Sempra (SRE) Q1 2026 earnings summary

Executive summary

• Q1 2026 GAAP earnings were $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 capital expenditures were invested in Q1 2026, supporting a $65B five-year capital 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 to reduce parent debt.

• Strategic initiatives included regulatory approvals for Oncor and SDG&E, operational modernization, and community safety improvements.

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

Financial highlights

• Q1 2026 total revenues were $3,655M, down from $3,802M in Q1 2025, mainly due to lower natural gas revenues.

• Operating income increased to $1,150M from $919M year-over-year.

• Operating cash flow for Q1 2026 was $1,809M, up from $1,482M; capital expenditures and investments totaled $3,337M.

• Sempra Texas earnings rose to $171M from $146M, Sempra California $720M from $724M, Sempra Infrastructure $262M from $182M, Parent & Other losses $(116)M from $(110)M.

Outlook and guidance

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

• Projected long-term EPS growth rate of 7%–9%, among the highest in the utility sector.

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

• Ongoing regulatory proceedings (CPUC GRC Track 3, FERC TO6) may impact future revenue requirements and returns.