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Sempra owns California electric and gas utilities, holds equity-method investments in Texas transmission and distribution businesses, and develops and operates energy infrastructure.
California utilities San Diego Gas & Electric and Southern California Gas earn money supplying energy under rates approved by regulators. Sempra also receives a share of earnings from Texas utility investments, led by Oncor, and owns energy infrastructure that it plans to reduce through a pending stake sale.
For the third quarter ended September 30, 2026, Sempra reported $3.19 billion of consolidated revenue and $877 million of GAAP earnings attributable to common shares. Adjusted earnings were $917 million, or $1.40 per diluted share.
| Measure | 2026 | 2025 |
|---|---|---|
| Consolidated revenue | $3,191 | $3,151 |
| Earnings attributable to common shares | $877 | $77 |
| Diluted EPS | $1.34 | $0.12 |
| Adjusted diluted EPS | $1.40 | $1.11 |
The adjusted measure removes regulatory disallowances, currency and inflation effects, unrealized derivatives, selected tax items and the Ecogas disposal gain. The year-earlier reported result included tax charges related to assets held for sale and foreign tax credits.
Sempra's 2026 adjusted EPS range remains $4.80–$5.30, unchanged from August, with management now pointing to the high end. Sempra kept its 2027 EPS forecast range, but says a proposed California decision on recovering investment costs could put group earnings in the lower half unless other regulatory avenues or business initiatives offset the impact. A separate gas-pipeline integrity decision reduced earlier disallowed costs by approximately $30 million; the final revenue calculation still requires a regulatory filing.
Sempra owns all of Oncor Holdings, which owns 80.25% of Oncor. Governance arrangements limit its control over their operations, so it records its share of earnings rather than including all of their revenue, assets and spending in its consolidated accounts.
Oncor expects its 2027–2031 base capital plan to be roughly 20% larger than its $47.5 billion plan for 2026–2030. The final plan is expected in February 2027. Sempra's own financing needs depend on its ownership share and the eventual plan.
The sale of Ecogas closed on August 20, 2026. Proceeds were $524 million after transaction costs, before $6 million of cash sold with the business. A separate $22 million cash payment settled the proceeds-related currency hedge.
In July 2026, San Diego Gas & Electric acquired the operating Westside Canal 2A battery facility. The $205 million price comprised $195 million cash and $10 million payable upon specified post-closing milestones.
The proposed sale of a 45% stake in Sempra Infrastructure Partners remains pending in the November 5 update. Its $9.99 billion base consideration includes $4.65 billion cash at closing, $4.14 billion of deferred principal due in December 2027 and $1.20 billion of longer-dated deferred principal. Interest, transaction adjustments, taxes and fees affect the eventual proceeds.
Sempra would retain a 25% interest and stop consolidating the infrastructure business. It would also retain certain support commitments, including maximum exposures of $165 million under a debt-service reserve guarantee and $979 million under a separate financing support agreement. These are contingent commitments, separate from recorded borrowings.
| Measure | 2026 | 2025 |
|---|---|---|
| Operating cash flow | $4,680 | $3,376 |
| Cash property spending | $7,327 | $7,201 |
| Investment spending | $2,095 | $1,492 |
| Common dividends paid | $1,245 | $1,195 |
At September 30, 2026, unrestricted cash totaled $212 million, including $178 million classified in assets held for sale. Restricted cash added approximately $1.89 billion. Available credit was $8.04 billion across the group, including infrastructure facilities.
The balance sheet carried $37.47 billion of debt and finance leases outside the disposal group. Another $9.70 billion was classified as held for sale. Those balances precede the proposed infrastructure sale. In October, Sempra extended the maturity of a $1.75 billion term loan to December 24, 2026.
Read our analysis of Sempra's bigger Texas plan and the California earnings catch.
Oncor sees room for more grid investment. A proposed California decision could pull Sempra's 2027 earnings toward the lower half of its outlook, while an asset sale helps fund its utility ambitions.