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Sempra (SRE) investor relations material

Sempra Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved record adjusted EPS of $4.69 for 2025, at the high end of guidance, driven by strong execution of value creation initiatives, robust utility investments, and successful asset sales unlocking significant equity value.

  • Announced a new $65 billion capital plan for 2026-2030, a 17% increase over the prior plan, with 95% targeted for utility investments, especially in Texas and California.

  • Completed major transactions, including the sale of a 45% stake in Sempra Infrastructure Partners for $10 billion and the agreement to sell Ecogas for $500 million, supporting capital recycling.

  • Invested $13 billion in 2025, prioritizing utility investments and improved returns, increasing rate base from $50 billion to $57 billion and declaring $1.7 billion in common dividends.

  • Focused on cost reduction, organizational efficiency, operational excellence, and wildfire risk mitigation.

Financial highlights

  • Full year 2025 adjusted earnings: $3.07 billion ($4.69/share), up from $2.97 billion ($4.65/share) in 2024; GAAP earnings: $1.80 billion ($2.75/share), down from $2.82 billion ($4.42/share) in 2024.

  • Q4 2025 adjusted earnings: $841 million ($1.28/share) vs. $960 million ($1.50/share) in Q4 2024.

  • Net income for 2025 was $2.07 billion, down from $3.5 billion in 2024.

  • Operating cash flow for 2025 was $4.57 billion, compared to $4.91 billion in 2024.

  • Capital expenditures for 2025 totaled $13 billion, up from $8.2 billion in 2024.

Outlook and guidance

  • Affirmed 2026 adjusted EPS guidance of $4.80-$5.30 and introduced 2027 guidance of $5.10-$5.70.

  • Issued 2030 EPS outlook of $6.70-$7.50, reflecting one of the highest projected growth rates in the sector.

  • Projected 11% five-year CAGR in overall rate base, with Sempra Texas expected to surpass California as the majority of rate base by 2030.

  • Targeting annual dividend growth of 2%-4% over the plan period, with dividend increased to $2.63/share annualized for 2026.

  • No need for common equity issuances to fund base capital plan due to improved operating cash flows and capital recycling.

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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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