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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sempra
Sempra (SRE) investor relations material
Sempra Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Aug, 2026
Executive summary
Q2 2026 GAAP earnings rose to $796 million ($1.21/share), up from $461 million ($0.71/share) year-over-year, with adjusted earnings at $762 million ($1.16/share), up from $583 million ($0.89/share), driven by disciplined execution and strong segment performance.
Year-to-date GAAP earnings reached $1.83 billion ($2.80/share), up from $1.37 billion ($2.09/share) in 2025; adjusted earnings were $1.75 billion ($2.67/share), up from $1.53 billion ($2.34/share).
Major divestiture: Agreement to sell 45% of SI Partners for $9.99 billion, expected to close Q3 2026, with Ecogas sale in Mexico also expected to close in August.
Over $6 billion in capital expenditures in the first half of 2026, supporting a five-year $65 billion capital plan focused on Texas and California utilities.
Growth was driven by higher operating margins, favorable regulatory outcomes, and strong equity earnings from Texas utilities.
Financial highlights
Q2 2026 revenues were $2.997 billion (flat YoY) to $6.65 billion (slightly down YoY); net income was $942 million in Q2 (up 81% YoY); operating cash flow was $3.12 billion YTD (up $851 million YoY).
Capital expenditures and investments totaled $6.17 billion YTD (up $560 million YoY); property, plant, and equipment capex was $4.69 billion for the first half.
Debt: $32.2 billion long-term, $3.6 billion short-term at June 30, 2026; total equity at $39.99 billion.
Q2 2026 gross margin improved to 80% due to lower cost of natural gas and electric fuel.
Debt/capitalization ratio below 65%, in compliance with covenants.
Outlook and guidance
Full-year 2026 adjusted EPS guidance affirmed at $4.80–$5.30; GAAP EPS guidance updated to $5.02–$5.55; 2027 EPS guidance at $5.10–$5.70.
Projected long-term EPS growth rate remains at 7%–9%, with 2–4% annual dividend increases targeted.
No need for new common equity issuances to fund the base capital plan.
Capital expenditures for 2026 projected at $11.3 billion, up from prior estimate due to delayed SI Partners sale.
Sale of SI Partners and Ecogas expected to close in Q3 and August 2026, respectively.
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Latest events from Sempra
- Q1 2026 earnings and investments rose, with strong guidance and major asset sales pending.SRE
Q1 2026 - Board diversity, performance-based pay, and utility growth drive 2025 strategy and recommendations.SREProxy filing
- Annual meeting to vote on directors, auditor, executive pay, and board chair proposal; board supports current structure.SREProxy filing
- Key votes include director elections, auditor ratification, and a proposal for an independent chairman.SREProxy filing
- $65B capital plan targets 11% rate base CAGR and 7%-9% EPS growth through 2030.SREQ4 2025
- Q3 EPS fell, but guidance and $3B equity plan reaffirmed; Texas and LNG drive growth.SREQ3 2024
- Q2 2024 earnings rose to $713M; guidance reaffirmed; LNG and Texas investments drive growth.SREQ2 2024
- Q1 2025 EPS rose to $1.44, guidance affirmed, and major asset sales and investments underway.SREQ1 2025
- 2024 adjusted EPS reached $4.65, with a $56B capital plan and 7%-9% EPS growth targeted.SREQ4 2024
Next Sempra earnings date
Q3 20265 Nov, 2026
Sempra
Next Sempra earnings date
Q3 20265 Nov, 2026
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Frequently asked questions
Sempra is an energy infrastructure company involved in the development, operation, and maintenance of electric and natural gas utilities. The company serves customers in California, Texas, and Mexico through subsidiaries that provide regulated and unregulated energy services. Its operations include transmission, storage, and liquefied natural gas (LNG) development. Sempra is headquartered in San Diego, California, and its shares are listed on the NYSE.