Media Contact: Patrick Reynolds
Media Contact: Patrick Reynolds Sempra (877) 340-8875 media@sempra.com Financial Contact: Eric Llamas Sempra (877) 736-7727 investor@sempra.com
SAN DIEGO, Nov. 5, 2026 — Sempra (NYSE: SRE) today reported third-quarter 2026 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $877 million or $1.34 per diluted share, compared to third-quarter 2025 GAAP earnings of $77 million or $0.12 per diluted share. On an adjusted basis, third-quarter 2026 earnings were $917 million or $1.40 per diluted share, compared to $728 million or $1.11 per diluted share in 2025.
“Our year-to-date results reflect disciplined execution across the company and continued progress on our 2026 value creation initiatives,” said Jeffrey W. Martin, chairman and CEO of Sempra. “As a next step, we look forward to completing the planned sale of an equity stake in Sempra Infrastructure Partners, with a view toward supporting strong growth in our Texas and California utilities and strengthening our financial position.”
Sempra’s GAAP earnings for the first nine months of 2026 were $2.710 billion, or $4.13 per diluted share, compared with GAAP earnings of $1.444 billion, or $2.21 per diluted share, in the first nine months of 2025. Adjusted earnings for the first nine months of 2026 were $2.670 billion, or $4.07 per diluted share, compared to $2.253 billion, or $3.45 per diluted share, in the first nine months of 2025.
The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for third-quarter 2026 and 2025.
During the third quarter, Sempra continued executing a series of value creation initiatives that advance its mission to build America’s leading utility growth business. In the first nine months of 2026, Sempra’s businesses invested approximately $10 billion in capital to support safe and reliable energy for the communities they serve. These investments support the continued growth and modernization of regulated utility infrastructure across Texas and California, helping meet increasing customer demand and strengthening system resilience.
Rising demand across Texas is creating a growing pipeline of regulated infrastructure investment opportunities. Oncor Electric Delivery Company LLC (Oncor) currently projects its 2027-2031 base capital plan to increase by approximately 20% relative to its 2026-2030 base capital plan. The increase is driven by a broad portfolio of investments necessary to maintain reliability and support continued load growth across the Electric Reliability Council of Texas (ERCOT) market. Sempra expects to finalize and announce its 2027-2031 capital plan on the fourth quarter earnings call next year in February.
The transaction to sell a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR remains on track and is expected to close in the next two weeks. Sempra Infrastructure Partners also completed the sale of
Ecogas México, S. de R.L. de C.V. in August. These transactions further Sempra’s capital recycling program with a view toward simplifying the company’s business model, strengthening its financial position and supporting long-term utility growth in Texas and California.
Texas continues to experience strong economic growth, which is driving new investment opportunities at Oncor. During the quarter, Oncor set a new all-time system peak demand record of 33.3 gigawatts (GW), a 6% increase from the prior- year’s record of 31.4 GW, underscoring the strong growth in electric demand across its service territory.
In the third quarter, Oncor achieved significant regulatory milestones associated with the development of the Permian Basin Reliability Plan (PBRP). Oncor has submitted Certificates of Convenience and Necessity for 765-kV transmission projects that comprise Import Path 1 and Import Path 2 of the PBRP. In August, the Public Utility Commission of Texas (PUCT) approved both segments of Import Path 1 supporting timely development of transmission infrastructure identified through ERCOT’s planning process while helping address the region’s critical reliability needs. That approval is subject to motions for rehearing, which have been filed, as well as appeals.
In addition, Oncor has received conditional classification from ERCOT of customer loads submitted as part of ERCOT’s Batch Zero process. Within Oncor’s footprint, approximately 24 GW of large load has been classified as base load including 10 GW of already energized load, and 21 GW as studied load. The projects reflect significant customer commitment through financial security, site control and other ERCOT qualification requirements, reinforcing the substantial demand for new infrastructure investment across Oncor’s service territory.
In California, Sempra’s utilities continue to focus on safety and reliability while improving affordability of services and working with state leaders and stakeholders to develop durable solutions that protect customers impacted by wildfires, strengthen the state’s wildfire framework and support continued investment in more resilient energy systems.
During the quarter, San Diego Gas & Electric (SDGE) reached a new all-time peak net system energy demand of 5.2 GW during one of the region’s most demanding periods for the electric system in more than a decade. Years of investment and preparation have strengthened SDGE’s ability to serve customers, and this historic demand highlights the essential role that a reliable electric grid plays in supporting the health, safety and daily needs of communities during extreme weather.
Against that backdrop, Sempra’s California utilities continued to advance investments in the third quarter that modernize critical infrastructure and help enhance customer benefits. Recent milestones include commencement of construction on compressor station modernization projects at Southern California Gas Company (SoCalGas) and SDGE, which aim to strengthen reliability and operational performance while reducing air pollutant
emissions. SoCalGas also launched a new customer information system designed to improve service, expand digital capabilities and support evolving customer and regulatory needs.
On October 29, the California Public Utilities Commission issued a proposed decision denying SoCalGas and SDGE’s request to correct the 2024 General Rate Case capital attrition mechanism to reflect appropriate post-test-year capital revenue requirement for 2027. Sempra California continues to pursue other available regulatory avenues with respect to the proposed decision. However, if not successful in this matter, Sempra California expects its 2027 earnings to be at the low end of its segment guidance range, unless otherwise mitigated through various business initiatives.
Sempra is updating its full-year 2026 GAAP earnings-per-common share (EPS) guidance range to $7.41 to $8.41, reflecting strong results through the third quarter, guiding to the high end of its 2026 adjusted EPS guidance range of $4.80 to $5.30 and affirming its 2027 EPS guidance range of $5.10 to $5.70. As described above in the Sempra California discussion, certain pending regulatory outcomes could cause Sempra to be in the lower half of its 2027 EPS guidance range, unless otherwise mitigated. Sempra is also affirming a 7% to 9% projected long‑term EPS growth rate.
Non-GAAP financial measures include Sempra’s adjusted earnings, adjusted EPS and adjusted EPS guidance range. See Table A for additional information regarding these non-GAAP financial measures.
Sempra will broadcast a live discussion of its earnings results over the internet today at 12 p.m. ET with the company’s senior management. Access is available by visiting the Investors section of the company’s website at sempra.com/investors. The webcast will be available on replay a few hours after its conclusion at sempra.com/investors.
Sempra’s mission is to build America’s leading utility growth business. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving energy resilience in California and Texas, the two largest economies in the U.S. The company is recognized as a leader in responsible business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra’s inclusion in The Wall Street Journal’s Management Top 250 and Fortune’s World’s Most Admired Companies. More information about Sempra is available at sempra.com, including investor.sempra.com/corporate-updates which contains important information for investors, and on social media @sempra.
We use the investor.sempra.com/corporate-updates webpage as a means of disclosing important information to investors, some of which may be material, and complying with our disclosure obligations under SEC Regulation FD. The information on this webpage is supplemental to the information we disseminate to investors through
other channels, including filings with the SEC, press releases, and public conference calls and webcasts, and investors should monitor all these sources for material information about us. ### This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.
Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault, any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054 and the wildfire fund continuation account established by California Senate Bill 254, rates from customers or a combination thereof, and the absence of legislative reform regarding wildfire liabilities; decisions, disallowances or denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, legislative actions, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) Comisión Nacional de Energía, California Public Utilities Commission (CPUC), U.S. Department of Energy, Electric Reliability Council of Texas, Inc., U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service, Public Utility Commission of Texas and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions, such as the planned sale of a portion of our equity interest in Sempra Infrastructure Partners, including risks related to, as applicable, (i) being able to reach a positive final investment decision, (ii) negotiating pricing and other terms in definitive contracts, (iii) completing construction projects or other transactions on schedule and budget, (iv) realizing anticipated benefits from any of these efforts if completed, (v) obtaining regulatory and other approvals and (vi) third parties honoring their contracts and commitments, including with respect to closing or post-closing payments; changes to our capital expenditure plans and their potential impact on rate base or other growth; changes, due to evolving economic, political and other factors and increasing geopolitical instability as a result of wars or other conflicts in various parts of the world, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries (and uncertainty related to the implementation and enforceability thereof), and (ii) laws and regulations, including those related to tax and the energy industry in the U.S. and Mexico; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by nation-state actors, of ransomware or other attacks on our systems, the energy grid or our other infrastructure, or the systems of third parties with which we conduct business; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact of efforts to increase affordability of U.S. utility customer rates on our ability to obtain cost recovery from applicable regulators, our capital expenditure and other growth plans and our ability to advance statewide policies; the impact on affordability of customer rates, cost of capital and operating margin due to (i) volatility in inflation, interest rates, commodity prices, tariff rates, and foreign currency exchange rates and (ii) with respect to SDG&E’s and SoCalGas’ businesses, the cost of meeting the demand for lower carbon and reliable energy in California; the impact of air quality and climate- related policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability and reliability of electric power, natural gas and natural gas storage and transportation capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; Oncor Electric Delivery Company LLC’s (Oncor) ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor’s independent directors or a minority member director; and other uncertainties, some of which are difficult to predict and beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra’s website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra Infrastructure Partners and its subsidiaries, and the Sempra Texas utilities (Oncor and Sharyland Utilities) are not the same companies as the Sempra California utilities, SDG&E or SoCalGas, nor are they regulated by the California Public Utilities Commission (CPUC).
