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Sempra 8-K Report, Financial Results (May 7, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 7, 2026
Period End
May 7, 2026
Securities
SRESREA
In the record · 2016–202610-K1110-Q338-K215

SRE filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 215 current reports (8-K) between 2016 and 2026.

  1. Impairment8-K · Sep ’16Sep ’16
  2. Impairment8-K · Jun ’18Jun ’18
  3. Deal closed8-K · Jun ’20Jun ’20
  4. Leadership change8-K · Jun ’25Jun ’25

01—Abstract

Summary

Summary of the 8-K filed May 7, 2026. Cited figures are marked; the original filing is the authoritative source.

Sempra (NYSE: SRE) reported first-quarter 2026 GAAP earnings of $1.04 billiona, or $1.58 per diluted share, up from $906 million, or $1.39 per share, in the first quarter of 2025.

Adjusted earnings were $991 millionb, or $1.51 per diluted share, compared with $942 million, or $1.44 per share, a year earlier. The GAAP increase was helped by a $35 million tax benefit tied to classifying SI Partners and Ecogas as held for sale, plus higher equity earnings from Sempra Infrastructure and Sempra Texas Utilities. Segment earnings from Sempra Infrastructure rose to $262 million from $146 million, while Sempra California was roughly flat at $720 million.

Management updated its full-year 2026 GAAP EPS guidance to $4.87 to $5.37c, while affirming adjusted EPS guidance of $4.80 to $5.30 and 2027 adjusted EPS guidance of $5.10 to $5.70. The company also reaffirmed a 7% to 9% long-term EPS growth rate. Key developments include a PUCT order adopting Oncor's base rate settlement, with an annual revenue requirement of about $6.97 billion, a 9.75% allowed ROE, and a 56.5% debt / 43.5% equity capital structure.

Oncor will begin recognizing the accounting effects in the second quarter. The pending sales of a 45% stake in SI Partners to KKR-affiliated partners and of Ecogas are expected to close in the second or third quarter of 2026, with FERC, Hart-Scott-Rodino, and Mexican and Korean antitrust approvals already received for SI Partners. Balance-sheet and cash-flow metrics show operating cash flow of $1.81 billiond, up from $1.48 billion, and capital expenditures of about $2.5 billion for property, plant and equipment plus $0.9 billion for investments.

Long-term debt rose to $30.8 billion from $29.0 billion at year-end 2025, and short-term debt fell to $3.7 billion. Cash increased to $794 million from $29 million. Investors should weigh the strong earnings and guidance affirmation against the rising debt load and the reliance on completing the asset sales, whose tax and gain effects can still change before closing.

02—Key points

Key Highlights

  1. GAAP EPS of $1.58 versus $1.39 a year ago; adjusted EPS of $1.51 versus $1.44, a 5% year-over-year increase.
  2. FY2026 GAAP EPS guidance raised to $4.87–$5.37; adjusted EPS guidance of $4.80–$5.30 and 2027 guidance of $5.10–$5.70 affirmed.
  3. Oncor base rate order from PUCT: ~$6.97B annual revenue requirement, 9.75% ROE, 56.5% debt / 43.5% equity, with retroactive surcharge to January 1, 2026.
  4. Sempra Infrastructure segment earnings nearly doubled to $262 million from $146 million, helped by higher equity earnings.
  5. Pending sale of 45% of SI Partners to KKR-affiliated partners and sale of Ecogas expected to close in Q2 or Q3 2026, described as accretive.
  6. Record five-year 2026–2030 capital plan of about $65 billion, with 95% directed to Texas and California utilities; Q1 capital deployed of $3.0 billion.
  7. Total debt rose meaningfully, with long-term debt up to $30.8B from $29.0B, while cash increased to $794 million from $29 million.

03—Questions

Frequently Asked Questions

  1. Why is GAAP EPS guidance higher than adjusted EPS guidance for 2026?

    The GAAP range ($4.87–$5.37) sits about $0.05 above the adjusted range ($4.80–$5.30) mainly because of the $35 million tax benefit from classifying SI Partners and Ecogas as held for sale, which is partially offset by small mark-to-market and Mexico currency items. Those items can change until the sales close, so the gap may move.

  2. What does the Oncor base rate order mean for Sempra's earnings?

    The PUCT approved a 9.75% ROE and a 56.5% debt capital structure with an annual revenue requirement of about $6.97 billion. Oncor can surcharge the difference back to January 1, 2026, and will start recognizing the accounting impact in Q2 2026. This should support earnings from Sempra Texas Utilities, which reported $171 million in Q1 earnings, up from $146 million.

  3. Are the SI Partners and Ecogas sales on track?

    Sempra expects both transactions to close in the second or third quarter of 2026. For SI Partners, FERC, Hart-Scott-Rodino, and antitrust approvals in Mexico and Korea have been received. Closing remains subject to customary conditions, and the purchase price is subject to adjustments. Management says the sales together are expected to be accretive.

  4. How is Sempra funding its large capital plan, and what does it mean for leverage?

    Q1 operating cash flow of $1.81 billion covered part of about $3.3 billion in investing outflows, with the balance funded by net debt issuance. Long-term debt rose about $1.9 billion in the quarter. Investors should watch leverage as the $65 billion five-year plan proceeds, though asset-sale proceeds and dividends from Oncor help offset this.

04—Continue

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