Sempra (SRE) Q1 2026 earnings summary

Executive summary

• Q1 2026 GAAP earnings rose to $1,037M ($1.58/share), up from $906M ($1.39/share) in Q1 2025; adjusted earnings were $991M ($1.51/share), up from $942M ($1.44/share).

• Nearly $3B in Q1 2026 capital expenditures supported a $65B five-year plan focused on Texas and California utilities.

• Major asset sales pending: 45% of SI Partners for $9.99B and Ecogas for ~$500M, both expected to close in Q2 or Q3 2026, with proceeds to be reinvested in utilities and debt paydown.

• Strategic initiatives included regulatory approvals for higher ROE and equity layers at Oncor and SDG&E, and operational modernization.

• Focus remains on modernizing operations, supply chain diversification, and community safety and affordability.

Financial highlights

• Q1 2026 GAAP EPS: $1.58; adjusted EPS: $1.51; total revenues: $3.66B, down from $3.80B in Q1 2025.

• Sempra Texas earnings rose to $171M from $146M; Sempra California $720M (down from $724M); Sempra Infrastructure $262M (up from $182M); Parent & Other losses $(116)M.

• Operating income increased to $1,150M from $919M; operating cash flow was $1,809M, up from $1,482M.

• Capital expenditures and investments totaled $3,337M in Q1 2026.

• Sempra issued $800M in 5.25% notes due 2036; SDG&E issued $1.1B in first mortgage bonds.

Outlook and guidance

• 2026 adjusted EPS guidance affirmed at $4.80–$5.30; 2027 EPS guidance at $5.10–$5.70; long-term EPS growth rate projected at 7%–9%.

• Full-year 2026 GAAP EPS guidance updated to $4.87–$5.37.

• $65B capital plan supports strong projected rate base growth, with majority of rate base expected in Texas by decade's end.

• $9B of incremental capital opportunities identified, mainly in Texas.

• SI Partners and Ecogas sales expected to close in Q2–Q3 2026, anticipated to be accretive and to support capital plans and liquidity.