimates, primarily driven by Sempra Infrastructure's projects and the timing of the SI Partners sale.
- The company maintains adequate liquidity through cash flows from operations, credit facilities, and various financing activities, supporting its capital expenditure plans, debt repayment, and dividend payments.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 6, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $2.80B$3.00B | −6.7% |
| Net Income | $797.00M$473.00M | +68.5% |
| EPS (Basic) | $1.22$0.71 | +71.8% |
| EPS (Diluted) | $1.21$0.71 | +70.4% |
| Shares Outstanding (Basic) | 654.04M652.66M | +0.2% |
| Shares Outstanding (Diluted) | 655.95M653.22M | +0.4% |
05—Questions
Frequently Asked Questions
What was Sempra's financial performance in the first half of 2026?
Sempra reported strong financial performance for the first six months of 2026. Earnings attributable to common shares reached $1.833 billion, a significant increase from $1.367 billion in the same period of 2025. This growth was driven by higher equity earnings from Oncor Holdings and improved results in the Sempra Infrastructure segment.
What are the key strategic initiatives Sempra is undertaking?
Sempra is progressing with its capital recycling strategy, notably the planned sale of a 45% equity interest in SI Partners, expected to close in the third quarter of 2026. Additionally, the company is selling Ecogas, with an expected closing in August 2026. These divestitures are part of Sempra's strategy to optimize its portfolio and allocate capital effectively.
How did regulatory matters impact SDG&E and SoCalGas?
SDG&E and SoCalGas are actively engaged in regulatory processes, including the 2024 General Rate Case (GRC) and Track 3 requests. While regulatory proceedings and settlements are ongoing, they are expected to influence future revenue requirements. Favorable impacts were noted from the retroactive application of the FERC-approved TO6 settlement for SDG&E, and for SoCalGas, the recovery of COVID-19 costs in 2025 had a significant impact on year-over-year earnings comparisons.
What is Sempra's outlook for capital expenditures?
Sempra anticipates total capital expenditures for property, plant, and equipment and investments to be approximately $11.3 billion for 2026. This figure is higher than previous estimates, primarily due to Sempra Infrastructure's project development and the revised timeline for the SI Partners sale, which will result in Sempra retaining a larger share of capital expenditures for a longer period in 2026.
06—Continue