Sempra (SRE) Q3 2025 earnings summary

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.