SRESempra

Utilities · Gas Utilities · NYSE

We are a holding company whose principal businesses are regulated utilities in California and Texas. 10-K, Item 1

Headquarters: San Diego, CA
Next results: around Feb 25, 2027

RevenueFY2016–25 $13.7B+3.9% FY2024: $13.2B 10-K FY2025 · XBRL Net incomeFY2016–25 $1.8B−35.8% FY2024: $2.9B 10-K FY2025 · XBRL Free cash flowFY2016–25 −$6.0B FY2024: −$3.3B 10-K FY2025 · XBRL

What changed

10-K filed Feb 26, 2026 against Feb 25, 2025

Area	What changed	Source
Risk factors	38 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Critical audit matters changed	New this year: Tab le of Cont ents (“Our audit procedures related to the application of specialized rules to account for the effects of cost-based rate regulation and the uncertainty of future decisions by the Commissions included the following, among others:”)	10-K · XBRL
Accounting checks	10 other checks clear, 1 worth a look	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	2 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 26, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-25. Quoted as filed.

Our facilities and the systems that interconnect and/or manage them are subject to risks of, among other things: ▪shortages of or delays in obtaining equipment, materials, supplies, commodities or labor, which have been and may continue to be exacerbated by supply chain and gas transportation capacity constraints, tight labor markets,…
10-K, Item 1A

All 38 new paragraphs →

Accounting checks

latest 10-K

10 of 11 clear 1 worth a look. Checks, not verdicts.

!
Critical audit matters changedNew this year: Tab le of Cont ents (“Our audit procedures related to the application of specialized rules to account for the effects of cost-based rate regulation and the uncertainty of future decisions by the Commissions included the following, among others:”)
✓
Receivables -10.9% vs revenue +3.9% (-14.8 pts)
✓
Cash from operations $4.6B vs net income $1.8B (FY ending 2025-12-31)
✓
Inventory +0.4% vs revenue +3.9% (-3.6 pts)
✓
Same auditor in both 10-Ks: DELOITTE & TOUCHE LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Nov 5, 20268-K Quarterly results 8-K item 2.02
Nov 5, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026

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