None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.
RECONCILIATION OF SEMPRA ADJUSTED EARNINGS AND ADJUSTED EPS TO SEMPRA GAAP EARNINGS AND GAAP EPS
Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2026 and 2025 as follows:
▪ $(149) million charge at Sempra California from regulatory disallowances, net of adjustments, related to prior years and resulting from the California Public Utilities Commission’s proposed decisions on the 2024 General Rate Case Track 3 request (Track 3 PD) and Transmission Integrity Management Program application (TIMP PD), as follows:
▪ $65 million impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives
▪ $16 million net unrealized gains on interest rate swaps related to the initial phase of the Port Arthur LNG liquefaction project (PA LNG Phase 1 project)
▪ $(2) million net income tax expense as a result of classifying Sempra Infrastructure Partners, LP (SI Partners) and Ecogas México, S. de R.L. de C.V. (Ecogas) as held for sale:
◦ $(11) million income tax expense related to a Mexican deferred tax liability on our outside basis difference in our investment in Ecogas
◦ $9 million income tax benefit to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners, which such amount could change in future periods until the date of the sale
▪ $97 million gain on sale of Ecogas, excluding the effects of foreign currency hedges and subject to post-closing adjustments
▪ $(32) million impact from foreign currency and inflation on our monetary positions in Mexico
▪ $(1) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 project
▪ $(514) million net income tax expense as a result of classifying SI Partners as held for sale:
◦ $(705) million income tax expense to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners
◦ $191 million net income tax benefit from changes to a valuation allowance against certain tax credit carryforwards offset by changes in state income tax apportionment
▪ $(78) million income tax expense from changes to a valuation allowance against foreign tax credits that were carried forward from the implementation of the Tax Cut and Jobs Act of 2017 (TCJA)
▪ $(149) million charge at Sempra California from regulatory disallowances, net of adjustments, related to prior years and resulting from the Track 3 PD and TIMP PD, as follows:
▪ $13 million impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives
▪ $8 million net unrealized gains on interest rate swaps related to the PA LNG Phase 1 project
▪ $53 million net income tax benefit as a result of classifying SI Partners and Ecogas as held for sale:
◦ $63 million income tax benefit to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners, which such amount could change in future periods until the date of the sale
◦ $(10) million income tax expense related to a Mexican deferred tax liability on our outside basis difference in our investment in Ecogas
▪ $97 million gain on sale of Ecogas, excluding the effects of foreign currency hedges and subject to post-closing adjustments
▪ $(25) million impact from regulatory disallowances related to the recovery of coronavirus disease 2019 costs at Sempra California
▪ $(121) million impact from foreign currency and inflation on our monetary positions in Mexico
▪ $(9) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 project
▪ $(540) million net income tax expense as a result of classifying SI Partners and Ecogas as held for sale:
◦ $(705) million income tax expense to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners
◦ $(26) million income tax expense due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas
◦ $191 million net income tax benefit from changes to a valuation allowance against certain tax credit carryforwards offset by changes in state income tax apportionment
▪ $(78) million income tax expense from changes to a valuation allowance against foreign tax credits that were carried forward from the implementation of the TCJA
Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial measures (GAAP represents generally accepted accounting principles in the United States of America). These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities and/or are infrequent in nature. These non-GAAP financial measures also exclude the impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives and net unrealized gains and losses on commodity and interest rate derivatives, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra’s business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.
The table below reconciles Sempra Adjusted Earnings and Adjusted EPS to Sempra GAAP Earnings and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
(1) Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates.
Sempra 2026 Adjusted EPS Guidance is a non-GAAP financial measure. This non-GAAP financial measure excludes significant items that are generally not related to our ongoing business activities and/or infrequent in nature. This non-GAAP financial measure also excludes the impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives and net unrealized gains and losses on commodity and interest rate derivatives for the nine months ended September 30, 2026, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra’s business operations to prior and future periods. Sempra 2026 Adjusted EPS Guidance Range should not be considered an alternative to Sempra 2026 GAAP EPS Guidance Range. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.
RECONCILIATION OF SEMPRA 2026 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2026 GAAP EPS GUIDANCE RANGE
Sempra 2026 Adjusted EPS Guidance Range of $4.80 to $5.30 excludes items (after the effects of income taxes and, if applicable, NCI) for the nine months ended September 30, 2026 as follows:
▪ $(149) million charge at Sempra California from regulatory disallowances, net of adjustments, related to prior years and resulting from the Track 3 PD and TIMP PD, as follows:
▪ $13 million impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives
▪ $8 million net unrealized gains on interest rate swaps related to the PA LNG Phase 1 project
▪ $53 million net income tax benefit as a result of classifying SI Partners and Ecogas as held for sale:
◦ $63 million income tax benefit to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners, which such amount could change in future periods until the date of the sale
◦ $(10) million income tax expense related to a Mexican deferred tax liability on our outside basis difference in our investment in Ecogas
▪ $97 million gain on sale of Ecogas, excluding the effects of foreign currency hedges and subject to post-closing adjustments
▪ estimated gain on sale of SI Partners ranging from $2.00 billion to $2.40 billion, subject to post-closing adjustments, which we expect to complete in November 2026
▪ estimated ancillary costs ranging from $325 million to $400 million that are associated with the sale of SI Partners
The table below reconciles Sempra 2026 Adjusted EPS Guidance Range to Sempra 2026 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.
RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE RANGE Full-Year 2026 ────────────────────────────────────────────────────────────────────────────── Sempra GAAP EPS Guidance Range $ 7.41 to $ 8.41 Excluded items: Impact from regulatory disallowances, 0.23 0.23 net Impact from foreign currency and inflation on monetary positions in -0.02 -0.02 Mexico and associated undesignated derivatives Net unrealized gains on commodity -0.03 -0.03 derivatives Net unrealized gains on interest rate -0.01 -0.01 swaps related to PA LNG Phase 1 project Tax items related to assets held for -0.08 -0.08 sale Gain on sale of Ecogas -0.15 -0.15 Estimated gain on sale of SI -3.05 -3.66 Partners Estimated ancillary costs associated 0.50 0.61 with the sale of SI Partners Sempra Adjusted EPS Guidance $ 4.80 to $ 5.30 Range Weighted-average common shares 655 outstanding, diluted (millions)
SEMPRA Table B CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) ASSETS September 30, December 31, Current assets: 2026 2025(1) ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 34 $ 29 Restricted cash 2 2 Accounts receivable – 1,573 1,767 trade, net Accounts receivable – 178 157 other, net Due from unconsolidated 53 — affiliates Income taxes receivable 236 71 Inventories 531 561 Regulatory assets 589 761 Greenhouse gas allowances 202 203 Assets held for sale 33,552 31,024 Other current assets 368 262 Total current assets 37,318 34,837 Other assets: Regulatory assets 4,241 3,868 Greenhouse gas allowances 1,614 1,221 Nuclear decommissioning 891 899 trusts Dedicated assets in support of certain 609 605 benefit plans Deferred income taxes 10 10 Right-of-use assets – 1,239 1,262 operating leases Investment in Oncor 20,010 17,472 Holdings Other investments 152 147 Wildfire fund 226 246 Other long-term assets 1,230 1,300 Total other assets 30,222 27,030 Property, plant and 50,484 49,011 equipment, net Total assets $ 118,024 $ 110,878
SEMPRA Table B (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY September 30, December 31, Current liabilities: 2026 2025(1) ────────────────────────────────────────────────────────────────────────────── Short-term debt $ 4,438 $ 4,166 Accounts payable – trade 1,318 1,461 Accounts payable – other 190 203 Due to unconsolidated — 8 affiliates Dividends and interest 927 770 payable Accrued compensation and 475 521 benefits Regulatory liabilities 29 3 Current portion of long-term debt and 1,528 1,876 finance leases Greenhouse gas 202 203 obligations Liabilities held for sale 13,118 11,704 Other current liabilities 984 979 Total current liabilities 23,209 21,894 Long-term debt and 31,508 28,979 finance leases Deferred credits and other liabilities: Regulatory liabilities 4,464 4,250 Greenhouse gas 1,301 957 obligations Pension and other postretirement benefit 105 124 plan obligations, net of plan assets Deferred income taxes 6,555 6,127 Asset retirement 3,876 3,743 obligations Deferred credits and 2,830 2,805 other Total deferred credits and other 19,131 18,006 liabilities Contingently redeemable noncontrolling 3,392 3,206 interest Equity: Sempra shareholders’ 33,327 31,594 equity Preferred stock of — 20 subsidiary Other noncontrolling 7,457 7,179 interests Total equity 40,784 38,793 Total liabilities, contingently redeemable noncontrolling $ 118,024 $ 110,878 interest, and equity
SEMPRA Table C CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in millions) Nine months ended CASH FLOWS FROM September 30, OPERATING ACTIVITIES 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 3,206 $ 1,588 Adjustments to reconcile net income to net cash provided by 383 1,593 operating activities Net change in working 60 -745 capital components Distributions from 1,079 828 investments Changes in other noncurrent assets and -48 112 liabilities, net Net cash provided by operating 4,680 3,376 activities CASH FLOWS FROM INVESTING ACTIVITIES Expenditures for property, plant and -7,327 -7,201 equipment Expenditures for -2,095 -1,492 investments Proceeds from sales, net of transaction 535 — costs and cash sold Purchases of nuclear decommissioning and -914 -746 other trust assets Proceeds from sales of nuclear 942 831 decommissioning and other trust assets Advances to unconsolidated -30 — affiliates Other -17 3 Net cash used in -8,906 -8,605 investing activities CASH FLOWS FROM FINANCING ACTIVITIES Common dividends -1,245 -1,195 Preferred deemed -6 — dividends of subsidiary Preferred dividends — -22 Preferred dividends of -1 -1 subsidiary Issuances of common 37 26 stock, net Repurchases of common -21 -58 stock Issuances of debt (maturities greater 11,178 8,892 than 90 days) Payments on debt (maturities greater -6,891 -4,142 than 90 days) and finance leases Decrease in short-term -328 -170 debt, net Advances from unconsolidated 140 96 affiliates Contributions from contingently redeemable — 3,212 noncontrolling interest, net of transaction costs Proceeds from investor equity — 106 subscription Purchase of -20 — noncontrolling interest Contributions from noncontrolling 97 137 interests Distributions to noncontrolling -206 -131 interests Termination of interest rate swaps, net 96 — of transaction costs Other -54 -89 Net cash provided by financing 2,776 6,661 activities Effect of exchange rate changes on cash, 2 4 cash equivalents and restricted cash (Decrease) increase in cash, cash -1,448 1,436 equivalents and restricted cash Cash, cash equivalents and restricted 3,552 1,589 cash, January 1 Cash, cash equivalents and restricted $ 2,104 $ 3,025 cash, September 30
(1) All projects in progress and future projects are subject to a number of risks and uncertainties. Sempra’s Capital Plan and expectations regarding potential increases to its capital requirements are based on a number of assumptions, the failure of which to be accurate could materially impact Sempra’s actual Capital Plan. Sempra’s Capital Plan assumes Sempra’s 70% consolidated ownership of SI Partners for the first three months of 2026 and 25% ownership thereafter, which represents Sempra’s remaining interest under the equity method upon completion of the sale of a 45% equity interest in SI Partners. Sempra’s Capital Plan is considered by management to be an operating measure.
(2) Represents Sempra’s projected future capital contributions to unconsolidated equity method investees.
(3) Represents Sempra’s proportionate ownership interest in projected capital expenditures at unconsolidated equity method investees.
(4) Represents NCI’s proportionate ownership interest in projected capital expenditures at Sempra and at unconsolidated equity method investees.
Total Sempra SEMPRA'S CAPITAL DEPLOYED Nine months ended September 30, (Dollars in billions) 2026 ────────────────────────────────────────────────────────────────────────────── Capital expenditures for PP&E and $ 9.4 investments – GAAP Capital expenditures to unconsolidated -2.1 entities(1) Capital expenditures at unconsolidated 5.0 entities(2) Capital expenditures attributable to NCI -2.7 owners(3) Capital deployed $ 9.6
(1) Represents Sempra’s actual capital contributions to unconsolidated equity method investees.
(2) Represents Sempra’s proportionate ownership interest in actual capital expenditures at unconsolidated equity method investees.
(3) Represents NCI’s proportionate ownership interest in actual capital expenditures at Sempra and at unconsolidated equity method investees.
(2) Includes 100% of the electric deliveries and customer meters of Oncor, in which we hold an 80.25% interest through our investment in Oncor Electric Delivery Holdings Company LLC.
(1) Substantially all earnings attributable to common shares are from equity earnings.
(2) Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.
(3) Includes cost of natural gas, cost of electric fuel and purchased power, regulatory disallowances, net, franchise fees and other taxes, other income (expense), net, and preferred deemed dividends for Sempra California; operation and maintenance (O&M) and income tax benefit (expense) for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure.
(1) Substantially all earnings attributable to common shares are from equity earnings.
(2) Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.
(3) Includes cost of natural gas, cost of electric fuel and purchased power, regulatory disallowances, net, franchise fees and other taxes, other income (expense), net, preferred deemed dividends, and preferred dividends for Sempra California; O&M, interest expense, and income tax benefit (expense) for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure.
Full text with the tables
Exhibit 99.1
NEWS RELEASE
Media Contact: Patrick Reynolds
Sempra
(877) 340-8875
media@sempra.com
Financial Contact: Eric Llamas
Sempra
(877) 736-7727
investor@sempra.com
Sempra Reports Strong Third-Quarter
2026 Results
•
Advancing 2026 Value Creation Initiatives
•
Updating 2026 GAAP EPS guidance range
• Guiding to high-end of 2026 adjusted EPS guidance range
• Announcing expected 20% increase to Oncor’s base capital plan
SAN DIEGO, Nov. 5, 2026 — Sempra (NYSE: SRE) today reported third-quarter 2026
earnings, prepared in accordance with Generally Accepted Accounting Principles
(GAAP), of $877 million or $1.34 per diluted share, compared to third-quarter
2025 GAAP earnings of $77 million or $0.12 per diluted share. On an adjusted
basis, third-quarter 2026 earnings were $917 million or $1.40 per diluted share,
compared to $728 million or $1.11 per diluted share in 2025.
“Our year-to-date results reflect disciplined execution across the company and
continued progress on our 2026 value creation initiatives,” said Jeffrey W.
Martin, chairman and CEO of Sempra. “As a next step, we look forward to
completing the planned sale of an equity stake in Sempra Infrastructure
Partners, with a view toward supporting strong growth in our Texas and
California utilities and strengthening our financial position.”
Sempra’s GAAP earnings for the first nine months of 2026 were $2.710 billion, or
$4.13 per diluted share, compared with GAAP earnings of $1.444 billion, or $2.21
per diluted share, in the first nine months of 2025. Adjusted earnings for the
first nine months of 2026 were $2.670 billion, or $4.07 per diluted share,
compared to $2.253 billion, or $3.45 per diluted share, in the first nine months
of 2025.
The reported financial results reflect certain significant items as described on
an after-tax basis in the following table of GAAP earnings, reconciled to
adjusted earnings, for third-quarter 2026 and 2025.
