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Sempra (SRE) investor relations material
Sempra Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 adjusted EPS rose to $1.11 from $0.89 year-over-year, with strong year-to-date execution and full-year 2025 and 2026 EPS guidance reaffirmed; GAAP EPS was $0.12, down from $1.00, due to significant one-time tax charges.
Strategic focus on lower-risk, higher-value transmission and distribution investments, especially in Texas, to capitalize on electrification, AI, and robust industrial demand.
Major initiatives include $13 billion in 2025 capital investment, a $10 billion sale of a 45% stake in Sempra Infrastructure Partners, and ongoing de-risking efforts in California.
Long-term value driven by a simpler business model, improved balance sheet, constructive regulation, and positive sector tailwinds.
Goal set to build America's leading utility growth business, with major asset sales and capital projects underway.
Financial highlights
Q3 2025 adjusted earnings were $728 million ($1.11/share), up from $566 million ($0.89/share) in Q3 2024; Q3 2025 GAAP earnings were $77 million ($0.12/share), down from $638 million ($1/share) in Q3 2024 due to a $705 million non-recurring tax expense.
Year-to-date 2025 adjusted EPS was $3.45, up from $3.12; GAAP EPS was $2.21, down from $3.38 year-over-year.
Total Q3 2025 revenues were $3.151 billion, up from $2.776 billion in Q3 2024; nine-month revenues were $9.953 billion, up from $9.427 billion.
Year-to-date capital deployment reached nearly $9 billion, on track for the $13 billion annual goal.
Segment adjusted earnings Q3 2025: California $370 million, Texas $306 million, Infrastructure $184 million, Parent & Other $(132) million.
Outlook and guidance
Affirmed full-year 2025 adjusted EPS guidance of $4.30–$4.70 and 2026 guidance of $4.80–$5.30; 2025 GAAP EPS guidance updated to $3.05–$3.45.
Projected EPS CAGR of 7%–9% for 2025–2029, with expectations to finish 2025 in the upper half of the guidance range.
Oncor’s 2026–2030 capital plan expected to increase by at least 30% over the current $36 billion base, with more details to be announced in February.
Capital expenditures for 2025 projected at $13.3 billion, up from prior guidance, mainly due to LNG project investments.
SDG&E and SoCalGas expect continued stable liquidity and access to capital markets, with ongoing regulatory cost recovery mechanisms.
Oncor's C&I queue: what's the load growth source?
SI Partners equity sale: what's the tax impact?
California utilities: what are the planned cost savings?
Oncor's increased CapEx: funding without equity?
Oncor's load growth: max capacity by 2030?
California utilities: long-term growth strategy?
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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.
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