Sempra reports lower 2025 profit and Q4 earnings, but adjusted results top estimates and shares rise

Earnings declined on a reported basis as one-time items weighed on results

San Diego-based Sempra, the parent company of San Diego Gas & Electric and Southern California Gas, reported lower earnings for both the fourth quarter and full year of 2025, while posting adjusted results that exceeded Wall Street expectations and helped lift the company’s shares in early trading on Feb. 26, 2026.

For the full year ended Dec. 31, 2025, Sempra reported GAAP earnings of $1.80 billion, or $2.75 per diluted share, down from $2.82 billion, or $4.42 per diluted share, in 2024. Revenue rose to $13.7 billion from $13.2 billion a year earlier.

In the fourth quarter, GAAP earnings were $352 million, or $0.54 per diluted share, compared with $665 million, or $1.04 per diluted share, in the same period of 2024. Quarterly revenue was essentially flat year over year at $3.75 billion versus $3.76 billion.

Adjusted earnings outpaced consensus as the company highlighted business simplification

On an adjusted basis, Sempra reported full-year 2025 earnings of $3.07 billion, or $4.69 per diluted share, compared with $2.97 billion, or $4.65 per diluted share, in 2024. Adjusted fourth-quarter earnings were $841 million, or $1.28 per diluted share, compared with $960 million, or $1.50 per diluted share, in fourth-quarter 2024.

The company attributed the gap between GAAP and adjusted results to significant items, including regulatory and tax-related impacts, that reduced reported earnings during the period.

Capital plan increases to $65 billion, with utilities in Texas and California as the focus

Alongside the earnings report, Sempra raised its five-year capital plan to approximately $65 billion for 2026 through 2030, up from the prior five-year plan. The company said more than 95% of planned spending is expected to be directed to regulated utility investments in Texas and California, reflecting a continued shift toward a more utility-focused business mix.

In addition to the base capital plan, Sempra identified a further $9 billion of potential incremental capital opportunities through 2030, with the majority intended to support continued expansion of Oncor’s electric grid in Texas.

Transactions and guidance frame Sempra’s outlook through 2030

Sempra reaffirmed its 2026 adjusted earnings-per-share guidance range of $4.80 to $5.30 and issued 2027 adjusted EPS guidance of $5.10 to $5.70. The company also provided a 2030 EPS outlook range of $6.70 to $7.50.

As part of efforts to recycle capital and simplify the business, Sempra has previously announced an agreement to sell a 45% equity stake in Sempra Infrastructure Partners for $10 billion in cash, with the transaction expected to close in the second to third quarter of 2026, subject to approvals and customary closing conditions. The company has also outlined plans connected to the sale of its Ecogas Mexico business, also expected to close in 2026, subject to conditions.

• Full-year 2025 GAAP EPS: $2.75; adjusted EPS: $4.69
• Q4 2025 GAAP EPS: $0.54; adjusted EPS: $1.28
• 2026–2030 capital plan: approximately $65 billion
• 2026 adjusted EPS guidance: $4.80 to $5.30

Sempra said its 2025 actions were aimed at simplifying its business, improving capital efficiency, and strengthening the balance sheet, positioning the company for expected earnings growth through the end of the decade.