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as…
un…
de…
Net
un…
lo… 67 26 -18 36
(g…
on
de…
Net
un…
(g…
lo…
on
in…
ra…
sw… -16 1 -8 9
re…
to
Po…
Ar…
LNG
Ph…
1
pr…
Tax
it…
re…
to 2 514 -53 540
as…
he…
for
sa…
Ga…
on
sa… -97 — -97 —
of
Ec…
Im…
fr…
fo…
tax
cr… — 78 — 78
va…
al…
re…
to
TC…
Ad… $ 917 $ 728 $ 2,6… $ 2,…
Ea…
Di…
We…
Co… 656 654 656 653
Sh…
Ou…
GA… $ 1.34 $ 0.12 $ 4.13 $ 2.…
EPS
Ad… $ 1.40 $ 1.11 $ 4.07 $ 3.…
EP…
(1) See Table A for information regarding non-GAAP financial measures.
Value Creation Initiatives and Capital Plan Update
During the third quarter, Sempra continued executing a series of value creation
initiatives that advance its mission to build America’s leading utility growth
business. In the first nine months of 2026, Sempra’s businesses invested
approximately $10 billion in capital to support safe and reliable energy for the
communities they serve. These investments support the continued growth and
modernization of regulated utility infrastructure across Texas and California,
helping meet increasing customer demand and strengthening system resilience.
Rising demand across Texas is creating a growing pipeline of regulated
infrastructure investment opportunities. Oncor Electric Delivery Company LLC
(Oncor) currently projects its 2027-2031 base capital plan to increase by
approximately 20% relative to its 2026-2030 base capital plan. The increase is
driven by a broad portfolio of investments necessary to maintain reliability and
support continued load growth across the Electric Reliability Council of Texas
(ERCOT) market. Sempra expects to finalize and announce its 2027-2031 capital
plan on the fourth quarter earnings call next year in February.
The transaction to sell a 45% equity interest in Sempra Infrastructure Partners
to affiliates of KKR remains on track and is expected to close in the next two
weeks. Sempra Infrastructure Partners also completed the sale of
Ecogas México, S. de R.L. de C.V. in August. These transactions further Sempra’s
capital recycling program with a view toward simplifying the company’s business
model, strengthening its financial position and supporting long-term utility
growth in Texas and California.
Sempra Texas
Texas continues to experience strong economic growth, which is driving new
investment opportunities at Oncor. During the quarter, Oncor set a new all-time
system peak demand record of 33.3 gigawatts (GW), a 6% increase from the prior-
year’s record of 31.4 GW, underscoring the strong growth in electric demand
across its service territory.
In the third quarter, Oncor achieved significant regulatory milestones
associated with the development of the Permian Basin Reliability Plan (PBRP).
Oncor has submitted Certificates of Convenience and Necessity for 765-kV
transmission projects that comprise Import Path 1 and Import Path 2 of the PBRP.
In August, the Public Utility Commission of Texas (PUCT) approved both segments
of Import Path 1 supporting timely development of transmission infrastructure
identified through ERCOT’s planning process while helping address the region’s
critical reliability needs. That approval is subject to motions for rehearing,
which have been filed, as well as appeals.
In addition, Oncor has received conditional classification from ERCOT of
customer loads submitted as part of ERCOT’s Batch Zero process. Within Oncor’s
footprint, approximately 24 GW of large load has been classified as base load
including 10 GW of already energized load, and 21 GW as studied load. The
projects reflect significant customer commitment through financial security,
site control and other ERCOT qualification requirements, reinforcing the
substantial demand for new infrastructure investment across Oncor’s service
territory.
Sempra California
In California, Sempra’s utilities continue to focus on safety and reliability
while improving affordability of services and working with state leaders and
stakeholders to develop durable solutions that protect customers impacted by
wildfires, strengthen the state’s wildfire framework and support continued
investment in more resilient energy systems.
During the quarter, San Diego Gas & Electric (SDGE) reached a new all-time peak
net system energy demand of 5.2 GW during one of the region’s most demanding
periods for the electric system in more than a decade. Years of investment and
preparation have strengthened SDGE’s ability to serve customers, and this
historic demand highlights the essential role that a reliable electric grid
plays in supporting the health, safety and daily needs of communities during
extreme weather.
Against that backdrop, Sempra’s California utilities continued to advance
investments in the third quarter that modernize critical infrastructure and help
enhance customer benefits. Recent milestones include commencement of
construction on compressor station modernization projects at Southern California
Gas Company (SoCalGas) and SDGE, which aim to strengthen reliability and
operational performance while reducing air pollutant
emissions. SoCalGas also launched a new customer information system designed to
improve service, expand digital capabilities and support evolving customer and
regulatory needs.
On October 29, the California Public Utilities Commission issued a proposed
decision denying SoCalGas and SDGE’s request to correct the 2024 General Rate
Case capital attrition mechanism to reflect appropriate post-test-year capital
revenue requirement for 2027. Sempra California continues to pursue other
available regulatory avenues with respect to the proposed decision. However, if
not successful in this matter, Sempra California expects its 2027 earnings to be
at the low end of its segment guidance range, unless otherwise mitigated through
various business initiatives.
Earnings Guidance
Sempra is updating its full-year 2026 GAAP earnings-per-common share (EPS)
guidance range to $7.41 to $8.41, reflecting strong results through the third
quarter, guiding to the high end of its 2026 adjusted EPS guidance range of
$4.80 to $5.30 and affirming its 2027 EPS guidance range of $5.10 to $5.70. As
described above in the Sempra California discussion, certain pending regulatory
outcomes could cause Sempra to be in the lower half of its 2027 EPS guidance
range, unless otherwise mitigated. Sempra is also affirming a 7% to 9% projected
long‑term EPS growth rate.
Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra’s adjusted earnings, adjusted EPS and
adjusted EPS guidance range. See Table A for additional information regarding
these non-GAAP financial measures.
Internet Broadcast
Sempra will broadcast a live discussion of its earnings results over the
internet today at 12 p.m. ET with the company’s senior management. Access is
available by visiting the Investors section of the company’s website at
sempra.com/investors. The webcast will be available on replay a few hours after
its conclusion at sempra.com/investors.
About Sempra
Sempra’s mission is to build America’s leading utility growth business. As owner
of one of the largest energy networks on the continent, Sempra is electrifying
and improving energy resilience in California and Texas, the two largest
economies in the U.S. The company is recognized as a leader in responsible
business practices and for its high-performance culture focused on safety and
operational excellence, as demonstrated by Sempra’s inclusion in The Wall Street
Journal’s Management Top 250 and Fortune’s World’s Most Admired Companies. More
information about Sempra is available at sempra.com, including
investor.sempra.com/corporate-updates which contains important information for
investors, and on social media @sempra.
We use the investor.sempra.com/corporate-updates webpage as a means of
disclosing important information to investors, some of which may be material,
and complying with our disclosure obligations under SEC Regulation FD. The
information on this webpage is supplemental to the information we disseminate to
investors through
other channels, including filings with the SEC, press releases, and public
conference calls and webcasts, and investors should monitor all these sources
for material information about us.
###
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements are
based on assumptions about the future, involve risks and uncertainties, and are
not guarantees. Future results may differ materially from those expressed or
implied in any forward-looking statement. These forward-looking statements
represent our estimates and assumptions only as of the date of this press
release. We assume no obligation to update or revise any forward-looking
statement as a result of new information, future events or otherwise.
In this press release, forward-looking statements can be identified by words
such as “believe,” “expect,” “intend,” “anticipate,” “contemplate,” “plan,”
“estimate,” “project,” “forecast,” “envision,” “should,” “could,” “would,”
“will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in
process,” “construct,” “develop,” “opportunity,” “preliminary,” “pro forma,”
“strategic,” “initiative,” “target,” “outlook,” “optimistic,” “poised,”
“positioned,” “maintain,” “continue,” “progress,” “advance,” “goal,” “aim,”
“commit,” or similar expressions, or when we discuss our guidance, priorities,
strategies, goals, vision, mission, projections, intentions or expectations.
Factors, among others, that could cause actual results and events to differ
materially from those expressed or implied in any forward-looking statement
include: California wildfires, including potential liability for damages
regardless of fault, any inability to recover all or a substantial portion of
costs from insurance, the wildfire fund established by California Assembly Bill
1054 and the wildfire fund continuation account established by California Senate
Bill 254, rates from customers or a combination thereof, and the absence of
legislative reform regarding wildfire liabilities; decisions, disallowances or
denials of cost recovery, audits, investigations, inquiries, ordered studies,
regulations, legislative actions, denials or revocations of permits, consents,
approvals or other authorizations, renewals of franchises, and other actions,
including the failure to honor contracts and commitments, by the (i) Comisión
Nacional de Energía, California Public Utilities Commission (CPUC), U.S.
Department of Energy, Electric Reliability Council of Texas, Inc., U.S. Federal
Energy Regulatory Commission, U.S. Internal Revenue Service, Public Utility
Commission of Texas and other regulatory bodies and (ii) U.S., Mexico and
states, counties, cities and other jurisdictions therein and in other countries
where we do business; the success of business development efforts, construction
projects, acquisitions, divestitures, and other significant transactions, such
as the planned sale of a portion of our equity interest in Sempra Infrastructure
Partners, including risks related to, as applicable, (i) being able to reach a
positive final investment decision, (ii) negotiating pricing and other terms in
definitive contracts, (iii) completing construction projects or other
transactions on schedule and budget, (iv) realizing anticipated benefits from
any of these efforts if completed, (v) obtaining regulatory and other approvals
and (vi) third parties honoring their contracts and commitments, including with
respect to closing or post-closing payments; changes to our capital expenditure
plans and their potential impact on rate base or other growth; changes, due to
evolving economic, political and other factors and increasing geopolitical
instability as a result of wars or other conflicts in various parts of the
world, to (i) trade and other foreign policy, including the imposition of
tariffs by the U.S. and foreign countries (and uncertainty related to the
implementation and enforceability thereof), and (ii) laws and regulations,
including those related to tax and the energy industry in the U.S. and Mexico;
litigation, arbitration, property disputes and other proceedings; cybersecurity
threats, including by nation-state actors, of ransomware or other attacks on our
systems, the energy grid or our other infrastructure, or the systems of third
parties with which we conduct business; the availability, uses, sufficiency, and
cost of capital resources and our ability to borrow money or otherwise raise
capital on favorable terms and meet our obligations, which can be affected by,
among other things, (i) actions by credit rating agencies to downgrade our
credit ratings or place those ratings on negative outlook, (ii) instability in
the capital markets, and (iii) fluctuating interest rates and inflation; the
impact of efforts to increase affordability of U.S. utility customer rates on
our ability to obtain cost recovery from applicable regulators, our capital
expenditure and other growth plans and our ability to advance statewide
policies; the impact on affordability of customer rates, cost of capital and
operating margin due to (i) volatility in inflation, interest rates, commodity
prices, tariff rates, and foreign currency exchange rates and (ii) with respect
to SDG&E’s and SoCalGas’ businesses, the cost of meeting the demand for lower
carbon and reliable energy in California; the impact of air quality and climate-
related policies, laws, rules, regulations, trends and required disclosures,
including actions to reduce or eliminate reliance on natural gas, increased
uncertainty in the political or regulatory environment for California natural
gas distribution companies, the risk of nonrecovery for stranded assets, and
uncertainty related to emerging technologies; weather, natural disasters,
pandemics, accidents, equipment failures, explosions, terrorism, information
system outages or other events, such as work stoppages, that disrupt our
operations, damage our facilities or systems, cause the release of harmful
materials or fires or subject us to liability for damages, fines and penalties,
some of which may not be recoverable through regulatory mechanisms or insurance
or may impact our ability to obtain satisfactory levels of affordable insurance;
the availability and reliability of electric power, natural gas and natural gas
storage and transportation capacity, including disruptions caused by failures in
the transmission grid or pipeline and storage systems or limitations on the
injection and withdrawal of natural gas from storage facilities; Oncor Electric
Delivery Company LLC’s (Oncor) ability to reduce or eliminate its quarterly
dividends due to regulatory and governance requirements and commitments,
including by actions of Oncor’s independent directors or a minority member
director; and other uncertainties, some of which are difficult to predict and
beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra
has filed with the U.S. Securities and Exchange Commission (SEC). These reports
are available through the EDGAR system free-of-charge on the SEC's website,
www.sec.gov, and on Sempra’s website, www.sempra.com. Investors should not rely
unduly on any forward-looking statements.
Sempra Infrastructure Partners and its subsidiaries, and the Sempra Texas
utilities (Oncor and Sharyland Utilities) are not the same companies as the
Sempra California utilities, SDG&E or SoCalGas, nor are they regulated by the
California Public Utilities Commission (CPUC).
None of the website references in this press release are active hyperlinks, and
the information contained on, or that can be accessed through, any such website
is not, and shall not be deemed to be, part of this document.
SEMP…
Table
A
COND…
CONS…
STAT…
OF
OPER…
(Dol…
in
mill…
exce…
per
share
amou… Three Nine
shar… months months
in ended ended
thou… Septem… Septe…
REVE… 30, 30,
Util… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Natu… $ 1,347 $ 1,363 $ 4,736 $ 5,195
gas
Elec… 1,391 1,260 3,773 3,350
Ener… 453 528 1,334 1,408
busi…
Total 3,191 3,151 9,843 9,953
reve…
EXPE…
AND
OTHER
INCO…
Util…
Cost
of -179 -210 -577 -886
natu…
gas
Cost
of
elec…
fuel -154 -122 -349 -265
and
purc…
power
Ener…
busi…
cost -137 -117 -144 -321
of
sales
Oper…
and -1,219 -1,349 -3,712 -3,931
main…
Regu…
disa… -205 — -205 —
net
Depr…
and -632 -662 -1,865 -1,955
amor…
Fran…
fees
and -214 -194 -618 -555
other
taxes
Gain
on 214 — 214 —
sales
Other
inco… 58 49 225 199
net
Inte… 35 17 113 65
inco…
Inte… -298 -403 -1,110 -1,195
expe…
Inco…
befo…
inco…
taxes 460 160 1,815 1,109
and
equi…
earn…
Inco…
tax -14 -482 -191 -711
expe…
Equi… 668 472 1,582 1,190
earn…
Net 1,114 150 3,206 1,588
inco…
Earn…
attr…
to -231 -55 -479 -103
nonc…
inte…
Earn…
attr…
to
cont… — — -10 —
rede…
nonc…
inte…
Pref…
deem… — -11 — -11
divi…
Pref…
deem…
divi… -6 — -6 —
of
subs…
Pref… — -7 — -29
divi…
Pref…
divi… — — -1 -1
of
subs…
Earn…
attr…
to $ 877 $ 77 $ 2,710 $ 1,444
comm…
shar…
Basic
earn…
per
comm…
share
(EPS…
Earn… $ 1.34 $ 0.12 $ 4.14 $ 2.21
Weig…
comm… 654,2… 652,948 653,966 652,5…
shar…
outs…
Dilu…
EPS:
Earn… $ 1.34 $ 0.12 $ 4.13 $ 2.21
Weig…
comm… 655,9… 654,009 655,793 653,4…
shar…
outs…
SEMPRA
Table A (Continued)
RECONCILIATION OF SEMPRA ADJUSTED EARNINGS AND ADJUSTED EPS TO SEMPRA GAAP
EARNINGS AND GAAP EPS
Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of
income taxes and, if applicable, noncontrolling interests (NCI)) in 2026 and
2025 as follows:
Three months ended September 30, 2026:
▪ $(149) million charge at Sempra California from regulatory disallowances, net
of adjustments, related to prior years and resulting from the California Public
Utilities Commission’s proposed decisions on the 2024 General Rate Case Track 3
request (Track 3 PD) and Transmission Integrity Management Program application
(TIMP PD), as follows:
◦ $(216) million at SoCalGas, consisting of:
• $(150) million from the Track 3 PD
• $(66) million from the TIMP PD
◦ $67 million at SDG&E from the Track 3 PD
▪ $65 million impact from foreign currency and inflation on our monetary
positions in Mexico and associated undesignated derivatives
▪ $(67) million net unrealized losses on commodity derivatives
▪ $16 million net unrealized gains on interest rate swaps related to the initial
phase of the Port Arthur LNG liquefaction project (PA LNG Phase 1 project)
▪ $(2) million net income tax expense as a result of classifying Sempra
Infrastructure Partners, LP (SI Partners) and Ecogas México, S. de R.L. de C.V.
(Ecogas) as held for sale:
◦ $(11) million income tax expense related to a Mexican deferred tax liability
on our outside basis difference in our investment in Ecogas
◦ $9 million income tax benefit to adjust deferred income tax liabilities
primarily related to outside basis differences in our investment in SI Partners,
which such amount could change in future periods until the date of the sale
▪ $97 million gain on sale of Ecogas, excluding the effects of foreign currency
hedges and subject to post-closing adjustments
Three months ended September 30, 2025:
▪ $(32) million impact from foreign currency and inflation on our monetary
positions in Mexico
▪ $(26) million net unrealized losses on commodity derivatives
▪ $(1) million net unrealized losses on interest rate swaps related to the PA
LNG Phase 1 project
▪ $(514) million net income tax expense as a result of classifying SI Partners
as held for sale:
◦ $(705) million income tax expense to adjust deferred income tax liabilities
primarily related to outside basis differences in our investment in SI Partners
◦ $191 million net income tax benefit from changes to a valuation allowance
against certain tax credit carryforwards offset by changes in state income tax
apportionment
▪ $(78) million income tax expense from changes to a valuation allowance against
foreign tax credits that were carried forward from the implementation of the Tax
Cut and Jobs Act of 2017 (TCJA)
Nine months ended September 30, 2026:
▪ $(149) million charge at Sempra California from regulatory disallowances, net
of adjustments, related to prior years and resulting from the Track 3 PD and
TIMP PD, as follows:
◦ $(216) million at SoCalGas, consisting of:
• $(150) million from the Track 3 PD
• $(66) million from the TIMP PD
◦ $67 million at SDG&E from the Track 3 PD
▪ $13 million impact from foreign currency and inflation on our monetary
positions in Mexico and associated undesignated derivatives
▪ $18 million net unrealized gains on commodity derivatives
▪ $8 million net unrealized gains on interest rate swaps related to the PA LNG
Phase 1 project
▪ $53 million net income tax benefit as a result of classifying SI Partners and
Ecogas as held for sale:
◦ $63 million income tax benefit to adjust deferred income tax liabilities
primarily related to outside basis differences in our investment in SI Partners,
which such amount could change in future periods until the date of the sale
◦ $(10) million income tax expense related to a Mexican deferred tax liability
on our outside basis difference in our investment in Ecogas
▪ $97 million gain on sale of Ecogas, excluding the effects of foreign currency
hedges and subject to post-closing adjustments
Nine months ended September 30, 2025:
▪ $(25) million impact from regulatory disallowances related to the recovery of
coronavirus disease 2019 costs at Sempra California
▪ $(121) million impact from foreign currency and inflation on our monetary
positions in Mexico
▪ $(36) million net unrealized losses on commodity derivatives
▪ $(9) million net unrealized losses on interest rate swaps related to the PA
LNG Phase 1 project
▪ $(540) million net income tax expense as a result of classifying SI Partners
and Ecogas as held for sale:
◦ $(705) million income tax expense to adjust deferred income tax liabilities
primarily related to outside basis differences in our investment in SI Partners
◦ $(26) million income tax expense due to the recognition of a Mexican deferred
tax liability on our outside basis difference in Ecogas
◦ $191 million net income tax benefit from changes to a valuation allowance
against certain tax credit carryforwards offset by changes in state income tax
apportionment
▪ $(78) million income tax expense from changes to a valuation allowance against
foreign tax credits that were carried forward from the implementation of the
TCJA
Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial measures (GAAP
represents generally accepted accounting principles in the United States of
America). These non-GAAP financial measures exclude significant items that are
generally not related to our ongoing business activities and/or are infrequent
in nature. These non-GAAP financial measures also exclude the impact from
foreign currency and inflation on our monetary positions in Mexico and
associated undesignated derivatives and net unrealized gains and losses on
commodity and interest rate derivatives, which we expect to occur in future
periods, and which can vary significantly from one period to the next. Exclusion
of these items is useful to management and investors because it provides a
meaningful comparison of the performance of Sempra’s business operations to
prior and future periods. Non-GAAP financial measures are supplementary
information that should be considered in addition to, but not as a substitute
for, the information prepared in accordance with GAAP.
The table below reconciles Sempra Adjusted Earnings and Adjusted EPS to Sempra
GAAP Earnings and GAAP EPS, which we consider to be the most directly comparable
financial measures calculated in accordance with GAAP.
…
…
…
…
…
…
…
…
──────────────────────────────────────────────────────────────────────────────
… … … …
…
…
… $ … … — … … — — — — —
…
…
…
…
…
…
…
…
…
… … … … … … 3 … … … …
…
…
…
…
…
…
…
…
…
… … … … … … … … … … …
…
…
…
…
…
…
…
…
…
…
… … 6 … … … 4 — … 1 —
…
…
…
…
…
1
…
…
…
…
… — 8 … 2 — — … — … …
…
…
…
…
…
…
… … … … … … — — — — —
…
…
…
…
…
…
… — — — — — — … — … …
…
…
…
…
…
… … … …
… …
…
…
…
…
…
…
… … … …
…
…
… $ … … — … … … … — … …
…
…
…
…
…
…
…
…
…
… — … 7 … … … … … … …
…
…
…
…
…
…
…
…
…
…
… … 6 … … … … … … … …
…
…
…
…
…
…
…
…
…
…
… … 3 … … … … … … 9 …
…
…
…
…
…
1
…
…
…
…
… — … … … … — … … … …
…
…
…
…
…
…
… … … … … … — — — — —
…
…
…
…
…
…
… — — — — — — … — … …
…
…
…
…
…
… … … …
… …
(1) Except for adjustments that are solely income tax and tax related to outside
basis differences, income taxes on pretax amounts were primarily calculated
based on applicable statutory tax rates.
SEMPRA
Table A (Continued)
Sempra 2026 Adjusted EPS Guidance is a non-GAAP financial measure. This non-GAAP
financial measure excludes significant items that are generally not related to
our ongoing business activities and/or infrequent in nature. This non-GAAP
financial measure also excludes the impact from foreign currency and inflation
on our monetary positions in Mexico and associated undesignated derivatives and
net unrealized gains and losses on commodity and interest rate derivatives for
the nine months ended September 30, 2026, which we expect to occur in future
periods, and which can vary significantly from one period to the next. Exclusion
of these items is useful to management and investors because it provides a
meaningful comparison of the performance of Sempra’s business operations to
prior and future periods. Sempra 2026 Adjusted EPS Guidance Range should not be
considered an alternative to Sempra 2026 GAAP EPS Guidance Range. Non-GAAP
financial measures are supplementary information that should be considered in
addition to, but not as a substitute for, the information prepared in accordance
with GAAP.
RECONCILIATION OF SEMPRA 2026 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2026 GAAP
EPS GUIDANCE RANGE
Sempra 2026 Adjusted EPS Guidance Range of $4.80 to $5.30 excludes items (after
the effects of income taxes and, if applicable, NCI) for the nine months ended
September 30, 2026 as follows:
▪ $(149) million charge at Sempra California from regulatory disallowances, net
of adjustments, related to prior years and resulting from the Track 3 PD and
TIMP PD, as follows:
◦ $(216) million at SoCalGas, consisting of:
• $(150) million from the Track 3 PD
• $(66) million from the TIMP PD
◦ $67 million at SDG&E from the Track 3 PD
▪ $13 million impact from foreign currency and inflation on our monetary
positions in Mexico and associated undesignated derivatives
▪ $18 million net unrealized gains on commodity derivatives
▪ $8 million net unrealized gains on interest rate swaps related to the PA LNG
Phase 1 project
▪ $53 million net income tax benefit as a result of classifying SI Partners and
Ecogas as held for sale:
◦ $63 million income tax benefit to adjust deferred income tax liabilities
primarily related to outside basis differences in our investment in SI Partners,
which such amount could change in future periods until the date of the sale
◦ $(10) million income tax expense related to a Mexican deferred tax liability
on our outside basis difference in our investment in Ecogas
▪ $97 million gain on sale of Ecogas, excluding the effects of foreign currency
hedges and subject to post-closing adjustments
▪ estimated gain on sale of SI Partners ranging from $2.00 billion to $2.40
billion, subject to post-closing adjustments, which we expect to complete in
November 2026
▪ estimated ancillary costs ranging from $325 million to $400 million that are
associated with the sale of SI Partners
The table below reconciles Sempra 2026 Adjusted EPS Guidance Range to Sempra
2026 GAAP EPS Guidance Range, which we consider to be the most directly
comparable financial measure calculated in accordance with GAAP.
RECONCILIATION OF ADJUSTED EPS
GUIDANCE
RANGE TO GAAP EPS GUIDANCE RANGE Full-Year 2026
──────────────────────────────────────────────────────────────────────────────
Sempra GAAP EPS Guidance Range $ 7.41 to $ 8.41
Excluded items:
Impact from regulatory
disallowances, 0.23 0.23
net
Impact from foreign currency and
inflation on monetary positions
in -0.02 -0.02
Mexico and associated
undesignated
derivatives
Net unrealized gains on commodity -0.03 -0.03
derivatives
Net unrealized gains on interest
rate -0.01 -0.01
swaps related to PA LNG Phase 1
project
Tax items related to assets held
for -0.08 -0.08
sale
Gain on sale of Ecogas -0.15 -0.15
Estimated gain on sale of SI -3.05 -3.66
Partners
Estimated ancillary costs
associated 0.50 0.61
with the sale of SI Partners
Sempra Adjusted EPS Guidance $ 4.80 to $ 5.30
Range
Weighted-average common shares 655
outstanding, diluted (millions)
SEMPRA
Table B
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Dollars in millions)
ASSETS September 30, December 31,
Current assets: 2026 2025(1)
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 34 $ 29
Restricted cash 2 2
Accounts receivable – 1,573 1,767
trade, net
Accounts receivable – 178 157
other, net
Due from unconsolidated 53 —
affiliates
Income taxes receivable 236 71
Inventories 531 561
Regulatory assets 589 761
Greenhouse gas allowances 202 203
Assets held for sale 33,552 31,024
Other current assets 368 262
Total current assets 37,318 34,837
Other assets:
Regulatory assets 4,241 3,868
Greenhouse gas allowances 1,614 1,221
Nuclear decommissioning 891 899
trusts
Dedicated assets in
support of certain 609 605
benefit plans
Deferred income taxes 10 10
Right-of-use assets – 1,239 1,262
operating leases
Investment in Oncor 20,010 17,472
Holdings
Other investments 152 147
Wildfire fund 226 246
Other long-term assets 1,230 1,300
Total other assets 30,222 27,030
Property, plant and 50,484 49,011
equipment, net
Total assets $ 118,024 $ 110,878
(1) Derived from audited financial statements.
SEMPRA
Table B (Continued)
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Dollars in millions)
LIABILITIES, CONTINGENTLY
REDEEMABLE NONCONTROLLING
INTEREST, AND EQUITY September 30, December 31,
Current liabilities: 2026 2025(1)
──────────────────────────────────────────────────────────────────────────────
Short-term debt $ 4,438 $ 4,166
Accounts payable – trade 1,318 1,461
Accounts payable – other 190 203
Due to unconsolidated — 8
affiliates
Dividends and interest 927 770
payable
Accrued compensation and 475 521
benefits
Regulatory liabilities 29 3
Current portion of
long-term debt and 1,528 1,876
finance leases
Greenhouse gas 202 203
obligations
Liabilities held for sale 13,118 11,704
Other current liabilities 984 979
Total current liabilities 23,209 21,894
Long-term debt and 31,508 28,979
finance leases
Deferred credits and
other liabilities:
Regulatory liabilities 4,464 4,250
Greenhouse gas 1,301 957
obligations
Pension and other
postretirement benefit 105 124
plan obligations, net of
plan assets
Deferred income taxes 6,555 6,127
Asset retirement 3,876 3,743
obligations
Deferred credits and 2,830 2,805
other
Total deferred credits
and other 19,131 18,006
liabilities
Contingently redeemable
noncontrolling 3,392 3,206
interest
Equity:
Sempra shareholders’ 33,327 31,594
equity
Preferred stock of — 20
subsidiary
Other noncontrolling 7,457 7,179
interests
Total equity 40,784 38,793
Total liabilities,
contingently
redeemable noncontrolling $ 118,024 $ 110,878
interest, and
equity
(1) Derived from audited financial statements.
SEMPRA
Table C
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Dollars in millions) Nine months ended
CASH FLOWS FROM September 30,
OPERATING ACTIVITIES 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 3,206 $ 1,588
Adjustments to reconcile
net income to
net cash provided by 383 1,593
operating
activities
Net change in working 60 -745
capital components
Distributions from 1,079 828
investments
Changes in other
noncurrent assets and -48 112
liabilities, net
Net cash provided by
operating 4,680 3,376
activities
CASH FLOWS FROM
INVESTING ACTIVITIES
Expenditures for
property, plant and -7,327 -7,201
equipment
Expenditures for -2,095 -1,492
investments
Proceeds from sales, net
of transaction 535 —
costs and cash sold
Purchases of nuclear
decommissioning and -914 -746
other trust assets
Proceeds from sales of
nuclear 942 831
decommissioning and
other trust assets
Advances to
unconsolidated -30 —
affiliates
Other -17 3
Net cash used in -8,906 -8,605
investing activities
CASH FLOWS FROM
FINANCING ACTIVITIES
Common dividends -1,245 -1,195
Preferred deemed -6 —
dividends of subsidiary
Preferred dividends — -22
Preferred dividends of -1 -1
subsidiary
Issuances of common 37 26
stock, net
Repurchases of common -21 -58
stock
Issuances of debt
(maturities greater 11,178 8,892
than 90 days)
Payments on debt
(maturities greater -6,891 -4,142
than 90 days) and
finance leases
Decrease in short-term -328 -170
debt, net
Advances from
unconsolidated 140 96
affiliates
Contributions from
contingently
redeemable — 3,212
noncontrolling interest,
net
of transaction costs
Proceeds from investor
equity — 106
subscription
Purchase of -20 —
noncontrolling interest
Contributions from
noncontrolling 97 137
interests
Distributions to
noncontrolling -206 -131
interests
Termination of interest
rate swaps, net 96 —
of transaction costs
Other -54 -89
Net cash provided by
financing 2,776 6,661
activities
Effect of exchange rate
changes on cash, 2 4
cash equivalents and
restricted cash
(Decrease) increase in
cash, cash -1,448 1,436
equivalents and
restricted cash
Cash, cash equivalents
and restricted 3,552 1,589
cash, January 1
Cash, cash equivalents
and restricted $ 2,104 $ 3,025
cash, September 30
SEMPRA
Table D
SEGMENT
EARNIN…
(LOSSE…
AND
CAPITAL
EXPEND…
(Dolla…
in
millio…
EARNIN… Three Nine
(LOSSE… months months
ATTRIB… ended ended
TO September Septemb…
COMMON 30, 30,
SHARES 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Sempra $ 223 $ 370 $ 1,240 $ 1,353
Califo…
Sempra
Texas 460 306 977 660
Utilit…
Sempra 346 -580 838 -362
Infras…
Segment
earnin…
attrib… 1,029 96 3,055 1,651
to
common
shares
Parent
and -152 -19 -345 -207
other
Sempra
earnin…
attrib… $ 877 $ 77 $ 2,710 $ 1,444
to
common
shares
CAPITAL
EXPEND…
FOR
PROPER…
PLANT
AND
EQUIPM…
Sempra $ 1,202 $ 1,019 $ 3,103 $ 3,334
Califo…
Sempra 1,437 1,541 4,221 3,863
Infras…
Segment 2,639 2,560 7,324 7,197
totals
Parent
and 1 1 3 4
other
Total $ 2,640 $ 2,561 $ 7,327 $ 7,201
Sempra
CAPITAL
EXPEND…
FOR
INVEST…
Sempra
Texas $ 610 $ 519 $ 2,095 $ 1,490
Utilit…
Sempra — 1 — 2
Infras…
Total $ 610 $ 520 $ 2,095 $ 1,492
Sempra
SEM…
Tab…
D
(Co…
REC…
OF
SEM…
CAP…
PLAN
TO Semp…
PRO… Cali…
FUT… Capi…
CAP… Plan
EXP… for
(Do… 2026 Semp…
in – Texas Semp… Total
bil… 2030… Util… Infr… Semp…
──────────────────────────────────────────────────────────────────────────────
Pro…
fut…
cap…
exp…
for $ 23.5 $ 11.1 $ 4.1 $ 38.7
PP&E
and
inv…
–
GAAP
Cap…
exp…
to — -11.1 -2.6 -13…
unc…
ent…
Cap…
exp…
at — 38.2 2.7 40.9
unc…
ent…
Cap…
exp…
att… — — -1.0 -1.0
to
NCI
own…
Cap… $ 23.5 $ 38.2 $ 3.2 $ 64.9
Plan
Per…
of
pro…
fut…
cap…
exp… 61 % 29 % 10 % 100 %
for
PP&E
and
inv…
–
GAAP
Per…
of 36 % 59 % 5 % 100 %
Cap…
Plan
(1) All projects in progress and future projects are subject to a number of
risks and uncertainties. Sempra’s Capital Plan and expectations regarding
potential increases to its capital requirements are based on a number of
assumptions, the failure of which to be accurate could materially impact
Sempra’s actual Capital Plan. Sempra’s Capital Plan assumes Sempra’s 70%
consolidated ownership of SI Partners for the first three months of 2026 and 25%
ownership thereafter, which represents Sempra’s remaining interest under the
equity method upon completion of the sale of a 45% equity interest in SI
Partners. Sempra’s Capital Plan is considered by management to be an operating
measure.
(2) Represents Sempra’s projected future capital contributions to unconsolidated
equity method investees.
(3) Represents Sempra’s proportionate ownership interest in projected capital
expenditures at unconsolidated equity method investees.
(4) Represents NCI’s proportionate ownership interest in projected capital
expenditures at Sempra and at unconsolidated equity method investees.
Total Sempra
SEMPRA'S CAPITAL DEPLOYED Nine months ended September 30,
(Dollars in billions) 2026
──────────────────────────────────────────────────────────────────────────────
Capital expenditures for PP&E
and $ 9.4
investments – GAAP
Capital expenditures to
unconsolidated -2.1
entities(1)
Capital expenditures at
unconsolidated 5.0
entities(2)
Capital expenditures
attributable to NCI -2.7
owners(3)
Capital deployed $ 9.6
(1) Represents Sempra’s actual capital contributions to unconsolidated equity
method investees.
(2) Represents Sempra’s proportionate ownership interest in actual capital
expenditures at unconsolidated equity method investees.
(3) Represents NCI’s proportionate ownership interest in actual capital
expenditures at Sempra and at unconsolidated equity method investees.
SEMPRA
Table
E
OTHER
OPERA…
STATI…
Three Nine
months months
ended ended
Septem… or at
30, Septe…
30,
2026 2025 2026 2025
UTILI…
Sempra
Calif…
Gas
sales 50 56 211 247
(Bcf)…
Trans… 133 141 346 386
(Bcf)…
Total
deliv… 183 197 557 633
(Bcf)…
Total
gas
custo… 7,145 7,126
meters
(thou…
Elect…
sales
(mill… 930 820 2,250 2,145
of
kWhs)…
Commu…
Choice
Aggre…
and
Direct 4,301 3,751 10,859 10,287
Access
(mill…
of
kWhs)
Total
deliv…
(mill… 5,231 4,571 13,109 12,432
of
kWhs)…
Total
elect…
custo… 1,558 1,545
meters
(thou…
Oncor
Elect…
Deliv…
Compa…
LLC
(Onco…
Total
deliv…
(mill… 55,206 50,761 139,990 131,9…
of
kWhs)
Total
elect…
custo… 4,155 4,100
meters
(thou…
Ecogas
Natur…
gas — 1 2 3
sales
(Bcf)…
Natur…
gas
custo… — 168
meters
(thou…
ENERG…
BUSIN…
Sempra
Infra…
Termo…
de
Mexic… 1,070 1,001 2,339 2,479
(mill…
of
kWhs)
Wind
and
solar 810 643 2,520 2,231
(mill…
of
kWhs)…
(1) Includes intercompany sales.
(2) Includes 100% of the electric deliveries and customer meters of Oncor, in
which we hold an 80.25% interest through our investment in Oncor Electric
Delivery Holdings Company LLC.
(3) Includes Ecogas natural gas sales prior to its August 2026 sale.
S…
T…
F
S…
OF Se…
O… Ca…
D… Th…
BY mo… Con…
S… en… Adj…
(… Se… Se… Par…
in 30, Te… Se… Se… &
m… 20… Ut… In… To… Oth… Tot…
──────────────────────────────────────────────────────────────────────────────
R… $ 2,… $ 474 $ 3,… $ -16 $ 3,…
O…
a… -9… -2… -1… -8 -1…
m…
D…
a… -6… -4 -6… 1 -6…
a…
G…
on 16 198 214 214
s…
I… 2 25 27 8 35
i…
I… -2… 114 -1… -1… -2…
e…
I…
t… 39 -82 -43 29 -14
b…
(…
E… $ 462 206 668 668
e…
E…
a…
to -2… -2… -2…
n…
i…
O…
s… -6… -2 -1… -8… -4 -8…
i…
E…
(…
a… $ 223 $ 460 $ 346 $ 1,… $ -1… $ 877
to
c…
s…
Th…
mo…
en…
Se…
30,
20…
R… $ 2,… $ 555 $ 3,… $ -17 $ 3,…
O…
a… -1… -2… -1… -45 -1…
m…
D…
a… -5… -69 -6… -2 -6…
a…
I… 2 10 12 5 17
i…
I… -2… -16 -2… -1… -4…
e…
I…
t… 128 -7… -6… 182 -4…
b…
(…
E… $ 307 165 472 472
e…
E…
a…
to -55 -55 -55
n…
i…
O…
s… -5… -1 -1… -6… 11 -6…
i…
E…
(…
a… $ 370 $ 306 $ -5… $ 96 $ -19 $ 77
to
c…
s…
(1) Substantially all earnings attributable to common shares are from equity
earnings.
(2) Sempra Infrastructure includes net unrealized gains (losses) from
undesignated interest rate swaps related to the PA LNG Phase 1 project.
(3) Includes cost of natural gas, cost of electric fuel and purchased power,
regulatory disallowances, net, franchise fees and other taxes, other income
(expense), net, and preferred deemed dividends for Sempra California; operation
and maintenance (O&M) and income tax benefit (expense) for Sempra Texas
Utilities related to activities at the holding company; and cost of natural gas,
energy-related businesses cost of sales, franchise fees and other taxes, and
other income (expense), net, for Sempra Infrastructure.
S…
T…
F
(…
S…
OF Se…
O… Ca…
D… Ni…
BY mo… Con…
S… en… Adj…
(… Se… Se… Par…
in 30, Te… Se… Se… &
m… 20… Ut… In… To… Oth… Tot…
──────────────────────────────────────────────────────────────────────────────
R… $ 8,… $ 1,… $ 9,… $ -61 $ 9,…
O…
a… -3… -6… -3… -40 -3…
m…
D…
a… -1… -10 -1… -2 -1…
a…
G…
on 16 198 214 214
s…
I… 9 84 93 20 113
i…
I… -7… 114 -6… -4… -1…
e…
I…
t… -89 -2… -3… 151 -1…
(…
b…
E… $ 983 599 1,… 1,…
e…
E…
a…
to -4… -4… -4…
n…
i…
E…
a…
to
c… -10 -10 -10
r…
n…
i…
O…
s… -1… -6 -1… -1… 61 -1…
i…
E…
(…
a… $ 1,… $ 977 $ 838 $ 3,… $ -3… $ 2,…
to
c…
s…
Ni…
mo…
en…
Se…
30,
20…
R… $ 8,… $ 1,… $ 10… $ -62 $ 9,…
O…
a… -3… -6… -3… -65 -3…
m…
D…
a… -1… -2… -1… -5 -1…
a…
I… 7 34 41 24 65
i…
I… -6… -87 -7… -4… -1…
e…
I…
t… 63 -1… -9… 271 -7…
b…
(…
E… $ 665 525 1,… 1,…
e…
E…
a…
to -1… -1… -1…
n…
i…
O…
s… -1… -5 -3… -1… 51 -1…
i…
E…
(…
a… $ 1,… $ 660 $ -3… $ 1,… $ -2… $ 1,…
to
c…
s…
(1) Substantially all earnings attributable to common shares are from equity
earnings.
(2) Sempra Infrastructure includes net unrealized gains (losses) from
undesignated interest rate swaps related to the PA LNG Phase 1 project.
(3) Includes cost of natural gas, cost of electric fuel and purchased power,
regulatory disallowances, net, franchise fees and other taxes, other income
(expense), net, preferred deemed dividends, and preferred dividends for Sempra
California; O&M, interest expense, and income tax benefit (expense) for Sempra
Texas Utilities related to activities at the holding company; and cost of
natural gas, energy-related businesses cost of sales, franchise fees and other
taxes, and other income (expense), net, for Sempra Infrastructure.